On April 30, 2026 OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnemo: OSE) (the "Company"), reported its full year 2025 unaudited consolidated financial results, as approved by the Board of Directors on April 29, 2026. Audit procedures by the Company’s statutory auditors on the Company’s 2025 consolidated financial statements are still ongoing.
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Full Year 2025 Consolidated Financial Results (IFRS, unaudited)
In million euros 2024 2025
Revenues 69.9 2.6
Other income 13.6 0.1
Operating income 83.4 2.7
Research and development expenses (30.4) (33.9)
General and administrative expenses (6.5) (8.8)
Share-based payments non-cash expenses (2.7) (1.9)
Other operating items - 4.4
Operating profit (loss) 43.7 (37.5)
Financial income (loss) (3.9) 0.1
Net income (loss) 37.4 (37.7)
EPS (in € per share) 1.71 (1.69)
Net cash flows from operating activities 48.4 (34.0)
Net cash flows from investment activities (46.9) 41.4
Net cash flows from financing activities (3.5) (6.5)
Net cash flows (1.9) 0.8
Cash and cash equivalents at closing 16.7 17.6
Total Cash Position at closing (incl. long-term deposits) 64.2 22.7
Operating income in 2025 amounted to €2.7 million, primarily reflecting revenues generated by Tedopi’s supply of early access program in France for €1.4 million, and the deferred recognition of a portion of the $48 million upfront payment from the AbbVie licensing agreement on OSE-230 signed in April 2024 for €0.8 million. In comparison, operating income in 2024 totaled €83.4 million, mainly driven by the immediate booking of the majority of the AbbVie upfront payment for €42.2 million, €25.3 million from the amendment to the agreement with Boehringer Ingelheim on BI 765063 (OSE-172), and €13.5 million from the asset purchase by Boehringer Ingelheim related to the "cis-targeting" anti-PD1/cytokine platform.
Research and development expenses increased by 11.5% over the period, amounting to €33.9 million in 2025, compared to €30.4 million the prior year. This increase reflects our development programs moving forward, notably the ongoing Phase 3 pivotal trial of Tedopi – Artemia – actively recruiting, as well as a lower amount of Research Tax Credit (CIR) amounting to €4.6 million in 2025, compared to €5.3 million in 2024.
General and administrative expenses increased by 34.0% over the period, amounting to €8.8 million in 2025, compared to €6.5 million in 2024. This significant increase primarily reflects legal fees incurred in connection with the exceptional context surrounding the Annual General Meeting held on September 30, 2025, which led to a complete renewal of the Company’s governance, as well as legal proceedings initiated against certain minority shareholders. These non-recurring expenses were partially offset by a reduction in personnel costs, following the partial deferral of compensation from 2023 to 2024 for certain key executives. Excluding these non-recurring expenses, general and administrative expenses represented €7.8m, increasing by 19.5% year-on-year.
Share-based payments non-cash expenses amounted to €1.9 million in 2025, compared to €2.7 million a year earlier. These expenses are mainly comprised of calculated non-cash expenses in application of IFRS2, amounting to €1.5 million and €2.1 million in 2025 and 2024, respectively. The decrease in 2025 notably reflects a reversal of expenses due to the cancellation of 219,970 free shares granted in 2024 to former CEO Nicolas Poirier, following a negative vote by shareholders on the "Say-on-Pay" ex post provision at the Annual General Meeting held on September 30, 2025.
Other operating items amounted to €4.4 million in 2025, representing a partial waiver of debt related to conditional advances paid by Bpifrance for the EFFICLIN project after it was terminated by the Company.
Operating loss amounted to €(37.5) million in 2025, compared to a profit of €43.7 million a year earlier, essentially reflecting an exceptional income in 2024 related to the AbbVie licensing agreement on OSE-230 and the amendment on the BI 765063 (OSE-172) agreement as well as the asset purchase agreement from the "cis-targeting" anti-PD1/cytokine platform by Boehringer Ingelheim.
Financial income amounted to €0.1 million in 2025, compared to a loss of €(3.9) million a year earlier. This variation is mainly related to calculated non-cash expenses reflecting the change in fair value of the warrant passive derivative in the European Investment Bank (EIB) finance contract.
Net loss amounted to €(37.7) million in 2025, compared to a profit of €37.4 million a year earlier, essentially reflecting non-recurring income in 2024.
Net cash flows from operating activities amounted to €(34.0) million in 2025, reflecting our development programs moving forward, notably the ongoing Phase 3 trial of Tedopi – Artemia – actively recruiting, compared to €48.4 million a year earlier, essentially reflecting non-recurring income in 2024.
Net cash flows from investment activities amounted to €41.4 million in 2025, compared to €(46.9) million a year earlier, essentially reflecting cash management in various term deposit instruments.
Net cash flows from financing activities amounted to €(6.5) million in 2025, compared to €(3.5) million a year earlier. This variation mainly reflects an early repayment of the EIB loan for €3.0 million in January 2025.
Cash and cash equivalents totaled €17.6 million as of December 31, 2025, compared to €16.7 million a year earlier. Including fixed-term deposits classified as current and non-current financial assets, total cash position amounted to €22.7 million and €64.2 million as of December 31, 2025 and 2024, respectively.
Cash Runway and Financing
The Company’s cash and cash equivalents totaled €17.0 million as of March 31, 2026, compared to €22.7 million as of December 31, 2025.
Based on its current plans, assumptions and available financial resources, the Company estimates that its cash and cash equivalents will be sufficient to fund its operations until the beginning of fourth quarter 2026, as previously guided. This cash runway does not include any potential exercise of warrants issued to the benefit of Vester Finance, as the contract was fully terminated in April 2026, nor any potential future milestone payments from existing partnerships.
To extend its runway beyond the beginning of the fourth quarter of 2026, the Company continues to evaluate several complementary options, including a potential new strategic partnership involving one of its proprietary assets, equity financing, restructuring of its existing debt, and potential milestone payments from current partnerships.
Although the Company is confident in its ability to meet its short-term financing objectives, there is no guarantee that it will be able to obtain the necessary financing to meet its needs or to obtain funds at attractive terms and conditions to finance all of its activities on a 12-month horizon.
Pending the potential completion of such above-mentioned transactions, the Company has deferred the publication of its audited consolidated financial statements and its Universal Registration Document for the fiscal year 2025 to May 28, 2026, at the latest. Certification of the 2025 consolidated financial statements by the Company’s auditors will take place before the filing of the Universal Registration Document with the French financial markets authority (Autorité des Marchés Financiers) (the "AMF"), no later than May 28, 2026. Should no sufficient financing transaction be completed in due time, the statutory auditors are expected to include a going concern qualification in their certification report.
(Press release, OSE Immunotherapeutics, APR 30, 2026, View Source [SID1234664994])