Aliko Scientific (PARIS: ALIKO) raised a net €688k through convertible notes in July 2026 to shore up liquidity and address material going-concern uncertainties flagged by statutory auditors. The Paris-listed oncology diagnostics firm also reported reducing total liabilities by approximately €700k since the start of the year.

The company’s FY25 annual results, published on July 30, 2026, included an unqualified opinion on statutory statements but a qualified opinion on consolidated inventory valuation of €730,016 due to auditor changes. Auditors highlighted a material uncertainty regarding the group’s ability to continue as a going concern.

Financing and Balance Sheet Position

As of December 31, 2025, Aliko Scientific held consolidated cash and cash equivalents of €1.03 million against total liabilities of €5.74 million, including working capital obligations. Management stated that active liability management and settlement agreements with principal creditors have helped stabilize the position.

In July 2026, the company issued three convertible notes with a nominal value of €722.5k to existing investors, raising a net amount of €688k. The non-interest-bearing, unsecured notes mature in four months from issuance (June 26, 2026) and can be converted at €1.5 per share or repaid in cash by mutual agreement.

What the Numbers Show

The issuance of convertible notes represents a strategic trade-off between immediate liquidity needs and potential equity dilution. While the €688k injection strengthens the cash buffer against the €5.74m liability base, full conversion would issue 481,667 new shares, diluting equity per share from €1.65 to €1.61 on a non-diluted basis. This suggests management is prioritizing short-term solvency over preserving current shareholder ownership stakes.

Operational Outlook and Governance

Francesco Trisolini, CEO, noted that the board approved an updated cash-flow plan with upside and downside scenarios, concluding the company has sufficient resources for the next twelve months. The firm continues its commercial rollout of integrated oncology diagnostics, citing recent milestones including the launch of Urine24 and distribution agreements with Menarini Diagnostics and partners in Romania and Saudi Arabia.

Aliko Scientific has obtained a court extension to hold its Annual General Meeting by October 30, 2026.

Aliko Scientific has strengthened its international commercial network by signing distribution agreements in Romania and Saudi Arabia, securing five-year minimum contractual purchase commitments totaling EUR 3.97 million. The deals, worth EUR 1.92 million in Romania and EUR 2.05 million in Saudi Arabia, cover the company’s liquid-based cytology, fluorescence in situ hybridization (FISH), microscopy, and imaging solutions. These partnerships aim to expand market access and regulatory deployment in two high-potential oncology diagnostics markets.

The agreement with Proton Impex 2000 S.R.L., a Romanian distributor based in Voluntari, includes a structured sales commitment of EUR 150,000 in Year 1, rising to EUR 650,000 in Year 5. Similarly, H-Care Medical Est., a Riyadh-based healthcare company, committed to minimum purchase targets starting at EUR 200,000 in Year 1 and reaching EUR 650,000 in Year 5. Due to local regulatory requirements in Saudi Arabia, Year 1 sales will commence only upon completion of the Saudi Food and Drug Authority (SFDA) registration for relevant product lines.

Francesco Trisolini, CEO of Aliko Scientific, stated that these agreements confirm the commercial potential of its integrated pathology and oncology diagnostics portfolio. He noted that both partners possess strong knowledge of their respective healthcare channels, positioning them to support the introduction and development of cytology, FISH, and imaging solutions.

Contractual Commitments

Proton Impex 2000 S.R.L., founded in 1996, supplies medical technologies to hospitals, clinics, laboratories, universities, and research institutions across Romania. Its activities span in vitro diagnostics, molecular diagnostics, anatomical pathology, diagnostic imaging, ultrasound, laboratory equipment, and turnkey healthcare projects.

H-Care Medical Est. specializes in medical laboratory equipment, research laboratory supplies, consumables, and integrated laboratory solutions. The company is certified ISO 13485:2016 for the import and distribution of medical devices and medical supplies, focusing on product availability, fast supply, technical support, and customer service.

Strategic Expansion

The partnerships support the commercialization of Aliko Scientific’s portfolio, particularly its CYTOfast liquid-based cytology platform, which strengthens local sample preparation and cytology workflows. Additionally, the Group’s FISH and imaging solutions expand capabilities in biomarker testing, cytogenetics, and precision oncology. These agreements align with the company’s strategy to expand its international distribution network through selected partners capable of supporting local commercialization, regulatory access, technical assistance, customer training, and the adoption of innovative diagnostic technologies.