Medincell: Uzedy Royalties Jump 42%, Net Loss Reaches €31.3M
Medincell continues its pivot towards recurring revenue: royalties from its first commercialized product, Uzedy (risperidone), have surged by 42% to €9.3M. However, the French biotech sees its net loss widen by 70%, from €18.4M to €31.3M, reflecting an acceleration in R&D investments and a lack of non-recurring revenues. The group highlights a strengthened cash position following the March 2026 fundraising, aimed at supporting the expansion of its pipeline and technology platform.
Uzedy Accelerates, but Lack of Milestones Weighs on Total Revenue
Revenue and other income amounted to €24.3M, down 12% compared to the previous year (€27.7M). This contraction masks two opposing dynamics. On one hand, Uzedy royalties have significantly increased: €9.3M compared to €6.5M the previous year, driven by a 54% increase in net sales by partner Teva, which amounted to $215M in US dollars. On the other hand, the absence of non-recurring revenues explains the overall decline. The 2024-25 fiscal year had benefited from €4.8M in milestone revenues related to the completion of the phase 3 study for Olanzapine. The 2025-26 fiscal year records none, while other partnership revenues fell to €10.2M (from €13.5M), reflecting the schedule of AbbVie's activities and global health programs.
Operating Expenses Accelerate, Deepening Operational Deficit
Operating expenses reached €45.0M, up 17% or €6.5M in absolute terms. This increase is intentional: it responds to a declared strategy of expanding the pipeline and strengthening the technology platform. Research and development expenses rose to €26.5M (60% of total expenses), while commercial and marketing expenses increased to €4.2M, reflecting geographic expansion and the scaling up of teams. As a result, the current operating deficit widened to €20.7M, compared to a deficit of €10.8M the previous year. The net loss worsened further: €31.3M compared to €18.4M, an increase of 70%. This deterioration also stems from a financial loss of €10.6M, amplified by a non-monetary adjustment of €5.4M related to the revaluation of derivatives (EIB warrants) due to the rise in the share price.
Strengthened Cash Reserves but Profitability Still Distant
Medincell raised €48.2M in March 2026, attracting top American and European investors (Perceptive Advisors, Kurma, Affinity, Polar Capital). This operation brought the liquidity position to €84.8M (comprising €62.8M in cash and €22.0M in low-risk financial investments). Concurrently, operational cash flows are negative: €24.6M outflows, compared to €19.5M inflows the previous year, illustrating cash consumption related to expansion expenses. In the short term, the company is relying on two avenues to accelerate towards profitability: Teva's Olanzapine LAI, expected in Q4 2026 in the United States following FDA approval in February 2026, and the first AbbVie program, entering clinical study phase in 2027. In the short term, the company highlights the funds raised in March 2026 to support the expansion of the pipeline, partnership opportunities, and its LAI platform. The model of recurring royalties is emerging, but the leap to balance remains contingent on the commercial success of these key partners.
