Nicox Reports First Half 2026 Financial Results
| Press Release |
| Nicox Reports First Half 2026 Financial Results |
Sophia Antipolis, France Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today reported its financial results for the first half of 2026, as approved by the Board of Directors on October 29, 2026, and provided an update on its ongoing activities and key future milestones. “With €8.4 million in cash at the end of August and limited further investment required by Nicox to support NCX 470, we expect our existing operations to be funded beyond the first quarter of 2028, significantly strengthening our financial position and visibility. NCX 470 has now entered an important new phase, moving towards commercialization in the United States and China, subject to regulatory approval, with financial support from our partners and the continued expertise of our team. The completion of late-stage clinical trials together with our partners assuming responsibility for regulatory and commercial activities and their funding has significantly reduced the risk profile of Nicox, which is now well positioned to benefit from the potential future success of NCX 470 while focusing resources on the Company’s next chapter. Subject to approval, successful launches would provide the long-term revenue to support future value creation. At the same time, our experienced development and corporate team provides a strong foundation from which to identify and pursue future growth opportunities in ophthalmology.” said Gavin Spencer, Chief Executive Officer of Nicox. Ongoing Activities and Future Strategy Nicox continues to support Kowa and Ocumension during the regulatory review processes for NCX 470, including preparing responses to any requests for additional information from the health authorities. Phase 3 clinical development of NCX 470 is ongoing in Japan, managed and financed in full by Kowa. In parallel, the Company continues to evaluate strategic opportunities to support long-term value creation, including potential partnerships, acquisitions and business combinations. The objective is to access innovative ophthalmology assets and build a focused new pipeline that leverages the Company’s experienced team. Opportunities are assessed based on the science, resources and financing requirements, and potential future value, while maintaining financial discipline. The estimated cash runway announced of September 2, does not include any potential strategic transaction, which may require additional financing. First Half 2026 Financial Results1 Revenue for the first half of 2026 was €3.5 million compared to €1.5 million for the first half of 2025, with both periods consisting principally of license revenue. Operating expenses for the first half of 2026 were €4.5 million compared to €6.8 million for the first half of 2025. The reduction principally reflects the completion of the Denali trial and subsequent headcount reductions. Net loss for the six months ending June 30, 2026, was €0.5 million, compared to a net loss of €8.9 million for the same period in 2025. The improvement mainly reflects the €3.0 million milestone payment from Kowa recognised in the first half of 2026 and the reduction in operating expenses, notably following the completion of the Denali trial. As of June 30, 2026, Nicox SA had cash and cash equivalents of €6.0 million compared with €4.1 million as of December 31, 2025. The €3.0 million milestone payment from Kowa, recognised as revenue in the first half of 2026, was received after June 30, 2026, and is therefore not included in the cash position. Taking this receipt and the Company’s current cost structure into account, the Company believes its existing operations are funded for more than 12 months, based solely on the cash and cash equivalents available. The Company has provided a subsequent update on its cash runway as of August 31, 2026. As of June 30, 2026, Nicox SA had unsecured financial debt of €2.9 million, consisting principally of €2.8 million of outstanding convertible bonds subscribed by institutional investors, including Vester Finance, which the Company assumes will be repaid through conversion into shares. The Company had no significant financial debt as of December 31, 2025. The Company remains committed to cost control and optimizing resource allocation to support its strategic objectives. Changes in assumptions regarding estimated income, debt or costs may affect the estimated cash runway. Subsequent events Nicox has regained the rights to NCX 1728, a novel nitric oxide donating phosphodiesterase-5 inhibitor, following the decision by Glaukos not to exercise their exclusive option to a license following the completion of a research program. Nicox is evaluating other opportunities for the future development of NCX 1728. Key Upcoming NCX 470 Milestones
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| About Nicox |
| Nicox SA is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead late-stage development program is NCX 470 (bimatoprost grenod), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension, licensed to Ocumension Therapeutics for the Chinese, Korean and Southeast Asian markets and to Kowa in the rest of the world. Nicox’s first product, VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, is available commercially in the U.S. and over 15 other territories. Nicox generates revenue from ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Harrow, Inc. in the U.S., and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets. Nicox, headquartered in Sophia Antipolis, France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX). For more information www.nicox.com. |
| Analyst coverage | |
| H.C. Wainwright & Co Yi Chen New York, U.S. | |
| The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports. | |
| Contacts | |
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Nicox Gavin Spencer Chief Executive Officer T +33 (0)4 97 24 53 00 communications@nicox.com |
Media Sophie Baumont Rose Piquante Consulting T +33 6 27 74 74 49 sophie.baumont@rosepiquante-consulting.com |
| Disclaimer | |
| The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements. Risks factors which are likely to have a material effect on Nicox’s business are presented in section 3 of the “Rapport Annuel 2025” and in section 4 of the “Rapport semestriel 2026” which are available on Nicox’s website (www.nicox.com). Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail. | |
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Nicox S.A. Sundesk Sophia Antipolis, Bâtiment C, Emerald Square, Rue Evariste Galois, 06410 Biot, France T +33 (0)4 97 24 53 00 | |
BALANCE SHEET
| (in thousands of euros) | June 30, 2026 | December 31, 2025 |
| ASSETS | ||
| Intangible fixed assets | - | 6 |
| Tangible fixed assets | 5 | 5 |
| Financial fixed assets | 164 | 139 |
| TOTAL FIXED ASSETS | 169 | 150 |
| Trade receivables and related accounts | 3 235 | 936 |
| Other receivables | 2 590 | 2 268 |
| Prepaid expenses | 206 | 1 280 |
| Cash and cash equivalents | 5 973 | 4 147 |
| TOTAL CURRENT ASSETS | 12 004 | 8 631 |
| Unrealized foreign exchange losses and valuation differences - Assets | 1 168 | 1 592 |
| Bond redemption premiums | 276 | - |
| TOTAL REGULARISATION ACCOUNTS | 1 444 | 1 592 |
| TOTAL ASSETS | 13 617 | 10 373 |
| LIABILITIES | ||
| Issued Capital | 975 | 884 |
| Share premium | 540 861 | 538 377 |
| Retained earnings | (533 241) | (530 828) |
| Net loss for the period | (521) | (2 413) |
| Total shareholders' equity | 8 074 | 6 020 |
| Provisions for liabilities | 1 168 | 1 591 |
| Provisions for charges | 332 | 312 |
| Total Provisions for Liabilities and Charges | 1 500 | 1 903 |
| Convertible bonds | 2 784 | - |
| Loans and debts from lending institutions | 84 | 337 |
| Loans and other financial debts | 33 | 67 |
| Accounts payable and related accounts | 509 | 675 |
| Tax and social security liabilities | 549 | 751 |
| Deferred income | 83 | 617 |
| Total liabilities | 4 042 | 2 447 |
| Unrealized foreign exchange gains and valuation differences - Liabilities | 1 | 3 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 13 617 | 10 373 |
INCOME STATEMENT
| June 30, 2026 | June 30, 2025 | |
| (in thousands of euros) | ||
| Net sales (revenue) | 3 544 | 1 526 |
| Reversals of depreciation, impairment and provisions | - | - |
| Proceeds from disposals of intangible and tangible fixed assets | - | 1 |
| Other income | 5 | 143 |
| TOTAL OPERATING INCOME | 3 549 | 1 670 |
| Other purchases and external charges | (3 465) | (5 795) |
| Taxes, duties and similar payments (other than an income) | (53) | (44) |
| Salaries | (604) | (590) |
| Social charges | (311) | (253) |
| Depreciation and impairment of intangible and tangible fixed assets | (7) | (5) |
| Provision expense | (20) | (12) |
| Net book value of disposed intangible and tangible fixed assets | - | (1) |
| Other expenses | (52) | (123) |
| TOTAL OPERATING EXPENSES | (4 512) | (6 823) |
| OPERATING PROFIT (LOSS) | (963) | (5 153) |
| Income from equity investments | - | - |
| Income from other long-term securities and receivables | 59 | 122 |
| Other interest and similar income | 175 | 251 |
| Reversals of impairment and provisions | 1 616 | - |
| Foreign exchange gains | 23 | 46 |
| TOTAL FINANCIAL INCOME | 1 873 | 419 |
| Amortization, depreciation and financial provisions | (1 430) | (2 993) |
| Interest and similar expenses | (1) | (546) |
| Foreign exchange LOSS | - | (676) |
| TOTAL FINANCIAL EXPENSES | (1 431) | (4 215) |
| FINANCIAL PROFIT (LOSS) | 442 | (3 796) |
| PRE-TAX LOSS | (521) | (8 949) |
| EXCEPTIONAL INCOME | - | - |
| EXCEPTIONAL EXPENSES | - | - |
| EXCEPTIONAL INCOME (LOSS) | - | - |
| Research Tax credit | - | - |
| NET PROFIT & (LOSS) | (521) | (8 949) |
1 Only the figures related to the cash position and the debt of Nicox SA as of December 31, 2025, are audited; all other figures in this press release are non-audited.
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