Crossject: Equity Returns to Positive, Net Debt Cut in Half
The €15 million capital increase completed in May 2026 reshapes Crossject's financial structure. The Dijon-based company, which is developing the needle-free auto-injector Zepizure for the management of epileptic seizures, ends the first half of 2026 with equity back in positive territory and net debt reduced by nearly two-thirds.
At the same time, billing under the BARDA contract has fallen to a lower level than a year earlier, which weighs on the period's results.
Cash Position at €12.3 Million, Equity Back Above Zero
As of June 30, 2026, available cash reached €12.3 million, compared to €5.1 million on December 31, 2025, representing a 2.4-fold increase. It stood at €6.3 million on June 30, 2025.
Equity becomes positive again at €3.0 million, after −€4.9 million on December 31, 2025, as a result of the May capital increase and bond conversions, net of the period's loss. Adjusted net financial debt was reduced to €7.8 million, compared to €17.4 million six months earlier, representing a reduction of more than half.
The May transaction involved a gross amount of €15 million, with the issuance of 6,441,300 new shares at a price of €1.704 and 6,441,300 warrants. During the half-year, €2.07 million of convertible bonds were additionally converted into shares. The Company repaid €1.8 million in bank loans and €1.2 million in refundable advances.
BARDA Billing Declines, Net Result Deteriorates
Operating revenue amounted to €4.8 million, compared to €8.0 million in the first half of 2025 (−40%). Billing under the BARDA contract totaled €2.5 million, compared to €6.6 million a year earlier.
According to the Company, this variance is cyclical in nature: the first half of 2025 had concentrated two program milestones, the validation campaign and a clinical study, bringing reimbursed activity to a level above the usual pace. The first half of 2026 returns to a level representative of current development activity, close to that of the first half of 2024.
Excluding depreciation and provisions and excluding disposal items, operating expenses remained stable at €10.3 million, as in the first half of 2025. Operating loss amounted to −€8.9 million, compared to −€5.1 million, a change that the Company attributes mainly to the decline in BARDA billing. After research tax credits of €1.3 million, net loss reached −€8.6 million, compared to −€4.9 million a year earlier.
BARDA Contract Extended to 2030 and Increased to $48.0 Million
Following the closing, Amendment 4 to the BARDA contract extended the performance period until June 21, 2030 and added $4.7 million in non-dilutive funding, bringing total financing for Zepizure development to $48.0 million. The new scope includes a pediatric clinical study and a complementary validation campaign including extended stability studies, which do not condition the filing of an EUA request for the adult indication.
On the industrial front, the Company continued the preparation of its production facility for initial deliveries, with €3.9 million in assets under construction as of June 30, 2026. A new certificate of compliance with Good Manufacturing Practices was issued by the ANSM and ISO 13485 certification is maintained for all sites in France.
The half-year financial report as of June 30, 2026 will be made available no later than October 30, 2026 on the Company's website.
