{"success":true,"data":{"pressRelease":{"id":"152727","rtpr_id":"nGNE8Sr0Nd-20260925","ticker":"74C","exchange":"","all_tickers":["74C"],"title":"REG-CROSSJECT Reports Its First-Half 2026 Results and Presents a Significantly Strengthened Financial Structure","author":"Globe Newswire","published_at":"2026-09-25T05:30:00.128Z","article_body":"Cash and cash equivalents of €12.3 million as of June 30, 2026, a 2.4-fold\nincrease compared to December 31, 2025 (€5.1 million), following the €15\nmillion capital increase completed in May.\n\nShareholders’ equity returned to positive territory at €3.0 million\n(compared to −€4.9 million as of December 31, 2025), and adjusted net\nfinancial debt was more than halved to €7.8 million (from €17.4 million).\n\nBARDA revenue totaled €2.5 million (€6.6 million in H1 2025), as H1 2025\nsaw a concentration of validation activities and a clinical trial; H1 2026\nreturned to a pace representative of ongoing development activity. Operating\nexpenses remained stable at €10.3 million, excluding depreciation,\nprovisions, and disposal-related items (€10.3 million in H1 2025).\n\nNet income of −€8.6 million (−€4.9 million in H1 2025): H1 2025 saw\ntwo non-recurring milestones—the validation campaign and a clinical trial.\n\nPost-closing: BARDA contract extended through 2030 and increased to $48.0\nmillion (+$4.7 million in non-dilutive funding).\n\nDIJON, France – September 25, 2026 (7:30 a.m. CEST) – CROSSJECT (ISIN:\nFR0011716265; Euronext: ALCJ), a specialty pharmaceutical company developing\nproducts for emergency situations based on its proprietary ZENEO® needle-free\nautoinjector technology, currently in the advanced stages of development and\nregulatory approval for ZEPIZURE®, an injectable treatment for epileptic\nseizures, today published its results for the first half of the year ended\nJune 30, 2026.\n\nFinancial statements approved by the Executive Board on September 24, 2026,\nand reviewed by the Supervisory Board on September 24, 2026. These financial\nstatements have not been subject to a limited review by the statutory\nauditors.\n\n (in M€)                  H1 2026   H1 2025   \n Operating revenue        4.8       8.0       \n of which BARDA           2.5       6.6       \n Operating income         −8.9      −5.1      \n Net income               −8.6      −4.9      \n                          06/30/26  12/31/25  \n Cash                     12.3      5.1       \n Equity                   3.0       −4.9      \n Adj. net financial debt  7.8       17.4      \n\n“The first half of 2026 was devoted to strengthening our financial\nfoundations. The €15 million capital increase completed in May enabled us to\nreturn to positive equity and reduce our net debt by more than half. Our\nhalf-year results reflect a lower level of BARDA revenue compared to 2025,\nwhile our operating expenses remain under control. Alongside BARDA, our teams\nremain fully focused on the registration of ZEPIZURE® and on preparing our\nfirst shipments.”\n\nPatrick ALEXANDRE, Chairman of the Executive Board of CROSSJECT\n\n“Our priority is clear: to manage cash flow with the utmost rigor and to\nsecure the Company’s financing—giving priority to non-dilutive\nresources—until ZEPIZURE® generates its first commercial revenue.”\n\nLionel SELTZ, Chief Financial Officer\n\nHighlights of the First Half of 2026\n\nA Significant Strengthening of Equity\n\nOn May 22, 2026, CROSSJECT completed a capital increase reserved for a\nspecific category of investors, accompanied by an issuance of stock\nsubscription warrants (BSA), for a total gross amount of €15 million:\n6,441,300 new shares were issued at a price of €1.704, and 6,441,300 stock\nwarrants were subscribed at a price of €0.626. Maxim Group LLC acted as the\nexclusive placement agent. If all stock warrants are exercised (four warrants\nentitling the holder to subscribe for five shares at a price of €2.68), the\nCompany could receive an additional amount of up to €21.6 million.\n\nDuring the half-year, €2.07 million in convertible bonds (HCM) were\nconverted into shares, contributing to the reduction in bond debt. As of June\n30, 2026, the share capital consists of 60,023,823 shares.\n\nDebt Reduction Underway\n\nThe Company repaid €1.8 million in bank loans and €1.2 million in\nrepayable advances during the half-year.\n\nRegulatory and Industrial Progress on ZEPIZURE®\n\nDuring the first half of the year, CROSSJECT continued, in close collaboration\nwith BARDA, the regulatory work related to ZEPIZURE®. Discussions took place\nat a steady pace and at a high technical level, focusing in particular on the\ndossier documentation as well as the accompanying manufacturing and\nqualification elements. This work is actively ongoing. In accordance with the\ncommunication strategy agreed upon with its U.S. partner, the Company does not\ndisclose the timeline for the authorization process, which is managed by\nBARDA. Following an inspection, the ANSM issued a new certificate of\ncompliance with Good Manufacturing Practices for all pharmaceutical operations\ncarried out by CROSSJECT. The company also maintains its ISO 13485\ncertification for all of its sites in France.\n\nOn the industrial front, the Company continued to prepare its production\nfacilities and supply chain for the first deliveries: it continued the\ninvestments already underway at its sites, carried out equipment qualification\nwork, and strengthened its manufacturing partnerships. These investments are\nreflected on the balance sheet as €3.9 million in assets under construction\nas of June 30, 2026.\n\nOrganization and Visibility with the Financial Community\n\nCROSSJECT strengthened its management team with the appointment of Lionel\nSELTZ as Chief Financial Officer that joined in January 2026. Portzamparc (BNP\nParibas Group) initiated coverage of the stock in February 2026: CROSSJECT is\nnow covered by five research firms (Alpha Value, Invest Securities, Maxim\nGroup, ODDO BHF, and Portzamparc).\n\nAnalysis of First-Half 2026 Results\n\nOperating revenue totaled €4.8 million, compared with €8.0 million in the\nfirst half of 2025 (−40%). Revenue from the BARDA contract amounted to\n€2.5 million, compared with €6.6 million a year earlier. This difference\nis timing-related and primarily reflects the exceptional nature of the first\nhalf of 2025, which saw the completion of two major program milestones: the\nvalidation campaign and the conduct of a clinical study. These milestones had\ndriven activity—and thus the expenses reimbursed by BARDA—well above the\nusual pace. In line with the program schedule, the first half of 2026 returned\nto a level representative of ongoing development activity, similar to that of\nthe first half of 2024. BARDA-funded activity is expected to increase again as\nthe program moves through its next milestones, with the contract's performance\nperiod now extended to June 2030 under Modification 4. Capitalized production\n(development costs) totaled €1.2 million (€1.5 million). Other income\n(€1.3 million, compared with €0.1 million) includes €0.6 million in\nproceeds from the disposal of fixed assets related to the refinancing of\nindustrial projects and €0.7 million in reversals of provisions, including\n€0.4 million related to inventory.\n\nOperating expenses totaled €13.7 million, compared with €13.2 million\n(+4%). This increase stems primarily from the net book value of disposed fixed\nassets (€0.5 million), which was not present in the first half of 2025 and\nwas offset by the corresponding proceeds from the disposal. Depreciation,\namortization, and provisions remained stable at €2.9 million (€2.9\nmillion). Excluding depreciation, amortization, and provisions, as well as\ndisposal-related items, operating expenses totaled €10.3 million, unchanged\nfrom the first half of 2025 (€10.3 million): other purchases and external\nexpenses decreased by 4% to €5.1 million, and personnel expenses remained\nstable at €4.0 million.\n\nOperating income came in at −€8.9 million, compared to −€5.1 million\nin the first half of 2025. This change mainly reflects lower BARDA revenue\nfollowing an exceptional first half of 2025. The financial result improved to\n−€0.9 million (−€1.1 million). After accounting for the research tax\ncredit (€1.3 million, compared to €1.6 million), net income came in at\n−€8.6 million, compared to −€4.9 million in the first half of 2025.\n\nA Significantly Strengthened Financial Structure\n\nAs of June 30, 2026, total assets amounted to €35.6 million, compared to\n€30.4 million as of December 31, 2025. Shareholders’ equity returned to\npositive territory at €3.0 million, compared to −€4.9 million as of\nDecember 31, 2025, driven by the May 2026 capital increase and bond\nconversions, net of the half-year loss. Equity, including conditional\nadvances, stood at €6.5 million. For the record, equity amounted to\n−€1.1 million as of June 30, 2025.\n\nGross financial debt was reduced to €18.6 million, compared to €22.4\nmillion as of December 31, 2025 (−€3.8 million): bond debt stood at €7.5\nmillion (€9.6 million) and bank loans at €8.5 million (€10.2 million).\nConditional advances totaled €3.5 million (€4.7 million). Taking into\naccount cash and cash equivalents of €12.3 million, net financial debt\namounted to €6.3 million, compared to €17.4 million as of December 31,\n2025 (−64%).\n\nCash Position\n\nAvailable cash totaled €12.3 million as of June 30, 2026, compared to €5.1\nmillion as of December 31, 2025, and €6.3 million as of June 30, 2025.\n\nEvents After the Balance Sheet Date\n\n• BARDA Contract – Amendment 4. Extension of the performance period\nthrough June 21, 2030, and additional non-dilutive funding of $4.7 million,\nbringing the total funding for the development of ZEPIZURE® to $48.0 million.\nThe new scope includes a pediatric clinical trial and a supplementary\nvalidation campaign featuring extended stability studies, neither of which are\nprerequisites for filing the EUA application for the adult indication.\n\n• Liquidity Agreement. Effective July 1, 2026, the liquidity agreement is\nbeing administered by Rothschild & Co Global Markets Solutions (Europe) SA,\nfollowing an internal reorganization of the Rothschild & Co group, with no\nchange to its terms.\n\n• Governance. The Supervisory Board meeting of September 24, 2026, expanded\nthe Executive Board—see the dedicated press release dated September 25,\n2026.\n\nAvailability of the Half-Year Financial Report\n\nThe half-year financial report as of June 30, 2026, will be made available to\nthe public no later than October 30, 2026, on the Company’s website\n(www.crossject.com), under the “Finance” section.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements based on assumptions\nthat the Company believes to be reasonable. These statements are subject to\nrisks and uncertainties, including regulatory, industry, and financing risks,\nmany of which are beyond the Company’s control and could result in\nmaterially different outcomes. A description of these risks is included in the\n2025 Annual Report, available on the Company’s website. These statements are\nvalid only as of the date of this press release, and, unless required by law,\nthe Company undertakes no obligation to update them. This press release was\nprepared in French and English; in the event of any discrepancy, the French\nversion shall prevail.\n\nAppendix 1 – Half-Year Income Statement (in thousands of euros)\n\n                                                    H1 2026    H1 2025    Change    \n Operating Revenue                                  4,798      8,038      −3,240    \n BARDA Billing                                      2,532      6,557      −4,025    \n Capitalized production                             1,209      1,483      −274      \n Production in inventory                            −272       −96        −176      \n Other products                                     1,329      95         1,234     \n of which: reversals of provisions                  744        10                   \n including proceeds from the sale of fixed assets   567        28                   \n Operating expenses                                 −13,735    −13,178    −557      \n Purchases used                                     −797       −587       −210      \n Other purchases and external expenses              −5,138     −5,356     218       \n Personnel expenses                                 −4,018     −4,048     30        \n Taxes and duties                                   −144       −147       3         \n Depreciation, amortization, and provisions         −2,870     −2,866     −4        \n of which: inventory write-downs                    −374       −236                 \n Other expenses                                     −769       −173       −596      \n of which: net book value of disposed fixed assets  −539       –                    \n Operating income                                   −8,938     −5,139     −3,799    \n Financial income                                   −913       −1,143     230       \n Extraordinary income                               –          −141       141       \n Research tax credit                                1,275      1,555      −280      \n Net income                                         −8,576     −4,869     −3,707    \n\nAppendix 2 – Balance Sheet (in thousands of euros)\n\n                                              June 30, 2026  12/31/2025  Change    \n Fixed assets                                                                      \n Research and development expenses            7,256          8,086       −830      \n Licenses, patents, trademarks, and software  156            0           156       \n Property, plant, and equipment               2,173          2,429       −256      \n Assets under construction                    3,870          3,487       383       \n Financial assets                             1,158          998         160       \n Total fixed assets                           14,613         15,000      −387      \n Current assets                                                                    \n Inventories and work in progress             4,088          3,493       595       \n Trade receivables and related accounts       975            1,975       −1,000    \n Other receivables (2)                        2,893          3,918       −1,025    \n Cash and cash equivalents                    12,345         5,080       7,265     \n Prepaid and deferred expenses                675            966         −291      \n Total Current Assets                         20,976         15,433      5,543     \n Total assets                                 35,589         30,433      5,156     \n\n(2) Including advances and prepayments, tax receivables (research tax credit,\nVAT), and receivables from the sale of fixed assets. The balance sheet is\ncompared to December 31, 2025, the date of the most recent annual financial\nstatements.\n\nAppendix 3 – Balance Sheet Liabilities (in thousands of euros)\n\n                                                June 30, 2026  12/31/2025  Change    \n Shareholders’ Equity                                                                \n Capital                                        6,002          5,225       777       \n Share premium                                  15,926         7,768       8,158     \n Retained earnings                              −11,259        −8,391      −2,868    \n Net income for the period                      −8,576         −10,368     1,792     \n Capital grants                                 882            892         −10       \n Total equity                                   2,976          −4,874      7,850     \n Conditional advances                           3,505          4,688       −1,183    \n Provisions for risks and expenses              1,332          1,607       −275      \n Loans and debt                                                                      \n Bond issues (convertible and straight)         7,538          9,608       −2,070    \n Loans from credit institutions                 8,450          10,211      −1,761    \n Miscellaneous loans and financial liabilities  2,629          2,629       0         \n Accounts payable                               5,459          4,401       1,058     \n Tax and social security liabilities            1,636          1,602       33        \n Other liabilities                              1,533          1           1,532     \n Deferred revenue                               532            560         −28       \n Total Liabilities                              27,776         29,011      −1,235    \n Total equity and liabilities                   35,589         30,433      5,156     \n\nAppendix 4 – Net Financial Debt and Adjusted Net Financial Debt (in\nthousands of euros)\n\n                                                                   June 30, 2026  12/31/2025  Change     \n Bond issues                                                       7,538          9,608       −2,070     \n Bank loans                                                        8,450          10,211      −1,761     \n Other financial liabilities                                       2,629          2,629       0          \n Gross financial debt                                              18,617         22,448      −3,831     \n Cash and cash equivalents                                         −12,345        −5,080      −7,265     \n Net financial debt                                                6,272          17,367      −11,095    \n Amount to be repaid (2025 research tax credit pre-financing) (3)  1,532          –           1,532      \n Adjusted net financial debt                                       7,804          17,367      −9,563     \n Conditional advances                                              3,505          4,688       −1,183     \n Adjusted net debt including conditional advances                  11,309         22,055      −10,746    \n\nSemiannual financial statements that have not been subject to a limited review\nby the auditors. Amounts rounded to the nearest thousand euros: some totals\nmay not correspond exactly to the sum of their components.\n\n   \n\nAttachment\n*     ALCJ_CP_Resultats-S1-2026_FR_V7\n(https://ml-eu.globenewswire.com/Resource/Download/cdd37c91-f5d2-4cc1-8d86-0727ed1aa4b3)","article_body_html":"","raw_payload":{"data":{"id":"nGNE8Sr0Nd-20260925","title":"REG-CROSSJECT Reports Its First-Half 2026 Results and Presents a Significantly Strengthened Financial Structure","author":"Globe Newswire","ticker":"74C","created":"2026-09-25T05:30:00.128Z","tickers":["74C"],"exchange":"","article_body":"Cash and cash equivalents of €12.3 million as of June 30, 2026, a 2.4-fold\nincrease compared to December 31, 2025 (€5.1 million), following the €15\nmillion capital increase completed in May.\n\nShareholders’ equity returned to positive territory at €3.0 million\n(compared to −€4.9 million as of December 31, 2025), and adjusted net\nfinancial debt was more than halved to €7.8 million (from €17.4 million).\n\nBARDA revenue totaled €2.5 million (€6.6 million in H1 2025), as H1 2025\nsaw a concentration of validation activities and a clinical trial; H1 2026\nreturned to a pace representative of ongoing development activity. Operating\nexpenses remained stable at €10.3 million, excluding depreciation,\nprovisions, and disposal-related items (€10.3 million in H1 2025).\n\nNet income of −€8.6 million (−€4.9 million in H1 2025): H1 2025 saw\ntwo non-recurring milestones—the validation campaign and a clinical trial.\n\nPost-closing: BARDA contract extended through 2030 and increased to $48.0\nmillion (+$4.7 million in non-dilutive funding).\n\nDIJON, France – September 25, 2026 (7:30 a.m. CEST) – CROSSJECT (ISIN:\nFR0011716265; Euronext: ALCJ), a specialty pharmaceutical company developing\nproducts for emergency situations based on its proprietary ZENEO® needle-free\nautoinjector technology, currently in the advanced stages of development and\nregulatory approval for ZEPIZURE®, an injectable treatment for epileptic\nseizures, today published its results for the first half of the year ended\nJune 30, 2026.\n\nFinancial statements approved by the Executive Board on September 24, 2026,\nand reviewed by the Supervisory Board on September 24, 2026. These financial\nstatements have not been subject to a limited review by the statutory\nauditors.\n\n (in M€)                  H1 2026   H1 2025   \n Operating revenue        4.8       8.0       \n of which BARDA           2.5       6.6       \n Operating income         −8.9      −5.1      \n Net income               −8.6      −4.9      \n                          06/30/26  12/31/25  \n Cash                     12.3      5.1       \n Equity                   3.0       −4.9      \n Adj. net financial debt  7.8       17.4      \n\n“The first half of 2026 was devoted to strengthening our financial\nfoundations. The €15 million capital increase completed in May enabled us to\nreturn to positive equity and reduce our net debt by more than half. Our\nhalf-year results reflect a lower level of BARDA revenue compared to 2025,\nwhile our operating expenses remain under control. Alongside BARDA, our teams\nremain fully focused on the registration of ZEPIZURE® and on preparing our\nfirst shipments.”\n\nPatrick ALEXANDRE, Chairman of the Executive Board of CROSSJECT\n\n“Our priority is clear: to manage cash flow with the utmost rigor and to\nsecure the Company’s financing—giving priority to non-dilutive\nresources—until ZEPIZURE® generates its first commercial revenue.”\n\nLionel SELTZ, Chief Financial Officer\n\nHighlights of the First Half of 2026\n\nA Significant Strengthening of Equity\n\nOn May 22, 2026, CROSSJECT completed a capital increase reserved for a\nspecific category of investors, accompanied by an issuance of stock\nsubscription warrants (BSA), for a total gross amount of €15 million:\n6,441,300 new shares were issued at a price of €1.704, and 6,441,300 stock\nwarrants were subscribed at a price of €0.626. Maxim Group LLC acted as the\nexclusive placement agent. If all stock warrants are exercised (four warrants\nentitling the holder to subscribe for five shares at a price of €2.68), the\nCompany could receive an additional amount of up to €21.6 million.\n\nDuring the half-year, €2.07 million in convertible bonds (HCM) were\nconverted into shares, contributing to the reduction in bond debt. As of June\n30, 2026, the share capital consists of 60,023,823 shares.\n\nDebt Reduction Underway\n\nThe Company repaid €1.8 million in bank loans and €1.2 million in\nrepayable advances during the half-year.\n\nRegulatory and Industrial Progress on ZEPIZURE®\n\nDuring the first half of the year, CROSSJECT continued, in close collaboration\nwith BARDA, the regulatory work related to ZEPIZURE®. Discussions took place\nat a steady pace and at a high technical level, focusing in particular on the\ndossier documentation as well as the accompanying manufacturing and\nqualification elements. This work is actively ongoing. In accordance with the\ncommunication strategy agreed upon with its U.S. partner, the Company does not\ndisclose the timeline for the authorization process, which is managed by\nBARDA. Following an inspection, the ANSM issued a new certificate of\ncompliance with Good Manufacturing Practices for all pharmaceutical operations\ncarried out by CROSSJECT. The company also maintains its ISO 13485\ncertification for all of its sites in France.\n\nOn the industrial front, the Company continued to prepare its production\nfacilities and supply chain for the first deliveries: it continued the\ninvestments already underway at its sites, carried out equipment qualification\nwork, and strengthened its manufacturing partnerships. These investments are\nreflected on the balance sheet as €3.9 million in assets under construction\nas of June 30, 2026.\n\nOrganization and Visibility with the Financial Community\n\nCROSSJECT strengthened its management team with the appointment of Lionel\nSELTZ as Chief Financial Officer that joined in January 2026. Portzamparc (BNP\nParibas Group) initiated coverage of the stock in February 2026: CROSSJECT is\nnow covered by five research firms (Alpha Value, Invest Securities, Maxim\nGroup, ODDO BHF, and Portzamparc).\n\nAnalysis of First-Half 2026 Results\n\nOperating revenue totaled €4.8 million, compared with €8.0 million in the\nfirst half of 2025 (−40%). Revenue from the BARDA contract amounted to\n€2.5 million, compared with €6.6 million a year earlier. This difference\nis timing-related and primarily reflects the exceptional nature of the first\nhalf of 2025, which saw the completion of two major program milestones: the\nvalidation campaign and the conduct of a clinical study. These milestones had\ndriven activity—and thus the expenses reimbursed by BARDA—well above the\nusual pace. In line with the program schedule, the first half of 2026 returned\nto a level representative of ongoing development activity, similar to that of\nthe first half of 2024. BARDA-funded activity is expected to increase again as\nthe program moves through its next milestones, with the contract's performance\nperiod now extended to June 2030 under Modification 4. Capitalized production\n(development costs) totaled €1.2 million (€1.5 million). Other income\n(€1.3 million, compared with €0.1 million) includes €0.6 million in\nproceeds from the disposal of fixed assets related to the refinancing of\nindustrial projects and €0.7 million in reversals of provisions, including\n€0.4 million related to inventory.\n\nOperating expenses totaled €13.7 million, compared with €13.2 million\n(+4%). This increase stems primarily from the net book value of disposed fixed\nassets (€0.5 million), which was not present in the first half of 2025 and\nwas offset by the corresponding proceeds from the disposal. Depreciation,\namortization, and provisions remained stable at €2.9 million (€2.9\nmillion). Excluding depreciation, amortization, and provisions, as well as\ndisposal-related items, operating expenses totaled €10.3 million, unchanged\nfrom the first half of 2025 (€10.3 million): other purchases and external\nexpenses decreased by 4% to €5.1 million, and personnel expenses remained\nstable at €4.0 million.\n\nOperating income came in at −€8.9 million, compared to −€5.1 million\nin the first half of 2025. This change mainly reflects lower BARDA revenue\nfollowing an exceptional first half of 2025. The financial result improved to\n−€0.9 million (−€1.1 million). After accounting for the research tax\ncredit (€1.3 million, compared to €1.6 million), net income came in at\n−€8.6 million, compared to −€4.9 million in the first half of 2025.\n\nA Significantly Strengthened Financial Structure\n\nAs of June 30, 2026, total assets amounted to €35.6 million, compared to\n€30.4 million as of December 31, 2025. Shareholders’ equity returned to\npositive territory at €3.0 million, compared to −€4.9 million as of\nDecember 31, 2025, driven by the May 2026 capital increase and bond\nconversions, net of the half-year loss. Equity, including conditional\nadvances, stood at €6.5 million. For the record, equity amounted to\n−€1.1 million as of June 30, 2025.\n\nGross financial debt was reduced to €18.6 million, compared to €22.4\nmillion as of December 31, 2025 (−€3.8 million): bond debt stood at €7.5\nmillion (€9.6 million) and bank loans at €8.5 million (€10.2 million).\nConditional advances totaled €3.5 million (€4.7 million). Taking into\naccount cash and cash equivalents of €12.3 million, net financial debt\namounted to €6.3 million, compared to €17.4 million as of December 31,\n2025 (−64%).\n\nCash Position\n\nAvailable cash totaled €12.3 million as of June 30, 2026, compared to €5.1\nmillion as of December 31, 2025, and €6.3 million as of June 30, 2025.\n\nEvents After the Balance Sheet Date\n\n• BARDA Contract – Amendment 4. Extension of the performance period\nthrough June 21, 2030, and additional non-dilutive funding of $4.7 million,\nbringing the total funding for the development of ZEPIZURE® to $48.0 million.\nThe new scope includes a pediatric clinical trial and a supplementary\nvalidation campaign featuring extended stability studies, neither of which are\nprerequisites for filing the EUA application for the adult indication.\n\n• Liquidity Agreement. Effective July 1, 2026, the liquidity agreement is\nbeing administered by Rothschild & Co Global Markets Solutions (Europe) SA,\nfollowing an internal reorganization of the Rothschild & Co group, with no\nchange to its terms.\n\n• Governance. The Supervisory Board meeting of September 24, 2026, expanded\nthe Executive Board—see the dedicated press release dated September 25,\n2026.\n\nAvailability of the Half-Year Financial Report\n\nThe half-year financial report as of June 30, 2026, will be made available to\nthe public no later than October 30, 2026, on the Company’s website\n(www.crossject.com), under the “Finance” section.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements based on assumptions\nthat the Company believes to be reasonable. These statements are subject to\nrisks and uncertainties, including regulatory, industry, and financing risks,\nmany of which are beyond the Company’s control and could result in\nmaterially different outcomes. A description of these risks is included in the\n2025 Annual Report, available on the Company’s website. These statements are\nvalid only as of the date of this press release, and, unless required by law,\nthe Company undertakes no obligation to update them. This press release was\nprepared in French and English; in the event of any discrepancy, the French\nversion shall prevail.\n\nAppendix 1 – Half-Year Income Statement (in thousands of euros)\n\n                                                    H1 2026    H1 2025    Change    \n Operating Revenue                                  4,798      8,038      −3,240    \n BARDA Billing                                      2,532      6,557      −4,025    \n Capitalized production                             1,209      1,483      −274      \n Production in inventory                            −272       −96        −176      \n Other products                                     1,329      95         1,234     \n of which: reversals of provisions                  744        10                   \n including proceeds from the sale of fixed assets   567        28                   \n Operating expenses                                 −13,735    −13,178    −557      \n Purchases used                                     −797       −587       −210      \n Other purchases and external expenses              −5,138     −5,356     218       \n Personnel expenses                                 −4,018     −4,048     30        \n Taxes and duties                                   −144       −147       3         \n Depreciation, amortization, and provisions         −2,870     −2,866     −4        \n of which: inventory write-downs                    −374       −236                 \n Other expenses                                     −769       −173       −596      \n of which: net book value of disposed fixed assets  −539       –                    \n Operating income                                   −8,938     −5,139     −3,799    \n Financial income                                   −913       −1,143     230       \n Extraordinary income                               –          −141       141       \n Research tax credit                                1,275      1,555      −280      \n Net income                                         −8,576     −4,869     −3,707    \n\nAppendix 2 – Balance Sheet (in thousands of euros)\n\n                                              June 30, 2026  12/31/2025  Change    \n Fixed assets                                                                      \n Research and development expenses            7,256          8,086       −830      \n Licenses, patents, trademarks, and software  156            0           156       \n Property, plant, and equipment               2,173          2,429       −256      \n Assets under construction                    3,870          3,487       383       \n Financial assets                             1,158          998         160       \n Total fixed assets                           14,613         15,000      −387      \n Current assets                                                                    \n Inventories and work in progress             4,088          3,493       595       \n Trade receivables and related accounts       975            1,975       −1,000    \n Other receivables (2)                        2,893          3,918       −1,025    \n Cash and cash equivalents                    12,345         5,080       7,265     \n Prepaid and deferred expenses                675            966         −291      \n Total Current Assets                         20,976         15,433      5,543     \n Total assets                                 35,589         30,433      5,156     \n\n(2) Including advances and prepayments, tax receivables (research tax credit,\nVAT), and receivables from the sale of fixed assets. The balance sheet is\ncompared to December 31, 2025, the date of the most recent annual financial\nstatements.\n\nAppendix 3 – Balance Sheet Liabilities (in thousands of euros)\n\n                                                June 30, 2026  12/31/2025  Change    \n Shareholders’ Equity                                                                \n Capital                                        6,002          5,225       777       \n Share premium                                  15,926         7,768       8,158     \n Retained earnings                              −11,259        −8,391      −2,868    \n Net income for the period                      −8,576         −10,368     1,792     \n Capital grants                                 882            892         −10       \n Total equity                                   2,976          −4,874      7,850     \n Conditional advances                           3,505          4,688       −1,183    \n Provisions for risks and expenses              1,332          1,607       −275      \n Loans and debt                                                                      \n Bond issues (convertible and straight)         7,538          9,608       −2,070    \n Loans from credit institutions                 8,450          10,211      −1,761    \n Miscellaneous loans and financial liabilities  2,629          2,629       0         \n Accounts payable                               5,459          4,401       1,058     \n Tax and social security liabilities            1,636          1,602       33        \n Other liabilities                              1,533          1           1,532     \n Deferred revenue                               532            560         −28       \n Total Liabilities                              27,776         29,011      −1,235    \n Total equity and liabilities                   35,589         30,433      5,156     \n\nAppendix 4 – Net Financial Debt and Adjusted Net Financial Debt (in\nthousands of euros)\n\n                                                                   June 30, 2026  12/31/2025  Change     \n Bond issues                                                       7,538          9,608       −2,070     \n Bank loans                                                        8,450          10,211      −1,761     \n Other financial liabilities                                       2,629          2,629       0          \n Gross financial debt                                              18,617         22,448      −3,831     \n Cash and cash equivalents                                         −12,345        −5,080      −7,265     \n Net financial debt                                                6,272          17,367      −11,095    \n Amount to be repaid (2025 research tax credit pre-financing) (3)  1,532          –           1,532      \n Adjusted net financial debt                                       7,804          17,367      −9,563     \n Conditional advances                                              3,505          4,688       −1,183     \n Adjusted net debt including conditional advances                  11,309         22,055      −10,746    \n\nSemiannual financial statements that have not been subject to a limited review\nby the auditors. Amounts rounded to the nearest thousand euros: some totals\nmay not correspond exactly to the sum of their components.\n\n   \n\nAttachment\n*     ALCJ_CP_Resultats-S1-2026_FR_V7\n(https://ml-eu.globenewswire.com/Resource/Download/cdd37c91-f5d2-4cc1-8d86-0727ed1aa4b3)"},"type":"article","timestamp":"2026-09-25T05:30:00.213430766Z","server_sent_at_ms":1790314200213},"received_at":"2026-09-25T05:30:00.349Z","source_url":null},"analysis":{"id":"141530","press_release_id":"152727","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["Net loss nearly doubled year-over-year on lower BARDA revenue","Half-year financial statements not subject to limited review by statutory auditors","Equity of €3.0 million remains thin relative to an €8.6 million half-year cash burn","No disclosed timeline for the ZEPIZURE® EUA authorization process"],"eventType":"earnings","narrative":"Crossject reported H1 2026 operating revenue of €4.8 million, down 40% year-over-year, driven by lower BARDA billing (€2.5 million vs €6.6 million) that management attributes to the exceptional milestone-heavy H1 2025 rather than program deterioration.\n\nThe net loss widened to −€8.6 million from −€4.9 million, while operating expenses excluding depreciation and disposal items were held flat at €10.3 million.\n\nThe balance sheet strengthened materially: the €15 million May capital increase lifted cash to €12.3 million, returned equity to positive €3.0 million, and cut net financial debt 64% to €6.3 million.\n\nPost-period, the BARDA contract was extended through June 2030 with $4.7 million in additional non-dilutive funding, bringing total program funding to $48.0 million, as regulatory work on ZEPIZURE® for epileptic seizures continues ahead of first commercial shipments.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Widening losses offset by repaired balance sheet and extended $48M BARDA funding ahead of ZEPIZURE® commercialization."},"keyFigures":{"revenue":4798000,"guidance":"","revenueYoy":"-40%","customDimensions":{"cash":"€12.3 million as of June 30, 2026 (vs €5.1 million at Dec 31, 2025)","net_income":"−€8.6 million (vs −€4.9 million in H1 2025)","barda_revenue":"€2.5 million (vs €6.6 million in H1 2025)","capital_increase":"€15 million completed May 2026; up to €21.6 million additional if all warrants exercised","operating_income":"−€8.9 million (vs −€5.1 million)","net_financial_debt":"€6.3 million, down 64% from €17.4 million","barda_total_funding":"$48.0 million through June 2030","shareholders_equity":"€3.0 million (vs −€4.9 million at Dec 31, 2025)"}},"quotedText":"Our priority is clear: to manage cash flow with the utmost rigor and to secure the Company's financing—giving priority to non-dilutive resources—until ZEPIZURE® generates its first commercial revenue.","namedEntities":{"people":[{"name":"Patrick Alexandre","role":"Chairman of the Executive Board of Crossject"},{"name":"Lionel Seltz","role":"Chief Financial Officer"}],"products":["ZEPIZURE®","ZENEO®"],"companies":[{"name":"Crossject","ticker":"ALCJ","relationship":"filer"},{"name":"BARDA","relationship":"partner/funding agency"},{"name":"Maxim Group LLC","relationship":"placement agent"},{"name":"Rothschild & Co Global Markets Solutions (Europe) SA","relationship":"liquidity agreement administrator"},{"name":"Portzamparc (BNP Paribas Group)","relationship":"research analyst"},{"name":"ANSM","relationship":"regulator"}],"dollarAmounts":[{"amount":"$48.0 million","context":"total BARDA funding for ZEPIZURE® development through June 2030"},{"amount":"$4.7 million","context":"additional non-dilutive BARDA funding under Amendment 4"}]},"materialImpact":{"score":3,"reasoning":"Half-year results show a 40% revenue decline and a widened net loss (−€8.6M vs −€4.9M), but the balance sheet was materially strengthened: equity turned positive, net debt fell 64%, and the BARDA contract was extended through 2030 with $4.7M in additional non-dilutive funding."},"tickerRelevance":{"others":[{"ticker":"ALCJ","relevance":"Euronext ticker of the filer Crossject"}],"primary":"74C"},"globalImportance":22,"audienceRelevance":12,"eventTypeSecondary":["operations_update"],"importanceComponents":{"tickerTier":"micro-cap European biotech","eventGravity":"semiannual results with post-period BARDA extension","issuerAuthored":true,"retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":["operations_update"],"sentiment":"mixed","material_impact_score":3,"narrative":"Crossject reported H1 2026 operating revenue of €4.8 million, down 40% year-over-year, driven by lower BARDA billing (€2.5 million vs €6.6 million) that management attributes to the exceptional milestone-heavy H1 2025 rather than program deterioration.\n\nThe net loss widened to −€8.6 million from −€4.9 million, while operating expenses excluding depreciation and disposal items were held flat at €10.3 million.\n\nThe balance sheet strengthened materially: the €15 million May capital increase lifted cash to €12.3 million, returned equity to positive €3.0 million, and cut net financial debt 64% to €6.3 million.\n\nPost-period, the BARDA contract was extended through June 2030 with $4.7 million in additional non-dilutive funding, bringing total program funding to $48.0 million, as regulatory work on ZEPIZURE® for epileptic seizures continues ahead of first commercial shipments.","key_figures":{"revenue":4798000,"guidance":"","revenueYoy":"-40%","customDimensions":{"cash":"€12.3 million as of June 30, 2026 (vs €5.1 million at Dec 31, 2025)","net_income":"−€8.6 million (vs −€4.9 million in H1 2025)","barda_revenue":"€2.5 million (vs €6.6 million in H1 2025)","capital_increase":"€15 million completed May 2026; up to €21.6 million additional if all warrants exercised","operating_income":"−€8.9 million (vs −€5.1 million)","net_financial_debt":"€6.3 million, down 64% from €17.4 million","barda_total_funding":"$48.0 million through June 2030","shareholders_equity":"€3.0 million (vs −€4.9 million at Dec 31, 2025)"}},"named_entities":{"people":[{"name":"Patrick Alexandre","role":"Chairman of the Executive Board of Crossject"},{"name":"Lionel Seltz","role":"Chief Financial Officer"}],"products":["ZEPIZURE®","ZENEO®"],"companies":[{"name":"Crossject","ticker":"ALCJ","relationship":"filer"},{"name":"BARDA","relationship":"partner/funding agency"},{"name":"Maxim Group LLC","relationship":"placement agent"},{"name":"Rothschild & Co Global Markets Solutions (Europe) SA","relationship":"liquidity agreement administrator"},{"name":"Portzamparc (BNP Paribas Group)","relationship":"research analyst"},{"name":"ANSM","relationship":"regulator"}],"dollarAmounts":[{"amount":"$48.0 million","context":"total BARDA funding for ZEPIZURE® development through June 2030"},{"amount":"$4.7 million","context":"additional non-dilutive BARDA funding under Amendment 4"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-25T05:30:08.414Z","global_importance":22,"audience_relevance":12,"importance_components":{"tickerTier":"micro-cap European biotech","eventGravity":"semiannual results with post-period BARDA extension","issuerAuthored":true,"retailFavoriteBoost":0}},"durationMs":8045,"modelName":"glm-5.3-flashx"}}