Nicox Provides Full Year 2025 Financial Results and Corporate Update

• Revenue of €16.8 million (€7.9 million in 2024)

• Net loss significantly reduced to €2.4 million (€22.4 million in 2024)

• NCX 470 U.S. New Drug Application (NDA) submission on track for summer 2026, with associated milestone payment

• Regulatory milestones anticipated to extend cash runway beyond 2027

April 30, 2026 – release at 7:30 am CET
Sophia Antipolis, France

Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today announced its financial results for the full year of 2025, as approved by the Board of Directors on 29 April 2026, and provided an update on key future milestones.

“2025 marked a pivotal turning point for Nicox,” said Gavin Spencer, Chief Executive Officer of Nicox. “We have significantly strengthened our financial position, reduced our net loss and eliminated secured debt, removing a number of long-term obligations on the Company. Our priorities are clear for 2026: supporting the submissions of the NCX 470 New Drug Applications in the U.S. and China along with our partners, which are expected to facilitate a new future long-term revenue stream for the company, and on exploring strategic opportunities to maximise our value.”

Key Future Milestones

• NCX 470 NDA submission in the United States: expected summer 2026.

• NCX 470 NDA submission in China: expected shortly after submission in the U.S.

• NCX 470 Phase 3 clinical program in Japan: initiated summer 2025.

Full Year 2025 Financial Results for Nicox SA

The Financial Statements for 2025 are provided in the appendix to this Press Release.

Revenue for the full year of 2025 was €16.8 million versus €7.9 million for the full year 2024, principally consisting of milestone payments from Kowa related to the NCX 470 license agreements outside China and Southeast Asia. The revenue for 2025 also includes €1.2 million of intercompany billings compared to €0.2 million for 2024.

Revenue in 2024 included €3.0 million of VYZULTA royalties, recognized up to 30 June 2024 prior to their sale to Soleus Capital; a €3.0 million upfront payment from Kowa for the Japanese rights to NCX 470 and a non-cash amount of €1.5 million previously recognized as deferred income.

Operating expenses for the full year 2025 were €14.3 million compared to €18.7 million for the full year 2024, reflecting the completion of the second pivotal Phase 3 trial (Denali) for NCX 470, with initial results released in August 2025.

No exceptional income was recognized in 2025 compared to €13.7 million recorded in 2024 following the sale of the future milestones and royalty of VYZULTA to Soleus Capital.

Nicox recorded a net loss of €2.4 million in 2025, compared to a net loss of €22.4 million in 2024, reflecting a significant improvement driven by higher revenues, primarily from milestone payments, and lower operating expenses following the completion of the Phase 3 Denali trial for NCX 470.

As of 31 December 2025, Nicox had cash and cash equivalents of €4.1 million compared to €10.5 million as of 31 December 2024. Including the regulatory milestone payments expected for NCX 470 and assuming a standard 12-month review period after the NDA filing, the Company estimates it is funded beyond 2027. The Company remains committed to cost control and optimizing resource allocation to support our strategic objectives. If any of the assumptions around estimated income or costs change, this may impact the cash runway.

The Company is pursuing business development discussions and continuing to evaluate a number of strategic growth opportunities, including collaborations or business combinations. 

Potential proceeds from existing warrants are not included in the above cash runway calculation. Details of the warrants from the June 2024 financing are given in our Q&A section of www.nicox.com. 

Post-reporting period events

The remaining €1.0 million from the financing announced in our Press Release of January 5, 2026, has just been released. As previously anticipated, the Company has decided, with the holders’ agreement, to convert the ordinary bonds established in January 2026 into convertible bonds (OCs) of the same nature and with the same characteristics as the OCs issued in January 2026, and to which they have been assimilated¹. The ordinary bonds were converted into OCs pursuant to the decision of the Board of Directors taken at its meeting of 29 April 2026.