(Boursier.com) — Gensight fell 0.8% to 2.22 euros on Friday, while the company’s operating income increased by 3.6% to 7.7 million euros in 2021, compared to 7.4 million euros in 2020. This growth is mainly linked to the turnover generated by LUMEVOQ (GS010) under the Temporary Authorization for Use (nominative ATU) granted by the National Agency for the Safety of Medicines. This turnover increased by 20.1% to 5.3 million euros in 2021, against 4.4 million euros a year earlier. The company also recorded Research Tax Credit (CIR), which amounted to 2.4 million euros in 2021, compared to 2.8 million euros in 2020.
Research and development expenditure remained stable year-on-year, standing at €22.9 million in 2021, compared to €22.4 million in 2020. If Phase III studies of LUMEVOQ – RESCUE, REVERSE and REFLECT – have now been completed and the patients have been transferred to long-term follow-up, the company is maintaining its efforts in the CMC and production activities in order to guarantee its ability to produce and market according to the Good Practices of Manufacturing (BPF, or GMP in English), and in particular the production of the validation batches necessary for the Marketing Authorization (MA) application for LUMEVOQ in Europe.
The operating loss was contained in 2021, amounting to €28.1 million, compared to €24.9 million in 2020. This 12.8% increase is mainly linked to the ramp-up on the period of sales and marketing expenses in preparation for the commercial launch of LUMEVOQ in Europe expected in 2023. The company’s net loss in 2021 amounted to €28.6 million compared to a loss of €34 million in 2020. The weighted average number of shares outstanding increased from 35.1 million in 2020 to 45.2 million in 2021, thus reducing the loss per share by 34.5% to (0.63) euro in 2021 compared to ( 0.97) euro in 2020. Restating non-cash expenses relating to share-based payments (IFRS2) and the Kreos contract (IFRS9), the adjusted net loss amounted to 24 million euros in 2021, compared to 22.5 million euros in 2020.
Cash and cash equivalents amounted to €44.3 million as of December 31, 2021, compared to €37.9 million as of December 31, 2020. The amounts of expected future cash flows related to the repayment of our debts financial investments represent 4.6 million euros at less than one year and 12.4 million euros at more than one year.
Among the latest brokers’ opinions, Oddo BHF placed its recommendation ‘under review’, while Bryan Garner reduced his target from 13 to 10 euros, while remaining ‘buy’ on the file.