Genomic Vision: 2021 annual results

BAGNEUX, France–(BUSINESS WIRE)–Regulatory news:

Genomic vision (FR0011799907 – GV – the “Company”) (Paris:GV), a biotechnology company that develops tools and services dedicated to the analysis and control of genome modifications, today published its annual financial results as of December 31, 20211.

2021 annual results

(in thousands of euros – IFRS)

2021

2020

Sales

994

1,084

Other income

419

220

Total activity income

1,413

1,304

Current operating expenses

(6,273)

(6,638)

Current operating loss

(4,860)

(5,334)

Other operating expenses/income

(34)

180

Operating loss

(4,895)

(5,153)

Cost of financial debt and other financial charges/income

(67)

(24)

Net loss

(4,998)

(5,177)

Total activity income for the financial year to December 31, 2021 amounted to €1,413 thousand, up 9% compared to the financial year to December 31, 2020, and breaks down as follows:

  • Sales €994,000 in 2021, down 8% compared to 2020, each of these two years including the sale of a platform. It should be noted that in 2021 commercial activity was slowed down by the Covid-19 crisis and the global focus on virology research and the stoppages of activity linked to successive confinements in certain countries. In particular, orders for consumables such as slats were affected. Sales of the platform have also experienced a sharp slowdown, as travel restrictions have made commercial prospecting difficult.
  • other income €419,000 over the year to December 31, 2021, corresponding to the Research Tax Credit, the increase of which results directly from the refocusing of the Company on its Research & Development activities in 2021.

Current operating expenses decreased by 5.5% to €6.3 million and mainly breaks down as follows, in addition to cost of sales:

  • 2.7 million euros in R&D expenditure, up 35%, reflecting the refocusing of the Company on projects with higher added value. 2021 enabled it to pursue the development of priority projects with high added value, such as the launch of TeloSizer® for the precise detection and quantitative measurement of telomere length;

  • €1 million in Sales & Marketing expenses, down 39% compared to December 31, 2020;

  • 2 million euros in general and administrative expenses, down 12% compared to December 31, 2020, demonstrating good control of these expenses.

Operating loss and net loss at December 31, 2021 amounted to -€4.9 million and -€5 million respectively, an improvement of 5% and 3.5% compared to the previous year, despite an increase in the workforce of 32 %, reflecting good control of other expenses.

The Company’s total workforce was 33 people as of December 31, 2021, compared to 25 a year earlier.

Financial structure

The Company does not have sufficient net working capital to cover its obligations and operating cash requirements for the next twelve months.

The financial statements as of December 31, 2021 have nevertheless been drawn up in compliance with the principle of operational continuity, taking into account in particular the following elements:

  • as of December 31, 2021, “Cash and cash equivalents” amounted to €2.3 million.

  • on the basis of its proposed development plan, the Company estimates that its available cash will enable it to finance its activities until the end of May 2022 (excluding the exercise of the Winance and Bracknor/Negma BSAs already in circulation) and that its cash requirements allowing it to continue its activities in 2022 are estimated at 4 million euros.

  • in order to cover its working capital requirement, the Company has decided to set up a financing line with Winance via the signing, on June 11, 2020, of an OCABSA (Obligations Convertibles à Bons) issuance contract, of which it used €6 million gross (€5.7 million net of fees) out of a possible €12 million. The Company can no longer use this line of financing given the expiry of the Prospectus relating to this transaction, which was to expire in June 2022 anyway.

  • in this context, the Company has decided to set up a new line of financing with Winance by signing a new contract on April 11, 2022 providing for the provision of a maximum of 15 tranches of €2 million each, i.e. up to €30 million, subject to the following conditions precedent:

    • the granting of the AMF visa for the new Prospectus,

    • prior approval of the transaction by the shareholders of the Company gathered at an Extraordinary General Meeting scheduled for May 23, 2022,

    • the drawdown conditions for each tranche being met, in particular that the share price not be lower than the nominal value of the share.

In the event that one or more of these conditions precedent – ​​which are not all in the hands of the Company – are not fulfilled within the time limits set, the Company may then not be able to realize its assets and liabilities and to settle their debts on time. in the normal course of its activities, and the application of IFRS accounting rules and principles in the normal course of the pursuit of its activities, in particular with regard to the valuation of assets and liabilities, could prove to be inappropriate. Consequently, this situation generates a significant uncertainty on the going concern.

Governance

Jérôme Vailland, Chief Financial Officer of Genomic Vision, has decided to leave the Company to pursue other projects.

Financial publication to come

  • First-quarter 2022 revenue, Thursday, May 5, 2022

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ABOUT GENOMIC VISION

GENOMIC VISION is a biotechnology company developing products and services dedicated to the analysis (structural and functional) of genome modifications as well as the control of the quality and safety of these modifications, in particular in gene editing technologies. genome and biofabrication processes. Genomic Vision’s proprietary tools, based on DNA combing technology and artificial intelligence, provide robust quantitative measurements needed for highly reliable characterization of DNA damage in the genome. These tools are mainly used to monitor DNA replication in cancer cells, for the early detection of cancer and the diagnosis of genetic diseases. Genomic Vision, based near Paris in Bagneux, is a listed company listed on compartment C of the regulated market of Euronext in Paris (Euronext: GV – ISIN: FR0011799907).

For more information, please visit www.genomicvision.com

Member of the CAC® medium and small and CAC® All tradable index

FORWARD-LOOKING STATEMENT

This press release implicitly or explicitly contains certain forward-looking statements regarding Genomic Vision and its business. These forward-looking statements are based on assumptions that Genomic Vision believes are reasonable. However, there can be no assurance that these forward-looking statements will be verified, which are subject to numerous risks, including the risks set out in the “Risk Factors” section of the Universal Registration Document filed with the AMF on February 9. 2021 under number R.21-002, available on the Genomic Vision website (www.genomicvision.com) and changes in economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of any or all of these risks could cause the actual results, financial conditions, performance or achievements of Genomic Vision to differ materially from these forward-looking statements.

This press release and the information it contains do not constitute and should not be construed as an offer or invitation to sell or subscribe, or the solicitation of an order or an invitation to buy or subscribe for Genomic shares. Vision in any country. Distribution of this press release in certain countries may violate applicable laws. Persons into whose possession this communication comes should inform themselves about and comply with any local restrictions.

1 The financial statements were approved by the Supervisory Board on April 19, 2022. The statutory auditors’ certification report will be issued following the current audit procedures.

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