ADOCIA Reports Fourth Quarter 2023 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, today reports financial results for its fourth quarter of 2023 and provides a business update.

“We are emerging from an eventful 2023 as a strengthened company and we enter 2024 with active discussions underway with Sanofi on M1Pram, and also with key players on AdoShell Islets”, said Olivier Soula, Adocia CEO and co-founder. “I would like to extend my warmest thanks to Adocia's employees for their loyalty and constant dedication during this difficult year, so that we can continue to create and to develop high-value innovations, that have captured the interest of the largest pharmaceutical companies. Looking ahead, we are preparing to make 2024 a transformative year for Adocia.”

Fourth quarter 2023 financial results

"During the fourth quarter 2023, we maintained focus on advancing M1Pram and AdoShell Islets, as well as developing BC Lispro and BC Combo in support of our Chinese partner. Adocia is now in a simple and clear financial situation with debt limited to a state-guaranteed loan of 5,6m€ with a maturity date at the end of August 2026, and all warrants and convertible bonds have been redeemed" said Valérie Danaguezian, Chief Financial and Administrative Officer. "Our cash position of €13 million as of December 31, 2023, enables us to fund planned activities until the end of August 2024, not taking into account any payments from existing or future partnerships. Our priority is to strengthen the company’s financial position, primarily through partnerships, while evaluating various financing options."

Full year audited financial results for 2023 will be published in April 2024.

The main financial figures for the quarter are as follows:

Detail of the revenue

In thousands of euros, IFRS standards (unaudited)	12/31/2023 (3 months)	12/31/2022 (3 months)	12/31/2023 (12 months)	12/31/2022 (12 months)
Licensing revenues	75	88	313	5 088
Research and collaboration agreements