Crossject: Loss Reduction of 19% in 2025, Driven by BARDA Contract
Crossject has reached a milestone. For the first time, the developer of the needle-free auto-injection device ZENEO® is on a clear operational path towards improvement, although the loss remains substantial. However, this good news masks a more nuanced reality: while the company consolidates its regulatory advances on ZEPIZURE® (its anti-epilepsy injection) and strengthens its financial means, its cash position remains consistently strained, forcing the company to explore new financing sources to stay on course until the first commercial orders expected in 2026.
Financial Performance in 2025
In 2025, Crossject recorded operating revenues of €14.9 million, up 12.2% from €13.3 million in 2024. This improvement is directly linked to BARDA billing, which jumped to €12.1 million from €8.2 million a year earlier. Meanwhile, operating expenses stabilized at €26.5 million (compared to €26.2 million in 2024), thus containing the drift in expenses. Operating results improved to a loss of €11.6 million, better than the €13.0 million reported in 2024 and especially the €14.2 million adjusted for exceptional items from the previous year. Net loss narrowed to €10.4 million from €12.8 million in 2024, marking a 19% improvement in net results over one year.
Impact of the BARDA Agreement
The improvement in financial results closely follows the contours of the BARDA agreement. This U.S. federal agency for the development of medical countermeasures increased its financial commitment by an additional $11.3 million in September 2025, bringing the total contract amount to $43.3 million. This support dedicated to regulatory and manufacturing activities reflects the concrete progress of ZEPIZURE®: in 2025, Crossject published six-month ambient temperature stability results for a registration batch, continued the production of validation batches through Eurofins, and received several positive audits of its production sites. Simultaneously, the company made advances on the ZENEO® platform itself, particularly on the intramuscular and pediatric variants (ZEPIZURE® Junior).
Financial Tensions Highlighted
The real tension for Crossject crystallizes in the balance sheet. Cash reserves only amounted to €5.1 million as of December 31, 2025, supplemented by a Research Tax Credit receivable of €2.8 million, totaling €7.9 million compared to €8.4 million the previous year. This fragile position explains why the group had to raise several financing operations in 2025: a new tranche of convertible bonds in February, a capital increase of €5.7 million in June, and €5 million financing from Vatel Capital in November. Even the reduction of bank debt (€2.7 million repaid, bringing bank debt down to €10.2 million from €12.9 million) reflects rationalization rather than cash accumulation. However, Crossject aims for the first commercial deliveries to BARDA in 2026 and the start of ZEPIZURE® commercialization in the United States in 2027. The management asserts confidence in its ability to finance its business plan until these milestones, but acknowledges that seeking financing remains a priority. For investors, the year 2026 will be decisive.
