- Cash position of €7.5 million as of December 31, 2024
- BioChaperone® Lispro final dosing of Phase 3 triggered a $10
million revenue recognition, and top-line data are expected in
mid-2025
- Ongoing partnership discussions on M1Pram with Sanofi and
business priority to partner the stable combination of cagrilintide
and semaglutide (CagriSema) using the BioChaperone® platform
Regulatory News:
Adocia (Euronext Paris: FR0011184241 – ADOC, the “Company”), a
clinical-stage biopharmaceutical company focused on the research
and development of innovative therapeutic solutions for the
treatment of diabetes and obesity (the “Company”), reports
financial results for the fourth quarter of 2024 and provides a
business update.
“The fourth quarter of 2024 was marked by two key announcements:
the filing of patents covering, in particular, BioChaperone
CagriSema—a stable combination of cagrilintide and semaglutide
enabled by our BioChaperone technology—and the completion of the
clinical part of a Phase 3 trial for ultra-rapid insulin
BioChaperone Lispro, triggering a $10 million milestone payment. As
we enter 2025, our priority is to establish partnerships for M1Pram
with Sanofi and for BioChaperone CagriSema.” says Olivier Soula,
CEO of Adocia.
"I am pleased that we have extended our cash runway to the end
of 2025, with the upcoming $10 million payment of the BioChaperone
Lispro milestone. We have maintained the rigorous management of our
operational expenses improving our financial visibility while we
direct most of our resources to advance AdoShell Islets to the
clinic, based on the promising preclinical results gathered this
year" adds Mathieu-William Gilbert, CFO-COO of Adocia.
Fourth quarter 2024 financial results
Financial highlights for the quarter include the following:
Detail of the revenue
In thousands of euros, IFRS
standards (unaudited)
Q4 2024
Q4 2023
12M 2024
12M 2023
Licensing revenues
0
75
0
313
Research and collaboration
agreements
9,320
128
9,320
1,837
Revenue
9,320
203
9,320
2,150
The €9.3 million revenue corresponds to the $10 million
milestone from Tonghua Dongbao partnership, triggered in December
2024 by the final dosing of the last patient that concludes the
Phase 3 study of BioChaperone® Lispro in people with Type 2
diabetes. This milestone payment will be received in cash at the
end of Q2 2025 as per the payment terms of the Licensing Agreement.
The expected amount net of withholding tax to be received is around
€8.5 million.
Over the same period in 2023, revenues of €2.15 million
reflected revenues related to feasibility studies on AdOral®, as
well as services provided by Adocia under the collaboration with
Tonghua Dongbao for conducting three studies in Europe on the
BioChaperone® Combo project.
Net Cash Position
The Company's cash position stood at €7.5 million as of
December 31, 2024, compared to €13.0 million as of December 31,
2023. This position includes €2 million received from the private
placement in March 2024 and €9.8 million from the use of the equity
financing line signed in March 2024 with Vester Finance in the form
of a PACEO1 (via the issuance of 1.35 million shares out of a
maximum of 1.7 million shares set in the contract).
The cash burn related to activities for 2024 amounted to
€16.2 million, compared to €14.5 million in 2023 (excluding
financing). Adjusted for the positive impact of the 2023 Research
Tax Credit (CIR) of €3.4 million, cash burn amounted to €19.6
million, down slightly by €0.8 million compared to last year.
Net financial debt (excluding IFRS 16 impacts),
consisting exclusively of state-guaranteed loans (PGE), amounted to
€4.5 million as of December 31, 2024, down €0.7 million compared to
September 30, 2024, following the resumption of repayments of the
PGE in August 2024, with the loans’ maturity remaining unchanged at
the end of August 2026.
The cash position as of December 31, 2024, of €7.5
million allows the Company to fund its activities until the end of
2025 taking into account the Tonghua Dongbao $10 million milestone
to be received at the end of Q2 2025, the receipt of the Research
Tax Credit of €2.8 million, and considering the utilization of the
PACEO signed in March 2024 with Vester Finance2, but does not
consider other potential revenues generated by existing or future
partnerships.
Post-Period Event
As of today, the PACEO financing agreement with Vester Finance
has now been completed. It has enabled us to raise €11.4
million.
Fourth quarter 2024 Highlights
BioChaperone® Lispro – partnership with Tonghua
Dongbao
Partner Tonghua Dongbao initiated two Phase 3 studies with
Ultra-Rapid Insulin BioChaperone® Lispro in 509 Type 1 and 978 Type
2 Diabetes people in 2022. The final dosing of the last Type 2
Diabetes patient was announced on December 12, 20243, triggering a
$10 million payment to be received by Adocia at the end of Q2 2025.
The last patient dosed in the Type 1 Diabetes study took place in
January 2025, leading to the expected announcement of top-line
results in mid-2025. Assuming successful Phase 3 results, Tonghua
Dongbao plans on submitting Ultra-Rapid Insulin BioChaperone®
Lispro for Chinese regulatory review in 2025. The granting of
Marketing Authorization would lead to an additional milestone
payment of $20 million and double-digit royalties on sales to
Adocia.
BioChaperone® GLP-1 – Amylin / BioChaperone®
CagriSema
The preclinical development of BioChaperone® CagriSema, which
offers a stable combination of cagrilintide and semaglutide in the
same delivery chamber, continues as planned. Data generated to date
is promising regarding its commercial and manufacturing benefits
over the combination of cagrilintide and semaglutide currently
being developed by Novo Nordisk which requires each peptide to be
in separate chambers, of a single-use pen device. BioChaperone®
CagriSema is expected to offer significant manufacturing
advantages, such as enabling it to be included in existing
multi-use pen platforms, allowing for four weekly injections.
Novo Nordisk is conducting twelve Phase 3 clinical trials with
its dual-chamber CagriSema, in over 15,000 people, including a
400-patient long-term efficacy study that was initiated in February
20254.
M1Pram – Ongoing exclusive discussions with Sanofi
M1Pram is a fixed combination of insulin and amylin analogs
aimed at addressing the unmet medical need of obesity in
insulin-dependent individuals. A Phase 2b clinical program in the
United States, involving 140 patients with Type 1 Diabetes and a
BMI5>30kg/m², is in preparation. Adocia has completed the
manufacturing of clinical batches. The launch of the clinical trial
is conditional on entering an agreement for its financing.
Adocia granted Sanofi an exclusive right to negotiate a
partnership on M1Pram for €10 million6. This exclusive right
remains in place with ongoing discussions for a global
partnership.
AdoShell® Islets
The AdoShell® platform, an immunoprotective biomaterial for cell
therapy, is attracting interest from potential pharmaceutical
partners. The preclinical development continues and preparatory
work to submit a clinical trial application to the regulator,
remains on track for 2025.
Adocia continues to provide updates about AdoShell® to the
medical community and recently presented data at the EPITA
Symposium, in January 2025, in Austria. The project attracted
support and interest from physicians involved in pancreatic islets
transplantation. Additionally, the AdoShell® Islets program has
been selected for various presentations at the following
congresses:
- H.C. Wainwright 3rd Annual Cell Therapy
Virtual Conference (February 25, 2025) - ATTD 2025 conference (18th
International Conference on Advanced Technologies & Treatments
for Diabetes, 19-22 March, 2025, Amsterdam, The Netherlands) - SFD
2025 congress (Congress of the Société Francophone du Diabète,
April 1-4, 2025, Paris, France) - ISCT 2025 (International Society
for Cell & Gene Therapy, May 7-10, 2025, New Orleans,
U.S.A.)
AdOral®
Adocia has developed an oral delivery technology for peptides,
enabling the transition from injectable to oral forms, and has
achieved promising preclinical results on semaglutide (GLP-1). Data
on AdOral® Sema will be presented at the ATTD 2025 conference (18th
International Conference on Advanced Technologies & Treatments
for Diabetes, 19-22 March, 2025, Amsterdam, The Netherlands).
The only GLP-1 commercially available in oral form to date,
Rybelsus®, achieved $3.4 billion in global sales in 20247. Oral
delivery is a key factor in increasing patient adherence for those
with diabetes and/or obesity.
Following an initial assessment phase, the AdOral® technology is
currently covered by an R&D collaboration agreement for an
application to a novel incretin. All costs related to this
agreement are to be covered by the partner.
AdoGel®
Designed to enable long-term peptide delivery, AdoGel® is
currently being studied for a once-monthly dosing of semaglutide
(GLP-1). GLP-1, a market that generated over $53 billion in global
revenue in 2024, is almost exclusively formulated for weekly
injections8. AdoGel®'s unique technology could enable monthly or
even quarterly injections. New preclinical results have been
selected for a poster presentation at the ATTD 2025 conference
(18th International Conference on Advanced Technologies &
Treatments for Diabetes, 19-22 March, 2025, Amsterdam, The
Netherlands) and for an oral presentation at the SFD 2025 congress
(Congress of the Société Francophone du Diabète, April 1-4, 2025,
Paris, France).
About Adocia
Adocia is a biotechnology company specializing in the discovery
and development of therapeutic solutions in the field of metabolic
diseases, primarily diabetes and obesity.
The Company has a broad portfolio of drug candidates based on
four proprietary technology platforms: 1) The BioChaperone®
technology for the development of new generation insulins and
products combining different hormones; 2) AdOral®, an oral peptide
delivery technology; 3) AdoShell®, an immunoprotective biomaterial
for cell transplantation, with an initial application in pancreatic
cells transplantation; and 4) AdoGel®, a long-acting drug delivery
platform.
Adocia holds more than 25 patent families. Based in Lyon, the
company has about 80 employees. Adocia is listed on the regulated
market of Euronext™ Paris (Euronext: ADOC; ISIN: FR0011184241).
Disclaimer
This press release contains certain forward-looking statements
concerning Adocia and its business. Such forward-looking statements
are based on assumptions that Adocia considers as being reasonable.
However, there can be no guarantee that the estimates contained in
such forward-looking statements will be achieved, as such estimates
are subject to numerous risks including those set forth in the
“Risk Factors” section of the universal registration document that
was filed with the French Autorité des marchés financiers on April
29, 2024, as updated in the Company’s 2024 Half-year financial
statements, published on September 19, 2024, both available at
www.adocia.com. Those risks include uncertainties inherent in
Adocia's short- or medium-term working capital requirements, in
research and development, future clinical data, analyses and the
evolution of economic conditions, the financial markets and the
markets in which Adocia operates, which could impact the Company's
short-term financing requirements and its ability to raise
additional funds. The forward-looking statements contained in this
press release are also subject to risks not yet known to Adocia or
not considered as material by Adocia at this time. The occurrence
of all or part of such risks could cause the actual results,
financial conditions, performances, or achievements of Adocia be
materially different from those mentioned in the forward-looking
statements.
1 For further details on this financing line, please refer to
the Company's press release dated March 21, 2024. 2 Calculated on
the basis of the last exercise price. 3 Press Release, Dec. 12,
2024, ADOCIA and Tonghua Dongbao Announce the Final Dosing in a
Phase 3 Clinical Study of BioChaperone® Lispro, Milestone
Associated with a $10 Million Payment 4 ClinicalTrials.gov 5 BMI
stands for Body Mass Index, calculated as the mass of a person in
Kg, divided by the square of its height in meters 6 Press Release,
July 5, 2023, ADOCIA Grants Sanofi an Exclusive Right to Negotiate
a Partnership on M1Pram for 10 Million Euros and Obtains Commitment
from Investors to Provide 10 Million Euros in Financing 7 Novo
Nordisk FY2024 report 8 Global Data, based on consolidated
sales
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225595385/en/
Adocia Olivier Soula CEO
contactinvestisseurs@adocia.com +33 (0)4 72 610 610
https://www.linkedin.com/company/adocia/ www.adocia.com
Ulysse Communication Adocia Press & Investor
Relations Bruno Arabian Nicolas Entz
adocia@ulysse-communication.com + 33 (0)6 87 88 47 26
Adocia (EU:ADOC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Adocia (EU:ADOC)
Historical Stock Chart
From Feb 2024 to Feb 2025
