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Key Financial Results
Cash, cash equivalents and deposits
As of March 31, 2024, the Company's cash and cash equivalents amounted to €11.0 million, short-term deposits to 0.1 million, and long-term deposit to €19.0 million2, compared to €26.9 million, €0.01 million and €9.0 million as of December 31, 2023, respectively.
Net cash used in operating activities amounted to (€29.4) million in the first quarter of 2024, compared to (€20.4) million for the same period in 2023. R&D expenses for the first quarter of 2024 were up 82% compared to the first quarter of 2023. This increase is in line with the clinical development activities planned for 2024 and driven by costs associated with the NATiV3 Phase III clinical trial of lanifibranor in MASH/NASH, and, to a lesser extent, with the completion of the LEGEND Phase IIa combination trial with lanifibranor and empagliflozin in patients with MASH/NASH and type 2 diabetes ("T2D").
Net cash used in investing activities for the first quarter of 2024 amounted to (€10.3) million, compared to (€8.4) million in the first quarter of 2023. The change is mostly due to the change in deposits between both periods.
Net cash generated in financing activities for the first quarter of 2024 amounted to €23.7 million, compared to (€1.2) million in the first quarter of 2023. The change is due to the second tranche of €25 million drawn in January 2024 under the unsecured loan agreement granted by the European Investment Bank ("EIB"). As a condition to the drawdown, the Company issued 3,144,654 warrants to EIB.
Over the first quarter of 2024, the Company recorded a positive exchange rate effect on cash and cash equivalents of €0.1 million, compared to a negative effect of (€0.5) million for the first quarter of 2023, due to the evolution of EUR/USD exchange rate.
Considering its current cost structure and forecasted expenditures, the Company estimates that its cash, cash equivalents and deposits2,3 should allow the Company to fund its operations as currently planned until the beginning of the third quarter of 20244. Therefore, it indicates that a material uncertainty exists on the Company's ability to continue as a going concern. The Company is actively reviewing potential financing (including debt, equity and equity-linked or other instruments) and strategic options with potential counterparties and its financial advisors.
Revenues
The Company did not recognize revenues for the first quarter of 2024, in line with the first quarter of 2023.
Posted In: IVA
