-- EUR6.5 million collected from paid early access programs; after
recognition of rebates and a EUR4.3 million non-cash change in accounting
estimate, reported IFRS revenue amounted to EUR(1.2) million.
-- Net cash used in operating activities was reduced by 37% to EUR1.6
million.
-- GS010/LUMEVOQ(R) manufacturing technology transfer to Catalent
successfully completed; manufacturing of a new GMP batch for early access
programs has started.
-- REVISE dose-ranging study is on track, with the last patient scheduled
for December 2026.
PARIS--(BUSINESS WIRE)--September 29, 2026--
Regulatory News:
GenSight Biologics (Euronext: SIGHT, ISIN: FR0013183985, PEA-PME eligible), a biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders, today reported its interim financial results for the first half of 2026 and provided business updates.
The 2026 half-year condensed consolidated financial statements were subject to a limited review by the Company's statutory auditors and approved by the Board of Directors on September 29, 2026. The statutory auditors' review report includes an emphasis of matter paragraph drawing attention to the material uncertainty related to going concern described in Note 3.4 of the condensed consolidated financial statements. The full half-year financial report will be available on the Company's website in the Investors section.
"The first half of 2026 marked a turning point for GenSight: for the first time since 2022, patients received GS010/LUMEVOQ(R) under authorized paid early access programs, and as a result, we collected EUR6.5 million over the period," noted Jan Eryk Umiastowski, Chief Financial Officer of GenSight Biologics. "The negative revenue reported for the first half reflects future rebates and a one-off non-cash change in accounting estimate and so does not capture the stronger cash collection the company actually achieved. Early access revenues enabled us to reduce our operating cash burn by 37% to EUR1.6 million in the first half. With the successful transfer of our manufacturing process to Catalent, our priority now is to secure the structural financing for the RECOVER Phase III trial."
Business Updates
Manufacturing
The technology transfer to Catalent has been completed, with both the upstream and downstream stages successful. As announced on September 8, 2026, the viral genome (vg) titer of the engineering batch drug substance was within target specifications, and its reproducibility indicated that the transferred process would have repeatable yields. The full battery of drug substance test results, received at the end of the summer, has now confirmed the successful transfer of the process.
Manufacturing of a new GMP batch to sustain product supply for the Company's early access programs has started.(1) This manufacturing run is expected to be completed in January 2027, with full release of the drug product batch expected in March 2027.
With twice the number of vials needed to satisfy early access needs until release of the new GMP batch, the Company does not currently anticipate a supply interruption.
Clinical Activities
All remaining patients planned for REVISE, the dose-ranging study conducted in France at the request of the French health agency ANSM, have been identified. The last patient is scheduled for December 2026.
RECOVER Phase III Trial
Preparation of the RECOVER Phase III trial is ongoing. The trial is currently expected to start in the second half of 2027, subject to the Company securing the necessary financing.
From a clinical operations standpoint, the Company initiated the selection process for the contract research organization (CRO) in July 2026 and expects to reach the final decision by the end of October 2026. The potential clinical sites are currently being assessed.
From a regulatory standpoint, the next meeting with the U.S. Food and Drug Administration (FDA) to finalize the RECOVER protocol is expected to take place before the end of 2026.
Early Access Programs
In France, patient screening under the authorized named patient early access program (AAC) resumed after the summer break, during which applications had been paused. Treatments have resumed and the related payments, amounting to EUR1.7 million, were received in early September 2026.
First-half revenue includes the first sale to our partner in Israel, invoiced and collected in June 2026, ahead of the patient's treatment in July. Treatments under paid early access programs in other countries are expected to be carried out in the remainder of 2026.
2026 Half-Year Financial Results (IFRS)
EUR6.5 million cash collected, EUR(1.2) million reported revenue
In the first half of 2026, the Company generated EUR6.5 million of gross revenue under its paid early access programs in France (AAC, from March 2026, at a price of EUR425,000 per injection) and Israel.
Under IFRS 15, revenue under the French early access framework must be recognized net of the rebates that the Company expects to pay in the future, even though none of these rebates is payable in 2026. Reported revenue therefore amounted to EUR(1.2) million:
In million euros H1 2026 Cash impact
------------------------------- ------- -------------------------------
Gross revenue from paid
early access programs
(France, Israel) 6.5 Collected
------------------------------- ------- -------------------------------
Rebates accrued on 2026
revenue (3.4) No cash outflow in 2026
------------------------------- ------- -------------------------------
o/w statutory AAC
rebate (1.9) Payable in November 2027
------------------------------- ------- -------------------------------
Payable after marketing
o/w estimated CEPS authorization and final price
settlement rebate (1.5) negotiation
------------------------------- ------- -------------------------------
Net revenue before change in
estimate 3.1
-------------------------------- ------- -------------------------------
Change in accounting
estimate (end of
discounting of the legacy
ATU refund liability) (4.3) One-off, non-cash
------------------------------- ------- -------------------------------
Reported revenues (1.2)
-------------------------------- ------- -------------------------------
Figures are rounded; totals may not add up.
Rebates accrued on 2026 revenue (EUR3.4 million, no cash outflow in 2026). They comprise (i) the statutory AAC rebate, calculated on a progressive scale set by the French authorities on the revenue of the previous year, estimated at EUR1.9 million for the first half of 2026 and payable in November 2027; and (ii) the estimated CEPS settlement rebate, i.e. the amount the Company may have to repay when the provisional indemnities received under early access are reconciled with the final price negotiated with the French Economic Committee for Health Products (CEPS). This reconciliation can only take place after marketing authorization and completion of price negotiations. It is based on management's estimate of the final price and may ultimately result in an additional payment or a credit.
One-off, non-cash change in accounting estimate (EUR(4.3) million). The refund liability relating to indemnities received under the former ATU program (2019--2022) was previously measured on a discounted basis. At June 30, 2026, in light of the resumption of material early access revenue and of the uncertainty surrounding the timing of the final price reconciliation, which depends on the completion of development, financing, the regulatory review of a marketing authorization application and subsequent price negotiations, the Company concluded that the CEPS settlement rebate should be measured at its nominal amount, without discounting. In accordance with IAS 8, this change in accounting estimate was recognized prospectively: the reversal of the discount previously recognized reduced revenue by EUR4.3 million. It has no impact on cash and does not change management's estimate of the nominal amount ultimately payable; it increased the carrying amount of the refund liability. It also means that no discount unwinding will be charged to revenue in future periods.
Refund liability. As a result, the refund liability amounted to EUR13.2 million as of June 30, 2026, compared to EUR5.0 million as of December 31, 2025. It comprises EUR11.3 million for the CEPS settlement rebate, presented as due in more than five years and not expected to be paid before the conclusion of the price negotiation, and EUR1.9 million for the statutory AAC rebate payable in November 2027. The refund liability is not financial debt.
Key figures
In million euros H1 2025 H1 2026
--------------------------------------------- ------- -------
Revenues (0.2) (1.2)
---------------------------------------------- ------- -------
Other income 0.3 0.4
---------------------------------------------- ------- -------
Operating income 0.0 (0.9)
---------------------------------------------- ------- -------
Research and development expenses (4.3) (4.7)
---------------------------------------------- ------- -------
Sales and marketing expenses (0.2) (0.5)
---------------------------------------------- ------- -------
General and administrative expenses (2.3) (2.5)
---------------------------------------------- ------- -------
Operating profit (loss) (6.8) (8.5)
---------------------------------------------- ------- -------
Financial income (loss) (0.2) (1.7)
---------------------------------------------- ------- -------
Net income (loss) (7.0) (10.3)
---------------------------------------------- ------- -------
EPS (in EUR per share) (0.05) (0.05)
---------------------------------------------- ------- -------
Net cash flows from operating activities (2.5) (1.6)
---------------------------------------------- ------- -------
Net cash flows from investing activities (0.1) (0.1)
---------------------------------------------- ------- -------
Net cash flows from financing activities 0.3 1.0
---------------------------------------------- ------- -------
Net cash flows (2.2) (0.6)
---------------------------------------------- ------- -------
Effect of exchange rates on cash 0.0 (0.1)
---------------------------------------------- ------- -------
Cash and cash equivalents at closing 0.3 1.7
---------------------------------------------- ------- -------
Figures are rounded; totals may not add up.
Operating income amounted to EUR(0.9) million in the first half of 2026, compared to EUR0.0 million in the first half of 2025. It reflects the negative reported revenues of EUR1.2 million, discussed above, and the positive impact of the research tax credit $(CIR)$.
The research tax credit (Crédit d'Impôt Recherche) amounted to EUR0.4 million in the first half of 2026, compared to EUR0.3 million in the first half of 2025, reflecting higher eligible R&D expenditure following the strengthening of the Company's teams and the start of the REVISE study. The 2025 research tax credit of EUR0.8 million was received on July 30, 2026.
Research and development expenses increased by 9.0%, or EUR0.4 million, to EUR4.7 million in the first half of 2026, compared to EUR4.3 million a year earlier. The increase mainly reflects higher personnel costs following the strengthening of the Company's teams to support the early access programs and the manufacturing technology transfer to Catalent, including the appointment in February 2026 of two senior Regulatory Affairs and Quality executives, as well as higher licensing and intellectual property costs. Subcontracting costs remained stable at EUR2.6 million and included the engineering run at Catalent and the start of the REVISE study.
Sales and marketing expenses amounted to EUR0.5 million in the first half of 2026, compared to EUR0.2 million a year earlier. The increase mainly reflects the commissions paid to an intermediary in connection with the paid named patient early access program in Israel.
General and administrative expenses increased by 9.6%, or EUR0.2 million, to EUR2.5 million in the first half of 2026, compared to EUR2.3 million a year earlier, mainly due to the accelerated depreciation of leasehold improvements ahead of the Company's planned office move before year-end. Professional fees remained stable at EUR0.9 million, reflecting continued disciplined cost management.
Operating loss amounted to EUR(8.5) million in the first half of 2026, compared to EUR(6.8) million in the first half of 2025. The EUR1.7 million increase reflects the EUR1.0 million decline in reported revenue, from EUR(0.2) million to EUR(1.2) million, and the EUR0.8 million increase in operating expenses described above, partly offset by the EUR0.1 million increase in other income. Excluding the EUR(4.3) million non-cash change in accounting estimate, the operating loss would have amounted to EUR(4.2) million.
Financial income (loss) amounted to EUR(1.7) million in the first half of 2026, compared to EUR(0.2) million a year earlier. The change mainly reflects a lower non-cash gain on the change in fair value of warrants (EUR0.3 million, compared to EUR2.2 million in the first half of 2025). Financial expenses mainly include interest and amortized cost on borrowings (EUR(1.1) million) and the non-cash amortization of the Day-1 loss on warrants (EUR(0.9) million).
Net loss for the first half of 2026 amounted to EUR(10.3) million, compared to EUR(7.0) million in the first half of 2025. The loss per share (based on the weighted average number of shares outstanding over the period) amounted to EUR(0.05) in both periods.
Net cash flows from operating activities improved to EUR(1.6) million in the first half of 2026, from EUR(2.5) million a year earlier. The improvement mainly reflects collections under the early access programs in France and Israel, which offset the increase in operating expenses.
Net cash flows from investing activities amounted to EUR(0.1) million in both periods.
Net cash flows from financing activities amounted to EUR1.0 million in the first half of 2026, compared to EUR0.3 million a year earlier, reflecting EUR1.4 million of proceeds from share and warrant issuances, mainly in connection with the financing completed in March 2026 with Heights Capital, Invus and UPMC Enterprises, partly offset by lease repayments and interest. No financial debt was repaid in cash during the period.
Cash and cash equivalents amounted to EUR1.7 million as of June 30, 2026, compared to EUR2.4 million as of December 31, 2025 and EUR0.3 million as of June 30, 2025.
Other Financial Updates
Cash position since June 30, 2026
The Company received the 2025 research tax credit of EUR0.8 million on July 30, 2026. As no AAC treatments were performed in France between late June and early September 2026 due to the summer pause, cash and cash equivalents amounted to EUR0.6 million as of August 31, 2026. Following the resumption of treatments, the Company received EUR1.7 million under the French AAC program in early September 2026.
Funding requirement and cash runway
Based on its current cash position and projected cash flows, the Company's available financial resources are not sufficient to cover its operating requirements over the next twelve months. Over the period to September 30, 2027, total cash requirements are estimated at approximately EUR41 million. Early access revenues and the research tax credit are expected to more than cover the Company's operating expenses, and the net funding requirement is estimated at approximately EUR16 million, mainly corresponding to the costs of preparing the RECOVER Phase III trial and the associated manufacturing.
Assuming the Company secures, by the end of November 2026, either a short-term bridge financing of up to EUR2 million or cash inflows from additional early access treatments beyond those assumed in its projections, its cash resources are sufficient until late March 2027, when the first significant payments for the preparation of the RECOVER trial fall due. Should the structural financing not be obtained by March 2027, the Company would postpone the start of the RECOVER trial; in that case, early access revenues would continue to cover the Company's operating expenses, subject to the timing of treatments and the continuation of the early access programs.
Once the RECOVER trial starts, eligible patients in France are expected to enroll in the trial rather than being treated under the AAC program. Early access revenues would therefore decrease significantly during the enrollment period, expected to last approximately one year, and the structural financing will also need to fund operating expenses during that period.
Financial debt
As of June 30, 2026, the Company's financial debt amounted to EUR22.6 million in nominal amount (carrying amount: EUR17.8 million), consisting of:
-- EIB loan, Tranche A: EUR9.5 million (nominal amount plus accrued
interest), repayable in a single bullet payment in February 2028;
-- Convertible bonds held by Heights Capital: EUR5.7 million nominal
amount, repayable in quarterly installments of EUR0.7 million, in cash or
in shares at the Company's option, until December 2027. The June and
September 2026 installments have been deferred to December 2027, and the
Company's projections assume that no installment is paid in cash over the
next twelve months;
-- Bpifrance conditional advances: EUR7.2 million (nominal amount plus
accrued interest), repayable in quarterly installments starting in June
2026. The first installment of EUR138 thousand was paid on July 7, 2026,
and the Company is in discussions with Bpifrance regarding the timing of
future repayments, taking into account the delay of the GS030 program.
No principal repayment under the EIB loan falls due before September 30, 2027. Significant payments fall due between November 2027 and February 2028, including the AAC statutory rebate (approximately EUR4.0 million), the remaining Heights installments and EIB Tranche A (EUR9.8 million including accrued interest). The Company intends to refinance these debt maturities through a new debt facility, for which discussions are ongoing.
Going Concern Assessment
Key Assumptions
The Board of Directors has prepared the condensed half-year consolidated financial statements on a going concern basis, on the basis of cash flow projections through September 30, 2027 that rely on the following key assumptions:
-- Early access revenues: the continued execution of the AAC program in
France and of other paid early access programs, generating, together with
the research tax credit, revenues sufficient to cover the Company's
operating expenses (excluding costs associated with the RECOVER trial).
The Company cannot predict precisely the timing of treatments;
-- Amortization of the Heights convertible notes: Management's base-case
cash flow projections assume that scheduled instalment payments falling
due during the assessment period will not result in cash outflows, either
because they will be settled through the issuance of new ordinary shares
or because the Noteholder will elect to defer the relevant scheduled
instalment payments in accordance with the contractual terms;
-- Bridge financing or additional EAP treatments: the availability of a
short-term bridge financing of up to EUR2 million pending the structural
financing or, alternatively, a higher number of patients treated under
the early access programs than assumed in the projections, in Q4 2026 or
early 2027, depending on cash requirements, which are closely monitored;
-- Structural financing: securing, before the end of March 2027, the net
funding requirement described above, from one or more of the following
sources: equity financing, debt financing, the expansion of paid early
access programs beyond France and Israel, and out-licensing arrangements
outside the United States and Europe, partnering or M&A transactions.
Failing such financing by that date, the start of the RECOVER trial would
be postponed;
-- Manufacturing: the Company's ability to manage manufacturing campaigns
with its contract manufacturing organizations in a timely manner, so as
to rebuild product inventories for treatments expected in 2027 and 2028.
Material Uncertainty
While management believes that the Company will be able to raise additional funds and/or complete partnering or M&A transactions, there can be no assurance that such transactions will be completed on a timely basis, in sufficient amounts or on acceptable terms. Failure to secure adequate funding could require the Company to significantly curtail or delay its operating plans, and could ultimately lead to insolvency proceedings or the cessation of all or part of its operations. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, on its ability to realize its assets and discharge its liabilities in the normal course of business.
About GenSight Biologics
GenSight Biologics S.A. is a clinical-stage biopharma company focused on discovering and developing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. GenSight Biologics' pipeline leverages two core technology platforms, the Mitochondrial Targeting Sequence (MTS) and optogenetics, to develop novel approaches for restoring vision in patients with inherited retinal neurodegenerative diseases. GenSight Biologics' lead product candidate, GS010, is in Phase III clinical development in Leber Hereditary Optic Neuropathy (LHON), a rare mitochondrial disease that leads to irreversible blindness in teens and young adults. The company's second product candidate, GS030, is in Phase 1/2 clinical development as a mutation-agnostic optogenetic candidate therapy for late-stage Retinitis Pigmentosa, a leading cause of blindness in the world. Using gene therapy-based approaches, GenSight Biologics' product candidates are designed to be administered as one-time intravitreal injections with the potential to provide sustained functional visual recovery.
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's cash runway and funding requirements, its financing and refinancing plans, the expected timing of manufacturing activities, including the completion and release of the GMP batch and the sufficiency of existing product inventory, the progress of its early access programs and the related revenues and rebates, the timing of the REVISE study, the preparation and timing of the RECOVER Phase III trial, including the selection of a CRO and interactions with the FDA, and the future expectations, plans and prospects of the Company. Words such as "anticipates," "believes," "expects," "intends," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the Company's ability to secure financing, the timing and number of treatments under early access programs, the outcome of price negotiations with the French authorities, manufacturing and regulatory risks, market conditions and the risk factors and other matters set forth in the filings the Company makes with the AMF from time to time, including its 2025 Universal Registration Document. The Company expressly disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of June 30, As of December 31,
-------------- ------------------
In thousands of euros 2026 2025
ASSETS
----------------------------------- -------------- ------------------
Non-current assets
----------------------------------- -------------- ------------------
Intangible assets -- --
----------------------------------- -------------- ------------------
Property, plant and equipment 287 427
------------------------------------ -------------- ------------------
Other non-current financial assets 2,018 2,847
------------------------------------ -------------- ------------------
Total non-current assets 2,305 3,274
------------------------------------ -------------- ------------------
Current assets
----------------------------------- -------------- ------------------
Trade accounts receivable -- --
----------------------------------- -------------- ------------------
Other current assets 2,498 2,567
------------------------------------ -------------- ------------------
Cash and cash equivalents 1,672 2,415
------------------------------------ -------------- ------------------
Total current assets 4,171 4,982
------------------------------------ -------------- ------------------
TOTAL ASSETS 6,475 8,256
------------------------------------ -------------- ------------------
As of June 30, As of December 31,
------------------------------------- -------------- ------------------
In thousands of euros 2026 2025
------------------------------------- -------------- ------------------
LIABILITIES
------------------------------------- -------------- ------------------
Shareholders' equity
------------------------------------- -------------- ------------------
Share capital 5,886 5,522
-------------------------------------- -------------- ------------------
Premiums related to the share capital 218,631 217,405
-------------------------------------- -------------- ------------------
Reserves (247,849) (235,833)
-------------------------------------- -------------- ------------------
Net income (loss) (10,271) (12,036)
-------------------------------------- -------------- ------------------
Total shareholders' equity
attributable to equity holders of the
Company (33,603) (24,942)
-------------------------------------- -------------- ------------------
Non-current liabilities
------------------------------------- -------------- ------------------
Corporate bonds -- non-current portion 1,879 2,382
-------------------------------------- -------------- ------------------
Derivative liabilities -- non-current
portion 345 656
-------------------------------------- -------------- ------------------
Borrowings from Banks -- non-current
portion 7,413 6,835 -------------------------------------- -------------- ------------------ Conditional advances -- non-current portion 4,320 4,565 -------------------------------------- -------------- ------------------ Lease liability -- non-current portion -- 4 -------------------------------------- -------------- ------------------ Other liabilities -- non-current portion 13,188 4,983 -------------------------------------- -------------- ------------------ Non-current provisions 1,104 1,104 -------------------------------------- -------------- ------------------ Total non-current liabilities 28,249 20,529 -------------------------------------- -------------- ------------------ Current liabilities ------------------------------------- -------------- ------------------ Corporate bonds -- current portion 3,179 3,120 -------------------------------------- -------------- ------------------ Derivative liabilities -- current portion -- -- ------------------------------------- -------------- ------------------ Borrowings from Banks -- current portion 185 176 -------------------------------------- -------------- ------------------ Conditional advances -- current portion 776 396 -------------------------------------- -------------- ------------------ Lease liability -- current portion 181 346 -------------------------------------- -------------- ------------------ Trade accounts payable 5,408 5,922 -------------------------------------- -------------- ------------------ Current provisions -- -- ------------------------------------- -------------- ------------------ Other current liabilities 2,100 2,708 -------------------------------------- -------------- ------------------ Total current liabilities 11,829 12,669 -------------------------------------- -------------- ------------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,475 8,256 -------------------------------------- -------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
For the six-month period ended June 30,
------------------------------ -----------------------------------------
In thousands of euros 2026 2025
------------------------------ --------------------- ------------------
Operating income
------------------------------ --------------------- ------------------
Revenues (1,210) (219)
------------------------------- --------------------- ------------------
Other income 353 267
------------------------------- --------------------- ------------------
Total operating income (856) 47
------------------------------- --------------------- ------------------
Operating expenses
------------------------------ --------------------- ------------------
Research and development 4,672 4,285
------------------------------- --------------------- ------------------
Sales and marketing 456 227
------------------------------- --------------------- ------------------
General and administrative 2,549 2,326
------------------------------- --------------------- ------------------
Total operating expenses 7,678 6,837
------------------------------- --------------------- ------------------
Operating profit (loss) (8,534) (6,790)
------------------------------- --------------------- ------------------
Financial income (loss) (1,736) (187)
------------------------------- --------------------- ------------------
Income tax (1) 9
------------------------------- --------------------- ------------------
Net income (loss) (10,271) (6,967)
------------------------------- --------------------- ------------------
Basic and diluted earnings
(loss) per share (0.05) (0.05)
------------------------------- --------------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the six-month period ended June 30,
------------------------------ -----------------------------------------
In thousands of euros 2026 2025
------------------------------ --------------------- ------------------
Net income (loss) (10,271) (6,967)
------------------------------- --------------------- ------------------
Actuarial gains and losses on
employee benefits, net of
income tax -- --
------------------------------ --------------------- ------------------
Foreign currency translation
differences, net of income
tax (111) 385
------------------------------- --------------------- ------------------
Total comprehensive income
(loss) (10,382) (6,582)
------------------------------- --------------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six-month period ended June 30,
------------------------------ -----------------------------------------
In thousands of euros 2026 2025
------------------------------ --------------------- ------------------
Cash flows from operating
activities
------------------------------ --------------------- ------------------
Net income (loss) (10,271) (6,967)
------------------------------- --------------------- ------------------
Operating activities
------------------------------ --------------------- ------------------
Amortization and depreciation 206 172
------------------------------- --------------------- ------------------
Retirement pension obligations -- --
------------------------------ --------------------- ------------------
Expenses related to share-based
payments 139 237
------------------------------- --------------------- ------------------
Other financial items 1,705 (94)
------------------------------- --------------------- ------------------
Other non-monetary items 11 --
------------------------------ --------------------- ------------------
Operating cash flows before
change in working capital (8,210) (6,653)
------------------------------- --------------------- ------------------
Accounts receivable -- --
------------------------------ --------------------- ------------------
Accounts payable, net of
prepayments 575 2,528
------------------------------- --------------------- ------------------
Other receivables (1,513) 544
------------------------------- --------------------- ------------------
Other current and non-current
liabilities 7,593 1,122
------------------------------- --------------------- ------------------
Change in working capital 6,655 4,193
------------------------------- --------------------- ------------------
Net cash flows from operating
activities (1,555) (2,459)
------------------------------- --------------------- ------------------
Acquisitions of property,
plant and equipment (66) --
------------------------------ --------------------- ------------------
Acquisitions of intangible
assets -- --
------------------------------ --------------------- ------------------
Acquisitions/reimbursement of
non-current financial assets (2) --
------------------------------ --------------------- ------------------
Acquisitions/reimbursement of
current financial assets -- (53)
------------------------------- --------------------- ------------------
Net cash flows from investing
activities (68) (53)
------------------------------- --------------------- ------------------
Cash flows from financing
activities
------------------------------ --------------------- ------------------
New borrowings obtained -- --
------------------------------ --------------------- ------------------
Interest expenses (177) (218) ------------------------------- --------------------- ------------------ Repayment of obligation under bond and bank financings -- -- ------------------------------ --------------------- ------------------ Repayment of obligation under finance leases (176) (354) ------------------------------- --------------------- ------------------ Treasury shares (8) 36 ------------------------------- --------------------- ------------------ Repayment of borrowings -- -- ------------------------------ --------------------- ------------------ Subscription and exercise of share warrants 426 160 ------------------------------- --------------------- ------------------ Capital increases, net of transaction costs 929 688 ------------------------------- --------------------- ------------------ Net cash flows from financing activities 994 311 ------------------------------- --------------------- ------------------ Increase/(decrease) in cash and cash equivalents (629) (2,201) ------------------------------- --------------------- ------------------ Cash and cash equivalents at beginning of the period 2,415 2,464 ------------------------------- --------------------- ------------------ Effect of changes in exchange rates on cash and cash equivalents (114) 8 ------------------------------- --------------------- ------------------ Cash and cash equivalents at end of period 1,672 270 ------------------------------- --------------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Premiums
related
to the Net Total
share income Shareholders'
Share Capital capital Reserves (loss) Equity
-------------- -------- --------- -------- -------------
In thousands
of euros,
except for
number of Number
shares of shares Amount
-------------- ----------- ------ -------- --------- -------- -------------
Balance at
January 1,
2026 220,890,398 5,522 217,405 (235,833) (12,036) (24,942)
--------------- ----------- ------ -------- --------- -------- -------------
Net income
(loss) for the
period -- -- -- -- (10,271) (10,271)
--------------- ----------- ------ -------- --------- -------- -------------
Cumulative
translation
adjustment -- -- -- (111) -- (111)
--------------- ----------- ------ -------- --------- -------- -------------
Other
comprehensive
income -- -- -- 0 -- 0
--------------- ----------- ------ -------- --------- -------- -------------
Total
comprehensive
income (loss) 0 0 0 (111) (10,271) (10,382)
--------------- ----------- ------ -------- --------- -------- -------------
Allocation of
prior period
net income
(loss) -- -- -- (12,036) 12,036 0
--------------- ----------- ------ -------- --------- -------- -------------
Allocation to
reserves -- -- -- -- -- 0
--------------- ----------- ------ -------- --------- -------- -------------
Capital
increase by
issuance of
ordinary
shares 14,153,928 354 871 -- -- 1,225
--------------- ----------- ------ -------- --------- -------- -------------
Capital
increase
transaction
costs -- -- (105) -- -- (105)
--------------- ----------- ------ -------- --------- -------- -------------
Exercise and
subscription
of equity
instruments 410,000(1) 10 459 -- -- 470
--------------- ----------- ------ -------- --------- -------- -------------
Treasury shares -- -- -- (8) -- (8)
--------------- ----------- ------ -------- --------- -------- -------------
Share-based
payments -- -- -- 139 -- 139
--------------- ----------- ------ -------- --------- -------- -------------
Balance at June
30, 2026 235,454,326 5,886 218,631 (247,849) (10,271) (33,603)
--------------- ----------- ------ -------- --------- -------- -------------
(1) In June 2026, 410,000 shares were issued following the vesting of free share
plans, and 18,424,392 new warrants and 4,270,464 pre-funded warrants were
subscribed but have not yet been exercised.
_________________________
(1) GS010/LUMEVOQ is an investigational gene therapy that has not received
marketing authorization in any country.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260929696379/en/
CONTACT: GenSight Biologics
Chief Financial Officer
Jan Eryk Umiastowski
jeumiastowski@gensight-biologics.com