On June 3, 2026 OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnemo: OSE) (the "Company"), reported its full year 2025 audited consolidated financial results, as approved by the Board of Directors on June 3, 2026. These audited financial statements are unchanged compared to the unaudited financial statements previously reported on April 30, 2026, with only the IRIS Financing announced on May 28, 2026, added as a subsequent event. Audit procedures by the Company’s statutory auditors on the Company’s 2025 consolidated financial statements were completed. Final certification will take place after the completion of procedures required before the Universal Registration Document is filed with the French market authority (Autorité des Marchés Financiers or AMF).

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Full Year 2025 Consolidated Financial Results (IFRS, audited)

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
Full Year 2025 Consolidated Financial Results are further detailed in the Company’s press release reporting unaudited financials on April 30, 2026.

Cash Runway and Financing Strategy

To date, the Company does not have sufficient net working capital to meet its obligations over the next 12 months.

The Company’s cash and cash equivalents totaled €17.0 million as of March 31, 2026.

After the completion of the IRIS Financing and assuming related gross proceeds of €19.3 million over a 24-month period, and based on its current plans, the Company estimates that its cash and cash equivalents will be sufficient to fund its operations until the end of December 2026. This cash runway does not include any potential future milestone payments from existing partnerships.

The IRIS Financing is the first step of a global financing strategy aiming at securing OSE’s 3-year Strategic Plan and the Company is actively engaging with institutional investors in the United States and in Europe.

To further extend its runway beyond 2026, the Company continues to evaluate several complementary options, including a potential new strategic partnership involving one of its proprietary assets, equity offering to institutional investors, 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.

2025 Financial Statements have been approved on a going concern basis, although this situation constitutes a significant uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern beyond the currently estimated cash runway. Auditors’ certification report will include a going concern qualification.

2025 Universal Registration Document

The 2025 Universal Registration Document was filed today with the AMF.

The Universal Registration Document includes in particular:

The 2025 annual financial report;
The management report;
The report on corporate governance; and
The description of the share buyback program.
The Universal Registration Document may be consulted on the Company’s website (www.ose-immuno.com), "Investors" section, and on the AMF’s website (www.amf-france.org).

(Press release, OSE Immunotherapeutics, JUN 3, 2026, View Source [SID1234666427])