GenSight Biologics: 2024 Financial Results and Outlook

GenSight Biologics has published its estimated consolidated financial results for 2024. The Paris-based company focuses on the development of gene therapies. In 2024, the net loss reduced to €14 million from €26.2 million in 2023, thanks to a reduction in R&D and commercial expenses. However, operating income fell by 11.4%. Cash, reinforced by fundraising, reached €2.5 million. The company plans to extend its cash horizon until April 2025, pending the reimbursement of the Research Tax Credit.

Discussions with creditors are ongoing to extend certain loans. Financing is being considered, contingent upon approval of compassionate access for LUMEVOQ, expected to resume in April 2025. This program could extend the cash horizon beyond 12 months. GenSight continues to prepare the RECOVER Phase III clinical trial and is targeting submission for the UK market. The company will need to secure additional funding by 2026 to continue operations and repay financial commitments.