CROSSJECT publishes its 2025 financial results and confirms the strengthening of its operational, industrial and financial trajectory
DIJON, France – 25 March 2026 (07:20 AM CET) – CROSSJECT (ISIN: FR0011716265; Euronext: ALCJ), a specialty pharmaceutical company developing products for emergency situations based on its proprietary ZENEO® needle-free auto-injector technology, currently in the advanced stages of development and registration of ZEPIZURE®, an injectable for the management of epileptic seizures, today publishes its financial results for the financial year ended 31 December 2025.
Continued progress on the industrial and regulatory priorities for ZEPIZURE®.
Stronger support from BARDA, with total funding increased to $43.3 million.
Development of the ZENEO® platform, notably for intramuscular administration, ZEPIZURE® Junior.
Operating revenue up 12.25% to €14.9 million.
Operating result improved to -€11.6 million (vs -€13.0 million published in 2024 and -€14.2 million restated for exceptional items).
Net loss improved to €-10.4 million (vs €-12.8 million in 2024).
Available cash of €5.1 million as at 31 December 2025, supplemented by a €2.8 million research tax credit receivable, giving a total of €7.9 million (vs €8.4 million).
Bank debt reduced by €2.7 million, with an actively rebalanced financing structure.
Patrick ALEXANDRE, Chairman of the Management Board of CROSSJECT, said:
“By 2025, CROSSJECT had further consolidated its strategic direction. The improvement in our results, the discipline of our execution and the focus of our resources on our key priorities enable us to look ahead with greater clarity and confidence. In this context, the Company, in coordination with BARDA, is actively pursuing its regulatory preparation work, with the aim of enabling an EUA application to be submitted as soon as possible.”
2025: A year of operational and regulatory consolidation
In 2025, CROSSJECT methodically continued to execute its priorities relating to ZEPIZURE®. In particular, the Company announced in March satisfactory 6-month stability results at room temperature for a registration batch, as well as the production of additional validation batches by EUROFINS. CROSSJECT also reported several positive audits of its production sites, in preparation for the next regulatory steps.
This momentum is in direct line with the 2024 financial results announcement, which had already highlighted progress in the manufacture of regulatory batches, the initial stability results and the preparation of the regulatory dossier for ZEPIZURE®.
In September 2025, CROSSJECT announced an amendment to its BARDA contract including additional funding of $11.3 million, bringing the total contract value to $43.3 million. This additional support is intended to underpin the regulatory and manufacturing activities undertaken in preparation for the next stages of regulatory authorisation.
At the same time, CROSSJECT continued the development of its ZENEO® platform. In 2025, the Company published positive data on the device’s intramuscular performance, showing an injection depth consistent with traditional intramuscular injections. It also announced progress on ZEPIZURE® Junior, with a dosage adapted for the paediatric population.
On an indicative basis, CROSSJECT estimates that the aggregate commercial potential of its priority portfolio of emergency medicines such as midazolam, adrenaline and hydrocortisone could eventually represent annual peak sales of around €1 billion, depending on the target markets and the chosen commercialization approach, whether directly or with partners.
Strengthening of the structure and operational resources
2025 was also marked by a strengthening of CROSSJECT’s governance, financial structure and market visibility. The Company announced preparations for direct commercialization in the United States.
In terms of financing, CROSSJECT secured several transactions during the financial year, including a new tranche of convertible bonds in February, a €5.7 million capital increase in June, and €5 million in funding from Vatel Capital in November.
The Company also continued to enhance its visibility within the financial community, with Maxim Group initiating coverage of the share, followed by Portzamparc / BNP Paribas, as well as the implementation of a new liquidity agreement.
As such, 2025 appears to be a year of consolidation and active preparation, during which CROSSJECT has strengthened the operational, regulatory and financial conditions for its next stages of development.
Improved financial results in 2025
For the 2025 financial year, CROSSJECT recorded operating revenue of €14.9 million, compared with €13.3 million in 2024, representing an increase of 12.2%. This growth is mainly driven by other income, corresponding to BARDA invoicing, which stood at €12.1 million in 2025, compared with €8.2 million in 2024.
Operating expenses amounted to €26.5 million, compared with €26.2 million in 2024. Operating profit stood at -€11.6 million, compared with -€13.0 million in 2024 on a reported basis. Adjusted for exceptional items recorded in 2024, the 2024 operating profit stood at -€14.2 million, confirming the improvement in operational performance in 2025.
The financial result stands at -€1.6 million, compared with -€1.4 million in 2024.
In total, net profit for 2025 stood at -€10.4 million, an improvement on -€12.8 million in 2024. This improvement reflects the growth in operating revenue and the continued disciplined management of expenditure, in a time where the Company continues to invest in regulatory preparation, its industrial infrastructure and its priority medicines.
A rigorously managed financial structure
As at 31 December 2025, the balance sheet total stood at €30.4 million, compared with €31.6 million as at 31 December 2024.
The balance sheet also reflects continued investment in development assets and industrial capacity, notably including €8.1 million in net R&D capitalised and €3.5 million in assets under construction.
CROSSJECT’s liability structure reflects active management of its financial position. In particular, the Company repaid €2.7 million in bank debt during the financial year, with borrowings from credit institutions standing at €10.2 million, compared with €12.9 million at the end of 2024.
At the same time, the financing structure has been adapted to the Company’s development needs, with the subscription of the final HCM tranche in February 2025, the repayment of the 2025 maturities and the arrangement of new €5 million financing in November 2025, bringing the convertible bond debt as at 31 December 2025 to €9.6 million.
Cash Position
Cash and cash equivalents stood at €5.1 million at the end of 2025. This position is supplemented by a 2025 Research Tax Credit receivable of €2.8 million.
Securing financing is our priority.
Given its financial resources as at 31 March 2026 and its long-standing relationships with its lenders, creditors and investors, the company is confident in its ability to finance its business plan until the date on which the first commercial orders from BARDA commence.
As the outlook for ZEPIZURE® improves and CROSSJECT dedicates resources to the research and development of its other product candidates, ZENEO® Hydrocortisone and ZENEO® Adrenaline, the company will continue to actively explore the best ways to finance its activities, through equity financing, debt, public funding and other types of financing throughout 2026.
Outlook
CROSSJECT is methodically pursuing its roadmap, within a rigorous management framework and with a sustained focus on liquidity management, optimising its financing structure and executing its priorities. Subject to the successful completion of the next regulatory and operational milestones, the Company aims to make its first commercial deliveries to BARDA in 2026 and to start ZEPIZURE® commercialization in the United States in 2027.
APPENDICES – Accounts currently being audited
| INCOME STATEMENT in €’000 | 31/12/2025 | 31/12/2024 | Change |
| Other BARDA income | 12,101 | 8,168 | 3,933 |
| Grants | 136 | 1,332 | -1,196 |
| Stocked production | -143 | 30 | -173 |
| Capitalised production | 2,430 | 2,783 | -353 |
| Reversal of depreciation and transfer of expenses | 354 | 944 | -590 |
| Operating income | 14,878 | 13,257 | 1,621 |
| Purchases of raw materials and other supplies | 1,453 | 2,004 | -551 |
| Change in stock (raw materials and other supplies) | -109 | -381 | 271 |
| Other purchases and external expenses | 10,655 | 10,439 | 216 |
| Taxes and duties | 258 | 280 | -22 |
| Staff costs | 7,777 | 7,797 | -20 |
| Depreciation and amortisation | 4,890 | 4,847 | 43 |
| Other provisions | 1,225 | 825 | 400 |
| Other expenses | 335 | 408 | -73 |
| Operating expenses | 26,484 | 26,219 | 265 |
| Operating profit | -11,606 | -12,962 | 1,356 |
| Financial result | -1,578 | -1,429 | - 149 |
| Extraordinary result | -1,230 | 1,230 | |
| Corporation tax | 2,817 | 2,826 | -9 |
| NET PROFIT | - 10,367 | -12,795 | 2,428 |
| BALANCE SHEET ASSETS IN €’000 | 31/12/2025 | 31/12/2024 | CHANGE |
| FIXED ASSETS | |||
| R&D | 8,086 | 9,591 | -1,505 |
| Patents and trademarks | 0 | 0 | 0 |
| Other intangible assets | 5 | -5 | |
| Tangible assets | 2,430 | 2,126 | 304 |
| Property under construction | 3,486 | 2,924 | 562 |
| Financial properties | 998 | 1,041 | -43 |
| TOTAL FIXED ASSETS | 15,000 | 15,687 | -- 687 |
| CURRENT ASSETS | |||
| Raw materials, other supplies | 2,142 | 1,970 | 172 |
| Work in progress | 1,350 | 1,448 | -98 |
| Other receivables | 5,895 | 4,295 | 1,600 |
| Cash and cash equivalents | 5,080 | 7,036 | -1,956 |
| Prepaid and deferred expenses | 965 | 1,131 | -166 |
| TOTAL CURRENT ASSETS | 15,432 | 15,880 | -448 |
| TOTAL ASSETS | 30,432 | 31,567 | - 1,135 |
| BALANCE SHEET LIABILITIES IN €1,000 | 31/12/2025 | 31/12/2024 | CHANGE |
| Share capital | 5,225 | 4,554 | 671 |
| Share premium | 7,768 | 7,192 | 576 |
| Retained earnings | - 8,391 | -2,596 | - 5,795 |
| Profit for the year | - 10,367 | -12,795 | 2,428 |
| Capital grants | 892 | 972 | -80 |
| TOTAL EQUITY | - 4,873 | -2,673 | - 2,200 |
| Conditional advances | 4,687 | 5,391 | -704 |
| Provisions for risks and charges | 1,608 | 910 | 698 |
| LOANS AND DEBTS | |||
| Bond loans | 9,608 | 5,478 | 4,130 |
| Loans | 10,210 | 12,874 | -2,664 |
| Miscellaneous | 2,626 | 2,717 | -90 |
| Trade payables | 4,400 | 4,554 | -150 |
| Tax and social security liabilities | 1,602 | 1,700 | -98 |
| Deferred income | 559 | 616 | -57 |
| TOTAL LIABILITIES | 29,011 | 27,939 | 1,071 |
| TOTAL LIABILITIES | 30,432 | 31,567 | -1,135 |
| HEADINGS | ||
| 31/12/2025 | 31/12/2024 | |
| Net profit | - 10,368.00 | - 12,796.00 |
| Depreciation, amortisation and provisions | 5,701.00 | 5,220.00 |
| Net book value of assets | - | 795.48 |
| Other calculated income and expenses | 100.19 | - 28.39 |
| Share of grant transferred to profit or loss | - 80.33 | - 252.83 |
| Cash flow | - 4,647.14 | - 7,061.74 |
| Change in working capital requirements | - 1,700.91 | - 896.50 |
| (1) Net cash flow from operating activities | - 6,348.05 | - 7,958.23 |
| Acquisition of fixed assets | - 4,500.15 | - 3,526.51 |
| Change in financial assets | 37.30 | 100.23 |
| (2) Net cash flow from investing activities | - 4,462.84 | - 3,426.28 |
| Capital Increase | 369.00 | 877.60 |
| Share premium | 4,445.62 | 14,207.00 |
| Bond issue | 7,496.00 | 6,720.00 |
| OC repayment | - 1,260.00 | |
| Loan subscription | 750.00 | |
| Loan repayment | - 3,502.39 | - 3,284.40 |
| Security deposit repayment | 60.42 | |
| Investment grant | 559.97 | |
| Debts on fixed assets | - 82.33 | |
| Repayment of repayable advances | - 703.75 | - 2,365.00 |
| Receipt of repayable advances | 696.52 | |
| (3) Net cash flow from financing activities | 8,854.48 | 16,129.78 |
| Changes in cash (1)+(2)+(3) | - 1,956.41 | 4,745.27 |
| Opening cash balance | 7,036.54 | 2,291.27 |
| Closing cash balance | 5,080.13 | 7,036.54 |
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