GENFIT Reports Third Quarter 2023 Financial Information

• Cash and cash equivalents totaled €93.9 million as of September 30, 2023
  
  

Lille (France); Cambridge (Massachusetts, United States); Zurich (Switzerland); November 9, 2023 - GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company dedicated to improving the lives of patients with rare and life-threatening liver diseases, today announced its cash position as of September 30, 2023 and revenue for the first nine months of 2023¹.

Cash Position

As of September 30, 2023, the Company’s cash and cash equivalents amounted to €93.9 million compared with €163.6 million a year earlier.

As of June 30, 2023, cash and cash equivalents totaled €111.8 million.

The decrease in cash and cash equivalents between June 30, 2023, and September 30, 2023, takes into account our continued research and development efforts, notably for ELATIVE, our Phase 3 clinical trial evaluating elafibranor in Primary Biliary Cholangitis (PBC); UNVEIL-IT, our Phase 2 clinical trial of VS-01 in Acute-on-Chronic Liver Failure (ACLF); GNS561, as part of our cholangiocarcinoma program; and NTZ, as part of our ACLF program.

We expect that our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements until approximately the fourth quarter of 2024. This is based on current assumptions and does not take into account milestones and royalties that the Company may receive pursuant to the Collaboration and Licensing agreement with Ipsen dated December 16, 2021, nor does it include exceptional events. This agreement applies to elafibranor, which is being evaluated in patients with Primary Biliary Cholangitis as part of the Phase 3 ELATIVE trial, for which positive results were announced on June 30, 2023.

Revenue

Revenue² for the first nine months of 2023 amounted to €14.3 million compared to €14.1 million for the same period in 2022.

Of the €14.3 million in revenues for the first nine months of 2023, €9.1 million are attributable to the partial recognition of deferred income of €40 million accounted for in accordance with IFRS 15, in application of the licensing agreement signed with Ipsen in December 2021; and €5.2 million was generated from the services rendered under the Transition Services Agreement and Part B Transition Services Agreement, signed in April 2022 and September 2023 respectively by GENFIT and Ipsen, in order to facilitate the transition of certain services related to the Phase 3 ELATIVE clinical trial until the complete transfer of the responsibility of the trial to Ipsen.