In This Article:
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20% reduction of the annual operating loss
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Cash position of €4,1 million as of December 31, 2023
TOULOUSE, France & LAKELAND, Mich., March 11, 2024--(BUSINESS WIRE)--Regulatory News:
ABIONYX Pharma, (FR0012616852 - ABNX - PEA PME eligible), a new generation biotech company dedicated to the discovery and development of innovative therapies based on the world’s only natural recombinant apoA-I, today announced its 2023 full-year financial results as approved by the full Board of Directors and an update on the activity to date. The audit procedures on the consolidated financial statements have been completed. The certification report has not yet been issued. It will be issued once the procedures required for filing the universal registration document will be completed.
Selected financial information
(as of December 31, 2023/Consolidated financial statements under IFRS)
M€ | 2023 | 2022 |
Revenues | 4.6 | 5.3 |
Cost of goods and services sold | (4.0) | (4.6) |
R&D expenditure | (1.5) | (1.1) |
Administrative and commercial expenses | (2.6) | (3.7) |
Other income and expenses | 0.1 | 0 |
Operating Income | (3.4) | (4.1) |
Financial income | 0.2 | 0.2 |
Financial expenses | (0.3) | (0.3) |
Financial result | (0.1) | (0.1) |
Net income | (3.5) | (4.2) |
Net cash flow from operating activities | (3.7) | (3.4) |
Net cash used in investing activities | (0.1) | (0.2) |
Net cash flow from financing activities | 3.9 | (0.2) |
Change in cash and cash equivalents | 0.1 | (3.9) |
Cash and cash equivalents at end of year | 4.1 | 4.0 |
Details of the main changes in the consolidated financial statements
As a reminder, the ABIONYX Pharma group recorded consolidated revenues of €4.64 million for the 2023 financial year after elimination of intra-group transactions. The IRIS Pharma subsidiary recorded annual revenues of €4.97 million, of which €4.06 million in preclinical activities and €0.91 million in clinical activities. Since its integration, IRIS Pharma has focused part of its Services activity on preclinical studies of its recombinant apoA-I, in order to accelerate its development in ophthalmology.
In the biotech activity dedicated to the discovery and development of innovative therapies designed to improve the lives of patients, the Company generated no revenues over the year, as ABIONYX Pharma continues to provide its bioproduct free of charge as part of applications for compassionate access authorisation (CAA).
Costs of goods and services sold amounted to €4.02 million in 2023, corresponding to costs associated with pre-clinical and clinical studies performed by IRIS Pharma.
Research and development expenses amounted to €1.52 million for the period, compared to €1.11 million in 2022. The year 2023 saw the continuation of the activities initiated in 2022 marked by clinical studies in renal indications and ophthalmology.