Adocia (ADOCY) AI Stock Analysis

• Market Cap: $151.97M
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• 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: 0.82
• Enterprise Value/Revenue: 10.84
• Enterprise Value/Gross Profit: 106.85
• Enterprise Value/Ebitda: 25.69
• 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: $7.50 ▲(7.30% Upside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

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 delivery platform

Adocia’s proprietary drug delivery technologies create a durable competitive asset by improving established therapeutics’ PK profiles. A platform approach can drive repeat licensing, attract pharma partners, and scale across indications, supporting long-term partnership revenue streams.

Strong recent revenue growth

The very large recent revenue growth figure likely reflects successful collaboration payments or milestones, which validate the company’s science and partner interest. Sustained milestone-based revenue can provide non-dilutive funding and commercial validation over the medium term.

High gross profit margin

A relatively high gross margin indicates efficient production-level cost control for formulations. If Adocia commercializes products or licenses them to partners, strong unit economics could support profitability scalability and margins even if operating costs remain elevated.

Negative Factors

Negative shareholders' equity

Negative equity signals structural balance-sheet weakness and limited financial flexibility. It constrains access to traditional financing, increases creditor risk, and can force dilutive capital raises or onerous terms, impairing the company’s ability to sustain long-term development programs.

Negative operating and free cash flow

Persistent negative operating and free cash flow means Adocia depends on financing and partner payments to fund R&D and operations. This reliance creates execution risk, potential dilution, and uncertainty around runway, limiting the company’s ability to independently advance programs.

Persistent net losses and negative margins

Ongoing net losses and negative operating margins reflect an expense base that outpaces revenues. Without sustained revenue from partnerships or successful product commercialization, losses impede reinvestment, heighten fundraising needs, and undermine long-term profitability prospects.

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	Mar 2022	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: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 7.99, below the 50-day MA of 7.63, and below the 200-day MA of 7.86, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 47.78 is Neutral, neither overbought nor oversold. The STOCH value of 26.70 is Neutral, 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	55 Neutral	$245.94M	-3.35	-161.08%	―	―	-22.06%
CBIO	52 Neutral	$308.64M	-0.73	-51.70%	―	-100.00%	-0.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CCCC	51 Neutral	$309.32M	―	-44.44%	―	-10.57%	1.98%
FATE	50 Neutral	$174.40M	-1.31	-51.84%	―	-46.92%	20.26%
ADOCY	41 Neutral	$151.97M	-12.65	306.12%	―	1882.51%	62.37%