Earnings Release • Mar 19, 2025
Earnings Release
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Paris, France, March 19, 2025, 6:00 pm CET – GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today confirmed that its definitive annual results for the fiscal year ended 2024 are in line with the estimated figures published on February 27, 2025.
The definitive consolidated and individual accounts, which were reviewed by the Audit Committee on March 17, 2025, and approved by the Board of Directors on March 18, 2025, confirm the following key financial indicators as previously estimated:
| Item | 2024 Definitive (€ million) |
2024 Estimated (€ million) |
2023 Definitive (€ million) |
|---|---|---|---|
| Operating Income | 2.6 | 2.6 | 3.0 |
| Operating Profit (loss) | (15.8) | (15.8) | (29.7) |
| Financial Profit (loss) | 1.8 | 1.8 | 3.5 |
| Net profit (loss) | (14.0) | (14.0) | 26.2 |
| Cash and Cash equivalent | 2.5 | 2.5 | 2.1 |
| Total Debt | 37.7 | 37.7 | 39.8 |
| Total Assets | 10.8 | 10.8 | 9.1 |
Final certification by the auditors will take place after completion of the required procedures to file the universal registration document with the Autorité des Marchés Financiers (AMF)1 .
The Individual and Consolidated Financial Statements were prepared assuming the Company will continue as a going concern. As such, no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or classification of liabilities that might be necessary should the Company not be able to continue as a going concern.
As of December 31, 2024, the Company had €2.5 million in consolidated cash and cash equivalents compared to €2.1 million on December 31, 2023. With the equity-with-warrants-attached financing announced in March 2025 (approximately €0.9 million) and the anticipated collection of approximately €1.1 million in Research Tax Credit (CIR), and based on current operations, plans, and assumptions, this
1 Subject to the finalization of their audit procedures, the Auditors plan to issue an unqualified opinion on the annual and consolidated financial statements and to include a paragraph concerning the significant uncertainty related to the going concern detailed in the notes to the annual and consolidated financial statements.
balance should fund operations until early May 2025. However, this funding is insufficient to cover operational requirements for the next 12 months.
The Company's financial debt includes a state-guaranteed loan, an EIB loan, and convertible notes held by Sight Again and Heights Capital, totaling €26.4 million (nominal and interest, undiscounted value).
As of December 31, 2024, the Company had not met the scheduled repayment obligations for certain loans, leaving €0.5 million outstanding. The Company initiated discussions with its banking partners to extend the maturity dates of these loans. While no lender—neither the EIB, Heights Capital, nor the banks that granted the PGE—has issued a default notice or formally demanded payment of the overdue amounts as of today, non-compliance with the original repayment schedule may constitute a breach of obligations. Discussions are still ongoing.
As a result of these payment delays, financial debts have been reclassified as current liabilities on the Company balance sheet. These include a state-guaranteed loan, an EIB loan, and Heights Capital convertible notes, totaling €19.2 million (nominal and interest, undiscounted value).
Heights Capital agreed to accept payment in shares rather than cash for the December 2024 and March 2025 convertible bond installments, despite the stock price falling below the threshold that would typically require cash amortization per the original agreement.
In November 2024, the Company submitted a request to the French medicines agency ANSM to restart the Compassionate Access Program (AAC) for LUMEVOQ®. The Company received an initial set of questions on December 20, 2024, and provided responses on January 10, 2025. Following a second set of questions received on February 17, 2025, the Company submitted its responses on March 5, 2025. Based on this timeline, the Company expects the Compassionate Access Program to resume in April 2025.
The Company expects that the AAC program, once operational, will contribute to extending the cash runway beyond the next 12 months and finance ongoing CMC, clinical and regulatory activities necessary for upcoming milestones, which includes the initiation of the new RECOVER Phase III clinical trial and UK MHRA marketing application for LUMEVOQ®.
To address the potential gap between the AAC program's resumption and receipt of the first AAC payments, the Company is in active discussions for bridge financing contingent upon ANSM approval of the AAC program. The Company has also negotiated an accounts receivable assignment agreement with a bank to receive 80% of hospital invoice values within days of billing.
The Company is scheduled to pay annual rebates on the 2025 AAC program in November 2026, amounting to approximately 45% of the AAC indemnities generated throughout 2025. Consequently, to supplement working capital requirements and fund ongoing operating expenses, the Company will need to pursue additional debt or equity financing or explore partnering or M&A opportunities before the second half of 2026.
The financial statements were prepared on a going concern basis as of December 31, 2024, with the following key assumptions:
While the Company believes in its ability to raise additional funds or realize M&A opportunities, no assurance can be given that these objectives will be achieved or that sufficient funds will be secured at acceptable terms. Failure to secure adequate funding could require the Company to severely modify its operating plans, impair its ability to realize its assets and pay its liabilities in the normal course of business, or to be forced to enter into insolvency proceedings or cease its operations in whole or in part.
Therefore, substantial doubt exists regarding the Company's ability to continue as a going concern.
GenSight Biologics will report its cash position as of March 31, 2025, on April 7, 2025.
GenSight Biologics will hold its Annual General Meeting on May 12, 2025.
Chief Financial Officer Jan Eryk Umiastowski [email protected]
Investor Relations Guillaume van Renterghem [email protected] +41 (0)76 735 01 31
GenSight Biologics S.A. is a clinical-stage biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. GenSight Biologics' pipeline leverages two core technology platforms, the Mitochondrial Targeting Sequence (MTS) and optogenetics, to help preserve or restore vision in patients suffering from blinding retinal diseases. GenSight Biologics' lead product candidate, GS010 (lenadogene nolparvovec) is in Phase III in Leber Hereditary Optic Neuropathy (LHON), a rare mitochondrial disease that leads to irreversible blindness in teens and young adults. Using its gene therapy-based approach, GenSight Biologics' product candidates are designed to be administered in a single treatment to each eye by intravitreal injection to offer patients a sustainable functional visual recovery.
This press release contains forward-looking statements, including statements regarding product development prospects and financial projections. These statements do not constitute guarantees of future performance and involve risks and uncertainties. A further list and description of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements in this press release can be found in GenSight Biologics' regulatory filings with the French Autorité des Marchés Financiers. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. Other than as required by applicable law, GenSight Biologics undertakes no obligation to update or revise the information contained in this press release.
Detailed information regarding the Company, including its business, financial information, results, perspectives and related risk factors are contained (i) in the Company's 2023 Universal Registration Document filed with the AMF on April 17, 2024, under number D.24-0299 (the "2023 URD"), and (ii) the amendment to the 2023 URD filed with the AMF on May 7, 2024, under number D.24-0299-A01 (the "Amendment to the 2023 URD"). These documents, as well as other regulated information and all of the Company's press releases, can be accessed on the Company's website (www.gensight-biologics.com) and/or AMF (www.amf-france.org). Your attention is drawn to the risk factors related to the Company and its activities presented in chapter 3 of its 2023 URD and in chapter 2 of the Amendment to the 2023 URD, in particular the liquidity risk presented in the chapter 2.2.1 of the Amendment to the 2023 URD.
| As of December 31 | |||
|---|---|---|---|
| In thousands of Euros | 2024 | 2023 | |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 57 | 75 | |
| Property, plant and equipment | 933 | 2,025 | |
| Other non-current financial assets | 4,424 | 502 | |
| Total non-current assets | 5,413 | 2,603 | |
| Current assets | |||
| Trade accounts receivable | 1 | 1 | |
| Other current assets | 2,878 | 4,394 | |
| Cash and cash equivalents | 2,464 | 2,134 | |
| Total current assets | 5,343 | 6,529 | |
| TOTAL ASSETS | 10,756 | 9,132 | |
| LIABILITIES | |||
| Shareholders' equity | |||
| Share capital | 3,119 | 1,633 | |
| Premiums related to the share capital | 206,606 | 190,937 | |
| Reserves | (222,644) | (197,051) | |
| of which cumulative translation adjustment | (152) | 33 | |
| Net income (loss) | (14,001) | (26,220) | |
| Total shareholders' equity | (26,920) | (30,702) | |
| Non-current liabilities | |||
| Corporate bonds—non-current portion | 0 | 0 | |
| Derivative liabilities – non-current portion | 3,960 | 559 | |
| Borrowings from Banks—non-current portion | 0 | 0 | |
| Conditional advances—non-current portion | 4,700 | 5,107 | |
| Lease liability—non-current portion | 514 | 1,048 | |
| Other liability – non-current portion | 4,718 | 6,572 | |
| Non-current provisions | 1,166 | 1,258 | |
| Total non-current liabilities | 15,058 | 14,543 | |
| Current liabilities | |||
| Corporate bonds—current portion | 6,973 | 9,131 | |
| Derivative liabilities – Current portion | 0 | 0 | |
| Borrowings from Banks—current portion | 6,341 | 7,474 | |
| Conditional advances—current portion | 0 | 396 | |
| Lease liability—current portion | 585 | 775 | |
| Trade accounts payable | 6,357 | 5,634 | |
| Current provisions | 0 | 0 | |
| Other current liabilities | 2,362 | 1,880 | |
| Total current liabilities | 22,618 | 25,290 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 10,756 | 9,132 |
| As of December 31 | |||
|---|---|---|---|
| In thousands of Euros | 2024 | 2023 | |
| Operating income | |||
| Revenues | 1,500 | 1,267 | |
| Other income | 1,125 | 1,697 | |
| Total operating income | 2,625 | 2,963 | |
| Operating expenses | |||
| Research and development | 12,368 | 19,360 | |
| General and administrative | 5,386 | 5,352 | |
| Sales and marketing | 685 | 7,947 | |
| Total operating expenses | 18,438 | 32,659 | |
| Operating profit (loss) | (15,813) | (29,696) | |
| Financial income (loss) | 1,833 | 3,475 | |
| Income tax | (21) | 0 | |
| Net income (loss ) | (14,001) | (26,220) | |
| Basic and diluted earnings (loss) per share | (0.15) | (0.54) |
| As of December 31 | |||
|---|---|---|---|
| In thousands of Euros | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | (14,001) | (26,220) | |
| Operating activities | |||
| Amortization and depreciation | 1,059 | 2,179 | |
| Retirement pension obligations | 22 | 25 | |
| Expenses related to share-based payments | 784 | 587 | |
| Other financial items | (1,674) | (3,689) | |
| Other non-monetary items | - | - | |
| Operating cash flows before change in working capital | (13,810) | (27,118) | |
| Accounts receivable | 0 | (1) | |
| Accounts payable, net of prepayments | 155 | (2,234) | |
| Other receivables | 2,028 | 7,886 | |
| Other current and non-current liabilities | (1,310) | (3,197) | |
| Change in working capital | 873 | 2,454 | |
| Net cash flows from operating activities | (12,937) | (24,663) | |
| Cash flows from investment activities | |||
| Acquisitions of property, plant and equipment | (1) | (10) | |
| Acquisitions of intangible assets | 0 | 0 | |
| Acquisitions / reimbursement of non-current financial assets |
0 | 0 | |
| Acquisitions / reimbursement of current financial assets | 19 | 219 | |
| Net cash flows from investment activities | 17 | 209 | |
| New borrowings obtained (2) | 0 | 14,182 | |
| Interests expenses | (278) | (368) | |
| Repayment of obligation under bond and bank financings | (1,081) | ||
| Repayment of obligation under finance leases | (742) | (792) | |
| Repayment of borrowings | (2,153) | 0 | |
| Treasury shares | (27) | (99) | |
| Subscription and exercise of share warrants | 2,745 | 60 | |
| Capital increases, net of transaction costs | 13,997 | 3,957 | |
| Net cash flows from financing activities | 13,542 | 15,859 | |
| Increase/(decrease) in cash and cash equivalents | 623 | (8,595) | |
| Cash and cash equivalents at the beginning of the period | 2,134 | 10,610 | |
| Effect of changes in exchange rates on Cash and cash equivalent |
(293) | 119 | |
| Cash and cash equivalents at the close of the period | 2,464 | 2,134 |
(2) For the year ended December 31, 2024, new borrowing obtained include the 2024 accrued interests of the bridge financing signed with investors in August 2023. In November 2023, the capital increase of €4.7 million, including the €4 million Tranche 2 triggered the automatic conversion of the 2023 OCAs at a conversion price of 0.7122 euros.
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