GenSight Biologics Reports Interim Financial Results for the First Half of 2020 and Provides Operational Update - Seite 2

 

(0.43)

Net cash flows from operating activities

 

(19.5)

 

(6.7)

Net cash flows from investment activities

 

0.1

 

(0.1)

Net cash flows from financing activities

 

7.4

 

4.4

Net cash flows

 

(12.0)

 

(2.4)

Cash and cash equivalents at closing

 

14.3

 

16.8

“The recent PGE loan and the imminent second tranche of Kreos bonds provided us with over €10 million of aggregated cash with practically no dilution to existing shareholders,” commented Thomas Gidoin, Chief Financial Officer of GenSight Biologics. “Together with anticipated revenues from a strong demand of Temporary Authorization for Use of LUMEVOQ in France, we expect to be financed until at least mid-2021.”

The Company’s operating income increased to €3.3 million from €2.5 million over the period. This income was essentially in the form of research tax credit (Crédit Impôt Recherche), and included revenues from the sale of a Temporary Authorization for Use of LUMEVOQ in France early 2020 before lockdown measures related to COVID-19.

Research and development expenses decreased by 25.7% to €12.0 million in the first half of 2020 from €16.1 million over the same period in 2019. This decrease was primarily due to significant Chemistry, Manufacturing and Controls (CMC) activities for LUMEVOQ in 2019, now close to completion in preparation for filing a marketing approval application in Europe in September 2020. In addition, both RESCUE and REVERSE Phase III trials were completed in 2019, as well as the recruitment of the REFLECT Phase III trial.