Core Viewpoint - CROSSJECT has appointed Lionel Seltz as Chief Financial Officer, which is a strategic move as the company prepares for the registration and commercialization of its emergency treatment product, ZEPIZURE, and aims to expand its ZENEO platform [1][3]. Group 1: Appointment of CFO - Lionel Seltz has a strong background in finance, having served as CFO North Europe at Antech Diagnostics and held leadership roles in various healthcare and technology companies [2]. - His experience includes structuring organizations, executing strategic projects, securing financing, and enhancing business performance [2]. Group 2: Strategic Importance - Seltz joins CROSSJECT at a critical time, focusing on financial strategy, operational performance, and international development as the company moves towards key regulatory milestones and industrial scaling [3][4]. - The CEO of CROSSJECT, Patrick Alexandre, emphasized Seltz's unique combination of international finance leadership and operational discipline, which will be vital for the company's growth and transformation [4]. Group 3: Future Outlook - Seltz expressed enthusiasm about joining CROSSJECT, highlighting the company's innovative technology and strategic opportunities in emergency medicine, particularly in the U.S. market [4]. - His role will involve strengthening financial and operational capabilities to translate the company's platform and pipeline potential into long-term value for stakeholders [4].

Core Insights - CROSSJECT has made significant progress in the development and regulatory preparation of ZEPIZURE®, an injectable for managing epileptic seizures, with a focus on its proprietary ZENEO® needle-free auto-injector technology [1][5][6] Financial Performance - For the financial year ending December 31, 2025, CROSSJECT reported operating revenue of €14.9 million, a 12.2% increase from €13.3 million in 2024, primarily driven by BARDA invoicing which rose to €12.1 million from €8.2 million [3][14] - Operating expenses increased slightly to €26.5 million from €26.2 million in 2024, resulting in an operating loss of €11.6 million, an improvement from a loss of €13.0 million in 2024 [15][16] - The net loss for 2025 was €10.4 million, improved from €12.8 million in 2024, reflecting better revenue growth and disciplined expenditure management [16] Funding and Financial Structure - CROSSJECT received increased funding from BARDA, totaling $43.3 million, which supports regulatory and manufacturing activities [2][8] - The company reduced its bank debt by €2.7 million, with borrowings from credit institutions decreasing to €10.2 million from €12.9 million at the end of 2024 [4][18] - As of December 31, 2025, CROSSJECT had available cash of €5.1 million, supplemented by a €2.8 million research tax credit receivable, totaling €7.9 million [3][20] Regulatory and Operational Developments - In 2025, CROSSJECT achieved satisfactory stability results for ZEPIZURE® and produced additional validation batches, preparing for regulatory submissions [6][9] - The company is actively pursuing an Emergency Use Authorization (EUA) application in coordination with BARDA, aiming for commercial deliveries in 2026 and U.S. commercialization in 2027 [5][23] Strategic Direction - CROSSJECT is focusing on the development of its ZENEO® platform, including ZEPIZURE® Junior for pediatric use, and estimates the commercial potential of its emergency medicines portfolio could reach annual peak sales of around €1 billion [10][9] - The company has strengthened its governance and market visibility, with new coverage initiated by financial institutions and preparations for direct commercialization in the U.S. [12][13]

Core Viewpoint - CROSSJECT, a specialty pharmaceutical company, has announced the initiation of stock coverage by Portzamparc (BNP Paribas Group) with a "Strong Buy" recommendation and a target price of €4.50 [1]. Company Overview - CROSSJECT is developing emergency medicines utilizing its ZENEO® needle-free auto-injector technology, which allows for easy and instant delivery of drugs [2]. - The company is in advanced regulatory development for ZEPIZURE®, an injectable treatment for epileptic seizures, supported by a $60 million contract with BARDA [2][3]. - Other products in development include solutions for allergic shocks, adrenal insufficiencies, and various emergency indications [2].

Core Points - CROSSJECT has completed a €5 million financing round fully subscribed by Vatel Capital, aimed at supporting the development of its injectable product ZEPIZURE for treating epileptic seizures [3][5] - The financing was executed through a reserved issue of convertible bonds with interest rates between 7.5% and 9.5%, convertible at a fixed price of €2.65 per share, representing a conversion premium of 9.8% over a 10-day VWAP and 20.5% over a 20-day VWAP [4][15] - The company is in advanced regulatory development for ZEPIZURE, collaborating with BARDA for Emergency Use Authorization in the U.S. [6][29] Financing Details - The transaction consists of three tranches of convertible bonds totaling €5 million, with varying maturities and interest rates [4][12] - Approximately €4.9 million from this transaction will be used to meet working capital requirements until regulatory objectives for ZEPIZURE are achieved [9] - The company has also secured an additional €11.3 million in R&D funding from BARDA, enhancing financial security for future development stages [7] Regulatory and Development Progress - CROSSJECT is actively submitting data to BARDA and preparing for potential FDA inspections of its production facilities [6] - The company is also advancing its clinical development plan for ZEPIZURE, targeting a second New Drug Application for treating status epilepticus in both adults and children [8] - The net proceeds from the financing will be allocated equally between the development of ZEPIZURE and other R&D activities, including manufacturing investments [9] Share Capital and Dilution Impact - The issuance of convertible bonds could lead to the creation of up to 1,886,790 new ordinary shares, representing approximately 3.52% of the company's share capital on a non-diluted basis [4][15] - The conversion of these bonds may dilute existing shareholders, with potential changes in shareholding percentages outlined in the press release [18][21] - The company is exploring additional financing options to extend its cash runway until it receives initial payments from its U.S. sponsor [9][10] Company Overview - CROSSJECT is a specialty pharmaceuticals company focused on developing emergency medications using its ZENEO® needle-free auto-injector technology [29] - The company is currently in advanced stages of regulatory development for ZEPIZURE, supported by a $60 million contract with BARDA [29][30] - Other products in development include solutions for allergic shocks and adrenal insufficiencies, as well as therapies for various emergency indications [29]

Core Insights - CROSSJECT reported its financial results for the first half of 2025, highlighting progress in regulatory activities and financial performance [3][4][9]. Financial Performance - The company recorded revenues of €8,038,000 for H1 2025, an increase from €5,766,000 in H1 2024 [13]. - R&D reimbursements from BARDA rose significantly to €6,584,000 in H1 2025, compared to €3,064,000 in H1 2024, reflecting increased R&D activities [13][19]. - The operating loss improved to €5,139,000 in H1 2025 from €6,719,000 in H1 2024, indicating better cost management [14]. - The net loss for the period was €4,868,000, down from €6,402,000 in the same period last year [14]. Regulatory and Development Activities - CROSSJECT continued its regulatory efforts with BARDA to obtain Emergency Use Authorization (EUA) for ZEPIZURE® in the U.S. [4][9]. - The company produced validation batches in collaboration with its CDMO partner EUROFINS, which are part of the EUA dossier [5]. - In September 2025, CROSSJECT secured an €11.3 million extension of R&D funding from the U.S. government [5]. Production and Innovation - The company finalized the development of the ZENEO® Nest module to enhance aseptic filling operations, preparing for increased production volumes [7]. - CROSSJECT maintained a cash position of €6.3 million as of June 30, 2025, down from €7.0 million at the end of 2024, reflecting effective resource management [9]. Strategic Collaborations - The company strengthened its marketing strategy for ZEPIZURE® by collaborating with opinion leaders in epilepsy and emergency medicine [8]. - In preparation for potential FDA inspections, BARDA conducted mock audits during the summer [10].

Core Points - CROSSJECT is actively working on submitting the ZEPIZURE® dossier for Emergency Use Authorization (EUA) despite the summer break [3][4] - Maintenance operations are ongoing at CROSSJECT's three production sites to ensure optimal conditions for future commercial deliveries [4][9] - Development teams are engaged in preparations for the New Drug Application (NDA) for ZEPIZURE®, including monitoring production and planning additional clinical studies in the United States [5][6] Company Overview - CROSSJECT is a specialty pharmaceutical company focused on emergency products utilizing its ZENEO® needle-free auto-injector technology [3][7] - The company has a $60 million contract with BARDA for the development of ZEPIZURE®, an epileptic rescue therapy [7][8] - The ZENEO® platform allows for easy and instant delivery of emergency medications, targeting various conditions including allergic shocks and adrenal insufficiencies [7]

Core Viewpoint - CROSSJECT successfully completed a capital increase of €5.7 million, which will support the final registration phases of ZEPIZURE®, its emergency treatment for epileptic seizures [2][3][18] Financing Details - The capital increase was achieved through a preferential subscription rights offering, with a gross amount of €5,725,479.20 and a net amount of approximately €5,458,093.69 [2][3] - The subscription price was set at €1.40, reflecting a 22.6% discount to the closing price on June 3, 2025 [3] - Total demand for the offering reached €9.2 million, resulting in an oversubscription rate of 1.84 times the initial offering [9][18] Use of Proceeds - Approximately 60% of the net proceeds will be allocated to the final development phases of ZEPIZURE® and initial production stages [6] - The remaining 40% will finance R&D for other projects, including ZENEO® Adrenaline and ZENEO® Hydrocortisone, and cover general administrative expenses [6] Development Timeline - CROSSJECT is on track for the EUA submission to the FDA and anticipates a confirmation of receipt within one month after submission [5] - The company is also preparing for a second NDA filing for ZEPIZURE® in the second quarter of 2026 [6] Shareholder Impact - Following the capital increase, the company's share capital will amount to €5,032,022.40, comprising 50,320,224 shares [11] - Gemmes Venture, a significant shareholder, subscribed €62,460, reducing its stake from 24.7% to approximately 22.0% post-transaction [12] Legal and Regulatory Framework - The capital increase was authorized by the Supervisory Board and executed in accordance with the resolutions from the Combined General Meeting [8] - The new shares will be listed on Euronext Growth and will be fully assimilated to existing shares upon issuance [26][27]

Core Insights - CROSSJECT is advancing the development of ZEPIZURE® Junior, a solution for managing epilepsy crises in children, while also progressing with ZEPIZURE® for adults [2][6]. Company Development - CROSSJECT has completed a clinical echography study involving 90 adults and children aged 2-18 to assess anatomical characteristics relevant to the ZENEO® device's drug delivery system [4]. - The company has successfully calibrated the ZENEO® device for pediatric use, confirming its effectiveness in delivering the drug solution at the appropriate penetration depth [4][9]. - Previous studies indicated that children over 8 years old can effectively use the ZENEO® autoinjector [5]. Market Context - According to the CDC, approximately 456,000 children in the U.S. are diagnosed with active epilepsy, highlighting a significant market need for effective treatment solutions [3]. - CROSSJECT aims to establish ZEPIZURE® as the standard of care for pediatric epilepsy, indicating a strategic focus on this demographic [6]. Financial and Regulatory Aspects - CROSSJECT has a $60 million contract with BARDA to support the development of ZEPIZURE®, which underscores the financial backing for its pediatric initiatives [7][8].

Group 1 - CROSSJECT is launching a capital increase with preferential subscription rights for an initial total amount of approximately €4.98 million, which may increase to €5.73 million if the extension clause is exercised [3][4][9] - The company aims to use around 60% of the net proceeds for the final development phases of ZEPIZURE® and the initial production stages, while approximately 40% will be allocated to R&D for other projects and general expenses [5][6] - CROSSJECT is on track to submit an Emergency Use Authorization (EUA) application to the FDA and expects to finalize production of validation batches in June 2025 [4][7] Group 2 - The subscription price for the new shares is set at €1.40, representing a 22.6% discount to the closing price on June 3, 2025 [9][16] - Existing shareholders and Vatel Capital have committed to subscribe for approximately €3.7 million, representing 76.4% of the transaction [9][36] - The subscription period is from June 12, 2025, to June 20, 2025, with preferential subscription rights detached on June 10, 2025 [18][24][30] Group 3 - The capital increase will involve the issuance of approximately 3,556,199 new shares, which may increase to 4,089,628 shares if the extension clause is fully exercised [13][15] - The company estimates that the net working capital will be sufficient to meet obligations until the end of 2025, assuming first payments from its American partner [7] - CROSSJECT's share capital currently comprises 46,230,596 fully subscribed shares, with a par value of €0.1 each [12]

Group 1 - Maxim Group has initiated coverage of CROSSJECT with a BUY recommendation and a target price of €4.00 [2] - The CROSSJECT share price was €1.77 on the date of the research report issuance, May 29, 2025 [3] - CROSSJECT is in advanced regulatory development for ZEPIZURE®, an epileptic rescue therapy, supported by a $60 million contract with BARDA [5][6] Group 2 - CROSSJECT specializes in developing emergency medicines using its needle-free auto-injector ZENEO® platform [5] - The company aims to provide solutions for allergic shocks, adrenal insufficiencies, and other emergency indications [5] - Patrick Alexandre, CEO of CROSSJECT, expressed excitement about the endorsement from Maxim Group and the potential for further developments in the North American market [4]