Aton: Cash Falls to €25K at End of June, Financing Sought for 12 Months
The Aton group, based in Illkirch, published its half-year financial statements on October 30, 2026, showing two movements in opposite directions on its balance sheet. The conversion of 459 redeemable bonds into shares raised consolidated equity to €1.0M, while available cash stood at €25K as of June 30, 2026.
At the same time, revenue declined to €223K and the net loss attributable to the group remained stable at -€503K. The group states that the improvement in its cash position since the reporting date does not, at this stage, cover all of its financing requirements for the next twelve months.
Revenue Down to €223K, Net Loss Attributable to the Group Stable
Consolidated revenue came to €223K in the first half of 2026, compared with €287K a year earlier. Service revenue fell to €165K from €238K, while other re-invoicing rose to €57K from €50K.
Gross operating surplus came to -€0.2M, compared with -€0.1M a year earlier, despite personnel costs being cut by half (€112K versus €224K). This effort was offset by lower revenue, a decline in operating subsidies (€70K versus €131K) and the expensing of an old trade receivable of €56K.
Current operating income stood at -€513K, compared with -€488K, and operating income at -€514K. The financial result moved from -€4K to -€24K, reflecting gross financial debt costs of €32K versus €13K and the absence of cash income.
The net loss attributable to the group remained stable at -€503K. Including the share attributable to non-controlling interests, the total net loss reached -€546K, compared with -€509K in the first half of 2025.
Equity Raised to €1.0M, Cash Reduced to €25K
On the balance sheet, the conversion of 459 redeemable convertible bonds (ORA) brought the number of shares making up the share capital to 1,007,705,135. Consolidated equity reached €1.0M as of June 30, 2026, compared with €0.4M as of December 31, 2025, and financial debt was reduced to €2.4M from €3.1M.
Financial debt breaks down into €1.0M of bank loans (Bpifrance loans and state-guaranteed loans), €1.0M of bond debt and €0.4M of bank credit lines. Available cash stood at €25K, compared with €455K as of December 31, 2025, a situation that the group itself describes as tight.
The group also holds a research tax credit receivable of €304K relating to the 2025 financial year and the first half of 2026. Both its amount and the timing of its collection remain subject to the processing times of the tax authorities.
Since the reporting date, the fundraising by Bcell Design and second-half revenue have improved the cash position. According to the company, this improvement is not sufficient to cover all requirements for the next twelve months, and steps are underway to secure additional financing.
Subsidiaries Focused on Commercialization, Financing to Be Secured
The stated priority for the coming months is to convert the commercial potential of the three subsidiaries into revenue, while continuing to control costs. Given its current level of revenue, the group acknowledges that it depends on its ability to raise new financing.
Inoviem Scientific obtained the renewal of its research tax credit approval for the 2026-2030 period. The subsidiary also announced in September 2026 a partnership with DeepLife, an artificial intelligence company applied to biology, focusing on chronic inflammatory bowel diseases.
PIMS Technology is engaged in advanced discussions with a view to a first deployment of its PIMS Q8 platform, capable of processing up to 20 patients per hour, within international reference oncology centers. This initiative is supported by a €500K financing obtained from Bpifrance.
Bcell Design, which develops human Fc monoclonal antibodies for diagnostic purposes, received in October 2026 a €500K subscription, by its historical shareholders, to convertible bonds. The transaction accompanies an ongoing fundraising with third-party investors, the timing of which depends, according to the group, on external factors.
"Our revenue remains modest and does not yet cover our costs," said Léone Atayi, Chair and Chief Executive Officer of the group. As of June 30, 2026, Aton had €25K of available cash against €2.4M of financial debt.
