Vivoryon: Loss Reduced to €4.8 Million, Cash Limited to €1.7 Million at End of September
Vivoryon Therapeutics published its nine-month financial statements for the fiscal year on November 5, 2026. The net loss fell to €4.8 million, compared with €7.6 million a year earlier, due to lower expenses.
At the same time, cash was reduced to €1.7 million as of September 30, compared with €5.6 million as of December 31, 2025. New cost-saving measures extend the funding horizon into the second half of December 2026.
The biotech, now refocused on kidney diseases, is continuing negotiations for a partnership or financing for its candidate varoglutamstat. It is also exploring other options, including a sale of the company or of assets.
Lower Expenses, but Cash Continues to Decline
Research and development expenses fell by €1.4 million to €2.3 million over the first nine months. This decrease is largely attributable to a €1.0 million reduction in clinical development and analysis costs related to kidney research.
General and administrative expenses decreased to €2.7 million, compared with €4.0 million a year earlier. The company attributes this mainly to a €0.6 million decline in share-based compensation expenses, which have no impact on cash, as well as to the cost-saving measures implemented.
Revenue remained at zero, as in the same period of 2025: the reduction in the loss therefore relies on expense control. It does not prevent cash consumption, which brought available funds down to €1.7 million at the end of September.
According to the company, these resources should finance its activities into the second half of December 2026. This forecast is subject to unforeseen circumstances and excludes any potential funds from the SEPA agreement or other financing transactions.
The Agreement with Simcere Consolidates Global Rights to Varoglutamstat
Vivoryon has signed with Simcere Pharmaceutical Group an agreement terminating their regional license partnership, which covered the treatment of Alzheimer's disease in Greater China. The development and commercialization rights to varoglutamstat, as well as those to the preclinical antibody PBD-C06, revert to Vivoryon in this territory.
No payment is due from Vivoryon in connection with this termination. However, Simcere may receive certain payments if future regulatory milestones are achieved in Greater China for varoglutamstat.
For Chief Executive Officer Frank Weber, the agreement “simplifies the rights structure for potential partners”. Scientifically, the company relies on two randomized, double-blind, placebo-controlled phase 2 studies, VIVIAD and VIVA-MIND, which it says showed a statistically significant improvement in kidney function (estimated glomerular filtration rate).
A computational analysis conducted by Lucera GmbH also linked the preclinical responses to treatment with inflammatory and fibrotic processes involved in the progression of kidney disease. It also identified mechanisms to be validated through further experiments.
Going Concern Depends on Additional Funding
The launch of the planned phase 2b study in patients with stage 3b/4 diabetic kidney disease, like that of all future studies, remains subject to financing or a partnership. The company states that its ability to continue operations depends on obtaining additional funds.
In its half-year report published on August 6, 2026, Vivoryon reported advanced negotiations on the terms of a potential license agreement, as well as the review by a kidney-focused investor of an investment in the program. The November 5 release mentions ongoing negotiations with various parties, without any guarantee that a transaction will be completed.
“Our priority is to secure funding for the planned phase 2b study,” said Frank Weber. “In parallel, we are evaluating other strategic and financing options, taking into account the available cash runway and the potential of each option to preserve and realize value for shareholders.”
The reduction in expenses has thus extended the funding horizon, but the company expects further operating losses and indicates that additional financing will be required to continue its activities beyond December 2026.
