Adocia (ADOC) Q4 2025 TU earnings summary

Executive summary

• Positive Phase 3 results for BioChaperone® Lispro in both type 1 and type 2 diabetes in China, with marketing authorization filing in preparation and a $20M milestone payment pending approval.

• Ongoing feasibility studies for BioChaperone® peptide stabilization and combination with two major pharmaceutical partners.

• Patent filed for AdoXLong™ platform enabling once-monthly peptide injections for obesity and diabetes, with promising early results using semaglutide.

• Leadership transition: Gérard Soula steps down as Chairman, succeeded by Stéphane Boissel, with Jacky Vonderscher joining as Director.

Financial highlights

• FY 2025 revenue was €1.5M, mainly from a feasibility study on AdOral® technology; FY 2024 revenue was €9.3M, driven by a $10M milestone from Tonghua Dongbao.

• Cash position at year-end 2025 was €17.2M, up from €7.5M at end-2024, bolstered by a €10M fundraising in December 2025.

• Net financial debt (excluding IFRS 16) was €1.9M as of December 31, 2025, with loan maturity in August 2026.

• Cash runway secured until early 2027, not accounting for potential future partnership revenues or warrant exercises.

Outlook and guidance

• Cash reserves expected to fund operations through early 2027, with additional upside possible from new partnerships and warrant exercises.

• Preparation underway for clinical trial application for AdoShell® Islets in Q3 2026.

• M1Pram partnership discussions with Sanofi ongoing; clinical trial launch contingent on agreement.