(AOF) – Adocia, a biopharmaceutical company, has published its cash position and its turnover for the third quarter and provided an assessment of its activities. Its total revenue at the end of September 2022 amounted to 9.8 million euros against 0.9 million euros in 2021 over the same period. In the third quarter of 2022, revenue includes €2.2 million in services provided by Adocia teams as part of the collaboration signed with THDB on the BioChaperone® Combo project for the conduct of three clinical studies in Europe.
The company’s turnover comes mainly from licensing and collaboration agreements signed with the company Tonghua Dongbao (THDB) for the development, production and marketing of BioChaperone® Lispro and BioChaperone® Combo in China and other Asian territories.
The company’s cash amounted to €20.1 million as of September 30, 2022, compared to €15.2 million as of December 31, 2021. The increase in cash is due to the sale of the building made in March 2022 and which resulted in a net receipt of €18.9 million, and a receipt of €4.2 million related to the milestone payment received from THDB.
Cash consumption related to activities for the first nine months of the year amounted to 14 million euros, in line with that of last year (13.8 million euros), on a like-for-like basis (excluding financing transaction).
Net financial debt (excluding IFRS 16 impacts and derivative instruments) amounted to €19.8 million at the end of September 2022 compared to €33.3 million at December 31, 2021.
The company is actively seeking to conclude strategic partnerships for its various products, in order to accelerate the development of its research projects and to respect the commitment made with IPF Partners on the level of cash expected at the beginning of the second quarter of 2023.