Adocia (ADOC) Q3 2025 TU earnings summary

Executive summary

• Cash position of €13.4 million as of September 30, 2025, securing operations until Q2 2026.

• Received $10 million milestone payment from Tonghua Dongbao and €2.8 million research tax credit in July 2025.

• Positive Phase 3 topline results for BioChaperone® Lispro in both Type 1 and Type 2 Diabetes.

• Ongoing R&D and partnership activities across multiple proprietary technology platforms.

Financial highlights

• Revenue of €1.4 million for the first nine months of 2025, mainly from a feasibility study on AdOral® technology.

• Cash position increased to €13.4 million from €7.5 million at year-end 2024, bolstered by private placement and milestone payments.

• Cash burn for the first nine months of 2025 was €13.2 million, slightly up from €12.6 million year-over-year.

• Net financial debt (excluding IFRS 16) at €2.8 million, down €0.5 million from the previous quarter.

Outlook and guidance

• Cash runway secured until Q2 2026, not accounting for potential future partnership revenues or warrant exercises.

• Next milestone: $20 million payment upon marketing authorization of BioChaperone® Lispro in China, plus future royalties.

• Preparatory work for AdoShell® clinical trial submission expected in Q3 2026.