Adocia Sa · EURONEXT:ADOC
Adocia Sa — Investor Presentation (March 2026)
43 slides from Adocia Sa's investor presentation, March 2026
Slide 1: ADOCIA Presentation March 2026
ADOCIA Presentation March 2026
Slide 2: Forward-looking statements
Forward-looking statements ADOC This corporate presentation (the “Presentation”) has been prepared by ADOCIA S.A. (the “Company” and, together with its subsidiary, the “Group”) and is provided for information purposes only. It is not for promotional use. References herein to the Presentation shall m
Slide 3: Adocia at a glance
Adocia at glance 1 Mission: to develop innovative peptide formulations for diabetes and obesity treatment 2 Business model: Licensing-out our products and technologies after proof of concept 3 2 partners: Tonghua Dongbao (BC Lispro, licensed for Asia) & Sanofi (exclusive option on M1Pram) 4 Assets:
Slide 4: Executive Leadership Team
Executive Leadership Team Olivier Soula Mathieu-William You Ping Chan Martin Gaudier Jérémy Benattar PhD, MBA Gilbert PhD, MBA PhD PharmD, Eng CEO Chief Financial Officer Head of R&D - CMC Head of R&D – Preclinical Head of Business Co-founder Chief Operating Officer & Clinical Strategy • 25+ years e
Slide 5: Diabetes and Obesity: significant unmet needs in peptide-based therapies
Diabetes and Obesity: significant unmet needs in peptide-based therapies THE METABOLIC DISEASES MARKET THE ROOT CAUSE CURRENT SOLUTIONS Peptides dysregulation Peptide Diabetes: 589 million1 Insulin Replacement Therapies Amylin Obesity: 1 billion2 GLP-1 Efficient Delivery Glucagon Safe Challenges … C
Slide 6: Value creation in the GLP-1 field mirrors the century-long evolution seen with insulin
Value creation in the GLP-1 field mirrors the century-long evolution seen with insulin: delivery is at the core 100 years of Insulin development First portable Inhaled insulin Metal/Glass syringes Insulin pens CGM insulin pump Insulin Rapid-acting Long-acting Long-acting Ultra-rapid Once First long-
Slide 7: From a mature market with few players to a fast growing market with many newcomers
From a mature market with few players to a fast growing market with many newcomers Insulin GLP-1, Amylin… Mature Market Fast Growing Market • First porcine insulin: 1922 • First GLP-1 and amylin: 2005 • Faster, longer and combination of insulins • Longer, oral and combinations of peptides • 80 milli
Slide 8: Building Leadership in Advanced Metabolic Peptide Delivery
Building Leadership in Advanced Metabolic Peptide Delivery: Capitalizing on Insulin Success Adocia aspires to be a profitable leader in metabolic hormones delivery, and develop its proprietary product Leveraging our BioChaperone technology into obesity treating hormones Reaching commercialisation: P
Slide 9: 4 key proprietary platforms designed to unleash peptide delivery in chronic diseases
4 key proprietary platforms designed to unleash peptide delivery in chronic diseases BioChaperone® AdoXLongTM AdOral® AdoShell® Formulation and co- Long-acting peptides Oral delivery of peptides Peptide-secreting cells formulation of peptides delivery Reduce frequency of Develop a potential Unlock p
Slide 10: A diversified specialty products pipeline, with strong partnerships and a close-to-market asset
A diversified specialty products pipeline, with strong partnerships and a close- to-market asset Targeted Platform Program Preclinical Phase 1 Phase 2 Phase 3 Regulatory Status / Upcoming milestones Partner Indications • Positive Phase 3 results on T2D and Lispro DIABETES T1D Ultra-Rapid Insulin • $
Slide 11: BioChaperone
BioChaperone® Formulation and co-formulation of peptides 11 11
Slide 12: BioChaperone technology: a toolbox to formulate peptides
BioChaperone® technology: a toolbox to formulate peptides • > 30 positive clinical trials involving BioChaperone® • More than 800 BioChaperone® novel proprietary polymer excipients and 2 most advanced BioChaperone BC 222 BC 449 for Accelerating absorption for Stabilizing and combining peptides Acyla
Slide 13: BioChaperone Lispro
BioChaperone® Lispro A novel ultra-rapid insulin improving glycemic control 13 13
Slide 14: BC Lispro: impact on post-meal glycemia in T1D
BC Lispro: impact on post-meal glyceamia in T1D BC 222 Post-meal glycaemia in T1D • Better efficacy profile for less hyperglycemia and less hypoglycemia (“Faster-in” / “Faster-out”) vs. comparators AUC0-2h: -61%* • Good tolerance for optimized daily use • Range of strengths (U100 & U200), adapted to
Slide 15: BC Lispro: Positive Phase 3 in T1D and T2D in China vs Humalog
BC Lispro: Positive Phase 3 in T1D and T2D in China vs Humalog® BC 222 Primary endpoint Non inferior HbA1c reduction at 26 weeks Secondary endpoint Significant reduction of the rise of blood glucose after a test meal Other positive results Improved postprandial blood glucose control after each meal
Slide 16: China Phase 3 clinical part completed, filing under preparation
China Phase 3 clinical part completed, filing under preparation BC 222 78% Partnered with of revenue $2.3bn from Market Cap3 insulin2 Licensed for development & commercialization for China Upcoming and other Asian territories1: $10m upfront Phase 3 positive topline results on people with T2D $5m mil
Slide 17: BioChaperone CagriSema
BioChaperone® CagriSema Stabilizing and combining peptides 17 17
Slide 18: BioChaperone GLP-1 / Amylin: BC CagriSema
BioChaperone® GLP-1 / Amylin: BC CagriSema BC 449 CagriSema Single-use dual chamber auto-injector + 4 auto-injectors 1 multi-use pen • Novo Nordisk Cagrilintide Semaglutide / 4 weeks / 4 weeks • Phase 3: obesity, diabetes • -22% weight loss after 68 weeks3 Single-dose co-formulation • Phase 1 BioCha
Slide 19: BioChaperone CagriSema: mechanism of action
BioChaperone® CagriSema: mechanism of action BC 449 1 2 After injection In formulation • Non-covalent • Dissociation of BC-peptide complexes due to • Dynamic BC-Cagri and BC-Sema complexes interaction with plasma proteins (eg. HSA) • Release of unmodified peptides in the bloodstream BC CagriSema • N
Slide 20: AdoXLong
AdoXLongTM Long-acting peptides compatible with once-monthly injections 20 20
Slide 21: AdoXLong: new long-acting peptides platform in diabetes and obesity
AdoXLong: new long-acting peptides platform in diabetes and obesity • Chemical modification of acylated peptides with a biocompatible ADOXLONG PLATFORM polymer to extend their duration of action to at least one month Improve long-term treatment • No modification of their mechanisms of action persist
Slide 22: AdOral
AdOral® Oral delivery of peptides to avoid injections and to facilitate industrialization 22 22
Slide 23: AdOral: innovative formulation for oral administration of peptides
AdOral®: innovative formulation for oral administration of peptides 4 1 The permeation Gastro-resistant Peptide PE enhancer (PE) capsule is taken PI works by increasing Proteases paracellular absorption across 2 Closed TJ the intestinal Capsule wall Open Tight epithelium Junctions dissolves at neutr
Slide 24: Semaglutide 14mg bioavailability formulated with AdOral
Semaglutide 14mg bioavailability formulated with AdOral® Median Semaglutide PK Profile (N=10) 2.5-fold higher median than Rybelsus® AdOral® Sema 14mg leads to a median bioavailability ~2.5 times higher than the commercial comparator Rybelsus® 14mg based on Eligen technology (SNAC1) 1. SNAC = sodium
Slide 25: AdOral technology key values
AdOral® technology key values AdOral capsule • Improve patient adhesion to treatment and compliance • Reduced peptide dose vs SNAC: increase number of patients, reduced COGS • AdOral new excipient well tolerated • Industrial advantages vs. sterile injectables (COGS, supply chain…) • IP until 20421:
Slide 26: AdoShell
AdoShell® A potential functional cure for Type 1 Diabetes 26 26
Slide 27: Current islets transplantation faces challenges, drastically restricting its use
Current islets transplantation faces challenges, drastically restricting its use Downsides/limitations Approved Insulin in EU5 and independance Immunosuppressants to avoid the US 44% at 6 years graft rejection is a high safety concern Cells from deceased donors are in short supply from 2000 - 2020 2
Slide 28: AdoShell, the promise of cell therapy without immunosuppression for people with Type 1 Diabetes
AdoShell®, the promise of cell therapy without immunosuppression for people with Type 1 Diabetes Pancreatic islets OR Stem Cells Immuno-isolation from donors Derived Islets Ab, T cells Large entities >10nm Allow insulin secretion in response of glycemic AdoShell® variation Protect cells from immune
Slide 29: AdoShell Islets demonstrates long term efficacy in standard diabetic rat model
AdoShell® Islets demonstrates long term efficacy in standard diabetic rat model Transplantation of AdoShell® containing allogeneic islets in the peritoneal cavity at Day 0 500 6 Diabetic rats 400 Diabetic rats with Glycemia (g/L) Insulin (pM) 4 300 AdoShell® Islets 200 2 100 0 0 0 20 40 60 80 100 12
Slide 30: Functionality and efficacy of AdoShell Human Islets in immunodeficient mice
Functionality and efficacy of AdoShell® Human Islets in immunodeficient mice Xenogeneic transplantation of AdoShell® human islets in immunodeficient NXG mice Long term in vivo C-peptide secretion (2 months), Long term impact on mouse glycemia (2 months), N=4 independent studies, n=20 mice N=2 indepe
Slide 31: AdoShell: successful scale up from animal to human device for First-In-Human study
AdoShell®: successful scale up from animal to human device for First-In- Human study Human size AdoShell® prototype Intraperitoneal implantation Simple implantation procedure by mini-invasive surgery (laparoscopy) 1 implant = 1 pancreas Roll-up Insertion Up to 3 sites for delivery Total delivery cap
Slide 32: AdoShell: successful translation from human islets to stem cell derived islets
AdoShell®: successful translation from human islets to stem cell derived islets Transplantation of 2 types of SCDI in NXG mice (500 to 700 clusters/mouse). Study 2 Study 1, SCDI 1 (s7w4.5), AdoShell SCDI 2SC-Islets (s7w7), N=12 N=3 1.8 1.8 ** **** N=12 Sham, N=7 In vivo maturation of implanted SC- *
Slide 33: Next steps with AdoShell
Next steps with AdoShell® Human islets: First in Human clinical trial Regulatory Surgical Regulatory Scale-up FIH interactions procedure studies Stem cells derived islets In vitro maturation and In vivo maturation and Partnership for SCDI functionality functionality Other cell therapies applications
Slide 34: M1Pram
M1Pram Insulin + Amylin analogs combination Treating obesity in insulin-dependent people In exclusive negotiation with 34 34
Slide 35: Obesity in people with T1D and T2D under Intensive Insulin Therapy is dramatically growing
Obesity in people with T1D and T2D under Intensive Insulin Therapy (IIT) is dramatically growing. Marketed obesity drugs are not approved in this population. Insulin is a weight- BMI3 in people with T1D1 promoting hormone Diabetes In the U.S., people with T1D2 WEIGHT INSULIN • Obesity (BMI≥30kg/m2):
Slide 36: Amylin is missing in people with insulin-dependent diabetes
Amylin is missing in people with insulin-dependent diabetes, and it contributes to diabetes dysregulations Amylin exerts important physiological effects on metabolism and weight control 1. Activates amylin receptors in different brain areas Satiety, well-being, cognitive functions protection 2. Inhi
Slide 37: M1Pram: weight loss in obese people with T1D
M1Pram : weight loss in obese people with T1D CT041 : Phase 2 study – M1Pram vs. lispro (Humalog®) - type 1 diabetes Closest population for comparison: T2D taking basal insulin BW Change from baseline at W16 • Semaglutide1 Insulin lispro (Humalog®) - 4.55 kg vs. - 1.08 kg -0.57 kg (-0.74%), N=9 • Ti
Slide 38: M1Pram: insulin and amylin combination for maintained weight loss and optimal glycemic control
M1Pram: insulin and amylin combination for maintained weight loss and optimal glycemic control Gold Standard Mealtime Insulin M1Pram = Insulin + Amylin Weight gain Weight loss Sparing effect on prandial insulin dose Excellent patient satisfaction reported Same number and time of injections Same glyc
Slide 39: M1Pram generates high expectations from KOLs
M1Pram generates high expectations from KOLs “The phase 2 study of M1Pram shows that a single injection with each meal is as easy to use and as efficient as Humalog for glycemic control without increasing the rate of hypoglycemia. In addition, weight control is “The glycemic results with M1Pram (P1b
Slide 40: Financials
7 Financials ADOCIA f
Slide 41: Key Financials
Key Financials • Cash position (December 31, 2025): €17.2 million • Fundraising of €10 million in Dec 2025 Shareholder ownership2 → Cash runway: Beginning 2027 Free float 78,8% • Indebtedness (December 31, 2025): • €1,9m (state-guaranteed loan maturing Aug. 2026) • Euronext Paris (ADOC - ADOBSA) Sou
Slide 42: Upcoming inflexion points potentially transforming value
Upcoming inflexion points potentially transforming value Business Business Revenues Business Business Priority Priority expected Priority Priority BioChaperone® AdoXLong ® BioChaperone® AdoShell® M1Pram BC CagriSema AdoXL Sema Lispro Technology for cell Exclusive partnership Partnership with therapy
Slide 43: Thank you for your kind interest
Thank you for your kind interest 115 avenue Lacassagne 69003 Lyon – FRANCE Ph.:+33 4 72 610 610 contact@adocia.com