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GenSight Biologics Reports Interim Financial Results for H1 2024

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GenSight Biologics has released its interim financial results for the first half of 2024, highlighting optimized cash management and renegotiated financial obligations. These efforts resulted in a 60% reduction in cash outflow compared to the same period in 2023. Consequently, the company extended its cash runway to mid-November 2024, with a potential further extension to Q3 2025 if the Early Access program resumes as expected.

The financial results indicate a decrease in operating income by 36.4% to €1.7 million. Nonetheless, operating losses decreased by 56.7% to €7.4 million. R&D expenses dropped by 47.6% to €6.3 million due to a tightened focus on the LUMEVOQ® project. Sales, medical, and marketing expenses fell by 94.6% to €0.3 million, primarily due to the company's withdrawal of its marketing authorization application in Europe.

Net cash flows from operating activities reduced to €7.3 million while financing activities provided €12.1 million, reflecting capital increases and exercise of share warrants. As of June 30, 2024, cash and cash equivalents stood at €6.9 million.

In the business sector, preparations for LUMEVOQ® drug product release are nearing completion, with anticipated proceeds from the Early Access program projected to enhance cash flow from November 2024 onwards.

R. P.

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