Valbiotis (ALVAL) H2 2023 earnings summary

Executive summary

• 2023 marked by major scientific success in prediabetes and type 2 diabetes, with positive Phase II/III clinical results for TOTUM.63, and significant progress in structuring for future commercial launches.

• Commercialization of Valbiotis®PRO Cholestérol/Lipidrive® in France set for May 2024, with a strong cash position of over €25M to support growth.

Financial highlights

• Revenue for 2023 reached €4.73M, up from €0.79M in 2022, mainly from milestone payments and initial contract revenue with Nestlé Health Science.

• Net loss reduced to €7.37M from €12.31M in 2022.

• Operating expenses totaled €13.99M, down from €14.8M in 2022, with R&D still the largest allocation but decreasing as production costs shift to commercial focus.

• Cash flow from operations was negative at €-8.06M, but financing activities, including a €15M capital increase, led to a year-end cash position of €25.02M.

Outlook and guidance

• 2024 to focus on industrial and commercial ramp-up, with first commercial deliveries to Nestlé Health Science and launch of Valbiotis®PRO Cholestérol in France.

• Continued clinical development for pipeline products and pursuit of international licensing agreements.