ADOCIA Reports First Quarter 2024 Financial Results and Provides a Business Update

Regulatory News:

Adocia (Euronext Paris: FR0011184241 – ADOC), a clinical-stage biopharmaceutical company focused on the research and development of innovative therapeutic solutions for the treatment of diabetes and obesity, reports financial results for the first quarter of 2024 and provides a business update.

“We continue to pursue our priority of concluding a partnership with Sanofi on M1Pram as soon as possible”, declared Olivier Soula, CEO of Adocia. “At the same time, we are pleased to have extended our cash runway, enabling us to execute our plans for our other programs in cell therapy and obesity”.

First quarter 2024 financial results
Financial highlights for the quarter include the following:

Detail of the revenue

In thousands of euros, IFRS standards (unaudited)		03/31/2024 (3 months)		03/31/2023 (3 months)
Licensing revenues		-		109
Research and collaboration agreements		-		703
Revenue		-		812

First quarter 2023 revenues were primarily due to Adocia's work under its collaboration with Tonghua Dongbao on the BioChaperone Combo (BC Combo) project to conduct three clinical studies in Europe. These studies, the results of which were positive, were completed in 2023 and therefore did not generate any revenue in Q1 2024.

Net Cash Position

The Company’s cash position was €10.2 million as of March 31, 2024, compared with €13.0 million as of December 31, 2023. This includes €3 million received in March 2024 as part of the €2 million private placement fundraising and €1 million advance on the equity financing line with Vester Finance. Cash used to fund operations during the first quarter of 2024 was €5.8 million, compared with €7.8 million in the prior-year quarter.