Adocia Announces First Half 2021 Financial Results and Provides an Update on Activities - Seite 2

 

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FINANCIAL INCOME (LOSS)

 

(965)

 

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Tax expenses

 

0

 

(23)

NET INCOME (LOSS)

 

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(11 936)

The financial results of the Company as of June 30, 2021, are characterized by:

- Revenue of €0.4 million, mostly deriving from the licensing agreements with Tonghua Dongbao Pharmaceuticals Co. Ltd (THDB). It reflects the contractual services provided for the transfer and development of licensed products (BioChaperone Lispro and BioChaperone Combo) as well as additional R&D services requested by the partner.

- Other operating revenues of €2.2 million, mainly from the research and development tax credit (“Crédit d’Impôt Recherche”), generated from expenses from the 2021 fiscal year.

- Operating expenses totaling €12.2 million for the first six months of 2021, a decrease of €2.5 million compared to the first six months of 2020. This was due to, on the one hand, a decrease in preclinical and clinical expenses, and on the other hand, a decrease in internal expenses, in particular payroll expenses due to the decrease in FTE¹ over the period.

- Financial expenses of almost €1 million, related to interest accruing from loans.

- Net loss before tax, taking into consideration all the previous elements, that amounts to €10.6 million compared with €11.9 million over the same period the previous year.

- Cash position of €20.7 million as of June 30, 2021, compared to €28.1 million as of December 31, 2020. Cash consumption for the first six months of 2021 was €7.4 million, slightly below last year's level (€7.8 million).

- Financial debts amounted to €28.1 million at the end of June 2021, compared to €28.2 million on December 31, 2020. This is primarily due to a bond debt of €15 million subscribed with IPF Fund II in 2019, State Guaranteed Loans (PGE) for a total of €7 million, and the bank loan contracted in 2016 to finance the acquisition and renovation of the Company's research center and corporate headquarters. Adocia recently opted for an additional one-year deferral of its PGE, with first repayments scheduled for August 2022 and an unchanged maturity (August 2026).