Neovacs Reduces Net Loss to €4.9M in 2025 but Sees Cash Reserves Drop to €0.6M
Neovacs has released its 2025 results, marked by a dramatic improvement in net loss, decreasing from €32.9 million to €4.9 million, largely due to the absence of the exceptional financial charges that impacted the previous year. However, the biopharmaceutical company reports a weakened cash position (€0.6 million), compelling it to accelerate its cost reduction plan and consider mobilizing its assets to fund its RNA research programs in 2026.
Improved Operating Results but Residual Net Loss
Neovacs' operating result improved by €1.3 million over one year, moving from a loss of €6.6 million in 2024 to a loss of €5.3 million in 2025. This improvement reflects the application of strict financial discipline maintained prior to the implementation of the drastic savings program announced at the end of 2025. The net result records a massive decrease in absolute terms: the loss decreased from €32.9 million in 2024 to €4.9 million in 2025. This significant turnaround is mainly due to the absence of €28.0 million in exceptional financial charges that burdened the 2024 results. A provision of €0.9 million made in 2025 covers most of the anticipated cost of the savings plan to be implemented in early 2026.
Scientific Refocusing on Three RNA Research Axes
In December 2025, Neovacs announced a reorientation of its research activities aimed at reducing its monthly cash requirements. The company now focuses on three programs: an mRNA IL-4/IL-13 treatment for asthma (with results presented at international congresses in January and March 2025), an mRNA IgE program for food allergies in collaboration with the INFINITY Institute of Toulouse, and the development of new lipid formulations with the CNRS. Research investments totaled €5.5 million in 2025, covered by a financing line. At the end of 2025, cash reserves stood at €0.6 million, while equity was at €18.1 million and residual debt at €0.5 million.
Cost Reduction Plan and Financing of 2026 Programs
The company implemented a significant acceleration of its fixed cost reductions at the beginning of 2026, aiming to more than halve the annual financing need, reducing it from approximately €5.5 million in 2025 to a normative level of about €2.5 million. This ongoing need is expected to be covered by the available gross cash (€0.6 million) and scheduled draws on its financing line totaling €2.25 million in 2026. Furthermore, Neovacs could mobilize its assets to co-finance its programs alongside academic partners: financial investments estimated at €5.9 million and real estate assets valued at over €10 million. Additionally, the company has reduced the nominal value of the share from €0.0005 to €0.0001 and plans a share consolidation in the coming days.
