GENFIT Releases Q3 2024 Financial Data

GENFIT, a late-stage biopharmaceutical company focused on addressing rare and severe liver diseases, has released its financial figures for the third quarter of 2024, detailing its cash position and revenue over the first nine months of the year.

As of September 30, 2024, GENFIT's cash and cash equivalents reached €96.0 million, an increase from €61.6 million at the end of June 2024 and €77.8 million at the close of 2023. The company projects that its current cash reserves will support its operating and capital expenditure needs until at least early Q4 2025, assuming no extraordinary events occur.

Throughout the first nine months of 2024, the primary driver behind GENFIT's cash utilization was its ongoing research and development activities, particularly within its ACLF (Acute-on-Chronic Liver Failure) franchise, which includes projects like VS-01, NTZ, SRT-015, CLM-022, and VS-02 HE. Additionally, the development of GNS561 for the treatment of cholangiocarcinoma (CCA) also contributed. This expenditure was partially counterbalanced by a notable milestone payment of €48.7 million received in August 2024, which had been invoiced in June 2024 following the first U.S. sale of Ipsen’s Iqirvo® (elafibranor) for the treatment of Primary Biliary Cholangitis (PBC).

GENFIT's revenue for the first nine months of 2024 totaled €59.7 million, a significant increase compared to the €14.3 million recorded during the same period in 2023. This surge in revenue is largely attributed to the milestone payment from Ipsen, resulting from the initial commercial sale of Iqirvo in the U.S.

Of the €59.7 million in revenue, €48.7 million was derived from the milestone payment invoiced to Ipsen in June 2024. Additionally, €0.9 million came from royalty revenues linked to U.S. sales of Iqirvo/elafibranor, which began in mid-June. The remaining revenue included €9.3 million from the partial recognition of deferred income of €40 million under IFRS 15, relating to the licensing agreement with Ipsen, and €0.8 million from services rendered under the Transition Services Agreements signed in April 2022 and September 2023 to aid the transfer of certain services related to the Phase 3 Elative® clinical trial to Ipsen.

GENFIT continues to lead the biopharmaceutical field with a strong emphasis on developing treatments for severe liver diseases. The company boasts a diverse and expanding portfolio of R&D programs at various development stages. Its primary focus lies in combating Acute-on-Chronic Liver Failure (ACLF) through five key assets: VS-01, NTZ, SRT-015, CLM-022, and VS-02-HE, using different mechanisms and administration methods. Furthermore, GENFIT targets other serious conditions such as cholangiocarcinoma (CCA), urea cycle disorder (UCD), and organic acidemia (OA).

The company's expertise is evident in the rapid approval and commercialization of Iqirvo® (elafibranor) for PBC by the U.S. FDA, the European Medicines Agency, and the UK's Medicines and Healthcare Products Regulatory Agency. Beyond therapeutic developments, GENFIT has ventured into diagnostics with products like NIS2+® for Metabolic dysfunction-associated steatohepatitis (MASH) and TS-01 for monitoring blood ammonia levels.

Headquartered in Lille, France, GENFIT has additional offices in Paris, Zurich, and Cambridge, Massachusetts. The company is publicly traded on both the Nasdaq Global Select Market and the Euronext regulated market in Paris. In 2021, Ipsen became one of GENFIT's major shareholders, securing an 8% stake in the company. GENFIT remains committed to advancing the field of liver disease treatment through innovative research and strategic collaborations.