Adocia Announces Quarterly Results and Clinical Advances
Adocia has released its financial results for the third quarter of 2025 and reported clinical progress on its ultra-rapid BioChaperone® Lispro insulin.
As of September 30, 2025, Adocia reported a cash position of 13.4 million euros, up from 7.5 million euros recorded on December 31, 2024. This increase in cash is attributed, among other things, to a milestone payment of 10 million US dollars received from Tonghua Dongbao, reduced by 10% due to withholding tax, amounting to a net of 9 million dollars, as well as the collection of 2.8 million euros under the 2024 Research Tax Credit. Revenue for the first nine months of 2025 amounted to 1.4 million euros, compared to 0 euros the previous year, mainly due to a research and collaboration contract around AdOral® technology. Net financial debts, mainly consisting of state-guaranteed loans, were 2.8 million euros at the end of the quarter, a decrease of 0.5 million euros compared to the previous quarter.
Clinical Results of BioChaperone® Lispro
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Adocia announced positive results for its ultra-rapid BioChaperone® Lispro insulin following phase 3 clinical trials in partnership with Tonghua Dongbao. The trials, which involved about 1500 participants with type 1 and type 2 diabetes, demonstrated non-inferiority to Humalog® in reducing HbA1c, as well as a significant reduction in postprandial glycemic excursion. The contract with Tonghua Dongbao includes a conditional payment of 20 million US dollars, linked to market approval in China, as well as future royalties on sales. Adocia is also continuing discussions with Sanofi for a potential partnership on M1Pram, a combination of insulin and amylin analogues for the treatment of obesity in insulin-dependent patients.
Ongoing Development of Innovative Technologies
Adocia continues to develop its innovative technologies, such as BioChaperone® GLP-1 and AdOral®. The BioChaperone® CagriSema technology, which combines cagrilintide and semaglutide, shows potential benefits in terms of production and administration compared to current products. The company is also working on AdoShell® technology for the implantation of insulin-secreting cells, aiming to treat type 1 diabetes without immunosuppression. Progress has been made in preparing for the clinical trial planned for 2026. Additionally, the AdOral® technology continues to demonstrate improved bioavailability of orally administered peptides, and a research and development partnership is ongoing with an undisclosed partner. Adocia has temporarily paused its AdoGel® project to focus its efforts on its other advanced technologies.
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Context
Period
Period: 2T2026
Key reported figures
Revenue: 43K€
Guidance from the release
« Au cours de ce trimestre, nous avons continué d’avancer, avec notre partenaire Tonghua Dongbao, vers le dépôt de la demande d’autorisation de mise sur le marché en Chine de BioChaperone® Lispro. »
Le chiffre d'affaires du trimestre, limité à 43 K€, provient d'une étude de faisabilité sur la technologie BioChaperone® pour un partenaire non divulgué. La trésorerie s'établit à 9,7 M€ au 30 juin 2026 contre 17,2 M€ fin 2025. La Société recentre ses priorités sur BioChaperone®, met en pause M1Pram après l'expiration du droit exclusif de négociation de Sanofi et suspend la demande d'essai clinique d'AdoShell®.
Risks mentioned
Horizon de trésorerie limité au début du deuxième trimestre 2027
Trésorerie en baisse à 9,7 M€ au 30 juin 2026 contre 17,2 M€ fin 2025
Expiration du droit exclusif de négociation de Sanofi sur M1Pram et mise en pause du programme
Suspension de la demande d'essai clinique AdoShell® faute de ressources financières et humaines
Opportunities identified
Dépôt en préparation de la demande d'AMM en Chine de BioChaperone® Lispro par Tonghua Dongbao
Paiement d'étape de 20 millions de dollars US conditionné à l'AMM chinoise, plus redevances à deux chiffres
Discussions de prochaines étapes engagées avec deux grandes sociétés pharmaceutiques sur BioChaperone®
Nouvelle plateforme brevetée AdoXLong™ visant une injection mensuelle, protection potentielle jusqu'en 2046
Bons de souscription pouvant générer jusqu'à 10,2 et 11,5 millions d'euros en cas de hausse du cours
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