Adocia (ADOC) H1 2026 earnings summary

Executive summary

• Operational revenue for H1 2026 was €1.3M, mainly from a feasibility study on BioChaperone® for a new peptide combination; prior year revenue was €2.2M, driven by AdOral® feasibility work.

• Net loss improved to €8.6M from €9.3M year-over-year, reflecting lower operating expenses and stable R&D focus.

• Cash position at June 30, 2026 was €9.7M, down from €17.2M at year-end 2025, with a cash runway into early Q2 2027, assuming full use of a new shareholder loan facility.

• Significant progress in clinical and preclinical programs, including positive Phase 3 results for BioChaperone® Lispro in China and new platform developments.

• Board of Directors refreshed with new Chairman, two new Directors, and a Board Observer.

Financial highlights

• Revenue: €1.3M for H1 2026 vs. €2.2M in H1 2025; main revenue from feasibility studies and research tax credit.

• Operating expenses: €9.3M, down €1.8M year-over-year, mainly due to lower IFRS 2 charges, FX impacts, and personnel costs.

• Net loss: €8.6M for H1 2026, improved from €9.3M in H1 2025.

• Cash burn for H1 2026 was €10.1M, compared to €11.8M in H1 2025.

• Net financial debt (excluding IFRS 16): €1.8M at June 30, 2026, including €0.7M in state-guaranteed loans (fully repaid by August 2026) and €0.7M in shareholder advances.

Outlook and guidance

• Cash runway extends to early Q2 2027, contingent on full drawdown of the Vester Finance facility and no new partnership revenue.

• Significant uncertainty remains regarding ability to continue operations beyond this period without additional funding.

• Active efforts underway to secure further financing and strategic partnerships while reducing costs.