(Boursier.com) — Adocia announced a turnover of 7.4 million euros for the first half of 2022 compared to only 0.4 million euros in the first half of 2021. The company’s turnover comes mainly from the agreements of licenses and collaboration agreements signed with Tonghua Dongbao (THDB) for the development, production and marketing of BioChaperone Lispro and BioChaperone Combo in China and other Asian territories.
In the second quarter of 2022, sales include licensing revenue of $5 million, generated following the recruitment and dosing of the first patient in the Phase 3 program with BioChaperone Lispro led by THDB in China . Turnover at the end of June also includes 2.2 million euros 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. Finally, license revenues include the impact of the application of IFRS 15 standards on the processing of the initial payment received from THDB in 2018, upon signing the license agreements.
The company’s cash amounted to €23.9 million as of June 30, 2022, compared to €15.2 million as of December 31, 2021. The increase in cash is due to two significant events: the sale of the building carried out in March 2022 and which resulted in a net receipt of 18.9 million euros and the receipt of 4.2 million euros linked to the milestone payment received from THDB.
Cash consumption related to activities for the first six months of the year amounted to 10.2 million euros, higher than last year (7.4 million euros), on a like-for-like basis ( excluding financing transactions). This increase is mainly due to the impact of the repayment of the IPF Partner debt.
Net financial debt (excluding IFRS 16 impacts and derivative instruments) amounted to €23.1 million at the end of June 2022 compared to €33.3 million at December 31, 2021. The decrease is mainly due to the early repayment of borrowings (-4.2 million euros) linked to the building sold, the conversion of “OCA 1023” bonds at the end of June 2022 (-3.8 million euros) and the repayment of the IPF loan (-1, 9 million euros).
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