GENFIT : Kepler Cheuvreux se mouille pas….tjs buy a 8.40€

Jybay

23 mai 2025 •07:04

Q1 cash position strengthened by HCRx deal; Awaiting H2 data readout
Key points:
▪ Q1 2025 revenue reached EUR2.8m, up from EUR1.1m in Q1 2024, driven solely by US royalties from Iqirvo sales (Ipsen).
▪ Cash position stood at EUR129.5m at 31 March, reflecting the EUR130m upfront payment from the royalty agreement with
HCRx, partially offset by the EUR61.7m repurchase of convertible debt (OCEANEs).
▪ Genfit confirmed that it had received the EUR26.5m milestone following Iqirvo pricing approval in Italy (triggered in Q2).
▪ Operational focus remains on the ACLF franchise, with VS-01 in phase II and multiple preclinical assets progressing).
Q1 results: royalty ramp-up modest but in line with commercial timeline
▪ Revenues in Q1 were entirely driven by royalties on Iqirvo (elafibranor), reflecting continued commercialisation in the US after its mid-2024 launch.
▪ The EUR2.8m recognised in Q1 remains consistent with the progressive ramp-up scenario and does not include any EU-derived revenues yet.
▪ Genfit confirmed that the EUR26.5m milestone linked to pricing and reimbursement approval in a major EU market (Italy) has been triggered and will be recognised in Q2, supporting near-term cash flow.
Strengthened cash position, convertible debt nearly extinguished
▪ The cash increase to EUR129.5m at end-March reflects the receipt of the EUR130m upfront payment from HCRx, as part of the royalty financing agreement signed in January 2025.
▪ The deal significantly extends Genfit’s cash runway beyond 2027, without equity dilution.
▪ The company used EUR61.7m to repurchase a large portion of its convertible debt (2025 OCEANEs), with only EUR0.6m
remaining nominal. This reduces future dilution risk and improves financial clarity.
Focus on ACLF execution; VS-01 data remains the pivotal catalyst
▪ R&D investments are focused on Genfit’s ACLF franchise: VS-01 (phase II UNVEIL-IT trial ongoing)
G1090N (clinical stage)
SRT-015, CLM-022 and VS-02-HE (preclinical)
▪ GNS561 (cholangiocarcinoma) also continues development.
▪ The interim phase II readout from VS-01, expected in H2 2025, remains the key catalyst to watch, with the potential to reshape the equity story if positive.
KEPLER CHEUVREUX and the issuer have agreed that KEPLER CHEUVREUX will produce