NicOx
Nicox is a France-based ophthalmology company developing nitric oxide-donating therapeutics for glaucoma and ocular diseases. It licenses its pipeline—including lead asset NCX 470—to regional pharmaceutical partners across the US, China, Japan, and Europe, generating milestone and royalty revenue.
- Company typePublic
- Founded1996
- HeadquartersValbonne, France
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What NicOx does
Nicox is an international ophthalmology company headquartered in Biot (Sophia Antipolis), France, developing nitric oxide (NO)-donating therapeutics to treat ocular diseases. Founded in 1996 and listed on Euronext Growth Paris under ticker ALCOX, the company employs 11-50 people and operates a wholly-owned US R&D subsidiary, Nicox Ophthalmics, Inc., in Durham, NC, focused on chemistry, manufacturing and controls and clinical development. The proprietary NO-donation platform enables novel dual-mechanism ophthalmic drugs; the lead candidate NCX 470 (NO-donating bimatoprost) demonstrated up to 10mmHg intraocular pressure reduction in Phase 3 trials with non-inferiority to latanoprost at all time points and statistical superiority at 3 of 6 time points, and is positioned for NDA submissions in the US and China in summer 2026.
The portfolio spans commercial and development assets. VYZULTA (latanoprostene bunod) is commercialized globally by partner Bausch + Lomb; ZERVIATE (cetirizine ophthalmic solution) is commercialized in the US by Eyevance and in China by Ocumension (first sale December 2024); pipeline candidates include NCX 4251 for blepharitis/dry eye, NCX 1728 (optioned to Glaukos for a new class of NO-mediated IOP-lowering agents), and naproxcinod (licensed to Fera Pharmaceuticals with FDA orphan drug designation for sickle cell disease).
Nicox operates an asset-light, partner-driven business model with no proprietary commercial infrastructure. It licenses drug candidates to regional pharmaceutical companies (Kowa for US/Japan NCX 470 under a deal worth up to €191.5M, Ocumension for China, Bausch + Lomb for VYZULTA, Eyevance for US ZERVIATE, Laboratorios Grin for Mexico, Glaukos for NCX 1728, Fera for naproxcinod), generating revenue through upfront payments, regulatory and commercial milestone payments, and royalties on partner-led sales. FY2025 revenue more than doubled to €16.8 million from €7.9 million in 2024, driven primarily by Kowa milestones; net loss narrowed sharply to €2.4 million from €22.4 million; all secured debt to Kreos Capital was fully repaid by December 31, 2025; and cash runway extends beyond 2027.
NicOx firmographics
Firmographics- Name
- NicOx
- Legal name
- Nicox SA
- Website
- https://nicox.com
- Company type
- Public
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nicox is a France-based ophthalmology company developing nitric oxide-donating therapeutics for glaucoma and ocular diseases. It licenses its pipeline—including lead asset NCX 470—to regional pharmaceutical partners across the US, China, Japan, and Europe, generating milestone and royalty revenue.
- Ownership category
- akta.pro rank
NicOx industry classification
Industry- Product category
- Ophthalmic Pharmaceuticals
- NAICS
- Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Ophthalmology Pharmaceuticals (HLAIAAAL)
- akta.pro secondary industry
- Ophthalmology Specialty Pharmaceuticals (HLAIACAK)
Keywords
Where NicOx is headquartered
LocationHeadquarters
- HQ city
- Valbonne
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
NicOx business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Others
Revenue model
- Licensing and Milestone Payments: Nicox generates revenue primarily through licensing agreements with partners for its drug candidates. These agreements provide upfront payments, milestone payments tied to regulatory achievements (NDA submissions, approvals), and potential royalty streams from commercial sales. The company received significant milestone payments from Kowa in 2025 under licensing agreements for NCX 470.
- Royalty Revenue from Commercialized Products: Nicox receives royalties from commercialized products including VYZULTA (latanoprostene bunod, marketed by Bausch + Lomb) and ZERVIATE (cetirizine ophthalmic solution, marketed by Eyevance in US and Ocumension in China). First commercial sale of ZERVIATE in China occurred in December 2024.
Go-to-market motion1 record
Distribution channels6 records
Marketing channels3 records
NicOx product offering
Product offeringCore offering
Nicox develops and licenses innovative ophthalmic therapeutics based on proprietary nitric oxide (NO) donation technology. Its lead drug candidate NCX 470 is a NO-donating bimatoprost eye drop for reducing intraocular pressure in glaucoma and ocular hypertension, with NDA submissions planned in the US and China for summer 2026. The company also commercializes ZERVIATE (cetirizine ophthalmic solution) for allergic conjunctivitis and earns royalties from VYZULTA (latanoprostene bunod), marketed globally by partner Bausch + Lomb.
Product overview
Nicox is an international ophthalmology company developing innovative therapeutics to maintain vision and improve ocular health. The company's portfolio centers on nitric oxide (NO) donation technology for eye treatments. Lead product NCX 470 (nitric oxide-donating bimatoprost) is advancing toward NDA submissions in the US and China for glaucoma treatment. Commercial products include ZERVIATE (antihistamine eye drops for allergic conjunctivitis, marketed in US and China) and VYZULTA/latanoprostene bunod (licensed to Bausch + Lomb). Pipeline includes NCX 4251 for blepharitis/dry eye and NCX 1728 for intraocular pressure reduction. The company operates through licensing partnerships globally, with Kowa (US/Japan), Ocumension (China), Bausch + Lomb (VYZULTA), Eyevance (US ZERVIATE), and Glaukos (NCX 1728) as key partners.
Differentiator
Problem solved
Functional benefit
Brands
- NCX 470: Lead product candidate - nitric oxide-donating bimatoprost eye drop for glaucoma and ocular hypertension
- ZERVIATE
- VYZULTA
- NCX 4251
- NCX 1728
Products and services
- NCX 470 (bimatoprost grenod)
- ZERVIATE (cetirizine ophthalmic solution 0.05%)
- VYZULTA (latanoprostene bunod ophthalmic solution 0.024%)
- NCX 4251
- NCX 1728
- Naproxcinod
Quantifiable outcome
- Up to 10mmHg intraocular pressure reduction achieved with NCX 470 in Phase 3 trials
- +2 more outcomes
Companies that use NicOx
Customer profileSegments2 records
Ideal customer profiles2 records
NicOx technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
NicOx partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, strategic and minor.
- KowacoreKowa signed a key agreement worth up to €191.5 million for exclusive rights to NCX 470 in the United States and all unlicensed territories. Kowa expects to file NDA with FDA in summer 2026. The agreement includes milestone payments and royalty obligations.
- GlaukosstrategicExclusive research and global licensing option agreement for NCX 1728. Glaukos has option to license worldwide rights to NCX 1728, a new class of NO-mediated IOP-lowering compound.
- Ocumension TherapeuticscoreExclusive Chinese licensee for NCX 470 and ZERVIATE. Plans to file NDA for NCX 470 in China after US submission, received positive CDE pre-submission feedback. ZERVIATE approved in China with first commercial sale in December 2024.
- Bausch + LombcoreGlobal licensee for VYZULTA (latanoprostene bunod). Product commercialized in 7 territories and approved in 9 additional countries. Major partner for established commercial product generating royalty revenue.
- Eyevance PharmaceuticalsminorUS commercialization partner for ZERVIATE. Expanded promotion through Hikma partnership agreement. Product launched in US market.
- Laboratorios GrinminorPartnership for ZERVIATE commercialization in Mexico.
- Fera PharmaceuticalsminorLicensee for naproxcinod development. Obtained FDA orphan drug designation for naproxcinod in sickle cell disease treatment. Evaluating potential as COVID-19 adjuvant treatment.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
NicOx competitors and assessment
Company assessmentDirect peers
- Iveric Bio (Astellas): Specialty ophthalmology biopharma (acquired by Astellas in 2023) focused on retinal and ophthalmic diseases. Peer to Nicox as a small-cap, late-stage ophthalmology company pursuing premium valuations based on differentiated clinical assets.
- Ocular Therapeutix: Specialty ophthalmology biopharma developing therapeutics for glaucoma and other eye diseases using drug delivery and formulation technology. Direct peer to Nicox in targeting the same ophthalmology prescribing community with pipeline-stage glaucoma products.
- Glaukos Corporation: Ophthalmic medical technology and pharmaceutical company focused on novel therapies for glaucoma and other eye diseases. Partnered with Nicox on NCX 1728, and a direct peer in pursuing differentiated IOP-lowering mechanisms, including MIGS devices and pharmaceutical approaches.
- Aerie Pharmaceuticals: Pre-approval specialty ophthalmology company developing glaucoma therapies (Rocklatan, Rhopressa) using a differentiated mechanism. Aerie is a direct comparator to Nicox as a small-cap, partner-driven glaucoma innovator; it was acquired by Alcon in 2022, illustrating both the strategic value of glaucoma assets and the consolidation dynamic in this space.
Broad incumbents
- Alcon: Global leader in eye care, including a large glaucoma pharmaceutical portfolio. Comparable to Nicox as a broad ophthalmology incumbent in the same therapeutic category, against which NCX 470 will compete commercially.
- Santen Pharmaceutical: Established Japanese global ophthalmology company with a broad commercial portfolio including glaucoma treatments. Comparable to Nicox as a glaucoma-focused player, but at far greater scale, with existing products in major markets and overlapping R&D focus.
- Bausch + Lomb: Global ophthalmology incumbent commercializing VYZULTA (Nicox's product) and a broad portfolio of eye-care products including glaucoma therapies. Direct comparator as both a partner and competitor in the glaucoma therapeutics space.
Regional players
- Ocumension Therapeutics: China-focused ophthalmology specialty company and Nicox's exclusive licensee for NCX 470 and ZERVIATE in China. Peer in business model (China ophthalmology partner-driven model) and direct commercialization counterpart in the Chinese market.
- Kowa Pharmaceutical: Japanese specialty pharmaceutical company that holds exclusive US/unspecified territory rights to NCX 470. Comparable to Nicox as a regional ophthalmology player and a direct counterparty for NCX 470's US regulatory submission and commercialization.
Emerging players
- Ocuphire Pharma: Emerging clinical-stage ophthalmology company developing therapies for refractive and glaucoma indications. Comparable to Nicox as a smaller, pipeline-focused ophthalmology player pursuing similar patient populations in glaucoma.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
NicOx social profiles
Digital presenceNicOx financial estimates
Financial estimateRevenue estimate
Valuation estimate
NicOx leadership team
Management profileNumber of profiles
Profiles8 records
NicOx subsidiaries and ownership
Company hierarchySubsidiaries1 record
NicOx funding detail
Funding detailFunding overview
Funding rounds8 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NicOx M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NicOx
What does NicOx do?
Nicox develops and licenses innovative ophthalmic therapeutics based on proprietary nitric oxide (NO) donation technology. Its lead drug candidate NCX 470 is a NO-donating bimatoprost eye drop for reducing intraocular pressure in glaucoma and ocular hypertension, with NDA submissions planned in the US and China for summer 2026. The company also commercializes ZERVIATE (cetirizine ophthalmic solution) for allergic conjunctivitis and earns royalties from VYZULTA (latanoprostene bunod), marketed globally by partner Bausch + Lomb.
Is NicOx a public or private company?
NicOx is a public company. It is classified as public and is currently operating.
When was NicOx founded?
NicOx was founded in 1996. It employs 11 to 50 people.
Where is NicOx based?
NicOx is headquartered in Valbonne, France, in the Europe region.
How does NicOx make money?
Two revenue lines are on record. Licensing and Milestone Payments are the primary driver. The others are royalty Revenue from Commercialized Products.
Who are NicOx's main competitors?
Direct peers on record are Iveric Bio (Astellas), Ocular Therapeutix, Glaukos Corporation and Aerie Pharmaceuticals. Broad incumbents are Alcon, Santen Pharmaceutical and Bausch + Lomb. Regional players are Ocumension Therapeutics and Kowa Pharmaceutical. Ocuphire Pharma is listed as an emerging player.
Does NicOx have an API?
No public API is recorded for NicOx.
What industry is NicOx in?
NicOx's product category is Ophthalmic Pharmaceuticals. Its primary akta.pro industry code is HLAIAAAL, Ophthalmology Pharmaceuticals, with a secondary code of HLAIACAK, Ophthalmology Specialty Pharmaceuticals. Its NAICS code is 325412 and its SIC code is 2834.