Adocia (ADOC) Q3 2024 TU earnings summary

Executive summary

• Cash position at €9.3 million as of September 30, 2024, with funding secured until Q3 2025 through PACEO and private placement.

• Phase 3 study on BioChaperone Lispro to complete in December 2024, triggering a $10 million milestone payment from Tonghua Dongbao.

• Ongoing exclusive partnership negotiations with Sanofi for M1Pram and other products.

• Strategic focus on innovative diabetes and obesity therapies, including CagriSema and AdoShell Islets.

Financial highlights

• No revenue recognized in the first nine months of 2024, compared to €1.9 million in the same period last year.

• Cash burn for the first nine months of 2024 was €12.6 million, up from €10.8 million year-over-year; adjusted cash burn (including CIR) was €16 million, slightly lower than last year.

• Net financial debt (excluding IFRS 16) at €5.2 million as of September 30, 2024, down €0.5 million from June 30, 2024.

Outlook and guidance

• Cash runway extends to Q3 2025, not accounting for potential partnership revenues.

• $10 million milestone payment expected upon completion of BioChaperone Lispro Phase 3 in December 2024.

• Additional $20 million and double-digit royalties anticipated upon first marketing authorization for BioChaperone Lispro.

• Launch of M1Pram Phase 2b in the US contingent on partnership agreement.