Nicox narrows first-half loss to €0.5 million thanks to Kowa payment
Nicox published on 2026-10-30 its first-half 2026 financial statements, approved the previous day by the board of directors. Revenue rose from €1.5 million to €3.5 million. It consists mainly of licence revenue, including a €3.0 million milestone payment made by Kowa, the group's partner for its candidate NCX 470.
This payment was recognised as revenue for the half-year but collected after 30 June 2026. According to the company, it accounts, together with lower expenses, for most of the reduction in the loss, and it is factored into its financing estimates.
Net loss reduced to €0.5 million with Kowa payment and lower expenses
Operating expenses fell to €4.5 million, compared with €6.8 million in the first half of 2025. According to the company, this decrease mainly reflects the completion of the Denali trial and the workforce reductions that followed.
The operating loss thus stands at €0.96 million, compared with €5.15 million a year earlier. Financial income turned positive, at €0.44 million, versus a loss of €3.8 million. It includes €1.6 million in reversals of impairments and provisions.
In total, the net loss stands at €0.5 million, compared with €8.9 million in the first half of 2025. The company attributes this improvement mainly to the €3.0 million milestone payment received from Kowa and to lower operating expenses.
A financing horizon extended beyond the first quarter of 2028
As of 30 June 2026, cash and cash equivalents amounted to €6.0 million, compared with €4.1 million as of 31 December 2025. This amount does not include the €3.0 million paid by Kowa, received after the half-year closing.
The position was updated to €8.4 million as of 31 August 2026. On this basis, Nicox estimates it can finance its existing operations beyond the first quarter of 2028, i.e. more than 18 months.
The balance sheet shows unsecured financial debt of €2.9 million, consisting mainly of €2.8 million in convertible bonds subscribed by institutional investors, including Vester Finance. The company assumes repayment through conversion into shares. It had no significant financial debt at the end of 2025.
For Gavin Spencer, Chief Executive Officer, the completion of late-stage clinical trials and the assumption by partners of regulatory and commercial activities, as well as their financing, have “significantly reduced the risk profile” of Nicox. This financing horizon, however, does not include any strategic transaction, which could require additional financing.
NCX 470: US regulatory decision expected on 30 April 2027
The timeline for NCX 470 (bimatoprost grenod, an eye drop designed to lower intraocular pressure in open-angle glaucoma and ocular hypertension) now structures the next steps. In the United States, the decision on the New Drug Application (NDA) is expected on the PDUFA date of 30 April 2027. A launch is planned for the second half of 2027, subject to approval.
In China, the application was filed in August 2026 and regulatory review is ongoing. In Japan, phase 3 trials are continuing, managed and fully financed by Kowa, which holds the licence outside the Chinese, Korean and Southeast Asian markets, entrusted to Ocumension Therapeutics.
After the closing, Nicox regained the rights to NCX 1728, as Glaukos waived its option to exercise the exclusive licence. The group is also exploring partnerships, acquisitions or combinations to rebuild an ophthalmology portfolio.
To carry out these projects, Nicox relies on €8.4 million in cash as of 31 August 2026. According to its estimates, this amount covers its existing operations beyond the first quarter of 2028.
