NFL Biosciences Secures €2.6 Million Bond Financing to Extend Cash Runway into 2027

MONTPELLIER, France — NFL Biosciences has successfully secured €2.6 million through a new bond financing agreement, a move that immediately extends the company’s cash runway into the third quarter of 2027. The biopharmaceutical firm, which focuses on developing botanical drugs to treat addictions, announced the funding on April 15, 2026.

The financing was subscribed by a group of European institutional investors, including Vester Finance, a long-standing partner and shareholder of the company. This capital injection is designed to provide the financial visibility necessary for the company to hit critical development milestones for its pipeline.

Bruno Lafont, the co-founder and Chief Executive Officer of NFL Biosciences, expressed gratitude toward the investors for their continued confidence in the company’s mission. According to Lafont, this funding is specifically earmarked to support the TONIC Phase 2 study, which aims to confirm the safety, assess the efficacy, and determine the optimal dosage for NFL-102.

For those unfamiliar with the terminology, a “cash runway” refers to the amount of time a company can continue to operate before it runs out of money, assuming income and expenses remain constant. By extending this runway to late 2027, the company has created a necessary buffer to navigate the rigorous clinical trial process.

The Mechanics of the Bond Issuance

The issuance of these convertible bonds was authorized by the Board of Directors on April 15, 2026. The decision followed a delegation granted by the company’s shareholders during a general meeting held on May 21, 2025, specifically under the 11th resolution of that meeting.

The financial specifics of the transaction are as follows:

• Nominal Value: Each bond has a nominal value of €10.
• Subscription Price: Bonds were subscribed at 92% of their nominal value.
• Total Capital Raised: The total subscription price paid in full on the subscription date was €2,392,000.
• Terms: The bonds carry no interest and are not backed by any security.

Strategic Focus: NFL-102 and Tobacco Addiction

The primary objective of the newly raised funds is the advancement of NFL-102. This candidate drug is designed to target the deep neuronal mechanisms that drive tobacco and nicotine addiction, utilizing a novel mechanism of action to support patients break the cycle of dependency.

The TONIC Phase 2 study represents a pivotal step in the development of NFL-102, moving the drug closer to potential regulatory approval by providing concrete data on how the botanical treatment performs in human subjects.

Historical Funding Context

This recent bond issuance follows previous efforts to stabilize and grow the company’s research capabilities. In July 2025, NFL Biosciences secured an initial non-dilutive funding amount of €1.2 million. That earlier funding, combined with a recent capital increase, was utilized to advance the development of NFL-101, the company’s first-in-class treatment for tobacco addiction.

As a company listed on Euronext Growth Paris (ticker: ALFNL), NFL Biosciences continues to rely on a mix of institutional investment and strategic bond issuances to fund its high-risk, high-reward botanical research in Montpellier.

The company’s ability to secure these funds from European institutional investors, as reported via Business Wire, underscores the market’s interest in novel addiction treatments.

The next confirmed checkpoint for the company will be the progression and subsequent data release from the TONIC Phase 2 study.

Do you think botanical drugs are the future of addiction treatment? Let us realize your thoughts in the comments below.