(CercleFinance.com) – GenSight Biologics fell sharply on Monday on the Paris Stock Exchange after reporting annual results marked by a lack of financial visibility.
The biopharmaceutical company, specializing in gene therapies, saw its net loss rise to 26.2 million euros in 2023, compared to a shortfall of 27.6 million euros in 2022.
Cash and cash equivalents stood at €2.1 million as of December 31, 2023, compared to €10.6 million as of December 31, 2022.
Invest Securities analysts point out that these figures correspond to a ‘cash burn’ (cash consumption) of 8.5 million euros over the 2023 financial year, while the company has strengthened its cash flow by 15.9 million euros. ‘euros via three financing operations’.
Including the capital increase of five million euros carried out in February 2024, the company estimates that it has sufficient liquidity to meet its obligations until the end of April 2024.
GenSight recalls having implemented major measures in 2023, the full effect of which is expected in 2024, to reduce its operational expenses and extend its cash flow horizon.
Laurence Rodriguez, CEO, emphasizes that the company is now devoting all its resources to making doses of Lumevoq, its treatment for Leber’s hereditary optic neuropathy (LHON), available.
These batches should allow it to resume its compassionate access in France, planned for the 3rd quarter of 2024.
GenSight also says it is holding discussions around new financing options with our investors and strategic partners which will make it possible to finance its activities.
At 10:30 a.m., the stock fell by more than 7%.
GenSight Biologics plans to publish its net cash position as of March 31, 2024 on April 4.