Adocia (ADOCY) AI Stock Analysis

• Market Cap: $136.93M
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: 1882.51%
• EPS Growth: 62.37%
• Country: US
• Employees: 78
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 19,607,805
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 0.37
• Price to Book (P/B): -54.61
• Price to Sales (P/S): 18.10
• P/FCF Ratio: -10.65
• Enterprise Value/Market Cap: 1.32
• Enterprise Value/Revenue: 15.66
• Enterprise Value/Gross Profit: 154.34
• Enterprise Value/Ebitda: 37.11
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $7.00 ▲(0.14% Upside)

Adocia's overall stock score is heavily impacted by its poor financial performance, characterized by persistent losses and financial instability. Technical analysis indicates bearish momentum, and valuation metrics highlight unprofitability. These factors combine to produce a low overall score, suggesting significant risks for potential investors.

Positive Factors

Proprietary drug delivery technology and diabetes focus

Adocia's platform approach to reformulating established therapeutics for diabetes is a durable competitive asset. A technology-led focus can enable faster development, lower clinical risk versus novel molecules, and persistent licensing appeal to partners seeking improved PK profiles.

Partnership and licensing-based revenue model

Relying on upfront, milestone and royalty-based partner funding is structurally advantageous for a small biotech. It preserves cash by sharing development/commercial risk, creates non-dilutive near-term receipts, and aligns incentives with larger pharma commercialization capabilities.

Strong recent revenue growth

A large year-over-year revenue increase signals successful monetization events (licensing, milestones) that can validate programs and attract partners. Sustained top-line growth supports funding flexibility and program advancement over the medium term if repeatable.

Negative Factors

Persistent net losses and negative equity

Ongoing net losses and negative equity indicate structural balance sheet weakness. This limits strategic optionality, increases refinancing risk, and can force dilutive financing or unfavorable partnerships that impair long-term shareholder value without operational improvements.

Negative operating and free cash flow; reliance on financing

Consistent negative operating and free cash flows mean the business cannot self-fund development. Dependence on external financing raises execution risk, potential dilution, and vulnerability to capital markets cycles that can delay programs or force strategic compromises.

High operating and financial expenses vs. profitability

Large operating and financing costs erode the benefit of solid gross margins. Unless operating expenses are reined in or recurring partner revenue scales, margins will remain negative, making sustainable profitability and independent commercialization difficult over the medium term.

Adocia Business Overview & Revenue Model

Company Description

Adocia SA, a clinical-stage biotechnology company, researches and develops formulations of pre-approved therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases. Its proprietary BioChaperone technological platform is designed and developed to optimize the performance of therapeutic proteins. The company's clinical product pipeline includes insulin formulations, such as BioChaperone Lispro U100 and U200, which are ultra-rapid formulations based on rapid insulin lispro; BioChaperone Combo, a combination of acting insulin glargine and rapid-acting insulin lispro; BioChaperone LisPram, a combination of prandial insulin with pramlintide; and BioChaperone Glucagon, an aqueous formulation of human glucagon for the treatment of hypoglycemia, as well as M1Pram, a metabolite of insulin glargine and pramlintide. Its preclinical pipeline includes bi-hormonal products, which include BioChaperone AsPram, which is a combination of rapid insulin aspart with pramlintide; and BioChaperone Glargine Liraglutidea, which is a fixed combination of insulin glargine with an analogue of the GLP-1 receptor. In addition, the company's preclinical pipeline includes multihormonal products for the treatment of obesity, including BioChaperone GluExe, which is a combination of glucagon and exenatide; PramExe, which is a combination of pramlintide and exenatide; and BioChaperone PramGluExe, which is a triple combination of pramlintide, glucagon and exenatide. It has a strategic alliance with Tonghua Dongbao Pharmaceutical Co., Ltd. to develop and commercialize BioChaperone Lispro and BioChaperone Combo in China and other Asian and Middle Eastern territories. The company was incorporated in 2005 and is headquartered in Lyon, France.

How the Company Makes Money

Adocia generates revenue primarily through collaborative agreements and partnerships with larger pharmaceutical companies. These partnerships often involve licensing deals where Adocia receives upfront payments, research funding, and milestone payments contingent upon the successful development and commercialization of its products. Additionally, the company may earn royalties on future sales of products developed through these collaborations. The revenue model is heavily reliant on the successful advancement of its clinical programs, as well as the strategic partnerships it forms to bring its innovative therapies to market.

Adocia Financial Statement Overview

Summary

Adocia's financial performance is severely challenged, with persistent net losses, negative equity, and reliance on debt financing. The high gross profit margin is overshadowed by significant operational and financial expenses, resulting in persistent net losses. Cash flow difficulties further exacerbate the company's financial position.

Income Statement

Adocia's income statement shows significant challenges with persistent net losses and negative EBIT and EBITDA margins. Although there was a revenue increase from 2023 to 2024, the overall trajectory has been inconsistent. The gross profit margin is relatively high, indicating cost management at the production level, but the net profit margin remains deeply negative, reflecting high operating expenses and financial difficulties.

Balance Sheet

The balance sheet of Adocia reveals a negative stockholders' equity, indicating financial instability and high leverage. The debt-to-equity ratio is unmeasurable due to negative equity, and the company consistently operates with more liabilities than assets. The equity ratio is negative, highlighting significant financial risk and reliance on debt financing.

Cash Flow

Adocia's cash flow statement demonstrates cash flow challenges with negative operating cash flow and free cash flow over the years. The free cash flow growth rate is negative, and the company is heavily reliant on financing activities to sustain operations. While there is some cash generated from financing, it is insufficient to cover negative free cash flows.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.32M	2.15M	11.45M	1.44M	841.00K
Gross Profit	8.20M	1.39M	9.61M	180.00K	-616.00K
EBITDA	-6.91M	-19.35M	-3.58M	-19.35M	-20.03M
Net Income	-9.32M	-21.16M	-6.90M	-22.75M	-23.32M
Balance Sheet
Total Assets	27.02M	24.96M	30.61M	30.05M	45.17M
Cash, Cash Equivalents and Short-Term Investments	7.53M	12.96M	17.42M	15.16M	28.11M
Total Debt	11.83M	13.09M	33.21M	34.48M	28.20M
Total Liabilities	30.11M	31.87M	43.58M	43.87M	38.83M
Stockholders Equity	-3.09M	-6.91M	-12.97M	-13.81M	6.33M
Cash Flow
Free Cash Flow	-15.84M	-5.11M	-15.15M	-19.59M	-22.06M
Operating Cash Flow	-15.61M	-4.95M	-14.99M	-19.23M	-21.85M
Investing Cash Flow	-258.00K	-138.00K	21.86M	-361.00K	-204.00K
Financing Cash Flow	10.44M	629.00K	-4.61M	6.64M	6.51M

Adocia Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADOCY, the sentiment is Negative. The current price of 6.99 is below the 20-day moving average (MA) of 7.57, below the 50-day MA of 8.75, and below the 200-day MA of 7.31, indicating a bearish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 34.70 is Neutral, neither overbought nor oversold. The STOCH value of 8.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADOCY.

Adocia Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACHV	52 Neutral	$295.98M	-4.11	-161.08%	―	―	-22.06%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FATE	47 Neutral	$121.12M	-0.81	-52.35%	―	-46.92%	20.26%
CBIO	46 Neutral	$297.34M	-0.50	-51.70%	―	-100.00%	-0.58%
CCCC	44 Neutral	$207.40M	-1.27	-59.98%	―	-10.57%	1.98%
ADOCY	41 Neutral	$136.93M	-11.77	306.12%	―	1882.51%	62.37%