olivLaw · European equity research
ADOCIA ADOC.PA
France · Euronext Paris · ISIN FR0011184241 · Vertical: Listed companies from France
ADOCIA is a French biotechnology company developing proprietary peptide formulation platforms aimed at diabetes and obesity, and it could monetize these technologies through partnerships and product programmes. The company holds an extensive compound library and a portfolio of patented technologies, so the clinical progress of its programmes is closely followed.
At the close of 04 Nov 2026, ADOCIA (ADOC.PA) stock was 2.83 EUR (−3.48% on the day), with market capitalisation 52.1 m EUR, beta 1.03, 52-week range 2.01–9.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.3
- neutral
- Bollinger (20, 2)
- 1.77 – 3.26
- in the upper half of the band · %B 0.71 · band width 59.1%
- SMA 50 / 200
- 3.03 / 4.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.04 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +32.8% | +0.4% | +32.4 pp | — |
| 3 months | −30.6% | −3.3% | −27.3 pp | — |
| 6 months | −41.1% | +4.0% | −45.1 pp | — |
| Year to date | −57.8% | +8.1% | −65.9 pp | — |
| 1 year | −68.7% | +10.7% | −79.4 pp | −7.0% |
| 3 years | −65.3% | +50.1% | −115.4 pp | −5.1% |
| 5 years | −69.0% | +43.6% | −112.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.2 m | 9.3 m | 1.5 m |
| Revenue YoY | unavailable | +333.5% | −84.2% |
| Net income | -21.2 m | -9.3 m | -16.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.90 | -0.60 | -0.90 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -984.3% | -100.0% | -1,124.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.5 m EUR
- Total assets
- 28.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.19x
- ROE
- unavailable
- ROA
- -59.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.2 m | 9.3 m | 1.5 m | esef· 12 May 2026verified |
| Operating income | -14.2 m | -7.4 m | -15.8 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 508.0 k | 654.0 k | 601.0 k | esef· 12 May 2026verified |
| EBITDA | -13.7 m ≈ | -6.8 m ≈ | -15.2 m ≈ | esef· 12 May 2026derived |
| Interest expense | 7.0 m | 1.0 m | 841.0 k | esef· 12 May 2026verified |
| Pre-tax income | -21.2 m | -8.4 m | -16.6 m | esef· 12 May 2026verified |
| Income tax | 2.0 k | 952.0 k | -12.0 k | esef· 12 May 2026verified |
| Net income | -21.2 m | -9.3 m | -16.6 m | esef· 12 May 2026verified |
| Diluted EPS | -1.90 | -0.60 | -0.90 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.0 m | 7.5 m | 17.3 m | esef· 12 May 2026verified |
| Current assets | 20.2 m | 22.4 m | 23.9 m | esef· 12 May 2026verified |
| Total assets | 25.0 m | 27.0 m | 28.5 m | esef· 12 May 2026verified |
| Short-term debt | 1.8 m | 3.3 m | — | esef· 07 May 2025verified |
| Current liabilities | 19.8 m | 20.9 m | 20.0 m | esef· 12 May 2026verified |
| Equity | -6.9 m | -3.1 m | 1.5 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 11.1 m | 15.5 m | 18.4 m | esef· 12 May 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 52.1 m EUR
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,124.8% | 0 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -18.7x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ADOCIA (ADOC.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 m EUR in 2025; YoY growth -84.2%; net margin -1,124.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -1,124.8%
- Interest coverage: -18.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 107.9 bn | 32.8 | 12.9% | 12.2% | −2.0% | +25% / +30% |
| BN.PADanone | 43.5 bn | 21.6 | 11.9% | 7.4% | −0.9% | −12% / +15% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +55% |
| ADP.PAAeroports De Paris | 11.6 bn | 34.0 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.0 bn | 113.4 | 0.9% | 0.7% | −5.0% | +10% / −38% |
| ALO.PAAlstom | 5.9 bn | 18.6 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.8 bn | 12.1 | — | 1.0% | +4.8% | +7% / −3% |
| ATE.PAAlten | 3.1 bn | 29.7 | 4.8% | 2.6% | −1.1% | +34% / −28% |
| BB.PASociete Bic | 2.6 bn | 30.8 | 5.0% | 4.1% | −4.8% | +30% / +4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.1 | 21.9% | 36.6% | −8.1% | −23% / −34% |
| 74SW.PA74software | 806.8 m | 21.2 | 8.9% | 8.5% | +44.8% | −11% / +43% |
| AUB.PAAubay | 671.2 m | 17.9 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| ASY.PAAssystem | 507.8 m | 70.0 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 503.9 m | — | -23,400.0% | -17.5% | −16.5% | −42% / −94% |
| ARAMI.PAAramis Group | 293.9 m | 14.8 | 10.0% | 0.8% | +6.3% | −34% / −17% |
| ARVEN.PAArverne Group | 246.9 m | — | -14.0% | -115.3% | +27.0% | +20% / −34% |
| BGO.PACompagnie Chargeurs Invest | 184.8 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 148.2 m | 29.0 | 9.3% | 1.9% | +5.8% | +42% / +111% |
| ALCGM.PACegedim | 145.3 m | — | -2.6% | -1.2% | +10.9% | −25% / −49% |
| ALHEX.PAHexaom | 143.3 m | 6.6 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ATEME.PAAteme | 133.9 m | 140.6 | 2.8% | 1.0% | +2.2% | +69% / +65% |
| ALBON.PACompagnie Lebon | 108.5 m | 16.0 | 4.2% | 8.8% | −17.9% | +3% / +5% |
| ALHYF.PALhyfe | 75.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 62.3 m | 7.4 | 6.9% | 3.0% | +12.6% | −11% / −53% |
| ALFER.PASergeferrari Group | 60.6 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for ADOC.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ADOCIA is a French biotechnology company developing proprietary peptide formulation platforms aimed at diabetes and obesity, and it could monetize these technologies through partnerships and product programmes. The company holds an extensive compound library and a portfolio of patented technologies, so the clinical progress of its programmes is closely followed.
SWOT
Strengths
- Proprietary technology platforms and an extensive compound library offer a formulation advantage, supported by numerous clinical trials 1.
- Patents on the AdOral and BioChaperone technologies provide long-term protection for certain applications 1.
- The portfolio covers several administration routes, from insulins to oral forms and cell therapy, which diversifies opportunities 1.
Weaknesses
- Dependence on the clinical development of several candidates makes future revenues uncertain and hard to estimate 1.
- The suspension of the AdoGel programme shows that some platforms have not reached commercial maturity 1.
- Oral peptide formulations present significant technical challenges linked to degradation in the digestive tract 1.
Opportunities
- Wider adoption of automated insulin systems could create demand for the ultra-rapid insulins the company is developing 1.
- Feasibility studies with undisclosed pharmaceutical companies could lead to partnerships for the BioChaperone platform 1.
- A shift toward less frequent or oral administration could extend the applicability of the AdoXLong and AdOral technologies 1.
Risks
- Dependence on clinical developmenthigh
The company's value depends on the success of programmes under development, and failures could significantly reduce commercial prospects 1.
- Technical risks in oral formulationsmedium
Degradation of peptides before absorption could limit the effectiveness of oral forms, even though AdOral has a proof of concept 1.
- Manufacturing risks in cell therapymedium
Scaling production for AdoShell could be difficult, which could delay cell therapy projects 1.
- Suspension of programmesmedium
The decision to suspend AdoGel shows that some projects can be stopped, which could affect investor confidence in the other platforms 1.
- Competition from larger companieshigh
Companies with greater resources in diabetes and obesity could gain market advantages if they launch similar forms faster 1.
Investment thesis
What would need to be true (bull case)
- If the BioChaperone and AdoXLong platforms prove their value in studies and partnerships, the company could benefit from rising demand for more convenient formulations 1.
- The depth of clinical studies and the compound library could facilitate faster development of new products 1.
- Diversification into insulins, oral forms and cell therapy could reduce dependence on a single product 1.
What would break the thesis
- If clinical studies encounter setbacks or delays, the commercial prospects of many programmes could be postponed 1.
- Competition from companies with far greater resources could limit market access 1.
- Technical problems with oral formulations and cell production could slow the scaling of the technologies 1.
What to watch
- Clinical results for BioChaperone Lispro insulins2027
- Announcements on partnerships from BioChaperone feasibility studies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ADOCIA, according to its annual report for the year ended 31 December 2025 1, builds its activity around proprietary technology platforms for peptide formulation and co-formulation. The main platform, BioChaperone, has been used in more than 30 clinical trials from phase 1 to phase 3, and its library includes over 800 compounds 1. The company extends these technologies to long-acting injectable formulations, oral forms and cell therapy.
Segments
BioChaperone platform and insulin formulations
BioChaperone is the company's most advanced platform and includes candidates BC 222, intended to accelerate absorption, and BC 449, intended to stabilise and combine peptides 1. Ultra-rapid BioChaperone Lispro insulin is being developed in U100 and U200 concentrations for users of prandial insulin and automated delivery systems 1.
AdoXLong, AdOral and AdoShell platforms
AdoXLong targets peptides with action lasting at least one month, while AdOral aims at oral administration of peptides, with a proof of concept established with semaglutide 1. AdoShell is a matrix for cell therapy of type 1 diabetes, and AdoGel was suspended in July 2025 1.
Market context
The diabetes and obesity market is moving toward more convenient formulations, including oral forms and long-acting injectables, which increases interest in formulation technologies 1. The annual report notes that analysts see simplified administration as an important growth driver, yet developing oral forms of peptides remains technically difficult because peptides are degraded in the digestive tract 1.
Adoption of automated insulin delivery systems and continuous glucose monitoring is expanding, and recent recommendations from medical associations support wider access to these technologies 1. For ADOCIA this could create demand for ultra-rapid insulins if their development reaches the market 1.
Trends
- Expansion of continuous monitoring and automated systemstailwind
The 2026 ADA recommendations encourage broader and earlier use of CGM and ease access to AID systems, which could increase demand for rapid-acting insulins 1.
- Personalised GLP-1 dosingmixed
Progressive dose adjustment based on response and tolerance could improve long-term adherence, although it is still little used in practice 1.
- Shift toward oral and long-acting formstailwind
Simpler administration through oral forms or monthly injections could become a growth driver in diabetes and obesity if the technologies prove technically viable 1.
- Technical difficulty of oral peptidesheadwind
Degradation of peptides in the digestive tract limits the number of oral formulations available, which makes scaling these solutions difficult 1.
Competitive position
Competition includes companies developing oral and long-acting formulations for GLP-1 and other metabolic peptides. The annual report mentions developments in obesity and diabetes where multi-mechanism treatments stand out, without detailing the full market 1.
- Eli LillyLLY
Company cited in the source for developing a triple agonist for obesity, illustrating competition in metabolic peptides.
- Novo Nordisk
Company associated with the oral semaglutide form, relevant for comparison with the AdOral platform.
- Cell therapy developers for diabetes
Developers of cell therapies for type 1 diabetes compete indirectly with the AdoShell programme.
- Ultra-rapid insulin manufacturers
Companies marketing insulin analogues compete directly with BioChaperone Lispro in the prandial insulin segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ADOCIA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.