OSE Immunotherapeutics: Net Loss of €37.7M in 2025, Cash Secured Until December 2026
OSE Immunotherapeutics recorded a net loss of €37.7M in 2025, compared to a profit of €37.4M the previous year, while its revenue plummeted by 96% to €2.6M. The biotech company based in Nantes estimates it has sufficient liquidity until the end of December 2026 following the completion of the IRIS financing announced on May 28, marking the start of a global financing strategy to secure its three-year plan.
From Profit to Loss: A Drastic Reversal
The financial shift for OSE Immunotherapeutics between 2024 and 2025 is stark. The group posted a net profit of €37.4M in 2024, supported by revenues of €69.9M and an operating result of €43.7M. In 2025, this dynamic completely reversed: the operating result fell to (€37.5M), net loss reached (€37.7M), and earnings per share pivoted to (€1.69) from €1.71 a year earlier. Revenue contracted by 96% to €2.6M, while other operating income dropped from €13.6M to €0.1M. Concurrently, research and development expenses increased from €30.4M to €33.9M. Operational cash flow deteriorated from a net inflow of €48.4M to a net outflow of (€34.0M), illustrating the magnitude of the reversal on available liquidity.
Cash Holdings Reduced from €64.2M to €22.7M
The 2025 cash balance sheet reveals substantial cash consumption. The gross cash position (cash and equivalents plus long-term deposits) decreased from €64.2M to €22.7M, a decline of €41.5M. Investment flows generated a net inflow of €41.4M (compared to an outflow of €46.9M in 2024), partially offset by operational cash outflows and financing expenses. As of March 31, 2026, available cash was only €17.0M. OSE estimates that, thanks to the IRIS financing structured at €19.3M over 24 months and announced at the end of May, its liquidity will cover its needs until the end of December 2026. The management specifies that this estimate does not take into account potential milestone payments from existing partnerships.
Fragile Financing and Uncertainty Over Continued Operations
OSE explicitly acknowledges that 'the group does not have sufficient net working capital to meet its obligations over the next twelve months.' The auditors will certify the 2025 financial statements on the basis of the going concern principle, but with a reservation related to this significant uncertainty regarding the group's ability to continue its activities beyond the estimated cash runway. The management indicates that the IRIS financing is the first part of a global strategy to secure the three-year strategic plan and that it is engaging in discussions with American and European institutional investors. Among the options considered to extend the cash runway beyond 2026 are a new strategic partnership involving a proprietary asset, a capital increase from institutional investors, restructuring of existing debt, and milestone payments from ongoing partnerships. However, the company 'cannot guarantee' that it will obtain the necessary financing under attractive conditions.
