GENFIT Reports Third Quarter 2024 Financial Update

GENFIT has released its financial data for the third quarter of 2024, reporting a notable increase in cash reserves and revenues. As of September 30, 2024, the company had €96.0 million in cash and cash equivalents, marking an increase from €61.6 million at the end of June 2024 and €77.8 million as of December 31, 2023.

The company expects its current cash reserves to support operations until at least the fourth quarter of 2025. The cash growth stems mainly from milestone payments such as the €48.7 million received following the U.S. launch of Iqirvo® by Ipsen.

For the first nine months of 2024, GENFIT recorded revenues of €59.7 million, largely attributed to the milestone from Ipsen and royalty revenue from U.S. sales of Iqirvo®. This is a significant rise compared to the €14.3 million in the same period last year.