Valerio Therapeutics: €3.1 million revenue in first half, net loss widened to €2.4 million
Valerio Therapeutics released its first-half accounts on October 7, 2026. Consolidated revenue reached €3,102 thousand, but net loss widened and cash and cash equivalents stood at €656 thousand as of June 30, 2026. This publication comes on the eve of the completion, scheduled for October 8, of the acquisition of Etherna Immunotherapies NV.
The semester was also marked by the launch of a subsidiary dedicated to in vivo cell therapy and the conclusion of several partnerships, while Gilles Besin took up his duties as Chief Executive Officer on July 1, 2026. A capital increase of approximately €40.25 million, carried out in August 2026, took place after the half-year closing.
Revenue of €3,102 thousand, net loss of €2,361 thousand
For the six months ended June 30, 2026, Valerio Therapeutics recorded consolidated revenue of €3,102 thousand, compared with €126 thousand as of June 30, 2025. Despite this increase, the consolidated net result showed a loss of €2,361 thousand, compared with a loss of €208 thousand a year earlier.
The financial result improved over the period: it shows a loss of €137 thousand, compared with a loss of €285 thousand in the first half of 2025. The press release does not detail, beyond these aggregates, the breakdown of charges for the semester.
The company, listed on Euronext Growth Paris, presents itself as specialized in the development of technological platforms dedicated to targeted drug delivery.
Cash of €656 thousand at end of June, strengthened by a capital increase in August
The group's cash and cash equivalents amounted to €656 thousand as of June 30, 2026, compared with €1,053 thousand as of December 31, 2025, representing a decline over the semester.
In August 2026, Valerio Therapeutics carried out a capital increase of approximately €40.25 million through the issuance of 68,220,333 new shares at the subscription price of €0.59 per share. The transaction was supported by existing shareholders and new investors.
As of the date of the half-yearly financial report, on the basis of its current operational plan and spending forecasts, the company estimates it has sufficient resources to finance its activities and investments for at least 12 months.
Etherna, Abivax, InVimmune: the transactions reshaping the group
On August 24, 2026, Valerio Therapeutics signed a definitive share purchase agreement for the acquisition of 100% of the capital and voting rights of Etherna Immunotherapies NV. The general meeting of October 6, 2026 approved the capital increase compensating for contributions in kind as well as capital increases by compensation of certain receivables held by Etherna lenders and directors. The completion of the transaction is scheduled for October 8, 2026.
According to the company, this integration brings together within the same platform expertise in V-Body, active targeting, chemistry and bioconjugation, messenger RNA and lipid nanoparticles, as well as production capabilities.
On the partnerships front, Valerio concluded a definitive collaboration agreement with an exclusive worldwide license, providing for an initial payment of €740,000 and an additional payment of $500,000 at signature, on May 29, 2026. The agreement provides for conditional future payments potentially reaching $200 million, to which sales royalties may be added.
The company also signed a binding term sheet with Abivax setting out the main terms of an exclusive global research and development collaboration. It provides for an initial payment of up to €2.4 million, supplemented by milestone payments and royalties, subject in particular to the conclusion of the definitive co-ownership and license agreement and the achievement of corresponding milestones.
The group also launched InVimmune, a subsidiary dedicated to in vivo cell therapy approaches, with a first indication announced in oncology. Gilles Besin took up his duties as Chief Executive Officer on July 1, 2026, succeeding Julien Miara as part of a planned governance transition. The general meeting of October 6, 2026 approved all resolutions presented by the board of directors.
