Adocia: net loss reduced to €8.6 million in first half, cash flow secured until early 2027
In the first half of 2026, Adocia concentrated its resources on its BioChaperone platform while reducing cash consumption. The Lyon-based company indicates it has financial visibility until the beginning of the second quarter 2027, but reports significant uncertainty regarding the continuation of operations in its semi-annual report.
This deadline depends on the full utilization of the shareholder current account advance concluded with Vester Finance in April 2026, and does not take into account potential revenues from future partnerships.
Net loss of €8.6 million and cash position reduced to €9.7 million
For the six-month period ended June 30, 2026, Adocia recorded a net loss of €8.6 million, compared to €9.3 million one year earlier. Current operating loss stood at €7.9 million, after €8.9 million in the first half of 2025.
Operating income totaled €1.3 million, of which €43,000 in revenue related to a feasibility study on BioChaperone technology applied to a new peptide combination. The remainder corresponds to the Research Tax Credit for the period, slightly up. Operating expenses came to €9.3 million, down €1.8 million year-on-year, notably due to a reduced IFRS 2 charge of €0.6 million, a foreign exchange impact of €0.8 million recorded in the first half of 2025, and a decrease in personnel costs of €0.5 million.
The cash position reached €9.7 million on June 30, 2026, compared to €17.2 million on December 31, 2025. Cash consumption for the half-year, including the repayment of the PGE, amounted to €10.1 million, compared to €11.8 million one year earlier.
Financial horizon extended to 2027 under conditions
The shareholder current account advance signed with Vester Finance on April 21, 2026 secures, according to the company, a cash horizon until the beginning of the second quarter 2027, taking into account its full utilization but without accounting for future partnerships. Consequently, Adocia indicates that it will report significant uncertainty regarding the continuation of operations in its semi-annual report, with accounts having been prepared on a going concern basis assuming the obtaining of additional financing.
In August 2026, the company received the full amount of its Research Tax Credit due for 2025, namely €2.4 million, bringing its cash position to €9.3 million on August 31, 2026. All state-guaranteed loans, which amounted to €0.7 million on June 30, 2026, were repaid at the end of August 2026, in accordance with the announced maturity.
The company specifies that it continues discussions to secure additional financing and conclude new strategic partnerships, while reducing its costs.
BioChaperone at the center of resource allocation
Adocia has made its BioChaperone platform its priority. Results from the two Phase 3 studies conducted by its partner Tonghua Dongbao on ultra-rapid insulin BioChaperone Lispro in China, announced in July and October 2025, have led to the preparation of a marketing authorization application, under the responsibility of Tonghua Dongbao. The contract provides for a milestone payment of 20 million dollars contingent on obtaining this authorization, as well as double-digit royalties on sales.
The company also conducted feasibility studies with BioChaperone in collaboration with three major undisclosed pharmaceutical companies. These studies yielded positive results, enabling discussions to proceed on next steps with two of them.
Conversely, Adocia decided to pause the development of M1Pram, following the expiration on July 3, 2026 of the exclusive negotiation right granted to Sanofi, and to suspend activities related to the clinical trial application for AdoShell with human pancreatic islets, initially planned for the third quarter 2026. Regarding governance, Stéphane Boissel succeeded Gérard Soula as chairman of the board of directors on February 23, 2026, now composed of six directors, five of whom are independent.
