On November 8, 2021 GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases, reported its cash position as of September 30, 2021 and revenues for the first nine months of 2021 (Press release, Genfit, NOV 8, 2021, https://ir.genfit.com/news-releases/news-release-details/genfit-third-quarter-2021-financial-information [SID1234594722]).

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Cash Position

As of September 30, 2021, the Company’s cash and cash equivalents amounted to €91.5 million compared with €199.3 million a year earlier.

As of June 30, 2021, cash and cash equivalents totaled €104.4 million.

As a reminder, GENFIT announced on September 29, 2021 that given its cash position as of June 30, 2021 and the payments made to that date, the cost saving plan initiated in the second half of 2020 should allow the Company to reduce its net cash burn to €120 million for both 2021 and 2022 (excluding €47.5 million partial buyback of the OCEANES completed in January 2021).

Revenues2

Revenues for the first nine months of 2021 amounted to €20 thousand compared to €350 thousand for the same period in 2020.

Revenues for the first nine months of 2020 resulted mainly from non-recurring services provided and revenues under the licensing and collaboration agreements signed with Labcorp and Terns Pharmaceuticals.