OSE Immunotherapeutics: Net Loss of €37.7M in 2025, Cash Available Until Early Q4 2026
OSE Immunotherapeutics reported its 2025 results on Thursday, marked by a decline in operational revenue from €83.4 million in 2024 to €2.7 million in 2025. The Nantes-based biotech, which had benefited from non-recurring revenue related to AbbVie and Boehringer Ingelheim in 2024, now records a net loss of €37.7 million. Concurrently, its cash reserves are dwindling, and it announces having sufficient financial resources until the start of the fourth quarter of 2026, creating immediate tension around its financing needs.
Collapsed Operational Revenues, Increased R&D Expenditure
Operational revenues decreased from €83.4 million in 2024 to €2.7 million in 2025. This drop reflects the absence of non-recurring revenues: in 2024, the majority of revenues came from the immediate recognition of AbbVie's initial payment (€42.2 million) for the license on OSE-230, the Boehringer Ingelheim amendment on BI 765063 (€25.3 million), and the asset purchase related to the anti-PD1/cytokine platform (€13.5 million). In 2025, operational revenues amounted to €2.7 million, primarily reflecting €1.4 million generated by Tedopi® under a compassionate access authorization in France and €0.8 million from the deferred recognition of part of AbbVie's initial payment. Research and development expenses increased by 11.5%, from €30.4 million to €33.9 million, reflecting the advancement of programs, notably the active recruitment Phase 3 Artemia trial for Tedopi®. The research tax credit decreased from €5.3 million to €4.6 million.
Administrative Expenses Burdened by Non-Recurring Charges
General and administrative expenses increased by 34.0%, amounting to €8.8 million compared to €6.5 million in 2024. This increase is primarily due to legal fees related to the complete renewal of governance at the General Meeting on September 30, 2025, and legal proceedings initiated against certain minority shareholders. Excluding these non-recurring charges, general expenses represent €7.8 million, up 19.5% year-over-year. The operating result shows a loss of €37.5 million in 2025, compared to a profit of €43.7 million in 2024, deepened by the absence of the previous year's exceptional products. The net result displays a loss of €37.7 million, compared to a profit of €37.4 million in 2024, a turnaround of over €75 million.
Dwindling Cash Reserves Ahead of an Urgent Financing Need
Cash and cash equivalents amounted to €17.0 million as of March 31, 2026, compared to total cash of €22.7 million as of December 31, 2025, including term deposits classified as current and non-current financial assets. Based on its current resources, OSE Immunotherapeutics estimates that its cash will be sufficient to fund its activities until the beginning of the fourth quarter of 2026. This very short horizon creates urgency: the company is evaluating several options to extend its financing, including a potential new strategic partnership, equity financing, or restructuring of its existing debt. The net cash flow from operating activities was (€34.0) million in 2025, compared to a positive flow of €48.4 million in 2024 generated by non-recurring products. The company specifies that if it does not achieve sufficient financing operations before May 28, 2026 (the date of publication of the audited accounts), the auditors will have to include a material uncertainty regarding the continuity of operations.
