ABIONYX Pharma Announces Its 2022 Full-year Financial Results - Seite 2

4.0

Change in cash and cash equivalents

(3.9)

(1.4)

Cash and cash equivalents at end of year

4.0

7.9

Details of the main changes in the consolidated financial statements

Since the merger on December 1, 2021, with IRIS Pharma, the Group has generated revenues from Services mainly related to two types of services:

- Pre-clinical activities, representing revenues of €3,977K in 2022 compared to €143K for December 2021,

- Clinical activities representing revenues of €1,275K in 2022 compared to €505K for the month of December 2021.

Costs of goods and services sold amounted to €4,616K in 2022 corresponding to costs associated with pre-clinical and clinical studies performed by IRIS Pharma.

Research and development expenses amounted to €1,107K for the period, compared to €3,838K for the year 2021. The year 2022 saw the continuation of the activities initiated in 2021 marked by clinical studies in renal indications and ophthalmology, and an increase in personnel costs, notably due to the recruitment of employees for the activities related to ophthalmology.

Administrative and selling expenses amounted to €3,661 thousand in 2022 compared to €2,336 thousand the previous year. This increase is explained by the full year effect of the integration of Iris Pharma in the scope of consolidation in 2022, compared to only one month for the year 2021.

After taking into account all these elements, the operating result went from a loss of €5,952K on December 31, 2021 to a loss of €4,109K on December 31, 2022.

The financial result shows a deficit of 97 K€ at December 31, 2022, compared to a surplus of 130 K€ at December 31, 2021. The 2022 result is essentially composed of gains and losses realized under the liquidity contract.

The net result is a deficit of 4,206 K€ at December 31, 2022, compared to a deficit of 5,822 K€ at December 31, 2021.

Cash and cash equivalents amounted to 4,046 K€ at December 31, 2022, compared to 7,935 K€ at December 31, 2021.

2022 highlights

For a limited cash burn, the year 2022 was marked by tangible results both for clinical trials, which all concluded with positive results, and for regulatory advances.

End of the randomized Phase 2a study named RACERS which led to positive clinical results

The randomized Phase 2a study named RACERS, a RAndomized study comparing short-term infusions of CER-001 at different doses to prevent induced acute kidney injury in high-risk sepsis patients, was finalized in 2022. This clinical trial conducted in partnership with the University of Bari and fully funded by the Consorzio per Valutazioni Biologiche e Farmacologiche (CBVF) consortium concluded with positive results for this Phase 2a clinical trial in the treatment of patients with sepsis. These results validated a rapid and sustained reduction in endotoxin levels, and a consequent reduction in the inflammatory cascade compared to the standard of care treatment alone. Endothelial biomarkers demonstrated a significant protective effect of CER-001, as well as several trends of reduced ICU days, reduced need for organ replacement, and improved 30-day survival. No treatment-related side effects were noted during the study.