GENFIT Announces Q3 2023 Financial Results with Cash Reserves and Revenue Insights

GENFIT SA GNFT, a biopharmaceutical contender specializing in the development of treatments and diagnostics for metabolic and liver diseases, released its financial figures for the third quarter of 2023. The company, with its roots in Loos, France, provides a glimpse into its financial health and research milestones.

Financials and Cash Flow

As of September 30, 2023, GENFIT reported cash and cash equivalents amounting to €93.9 million, a notable decrease from the €163.6 million recorded at the same time the previous year, and down from €111.8 million as of the end of the second quarter of 2023. This downtrend reflects the continuous investment in their research and development activities, particularly the progression of trials such as ELATIVE^® (Phase 3 for elafibranor in Primary Biliary Cholangitis), UNVEIL-IT™ (Phase 2 for VS-01 in Acute-on-Chronic Liver Failure), as well as trials for GNS561 in cholangiocarcinoma, and NTZ for ACLF. The company anticipates the existing funds to sustain its operations and capital needs until approximately Q4 of 2024, subject to various influencing factors such as incoming milestones, royalties, and unforeseen events.

Revenue and Collaborations

Revenue for the initial nine months of 2023 stands at €14.3 million, a slight uptick from the previous year's €14.1 million. This revenue primarily comprises of €9.1 million as partial recognition of deferred income from a €40 million agreement with Ipsen, signed back in December 2021. Furthermore, €5.2 million is accredited to services provided under the Transition Services Agreement and Part B Transition Services Agreement with Ipsen, to aid in the transition of services linked to the ELATIVE^® clinical trial until Ipsen fully assumes trial responsibility.

About GENFIT

GENFIT's focus extends beyond the common to the life-threatening, with Acute on Chronic Liver Failure (ACLF) being a significant point of emphasis. The company's pipeline showcases a range of development stages with key assets such as VS-01, NTZ, SRT-015, CLM-022, and VS-02-HE. These assets target different mechanisms of action with potential synergy. GENFIT prides itself on a rich heritage in liver disease research, evolving its diagnostics and therapeutics to tackle conditions such as cholangiocarcinoma and metabolic dysfunction-associated steatohepatitis (MASH). The company boasts facilities across Lille, Paris, Zurich, and Cambridge, MA, reflecting its international presence and collaborative efforts.

Forward-Looking Statements

The financial information conveys the management's belief in the potential of GENFIT based on the current state but also acknowledges that research and development, regulatory reviews, and commercial success are replete with unknown risks. The statements provided anticipate future events that could influence the company's trajectory, underscoring the inherent uncertainty within the biopharmaceutical sector. GENFIT GNFT is listed on the Nasdaq Global Select Market and Euronext's regulated market in Paris.

GENFIT, Q3, Earnings, Biopharmaceutical, Liver, Diseases, Research, Developments, Revenues, CashFlow, ClinicalTrials