- Post period event: Received shareholder loan of €3 million from
BPIFrance andSofinnova . Extension of the maturity of outstanding notes €1.25 million, Implemented a reverse stock split, exchanging 50 old to 1 current share, applied for and obtained safeguard proceeding, applied for conversion of the safeguard proceeding to a court-ordered receivership and announced the opening of a process to find a buyer - Current cash runway until was extended to the end of
December 2023 with the opening of the safeguard proceeding - Cash position at
30 June 2023 was €3.7 million
Despite implementing the below measures the strict control of operating expenses and extensive attempts to find appropriate financing as well as alternative options for the Company worldwide,
- Received in
July 2023 a shareholder loan of €3m fromBpifrance andSofinnova to extend the cash runway, providing more flexibility to pursue the Company’s longer-term funding needs to support its strategic ambitions. - Our request for an accelerated payment of the Research Tax Credit for the year 2022 for an amount of
EUR 1,829,961 was granted and paid during H1 2023. - Freeze of the maturities due under the State-guaranteed loans granted to the Company by
Bpifrance and CIC was extended until end ofSeptember 2023 . - Rescheduling request for the majority of the social security liabilities for H1 2023 was granted for the repayment in 24 months
In light of this short-term liquidity risk and the lack of new financing obtained to date,
In this context, the financial statements have been prepared on a going concern basis, based on the situation existing at the balance sheet date.
This situation gives rise to significant uncertainty as to the going concern assumption, as in the event of an unfavorable outcome of the receivership proceedings, the company will not be in a position to realize its assets and settle its liabilities in the normal course of business, and the application of IFRS as adopted in the
Given the above, our auditors were unable to express a conclusion on the condensed half-yearly consolidated financial statements.
Analysis of H1 2023
Income statement summary | ||||
In thousands of euros | H1 2023 | H1 2022 | Change | |
Operating revenue | 896.8 | 1,043.8 | (14.1) % | |
Current operating expenses | (6,573.9) | (7,148.5) | (8.0) % | |
Research and Development | (4,133.9) | (4,086.1) | +1.2 % | |
General and administrative expenses | (2,440.0) | (3,062.4) | (20.3) % | |
Operating loss | (5,677.1) | (6,104.7) | (7.0) % | |
Net loss for the period | (5,819.9) | (5,614.3) | +3.7 % | |
Net earnings per share | (0.07) | (0.12) |
Operating revenue amounted to €0.9 million and is mainly comprised of Research Tax Credit (CIR).
Research and Development (R&D) expenses remained at a similar level and totalled €4.1 million in H1 2023, €48 thousand below previous year. During the first half of 2023,
Current general and administrative (G&A) expenses decreased in H1 2023 by €0.6 million, totalling €2.4 million, compared to €3.1 million in H1 2022. The decrease is mainly due to H1 2022 costs for legal and financial services in preparation of various financing options.
Operating result presented a loss of €5.7 million, which is €0.4 lower than in H1 2022 (€6.1 million). Net result was a loss of €5.8 million (compared to a loss of €5.6 million in H1 2022). The loss per share is limited to €0.07 in H1 2023 compared to €0.12 in H1 2022.
Statement of cash flows summary | |||
In thousands of euros | H1 2023 | H1 2022 | |
Opening cash and cash equivalents | 7,687.4 | 14,504.9 | |
(Decrease)/Increase in cash position | (3,949.3) | (7,283.6) | |
O/W net cash flows from operating activities | (3,945.7) | (7,064.1) | |
O/W net cash flows from investment activities | (5.3) | (26.8) | |
O/W net cash flows from financing activities | 2.5 | (196.4) | |
Effect of exchange rate changes on cash | (0.8) | 3.7 | |
Closing cash and cash equivalents | 3,738.1 | 7,221.2 |
Net cash outflow from operating activities decreased in H1 2023 to €3.9 million, compared to €7.1 million in H1 2022. The decrease in net cash outflow mainly reflects the accelerated payment of the research tax credit of €1.8 million.
Net cash flows from financing activities totalled €3 thousand for H1 2023. In H1 2022, financing activities reflected €(0.2) million primarily related to the repayment of lease liabilities under IFRS16.
Update on Pixium Vision’s business
After the successful completion of enrolment of 38 patients in Pixium Vision’s European PRIMAvera pivotal trial in
Our French feasibility study is still ongoing and 48-month data is in the peer review process, targeted to be published by the end of 2023.
In the US Pixium Vision received breakthrough device designation from the FDA in
Further events of H1 2023:
On
After
On
Furthermore, on
About Pixium Vision
Forward-Looking Statements. This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors (“Facteurs de Risques”) section of the Company’s 2022 Annual Financial Report and other documents the Company files with the AMF, which is available on the AMF website (www.amf- france.org) or on the Company’s website.
For more information: http://www.pixium-vision.com/fr
Follow us on @PixiumVision; www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
Contacts
Investor Relations Chief Financial Officer investors@pixium-vision.com | Media Relations Sophie.baumont@rosepiquante-consulting.com +33 6 27 74 74 49 |
Attachment
- PR H1 2023 results v3 EN
Source:
2023 GlobeNewswire, Inc., source