Genfit (GNFT) Q2 2025 earnings summary

Executive summary

• Strategic pivot to rare and life-threatening liver diseases, especially ACLF, with a diversified R&D pipeline and diagnostic programs.

• Major €185 million royalty financing agreement with HCRx, €130 million upfront, extending cash runway beyond 2028.

• Discontinuation of VS-01 program in ACLF after a serious adverse event, shifting focus to UCD and other ACLF pipeline assets.

• €26.5 million milestone payment received following Iqirvo® pricing and reimbursement approval in Italy and other European countries.

• Accelerated Iqirvo® sales in H1 2025, with €59 million reported and a key competitor's US market withdrawal.

Financial highlights

• H1 2025 revenue and other income: €35.7 million, down from €61.2 million in H1 2024, mainly due to lower milestone revenue.

• Net loss of €10.0 million in H1 2025, compared to net profit of €30.3 million in H1 2024.

• Research and development expenses increased to €25.1 million (H1 2025) from €19.0 million (H1 2024), driven by higher costs for VS-01 and G1090N.

• Cash and cash equivalents at June 30, 2025: €107.5 million, up from €81.8 million at December 31, 2024.

• Financial loss of €10.2 million in H1 2025, mainly due to debt issuance costs and charges from the Royalty Financing agreement.

Outlook and guidance

• Cash runway extended beyond 2028, assuming milestone receipts and full drawdown of royalty financing.

• Anticipated reduction in operating expenses following VS-01 discontinuation, providing strategic flexibility.

• Focus on advancing G1090N (ACLF) and GNS561 (CCA) programs, with key data readouts expected by year-end 2025.

• Multiple ACLF pipeline assets advancing, with first-in-human trials for SRT-015 and CLM-022 targeted for 2026 and 2027.