Nicox H1 Loss Narrows to €0.5 Million on Kowa Milestone, Lower Costs

Nicox SA (ALCOX.PA) reported a narrower first-half net loss of €0.521 million, down from €8.95 million a year earlier, helped by a €3 million milestone payment from partner Kowa and reduced operating expenses. For the six months ended June 30, 2026, revenue rose to €3.544 million from €1.53 million, mainly licensing income. Operating expenses fell to €4.512 million from €6.823 million, reflecting completion of the Denali trial and headcount reductions. The company reported cash of €8.4 million on August 31 following the Kowa milestone and expects resources to fund operations beyond the first quarter of 2028. Unsecured debt totaled €2.9 million, mostly €2.8 million in convertible bonds Nicox expects to repay through share conversion. Nicox is supporting Kowa and Ocumension during regulatory reviews of lead candidate NCX 470 in the U.S. and China. The FDA's NDA target decision date is April 30, 2027, with Kowa anticipating a U.S. launch in the second half of 2027, subject to approval. Nicox shares closed Thursday at €0.31 on the Paris Exchange.