Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Adocia SA is a French clinical-stage biotechnology company headquartered in Lyon, specializing in the discovery and development of innovative therapeutic solutions for chronic metabolic diseases, particularly diabetes and obesity. Founded in 2005 by the Soula family, it focuses on enhancing treatments through proprietary technology platforms including BioChaperone®, AdoShell®, AdOral®, and AdoXLong, which enable advanced formulations of approved proteins and peptides such as ultra-rapid insulin lispro, co-formulations like BioChaperone Combo (insulin glargine and lispro), and preclinical innovations like AdoShell Islets for cell therapy and oral semaglutide. Adocia's diversified pipeline spans Phase 1 to Phase 3 clinical trials, addressing unmet needs in type 1 and type 2 diabetes management and obesity therapies. The company employs around 75-79 people and follows a business model of licensing proprietary products and platforms to pharmaceutical partners after proof-of-concept, exemplified by alliances like Tonghua Dongbao for Asian markets. With a strong patent portfolio in insulin therapy, chronic wound healing, and monoclonal antibodies, Adocia plays a pivotal role in advancing hormonal and cell-based treatments within the biotechnology sector.
The business is unprofitable at the operating level (-1068.68% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 84.2% YoY. Margins deteriorated 989.3pp alongside, both lines moving the wrong way.
ROIC dropped from -46.93% to -112.08%, capital efficiency is deteriorating. Negative free cash flow of -€7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€1M
▼ -84.2% YoY
Net Income (TTM)
-€17M
▼ -78.0% YoY
Op. Margin
-1068.68%
▼ -989.3pp YoY
ROIC
-112.08%
▼ -65.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€7M
▲ +57.1% YoY
Op. Cash Flow (TTM)
-€7M
▲ +58.3% YoY
Net Debt
-€8M
Net Cash Position
Cash & Equiv.
€17M
3Y CAGR: -49.5%
Continue Research