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Abionyx Pharma: Cash and cash equivalents amounted before collection of the 2021 CIR to 4 ME


(Boursier.com) — The Group Abionyx Pharma recorded a consolidated half-year turnover of 2,630 K, an increase compared to June 30, 2021 following the acquisition of IRIS Pharma and its holding company, it being specified that IRIS Pharma is the only Group company to generate revenue as of June 30, 2022.
Concerning the activity devoted to the discovery and development of innovative therapies aimed at improving the lives of patients, ABIONYX Pharma did not generate any revenue over this half-year. Since the integration of IRIS Pharma, the Group has concentrated its efforts on preclinical studies of bio-HDL in ophthalmology, in order to determine the strategic axes of development to enter the clinical phase as quickly as possible.

Research and development costs amounted to 704 KE as of June 30, 2022, compared to 2,029 KE as of June 30, 2021, which mainly corresponded to subcontracting and consulting costs related to the production campaign of the bio product CER-001 of 2021 at ABIONYX Pharma. As a reminder, the ongoing phase 2a study is fully funded by the Italian consortium CBVF.

General and administrative expenses amounted to 1,856 K as of June 30, 2022 compared to 584 KEUR as of June 30, 2021. The increase in these expenses is explained by the integration into the scope of the Group of the company IRIS Pharma following its acquisition end of 2021.

After taking these expenses into account, the operating result went from a loss of 2,586 KE as of June 30, 2021 to a loss of 2,455 KE as of June 30, 2022.

The financial result shows a deficit of 95 KE as of June 30, 2022 compared to a surplus of 41 KE in the first half of 2021. The financial result is mainly linked to the losses realized on the buyback of own shares under the liquidity contract, to the losses observed on the payment of supplier debts in foreign currencies (mainly in USD and GBP), interest charges on loans from credit institutions, as well as financial charges recognized in the context of the application of IFRS 16 relating to to rental contracts.

The net loss amounts to 2,550 KE as of June 30, 2022 compared to a loss of 2,546 KE as of June 30, 2021.

Cash and cash equivalents amounted before collection of the 2021 CIR to €4 million as of June 30, 2022, compared to €4.8 million as of June 30, 2021. CIR receivables for 2021, which were not yet reimbursed as of June 30, 2022, represent a total amount of 2,595 KE. The Group recalls that no dilutive financial instrument has been put in place.

Outlook 2022

The phase 2a clinical study with CER-001, called RACERS, should soon be completed in sepsis at high risk of developing acute kidney injury, in partnership with the University of Bari. In addition, the Group continues to receive new requests for Compassionate Access Authorization (AAC) for the use of bio-HDL (CER-001) in rare and serious diseases whose medical needs are not met.



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