GENFIT Announces Q1 2024 Financial Results

On May 14, 2024, GENFIT, a biopharmaceutical company focusing on rare and serious liver diseases, disclosed its financial status as of March 31, 2024, and the revenues for the first quarter of 2024. GENFIT, which is publicly traded on both Nasdaq and Euronext under the symbol GNFT, is known for its dedication to improving patient outcomes for individuals with liver conditions that have significant unmet medical needs.

As of March 31, 2024, GENFIT's cash and cash equivalents were reported at €74.0 million, a decrease from €128.6 million on the same date in 2023, and a slight reduction from €77.8 million at the end of December 2023. The relative stability in their cash position between December 31, 2023, and March 31, 2024, can be attributed to the receipt of a €13.3 million milestone payment from Ipsen in December 2023. This was balanced against ongoing research and development expenditures, particularly for their key programs such as the UNVEIL-IT® Phase 2 clinical trial of VS-01 for Acute-on-Chronic Liver Failure (ACLF), the cholangiocarcinoma program evaluating GNS561, their ACLF program evaluating NTZ, and a non-clinical trial of SRT-015 in ACLF.

GENFIT anticipates that its current cash reserves will be sufficient to cover its operating and capital expenditures until around the fourth quarter of 2025, assuming no extraordinary events. This projection includes expected milestone revenues totaling approximately €75.2 million in 2024. This is contingent on regulatory approval and the commercial launch of elafibranor in Primary Biliary Cholangitis (PBC) by Ipsen in the US and Europe.

The company reported revenues of €1.1 million for the first quarter of 2024, a notable decrease from the €5.0 million reported in the same period in 2023. The 2024 revenues were primarily derived from the Transition Services Agreement and the Part B Transition Services Agreement with Ipsen. These agreements were established to support the transition of certain services related to the Phase 3 ELATIVE® clinical trial until Ipsen fully takes over the responsibility.

In contrast, the €5.0 million revenue in the first quarter of 2023 included €4.1 million attributable to the partial recognition of deferred income under IFRS 15 from a 2021 Collaboration and Licensing Agreement with Ipsen. Additionally, €0.8 million was from re-billings according to the same agreement, and €0.1 million was generated from services provided under the 2022 Transition Services Agreement.

GENFIT, headquartered in Lille, France, with offices in Paris, Zurich, and Cambridge, Massachusetts, has established itself as a leader in liver disease research. Their portfolio includes a range of programs at different development stages, focusing extensively on ACLF. Their ACLF franchise comprises five assets with complementary mechanisms of action and various administration routes. The company's expertise spans the development of high-potential molecules from early stages to advanced trials, as demonstrated by the success of their Phase 3 ELATIVE® study on elafibranor in PBC.

Beyond therapeutic development, GENFIT also has a diagnostic division that includes NIS2+® for Metabolic dysfunction-associated steatohepatitis (MASH) and TS-01 for monitoring blood ammonia levels. Listed on Nasdaq and Euronext, GENFIT continues to focus on advancing treatments and diagnostics for severe liver diseases.