On November 10, 2022 GENFIT (Nasdaq and Euronext: GNFT), a late-stage biopharmaceutical company dedicated to improving the lives of patients with severe chronic liver diseases, reported its cash position as of September 30, 2022 and revenue for the first nine months of 2022 (Press release, Genfit, NOV 10, 2022, View Source [SID1234623716]).

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Cash Position

As of September 30, 2022, the Company’s cash and cash equivalents amounted to €163.6 million compared with €91.5 million a year earlier.

As of June 30, 2022, cash and cash equivalents totaled €209.1 million.

The decrease in cash and cash equivalents between June 30, 2022, and September 30, 2022, takes into account notably the initial consideration of CHF40.0 million for the acquisition of Versantis AG, which GENFIT paid at the closing of this acquisition on September 29, 2022. It also includes the consolidation of the cash and cash equivalents of Versantis for the first time, which amounted to €5.1 million.

Revenue

Revenue2 for the first nine months of 2022 amounted to €14,129 thousand compared to €20 thousand for the same period in 2021.

The increase in revenue is mainly attributable to the partial recognition of the €40.0 million deferred income, which was accounted for in accordance with IFRS 15 following the conclusion of the strategic licensing and collaboration agreement with Ipsen on December 17, 2021. The revenue recognized out of this deferred income amounted to €13,050 thousand for the first nine months of 2022.