(AOF) – Sensorion has unveiled its 2022 annual results showing a net loss of 23.2 million euros against a loss of 15.1 million a year earlier. The operating result for the period amounted to -23.1 million euros compared to -15.0 million euros at December 31, 2021. The pioneering clinical-stage biotechnology company, specializing in the development of gene therapies for the inner ear, had, as of December 31, 2022, a cash position of 26.2 million euros. The company estimates that it will be able to finance its operations until the end of 2023.
Operating expenses increased by 45%, from €19.4 million as of December 31, 2021 to €28.1 million as of December 31, 2022. Research and development (R&D) expenses and general expenses represent respectively 81 % and 19% of operating expenses, compared to 75% and 25% respectively, in 2021.
“During the year, Sensorion laid the foundations for a pioneering gene therapy franchise targeting hearing loss disorders that we believe will support clinical development plans for this year and beyond. Our lead gene therapy candidate, OTOF-GT, is showing promising preclinical data and we are on track to submit a clinical trial application in Q2 2023,” said Nawal Ouzren, Chief Executive Officer.
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Loss of speed in European research
European research is losing ground to American and Chinese research. In twenty years, Europe’s share has fallen from 41% to 31% in global R&D. China’s share jumped from 1% to 8%. As for the United States, which supplanted Europe, in 2001 it devoted only 2 billion euros per year more than Europe to R&D, whereas now this gap has reached 25 billion! Some experts accuse the European authorities of not having deployed effective policies. The financing of pharmaceutical research should therefore have been better targeted via the “Horizon 2020” programme. France only comes in eighteenth position in European funding despite the quality of its research. Conversely, the United States concentrates funding on Boston and a few centers of excellence.