Nicox narrows first-half 2026 loss to 0.5 million euros
Key Facts
Nicox said its net loss narrowed to 0.5 million euros in the six months ended June 30, 2026, compared with a loss of 8.9 million euros in the same period of 2025. In its first-half results statement, the company said revenue rose to 3.5 million euros from 1.5 million euros a year earlier. Revenue in both periods consisted mainly of licensing income, according to the statement. The improved net result coincided with lower operating expenses and the company recognizing milestone revenue from Kowa. Nicox said the 3.0 million euro Kowa payment arrived after the end of June, so it was not included in cash at June 30.
Operating expenses were 4.5 million euros in the first half of 2026, compared with 6.8 million euros in the same period a year earlier. The company attributed the decline mainly to completion of the Denali trial and the subsequent workforce reduction. It said first-half revenue included a 3.0 million euro milestone payment from Kowa. The payment was recognized as revenue during the period, although it was received after June 30. It was therefore not included in the cash and cash equivalents Nicox reported at the end of June. The company said the improvement in net loss was due mainly to this payment and lower operating expenses.
Nicox SA reported cash and cash equivalents of 6.0 million euros on June 30, 2026, up from 4.1 million euros on December 31, 2025. The figures are the balances at the end of each period, while the Kowa payment arrived after the June balance-sheet date. The company later estimated its cash balance at 8.4 million euros at the end of August in an update on its liquidity position. It said its existing operations are expected to remain funded beyond the first quarter of 2028, based on its current structure and operations. It linked this estimate to the limited additional investment required to support NCX 470. Nicox SA had about 2.9 million euros in unsecured financial debt on June 30, most of it convertible bonds.
Outstanding convertible bonds totaled 2.8 million euros on June 30, 2026, and had been subscribed by institutional investors, including Vester Finance. The company said it expects these bonds to be repaid through conversion into shares. On development, Nicox set April 30, 2027, as its target date for a U.S. Food and Drug Administration decision on the NCX 470 application. It added that a U.S. launch is expected in the second half of 2027, if the application is approved. In China, the company announced on September 11, 2026, that the NCX 470 application had been accepted for review. On August 21, 2025, it had announced positive topline results from the Phase 3 Denali trial, saying at the time that the results supported the planned U.S. and Chinese regulatory applications.
Nicox said it had regained the rights to NCX 1728 after Glaukos decided not to exercise its exclusive option to license the drug candidate. It added that it is evaluating other opportunities to develop it. The company is also continuing to assess partnerships, acquisitions and business combinations that would give it access to ophthalmology assets and build a development pipeline focused on the field. These moves come alongside continued progress on the regulatory path for NCX 470, with a U.S. decision targeted for April 30, 2027, and a launch expected in the second half of the same year, subject to approval. The forecast that existing operations will remain funded beyond the first quarter of 2028 is based on the company's estimate of its current needs and support for the NCX 470 candidate. The company did not specify a date for a decision on potential deals or partnerships in the available information.