Genfit (GNFT) Q4 2025 TU earnings summary

Executive summary

• Cash and cash equivalents stood at €101.1 million as of December 31, 2025, up from €81.8 million a year earlier but down from €119.0 million at the end of Q3 2025.

• Revenues for 2025 totaled €65.4 million, slightly down from €67.0 million in 2024.

• Ipsen's Iqirvo® achieved over $200 million in net sales in its first year, triggering a €17.0 million milestone for GENFIT.

• R&D pipeline advanced in ACLF and CCA, with key clinical milestones reached in both areas.

Financial highlights

• Royalty revenue rose to €21.8 million in 2025 from €2.7 million in 2024, driven by Iqirvo® sales.

• Milestone revenue reached €43.6 million, including €17.0 million for commercial sales and €26.55 million for Italian pricing approval.

• Cash utilization in 2025 was mainly for R&D in ACLF and CCA, partially offset by milestone receipts.

Outlook and guidance

• Existing cash and equivalents expected to fund operations beyond 2028, assuming continued milestone receipts and optional royalty financing.

• Phase 2 initiation for GNS561 in CCA targeted for the second half of 2026, with new Phase 1b data expected in H1 2026.

• Engagement with regulators planned for ACLF program progression.