2026 Outlook

2026 Financial Outlook​

•   Total revenues expected to range between €155 million and 170 million, including product sales between €145-160 million​
• Disciplined cash management to remain a priority (operating cash burn expected to decline further in 2026 while continuing to support strategic R&D investments)​

Key Upcoming Milestones​

• Lyme Vaccine Phase 3 VALOR readout expected in H1 2026​
• Subject to success, regulatory submissions to follow later in 2026 (Pfizer)​
• First Phase 2 Data for tetravalent Shigella vaccine candidate expected in mid 2026 (decision on next development steps expected in H2) ​
• Enhancement of R&D pipeline with differentiated vaccine candidates