Genfit (GNFT) Q2 2025 earnings summary

Executive summary

• Cash and cash equivalents reached €107.5 million as of June 30, 2025, excluding a €26.5 million milestone received in July 2025 for Iqirvo® pricing and reimbursement in three major European countries.

• Revenues for 1H25 were €35.7 million, down from €61.2 million in 1H24, mainly from milestone and royalty payments related to Iqirvo®.

• Net loss for 1H25 was €10.0 million, compared to a net profit of €30.3 million in 1H24, driven by higher R&D expenses and financial charges.

• Discontinuation of the VS-01 program in ACLF is expected to reduce operating expenses and extend the cash runway beyond 2028.

• Strong sales trajectory for Iqirvo® in PBC reported by Ipsen, with positive market dynamics following a competitor's US exit.

Financial highlights

• Cash and cash equivalents increased to €107.5 million from €81.8 million at year-end 2024.

• Revenues and other income totaled €35.7 million in 1H25, primarily from a €26.5 million milestone and €6.9 million in royalties.

• Operating expenses rose to €35.6 million in 1H25, up from €30.0 million in 1H24, mainly due to increased R&D spending.

• Financial loss of €10.2 million in 1H25, mainly due to debt issuance costs and royalty financing charges.

• Net loss of €10.0 million in 1H25, compared to net profit of €30.3 million in 1H24.

Outlook and guidance

• Cash runway projected to extend beyond 2028, supported by milestone revenues, royalty financing, and reduced expenses after VS-01 discontinuation.

• Phase 1b data for GNS561 in CCA and safety/efficacy data for G1090N in ACLF expected by end of 2025.

• Multiple ACLF pipeline assets advancing, with key clinical milestones anticipated through 2026 and 2027.

• Market withdrawal of a key competitor in the US expected to benefit Iqirvo® sales.