Adocia (ADOC) Q4 2024 TU earnings summary

Executive summary

• Cash position at €7.5 million as of December 31, 2024, with runway extended to end of 2025 due to upcoming milestone payments.

• $10 million milestone from Tonghua Dongbao partnership triggered by completion of Phase 3 dosing for BioChaperone Lispro; payment expected end of Q2 2025.

• Priority on partnering M1Pram with Sanofi and BioChaperone CagriSema; ongoing exclusive negotiations and patent filings.

• Focused resource allocation to advance AdoShell Islets to clinical stage, supported by promising preclinical results.

Financial highlights

• Q4 2024 revenue of €9.3 million, up from €0.2 million in Q4 2023, driven by the $10 million milestone.

• Full-year 2024 revenue at €9.3 million, compared to €2.15 million in 2023.

• Cash burn for 2024 was €16.2 million, or €19.6 million adjusted for tax credits, slightly lower than 2023.

• Net financial debt at €4.5 million as of December 31, 2024, with repayments resumed in August 2024.

• PACEO equity financing line completed post-period, raising €11.4 million.

Outlook and guidance

• Cash position, milestone payment, and research tax credit expected to fund operations through end of 2025.

• Top-line Phase 3 data for BioChaperone Lispro expected mid-2025; potential for $20 million additional milestone and royalties upon regulatory approval.

• M1Pram Phase 2b trial launch contingent on partnership agreement and financing.

• Clinical trial application for AdoShell Islets planned for 2025.