GenSight Biologics Reports Interim Financial Results for H1 2024

GenSight Biologics has released its interim financial results for the first half of 2024, highlighting optimized cash management and renegotiated financial obligations. These efforts resulted in a 60% reduction in cash outflow compared to the same period in 2023. Consequently, the company extended its cash runway to mid-November 2024, with a potential further extension to Q3 2025 if the Early Access program resumes as expected.

The financial results indicate a decrease in operating income by 36.4% to €1.7 million. Nonetheless, operating losses decreased by 56.7% to €7.4 million. R&D expenses dropped by 47.6% to €6.3 million due to a tightened focus on the LUMEVOQ® project. Sales, medical, and marketing expenses fell by 94.6% to €0.3 million, primarily due to the company's withdrawal of its marketing authorization application in Europe.

Net cash flows from operating activities reduced to €7.3 million while financing activities provided €12.1 million, reflecting capital increases and exercise of share warrants. As of June 30, 2024, cash and cash equivalents stood at €6.9 million.

In the business sector, preparations for LUMEVOQ® drug product release are nearing completion, with anticipated proceeds from the Early Access program projected to enhance cash flow from November 2024 onwards.