GENFIT Announces Q1 2024 Financials and Projects Cash Runway into Late 2025

GENFIT, a biopharmaceutical company focusing on rare liver diseases, has disclosed its financial status for Q1 2024. As of March 31, 2024, GENFIT's cash reserves stood at €74.0 million. This marks a decrease from €128.6 million on the same date in 2023 and a slight reduction from €77.8 million at the end of 2023. The company managed to maintain its cash position primarily through the receipt of a €13.3 million milestone payment from Ipsen. Despite ongoing investments in several clinical and non-clinical trials, GENFIT anticipates its current financial resources will support its operations and capital needs until roughly Q4 2025.

GENFIT's revenues for the first quarter amounted to €1.1 million, a decline from €5.0 million in Q1 2023. This year's revenue primarily originated from the Transition Services Agreements signed with Ipsen concerning the ELATIVE® clinical trial. The notable decrease is attributed to the high revenue in early 2023 due to partial recognition of deferred income from a prior collaboration with Ipsen. Looking ahead, GENFIT expects additional milestone revenue in 2024 following potential regulatory approvals and subsequent commercial launches in the US and Europe.