Erytech: As of September 30, cash and cash equivalents amounted to €47.3 million


(Boursier.com) — The net loss for the first months of 2022 at Erytech amounted to 6.2 million euros, an improvement of
35.4 million euros compared to the previous year, resulting from the net gain of 24.4 million euros related to the sale of the Princeton plant, and the drastic reduction in operating expenses which, 31.2 million euros for the nine-month period of 2022, shows an accelerated decline of 15.5 million euros (-33%) compared to the previous year, mainly due to the decrease of 14.4 million euros in preclinical and clinical development expenses, which is explained by the gradual end of clinical programs, and the reduction of 1.4 million euros in general and administrative expenses.

Total operating expenses of 31.2 million euros include a provision for depreciation of 2.5 million euros of the production site in Lyon, linked to the end of eryaspase activities, and a restructuring provision of 1.9 million euros, linked to the workforce reduction plan in France.

Corporate income tax includes in 2022 a provision of €3.8 million ($4.1 million), reflecting the maximum tax impact of the capital gain from the sale of the Princeton plant .

As of September 30, 2022, Erytech’s cash and cash equivalents amounted to €47.3 million (approximately $46.3 million), compared to €33.7 million as of December 31, 2021.
The net increase of €13.6 million in the cash position in the first nine months of 2022 is the result of a net cash generation of €37.6 million, related to the sale of the Princeton plant, a net cash use of €26.4 million related to operating and investing activities (excluding the sale of the Princeton plant), 1.6 million euros related to financing activities, including 3 million euros of pre-financing of the Research Tax Credit, while the variation of the US dollar against the euro during the period led to a favorable foreign exchange effect of 1.7 million euros.

Earlier this year, the company embarked on a major restructuring and cost reduction program, which was further intensified with the termination of the BLA application process. Given this ongoing reduction in operating expenses, the Company estimates that its current cash flow can fund its planned operating expenses and ongoing programs through mid-2024.

News and main achievements expected over the next 6 months:

Advancement of partnership discussions
Advancement of preclinical programs
Conference call information

ERYTECH management will hold a conference call and webcast on Tuesday, November 22, 2022 at 2:30 p.m. (Paris time) and will comment on the highlights and results at the end of the third quarter of 2022. Gil Beyen (CEO of ERYTECH), Eric Soyer (CFO and COO) and Iman El-Hariry (Medical Director), will make a brief presentation, followed by a Q&A session.



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