Aelis Farma: net loss reduced in first half, cash visibility through early 2028
Aelis Farma published its first-half accounts on September 15, 2026, marked by a decline in operating expenses and a significant reduction in net loss.
The Pessac-based biopharmaceutical company, specializing in CB1 receptor inhibitors, highlights cash reserves of €6.6 million as of June 30, 2026, providing financial visibility through the beginning of 2028.
Net loss reduced to €2.4 million, operating expenses down 34%
In the first half of 2026, Aelis Farma recorded operating income of €449 thousand, compared to €343 thousand a year earlier, corresponding mainly to proportionate shares of subsidies recognized during the period.
Operating expenses came to €3.2 million, compared to €4.8 million in the first half of 2025, a decrease of 34%. According to the company, this decline resulted primarily from a refocusing of activities on the Phase 2b clinical trial of AEF0217, the completion of major expenses related to previous clinical and non-clinical programs, and the continuation of the cost control plan.
Operating loss came to €2,708 thousand, compared to a loss of €4,411 thousand on June 30, 2025, an improvement of €1,703 thousand. Net loss stood at €2,412 thousand, compared to a loss of €4,105 thousand for the corresponding period in 2025.
Cash reserves of €6.6 million and positive net cash position of €2.2 million
Cash reserves stood at €6.6 million as of June 30, 2026, compared to €9.1 million at December 31, 2025. Borrowings and financial liabilities amounted to €4.4 million, compared to €5.0 million at end 2025, bringing the net cash position to €2.2 million.
Cash decreased by €2,437 thousand over the half-year, compared to a decline of €3,271 thousand a year earlier, with operating activities consuming €1,970 thousand (compared to €3,988 thousand in the first half of 2025).
During the period, the company received a grant of €458,000 under the regionalized component of France 2030 in Nouvelle-Aquitaine, with an initial payment of €229,000 received in June 2026. Aelis Farma estimates it has financial visibility through the beginning of 2028.
Phase 2b AEF0217: recruitment targeted before end of 2026, results expected in fourth quarter 2027
The clinical priority is the international Phase 2b trial AEF0217-201, conducted in France, Spain and Italy in individuals with Down syndrome. This randomized, double-blind, placebo-controlled study is planned to include 188 participants aged 16 to 32 years, divided between placebo and three doses of AEF0217 (0.1 mg, 0.2 mg or 0.6 mg) for 24 weeks.
The company expects to complete recruitment before the end of 2026 and aims to obtain initial results in the fourth quarter of 2027. In July 2026, following the half-year closing, the Independent Data Monitoring Committee recommended continuation of the study without protocol modifications, with no safety concerns identified.
In January 2026, the EMA Pediatric Committee had issued a favorable opinion on the Pediatric Investigation Plan for AEF0217. The company is also pursuing a business development approach focusing on AEF0117, AEF0217 and its CB1-SSi novel compound platform, including the program in obesity and associated metabolic diseases.
