GENFIT Announces Third Quarter 2023 Financial Outcomes and Update on R&D Progress

GENFIT, a late-stage biopharmaceutical company and a leader in the field of liver disease treatments, has shared its latest financial results and cash position for the third quarter ending September 30, 2023. With listings on the Nasdaq and Euronext under the ticker symbol GNFT, the company is making strides with its robust pipeline targeting rare and critical liver diseases.

Financial Status Overview

As the third quarter of 2023 closed, GENFIT reported a cash and cash equivalents reserve of €93.9 million. This marks a decrease from the previous quarter's €111.8 million and the €163.6 million reported one year prior. Despite the decline, GENFIT maintains a position enabling the continuation of its extensive research and development programs until approximately Q4 of 2024, underpinned by current resource utilization rates and excluding any unforeseen events or potential milestone and royalty receipts from licensing agreements.

Ongoing Research Commitments

GENFIT's commitment to its R&D endeavors is evident in the sustained funding of significant clinical trials. These trials include ELATIVE^®, the Phase 3 trial of elafibranor in Primary Biliary Cholangitis (PBC) that has already shown positive outcomes; UNVEIL-IT™, a Phase 2 study in Acute-on-Chronic Liver Failure (ACLF); GNS561 for cholangiocarcinoma; and NTZ in the ACLF program as well. The company's efficient resource allocation contributes to its financial sustainability and continued medical innovation.

Revenues and Licensing Agreements

GENFIT reported revenues of €14.3 million for the first nine months of 2023, a slight increase from the corresponding period in 2022. These earnings include the recognition of deferred income from their notable licensing agreement with Ipsen, signed in December 2021, and revenues from Transition Services Agreements related to the ELATIVE^® clinical trial.

About GENFIT

Based in Lille, France, with facilities also in Cambridge, Massachusetts, United States and Zurich, Switzerland, GENFIT specializes in developing treatments for severe liver conditions. With over two decades of experience in the field, the company boasts a diversified pipeline, including five assets targeting ACLF, in addition to projects in areas comprising cholangiocarcinoma (CCA) and Urea Cycle Disorders (UCD)/Organic Acidemias (OA). GENFIT's commitment extends beyond therapeutics to diagnostics, with a focus on Metabolic dysfunction-associated steatohepatitis (MASH). The company is publicly traded and enjoys substantial support, highlighted by Ipsen becoming one of its largest shareholders in 2021.

Looking Forward

While the company's forward-looking statements indicate confidence in future revenue and sustained operations, GENFIT remains cautious, acknowledging potential risks and challenges inherent in drug development, market dynamics, and regulatory landscapes. Nonetheless, the company's adherence to prudent financial stewardship and innovative R&D positioning bodes well for its aspirations to deliver life-improving therapies to patients worldwide.

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