Adocia (ADOC) H1 2025 TU earnings summary

Executive summary

• Cash position of €7.1 million as of June 30, 2025, with additional inflows in July extending runway to Q2 2026.

• Significant progress on AdoShell®, BioChaperone® CagriSema, and AdOral® Sema platforms.

• US$10 million milestone payment received from Tonghua Dongbao after Phase 3 study completion.

• Ongoing partnership and licensing discussions for key pipeline assets, including M1Pram and BioChaperone® CagriSema.

Financial highlights

• Revenue of €1 million for H1 2025, mainly from a feasibility study on AdOral® technology.

• Cash burn of €11.8 million in H1 2025, up from €10.6 million in H1 2024 (excluding financing).

• Net financial debt at €3.3 million as of June 30, 2025, down €0.6 million from March 31, 2025.

• €9.7 million raised via private placement in February 2025.

Outlook and guidance

• Cash runway secured until Q2 2026, not accounting for potential new partnership revenues.

• Anticipated top-line results from BioChaperone® Lispro Phase 3 in mid-2025; potential for further milestone and royalty payments.

• Preparatory work for AdoShell® clinical trial application on track for 2025.