Universal Document Registration 2020
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Universal Document Registration 2020 This is a translation into English of the universal registration document of the Company issued in French and it is available on the website of the Issuer Adocia 2020 Universal Registration Document PAGE 2 This is a free translation into English of the (universal) registration document of Adocia issued in French and it is available on the website of the Issuer. This free translation is for an informational purpose only. A French société anonyme (corporation) with €702,062.9 in share capital Registered office: 115 avenue Lacassagne 69003 Lyon, France Lyon Trade and Companies Registry No. 487 647 737 The universal registration document was filed on April 20, 2021 with the AMF, as the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of that Regulation. The universal registration document may be used for the purposes of a public offering of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a transaction note and if necessary, a summary and all the amendments to the universal registration document. The assembly then formed is approved by the AMF in accordance with Regulation (EU) 2017/1129. Copies of this universal registration document are available free of charge from the Company at 115, Avenue Lacassagne, 69003 Lyon. In addition, an electronic version is available on the Company’s website (www.adocia.com) and on the AMF website (www.amf-france.org). Adocia 2020 Universal Registration Document PAGE 3 NOTICE In this universal registration document, the terms “Adocia” or the “Company” refer to Adocia, a French société anonyme (corporation) whose registered office is located at 115, Avenue Lacassagne, 69003 Lyon, France, and which is registered with the Lyon Trade and Companies Registry under number 487 647 737 and, when appropriate, its subsidiary, Adocia Inc., a company incorporated in the state of Delaware, whose head office is located at 270258 San Diego, CA 92198-2258, U.S.A. The consolidated financial statements prepared under IFRS for the fiscal year ended December 31, 2020 are presented on pages 120 to 154 of this universal registration document. The statutory auditors’ report on the consolidated financial statements prepared under IFRS for the fiscal year ended December 31, 2020 is presented on pages 155 to 161 of this universal registration document. The corporate financial statements prepared under French GAAP for the fiscal year ended December 31, 2020 are presented on pages 162 to 182 of this universal registration document. The statutory auditor’s report on the corporate financial statements prepared under French GAAP for the fiscal year ended December 31, 2020 is presented on pages 183 to 188. Pursuant to Article 19 of Commission Regulation (EC) No. 2017/1129 of June 14, 2017, - The consolidated financial statements ended December 31, 2019 and the related statutory auditors’ reports presented respectively in paragraph 4.1 and 4.2 of the 2019 universal registration document filed with the AMF on April 22, 2020 with reference D.20-0330 - The consolidated financial statements ended December 31, 2018 and the related statutory auditors’ reports presented respectively in paragraph 4.1 and 4.2 of the 2018 universal registration document filed with the AMF on April 12th, 2019 with reference D.19-0328 are incorporated by reference in this universal registration document. The non-included parts of this(ese) document(s) are either irrelevant for the investor or covered elsewhere in the universal registration document. A glossary containing the definitions of certain technical terms used in this registration document, as well as an index of abbreviations used, can be found in paragraph 6.6. Terms indicated by an asterisk (*) are defined in the glossary. Adocia 2020 Universal Registration Document PAGE 4 DISCLAIMER Market and competition information This universal registration document contains, in particular in section 1.3 “Description of Activities”, information about the Company’s markets and competitive position. This information is taken, in particular, from studies conducted by external sources. Publicly available information that the Company deems reliable has not been verified by independent experts, and the Company cannot guarantee that a third party using different methods to collect, analyze or calculate data on these markets would obtain the same results. Forward-looking information This universal registration document contains information on the Company’s outlook and development priorities. At times, this information is identified by the use of the future or conditional tense or forward-looking words such as “consider”, “plan”, “think”, “have as an objective”, “expect”, “intend”, “should”, “aspire to”, “estimate”, “believe”, “wish”, “could” or, where applicable, the negative form of these terms, or any variation thereof or similar terminology. This information is not historical data and should not be viewed as a guarantee that the facts and events described will occur. This information is based on data, assumptions and estimates that the Company deems reasonable. It may change or be modified due to uncertainties associated with, in particular, the economic, financial, competitive and regulatory environment. This information is provided in the various sections of this universal registration document and includes data related to the Company’s intentions, estimates and objectives with respect to, among other things, the market in which it operates and its strategy, growth, results, financial position, cash position and forecasts. The forward-looking information in this universal registration document is provided only as of the date of this registration document. The Company operates in a constantly changing competitive environment. Therefore, it cannot anticipate all risks, uncertainties and other factors that may affect its business, the potential impact thereof on its business, or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those mentioned in any forward-looking information. It should be noted that none of this forward-looking information is a guarantee of actual results. Risk factors Investors are advised to carefully review the risk factors described in paragraph 1.5 “Risk Factors” of this universal registration document before making any investment decision. The occurrence of any or all of these risks may have a material adverse impact on the Company’s business, financial position, results or outlook. Furthermore, other risks not yet identified or not deemed significant by the Company as of the date of this universal registration document may also have a material adverse impact. Adocia 2020 Universal Registration Document PAGE 5 Adocia 2020 Universal Registration Document PAGE 6 Table of contents 1 PRESENTATION OF ADOCIA AND ITS 5 INFORMATION ON THE COMPANY ACTIVITIES 10 AND THE CORPORATE CAPITAL 192 1.1 About Adocia and its evolution 10 5.1 Corporate capital 192 1.2 Description of activities 14 5.2 Authorized capital 194 1.3 Analysis and comments on activities during the 5.3 Articles of incorporation and statutes 194 year 54 5.4 Major shareholders 196 1.4 Risk factors 62 5.5 Regulated agreements 199 2 SOCIAL, ENVIRONMENTAL AND 6 COMPLEMETARY INFORMATIONS 206 SOCIETAL INFORMATION 78 6.1 Persons responsible 206 2.1 Methodology note 78 6.2 Statutory Auditors 207 2.2 Social data 78 6.3 Information from third parties, experts’ 2.3 Environmental data 84 statements and declaration of interests 207 2.4 Social data: information on social responsibility 6.4 Documents available to the public 208 in favor of sustainable development 87 6.5 Cross Reference tables 208 3 CORPORATE GOVERNANCE 92 Glossary 212 3.1 Governance Code 92 3.2 Compensation and benefits received by officers and directors 105 3.3 Risk management and internal control procedures implemented by the Company 113 4 ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 120 4.1 Consolidated Financial Statements 120 4.2 Statutory auditors’ report on the consolidated financial statements 155 4.3 Corporate annual financial statements 162 4.4 Statutory auditors’ report on the corporate financial statements 183 Adocia 2020 Universal Registration Document PAGE 7 1 Senior Biological Technician Biochemist Jean-Baptiste Gossart Microscopic observation of cells in culture. Chapter 1 1 PRESENTATION OF ADOCIA AND ITS ACTIVITIES 10 1.1 About Adocia and its evolution 10 Legal presentation of the company 10 General presentation of Adocia 10 Organizational chart 12 Investments and real estate 13 1.2 Description of activities 14 The BioChaperone® technology platform 15 Pipeline presentation 16 Adocia’s pipeline for the treatment of diabetes 17 Intellectual Property 44 Legal 48 1.3 Analysis and comments on activities during the year 54 Main activities during the year 54 Presentation of the financial statements 55 Financial position and appropriation of profit 55 Cash, financing and equity 59 Foreseeable developments, future prospects and significant events after the end of the fiscal year 61 1.4 Risk factors 62 Risks associated with the Company’s activity 63 Financial risks 66 Risks associated with dependence on third parties 69 Regulatory and legal risks 71 Insurance and risk coverage 75 Extraordinary events and disputes 75 Adocia 2020 Universal Registration Document PAGE 9 Presentation of Adocia and its activities 1 PRESENTATION OF ADOCIA AND ITS