Adocia (ADOC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €1.0M, driven by a feasibility study on AdOral® technology, compared to no revenue in H1 2024.

• Net loss before tax was €9.3M, slightly worse than the €8.9M loss in H1 2024.

• Cash position at June 30, 2025 was €7.1M, increasing to €15.1M by end of August after a $10M milestone and €2.8M research tax credit.

• Positive Phase 3 results for BioChaperone® Lispro in Type 2 diabetes in China, with Type 1 results expected Q4 2025.

• Strategic focus on BioChaperone®, AdoShell®, and AdOral® platforms; AdoGel® project placed on hold.

Financial highlights

• Operating income: €2.2M in H1 2025 vs €1.4M in H1 2024, mainly from research tax credit and new revenue.

• Operating expenses rose to €11.1M (up €1.4M YoY), mainly due to IFRS 2 charges, free-share plan impact, and FX loss.

• Net financial expense decreased to €0.4M from €0.7M YoY.

• Net result: loss of €9.3M, EPS of -€0.54 (vs -€0.77 in H1 2024).

• Net financial debt (excl. IFRS 16): €3.3M at June 30, 2025, down €1.3M from Dec 2024.

Outlook and guidance

• Cash runway extends to Q2 2026, excluding potential new partnership revenues or full exercise of warrants.

• Additional milestone of $20M and double-digit royalties possible upon Chinese market approval for BioChaperone® Lispro.

• Management actively pursuing new partnerships and funding options.

• Clinical trial application for AdoShell® with human islets expected in Q3 2026.