GenSight: cash flow reassures, share price rises

(CercleFinance.com) - GenSight Biologics said on Tuesday that it was well positioned to make further progress towards its objectives following its recent capital increase and the renegotiation of its receivables.


The biopharmaceutical company - which emphasizes its "rigorous" financial discipline - reports that its cash position stood at 6.9 million euros at June 30, compared with 2.1 million euros at the end of 2023.

The company - which completed a capital increase of 9.2 million euros in May - believes that its working capital is now sufficient to enable it to meet its obligations until the beginning of the fourth quarter of 2024.

Taking into account the potential revenues generated by the resumption of the Compassionate Access Program (CAP), GenSight believes it can extend its cash horizon to the third quarter of 2025, the date of payment of regulatory rebates.

As a reminder, manufacturing of Lumevoq, its gene therapy for the treatment of Leber's hereditary optic neuropathy (NOHL), was successfully completed in July.

Vials from the batch are currently being tested for compliance with required quality control standards, with results expected in early September.

If the quality control criteria are met, the company could resume the AAC program at the end of the third quarter of 2024, offering more than 100 vials to patients.

Following these announcements, GenSight Biologics shares climbed 15% on Tuesday on the Paris Bourse.

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