Adocia (ADOC) H1 2024 earnings summary

Executive summary

• Cash position at €10.3 million as of June 30, 2024, with visibility into Q3 2025, excluding potential milestone and partnership payments.

• Net loss of €8.9 million for H1 2024, comparable to H1 2023.

• Ongoing partnership discussions for M1Pram with Sanofi; exclusivity agreement remains in effect.

• Phase 3 BioChaperone® Lispro study in China expected to complete in December 2024, triggering a $10 million milestone.

• Preparation underway for first clinical trial of AdoShellⓇ Islets; regained full rights to BioChaperone® Combo after partner exit.

Financial highlights

• No revenue recorded in H1 2024; H1 2023 revenue was €1.6 million from feasibility studies and services.

• Other current operating income at €1.4 million, down €0.8 million year-over-year due to lower research tax credits and absence of prior year debt forgiveness.

• Operating expenses decreased to €9.7 million, down €1.5 million year-over-year, mainly from lower R&D and payroll.

• Financial expenses at €0.7 million, down €1.5 million year-over-year due to reduced debt.

• Net loss of €8.9 million, in line with prior year (€9.4 million).

Outlook and guidance

• Cash runway extends to Q3 2025, not including expected $10 million milestone from Tonghua Dongbao or new partnership payments.

• Phase 3 BioChaperone® Lispro last patient visit expected December 2024; $10 million milestone to follow.

• First human study for AdoShellⓇ Islets scheduled for 2025.