Adocia (ADOC) Q1 2026 TU earnings summary

Executive summary

• Cash position at €12.0 million as of March 31, 2026, with a new shareholder loan securing runway until early Q2 2027.

• Strategic focus shifted to BioChaperone® platform following positive feasibility studies; AdoShell® clinical trial application suspended.

• Board changes: Stéphane Boissel appointed Chairman, Jacky Vonderscher co-opted as Director.

Financial highlights

• No revenue recognized in Q1 2026, compared to €0.6 million in Q1 2025 from a feasibility study.

• Cash burn for Q1 2026 was €5.1 million, down from €6.6 million in Q1 2025.

• Net financial debt at €1.3 million as of March 31, 2026, down €0.7 million from December 2025.

Outlook and guidance

• Cash runway secured until early Q2 2027, not accounting for potential new partnership revenues.

• Additional funding possible from warrant exercises, potentially raising up to €21.7 million gross.