Genfit (GNFT) Q3 2026 TU earnings summary

Executive summary

• Cash of €95.6m at September 30, 2026; expected to fund operations beyond 2028, with royalties, milestones and diagnostic revenue expected to support longer-term funding and profitability.

• Nine-month revenue was €36.3m, primarily royalties on Iqirvo sales, up 188% YoY; three Phase 2 studies across ACLF and CCA are advancing toward 2027 readouts.

Financial highlights

• Cash and cash equivalents were €95.6m at September 30, 2026, versus €113.8m at June 30, 2026 and €101.1m at December 31, 2025.

• Nine-month 2026 revenue totaled €36,433 thousand: royalties €36,308 thousand, milestone revenue nil and other revenue €125 thousand; nine-month 2025 total was €39,233 thousand.

• Royalty revenue rose 188% YoY, reflecting accelerating U.S. sales and performance in Europe and other markets.

Outlook and guidance

• Existing cash is expected to cover operating expenses and capex beyond 2028; longer-term funding assumptions include continued Iqirvo growth, significant Ipsen milestones, controlled spending, diagnostic revenue and potential use of the final royalty-financing installment.

• PBC label-update submission is underway following positive ELSPIRE results; ELASCOPE PSC data are expected around 2031.

• Nangibotide ACLF Phase 2 is expected to start by year-end 2026, with data targeted for H2 2027; NTZ proof-of-concept data are expected mid-2027.

• GNS561 Phase 2 in KRAS-mutated CCA is on track to start by year-end 2026, with readout targeted for H2 2027; additional Phase 1b data are expected by year-end.

• An industrial strategy for NIS technology-based IVD development and commercialization is expected toward year-end; subject to development, approval, partner execution and adoption, launch could begin from 2028.