Néovacs: half-year loss reduced to €1.6M, cash consumption down
Néovacs published half-yearly accounts on October 26, 2026 marked by a reduction in its net loss, down from €2.4M at end of June 2025 to €1.6M at end of June 2026. The Suresnes biotech company has also reduced its treasury needs, which it continues to cover mainly through bond issuances, including convertible bonds.
Operating loss reduced by €0.5M, net loss of €0.8M
Operating result stood at -€2.1M in the first half of 2026, an improvement of €0.5M compared to the first half of 2025. The company attributes this movement to cost control, continued since its takeover by HBR Investment Group. Net result improves further, by €0.8M, to -€1.6M versus -€2.4M a year earlier. The gap between the two improvements is due to items below the operating result. Financial result became positive at +€0.2M, versus -€0.3M in the first half of 2025, which offset the decline in tax credit, down from +€0.5M to +€0.3M. Hugo Brugière, CEO of Néovacs, sums up the strategy followed: "controlling costs in order to limit recourse to dilutive financing tools and seizing opportunities to value assets".
Treasury needs declining, covered by bonds
Needs generated by operations and investments amounted to €2.1M over the semester, or approximately €0.35M per month, versus €3.6M in the first half of 2025. They were covered mainly by bond financing, in the form of simple bonds and convertible bonds, for a cumulative amount of €1.4M, as well as by available treasury, at €0.6M. This financing method has a counterpart that the company details itself in its press release. Néovacs has set up financing in OCEANE-BSA with Hanover Square Investments 1, which is not intended to remain a shareholder, as well as financing in ORA transferred to a trust responsible for their conversion into shares. According to the company, shares resulting from these instruments are generally sold on the market within very short periods, which can create downward pressure on the share price, and shareholders may suffer significant dilution. Néovacs recalls that this transaction is not the first it has implemented. In a press release dated October 5, 2026, it had also confirmed the abandonment of a drawing of €250k originally scheduled for August 17, 2026.
Letter of intent on PXT3003 and approximately €8M in mobilizable resources
On the intellectual property front, Néovacs received and accepted in August 2026 a binding letter of intent concerning the acquisition of part of its rights, for a total amount that could exceed €25M. It concerns PXT3003, a drug candidate in development for Charcot-Marie-Tooth disease type 1A, a hereditary and rare peripheral neuropathy. The rights in question have already been transferred to the partner, who has initiated its analysis procedures. In a progress update published on October 16, 2026, the company specified that the sums due would be paid in variable and staggered fashion. Néovacs and its partner are still working on the terms of support for the biotech in the valuation of these assets, particularly on scientific and regulatory fronts. In parallel, the company has continued its work on lipid nanoparticles (LNP) and messenger RNA, including participation in 3 international conferences (Heidelberg, Lyon and Kyoto). On the financing side, the company indicates it can, if needed, generate additional resources through refinancing of its real estate asset, valued at over €10M. Its board of directors authorized the acquisition of the 51% of SCI HBR Pasteur Real Estate held by HBR Investment Group; according to the company, this transaction, if it materializes, would take place on the basis of the nominal value of the shares and would have no impact on its accounts. Néovacs believes it can meet its financing needs over the next 12 months thanks to available and mobilizable resources of approximately €8M.
