THX Pharma: Net Loss Increases but Cash Reserves Reach €22.3M
THX Pharma (formerly Theranexus) published its 2025 results on Tuesday, showing an increase in net loss (€3.0M compared to €1.8M in 2024) and a decrease in operating revenue (€0.8M compared to €2.3M). However, cash reserves stood at €22.3M as of March 31, 2026, bolstered by a €12M payment from Biocodex and €2M from Exeltis, among other financing operations; Biocodex is covering all costs associated with the development of Batten-1.
Increased Operational Loss and Clinical Expenses Reallocated to Partners
The operating result for 2025 was (€4.0M), compared to (€2.6M) in 2024, indicating a worsening operational deficit. This deterioration occurred in the context of a voluntary reduction in workforce initiated in 2024. Personnel expenses decreased (€1.8M in 2025 compared to €2.1M in 2024) and other purchases and external charges also contracted (€2.4M compared to €2.7M). The company believes this increase in deficit reflects the repositioning of its model. According to the press release, THX Pharma is now focusing on 'the proper operational execution of its partnerships' rather than fully funding clinical studies. However, the financial result improved (€10K profit in 2025 compared to (€7K) in 2024), supported by cash investments and liquidity contract operations.
Agreement with Biocodex and Strengthened Cash Reserves: End of the Financing Race
THX Pharma received €12M in March 2026 as an initial payment from Biocodex, a pharmaceutical company that acquired global rights for Batten-1 and rights for the United States and Canada for TX01. This agreement, signed in February 2026, complements a previous deal signed with Exeltis, which contributed €2M in January 2025. Biocodex now fully funds the phase 3 clinical trial for Batten-1, the company's flagship program. The structure of the agreement includes an initial payment, development milestones (up to €161M), and double-digit royalties on net sales. THX Pharma retains control over clinical development but benefits from the financial and scientific support of its partner.
Positive Clinical Data and Market Authorization Applications Expected in 2026
The press release highlights real-life results published in collaboration with the BBDF Foundation regarding Batten-1. A comparative analysis between 11 treated patients and 22 untreated patients showed a 'statistically significant difference' favoring the treatment, with notable preservation of visual acuity, a major criterion of CLN3 Batten disease. Concurrently, TX01 reached its first major milestone under the Exeltis agreement. Both companies will be able to submit market authorization applications for TX01 in 2026, paving the way for commercialization in 2027 in Europe, followed by launches in Latin America and some Middle Eastern countries. The Company should not require additional funding to continue the development of its two main drug candidates.
