Valerio Therapeutics Reports Full Year 2023 Financial Results and Provides Clinical Development Updates

In This Article:

  • Cash position of €6.8 million as of December 31, 2023

  • Financial visibility until the end of fourth quarter of 2024

PARIS, April 30, 2024--(BUSINESS WIRE)--Regulatory News:

Valerio Therapeutics S.A. (Euronext Growth Paris: ALVIO), hereafter "Valerio Therapeutics" or the "Company"), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage Response (DDR) and driver oncogenes, today reported its consolidated results for the fiscal year ending December 31, 2023.

Dr. Shefali Agarwal, Chairwoman of the Board of Directors and CEO, stated: "I am delighted to announce that the first patient has been dosed with VIO-01 in the first-in-human study VIO-01-101. VIO-01 is the latest optimized drug candidate derived from Valerio Therapeutics’ proprietary PlatON platform of DNA decoy therapeutics, specifically designed to revolutionize cancer treatment. VIO-01, as a next-generation pan-DDR DNA decoy, represents a paradigm shift in therapeutic approach. It is meticulously crafted to not only abrogate multiple DNA repair pathways but also to unleash a potent immune response by activating the STING pathway which plays a pivotal role in identifying DNA abnormalities and mobilizing the immune system to target and eliminate cancer cells. Our commitment to advancing science, pushing boundaries, and making a meaningful impact on cancer treatment remains unwavering. Together, with the support of our dedicated team and the medical community, we look forward to bringing VIO-01 one step closer to transforming the landscape of cancer care."

FY 2023 FINANCIAL RESULTS*

Consolidated income statement (IFRS)

In thousands of euros

31/12/2023

31/12/2022

Revenues

1,800

1,443

Operating expenses, of which:

R&D expenses

(21,054)

(19,008)

(11,054)

Other recurring operating income

200

450

Recurring operating income/loss

(19,053)

(17,115)

Other non-recurring operating income and expenses

(1,234)

389

Operating income/loss after income from equity affiliates

(20,288)

(16,727)

Financial result

(39)

(2,549)

Tax

(17)

(285)

Loss

(20,344)

(19,562)

*Audit procedures on the consolidated accounts have been carried out. The certification report will be issued once the management report has been verified.

Revenues for full-year 2023 totaled €1,8 million corresponding to lump-sum royalties due from Biogen under a license agreement for a non-strategic product.

Operating expenses rose from €19.0 million in 2022 to €21.1 million in 2023, mainly due to:

- Personnel expenses, which increase from €8.6 million to €9.3 million, as a result of the reinforcement of the teams, and more specifically to the recruitment of highly qualified scientists as well as the indemnities paid to the former employees who left the Group in 2023.