Adocia (ADOC) Q2 2026 TU earnings summary

Executive summary

• Cash position at €9.7 million as of June 30, 2026, with a secured runway into early Q2 2027 following a shareholder loan agreement with Vester Finance.

• Focused development on BioChaperone® platform, with positive feasibility study results and ongoing discussions with major pharmaceutical companies.

• Board changes included the departure of the co-founder and appointment of a new independent director.

Financial highlights

• Q2 2026 revenue was €43,000, attributed to a feasibility study with a potential partner; no licensing or research agreement revenue.

• Cash position declined from €17.2 million at year-end 2025 to €9.7 million at June 30, 2026.

• Cash burn for H1 2026 was €10.1 million, down from €11.8 million in H1 2025 (excluding financing).

• Net financial debt includes €0.7 million in state-guaranteed loans and €0.7 million in shareholder advances.

• Potential for up to €21.7 million in gross proceeds if all outstanding warrants are exercised.

Outlook and guidance

• Financing secured into early Q2 2027, not accounting for potential new partnership revenues.

• Focus remains on advancing BioChaperone® programs and leveraging positive feasibility results for new collaborations.