This report was prepared in order to comply with the Belgian Royal Decree of November 14, 2007. You can also find this information on the website of Oxurion (https://www.oxurion.com) in the Investor Information section.
Oxurion published its Interim Financial Report in Dutch. In the case of differences of interpretation between the English and the Dutch versions of the Report, the original Dutch version prevails.
Interim Financial Report
Half-year results as at June 30, 2026
Consolidated key figures as at June 30, 2026
Consolidated statement of financial positionIn '000 euro (as at) | 30-jun-26 | 31-dec-25 |
Non-current assets | 1,987 | 2,018 |
Current assets | 1,448 | 1,807 |
Total assets | 3,435 | 3,825 |
Total equity | -13,294 | -12,689 |
Non-current liabilities | 336 | 336 |
Current liabilities | 16,393 | 16,178 |
Total equity and liabilities | 3,435 | 3,825 |
In '000 euro (for the period ended on June 30) | 2026 | 2025 |
Income | 591 | 0 |
Operating result | -755 | -1,794 |
Finance income | 0 | 602 |
Finance expense | -142 | 5 |
Result before income tax | -897 | -1,187 |
Income tax expense | -7 | 0 |
Loss for the period | -904 | -1,187 |
Result per share | ||
Basic earnings/(loss) per share (euro) | -0.01 | -0.24 |
Diluted earnings/(loss) per share (euro) | -0.01 | -0.24 |
A full analysis of the interim financial statements, prepared in accordance with IAS 34, as declared applicable by the European Union, is included under the section "Condensed consolidated interim financial statements".
Description of the Company's Business
Principal activitiesOxurion is building a technology-enabled European clinical research group combining specialized CRO services, proprietary software and disciplined external growth. The Group's objective is to support pharmaceutical, biotechnology and medical device sponsors across the clinical development value chain, with a particular focus on clinical data, biometrics and eClinical technologies. Since August 2025, Oxurion has held a 72% stake in Axiodis CRO, its first operating platform in this strategy.
Contemplated AcquisitionsFollowing the acquisition of Axiodis CRO, the Company continues to assess majority investments in complementary European healthcare service providers. The priority is to add clinical operations, regulatory and other capabilities that broaden the Group's offering, diversify its client base and create commercial and operational synergies with Axiodis and Exagis. Exagis is Oxurion's proprietary software platform developed to support and enhance the digitalization of clinical research workflows. Potential transactions may take the form of share or asset acquisitions, mergers, reorganizations or similar combinations and would be subject to appropriate transaction-specific financing.
Axiodis CRO - Clinical Data Management and BiometricsAxiodis CRO, acquired by Oxurion in August 2025 (72% stake), is a Toulouse-based French CRO specializing in biometrics and clinical data management. Its teams provide data management, biostatistics, statistical programming and project management services, supporting studies from protocol and methodology design through data collection, validation, analysis and regulatory submission. Axiodis works with academic and industry sponsors across drug, medical device and other clinical studies, with an operational footprint spanning more than a dozen countries.
Axiodis development and Exagis strategyDuring the first half of 2026, Oxurion and Axiodis advanced a two-pronged development plan combining commercial expansion of the CRO business with the productization of Exagis. Axiodis strengthened its sales and marketing capabilities to increase its visibility beyond its historical regional base and address pharmaceutical, biotechnology, medical device and academic sponsors more proactively. In parallel, the Group positioned Exagis as a strategic software asset and a common technology backbone for its broader CRO platform.
A live, proprietary Clinical Data Management System (CDMS) developed by clinical research professionals and already used in operational studies.
A modular and scalable environment combining eCRF data capture, query workflows, ePRO and eConsent capabilities, an SDTM-aligned data structure and a secure HDS-compliant environment.
A development roadmap to expand Exagis into a broader eClinical suite incorporating randomization, clinical supply workflows, advanced analytics and selective AI-assisted productivity tools.
Oxurion's ambition is to build an integrated, technology-enabled European CRO group offering a broader suite of services to pharmaceutical, biotechnology and medical device companies.
Condensed consolidated interim financial statements
Consolidated statement of profit and lossIn '000 euro (for the period ended on June 30) | 2026 | 2025 |
Income | 591 | 0 |
Sales | 591 | 0 |
Cost of sales | -7 | 0 |
Gross profit | 584 | 0 |
Research and development expenses | -740 | -705 |
General and administrative expenses | -868 | -1,178 |
Selling expenses | 0 | 0 |
Other operating income | 269 | 92 |
Other operating expenses | 0 | -3 |
Operating result | -755 | -1,794 |
Finance income | 0 | 602 |
Finance expense | -142 | 5 |
Result before income tax | -897 | -1,187 |
Taxes | -7 | 0 |
Loss for the period | -904 | -1,187 |
Attributable to: | ||
Equity holders of the company | -918 | -1,187 |
Non-controlling interest | 14 | 0 |
Result per share | ||
Basic earnings/(loss) per share (euro) | -0.01 | -0.24 |
Diluted earnings/(loss) per share (euro) | -0.01 | -0.24 |
In '000 euro (for the period ended on June 30) | 2026 | 2025 |
Loss for the period | -904 | -1,187 |
Other comprehensive income: | ||
Remeasurement of defined benefit pension schemes | 0 | 0 |
Fair value gain/(loss) on investments designated as at FVTOCI | 0 | 0 |
Other comprehensive income that will not be reclassified to profit or loss | 0 | 0 |
Exchange differences arising on translation of foreign operations | 50 | -210 |
Other comprehensive income that will or may be reclassified to profit or loss | 50 | -210 |
Other comprehensive income, net of income tax | 50 | -210 |
Total comprehensive loss (-) / income for the year | -854 | -1,397 |
Attributable to: | ||
Equity holders of the company | -868 | -1,397 |
Non-controlling interest | 14 | 0 |
In '000 euro (as at) | 30-Jun-26 | 31-Dec-25 |
ASSETS | ||
Goodwill | 182 | 182 |
Intangible assets | 483 | 483 |
Property, plant and equipment | 1 | 2 |
Right-of-use assets | 123 | 152 |
Other non-current assets | 30 | 30 |
Non-current tax credit | 1,168 | 1,169 |
Non-current assets | 1,987 | 2,018 |
Trade and other receivables | 526 | 384 |
Current tax receivables | 891 | 993 |
Cash and cash equivalents | 31 | 430 |
Current assets | 1,448 | 1,807 |
Total assets | 3,435 | 3,825 |
EQUITY AND LIABILITIES | ||
Share capital | 76,718 | 76,493 |
Share premium | 250 | 250 |
Other comprehensive income | -71 | -121 |
Other reserves | 6,494 | 6,470 |
Retained earnings | -96,872 | -95,982 |
Equity attributable to equity holders of the company | -13,481 | -12,890 |
Non-controlling interest | 187 | 201 |
Total equity | -13,294 | -12,689 |
Lease liabilities | 48 | 48 |
Deferred tax liability | 84 | 84 |
Employee benefit liabilities | 204 | 204 |
Non-current liabilities | 336 | 336 |
Trade payables | 2,848 | 2,535 |
Lease liabilities | 81 | 107 |
Convertible loans | 11,381 | 11,287 |
Other short-term liabilities | 2,083 | 2,249 |
Current liabilities | 16,393 | 16,178 |
Total equity and liabilities | 3,435 | 3,825 |
In '000 euro (for the period ended on June 30) | 2026 | 2025 |
Cash flows from operating activities | ||
Loss for the period | -904 | -1,187 |
Finance expense | 99 | 312 |
Finance income | 0 | -602 |
Depreciation of property, plant and equipment | 1 | 2 |
Amortization of right-of-use assets | 29 | 4 |
Gain on sale of property, plant and equipment | 0 | -90 |
Fair value adjustments of financial instruments | 43 | -317 |
Increase (-) / Decrease in trade and other receivables and inventories | -14 | 136 |
Increase / Decrease (-) in short-term liabilities | 173 | 614 |
Net cash flows generated / used (-) in operating activities | -573 | -1,128 |
Cash flows from investing activities | ||
Disposal of property, plant and equipment (following a sale) | 0 | 109 |
Net cash flows generated / used (-) in investing activities | 0 | 109 |
Cash flows from financing activities | ||
Principal paid on lease liabilities | -26 | -120 |
Proceeds from loans and borrowings | 300 | 400 |
Other financial income / expense (-) | -70 | 329 |
Interest paid on lease liabilities | -4 | -3 |
Paid interests and other bank charges | -25 | -36 |
Net cash flows used (-) / generated in financing activities | 175 | 570 |
Net change in cash and cash equivalents | -398 | -449 |
Net cash and cash equivalents at the beginning of the period | 430 | 455 |
Effect of exchange rate fluctuations | -1 | 0 |
Net cash and cash equivalents at the end of the period | 31 | 6 |
Share capital | Share premium | Other comprehensive income reserve | Other reserves | Retained earnings | Attributable to equity holders of the company | Non-controlling interest | Total | |
As at January 1, 2025 | 74,893 | 250 | 166 | 5,887 | -92,254 | -11,058 | 0 | -11,058 |
Total comprehensive income of the year | ||||||||
Loss for the period 2025 | 0 | 0 | 0 | 0 | -1,187 | -1,187 | 0 | -1,187 |
Change to foreign currency translation difference and revaluation reserve | 0 | 0 | -210 | 0 | 0 | -210 | 0 | -210 |
Total comprehensive income for the year | 0 | 0 | -210 | 0 | -1,187 | -1,397 | 0 | -1,397 |
Contributions by and distributions to owners | ||||||||
Issue of ordinary shares | 450 | 0 | 0 | 10 | 0 | 460 | 0 | 460 |
Total contributions by and distributions to owners | 450 | 0 | 0 | 10 | 0 | 460 | 0 | 460 |
Transactions with non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
As at June 30, 2025 | 75,343 | 250 | -44 | 5,897 | -93,441 | -11,995 | 0 | -11,995 |
Share capital | Share premium | Other comprehensive income reserve | Other reserves | Retained earnings | Attributable to equity holders of the company | Non-controlling interest | Total | |
As at January 1, 2026 | 76,493 | 250 | -121 | 6,470 | -95,982 | -12,890 | 201 | -12,689 |
Total comprehensive income of the year | ||||||||
Loss for the period 2026 | 0 | 0 | 0 | 0 | -890 | -890 | -14 | -904 |
Change to foreign currency translation difference and revaluation reserve | 0 | 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Total comprehensive income for the year | 0 | 0 | 50 | 0 | -890 | -840 | -14 | -854 |
Contributions by and distributions to owners | ||||||||
Issue of ordinary shares | 225 | 0 | 0 | 24 | 0 | 249 | 0 | 249 |
Total contributions by and distributions to owners | 225 | 0 | 0 | 24 | 0 | 249 | 0 | 249 |
Transactions with non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
As at June 30, 2026 | 76,718 | 250 | -71 | 6,494 | -96,872 | -13,481 | 187 | -13,294 |
Notes to the condensed consolidated interim financial statements for the first six months of 2026
-
Summary of significant accounting policies and main accounting estimates and assessments Basis of preparation
This condensed consolidated interim financial information has been prepared in accordance with IAS
34 (Interim Financial Reporting), as adopted by the European Union.
These condensed interim consolidated financial statements of Oxurion for the six months ended June 30, 2026, (the 'interim period') include Oxurion NV (referred to as the "Company") and its subsidiaries ThromboGenics, Inc. and Oncurious NV, which together constitute the Oxurion Group (referred to as the "Group").
The condensed consolidated interim financial information does not include all the necessary information for preparing financial statements for a full accounting year and therefore should be read in conjunction with the annual financial statements of the group for the year ended December 31, 2025.
The principal risks are reviewed on a yearly basis and whenever the Company issues a prospectus or a supplement to a prospectus. The principal risks during the interim period have not materially changed from those mentioned in the financial report as of December 31, 2025.
All statements and information relate to the interim period unless otherwise stated.
The consolidated financial statements are presented in euro and all values are rounded to the nearest thousand except where otherwise indicated.
Changes in accounting policiesThe same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended December 31, 2025, except for the potential impact of the adoption of the Standards and Interpretations described below.
New Standards, Interpretations and Amendments adopted by the Group.
During the current financial period, the Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and effective for the accounting year starting on January 1, 2026. The Group has not applied any new IFRS requirements that are not yet effective as of June 30, 2026.
The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as adopted by the European Union are effective for the financial period:
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
Annual Improvements - Volume 11
The adoption of these new standards and amendments has not led to major changes in the Group's accounting policies.
Standards and Interpretations issued but not yet effective in the current period.
The Group elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but are not yet effective as of June 30, 2026, and/or have not yet been adopted by the European Union as of June 30, 2026, and for which the impact might be relevant.
IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027)
IFRS 19 Subsidiaries without Public Accountability: Disclosures (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
None of the other new standards, interpretations, and amendments, which are effective for periods beginning after January 1, 2026, which have been issued by the IASB and the IFRIC but are not yet effective as of June 30, 2026, and/or not yet adopted by the European Union as of June 30, 2026, are expected to have a material effect on the Group's future financial statements.
Main accounting estimates and assessmentsPreparing condensed consolidated interim financial statements in accordance with IFRS obliges the management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the notes on the latent assets and liabilities on the date of the condensed consolidated interim financial statements, and the reported amounts of income and costs during the reporting period. If in the future such estimates and assumptions, which are based on management's best estimates and judgment at the time of drawing up the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified, and the effects of the revisions will be reflected in the period in which the circumstances change.
For information regarding Oxurion's main accounting estimates and assessments, please see note
5.5.4. from the Group's 2025 consolidated financial statements included in the Annual Report.
- Comments to the financial statement of profit and loss Revenues
The sales were 0.6 million euro during the first half year of 2026 and are related to clinical data
management and eCRF solutions (Axiodis CRO).
ResultsFor the first half of 2026, the Group reported 0.6 million euro gross profit, compared to no gross profit in the same period of 2025.
Oxurion's R&D expenses were 0.7 million euro during the first half year of 2026 and in the first half of 2025.
There were no selling and marketing expenses in the first half of 2026 and 2025.
General and administrative expenses were 0.9 million euro. This compares to 1.2 million euro in the first half of 2025.
The finance income in the first half of 2025, is mainly related to the fair value adjustments related to the convertible loans.
The finance expense in the first half of 2026, is mainly related to the fair value adjustments related to the convertible loans.
For the first half of 2026, Oxurion reported a net loss of 0.9 million euro (or -0.01 euro per share). For the same period in 2025, a net loss of 1.2 million euro was reported (or -0.24 euro per share).
- Comments to the statement of financial position Cash, cash equivalents and investments position
As of June 30, 2026, Oxurion's cash position amounted to 0.03 million euro, compared to 0.4 million
euro at the end of 2025.
- Material uncertainty relating to going concern
The Group's cash balance at June 30, 2026 of 0.03 million euro is not sufficient to fund the Group's operations during the next 12 months.
The Company estimates that its monthly cash need until October 2027 amounts to 0.32 million euro, resulting in a total shortfall (absent further sources of funds) until October 2027 estimated at approximately 3.9 million euro. The Company also notes that that amount does not take into account potential additional costs unknown at the date of this Report.
However, the Group has entered into the Atlas Subscription Agreement providing committed but conditional funding of 20 million euro. As of June 30, 2026, the Group had drawn 16.65 million euro, leaving 3.35 million euro available as of June 30, 2026. The difference between the shortfall of 3.9 million euro and the Atlas' funding of 3.35 million euro is being bridged by the remaining tax credit receivable.
The undertaking of Atlas to subscribe to a new tranche is, among other things, subject to the fulfilment of (or waiver of) the conditions that (a) the total trading value of the Company's Shares during the preceding 22 trading days is at least equal to 1.5 million euro ("Liquidity Condition") and (b) the average market capitalisation of the Company over a period of thirty days preceding the issue date has not fallen below two times the amount of the envisaged tranche call ("Market Capitalization Condition").
The realization of the Liquidity and Market Capitalization Conditions, and therefore the Group's ability to draw new tranches under the Atlas Funding Program, is a significant risk that is beyond the Group's control.
However, on March 10, 2026, the Group entered into a fourth amendment to the Atlas Subscription Agreement. Pursuant to that Fourth Amendment, Atlas II will continue to fund the Group until March 2, 2027, under the amended Atlas Funding Program through the subscription of monthly tranches of 12 Convertible Bonds each (or more in case of potential increments of 0.1 million euro subject to Atlas II's written consent). Lighter conditions are applicable to that funding as Atlas II has agreed to reduce
(a) the average market capitalization of the Group over a period of thirty days preceding the issue date from (minimum) 4 million euro to 0.5 million euro and (b) the total trading value of the Group's shares during the preceding 22 trading days from 1.5 million euro to 1.2 million euro.
Further, if (a) the Group's average market capitalization falls below 0.5 million euro or (b) total trading value of the Group's Shares during the preceding 22 trading days is below 1.2 million, the Group shall be entitled to issue a tranche of 0.15 million euro provided that (a) its average market capitalization is at least 0.25 million euro and the total trading value of the Group's Shares during the preceding 22 trading days is at least equal to 0.6 million euro; and as soon as Atlas II converts Convertible Bonds in an amount of 0.15 million euro, the Group shall be entitled to draw another 0.15 million euro Tranche provided the other conditions for issuing a tranche are met.
The Fourth Amendment eliminates part of the risk to the Group of not being able to issue new Tranches under the Atlas Funding Program (as amended) up to the aggregate amount of the monthly tranches described above that should be sufficient to cover the monthly cash flow until March 2, 2027.
This committed but conditional funding would be sufficient to fund operations during the next twelve months from the financial statement's issue date, assuming that no significant unknown costs would arise. Given the contingent nature of this funding and these uncertainties, the Group is actively exploring the possibility of obtaining additional funding through debt, equity, or non-dilutive funding, or alternatively reducing its costs and investments so that there should be sufficient cash to continue its operations during the next twelve months.
The Group is also actively considering further strategic acquisitions in the healthcare sector to ensure its going concern by, among others, increasing its value to attract further financing.
As the net-assets of the Company are below 61,500 euro (the statutory minimum amount of share capital of a Belgian public limited liability company), in accordance with article 7:229 of the BCCA, each interested party is entitled to request the competent commercial court to dissolve the Company. In such instance the court may order the dissolution of the Company or grant a grace period within which the Company is allowed to remedy the situation.
Based on the above, the Board of Directors considers it may be reasonable to expect that there will be sufficient cash to continue its operations during the next twelve months from the financial statement's issue date, and therefore decided to continue its valuation rules under the assumption of going concern.
However, there is a material uncertainty relating to going concern of the Group because it is uncertain that the above-mentioned committed but conditional funding will be available when needed given the conditions related to the funding, because it is not certain whether the Group will be able to achieve an acquisition or another corporate transaction and to timely obtain the necessary additional funding through debt, equity, or non-dilutive funding, partnering or to realize sufficient cost and investment reductions.
- Events occurring after the reporting period
To date, no events occurring after the half-year results as of June 30, 2026 are being evaluated as having an impact on the interim financial statements.
- Segment reporting
The segment information is represented in a consistent manner regarding the internal reporting to the chief operating decision maker of the entity, i.e., the institution which takes the most important decisions, enabling it to make the decision to allocate resources to the segment and evaluate financial performance of the segment. At this moment, reporting is being done at global level within Oxurion.
General informationOxurion NV, a limited liability company (in Dutch: Naamloze Vennootschap), was incorporated on May 30, 2006, as ThromboGenics NV which, effective as of September 10, 2018, became Oxurion NV following shareholders' approval at the extraordinary shareholders' meeting held on September 3, 2018.
The registered office is established at:
Gaston Geenslaan 1
3001 Leuven Belgium
Tel: +32 (0)16 751 310
Fax: +32 (0)16 751 311
The company is registered in the Crossroads Databank for Enterprises under enterprise number 0881.620.924.
Declaration of responsible personsCharles Paris de Bollardière, Non-Executive Director and Chairman of the Board and Pascal Ghoson (as representative of MARS SARL), Executive Director and Chief Executive Officer of Oxurion declare that, to the best of their knowledge and belief:
The condensed consolidated interim financial statements, made up according to the applicable standards for financial statements, give a true and fair view of the equity, financial position and the results of the Company and its consolidated companies.
This interim report represents a true and fair view of the development and the results of the Group for the first six months of the year, and of the principal risks and uncertainties for the second half of the year.