Adocia (ADOC) H2 2025 earnings summary

Executive summary

• Achieved positive Phase 3 results for BioChaperone® Lispro in type 1 and type 2 diabetes in China, moving closer to commercialization and triggering a $10m milestone payment.

• Launched two new feasibility studies for BioChaperone® with major pharmaceutical partners in diabetes and obesity.

• Advanced AdoXLong™ long-acting peptide platform with promising preclinical results and filed a patent application.

• Progressed AdoShellⓇ platform with preclinical data and prepared for clinical trial application in Q3 2026.

• Secured financing through private placements and a shareholder loan, extending cash runway to early Q2 2027.

Financial highlights

• Revenue for 2025 was €1.5m, down from €9.3m in 2024, mainly due to the absence of a major milestone payment recognized in 2024.

• Net loss widened to €16.6m in 2025 from €9.3m in 2024, primarily due to lower revenue.

• Operating expenses remained stable at €19.6m year-over-year.

• Cash position at year-end 2025 was €17.2m, up from €7.5m at end-2024, reflecting milestone receipts and fundraising.

• Debt (excluding IFRS16 and derivatives) reduced to €2.0m from €4.5m year-over-year.

Outlook and guidance

• Cash runway secured until early Q2 2027, factoring in the new €6m shareholder loan agreement.

• Actively seeking new partnerships for mature pipeline assets; potential for additional cash inflow from warrant exercises.

• Marketing authorization filing for BioChaperone® Lispro in China is in preparation.

• Clinical trial application for AdoShellⓇ platform planned for Q3 2026.