ABIONYX Pharma Announces Its 2023 Full-Year Financial Results
11 March 2024 - 5:30PM
Business Wire
- 20% reduction of the annual operating loss
- Cash position of €4,1 million as of December 31,
2023
Regulatory News:
ABIONYX Pharma, (FR0012616852 - ABNX - PEA PME eligible),
a new generation biotech company dedicated to the discovery and
development of innovative therapies based on the world’s only
natural recombinant apoA-I, today announced its 2023 full-year
financial results as approved by the full Board of Directors and an
update on the activity to date. The audit procedures on the
consolidated financial statements have been completed. The
certification report has not yet been issued. It will be issued
once the procedures required for filing the universal registration
document will be completed.
Selected financial information (as of December 31,
2023/Consolidated financial statements under IFRS)
M€
2023
2022
Revenues
4.6
5.3
Cost of goods and services sold
(4.0)
(4.6)
R&D expenditure
(1.5)
(1.1)
Administrative and commercial expenses
(2.6)
(3.7)
Other income and expenses
0.1
0
Operating Income
(3.4)
(4.1)
Financial income
0.2
0.2
Financial expenses
(0.3)
(0.3)
Financial result
(0.1)
(0.1)
Net income
(3.5)
(4.2)
Net cash flow from operating
activities
(3.7)
(3.4)
Net cash used in investing activities
(0.1)
(0.2)
Net cash flow from financing
activities
3.9
(0.2)
Change in cash and cash
equivalents
0.1
(3.9)
Cash and cash equivalents at end of
year
4.1
4.0
Details of the main changes in the consolidated financial
statements
As a reminder, the ABIONYX Pharma group recorded consolidated
revenues of €4.64 million for the 2023 financial year after
elimination of intra-group transactions. The IRIS Pharma subsidiary
recorded annual revenues of €4.97 million, of which €4.06 million
in preclinical activities and €0.91 million in clinical activities.
Since its integration, IRIS Pharma has focused part of its Services
activity on preclinical studies of its recombinant apoA-I, in order
to accelerate its development in ophthalmology.
In the biotech activity dedicated to the discovery and
development of innovative therapies designed to improve the lives
of patients, the Company generated no revenues over the year, as
ABIONYX Pharma continues to provide its bioproduct free of charge
as part of applications for compassionate access authorisation
(CAA).
Costs of goods and services sold amounted to €4.02
million in 2023, corresponding to costs associated with
pre-clinical and clinical studies performed by IRIS Pharma.
Research and development expenses amounted to €1.52
million for the period, compared to €1.11 million in 2022. The year
2023 saw the continuation of the activities initiated in 2022
marked by clinical studies in renal indications and
ophthalmology.
Administrative and selling expenses amounted to €2.61
million in 2023, compared to €3.66 million in the previous year.
After taking into account all these elements, operating
result went from a loss of €4.11 million on 31 December 2022 to
a loss of €3.41 million on 31 December 2023.
The financial result shows a loss of €0.11 million at 31
December 2023, compared to a loss of €0.10 million at 31 December
2022.
The net result is a loss of €3.52 million at December 31,
2023, compared to a loss of €4.21 million at December 31, 2021.
Cash and cash equivalents amounted to €4.10 million at
December 31, 2023, compared to €4.05 million at December 31,
2022.
Outlook
ABIONYX Pharma is pursuing the development of its plan to find a
strategic partner for its sepsis biomedicine in the United States,
and to lead its recombinant apoA-I towards registration for the
treatment of LCAT deficiency in Europe. In ophthalmology,
successful preclinical studies are nearing completion, and will
give rise to an initial clinical program.
ABIONYX Pharma would like to point out that its reference
shareholders Domundi, Cyrille Tupin and Luc Demarre, have not sold
any shares, nor have all the shareholders who subscribed to the
last capital increase in October 2023. Finally, as indicated at the
time of the capital increase, the Company's financial visibility
has now been extended to Q1 2025.
About ABIONYX Pharma
ABIONYX Pharma is a next-generation biotech company focused on
developing innovative medicines in diseases where there is no
effective or existing treatment, even the rarest ones. The company
expedites the development of novel therapeutics through an
extensive expertise in lipid science and a differentiated apoA-I
-based technology platform. ABIONYX Pharma is committed to
radically improving treatment outcomes in sepsis and critical
care.
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version on businesswire.com: https://www.businesswire.com/news/home/20240310306920/en/
NewCap Investor relations Louis-Victor Delouvrier Nicolas
Fossiez abionyx@newcap.eu +33 (0)1 44 71 98 53
NewCap Media relations Arthur Rouillé abionyx@newcap.eu
+33 (0)1 44 71 94 98
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