Adocia (AO) | Buy | Q1 2026: BC refocus improves visibility, but partnerships remain key

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Adocia (AO) | Buy | Q1 2026: BC refocus improves visibility, but partnerships remain key

Adocia Buy | Target Price: EUR12.00

Company description Management

Adocia is a biotech company with innovative drug delivery and drug-targeting Olivier Soula, CEO

technologies. Its BioChaperone platform allows the formulation of therapeutic Mathieu-William Gilbert, CFO & COO

proteins and improves their bioavailability. Adocia has developed a rich pipeline Rosy Eloy, CMO

with two potential blockbusters in the insulin markets (ultra-fast-acting insulin Key shareholders

and a combination of fast-acting and long-acting insulin). Free float 65.30%

Soula Family and employees 10.70%

Vester Finance 9.80%

Armistice Capital 8.10%

Investment case Valuation methodology

After Eli Lilly decided to walk away from the agreement for the Our rNPV-based model yields a TP of EUR12.

development of BC Lispro (ultra-fast-acting insulin), Adocia We value Adocia using an SOP of the clinical projects BC Lispro,

needs to find a new partner to finish the development of this BC Combo, and M1 Pram with a discount rate of 15%.

formulation. We have not included a value for early-stage assets or for the BC

In 2018, Adocia announced a strategic alliance with Tonghua platform.

Dongbao for BC Combo and BC Lispro in China, while keeping Risks to our rating

the rights on these projects for the rest of the world. Failure in clinical trials.

Several drugs are on the shelf. Adocia’s appeal for the shares Delays in launching BC Combo phase III trial.

and valuation of the company will mainly hinge on its ability to Evolution of the competitive insulin market.

find new partner(s) to carry out the development (EU/US) of its

most advanced programmes (BC Lispro and M1Pram) despite a

challenging competitive environment.