Adocia (ADOC) Q1 2025 TU earnings summary

Executive summary

• Cash position reached €12.2 million as of March 31, 2025, bolstered by a €9.7 million private placement in February 2025.

• Cash runway extended to Q2 2026, factoring in a $10 million milestone payment expected in Q2 2025.

• Strategic focus on securing partnerships for M1Pram with Sanofi and BioChaperone® CagriSema.

• Top-line Phase 3 data for BioChaperone® Lispro in China expected mid-2025, with regulatory submission planned for 2025.

• New AdoShell® data presented at major scientific conferences, highlighting curative potential for Type 1 Diabetes.

Financial highlights

• Q1 2025 revenue was €0.4 million, mainly from a feasibility study on AdOral® technology.

• Cash position increased to €12.2 million from €7.5 million at year-end 2024, due to private placement.

• Q1 2025 cash burn was €6.6 million, up from €5.8 million in Q1 2024 (excluding financing).

• Net financial debt (excluding IFRS 16) was €3.9 million, down €0.7 million from December 2024.

• Equity line (PACEO) with Vester Finance completed, raising €11.4 million via 1.65 million shares.

Outlook and guidance

• Cash runway secured until Q2 2026, supported by upcoming milestone and tax credit receipts.

• Anticipates $10 million milestone from Tonghua Dongbao in Q2 2025 and potential $20 million upon regulatory approval.

• Focused on advancing AdoShell® Islets to clinical trials and establishing new partnerships.