Adocia: €8.4 million in cash, financing horizon extended to Q1 2028
On October 29, 2026, Adocia reported cash of €8.4 million as of September 30, compared with €17.2 million as of December 31, 2025, and revenue of €43 thousand over nine months. The €7 million financing announced on October 20 and the cost reduction launched in September extend its financing horizon to the first quarter of 2028.
Before this transaction, available resources covered operations until the beginning of the second quarter of 2027. The next step depends on obtaining marketing authorization (AMM) for BioChaperone Lispro in China, granted to partner Tonghua Dongbao. This authorization would trigger a milestone payment of $20 million.
In that case, according to the company, the cash horizon would extend to 2029. Tonghua Dongbao has finalized its marketing authorization application file and is preparing its submission.
€43 thousand in revenue and €12.4 million in cash consumed over nine months
Third-quarter 2026 revenue was nil, compared with €406 thousand a year earlier. Over nine months, revenue stood at €43 thousand, compared with €1,437 thousand over the same period in 2025. This revenue came from a feasibility study of the BioChaperone technology conducted for an undisclosed potential partner, applied to a new peptide combination.
In 2025, nine-month revenue essentially reflected a feasibility study of the AdOral technology, applied to a new incretin. License revenue was nil in both periods.
Cash consumed by operating activities reached €12.4 million over nine months, compared with €13.2 million a year earlier on a comparable basis, including the repayment of the state-guaranteed loan (PGE). Cash of €8.4 million includes the 2025 research tax credit (CIR), namely €2.4 million received in August 2026.
The outstanding balance of the PGE was fully repaid during the quarter, amounting to €0.7 million. Net financial debt, excluding IFRS 16 and IAS 32 effects, is limited to €1 million, corresponding to the unrepaid portion of the shareholder current account advance.
A €7 million financing combined with cost reductions
The transaction announced on October 20, 2026 includes a €3 million capital increase, subscribed by a small circle of investors including all board members and the chief executive officer. It also provides for a €4 million increase in the current account advance agreement signed in April 2026 with Vester Finance, repayable in new shares or in cash.
The horizon extending to the first quarter of 2028 assumes full use of this advance as well as the cost reduction initiated in September. The company has “begun reducing costs at all levels of the organization,” said Mathieu-William Gilbert, chief financial officer.
This refocusing has already been reflected in the portfolio. In the first quarter of 2026, Adocia suspended work related to the clinical trial application for AdoShell with human pancreatic islets. Development of M1Pram was put on hold after the exclusive negotiation right granted to Sanofi expired on July 3, 2026.
These announcements come as the stock showed a decline of nearly 77% over one year as of October 15, 2026.
A $20 million payment tied to the marketing authorization of BioChaperone Lispro in China
The contract with Tonghua Dongbao provides, in addition to this conditional milestone payment, double-digit royalties on sales. The two Phase 3 studies conducted in China, described as positive, were announced in July and October 2025. Outside China and a few Asian countries, Adocia holds all rights to the product.
On the BioChaperone platform, the company stated that it is in discussions with two pharmaceutical companies following feasibility studies. It now offers monetized research and development collaborations, allowing the technology to be tested confidentially up to in vitro proof of concept.
The AdoXLong platform, which aims at a monthly peptide injection, was the subject of a patent application in November 2025. Preliminary results obtained with AdoXL Sema will be presented at Obesity Week, from November 14 to 17, 2026.
At the end of the quarter, the financial framework is set: cash of €8.4 million as of September 30, a horizon extended to the first quarter of 2028 through the €7 million financing, and then to 2029, subject to approval of BioChaperone Lispro in China.
