GenSight Biologics (SIGHT) H1 2026 earnings summary

Executive summary

• Early access programs for GS010/LUMEVOQ® in France and Israel generated gross revenues of €6.8 million in H1 2026, with an additional €1.7 million in early September, but reported IFRS revenue was €(1.2) million due to rebates and a €4.3 million non-cash accounting estimate change.

• The REVISE dose-ranging study began, with enrollment progressing as planned and last treatment scheduled for December 2026.

• Manufacturing technology transfer to Catalent was completed, and new GMP batch production is underway.

• A €1.7 million financing round was completed in March 2026, with shares and warrants issued to existing shareholders.

• Statutory auditors reviewed the financials, highlighting a material uncertainty regarding going concern due to funding needs.

Financial highlights

• Gross revenue from early access programs was €6.5 million, but a €4.3 million change in accounting estimate led to a reported revenue of €(1.2) million for H1 2026.

• Operating loss increased to €8.5 million, up from €6.8 million in H1 2025, mainly due to lower reported revenue and higher expenses.

• Net loss widened to €10.3 million from €7.0 million year-over-year; loss per share remained at €(0.05).

• Cash and cash equivalents decreased to €1.7 million from €2.4 million at year-end 2025.

• Net cash outflow from operations improved to €(1.6) million from €(2.5) million in H1 2025.

Outlook and guidance

• Cash resources are insufficient to cover operating requirements for the next 12 months; €16 million in additional funding is needed, mainly for the RECOVER Phase III trial.

• Management plans to secure bridge financing or additional early access revenues by November 2026 to extend cash runway to March 2027.

• If structural financing is not secured by March 2027, the RECOVER trial will be postponed.

• Early access revenues and research tax credit are expected to cover operating expenses, excluding RECOVER trial costs.

• Early access revenues expected to decrease significantly once RECOVER trial enrollment begins.