Adocia (ADOC) Q2 2024 TU earnings summary

Executive summary

• Cash position at €10.3 million as of June 30, 2024, rising to nearly €13 million post-period with research tax credit reimbursement.

• Ongoing partnership negotiations with Sanofi for M1Pram; exclusivity agreement remains in force.

• BioChaperone Lispro Phase 3 study on track for completion in December, with a $10 million milestone payment expected.

• Termination of BioChaperone Combo program by Tonghua Dongbao; Adocia regains full rights at no cost.

• Appointment of Mathieu-William Gilbert as COO to support strategic transformation.

Financial highlights

• No sales recognized in H1 2024; prior year H1 sales were €1.6 million from AdOral and BioChaperone Combo collaborations.

• Cash used for operations in H1 2024 was €10.6 million, similar to the previous year.

• Net debt (excluding IFRS 16) at €5.7 million as of June 30, 2024, unchanged from December 31, 2023.

• €6 million raised via PACEO equity line at an average share price of €8, with 5% dilution.

Outlook and guidance

• Cash position sufficient to fund operations through Q3 2025, assuming full PACEO utilization and no new partnership income.

• Anticipates $10 million milestone from BioChaperone Lispro Phase 3 completion and potential $20 million upon regulatory approval.

• Prioritizing partnership agreements over further equity financing.