On May 11, 2022 Epigenomics AG (FSE: ECX, OTCQX: EPGNY, the "Company") reported financial results (IFRS, unaudited) for the first three months of 2022 (Press release, Epigenomics, MAY 11, 2022, View Source [SID1234614174]).

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Financial key figures

Revenues in the first quarter 2022 increased slightly from EUR 106 thousand to EUR 115 thousand compared to the prior-year period.
R&D costs increased from EUR 737 thousand in the first quarter 2021 to EUR 1,401 thousand in Q1 2022 to support the advancement of Epi proColon "Next-Gen". Additionally, short-time work at the Berlin site was terminated in mid-September 2021 and additional personnel were recruited in the U.S.A. for the "Next-Gen" development and study.
Selling and administrative expenses increased from EUR 1,601 thousand to EUR 2,015 thousand, mainly due to U.S. market studies.
EBITDA (before share-based payment expenses) amounted to EUR -2,574 thousand in the reporting period, compared with EUR -985 thousand in the same period of the previous year.
The net loss for the period was EUR -2,657 thousand (Q1 2021: EUR -1,201 thousand); the loss per share decreased from EUR 0.20 to EUR 0.17 compared to the same period of the previous year.
Cash consumption increased to EUR 3,408 thousand in the first quarter of 2022 (Q1 2021: EUR 2,386 thousand).
As of March 31, 2022, the Company had cash and cash equivalents of EUR 20,039 thousand (December 31, 2021: EUR 23,049 thousand).
Operational developments

During the 2022 conversion windows for the mandatory convertible bonds issued in January 2021 and September 2021, bonds were converted into 817,564 new shares (ISIN DE000A3H2184). Accordingly, the number of shares outstanding increased from 15,539,737 to 16,357,301 no-par value registered shares of the Company. The Company’s share capital increased accordingly to EUR 16,357,301.00.
The Company continues to make progress on the "Next-Gen" development and clinical trial. The Company is on-track to initiate the trial this summer and publish preliminary assay performance data this year.
"We are very pleased with our progress on Epi proColon "Next-Gen" and remain on-track to achieve our development and trial goals for this year", said Greg Hamilton, CEO of Epigenomics. "We are optimistic that the performance of "Next-Gen" will result in a significant market opportunity in the years to come."

Outlook 2022

Revenue

The Company confirms its outlook for fiscal year 2022 and continues to expect revenue within the range of EUR 0.3 million to EUR 0.8 million. If Medicare reimbursement is indeed achieved via legislation in 2022, the Company is likely to amend the revenue forecast.
EBITDA / cash consumption

For EBITDA (before share-based payment expenses), Epigenomics forecasts a range of EUR -15.0 million to EUR -17.0 million. This assumes that the Company initiates the Epi proColon "Next-Gen" trial in the summer of 2022. If this trial is delayed or enrollment is slower than anticipated then the forecast for the adjusted EBITDA is likely to improve. The anticipated spend for the clinical trial in 2022 will be aligned with the Company’s ability to raise funds for the remainder of the trial in 2023 and 2024.
Further information

The interim statement for the first three months 2022 (unaudited) can be found on Epigenomics’ website at: View Source." target="_blank" title="View Source." rel="nofollow">View Source

Conference call for analysts and investors

Epigenomics AG will host a conference call for analysts and investors today at 4.00 pm (CET) / 10.00 am (EDT). The webcast can be accessed on the Company’s website View Source

Participants are asked to dial in 10 minutes prior to the start of the conference call and to register using the link above.

An audio replay of the conference call will be provided on the Epigenomics’ website subsequently.