THX Pharma records its first revenue thanks to Biocodex agreement
THX Pharma (formerly Theranexus), a Lyon-based biopharmaceutical company specializing in rare neurological diseases, published its half-yearly report on September 29, 2026.
For the first time since its creation in 2013, the company recorded revenue, a direct consequence of the licensing agreement signed on February 10, 2026 with the Biocodex laboratory. This contract modifies the financing model of its most advanced asset, with the phase 3 trial of Batten-1 now being fully funded by the partner.
Revenue of €3.2 million and net result reduced to -€100 thousand
In the first half of 2026, THX Pharma recorded revenue of €3,239 thousand, compared to zero in the comparable period of 2025. This amount includes a portion of the initial payment of €12 million received upon signature of the Biocodex contract (spread over the duration of contractual obligations) as well as the recharging to Biocodex of the development costs of the phase 3 study of Batten-1.
Operating expenses increased, rising from €1,968 thousand to €4,005 thousand. Other purchases and external charges rose from €1,043 thousand to €2,253 thousand, in connection with the start of phase 3, and personnel costs from €855 thousand to €1,651 thousand, notably as a result of the payment of variable remuneration for 2025. Operating result stands at -€749 thousand, compared to -€1,151 thousand one year earlier.
With a positive financial result of €120 thousand and research tax credit of €524 thousand for the period, net result stands at -€100 thousand, compared to -€1,072 thousand in the first half of 2025.
The Biocodex agreement reconfigures the financing model
The agreement concluded on February 10, 2026 with Biocodex concerns an exclusive worldwide license for Batten-1 and an exclusive United States/Canada license for TX01, for a total amount that could reach €173 million. This amount includes €12 million in initial payment received upon signature and up to €161 million in development and commercialization milestone payments, in addition to double-digit royalties on net sales.
Under this agreement, Biocodex assumes full responsibility for the clinical development costs of Batten-1, with the company retaining scientific and operational oversight. According to the company, it no longer depends on the mobilization of its own financial resources to conduct this asset, unlike the situation prevailing at the end of June 2025.
As of June 30, 2026, available cash stands at €17,454 thousand, compared to €2,124 thousand on June 30, 2025. The average workforce employed during the period stands at 12 people, compared to 10 in the previous fiscal year.
Phase 3 application filing and patient recruitment expected before end of 2026
Applications for authorization of the pivotal phase 3 trial of Batten-1 (Batten-1-02) were submitted in early September 2026 to the FDA, MHRA and, via the CTIS system, to competent authorities in several European countries. The study will involve approximately 27 pediatric patients aged 4 to 17 years, followed for 52 weeks at approximately ten centers, with visual acuity as the primary endpoint.
Subject to obtaining these authorizations, which have not been secured to date, patient recruitment is expected to begin before the end of 2026. Regarding TX01, the favorable opinion issued in June 2026 by the EMA Pediatric Committee paves the way for a PUMA registration application and commercial protection that could reach ten years in Europe.
The company specifies that the agreement with Exeltis contains a unilateral termination clause for the benefit of the licensee, which could result in the reimbursement of the initial payment of €2 million in the event of inability to obtain product registration on at least one European market within two years following the filing of the application.
