Vivoryon: net loss reduced to €3.4M in H1, sufficient cash until Q4 2026
Vivoryon Therapeutics published its first-half results on August 6, 2026, marked by a reduction in expenses and net loss brought down to €3.4M.
At the heart of the publication is the financing question: the group holds €2.4M in cash as of June 30, 2026 and confirms financing visibility until the fourth quarter of 2026, while indicating it is in advanced negotiations on a term sheet for a possible licensing agreement.
Net loss reduced to €3.4M and expenses down in the first half
For the six months ended June 30, 2026, Vivoryon recorded zero revenue, as in the first half of 2025. Research and development expenses declined by €1.1M, to €1.7M compared to €2.8M a year earlier, primarily due to a €0.6M decrease in clinical development costs related to kidney research and a €0.2M reduction in patent and consulting fees.
General and administrative expenses came to €1.7M, compared to €2.8M in the first half of 2025, a decrease of €1.1M attributed notably to non-monetary share-based personnel charges down €0.4M and a €0.4M reduction in legal fees.
Operating loss came in at €3.4M, compared to €5.5M a year earlier. The net loss for the half-year amounted to €3.4M, compared to €5.5M in the first half of 2025, representing a loss per share of €0.11 compared to €0.21.
Cash position of €2.4M as of June 30, declining since end of 2025
The company held €2.4M in cash and equivalents as of June 30, 2026, compared to €5.6M as of December 31, 2025. Cash flows used by operating activities amounted to €3.1M for the half-year, compared to €4.5M a year earlier.
Vivoryon indicated that the continuation of its activities beyond its current visibility depends on its ability to raise additional funds. The group reiterated its conclusion, expressed in its 2025 annual report published on April 23, 2026, that the ability to continue operations as a going concern for the 2026 fiscal year depends on its ability to generate additional financing.
Total shareholders' equity stood at €1.6M as of June 30, 2026, compared to €4.7M as of December 31, 2025.
Advanced licensing negotiations and financing visibility through fourth quarter 2026
On the strategic front, the stated priority is to secure the necessary financing to advance the varoglutamstat candidate toward a Phase 2b clinical study in patients with advanced diabetic kidney disease (stage 3b/4). According to Chief Executive Officer Frank Weber, the company is currently in advanced term sheet negotiations for a possible licensing agreement, and a specialist investor in the renal field is conducting an independent evaluation of certain aspects of the program as part of the examination of a potential investment.
The company clarifies that these negotiations and potential investments remain subject to the usual risks and uncertainties of such processes, with no guarantee that a transaction or investment will be realized. The launch of the Phase 2b study and all future studies remains conditional on obtaining financing and/or a partnership.
Financial guidance is maintained: Vivoryon indicates it has sufficient cash to finance its operations through the fourth quarter of 2026, excluding recourse to its equity financing agreement (SEPA) and any other potential financing operations. The 2026 annual general meeting is scheduled for September 29, 2026 in Amsterdam.
