Nicox: Net Loss Reduced to €2.4M in 2025, Visibility Extended to 2027
On Tuesday, Nicox reported a significant financial recovery in 2025 with a net loss reduced to €2.4 million from €22.4 million in 2024. This recovery is based on an increase in revenue to €16.8 million and a decrease in operational expenses following the completion of the last phase 3 clinical trial for its key candidate, NCX 470. However, the French biotech's cash reserves have decreased by 60% over the year, from €10.5 million to €4.1 million, creating a narrow cash window.
Revenue Doubled, Operational Expenditures Declined
The 2025 revenue of €16.8 million more than doubled from €7.9 million in 2024. This increase primarily stems from contractual milestones paid by Kowa in relation to NCX 470, its flagship candidate for glaucoma. Operational expenses decreased to €14.3 million from €18.7 million in 2024, reflecting the acceleration of the phase 3 clinical trial program (Denali) for NCX 470, with initial results published in August 2025.
The operating result turned into a profit of €4.6 million in 2025, compared to a loss of €9.9 million in 2024. Nicox also recorded a one-time event in 2024 of €13.7 million from the sale of future royalty rights on VYZULTA to Soleus Capital, a base effect not repeated this year.
Cash Reserves Contract Despite Return to Operational Break-Even
The balance sheet reveals a rapid erosion of liquid resources. Cash reserves decreased from €10.5 million on December 31, 2024, to €4.1 million on December 31, 2025, a decline of 61% over the year. This accelerated cash consumption occurs in a context where liquidity ratios remain limited and the company critically depends on upcoming regulatory milestones.
Nicox notes, however, that considering the expected regulatory milestones for NCX 470 and assuming a standard 12-month review period after the submission of the authorization application, it estimates it is financed beyond 2027. This projection does not account for potential yields from the warrants issued during the June 2024 financing.
Authorization of NCX 470 in the United States and China in Sight
The regulatory timeline is pivotal for Nicox's continuity. The submission of the New Drug Application (NDA) for NCX 470 in the United States is expected for the summer of 2026, followed shortly by a similar application in China. Concurrently, a phase 3 clinical trial program for NCX 470 in Japan began in the summer of 2025. The company also continues commercial development discussions and is evaluating several strategic opportunities, including collaborations or acquisitions, to maximize its value.
The financial improvement in 2025 reflects an operational turning point for the French biotech, but its survival beyond 2027 remains contingent on achieving these major regulatory milestones and the ability to generate new licensing or partnership revenues.
