Aton: Losses Narrow, but Low Equity of €0.4M Weakens the Group
Aton Group (medical sciences, Euronext Growth) narrowed its losses in 2025 with a net result of -€1.0M compared to -€1.1M in 2024, while revenue increased to €0.7M. However, the operational improvement does not mask a tense financial situation: equity has shrunk to €0.4M and financial debt has risen to €3.1M, putting the group in a critical phase of restructuring with a focus now on the commercialization of its three subsidiaries.
Operational Deficit Reduction Despite Fragile Revenue Base
Aton reduced the scale of its operational losses in 2025, with a current operating result of -€0.9M compared to -€1.4M in 2024, an improvement of €0.5M. Consolidated revenue increased to €0.7M (from €0.6M in 2024), primarily driven by Inoviem Scientific.
This relative improvement resulted from a drastic 35% reduction in external expenses, following a deep restructuring: the average workforce was reduced to 4 employees from 9 in 2024. The gross operating surplus approached break-even at -€0.1M, compared to -€0.4M a year earlier.
The financial result improved to -€0.1M (from -€0.3M), benefiting from the conversion of €3.6M of debt into equity in July 2024 which reduced interest expenses.
Shrinking Equity, Rising Debt, and Limited Cash
The group's balance sheet exposes increasing financial fragility. Equity contracted to €0.4M as of December 31, 2025, down from €1.2M a year earlier, a 67% reduction in one fiscal year. Concurrently, financial debts increased to €3.1M (from €2.8M in 2024), comprised of convertible bond loans (€1.6M) and bank loans (€1.5M).
Available cash stands at €0.5M, an improvement from €0.1M at the end of 2024, but remains limited given the cost structure. This cash position was supported by the collection of research tax credits (CIR) from Inoviem Scientific for the 2022 and 2023 fiscal years.
Three Subsidiaries in Commercial Deployment Phase to Exit Deficit
Aton bases its outlook on the commercial acceleration of its three assets: PIMS Technology received funding of €500K from Bpifrance validating the potential of its PIMS® Q8 platform, capable of handling up to 20 patients per hour and aimed at predicting therapeutic responses and selecting clinical trial cohorts. The group aims for CE marking and recording its first sales in 2026.
B Cell Design has entered into a strategic partnership with Logical Biological to access international markets in biological materials and initiate recurring revenues. Inoviem Scientific has strengthened its preclinical positioning through a partnership with ABC Biopply AG to develop humanized 3D models.
The group has appointed Hadrien Lanvin as Deputy Chief Executive Officer to strengthen executive governance and accelerate strategic implementation. A shareholder video conference is scheduled for May 12, 2026, at 6:00 PM.
