Adocia raises €3M and extends cash runway until Q1 2028
With this transaction and cost reductions implemented since September 2026, the Lyon-based biotech indicates it has resources until the first quarter of 2028. Without this financing or partnership revenues, its current cash position of €8.4M would have covered its operations only until the beginning of the second quarter of 2027.
A €3M capital increase and shareholder loan raised to €10M
The financing presented on October 20, 2026 comprises two components. The first is a capital increase of €3M gross (including share premium), carried out with elimination of preemptive subscription rights with a restricted number of investors. It concerns 1,477,934 new shares issued at the unit price of €2.04.
This price represents a 9.5% discount compared to the volume-weighted average price on October 19, 2026. It was set on the basis of the weighted average of sessions on October 14, 15 and 16, 2026, reduced by 15%. All board members, including Chief Executive Officer Olivier Soula, subscribed, alongside a few historical investors. The new shares are to be admitted to trading on Euronext Paris on October 22, 2026.
The second component is an amendment to the shareholder loan agreement signed on April 21, 2026 with Vester Finance, with the ceiling increasing from €6M to €10M. The advanced sums may be repaid at any time, in cash or in new shares issued on the basis of the average price preceding each issuance, with a maximum discount of 7%.
In the event of full repayment in securities, the maximum number of new shares is increased by 3 million, reaching 4.5 million, or up to 14.6% of capital. The cash runway to the first quarter of 2028 assumes full utilization of this loan. According to the company, it should enable it to reach the $20 million milestone payment expected upon approval of BC Lispro market authorization in China. In this scenario, still conditional on this approval, the runway would be extended to 2029.
Dilution reducing a 1% stake to 0.821% of capital
The capital comprised 20,529,886 shares before the transaction and comprises 22,007,820 after the capital increase. In the event of full utilization of the shareholder loan and full repayment in shares, it would be brought to 25,007,820 securities with a par value of €0.10, representing a share capital of €2,500,782. Based on the number of shares indicated by Adocia, a shareholder holding 1% of capital before the transaction and not participating in it would see its stake reduced to approximately 0.933% after the capital increase. Its share would fall to 0.821% in the scenario of full repayment of the loan in securities.
Adocia mentions, among the risks specific to the transaction, a potentially significant dilution for non-participating shareholders.
Vester Finance, which held 4% of capital and 3.8% of voting rights, rises to 6.9% of capital and 6.5% of voting rights. Olivier Soula remains at 2% of capital, with 3.3% of voting rights compared to 3.4% previously. After full repayment of the loan in shares, their stakes would be respectively 6% and 1.7% of capital.
The board members have committed to a lock-up of 180 calendar days on the subscribed shares, representing 0.56% of capital on an undiluted basis. The transaction does not give rise to a prospectus subject to AMF approval.
BioChaperone and AdoXLong at the heart of fund use
The funds are intended to intensify the promotion of BioChaperone technology to secure partnerships. The company indicates it has already invested in manufacturing batches of BC222 intended for commercial launch of BioChaperone Lispro in China over its first two years, as well as BC449 batches meeting GMP standards. The financing is also intended to enable the AdoXLong platform to progress toward clinical development.
"Our priority is to generate commercial revenues as quickly as possible and to use this shareholder loan only when it is opportune," declared Olivier Soula.
The Chairman of the Board, Stéphane Boissel, anticipates recurring cash flows once BC Lispro is registered in China, originating from that country and other territories accepting the Chinese regulatory file, where Adocia retains all economic rights.
Upon publication of its half-year results on September 25, 2026, Adocia had reported a reduced loss of €8.6M and significant uncertainty regarding going concern. The company indicates that this uncertainty is now resolved. On October 15, 2026, the stock was down nearly 77% over one year.
