GenSight Biologics shares fell sharply on Monday on the Paris Bourse after reporting annual results marked by a lack of financial visibility.

The biopharmaceutical company, which specializes in gene therapy, reported a net loss of 26.2 million euros in 2023, compared with a shortfall of 27.6 million euros in 2022.

Cash and cash equivalents stood at 2.1 million euros on December 31, 2023, compared with 10.6 million euros on December 31, 2022.

Analysts at Invest Securities point out that these figures correspond to a cash burn of 8.5 million euros in 2023, "while the company has strengthened its cash position by 15.9 million euros via three financing transactions".

Including the capital increase of five million euros carried out in February 2024, the company estimates that it has sufficient liquidity to meet its obligations until the end of April 2024.

GenSight points out that it implemented major measures in 2023, the full effect of which is expected in 2024, to reduce its operating expenses and extend its cash horizon.

Laurence Rodriguez, Chief Executive Officer, emphasizes that the company is now devoting all its resources to making available doses of Lumevoq, its treatment for Leber's hereditary optic neuropathy (NOHL).

These batches should enable the company to resume its compassionate access program in France, scheduled for the 3rd quarter of 2024.

GenSight also says it is in discussions with our investors and strategic partners about new financing options to fund its activities.

At 10:30 a.m., the share price was down more than 7%.

GenSight Biologics plans to publish its net cash position as at March 31, 2024 on April 4.

Copyright (c) 2024 CercleFinance.com. All rights reserved.