GenSight Biologics Reports End-of-Year Cash Position and Provides Business Update
Thursday, Jan 23, 2025 12:53 pm ET
5min read GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, has reported its cash position as of December 31, 2024, and provided a business update. The Company's cash and cash equivalents totalled €2.5 million, compared to €3.4 million on September 30, 2024. This decrease can be attributed to the Company's ongoing cash management efforts and the need to extend its cash runway until the expected resumption of the early access program in February.
The Company has been actively engaged in discussions to secure financing for its activities from mid-November until it begins to receive AAC payments. This is due to the delayed resumption of the AAC program and the time until receipt of the first compensation payments. GenSight Biologics has obtained waivers from its existing creditors, the European Investment Bank and Heights Capital Management, enabling the Company to pursue additional financing options.
GenSight Biologics has been working on cash preservation measures, including additional savings and obtaining waivers from existing creditors, to extend its cash runway. These measures have helped the Company secure financing for its activities from the end of April 2024 to Q3 2024, when the early access program in France (AAC – autorisation d’accès compassionnel) is expected to resume. The Company estimates that the cash runway would be extended to the end of Q1 2025 once the AAC/AAP program resumes.
The Company has been actively refining the design of the RECOVER PIII study to fulfill regulatory requirements and support marketing authorization in both the United States and Europe. This has led to a reduction in clinical development expenses for LUMEVOQ®, as the Company is engaged in discussions with the EMA, MHRA, and FDA to determine the optimal regulatory pathway for LUMEVOQ®.
GenSight Biologics has been optimizing its cash management and ensuring a sustainable future for the Company. It has been actively pursuing new financing options with existing and potential investors to extend its cash runway. The Company's recent bridge financing operations have provided operational flexibility as it awaits regulatory clearance for the resumption of its early access program.
In conclusion, GenSight Biologics' end-of-year cash position and business update highlight the Company's ongoing efforts to optimize cash management, secure financing, and extend its cash runway. The Company's focus on product availability and regulatory discussions, along with its strategic measures to reduce operational expenses, has positioned it for a sustainable future. As the Company awaits the resumption of its early access program, investors should closely monitor its progress and the potential impact on its financial situation.
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