THX Pharma: First Revenue of €3.2 Million Thanks to Biocodex Agreement
For the first time since its creation, the Lyon-based company specializing in rare neurological diseases records revenue of €3,239 thousand in the first half of 2026, compared to zero a year earlier.
This shift is due to the license agreement concluded with Biocodex, whose initial payment and recharging of development costs modify the group's financial structure (formerly Theranexus).
Revenue of €3,239 Thousand Based on Biocodex Agreement
In the first half of 2026, THX Pharma records revenue of €3,239 thousand, compared to €0 thousand in the first half of 2025. This amount includes a share of the €12 million initial payment received upon signing the license agreement with Biocodex, whose recognition as revenue is spread over the duration of the associated contractual obligations, mainly phase 3 of Batten-1.
It also includes the recharging to Biocodex of development costs for the Batten-1 phase 3 trial. Total operating income reaches €3,256 thousand, compared to €817 thousand a year earlier.
Operating Expenses Increasing, Partially Recharged
Operating expenses rise from €1,968 thousand in the first half of 2025 to €4,005 thousand in the first half of 2026. Other purchases and external charges increase from €1,043 thousand to €2,253 thousand, due to the launch of the Batten-1 phase 3 clinical trial, the costs of which are recharged to Biocodex.
Personnel expenses amount to €1,651 thousand, compared to €855 thousand a year earlier, particularly due to the payment in the first half of 2026 of variable compensation for 2025. The average workforce stands at 12 people, compared to 10 in the previous period. With a positive financial result of €120 thousand, a research tax credit of €524 thousand and an operating loss of −€749 thousand, the net loss for the half-year comes to €100 thousand, compared to €1,072 thousand in the first half of 2025.
Cash Position of €17.5 Million and Filing of Phase 3 Trial Applications
As of June 30, 2026, available cash stands at €17,454 thousand, compared to €2,124 thousand on June 30, 2025. The company also filed in September the authorization applications for the pivotal phase 3 trial Batten-1-02 with the FDA, the MHRA and several European authorities, with the objective of recruiting the first patients before the end of the year.
The next financial publication, covering cash as of September 30, 2026, is scheduled for October 22, 2026. The half-year results, approved by the board of directors on September 29, 2026, were not subject to a limited review by the statutory auditor.
