Quantum Genomics (Euronext Growth - FR0011648971 - ALQGC), is pleased to announce its financial results for the first half of 2023 today.
The semi-annual financial statements were approved by the Board of Directors during the meeting held on October 23, 2023. The limited review procedures of the semi-annual financial information by the Auditor are complete, and their report has been published. Audited financial statements (including complete financial statements and appendices) are available on Quantum Genomics' website: www.quantum-genomics.com, under the "Investors" section.
Preserving a Sound Financial Position to Redirect the Company's Activities
The results for the first half reflect the cessation of firibastat development and the subsequent restructuring period to preserve the company's financial position and redirect its activities. As of the end of June 2023, operating revenue amounted to €29,000, compared to €3.0 million a year earlier.
To reduce its fixed cost structure, Quantum Genomics restructured its Board of Directors and organization by eliminating functions related to the firibastat market placement process. As a result, the operating income stands at -€2.0 million, compared to -€9.6 million at the end of June 2022. Personnel expenses have decreased by 16%, including costs associated with the departure of several employees. Other operating expenses have decreased by €10.3 million, in line with the cessation of all scientific development. The net result is -€2.0 million as of June 30, 2023. Free cash flow (the amount of net cash outflows related to operations) is €5.6 million for the period.
At the end of this semester, the company's equity amounts to €1.6 million, compared to €3.6 million as of December 31, 2022. The available cash balance is €2.8 million as of June 30, 2023, compared to €10.4 million as of December 31, 2022, with an additional €2.5 million in Research Tax Credit for 2022. Financial debts amount to €2.9 million and correspond to a PGE (French government-backed loan) obtained from BNP and an R&D loan from BPI, the main characteristics of which are presented below:
|Banks||Initial amount||date of 1st reimbursment||Periodicity||Amount||Date of end of reimbursment||Capital to be paid as of June 30, 2023|
During the semester, the company worked closely with its suppliers and service providers and, in June 2023, finalized the payment of €5.8 million for the settlement of all outstanding supplier debts.
As of the date of this press release, the cash balance is €4.5 million, following the receipt of €2.5 million for the 2022 Research Tax Credit.
Summary of Financial Data as of June 30, 2023
|Data in €'000 (French standards)||June 30, 2023||June 30, 2022|
|Operating income||10,1||2 912,6|
|Personnel expenses||(1 042,9)||(1 249 ,9)|
|Other operating costs||(977,5)||(11 288,2)|
|Operating result||(1 991,2)||(9 624,8)|
|Current result before tax||(1 989,4)||(9 633,4)|
|Research tax credit||0||1 212,3|
|Net result||(1 985,6)||(8 847,8)|
Following the termination of exclusive negotiations with Vistacare Medical, the company resumed discussions with non-listed HealthTech companies that meet its selection criteria: a major field of activity, an innovative and distinctive project, internationally replicable expertise, and a high-performing team complementary to Quantum Genomics.
Based in Paris, the company is listed on the Euronext Growth market in Paris (FR0011648971 - ALQGC).
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