FY25 results: no big change.
FY25 results: no big change.EARNINGS/SALES RELEASES
The FY25 results were unsurprising, as the focus for Crossject remains on the future launch of Zeneo. The additional contribution from BARDA slightly reduces losses. However, cash consumption suggests the possibility of further dilution before achieving key operational milestones, such as the initial deliveries to BARDA. We do not anticipate significant changes to our valuation.
FACT
The group published its FY25 results. Operating income increased to €14.878m from €13.256m. The operating result improved to €-11.606m from €-12.962m, and the net result was €-10.367m compared to €-12.795m. The company reported cash holdings of €5.1m at the end of 2025.
ANALYSIS
The financial figures of Crossject are currently of limited significance, as the company’s future hinges on the launch of Zeneo and the targeted New Therapeutic Entities (NTEs). The group’s revenue and reported losses are not particularly meaningful at this stage. However, it is noteworthy that R&D expenses invoiced to BARDA have increased to €12.1m, compared to €8.2m previously, and €6.2m projected for FY24.
Regarding the outlook, the group states it is “pursuing its roadmap,” with a focus on managing liquidity ahead of achieving regulatory and operational milestones. It anticipates initial deliveries to BARDA in FY26 and the commencement of ZEPIZURE® commercialisation in the US in FY27. This aligns with previous statements made in H225.
The cash position is a critical point: as of 31 March 2026, the company had €5m in financial resources. It expresses confidence in its ability to finance its business plan until the first commercial orders from BARDA begin, citing strong relationships with lenders, creditors, and investors. However, this implies potential reliance on these parties for funding if operational milestones are delayed, suggesting the possibility of future dilution.
IMPACT
We will incorporate the FY25 figures into our model. This integration will not significantly affect our estimates or target price, as these are primarily based on the group’s product launches rather than the released figures.
Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.
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