Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --06-30 |
Document Period End Date | Jun. 30, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38844 |
Entity Registrant Name | GENFIT S.A. |
Entity Incorporation, State or Country Code | I0 |
Entity Address, Address Line One | 885, avenue Eugène Avinée |
Entity Address, Postal Zip Code | 59120 |
Entity Address, City or Town | Loos |
Entity Address, Country | FR |
Title of 12(b) Security | American Depositary Shares, each representing one ordinary share, nominal value €0.25 per share |
Trading Symbol | GNFT |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001757064 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 885, avenue Eugène Avinée |
Entity Address, Postal Zip Code | 59120 |
Entity Address, City or Town | Loos |
Entity Address, Country | FR |
Contact Personnel Name | Parc Eurasanté |
Country Region | +33 |
City Area Code | (0)3 |
Local Phone Number | 2016 4000 |
Contact Personnel Fax Number | +33 (0)3 2016 4001 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets | ||
Cash and cash equivalents | € 111,826 | € 136,001 |
Current trade and others receivables | 20,184 | 15,906 |
Other current financial assets | 0 | 4,550 |
Other current assets | 2,578 | 1,998 |
Inventories | 4 | 4 |
Total - Current assets | 134,592 | 158,459 |
Non-current assets | ||
Intangible assets | 46,182 | 43,957 |
Property, plant and equipment | 8,144 | 8,210 |
Non-current trade and other receivables | 0 | 0 |
Other non-current financial assets | 4,986 | 4,914 |
Deferred tax assets | 0 | 0 |
Total - Non-current assets | 59,313 | 57,081 |
Total - Assets | 193,905 | 215,540 |
Current liabilities | ||
Current convertible loans | 415 | 415 |
Other current loans and borrowings | 7,333 | 4,665 |
Current trade and other payables | 21,705 | 14,845 |
Current deferred income and revenue | 11,244 | 14,479 |
Current provisions | 56 | 61 |
Other current tax liabilities | 4,906 | 4,906 |
Total - Current liabilities | 45,660 | 39,370 |
Non-current liabilities | ||
Non-current convertible loans | 51,009 | 49,861 |
Other non-current loans and borrowings | 16,665 | 20,334 |
Non-current trade and other payables | 0 | 448 |
Non-current deferred income and revenue | 4,746 | 9,706 |
Non-current employee benefits | 813 | 782 |
Deferred tax liabilities | 491 | 510 |
Total - Non-current liabilities | 73,725 | 81,641 |
Shareholders' equity | ||
Share capital | 12,459 | 12,459 |
Share premium | 444,957 | 444,683 |
Retained earnings (accumulated deficit) | (360,902) | (337,550) |
Currency translation adjustment | (1,139) | (1,344) |
Net profit (loss) | (20,854) | (23,719) |
Total - Shareholders' equity | 74,520 | 94,528 |
Total - Shareholders' equity & liabilities | 193,905 | 215,540 |
Interest income | 337 | |
Net foreign exchange gain | 71 | |
Other finance income | 1,341 | |
Financial income | 1,748 | |
Interest expense | (2,253) | |
Interest Expenses For Leases | (36) | |
Net foreign exchange loss | (586) | |
Other finance cost | (14) | |
Finance costs | (2,890) | |
Finance income (cost) | € (1,141) | |
Increase (Decrease) of Research Tax Credit Receivable | € 6,017 |
Consolidated Statements of Oper
Consolidated Statements of Operations - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues and other income | ||
Revenue | € 11,482 | € 8,790 |
Other income | 3,893 | 3,398 |
Revenues and other income | 15,374 | 12,188 |
Operating expenses and other operating income (expenses) | ||
Research and development expenses | (25,630) | (17,599) |
General and administrative expenses | (9,105) | (8,229) |
Marketing and market access expenses | (520) | (460) |
Reorganization and restructuring income (expenses) | (633) | (179) |
Other operating income (expense) | (52) | (423) |
Operating income (loss) | (19,299) | (14,344) |
Financial income | 1,748 | 6,182 |
Financial expenses | (2,890) | (2,197) |
Financial profit (loss) | (1,141) | 3,985 |
Net profit (loss) before tax | (20,440) | (10,359) |
Income tax benefit (expense) | (414) | (40) |
Net profit (loss) | € (20,854) | € (10,399) |
Basic and diluted earnings (loss) per share | ||
Basic earnings (loss) per share (€/share) | € (0.42) | € (0.21) |
Diluted earnings (loss) per share (€/share) | € (0.42) | € (0.21) |
Increase (decrease) through other changes, equity | € 223 | € (12) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Loss - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||
+ Net profit (loss) | € (20,854) | € (10,399) |
Actuarial gains and losses net of tax | 50 | 238 |
that will never be reclassified to profit or loss | 50 | 238 |
Exchange differences on translation of foreign operations | 205 | 159 |
that are or may be reclassified to profit or loss | 205 | 159 |
Total comprehensive income (loss) | (20,599) | (10,002) |
Attributable to owners of the Company | € (20,599) | € (10,002) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
+ Net profit (loss) | € (20,854) | € (10,399) |
Adjustments to reconcile profit (loss) [abstract] | ||
+ Depreciation and amortization on tangible and intangible assets | 835 | 944 |
+ Impairment and provision for litigation | (396) | (74) |
+ Expenses related to share-based compensation | 274 | 148 |
- Gain on disposal of property, plant and equipment | (52) | 1 |
+ Net finance expenses (revenue) | 763 | 1,057 |
+ Income tax expense (benefit) | 414 | 40 |
+ Other non-cash items | 1,199 | 1,095 |
Operating cash flows before change in working capital | (17,817) | (7,188) |
Changes In Working Capital [Abstract] | ||
Decrease (increase) in trade receivables and other assets | (4,858) | (5,071) |
(Decrease) increase in trade payables and other liabilities | (2,398) | (35,241) |
Change in working capital | (7,256) | (40,311) |
Income tax paid | 0 | 0 |
Net cash flows provided by (used in) in operating activities | (25,074) | (47,499) |
Cash flows from investment activities | ||
- Acquisition of intangible assets | (2,000) | (14) |
+ Proceeds from disposal of / reimbursement of property, plant and equipment | 62 | 0 |
- Acquisition of financial instruments | 9 | (449) |
Proceeds from sales or maturity of financial instruments, classified as investing activities | (4,550) | 0 |
Net cash flows provided by (used in ) investment activities | 2,682 | (199) |
Cash flows from financing activities | ||
- Repayments of loans and borrowings | (464) | (310) |
- Payments on lease debts | (530) | (593) |
- Financial interests paid (including finance lease) | (1,106) | (1,057) |
+ Financial interests received | 337 | 17 |
Net cash flows provided by (used in ) financing activities | (1,764) | (1,943) |
Increase (decrease) in cash and cash equivalents | (24,155) | (49,641) |
Cash and cash equivalents at the beginning of the period | 136,001 | 258,756 |
Effects of exchange rate changes on cash | (20) | 0 |
Cash and cash equivalents at the end of the period | € 111,826 | € 209,115 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Total | Share capital | Share premium | Treasury shares | Retained earnings (accumulated deficit) | Currency translation adjustment | Net profit (loss) | Non-controlling interests |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 49,815,489,000 | |||||||
Balance at beginning of period at Dec. 31, 2021 | € 119,097 | € 12,454 | € 444,438 | € (986) | € (404,090) | € 22 | € 67,259 | |
+ Net profit (loss) | (10,399) | € (10,399) | ||||||
Other comprehensive income | 397 | 238 | 159 | |||||
Comprehensive income | (10,002) | 238 | 159 | (10,399) | ||||
Increase (decrease) through appropriation of retained earnings, equity | 0 | 67,259 | (67,259) | |||||
Increase (decrease) through share-based payment transactions, equity | 148 | 148 | ||||||
Increase (decrease) through treasury share transactions, equity | (65) | (65) | ||||||
Increase (decrease) through other changes, equity | (12) | (12) | ||||||
Balance at end of period (in shares) at Jun. 30, 2022 | 49,815,489,000 | |||||||
Balance at end of period at Jun. 30, 2022 | 109,166 | € 12,454 | 444,586 | (1,051) | (336,605) | 181 | (10,399) | |
+ Net profit (loss) | (13,320) | (13,320) | ||||||
Other comprehensive income | (1,505) | 20 | (1,525) | |||||
Comprehensive income | (14,825) | 20 | (1,525) | (13,320) | ||||
Increase (decrease) through appropriation of retained earnings, equity | 0 | 0 | 0 | |||||
Capital increase (shares) | 19,494,000 | |||||||
Increase Decrease Through Capital Increase | 0 | € 5 | (5) | |||||
Increase (decrease) through share-based payment transactions, equity | 97 | 97 | ||||||
Increase (decrease) through treasury share transactions, equity | 73 | 73 | ||||||
Increase (decrease) through other changes, equity | € 17 | 17 | ||||||
Balance at end of period (in shares) at Dec. 31, 2022 | 49,834,983 | 49,834,983,000 | ||||||
Balance at end of period at Dec. 31, 2022 | € 94,528 | € 12,459 | 444,683 | (978) | (336,573) | (1,344) | (23,719) | |
+ Net profit (loss) | (20,854) | € (20,854) | ||||||
Other comprehensive income | 255 | 50 | 205 | |||||
Comprehensive income | (20,599) | 50 | 205 | (20,854) | ||||
Increase (decrease) through appropriation of retained earnings, equity | 0 | (23,719) | 23,719 | |||||
Increase (decrease) through share-based payment transactions, equity | 274 | 274 | ||||||
Increase (decrease) through treasury share transactions, equity | 94 | 94 | ||||||
Increase (decrease) through other changes, equity | € 223 | 223 | ||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 49,834,983 | 49,834,983,000 | ||||||
Balance at end of period at Jun. 30, 2023 | € 74,520 | € 12,459 | € 444,957 | € (884) | € (360,019) | € (1,139) | € (20,854) |
Statement of financial position
Statement of financial position, current/non-current | 6 Months Ended |
Jun. 30, 2023 | |
Statement of financial position [abstract] | |
Financial Income and Expenses | FINANCIAL INCOME AND EXPENSES Financial income and expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Financial income Interest income 17 337 Foreign exchange gain 6,032 71 Other financial income 132 1,341 TOTAL - Financial income 6,182 1,748 Financial expenses Interest expenses (2,160) (2,253) Interest expenses for leases (33) (36) Foreign exchange losses 0 (586) Other financial expenses (4) (14) TOTAL - Financial expenses (2,197) (2,890) FINANCIAL GAIN (LOSS) 3,985 (1,141) |
Summary of Financial Income and Expenses | Financial income and expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Financial income Interest income 17 337 Foreign exchange gain 6,032 71 Other financial income 132 1,341 TOTAL - Financial income 6,182 1,748 Financial expenses Interest expenses (2,160) (2,253) Interest expenses for leases (33) (36) Foreign exchange losses 0 (586) Other financial expenses (4) (14) TOTAL - Financial expenses (2,197) (2,890) FINANCIAL GAIN (LOSS) 3,985 (1,141) |
Commitments | COMMITMENTSObligations under the terms of subcontracting agreements The Group enters into contracts for its business needs with clinical research organizations (CROs) for clinical trials, as well as with Contract Manufacturing Organizations (CMOs) for clinical and commercial supply manufacturing, commercial and pre-commercial activities, research and development activities and other services and products for operating purposes. The Group’s agreements generally provide for termination with specified periods of advance notice. Such agreements are generally cancellable contracts and not included in the description of the Group’s contractual obligations and commitments. Obligations under the terms of license agreement with Seal Rock The Group has entered into a licensing agreement with Seal Rock under which we are obligated to pay royalties and contingent payments based on future events. Under the terms of the agreement, Seal Rock is eligible for payments of up to €98 million, including regulatory, clinical and commercial milestone payments, as well as tiered royalties. As of June 30, 2023, it should be noted that in accordance with the rules defined by IAS 37, GENFIT's obligations under the terms of the contract constitute contingent liabilities not recognized in the consolidated accounts. Obligations under the terms of license and collaboration agreement with Genoscience On December 16, 2021, GENFIT completed the acquisition of exclusive rights from Genoscience Pharma to develop and commercialize the investigational treatment GNS561 in cholangiocarcinoma (CCA) in the United States, Canada and Europe, including the United Kingdom and Switzerland. GNS561 is a novel clinical-stage autophagy/PPT1 inhibitor developed by Genoscience Pharma and cholangiocarcinoma is an orphan disease. Under the agreement, Genoscience Pharma is eligible for clinical and regulatory milestone payments for up to €50 million and tiered royalties. The first payable milestones are contingent on positive Phase 2 clinical trial results in CCA, and may total up to €20 million, if applicable. The following payable milestones are contingent on positive Phase 3 results. These payments, when due, will be subject to a review to determine if they are eligible for activation pursuant to IAS 38. If so, they will be recorded as capital upon disbursement. Otherwise, they also constitute contingent liabilities which will be recognized when due. In addition, we also have a right of first negotiation with respect to any license or assignment, or option for a license or an assignment, with any third party to develop or commercialize other Genoscience assets in the field of CCA, to the extent Genoscience is looking to partner the asset with a third party or receives a spontaneous offer for collaboration. For the period commencing on the date of the agreement until the first regulatory approval of GNS561 for commercialization, Genoscience Pharma has the right to repurchase the license to GNS561 in CCA at a pre-determined price in the event that Genoscience Pharma receives an offer from a third party to acquire or obtain a license to GNS561 in all indications, provided that GENFIT shall first have the opportunity to negotiate the acquisition or license to GNS561 in all indications or match the offer from the third party. Pursuant to IAS 37, our obligations under the terms of the agreement we entered into with Genoscience Pharma constitute contingent liabilities not recognized in the Company's consolidated financial statements at December 31, 2022 or June 30, 2023. Obligations related to the Versantis acquisition The company entered into an agreement with the former shareholders of Versantis whereby we are obligated to pay milestone payments based on future events that are uncertain and there therefore they constitute contingent liabilities not recognized in the Company's consolidated financial statements for the period ending December 31, 2022. Refer to Note 5 - " Acquisitions " . Obligations under the terms of lease agreements The Company has guaranteed its rental payment obligation under the lease agreement for the headquarters in Loos, France in the amount of €600 at June 30, 2023. Contingent assets Terns The Company has entered into a licensing agreement with Terns Pharma whereby we could receive milestone payments based on future events that are uncertain and therefore they constitute contingent assets not recognized in the Company's consolidated financial statements for the period ending June 30, 2023. Milestones include Development Milestone Payments upon the achievement of the development milestones for the licensed product and Commercial Milestone Payments upon the achievement of commercial milestones depending on reaching certain aggregate thresholds. There are also potential mid-teen royalties based on sales by Terns Pharmaceuticals in Greater China. The potential Development and Commercial Milestone payments may represent up to $193 million . |
Related Parties | RELATED PARTIES Biotech Avenir Biotech Avenir SAS is a holding company incorporated in 2001 by the Company's founders. Most of its share capital is currently held by individuals, i.e. the four co-founders of the Company and twelve Company employees. Jean-François Mouney, the Chairman of the Company, is also the Chairman of Biotech Avenir SAS. At June 30, 2023, Biotech Avenir SAS held 3.79% of the share capital of the Company. The Company did not carry out any transactions with Biotech Avenir in 2023 or 2022, with the exception of the domiciliation without charge. Ipsen Pharma SAS The licensing agreement signed with Ipsen Pharma SAS in December 2021 provides for a certain number of service agreements that were signed with the Company in 2022, notably the Inventory Purchase Agreement and the Transition Services Agreement. These agreements cover support for Ipsen in future proceedings and processes (other than knowledge transfer) and the provision of drug tablets which Ipsen may require to execute its clinical trial. As per the agreement signed with Ipsen in December 2021, the prices under these agreements cover all costs borne by the Company to provide the relevant goods and services, without economic benefit for Ipsen. The Transition Services Agreement (the TSA) signed between the Company and Ipsen Pharma on April 6, 2022, which governs the conditions under which a certain number of transition services are carried out by the Company in the interest of smoothly running the phase clinical trial 3 ELATIVE®, was supplemented by a “Part B Transition Services Agreement” (the “Part B Agreement”). It will be signed signed between the parties following approval by the Company's Board of Directors on September 19, 2023 in accordance with the policy relating to transactions between Related Parties and the Company. The Part B Agreement governs the conditions under which a certain number of transition services have been and continue to be carried out by the Company in the same interest mentioned above, until the total transfer of responsibility for the trial is turned over to IPSEN, and in particular the terms of remuneration of these services during the specific period when some patients had completed the treatment corresponding to the first part of the clinical trial and initiated the treatment of the second part and others had not. These services are independent of those provided for by the TSA and the license contract. |
Statement of cash flows, indire
Statement of cash flows, indirect method | 6 Months Ended |
Jun. 30, 2023 | |
Statement of cash flows [abstract] | |
Use of estimates and judgments | Use of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Going concern When assessing going concern, the Group’s Board of Directors mainly considers the liquidity available at the statement of financial position date, the cash spend projections for next 12-month period as from the date of the financial statements are issued and the availability of other funding The consolidated financial statements were prepared on a going concern basis. The Group believes it has sufficient resources to continue operating for at least twelve months following the consolidated financial statements’ publication. Consolidated entities The Group controls an entity when it is exposed to variable returns from its involvement with the entity, and it has the ability to affect those returns through its power over the entity. The Group controls all the entities included in the scope of consolidation. Versantis Inc was dissolved on June 2, 2023. All assets and liabilities of the company were transferred to Versantis AG. The impact to the financial statements was not material. Accounting policies The accounting policies used for these interim consolidated financial statements are the same as those used for the most recent consolidated annual financial statements. |
The Company
The Company | 6 Months Ended |
Jun. 30, 2023 | |
Company Information [Abstract] | |
The Company | THE COMPANY Founded in 1999 under the laws of France, GENFIT S.A. (the "Company") is a late-stage biopharmaceutical company dedicated to the discovery and development of innovative drugs and diagnostic tools in therapeutic areas of high unmet need due in particular to the lack of effective treatments or diagnostic solutions and/or the increase in patients worldwide. The Company focuses its research and development (R&D) efforts on the potential marketing of therapeutic and diagnostic solutions to combat certain metabolic, inflammatory, autoimmune and fibrotic diseases affecting in particular the liver (such as Primary Biliary Cholangitis or PBC) and more generally gastroenterological diseases. The head office address is : 885 Avenue Eugène Avinée – 59120 Loos, France. The consolidated financial statements of the Company include the financial statements of GENFIT S.A. and those of its wholly-owned subsidiaries: GENFIT CORP. (U.S. subsidiary), Versantis AG (Swiss subsidiary), and Versantis, Inc. (U.S. Subsidiary, dissolved before June 30, 2023) (together referred to in these notes to the consolidated financial statements as "GENFIT" or the "Group" or “we“ or “us”). There are no non-controlling interests for any period presented herein. |
Major Events in the Period and
Major Events in the Period and Events After the Period | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Major Events In The Period And Events After The Period [Abstract] | |
Major Events in the Period and Events After the Period | MAJOR EVENTS IN THE PERIOD AND EVENTS AFTER THE PERIODMajor events in the period 2.1.1 Seal Rock license agreement On May 31, 2023, GENFIT announced the signing of a licensing agreement for the exclusive worldwide rights to the ASK1 inhibitor SRT-015 with Seal Rock Therapeutics, a clinical-stage company based in Seattle, USA developing “best-in-class” and “first-in-class” kinase inhibitors. SRT-015 is an injectable therapy intended for use in acute liver conditions, and GENFIT has acquired the rights to SRT-015 for use in liver conditions for which an injectable therapy is intended to be administered over a period of 21 consecutive days or less, including Acute on Chronic Liver Failure (ACLF) support during this period. Preclinical and clinical evidence support ASK1 inhibition as a relevant therapeutic strategy in multi-system disorders such as ACLF. Under the terms of the agreement, Seal Rock is eligible for payments of up to €100 million, including regulatory, clinical and commercial milestone payments, as well as tiered royalties. For further information related to the accounting treatment of the licensing rights, refer to Note 14 - " Goodwill and I ntangible A ssets ". On June 30, 2023, GENFIT announced positive topline data from the pivotal ELATIVE® Phase 3 trial. In the trial, the efficacy and safety of elafibranor, an investigational dual α,δ PPAR agonist, is being assessed for the treatment of patients with the rare cholestatic liver disease, primary biliary cholangitis (PBC), who have an inadequate response or intolerance to the current standard of care therapy, ursodeoxycholic acid (UDCA). The trial met its primary composite endpoint, with 51% of patients on elafibranor 80mg achieving a cholestasis response compared with 4% on placebo (p<0.0001). Cholestasis response is defined in the trial as alkaline phosphatase (ALP) <1.67 x upper limit of normal (ULN), an ALP decrease ≥ 15 percent and total bilirubin (TB) ≤ ULN at 52 weeks. ALP and bilirubin are important predictors of disease progression. Reductions in levels of both can indicate reduced cholestatic injury and improved liver function. The first secondary endpoint, normalization of ALP at Week 52, was also met with statistically significant improvements for investigational elafibranor compared with placebo. For the other secondary endpoint, a trend for pruritus improvement was observed with a greater decrease from baseline in the PBC Worst Itch NRS score for patients on elafibranor compared to placebo, which did not reach statistical significance. In the study, elafibranor was generally well tolerated with a safety profile consistent with that observed in previously reported studies. 2.2.1 Celloram Inc. licence agreement On July 28, 2023, GENFIT licensed the exclusive worldwide rights to CLM-022, a first-in-class inflammasome inhibitor, from Celloram Inc., a Cleveland-based biotechnology company. GENFIT will leverage Celloram’s acquired scientific insights on this molecule, to finalize IND enabling studies of this preclinical stage asset and secure an IND for future clinical trials. A preclinical proof-of-concept is targeted for 2024. Acquisition of the Clinical-stage Biopharmaceutical Company Versantis On September 19, 2022, the Company announced it had signed an exclusive agreement with Versantis AG ("Versantis") to acquire all the shares and voting rights of Versantis, a private Swiss-based clinical stage biotechnology company focused on addressing the growing unmet medical needs in liver diseases. This acquisition aims at: 1. Consolidating GENFIT’s position as a leader in acute-on-chronic liver failure (ACLF) 2. Significantly expanding GENFIT’s pipeline with VS-01-ACLF, a Phase 2 ready program based on first-in-class scavenging liposomes technology, VS-01-HAC, a pediatric program focused on urea cycle disorder (UCD), and VS-02-HE, an early-stage program focused on hepatic encephalopathy (HE), and 3. Combining Versantis’ expertise with GENFIT’s know-how in conducting complex development programs in liver diseases, to strengthen and accelerate research and development The deal closed effective September 29, 2022. See Note 2.1 "Acquisition of the Clinical-stage Biopharmaceutical Company Versantis" in the Notes to the Consolidated Financial Statements in the Company's 2022 20-F filing for a detailed description. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Basis Of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The half year consolidated financial statements of GENFIT have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union at June 30, 2023. The term IFRS includes International Financial Reporting Standards ("IFRS"), International Accounting Standards (the "IAS"), as well as the Interpretations issued by the Standards Interpretation Committee (the "SIC"), and the International Financial Reporting Interpretations Committee ("IFRIC"). Comparative information is presented for the year ended December 31, 2022 and for the half year ended June 30, 2023. In accordance with European Commission Regulation 1606/2002, these consolidated interim financial statements for the six-month period ended June 30, 2023 have been prepared in accordance with IAS 34 – Interim Financial Reporting, and should be read in conjunction with the Group’s most recent annual consolidated financial statements for the year ended December 31, 2022. They do not include all the information required for a complete set of financial statements in accordance with IFRS, but a selection of notes explaining significant events and transactions with a view to understanding the changes in the Group’s financial position and performance since the most recent annual consolidated financial statements. These consolidated half year financial statements have been prepared using the historical cost measurement basis, except for certain assets and liabilities that are measured at fair value, on a going concern basis, using consistent methods, fair presentation, and the cut-off concept. These consolidated half year financial statements for the period ended June 30, 2023 were prepared under the responsibility of the Board of Directors that approved such statements on September 19, 2023. The principal accounting methods used to prepare the Consolidated Financial Statements are described below. All financial information (unless indicated otherwise) is presented in thousands of euros (€). The accounting policies applicable for these consolidated half-year financial statements are the same as those applied to the most recent consolidated annual financial statements. The following new standards are applicable from January 1, 2023, but do not have any material effect on the Group’s financial statements for the period ended June 30, 2023. • IFRS 17 Insurance Contracts, • Amendments to IFRS 17 - First application of IFRS 17 and IFRS 9 - Comparative Information, • Amendments to IAS 1 and Practice Statement 2 - Disclosure of Accounting Policies, • Amendments to IAS 8 Definition of Accounting Estimates, The amendments and modifications to the standards below are applicable for financial years beginning after January 1, 2024, as specified below. GENFIT is in the process of assessing whether the adoption of these amendments and modifications to the standards will have a material impact on the financial statements. • Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements, effective in 2024 • Amendments to IFRS 16 Lease Liability in a Sale and Leaseback, effective in 2024 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Disclosure of significant accounting policies [text block] | SUMMARY OF MATERIAL ACCOUNTING INFORMATIONUse of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). Goodwill The company does not have any goodwill. Intangible assets |
Operating segments
Operating segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment information [Abstract] | |
Disclosure of entity's operating segments [text block] | The assets, liabilities and operating income (loss) are mainly located in France and in Switzerland (the latter as a result of the acquisition of Versantis in September 2022). Revenue breakdown by geographical area Revenue by destination Half-year ended (in € thousands) 2022/06/30 2023/06/30 Revenue from France 100 % 100 % Revenue from other countries — % — % TOTAL 100 % 100 % For the six month period ended June 30, 2022 and 2023, revenue was generated entirely in France. Substantially all revenue was generated from Ipsen. Non-current assets by geographical area Non-current assets break down by geographical area as follows: NON-CURRENT ASSETS As of December 31, 2022 As of June 30, 2023 (thousands of euros) France Switzerland Total France Switzerland Total TOTAL 12,923 44,158 57,081 15,719 43,589 59,308 |
Financial Risks Management
Financial Risks Management | 6 Months Ended |
Jun. 30, 2023 | |
Foreign exchange rates [abstract] | |
Financial Risks Management | FINANCIAL RISKS MANAGEMENTThe Group may be exposed to the following risks arising from financial instruments: foreign exchange risk, interest rate risk, liquidity risk and credit risk.Foreign exchange risk The Group's overall exposure to the foreign exchange risk depends, in particular, on: • the currencies in which it receives its revenues; • the currencies chosen when agreements are entered into, such as licensing agreements, or co-marketing or co-development agreements; • the location of clinical trials on drug or biomarker candidates; • the ability, for its co-contracting parties to indirectly transfer foreign exchange risk to the Company; • the Group’s foreign exchange risk policy; and • the fluctuation of foreign currencies against the euro. Given the significant portion of its operations denominated in US dollars, the Group decided to limit the conversions into euros of its US dollar denominated cash, issued notably from its March 2019 Nasdaq IPO in US dollars, and not to use any specific hedging arrangements, in order to cover expenses denominated in US dollars over the coming years. The following table shows the sensitivity of the Group's cash and cash equivalent and expenses in U.S. dollars to a variation of 10% of the U.S. dollar against the euro as of and for the periods stated below. Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% As of of the US dollar against the euro (in € thousands or in US dollar thousands, as applicable) 2022/12/31 2023/06/30 Cash and cash equivalents denominated in US dollars 34,192 25,853 Equivalent in euros, on the basis of the exchange rate described below 32,057 23,793 Equivalent in euros, in the event of an increase of 10% of US dollar vs euro 35,619 26,436 Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro 29,143 21,630 Sensitivity of the Group's expenses to a variation of +/- 10% Half-year ended of the US dollar against the euro (in € thousands or in US dollar thousands, as applicable) 2022/06/30 2023/06/30 Expenses denominated in US dollars 7,562 9,045 Equivalent in euros, on the basis of the exchange rate described below 7,280 8,324 Equivalent in euros, in the event of an increase of 10% of US dollar vs euro 8,089 9,249 Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro 6,618 7,567 2023/06/30: Equivalent in euros, on the basis of 1 euro = 1.0866 dollars US. 2022/06/30: Equivalent in euros, on the basis of 1 euro = 1.0387 dollars US. 2022/12/31: Equivalent in euros, on the basis of 1 euro = 1.0666 dollars US. The following table shows the sensitivity of the Group's cash and cash equivalent and expenses in Swiss Francs to a variation of 10% of the Swiss Franc against the euro in 2023. Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% As of of the CH franc against the euro (in € thousands or in CH franc thousands, as applicable) 2022/12/31 2023/06/30 Cash and cash equivalents denominated in CH franc 2,321 453 Equivalent in euros, on the basis of the exchange rate described below 2,357 463 Equivalent in euros, in the event of an increase of 10% of CH franc vs euro 2,618 514 Equivalent in euros, in the event of a decrease of 10% of CH franc vs euro 2,142 421 Sensitivity of the Group's expenses to a variation of +/- 10% Half-year ended of the CH franc against the euro (in € thousands or in CH franc thousands, as applicable) 2022/06/30 2023/06/30 Expenses denominated in CH franc N/A 3,045 Equivalent in euros, on the basis of the exchange rate described below N/A 3,111 Equivalent in euros, in the event of an increase of 10% of CH franc vs euro N/A 3,457 Equivalent in euros, in the event of a decrease of 10% of CH franc vs euro N/A 2,828 2023/06/30: Equivalent in euros, on the basis of a 1 euro = 0.9788 CHF. 2022/12/31: Equivalent in euros, on the basis of 1 euro = 0.9847 CHF. Cash, cash equivalents and financial assets As of (in € thousands) 2022/12/31 2023/06/30 At origin, denominated in EUR Cash and cash equivalents 101,536 87,547 Current and non current financial assets 9,456 4,958 Total 110,993 92,504 At origin, denominated in USD Cash and cash equivalents 32,057 23,793 Current and non current financial assets 7 15 Total 32,064 23,808 At origin, denominated in CHF Cash and cash equivalents 2,358 463 Current and non current financial assets — 13 Total 2,358 476 Total, in EUR Cash and cash equivalents 136,001 111,826 Current and non current financial assets 9,464 4,986 Total 145,464 116,812 As of June 30, 2023, the Group was only liable for governmental advances or conditional advances and bank loans with no interest or interest at a fixed rate, generally below market rate. As of December 31, 2022 and June 30, 2023, the Group's financial liabilities totaled €75.3 million and €75.4 million respectively (net of the equity component of the convertible loan and debt issue costs). Current borrowings are at a fixed rate. The Group's exposure to interest rate risk through its financial assets is also insignificant since these assets are mainly euro-denominated Undertakings for the Collective Investment of Transferable Securities (UCITs), medium-term negotiable notes or term deposits with progressive rates denominated in euros or US dollars. The Group's loans and borrowings mainly consist of bonds convertible or exchangeable into new or existing shares (OCEANEs), repayable for a nominal amount of €56.9 million on October 16, 2025 (see Note 18 - " Loans and borrowings "), government advances for research projects and bank loans. For conditional advances, reimbursement of the principal is subject to the commercial success of the related research project (see Note 18 - " Loans and borrowings "). The Company has conducted a specific review of its liquidity risk and considers that it is able to meet its future maturities. On December 31, 2022 and June 30, 2023, the Group had €145,464 and €116,812 respectively in cash and cash equivalents and other financial assets. The Company does not believe it is exposed to short-term liquidity risk. The Company believes that the Group's cash and cash equivalents and current financial instruments are sufficient to ensure its financing for the next 12 months, in light of its current projects and obligations. If the Group's funds were insufficient to cover any additional financing needs, the Group would require additional financing. The conditions and arrangements for any such new financing would depend, among other factors, on economic and market conditions that are beyond the Group's control. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS The main components of cash equivalents were: • UCITS and interest-bearing current accounts, available immediately; • Term accounts, available within the contractual maturities or by the way of early exit with no penalty; and • Negotiable medium-term notes, available with a quarterly maturity or by the way of early exit with no penalty. These investments, summarized in the tables below, are short-term, highly liquid and subject to insignificant risk of changes in value. Cash and cash equivalents As of (in € thousands) 2022/12/31 2023/06/30 Short-term deposits 119,090 98,042 Cash on hand and bank accounts 16,910 13,784 TOTAL 136,001 111,826 Short-term deposits As of (in € thousands) 2022/12/31 2023/06/30 TERM ACCOUNTS 119,090 98,042 TOTAL 119,090 98,042 |
Cash and cash equivalents | CASH AND CASH EQUIVALENTS |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill The company does not have any goodwill. Intangible assets Seal Rock license agreement (2023) As previously noted in Note 2 - " Major events in the period and events after the period ", on May 31, 2023, GENFIT announced the signing of a licensing agreement for the exclusive worldwide rights to the injectable formulation of ASK1 inhibitor SRT-015 in acute liver disease with Seal Rock Therapeutics, a clinical-stage company based in Seattle, USA. Under the terms of the agreement, GENFIT made an upfront payment in the amount of €2 million to Seal Rock in exchange for acquiring the know-how and rights of use to SRT-015 as described above. (That amount is noted in the table below under line item "Other intangibles.") In accordance with IAS 38 - Intangible assets this amount was capitalized and allocated to Intangible assets. Further, given the nature of the intangible asset, it was determined to have a definite useful life of 20 years, consistent with patent lifetimes in the United States and the European Union. Amortization will start upon EMA/FDA regulatory approval and until then will be subject to an annual impairment test in accordance with IAS 38 - Intangible Assets. As future milestones for this agreement are paid, they will be analyzed and be either i) capitalized and subject to the same annual impairment test or ii) expensed as incurred. Acquisition of Versantis (2022) As previously noted in N ote 5 - " Acquisitions ", on September 29, 2022, GENFIT acquired Versantis AG, a private Swiss-based clinical stage biotechnology company focused on addressing the growing unmet medical needs in liver diseases. The Phase 2 ready program, VS-01-ACLF, a program in scavenging liposomes technology, was deemed to be the asset with substantially all attributable value in accordance with the optional concentration test of fair value under paragraph B7A of IFRS 3. Of the total acquisition price paid of €46.6 million, €43.9 million was allocated to Intangible assets in accordance with IAS 38 - Intangible Assets. The difference between that amount and the acquisition price corresponds to the other assets acquired and liabilities assumed as part of the transaction. Further, given the nature of the intangible asset, it was determined to have a definite useful life of 20 years, consistent with patents lifetimes in the United States and the European Union. Amortization will start upon EMA/FDA regulatory approval and until then will be subject to an annual impairment test in accordance with IAS 38 - Intangible Assets. During the period, there was no indication of loss of value. The value of the asset as of June 30, 2023 is €43.6 million (after CHF/EUR currency translation adjustments). The following tables show the variations in intangible assets for the year ended December 31, 2022 and the half-year ended June 30, 2023: As of Increase Decrease Translation Reclassification As of (in € thousands) 2021/12/31 adjustments 2022/12/31 Gross Software 1,294 81 (398) — — 977 Patents 70 281 — — — 351 Other intangibles — 43,569 — — — 43,569 TOTAL—Gross 1,364 43,931 (398) — — 44,897 Accumulated depreciation and impairment Software (1,190) (79) 329 — — (940) Patents — — — — — — Other intangibles — — — — — — TOTAL - Accumulated depreciation and impairment (1,190) (79) 329 — — (940) TOTAL - Net 174 43,852 (69) — — 43,957 As of Increase Decrease Translation Reclassification As of (in € thousands) 2022/12/31 adjustments 2023/06/30 Gross Software 977 — (13) — — 964 Patents 351 — — — 2 352 Other intangibles 43,569 2,000 — 248 — 45,817 TOTAL—Gross 44,897 2,000 (13) 248 2 47,134 Accumulated depreciation and impairment Software (940) (30) 19 — — (951) Patents — — — — — — Other intangibles — — — — — — TOTAL - Accumulated depreciation and impairment (940) (30) 19 — — (951) TOTAL - Net 43,957 1,970 6 248 2 46,182 |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | Trade and other receivables consisted of the following: Trade and other receivables - Total As of (in € thousands) 2022/12/31 2023/06/30 Trade receivables, net 3,188 2,787 Research tax credit 11,299 14,847 VAT receivables 1,288 2,473 Grants receivables 4 8 Other receivables 126 69 TOTAL 15,906 20,184 Of which : Current 15,906 20,184 Of which : Non-current — — Trade receivables, net Trade receivables amounted to €2,787 as of June 30, 2023 and €3,188 as of December 31, 2022. The balance mainly corresponds to revenue related to the Transition Services Agreement with Ipsen. Research tax credit The research tax credit receivable for the year 2022 amounted to €11,299. The research tax credit receivable for the as of June 30, 2023 amounts to €14,847. This balance includes the 2021 and 2022 balance as there is currently a tax inspection taking carried out by the French tax authorities. VAT receivables The VAT receivable amounted to €2,473 at June 30, 2023. (€1,288 at December 31, 2022). Other receivables The line item “other receivables” primarily consists of credit notes from suppliers as of June 30, 2023 and December 31, 2022. |
Income Tax | Tax Inspection We are subject to a tax audit by the French tax authorities on our tax returns or operations subject to review on the 2019 and 2020 periods (including the Research Tax Credit claimed for these periods), which started on December 10, 2021 and is still ongoing at the date of this document. The research tax credit receivable amounted to €14,847 as of June 30, 2023, €6,017 of which relates to 2022 and €5,282 of which relates to 2021. The balance for 2021 has not yet been reimbursed in 2022 given the ongoing tax audit. Change in Legislation In 2017, the United States Congress passed the Tax Cuts and Jobs Act of 2017, which included a tax law change on Section 174 of the Internal Revenue Code. Research and development costs specified under Section 174 of the Code must be capitalized and amortized pro rata over 5 years for domestic expenditures and 15 years for foreign expenditures. Said provision came into effect for tax years commencing after December 31, 2021. The group concluded that income taxes (and likewise other current tax liabilities) for the period ended December 31, 2022 were underestimated by €196 in the 2022 financial statements. The Group concluded that this error was not material individually or in the aggregate for any of the relevant periods and recognized this expense entirely in the first half of 2023. The tax expense for the period ended June 30, 2023 relates to the 2022 and 2023 taxes of Genfit Corp. |
Other Financial Assets
Other Financial Assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Financial Assets [Abstract] | |
Other Financial Assets | OTHER FINANCIAL ASSETSOther financial assets consisted of the following: Financial assets - Total As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 3,133 Other investments 483 483 Financial investments 4,550 — Loans 428 452 Deposits and guarantees 335 302 Liquidity contract 534 616 TOTAL 9,464 4,986 Of which : Current 4,550 — Of which : Non-current 4,914 4,986 Financial assets - Variations As of Increase Decrease As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 — — 3,133 Other investments 483 — — 483 Financial investments 4,550 — (4,550) — Loans 428 24 — 452 Deposits and guarantees 335 35 (68) 302 Liquidity contract 534 — 82 616 TOTAL 9,464 58 (4,536) 4,986 The total amount of financial assets of the Company was €9,464 at December 31, 2022, and €4,986 at June 30, 2023. This change is mainly due to the short term financial asset with a term of 180 days. Non-consolidated equity investments As of June 30, 2023, the value of "Non-consolidated equity investments" totaled €3,133. The balance solely relates to our equity purchase in Genoscience Pharma which took place in 2021. During the period, there was no indication of loss of value. Other investments As of June 30, 2023, the value of "Other investments" totaled €483. The balance relates solely relates to our investment in CAPTECH SANTE. Financial investments As of June 30, 2023, the value of "Financial investments" totaled €0. This related solely to a short term investment whose term was 180 days. Liquidity contract The liquidity contract consists of a share buyback program contracted to investment service provider CM-CIC Market Solutions in order to facilitate the listing of the Group's shares. As of June 30, 2023, the liquidity account had a cash balance of €616, and as of December 31, 2022 a cash balance of €534. CM-CIC Market Solutions holds the following number of GENFIT shares on behalf of the Company, recorded as a deduction in equity: Financial assets - Current As of 2022/12/31 2023/06/30 Number of shares (recorded as a deduction from equity) 138,691 123,140 |
Summary of Other Financial Assets | Other financial assets consisted of the following: Financial assets - Total As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 3,133 Other investments 483 483 Financial investments 4,550 — Loans 428 452 Deposits and guarantees 335 302 Liquidity contract 534 616 TOTAL 9,464 4,986 Of which : Current 4,550 — Of which : Non-current 4,914 4,986 Financial assets - Variations As of Increase Decrease As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 — — 3,133 Other investments 483 — — 483 Financial investments 4,550 — (4,550) — Loans 428 24 — 452 Deposits and guarantees 335 35 (68) 302 Liquidity contract 534 — 82 616 TOTAL 9,464 58 (4,536) 4,986 |
Disclosure of significant accounting policies [text block] | SUMMARY OF MATERIAL ACCOUNTING INFORMATIONUse of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). Goodwill The company does not have any goodwill. Intangible assets |
Trade and other receivables | TRADE AND OTHER RECEIVABLESOTHER FINANCIAL ASSETS |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2023 | |
Miscellaneous assets [abstract] | |
Other Assets | OTHER ASSETSOther assets amount to €2,578 at June 30, 2023 and €1,998 at December 31, 2022, respectively, and consisted of prepaid expenses related to current operating expenses. |
Loans and Borrowings
Loans and Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Borrowing costs [abstract] | |
Loans and Borrowings | LOANS AND BORROWINGSBreakdown of convertible loan On October 16, 2017, the Company issued 6,081,081 OCEANEs at par with a nominal unit value of €29.60 per bond for an aggregate nominal amount of €180 million. This debt was renegotiated in January 2021, and share conversions were executed during said period. See Note 20.1 "Breakdown of convertible loan" in the Notes to the Consolidated Financial Statements in the Company's 2022 20-F filing for a detailed description of the OCEANEs repurchase and amendment of terms, the accounting impacts of the debt renegotiation, and conversions into shares executed in 2021 following this renegotiation. Updated balances after renegotiation After OCEANEs buyback : Number of bonds 3,185,821 Nominal amount of the loan 94,300,301.60€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% As of 31/12/2022 : Number of bonds 1,923,662 Nominal amount of the loan 56,940,395.20€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% As of 30/06/2023 : Number of bonds 1,923,662 Nominal amount of the loan 56,940,395.20€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% Final reimbursement is scheduled for October 16, 2025. The potential issuance of new shares upon conversion requests of the outstanding OCEANEs would represent 21.2% of the share capital of the Company at June 30, 2023 (representing a 17.5% dilution if all OCEANEs were converted). Conversion Ratio The conversion ration is 5.5 shares per OCEANE. Conversion terms There are no specific terms that need to be met for a holder of OCEANEs to convert their debt into GENFIT shares. Conversions There were no conversions for the six month period ended June 30, 2023. Current and non current balances Convertible loans - Total As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 50,276 51,424 TOTAL 50,276 51,424 Convertible loans - Current As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 415 415 TOTAL 415 415 Convertible loans - Non current As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 49,861 51,009 TOTAL 49,861 51,009 Other loans and borrowings consisted of the following: Other loans and borrowings - Total As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances 3,229 3,229 Bank loans 15,196 14,732 Obligations under leases 6,559 6,030 Accrued interests 14 8 TOTAL 24,999 23,998 Other loans and borrowings - Current As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances — — Bank loans 3,619 6,321 Obligations under leases 1,032 1,005 Accrued interests 14 8 TOTAL 4,665 7,333 Other loans and borrowings - Non current As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances 3,229 3,229 Bank loans 11,578 8,411 Obligations under leases 5,527 5,025 Accrued interests — — TOTAL 20,334 16,665 18.2.1. Refundable and conditional advances Refundable and conditional advances—general overview Grant date Total amount allocated Receipts Repayments Effects of discounting Net book value As of 2023/06/30 (in € thousands) BPI FRANCE - IT-DIAB 2008/12/23 3,229 3,229 — — 3,229 Development of a global strategy for the prevention and management of type 2 diabetes TOTAL 3,229 3,229 — — 3,229 Refundable and conditional advances—general overview Grant date Total amount allocated Receipts Repayments Effects of discounting Net book value As of 2022/12/31 (in € thousands) BPI FRANCE - IT-DIAB 2008/12/23 3,229 3,229 — — 3,229 Development of a global strategy for the prevention and management of type 2 diabetes TOTAL 3,229 3,229 — — 3,229 18.2.2. Bank loans See Note 20.2.2 "Bank loans" in the Notes to the Consolidated Financial Statements in the Company's 2022 20-F filing for a detailed description of the Group's bank loans and related accounting treatment. Balances by loan Bank loans consisted of the following as of December 31, 2022 and June 30, 2023: Bank loans Loan Facility Interest Available As of 2023/06/30 Installments Outstanding As of 2022/12/31 Outstanding As of 2023/06/30 (in € thousands) date size rate BNP 4 April 2017 800 0.87 % — 60 monthly 54 — AUTRES - — — % — — 17 15 CDN PGE June 2021 900 1.36 % — 8 quarterly 900 900 CIC PGE June 2021 2,200 0.75 % — 8 quarterly 2,200 2,200 BNP PGE June 2021 4,900 0.45 % — 8 quarterly 4,900 4,900 NATIXIS PGE June 2021 3,000 0.40 % — 8 quarterly 3,000 3,000 BPI PGE July 2021 2,000 2.25 % — 16 quarterly 1,900 1,700 BPI PRÊT TAUX BONIFIE November 2021 2,250 2.25 % — 20 quarterly 2,250 2,036 TOTAL 20,465 — 15,221 14,751 Maturity of financial liabilities As of Less than Less than Less than Less than Less than More than (in € thousands) 2023/06/30 1 year 2 years 3 years 4 years 5 years 5 years BPI FRANCE - IT-DIAB 3,229 — — — — — 3,229 TOTAL - Refundable and conditional advances 3,229 — — — — — 3,229 Convertible loans 57,356 415 — 56,940 — — — Bank loans 14,732 6,321 6,343 863 868 336 — Leases 6,030 1,005 1,017 1,029 1,040 1,053 886 Accrued interests 8 8 — — — — — TOTAL - Other loans and borrowings 78,125 7,748 7,360 58,832 1,909 1,389 886 TOTAL 81,354 7,748 7,360 58,832 1,909 1,389 4,116 The values in the table above are nominal (contractual) values according to IFRS 7.39(a). |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Financial detail The following tables provide the financial assets and liabilities carrying values by category and fair values as of June 30, 2023 and December 31, 2022: As of 31/12/2022 Carrying value Fair value As per Assets at Assets at Assets at Debt at Level 1 Level 2 Level 3 statement of fair value fair value amortized amortized financial through through OCI cost cost (in € thousands) position profit & loss Assets Equity investments 3,133 3,133 3,133 Other investments 483 483 483 Financial investments 4,550 4,550 4,550 Loans 428 428 428 Deposits and guarantees 335 335 335 Trade receivables 3,188 3,188 3,188 Cash and cash equivalents 136,001 136,001 136,001 TOTAL - Assets 148,119 141,034 3,133 3,951 — 140,551 3,951 3,617 Liabilities Conditional advances 3,229 3,229 3,229 Convertible loans 50,276 50,276 52,708 Bank loans 15,196 15,196 15,196 Obligations under finance leases 6,559 6,559 6,559 Accrued interests 14 14 14 Trade payables 8,613 8,613 8,613 Other payables 1,325 1,325 1,325 TOTAL - Liabilities 85,214 — — — 85,214 — 84,416 3,229 As of 30/06/2023 Carrying value Fair value As per Assets at Assets at Assets at Debt at Level 1 Level 2 Level 3 statement of fair value fair value amortized amortized financial through through OCI cost cost (in € thousands) position profit & loss Assets Equity investments 3,133 3,133 3,133 Other investments 483 483 483 Financial investments — Loans 452 452 452 Deposits and guarantees 302 302 302 Trade receivables 2,787 2,787 2,787 Cash and cash equivalents 111,826 111,826 111,826 TOTAL - Assets 118,983 112,309 3,133 3,541 — 111,826 3,541 3,617 Liabilities Conditional advances 3,229 3,229 3,229 Convertible loans 51,424 51,424 50,208 Bank loans 14,732 14,732 14,732 Obligations under finance leases 6,030 6,030 6,030 Accrued interests 8 8 8 Trade payables 15,883 15,883 15,883 Other payables 1,207 1,207 1,207 TOTAL - Liabilities 92,513 — — — 92,513 — 88,067 3,229 |
Trade and Other Payables
Trade and Other Payables | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Trade And Other Payables [Abstract] | |
Trade and Other Payables | TRADE AND OTHER PAYABLES Financial detail Trade and other payables consisted of the following: Trade and other payables - Total As of (in € thousands) 2022/12/31 2023/06/30 Trade payables 8,613 15,883 Social security costs payables 4,838 3,537 VAT payables 200 880 Taxes payables 316 198 Other payables 1,325 1,207 TOTAL 15,293 21,705 Trade and other payables - Current As of (in € thousands) 2022/12/31 2023/06/30 Trade payables 8,613 15,883 Social security costs payables 4,838 3,537 VAT payables 200 880 Taxes payables 316 198 Other payables 877 1,207 TOTAL 14,845 21,705 Trade and other payables - Non current As of (in € thousands) 2022/12/31 2023/06/30 Trade payables — — Social security costs payables — — VAT payables — — Taxes payables — — Other payables 448 — TOTAL 448 — |
Trade and other payables | TRADE AND OTHER PAYABLES |
Disclosure of significant accounting policies [text block] | SUMMARY OF MATERIAL ACCOUNTING INFORMATIONUse of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). Goodwill The company does not have any goodwill. Intangible assets |
Deferred Income and Revenue
Deferred Income and Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Income and Revenue [Abstract] | |
Deferred Income and Revenue | DEFERRED INCOME AND REVENUE Out of the €120 million upfront payment received from Ipsen in application of the licensing agreement signed in December 2021, an amount of €40 million was recognized as Deferred income in 2021. The Deferred income is recognized as revenue as GENFIT carries out its part of the double-blind ELATIVE® study, based on the progress made relative to the originally developed budget. As of June 30, 2023, the Company considers that this initial budget is still appropriate based on progress performed. During the first six months of 2022,€8.2 million of said balance was recognized as revenue. During the first six months of 2023, €8.2 million of said balance was recognized as revenue. As of June 30, 2023, €15.9 million of Deferred income remains, €11.1 million of which relates to Current deferred income and €4.8 million of which relates to Noncurrent deferred income, which was determined based on the original budget. See Note 8 - " Revenues and Other income ". |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2023 | |
Provisions [abstract] | |
Provisions | PROVISIONSFinancial detail At June 30, 2023 and at December 31, 2022, this line item amounted to €56 and €61, respectively. Change in provisions As of Increase Decrease Decrease As of (in € thousands) 2022/12/31 (used) (unused) 2023/06/30 Provision for charges 61 — (21) 16 56 TOTAL 61 — (21) 16 56 |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of information about defined benefit plans [abstract] | |
Disclosure of significant accounting policies [text block] | SUMMARY OF MATERIAL ACCOUNTING INFORMATIONUse of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). Goodwill The company does not have any goodwill. Intangible assets |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of Detailed Information About Share Capital | Detailed breakdown Share capital Number of shares As of 2022/12/31 2023/06/30 Ordinary shares issued (€0.25 par value per share) 49,834,983 49,834,983 Convertible preferred shares registered — — Total shares issued 49,834,983 49,834,983 Less treasury shares — — Outstanding shares 49,834,983 49,834,983 |
Equity | EQUITY |
Disclosure of significant accounting policies [text block] | SUMMARY OF MATERIAL ACCOUNTING INFORMATIONUse of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. The Group’s presentation currency is the euro, which is also the functional currency of GENFIT S.A. The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). Goodwill The company does not have any goodwill. Intangible assets |
Equity | EQUITY Detailed breakdown Share capital Number of shares As of 2022/12/31 2023/06/30 Ordinary shares issued (€0.25 par value per share) 49,834,983 49,834,983 Convertible preferred shares registered — — Total shares issued 49,834,983 49,834,983 Less treasury shares — — Outstanding shares 49,834,983 49,834,983 Ordinary shares are classified under shareholders' equity. Any shareholder, regardless of nationality, whose shares are fully paid-in and registered for at least two years, is entitled to double voting rights under the conditions prescribed by law (Article 32 of the Company's bylaws). Changes in share capital in 2023 None. |
Operating Income
Operating Income | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Income [Abstract] | |
Operating Income | REVENUES AND OTHER INCOME Financial statement line item detail Revenue and other income Half-year ended (in € thousands) 2022/06/30 2023/06/30 Revenues 8,790 11,482 CIR tax credit 3,343 3,547 Government grants and subsidies 9 82 Other operating income 46 263 TOTAL 12,188 15,374 For the half-year ended June 30, 2023 , the total revenues and other income amounted to €15,374 (€12,188 for the same period in 2022). For the half-year ended June 30, 2023 , Revenue amounted to €11,482 in 2023 (€8,790 for the same period in 2022). Revenue is primarily composed of: • Licensing Agreement (Ipsen). In December 2021, GENFIT and Ipsen entered into an exclusive licensing agreement for elafibranor, a Phase 3 asset evaluated in Primary Biliary Cholangitis (PBC), as part of a long-term global partnership ("Collaboration and License Agreement"). ◦ During the first six months of 2023, €8.2 million was attributable to the partial recognition of deferred revenue as noted in N ote 21 - " Deferred in come and reven ue ". ◦ During the first six months of 2022, €8.2 million was attributable to the partial recognition of deferred revenue as noted in N ote 21 - " Deferred income and revenue ". • Transition Services Agreement (Ipsen). In 2022, GENFIT and Ipsen entered into a Service Transition Agreement, which describes the scope of the services provided by GENFIT to Ipsen in order to facilitate the transition of certain activities related to the Phase 3 clinical trial, evaluating elafibranor in PBC. This agreement was subsequently amended following the unblinding of the study to specify costs to be borne by the parties in the agreement. This position is reflected in the financial statements. ◦ During the first six months of 2023, services provided under this contract generated €3.2 million in revenue. ◦ During the first six months of 2022, services provided under this contract generated €0.6 million in revenue. The breakdown of Other income is as follows: Other income Half-year ended (in € thousands) 2022/06/30 2023/06/30 CIR tax credit 3,343 3,547 Other operating income 46 263 Government grants and subsidies 9 82 TOTAL 3,398 3,893 During the first six months of 2023, the research tax credit (CIR) amounted to €3,547 in 2023 (€3,343 for the same period in 2022), due to an increase in research and development activity. The research tax credit receivable amounted to €14,847 as of June 30, 2023, €6,017 of which relates to 2022 and €5,282 of which relates to 2021. The balance for 2021 and 2022 has not yet been reimbursed in 2023 given the ongoing tax audit. During the first six months of 2023, the Group recognized €263 in “Other operating income” (€46 for the same period in 2022), mainly comprised of exchange gains on trade receivables. |
Operating Expense
Operating Expense | 6 Months Ended |
Jun. 30, 2023 | |
Operating Expense [Abstract] | |
Operating Expense | OPERATING EXPENSES Operating expenses and other operating income (expenses) Half-year ended Of which : 2022/06/30 Raw Contracted Employee Other Depreciation, Gain / materials research and expenses expenses amortization (loss) on and development (maintenance, and disposal of consumables activities fees, travel, impairment property, used conducted by taxes…) charges plant and (in € thousands) third parties equipment Research and development expenses (17,599) (1,052) (8,538) (4,889) (2,408) (712) — General and administrative expenses (8,229) (133) (38) (3,230) (4,580) (248) — Marketing and market access expenses (460) (2) — (272) (182) (3) — Reorganization and restructuring income (expenses) 179 — — — (1) 180 — Other operating expenses (423) — — — (422) — (1) TOTAL (26,532) (1,187) (8,576) (8,391) (7,594) (783) (1) Operating expenses and other operating income (expenses) Half-year ended Of which : 2023/06/30 Raw Contracted Employee Other Depreciation, Gain / materials research and expenses expenses amortization (loss) on and development (maintenance, and disposal of consumables activities fees, travel, impairment property, used conducted by taxes…) charges plant and (in € thousands) third parties equipment Research and development income (expenses) (25,630) (1,040) (14,367) (6,299) (3,251) (705) 33 General and administrative expenses (9,105) (162) (96) (3,919) (4,645) (283) — Marketing and market access expenses (520) (2) (1) (275) (236) (6) — Reorganization and restructuring income (expenses) 633 — — — — 633 — Other operating income (expenses) (52) — — — (75) 3 20 TOTAL (34,673) (1,204) (14,464) (10,492) (8,207) (358) 52 2023 Activity Research and Development Expenses The increase in research and development expenses is mainly due to increasing costs related to the ELATIVE® product candidate, the VS-01 product candidate, the GNS561 product candidate, the NTZ product candidate, as well as increased staffing levels. General and administrative expenses The increase in general and administrative employee expenses was mainly due to the increase in workforce (from 50 to 56 employees at June 30, 2022 and 2023, respectively). Marketing and market access expenses Marketing and market access expenses remained stable period over period. Reorganization and restructuring income (expenses) During the first half of 2023, the Group reversed the entire remaining RESOLVE-IT provision consisting of un-used building space, which are now in use. Other operating income (expenses) For the six months ended June 30, 2023, other operating expenses were not material. Employee expenses Employee expenses and number of employees were as follows: Employee expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Wages and salaries (5,842) (7,413) Social security costs (2,317) (2,737) Changes in pension provision (84) (69) Employee profit-sharing — — Share-based compensation (148) (274) TOTAL (8,391) (10,492) Number of employees at year-end Half-year ended 2022/06/30 2023/06/30 Average number of employees 127 152 Number of employees Research and development 65 77 Services related to research and development 17 19 Administration and management 50 56 Marketing and commercial 2 2 TOTAL 134 154 The increase in employee expenses resulted mainly from an increase in workforce, with an average headcount from 127 in 2022 to 152 in 2023. |
Financial Income and Expenses
Financial Income and Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Financial Income And Expenses [Abstract] | |
Financial Income and Expenses | FINANCIAL INCOME AND EXPENSES Financial income and expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Financial income Interest income 17 337 Foreign exchange gain 6,032 71 Other financial income 132 1,341 TOTAL - Financial income 6,182 1,748 Financial expenses Interest expenses (2,160) (2,253) Interest expenses for leases (33) (36) Foreign exchange losses 0 (586) Other financial expenses (4) (14) TOTAL - Financial expenses (2,197) (2,890) FINANCIAL GAIN (LOSS) 3,985 (1,141) |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2023 | |
Deferred tax expense (income) [abstract] | |
Income Tax | Tax Inspection We are subject to a tax audit by the French tax authorities on our tax returns or operations subject to review on the 2019 and 2020 periods (including the Research Tax Credit claimed for these periods), which started on December 10, 2021 and is still ongoing at the date of this document. The research tax credit receivable amounted to €14,847 as of June 30, 2023, €6,017 of which relates to 2022 and €5,282 of which relates to 2021. The balance for 2021 has not yet been reimbursed in 2022 given the ongoing tax audit. Change in Legislation In 2017, the United States Congress passed the Tax Cuts and Jobs Act of 2017, which included a tax law change on Section 174 of the Internal Revenue Code. Research and development costs specified under Section 174 of the Code must be capitalized and amortized pro rata over 5 years for domestic expenditures and 15 years for foreign expenditures. Said provision came into effect for tax years commencing after December 31, 2021. The group concluded that income taxes (and likewise other current tax liabilities) for the period ended December 31, 2022 were underestimated by €196 in the 2022 financial statements. The Group concluded that this error was not material individually or in the aggregate for any of the relevant periods and recognized this expense entirely in the first half of 2023. The tax expense for the period ended June 30, 2023 relates to the 2022 and 2023 taxes of Genfit Corp. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). The components of the earnings (loss) per share computation are as follows: Earnings per share Year ended 2022/06/30 2023/06/30 Profit (loss) for the period (in € thousands) (10,399) (20,854) Weighted average number of ordinary shares used to calculate basic earnings (loss) per share 49,668,718 49,701,858 Basic earnings (loss) per share (€/share) (0.21) (0.42) Diluted earnings (loss) per share (€/share) (0.21) (0.42) The weighted average numbers of ordinary shares as noted above exclude treasury shares held by GENFIT. The following table summarizes the potential common shares not included in the computation of diluted earnings per share because their impact would have been antidilutive: Potential common shares not included in the computation of diluted earnings per share Half-year ended 2023/06/30 BSA 35,070 STOCK OPTIONS 995,381 AGA 124,391 OCEANES 10,580,141 |
Litigation and Contingent Liabi
Litigation and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Litigation and Contingent Liabilities | LITIGATION AND CONTINGENT LIABILITIES Class Action In May 2020, following the Group announcement on the interim results of our RESOLVE-IT® Phase 3 clinical trial in which elafibranor had not achieved the primary or key secondary endpoints, a purported shareholder class action complaint was filed in state court in the Commonwealth of Massachusetts, naming the Group, the board of directors and certain members of the senior management as defendants, alleging that defendants made materially misleading statements about the development of elafibranor in connection with our U.S. initial public offering in violation of U.S. federal securities laws. In October 2020, the plaintiff voluntarily dismissed the Commonwealth of Massachusetts action, but in December 2020, the same plaintiff filed a purported shareholder class action complaint in state court in the State of New York, alleging claims substantially similar to those in the previous complaint against the same defendants, as well as the underwriters of our U.S. initial public offering. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related Parties | RELATED PARTIES Biotech Avenir Biotech Avenir SAS is a holding company incorporated in 2001 by the Company's founders. Most of its share capital is currently held by individuals, i.e. the four co-founders of the Company and twelve Company employees. Jean-François Mouney, the Chairman of the Company, is also the Chairman of Biotech Avenir SAS. At June 30, 2023, Biotech Avenir SAS held 3.79% of the share capital of the Company. The Company did not carry out any transactions with Biotech Avenir in 2023 or 2022, with the exception of the domiciliation without charge. Ipsen Pharma SAS The licensing agreement signed with Ipsen Pharma SAS in December 2021 provides for a certain number of service agreements that were signed with the Company in 2022, notably the Inventory Purchase Agreement and the Transition Services Agreement. These agreements cover support for Ipsen in future proceedings and processes (other than knowledge transfer) and the provision of drug tablets which Ipsen may require to execute its clinical trial. As per the agreement signed with Ipsen in December 2021, the prices under these agreements cover all costs borne by the Company to provide the relevant goods and services, without economic benefit for Ipsen. The Transition Services Agreement (the TSA) signed between the Company and Ipsen Pharma on April 6, 2022, which governs the conditions under which a certain number of transition services are carried out by the Company in the interest of smoothly running the phase clinical trial 3 ELATIVE®, was supplemented by a “Part B Transition Services Agreement” (the “Part B Agreement”). It will be signed signed between the parties following approval by the Company's Board of Directors on September 19, 2023 in accordance with the policy relating to transactions between Related Parties and the Company. The Part B Agreement governs the conditions under which a certain number of transition services have been and continue to be carried out by the Company in the same interest mentioned above, until the total transfer of responsibility for the trial is turned over to IPSEN, and in particular the terms of remuneration of these services during the specific period when some patients had completed the treatment corresponding to the first part of the clinical trial and initiated the treatment of the second part and others had not. These services are independent of those provided for by the TSA and the license contract. |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Commitments [Abstract] | |
Commitments | COMMITMENTSObligations under the terms of subcontracting agreements The Group enters into contracts for its business needs with clinical research organizations (CROs) for clinical trials, as well as with Contract Manufacturing Organizations (CMOs) for clinical and commercial supply manufacturing, commercial and pre-commercial activities, research and development activities and other services and products for operating purposes. The Group’s agreements generally provide for termination with specified periods of advance notice. Such agreements are generally cancellable contracts and not included in the description of the Group’s contractual obligations and commitments. Obligations under the terms of license agreement with Seal Rock The Group has entered into a licensing agreement with Seal Rock under which we are obligated to pay royalties and contingent payments based on future events. Under the terms of the agreement, Seal Rock is eligible for payments of up to €98 million, including regulatory, clinical and commercial milestone payments, as well as tiered royalties. As of June 30, 2023, it should be noted that in accordance with the rules defined by IAS 37, GENFIT's obligations under the terms of the contract constitute contingent liabilities not recognized in the consolidated accounts. Obligations under the terms of license and collaboration agreement with Genoscience On December 16, 2021, GENFIT completed the acquisition of exclusive rights from Genoscience Pharma to develop and commercialize the investigational treatment GNS561 in cholangiocarcinoma (CCA) in the United States, Canada and Europe, including the United Kingdom and Switzerland. GNS561 is a novel clinical-stage autophagy/PPT1 inhibitor developed by Genoscience Pharma and cholangiocarcinoma is an orphan disease. Under the agreement, Genoscience Pharma is eligible for clinical and regulatory milestone payments for up to €50 million and tiered royalties. The first payable milestones are contingent on positive Phase 2 clinical trial results in CCA, and may total up to €20 million, if applicable. The following payable milestones are contingent on positive Phase 3 results. These payments, when due, will be subject to a review to determine if they are eligible for activation pursuant to IAS 38. If so, they will be recorded as capital upon disbursement. Otherwise, they also constitute contingent liabilities which will be recognized when due. In addition, we also have a right of first negotiation with respect to any license or assignment, or option for a license or an assignment, with any third party to develop or commercialize other Genoscience assets in the field of CCA, to the extent Genoscience is looking to partner the asset with a third party or receives a spontaneous offer for collaboration. For the period commencing on the date of the agreement until the first regulatory approval of GNS561 for commercialization, Genoscience Pharma has the right to repurchase the license to GNS561 in CCA at a pre-determined price in the event that Genoscience Pharma receives an offer from a third party to acquire or obtain a license to GNS561 in all indications, provided that GENFIT shall first have the opportunity to negotiate the acquisition or license to GNS561 in all indications or match the offer from the third party. Pursuant to IAS 37, our obligations under the terms of the agreement we entered into with Genoscience Pharma constitute contingent liabilities not recognized in the Company's consolidated financial statements at December 31, 2022 or June 30, 2023. Obligations related to the Versantis acquisition The company entered into an agreement with the former shareholders of Versantis whereby we are obligated to pay milestone payments based on future events that are uncertain and there therefore they constitute contingent liabilities not recognized in the Company's consolidated financial statements for the period ending December 31, 2022. Refer to Note 5 - " Acquisitions " . Obligations under the terms of lease agreements The Company has guaranteed its rental payment obligation under the lease agreement for the headquarters in Loos, France in the amount of €600 at June 30, 2023. Contingent assets Terns The Company has entered into a licensing agreement with Terns Pharma whereby we could receive milestone payments based on future events that are uncertain and therefore they constitute contingent assets not recognized in the Company's consolidated financial statements for the period ending June 30, 2023. Milestones include Development Milestone Payments upon the achievement of the development milestones for the licensed product and Commercial Milestone Payments upon the achievement of commercial milestones depending on reaching certain aggregate thresholds. There are also potential mid-teen royalties based on sales by Terns Pharmaceuticals in Greater China. The potential Development and Commercial Milestone payments may represent up to $193 million . |
Cash flow statement
Cash flow statement | 6 Months Ended |
Jun. 30, 2023 | |
Cash Flow Information [Abstract] | |
Disclosure of cash flow statement [text block] | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information Disclosure of non-cash financing and investing activities • Accrued property, plant and equipment, at June 30, 2022: €27 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Use of estimates and judgments | Use of estimates and judgmentsIn preparing these consolidated financial statements, management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, incomes and expenses. Actual amounts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and underlying assumptions mainly relate to the following: • Allocation of revenue to performance obligations provided for in the agreement with Ipsen, see Not e 8 - " Revenue s and other incom e " • Research tax credits, see Note 8 - " Revenues and other income " • Accruals related to clinical trials, see Note 20 - " Trade and other payables " • Valuation of our investments in Genoscience, see Note 14 - " Goodwill an d intangible assets " • Valuation of our VS-01 assets related to the Versantis acquisition, see Note 14 - " Goodwill and intangible assets " • Valuation of our license rights acquired, see Note 14 - " Goodwill and intangible assets " • Convertible loans, see Note 18 - " Loans and borrowing s Going concern When assessing going concern, the Group’s Board of Directors mainly considers the liquidity available at the statement of financial position date, the cash spend projections for next 12-month period as from the date of the financial statements are issued and the availability of other funding The consolidated financial statements were prepared on a going concern basis. The Group believes it has sufficient resources to continue operating for at least twelve months following the consolidated financial statements’ publication. Consolidated entities The Group controls an entity when it is exposed to variable returns from its involvement with the entity, and it has the ability to affect those returns through its power over the entity. The Group controls all the entities included in the scope of consolidation. Versantis Inc was dissolved on June 2, 2023. All assets and liabilities of the company were transferred to Versantis AG. The impact to the financial statements was not material. Accounting policies The accounting policies used for these interim consolidated financial statements are the same as those used for the most recent consolidated annual financial statements. |
Foreign currency | Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of the entities of the Group at the exchange rates applicable at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the reporting date. The resulting exchange gains or losses are recognized in the statements of operations. Translation of foreign subsidiary financial statements The assets and liabilities of foreign operations having a functional currency different from the euro are translated into euros at the closing exchange rate. The income and expenses of foreign operations are translated into euros at the exchange rates effective at the transaction dates or using the average exchange rate for the reporting period unless this method cannot be applied due to significant exchange rate fluctuations. Gains and losses arising from foreign operations are recognized in the statement of other comprehensive loss. When a foreign operation is partly or fully divested, the associated share of gains and losses recognized in the currency translation reserve is transferred to the statements of operations. |
Revenues from ongoing activities under client agreements | Revenues from contracts with customers |
Intangible assets | Goodwill The company does not have any goodwill. Intangible assets |
Trade and other receivables | TRADE AND OTHER RECEIVABLESOTHER FINANCIAL ASSETS |
Cash and cash equivalents | CASH AND CASH EQUIVALENTS |
Equity | EQUITY |
Loans and borrowings | LOANS AND BORROWINGS |
Trade and other payables | TRADE AND OTHER PAYABLES |
Provisions | PROVISIONS |
Other income | Research tax credit The Research Tax Credit ("Crédit d'Impôt Recherche," or "CIR") is granted to entities by the French tax authorities in order to encourage them to conduct technical and scientific research. Entities that demonstrate that their research expenditures meet the required CIR criteria receive a tax credit that may be used for the payment of their income tax due for the fiscal year in which the expenditures were incurred, as well as in the next three years. If taxes due are not sufficient to cover the full amount of tax credit at the end of the three-year period, the difference is paid in cash to the entity by the tax authorities. If a company meets certain criteria in terms of sales, headcount or assets to be considered a small/mid-size company, immediate payment of the Research Tax Credit can be requested. The Group meets such criteria. The Group applies for CIR for research expenditures incurred in each fiscal year and recognizes the amount claimed in the line item "Other income" in the statements of operations in the same fiscal year. In the notes to the financial statements, the amount claimed is recognized under the heading "Research tax credit" (see Note 1 5 - " Trade and other receivables " and the table below). 8.2.2. Government grants Government grants The Group received until 2016 various forms of government grants. This government aid is provided for and managed by French state-owned entities, and specifically "BPI France" ("Banque Publique d'Investissement"), formerly named "OSEO Innovation". Subsidies received are non-refundable. |
Earnings (loss) per share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share are calculated by dividing profit or loss attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per share are calculated by adjusting profit attributable to ordinary shareholders and the average number of ordinary shares outstanding weighted for the effects of all potentially dilutive instruments (share warrants, redeemable share warrants, free shares, stock options and bonds convertible into new and/or existing shares). |
Operating segments | SEGMENT INFORMATION The Board of Directors and Chief Executive Officer are the chief operating decision makers. The Board of Directors and the Chief Executive Officer oversee the operations and manage the business as one segment with a single activity; namely, the research and development of innovative medicines and diagnostic solutions, the marketing of which depends on the success of the clinical development phase. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Summary of Functional Currency | The functional currency of GENFIT CORP and Versantis, Inc. is the U.S. dollar. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Half-year ended Ratio : 1 US dollars (USD) = x euros (EUR) 2022/06/30 2023/06/30 Exchange rate at period end 0.96274 0.92030 Average exchange rate for the period 0.91494 0.92515 The functional currency of Versantis AG is the Swiss Franc. The applicable exchange rates used to translate the financial statements of this entity for each of the periods are as follows: Ratio : 1 CH franc (CHF) = x euros (EUR) Half-year ended 2022/06/30 2023/06/30 Exchange rate at period end N/A 1.02166 Average exchange rate for the period N/A 1.01462 |
Operating segments (Tables)
Operating segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment information [Abstract] | |
Disclosure of non-curent assets by geographical area | Non-current assets break down by geographical area as follows: NON-CURRENT ASSETS As of December 31, 2022 As of June 30, 2023 (thousands of euros) France Switzerland Total France Switzerland Total TOTAL 12,923 44,158 57,081 15,719 43,589 59,308 |
Disclosure of revenue breakdown by geographical area | Revenue breakdown by geographical area Revenue by destination Half-year ended (in € thousands) 2022/06/30 2023/06/30 Revenue from France 100 % 100 % Revenue from other countries — % — % TOTAL 100 % 100 % |
Financial Risks Management (Tab
Financial Risks Management (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Foreign exchange rates [abstract] | |
Summary of Sensitivity of Cash and Cash Equivalents and Expenses to Variation of Ten Percent of the US Dollars Against the Euro | The following table shows the sensitivity of the Group's cash and cash equivalent and expenses in U.S. dollars to a variation of 10% of the U.S. dollar against the euro as of and for the periods stated below. Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% As of of the US dollar against the euro (in € thousands or in US dollar thousands, as applicable) 2022/12/31 2023/06/30 Cash and cash equivalents denominated in US dollars 34,192 25,853 Equivalent in euros, on the basis of the exchange rate described below 32,057 23,793 Equivalent in euros, in the event of an increase of 10% of US dollar vs euro 35,619 26,436 Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro 29,143 21,630 Sensitivity of the Group's expenses to a variation of +/- 10% Half-year ended of the US dollar against the euro (in € thousands or in US dollar thousands, as applicable) 2022/06/30 2023/06/30 Expenses denominated in US dollars 7,562 9,045 Equivalent in euros, on the basis of the exchange rate described below 7,280 8,324 Equivalent in euros, in the event of an increase of 10% of US dollar vs euro 8,089 9,249 Equivalent in euros, in the event of a decrease of 10% of US dollar vs euro 6,618 7,567 |
Sensitivity Of Cash And Cash Equivalents And Expenses To Variation Of Ten Percent Of The CHF Against The Euro Explanatory | Sensitivity of the Group's cash and cash equivalents to a variation of +/- 10% As of of the CH franc against the euro (in € thousands or in CH franc thousands, as applicable) 2022/12/31 2023/06/30 Cash and cash equivalents denominated in CH franc 2,321 453 Equivalent in euros, on the basis of the exchange rate described below 2,357 463 Equivalent in euros, in the event of an increase of 10% of CH franc vs euro 2,618 514 Equivalent in euros, in the event of a decrease of 10% of CH franc vs euro 2,142 421 Sensitivity of the Group's expenses to a variation of +/- 10% Half-year ended of the CH franc against the euro (in € thousands or in CH franc thousands, as applicable) 2022/06/30 2023/06/30 Expenses denominated in CH franc N/A 3,045 Equivalent in euros, on the basis of the exchange rate described below N/A 3,111 Equivalent in euros, in the event of an increase of 10% of CH franc vs euro N/A 3,457 Equivalent in euros, in the event of a decrease of 10% of CH franc vs euro N/A 2,828 |
Summary of Cash, Cash Equivalents and Financial Assets | Cash, cash equivalents and financial assets As of (in € thousands) 2022/12/31 2023/06/30 At origin, denominated in EUR Cash and cash equivalents 101,536 87,547 Current and non current financial assets 9,456 4,958 Total 110,993 92,504 At origin, denominated in USD Cash and cash equivalents 32,057 23,793 Current and non current financial assets 7 15 Total 32,064 23,808 At origin, denominated in CHF Cash and cash equivalents 2,358 463 Current and non current financial assets — 13 Total 2,358 476 Total, in EUR Cash and cash equivalents 136,001 111,826 Current and non current financial assets 9,464 4,986 Total 145,464 116,812 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | These investments, summarized in the tables below, are short-term, highly liquid and subject to insignificant risk of changes in value. Cash and cash equivalents As of (in € thousands) 2022/12/31 2023/06/30 Short-term deposits 119,090 98,042 Cash on hand and bank accounts 16,910 13,784 TOTAL 136,001 111,826 Short-term deposits As of (in € thousands) 2022/12/31 2023/06/30 TERM ACCOUNTS 119,090 98,042 TOTAL 119,090 98,042 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Variations in Intangible Assets | The following tables show the variations in intangible assets for the year ended December 31, 2022 and the half-year ended June 30, 2023: As of Increase Decrease Translation Reclassification As of (in € thousands) 2021/12/31 adjustments 2022/12/31 Gross Software 1,294 81 (398) — — 977 Patents 70 281 — — — 351 Other intangibles — 43,569 — — — 43,569 TOTAL—Gross 1,364 43,931 (398) — — 44,897 Accumulated depreciation and impairment Software (1,190) (79) 329 — — (940) Patents — — — — — — Other intangibles — — — — — — TOTAL - Accumulated depreciation and impairment (1,190) (79) 329 — — (940) TOTAL - Net 174 43,852 (69) — — 43,957 As of Increase Decrease Translation Reclassification As of (in € thousands) 2022/12/31 adjustments 2023/06/30 Gross Software 977 — (13) — — 964 Patents 351 — — — 2 352 Other intangibles 43,569 2,000 — 248 — 45,817 TOTAL—Gross 44,897 2,000 (13) 248 2 47,134 Accumulated depreciation and impairment Software (940) (30) 19 — — (951) Patents — — — — — — Other intangibles — — — — — — TOTAL - Accumulated depreciation and impairment (940) (30) 19 — — (951) TOTAL - Net 43,957 1,970 6 248 2 46,182 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other receivables [abstract] | |
Summary of Trade and Other Receivables | Trade and other receivables consisted of the following: Trade and other receivables - Total As of (in € thousands) 2022/12/31 2023/06/30 Trade receivables, net 3,188 2,787 Research tax credit 11,299 14,847 VAT receivables 1,288 2,473 Grants receivables 4 8 Other receivables 126 69 TOTAL 15,906 20,184 Of which : Current 15,906 20,184 Of which : Non-current — — |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Financial Assets [Abstract] | |
Summary of Other Financial Assets | Other financial assets consisted of the following: Financial assets - Total As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 3,133 Other investments 483 483 Financial investments 4,550 — Loans 428 452 Deposits and guarantees 335 302 Liquidity contract 534 616 TOTAL 9,464 4,986 Of which : Current 4,550 — Of which : Non-current 4,914 4,986 Financial assets - Variations As of Increase Decrease As of (in € thousands) 2022/12/31 2023/06/30 Non consolidated equity investments 3,133 — — 3,133 Other investments 483 — — 483 Financial investments 4,550 — (4,550) — Loans 428 24 — 452 Deposits and guarantees 335 35 (68) 302 Liquidity contract 534 — 82 616 TOTAL 9,464 58 (4,536) 4,986 |
Loans and Borrowings (Tables)
Loans and Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowing costs [abstract] | |
Summary of Bonds | After OCEANEs buyback : Number of bonds 3,185,821 Nominal amount of the loan 94,300,301.60€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% As of 31/12/2022 : Number of bonds 1,923,662 Nominal amount of the loan 56,940,395.20€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% As of 30/06/2023 : Number of bonds 1,923,662 Nominal amount of the loan 56,940,395.20€ Nominal unit value of the bonds 29.60€ Effective interest rate 8.8% |
Summary of Convertible Loans | Convertible loans - Total As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 50,276 51,424 TOTAL 50,276 51,424 Convertible loans - Current As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 415 415 TOTAL 415 415 Convertible loans - Non current As of (in € thousands) 2022/12/31 2023/06/30 Convertible loans 49,861 51,009 TOTAL 49,861 51,009 |
Other Loans and Borrowings | Other loans and borrowings consisted of the following: Other loans and borrowings - Total As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances 3,229 3,229 Bank loans 15,196 14,732 Obligations under leases 6,559 6,030 Accrued interests 14 8 TOTAL 24,999 23,998 Other loans and borrowings - Current As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances — — Bank loans 3,619 6,321 Obligations under leases 1,032 1,005 Accrued interests 14 8 TOTAL 4,665 7,333 Other loans and borrowings - Non current As of (in € thousands) 2022/12/31 2023/06/30 Refundable and conditional advances 3,229 3,229 Bank loans 11,578 8,411 Obligations under leases 5,527 5,025 Accrued interests — — TOTAL 20,334 16,665 |
Summary of Refundable and Conditional Advances | Refundable and conditional advances—general overview Grant date Total amount allocated Receipts Repayments Effects of discounting Net book value As of 2023/06/30 (in € thousands) BPI FRANCE - IT-DIAB 2008/12/23 3,229 3,229 — — 3,229 Development of a global strategy for the prevention and management of type 2 diabetes TOTAL 3,229 3,229 — — 3,229 Refundable and conditional advances—general overview Grant date Total amount allocated Receipts Repayments Effects of discounting Net book value As of 2022/12/31 (in € thousands) BPI FRANCE - IT-DIAB 2008/12/23 3,229 3,229 — — 3,229 Development of a global strategy for the prevention and management of type 2 diabetes TOTAL 3,229 3,229 — — 3,229 |
Summary of Maturities of Financial Liabilities | Maturity of financial liabilities As of Less than Less than Less than Less than Less than More than (in € thousands) 2023/06/30 1 year 2 years 3 years 4 years 5 years 5 years BPI FRANCE - IT-DIAB 3,229 — — — — — 3,229 TOTAL - Refundable and conditional advances 3,229 — — — — — 3,229 Convertible loans 57,356 415 — 56,940 — — — Bank loans 14,732 6,321 6,343 863 868 336 — Leases 6,030 1,005 1,017 1,029 1,040 1,053 886 Accrued interests 8 8 — — — — — TOTAL - Other loans and borrowings 78,125 7,748 7,360 58,832 1,909 1,389 886 TOTAL 81,354 7,748 7,360 58,832 1,909 1,389 4,116 The values in the table above are nominal (contractual) values according to IFRS 7.39(a). |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of financial assets and liabilities carrying values by category and fair values | Financial detail The following tables provide the financial assets and liabilities carrying values by category and fair values as of June 30, 2023 and December 31, 2022: As of 31/12/2022 Carrying value Fair value As per Assets at Assets at Assets at Debt at Level 1 Level 2 Level 3 statement of fair value fair value amortized amortized financial through through OCI cost cost (in € thousands) position profit & loss Assets Equity investments 3,133 3,133 3,133 Other investments 483 483 483 Financial investments 4,550 4,550 4,550 Loans 428 428 428 Deposits and guarantees 335 335 335 Trade receivables 3,188 3,188 3,188 Cash and cash equivalents 136,001 136,001 136,001 TOTAL - Assets 148,119 141,034 3,133 3,951 — 140,551 3,951 3,617 Liabilities Conditional advances 3,229 3,229 3,229 Convertible loans 50,276 50,276 52,708 Bank loans 15,196 15,196 15,196 Obligations under finance leases 6,559 6,559 6,559 Accrued interests 14 14 14 Trade payables 8,613 8,613 8,613 Other payables 1,325 1,325 1,325 TOTAL - Liabilities 85,214 — — — 85,214 — 84,416 3,229 As of 30/06/2023 Carrying value Fair value As per Assets at Assets at Assets at Debt at Level 1 Level 2 Level 3 statement of fair value fair value amortized amortized financial through through OCI cost cost (in € thousands) position profit & loss Assets Equity investments 3,133 3,133 3,133 Other investments 483 483 483 Financial investments — Loans 452 452 452 Deposits and guarantees 302 302 302 Trade receivables 2,787 2,787 2,787 Cash and cash equivalents 111,826 111,826 111,826 TOTAL - Assets 118,983 112,309 3,133 3,541 — 111,826 3,541 3,617 Liabilities Conditional advances 3,229 3,229 3,229 Convertible loans 51,424 51,424 50,208 Bank loans 14,732 14,732 14,732 Obligations under finance leases 6,030 6,030 6,030 Accrued interests 8 8 8 Trade payables 15,883 15,883 15,883 Other payables 1,207 1,207 1,207 TOTAL - Liabilities 92,513 — — — 92,513 — 88,067 3,229 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Trade And Other Payables [Abstract] | |
Schedule of Trade and Other Payables | Financial detail Trade and other payables consisted of the following: Trade and other payables - Total As of (in € thousands) 2022/12/31 2023/06/30 Trade payables 8,613 15,883 Social security costs payables 4,838 3,537 VAT payables 200 880 Taxes payables 316 198 Other payables 1,325 1,207 TOTAL 15,293 21,705 Trade and other payables - Current As of (in € thousands) 2022/12/31 2023/06/30 Trade payables 8,613 15,883 Social security costs payables 4,838 3,537 VAT payables 200 880 Taxes payables 316 198 Other payables 877 1,207 TOTAL 14,845 21,705 Trade and other payables - Non current As of (in € thousands) 2022/12/31 2023/06/30 Trade payables — — Social security costs payables — — VAT payables — — Taxes payables — — Other payables 448 — TOTAL 448 — |
Other provisions, contingent li
Other provisions, contingent liabilities and contingent assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Changes in other provisions [abstract] | |
Disclosure of change in provision | Change in provisions As of Increase Decrease Decrease As of (in € thousands) 2022/12/31 (used) (unused) 2023/06/30 Provision for charges 61 — (21) 16 56 TOTAL 61 — (21) 16 56 |
Operating Income (Tables)
Operating Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other Income [Abstract] | |
Schedule of Other Income | The breakdown of Other income is as follows: Other income Half-year ended (in € thousands) 2022/06/30 2023/06/30 CIR tax credit 3,343 3,547 Other operating income 46 263 Government grants and subsidies 9 82 TOTAL 3,398 3,893 |
Operating Expense (Tables)
Operating Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Expense [Abstract] | |
Summary of Operating Expenses and Other Operating Income | Operating expenses and other operating income (expenses) Half-year ended Of which : 2022/06/30 Raw Contracted Employee Other Depreciation, Gain / materials research and expenses expenses amortization (loss) on and development (maintenance, and disposal of consumables activities fees, travel, impairment property, used conducted by taxes…) charges plant and (in € thousands) third parties equipment Research and development expenses (17,599) (1,052) (8,538) (4,889) (2,408) (712) — General and administrative expenses (8,229) (133) (38) (3,230) (4,580) (248) — Marketing and market access expenses (460) (2) — (272) (182) (3) — Reorganization and restructuring income (expenses) 179 — — — (1) 180 — Other operating expenses (423) — — — (422) — (1) TOTAL (26,532) (1,187) (8,576) (8,391) (7,594) (783) (1) Operating expenses and other operating income (expenses) Half-year ended Of which : 2023/06/30 Raw Contracted Employee Other Depreciation, Gain / materials research and expenses expenses amortization (loss) on and development (maintenance, and disposal of consumables activities fees, travel, impairment property, used conducted by taxes…) charges plant and (in € thousands) third parties equipment Research and development income (expenses) (25,630) (1,040) (14,367) (6,299) (3,251) (705) 33 General and administrative expenses (9,105) (162) (96) (3,919) (4,645) (283) — Marketing and market access expenses (520) (2) (1) (275) (236) (6) — Reorganization and restructuring income (expenses) 633 — — — — 633 — Other operating income (expenses) (52) — — — (75) 3 20 TOTAL (34,673) (1,204) (14,464) (10,492) (8,207) (358) 52 |
Summary of Employee Expenses and Number of Employees | Employee expenses and number of employees were as follows: Employee expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Wages and salaries (5,842) (7,413) Social security costs (2,317) (2,737) Changes in pension provision (84) (69) Employee profit-sharing — — Share-based compensation (148) (274) TOTAL (8,391) (10,492) Number of employees at year-end Half-year ended 2022/06/30 2023/06/30 Average number of employees 127 152 Number of employees Research and development 65 77 Services related to research and development 17 19 Administration and management 50 56 Marketing and commercial 2 2 TOTAL 134 154 |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Income And Expenses [Abstract] | |
Summary of Financial Income and Expenses | Financial income and expenses Half-year ended (in € thousands) 2022/06/30 2023/06/30 Financial income Interest income 17 337 Foreign exchange gain 6,032 71 Other financial income 132 1,341 TOTAL - Financial income 6,182 1,748 Financial expenses Interest expenses (2,160) (2,253) Interest expenses for leases (33) (36) Foreign exchange losses 0 (586) Other financial expenses (4) (14) TOTAL - Financial expenses (2,197) (2,890) FINANCIAL GAIN (LOSS) 3,985 (1,141) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Summary of Earnings (Loss) Per Share | The components of the earnings (loss) per share computation are as follows: Earnings per share Year ended 2022/06/30 2023/06/30 Profit (loss) for the period (in € thousands) (10,399) (20,854) Weighted average number of ordinary shares used to calculate basic earnings (loss) per share 49,668,718 49,701,858 Basic earnings (loss) per share (€/share) (0.21) (0.42) Diluted earnings (loss) per share (€/share) (0.21) (0.42) |
Major Events in the Period an_2
Major Events in the Period and Events After the Period - Acquisition of the Clinical-stage Biopharmaceutical Company Versantis (Details) - EUR (€) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net assets and liabilities of Business Combination [Line Items] | ||||
Other current tax liabilities | € 4,906,000 | € 4,906,000 | ||
Current provisions | 56,000 | 61,000 | ||
Current trade and other payables | 21,705,000 | 14,845,000 | ||
Other non-current financial assets | 4,986,000 | 4,914,000 | ||
Property, plant and equipment | 8,144,000 | 8,210,000 | ||
Current trade and others receivables | 20,184,000 | 15,906,000 | ||
Cash and cash equivalents | 111,826,000 | € 209,115,000 | € 136,001,000 | € 258,756,000 |
General and administrative expense | 9,105,000 | 8,229,000 | ||
Research and development expense | 25,630,000 | 17,599,000 | ||
ClosingForeignExchangeRateCHFEuro | 1.02166 | |||
ClosingForeignExchangeRateUSDEuro | € 0.92030 | € 0.96274 |
Major Events in the Period an_3
Major Events in the Period and Events After the Period - Additional Information (Details) € in Thousands | 6 Months Ended | ||||||
Oct. 16, 2017 EUR (€) euroPerBond oCEANE | Jun. 30, 2023 EUR (€) shares | Jun. 30, 2022 EUR (€) | May 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) | Dec. 16, 2021 EUR (€) | |
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Expense of restructuring activities | € 633 | € 179 | |||||
Increase in capital | € 7,256 | 40,311 | |||||
New shares created (in shares) | shares | 49,834,983 | 49,834,983 | |||||
Property, plant and equipment | € 8,144 | € 8,210 | |||||
Number of shares outstanding | shares | 49,834,983 | 49,834,983 | |||||
Revenue | € 15,374 | € 12,188 | |||||
Major Events in the Period and Events After the Period | MAJOR EVENTS IN THE PERIOD AND EVENTS AFTER THE PERIODMajor events in the period 2.1.1 Seal Rock license agreement On May 31, 2023, GENFIT announced the signing of a licensing agreement for the exclusive worldwide rights to the ASK1 inhibitor SRT-015 with Seal Rock Therapeutics, a clinical-stage company based in Seattle, USA developing “best-in-class” and “first-in-class” kinase inhibitors. SRT-015 is an injectable therapy intended for use in acute liver conditions, and GENFIT has acquired the rights to SRT-015 for use in liver conditions for which an injectable therapy is intended to be administered over a period of 21 consecutive days or less, including Acute on Chronic Liver Failure (ACLF) support during this period. Preclinical and clinical evidence support ASK1 inhibition as a relevant therapeutic strategy in multi-system disorders such as ACLF. Under the terms of the agreement, Seal Rock is eligible for payments of up to €100 million, including regulatory, clinical and commercial milestone payments, as well as tiered royalties. For further information related to the accounting treatment of the licensing rights, refer to Note 14 - " Goodwill and I ntangible A ssets ". On June 30, 2023, GENFIT announced positive topline data from the pivotal ELATIVE® Phase 3 trial. In the trial, the efficacy and safety of elafibranor, an investigational dual α,δ PPAR agonist, is being assessed for the treatment of patients with the rare cholestatic liver disease, primary biliary cholangitis (PBC), who have an inadequate response or intolerance to the current standard of care therapy, ursodeoxycholic acid (UDCA). The trial met its primary composite endpoint, with 51% of patients on elafibranor 80mg achieving a cholestasis response compared with 4% on placebo (p<0.0001). Cholestasis response is defined in the trial as alkaline phosphatase (ALP) <1.67 x upper limit of normal (ULN), an ALP decrease ≥ 15 percent and total bilirubin (TB) ≤ ULN at 52 weeks. ALP and bilirubin are important predictors of disease progression. Reductions in levels of both can indicate reduced cholestatic injury and improved liver function. The first secondary endpoint, normalization of ALP at Week 52, was also met with statistically significant improvements for investigational elafibranor compared with placebo. For the other secondary endpoint, a trend for pruritus improvement was observed with a greater decrease from baseline in the PBC Worst Itch NRS score for patients on elafibranor compared to placebo, which did not reach statistical significance. In the study, elafibranor was generally well tolerated with a safety profile consistent with that observed in previously reported studies. 2.2.1 Celloram Inc. licence agreement On July 28, 2023, GENFIT licensed the exclusive worldwide rights to CLM-022, a first-in-class inflammasome inhibitor, from Celloram Inc., a Cleveland-based biotechnology company. GENFIT will leverage Celloram’s acquired scientific insights on this molecule, to finalize IND enabling studies of this preclinical stage asset and secure an IND for future clinical trials. A preclinical proof-of-concept is targeted for 2024. Acquisition of the Clinical-stage Biopharmaceutical Company Versantis On September 19, 2022, the Company announced it had signed an exclusive agreement with Versantis AG ("Versantis") to acquire all the shares and voting rights of Versantis, a private Swiss-based clinical stage biotechnology company focused on addressing the growing unmet medical needs in liver diseases. This acquisition aims at: 1. Consolidating GENFIT’s position as a leader in acute-on-chronic liver failure (ACLF) 2. Significantly expanding GENFIT’s pipeline with VS-01-ACLF, a Phase 2 ready program based on first-in-class scavenging liposomes technology, VS-01-HAC, a pediatric program focused on urea cycle disorder (UCD), and VS-02-HE, an early-stage program focused on hepatic encephalopathy (HE), and 3. Combining Versantis’ expertise with GENFIT’s know-how in conducting complex development programs in liver diseases, to strengthen and accelerate research and development The deal closed effective September 29, 2022. See Note 2.1 "Acquisition of the Clinical-stage Biopharmaceutical Company Versantis" in the Notes to the Consolidated Financial Statements in the Company's 2022 20-F filing for a detailed description. | ||||||
Genoscience Pharma | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Milestone payments | € 50,000 | ||||||
Contingent milestone payments | € 20,000 | ||||||
Ipsen | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Deferred income | € 40,000 | ||||||
Celloram | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Milestone payments | € 160,000 | ||||||
Seal Rock [Member] | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Milestone payments | € 98,000 | € 100,000 | |||||
OCEANE | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Number of debt instruments issued | oCEANE | 6,081,081 | ||||||
Nominal value per unit (in EUR per bond) | euroPerBond | 29.60 | ||||||
Conversion Exchange Premium | 550% | ||||||
Aggregate nominal amount | € 180,000 | ||||||
Bonds Convertible Or Exchangeable Into Existing Or New Shares O C E A N E | |||||||
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | |||||||
Aggregate nominal amount | € 56,900 |
Major Events in the Period an_4
Major Events in the Period and Events After the Period - Signature of a Licensing and Partnership Agreement with Ipsen (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Major Events In The Period And Events After The Period [Line Items] | ||
New shares created (in shares) | 49,834,983 | 49,834,983 |
Basis of Presentation (Details)
Basis of Presentation (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Equity | € 74,520 | € 94,528 | € 109,166 | € 119,097 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Applicable Exchange Rates Used to Translate Financial Statements (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 CHF (SFr) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 EUR (€) bond | Jun. 30, 2023 EUR (€) USD ($) | Jun. 30, 2023 EUR (€) CHF (SFr) | Jun. 30, 2022 EUR (€) USD ($) | Jun. 30, 2021 EUR (€) | Dec. 31, 2022 EUR (€) USD ($) | |
Disclosure of voluntary change in accounting policy [abstract] | ||||||||
Average foreign exchange rate | 0.9847 | 1 | 1.0866 | 0.9788 | 1.0387 | 1 | 1.0666 | |
ClosingForeignExchangeRateUSDEuro | € 0.92030 | € 0.92030 | € 0.92030 | € 0.92030 | € 0.96274 | |||
ClosingForeignExchangeRateCHFEuro | 1.02166 | € 1.02166 | € 1.02166 | € 1.02166 | ||||
AverageForeignExchangeRateUSDEuro | 0.92515 | € 0.91494 | ||||||
AverageForeignExchangeRateCHFEuro | 1.01462 | |||||||
Non Current Assets By Geographical | 59,308,000 | € 57,081,000 | ||||||
Disclosure of intangible assets with indefinite useful life [table] | ||||||||
Non Current Assets By Geographical | 59,308,000 | 57,081,000 | ||||||
Number of segment | bond | 1 | |||||||
FRANCE | ||||||||
Disclosure of voluntary change in accounting policy [abstract] | ||||||||
Non Current Assets By Geographical | 15,719,000 | 12,923,000 | ||||||
Disclosure of intangible assets with indefinite useful life [table] | ||||||||
Non Current Assets By Geographical | 15,719,000 | 12,923,000 | ||||||
SWITZERLAND | ||||||||
Disclosure of voluntary change in accounting policy [abstract] | ||||||||
Non Current Assets By Geographical | 43,589,000 | 44,158,000 | ||||||
Disclosure of intangible assets with indefinite useful life [table] | ||||||||
Non Current Assets By Geographical | € 43,589,000 | € 44,158,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2023 bond | Jun. 30, 2022 | |
Disclosure of voluntary change in accounting policy [line items] | ||
Number of segment | 1 | |
Research tax credit, carryforward period (in years) | 3 years | |
Revenue By Destination | 1 | 1 |
Revenue From France | ||
Disclosure of voluntary change in accounting policy [line items] | ||
Revenue By Destination | 1 | 1 |
Revenue From Other Countries | ||
Disclosure of voluntary change in accounting policy [line items] | ||
Revenue By Destination | 0 | 0 |
Financial Risks Management - Se
Financial Risks Management - Sensitivity of Group's Cash and Cash Equivalents and Expenses to Variation 10% of US Dollar against Euro (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 EUR (€) CHF (SFr) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CHF (SFr) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 EUR (€) | Dec. 31, 2022 EUR (€) USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CHF (SFr) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 EUR (€) | |
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | € 136,001,000 | € 111,826,000 | € 209,115,000 | € 136,001,000 | € 258,756,000 | ||||||||
Euros equivalent to USD or CHF | 0.9847 | 1 | 1.0866 | 0.9788 | 1 | 1.0387 | 1 | 1.0666 | |||||
Denominated in USD | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | € 32,057,000 | € 23,793,000 | € 32,057,000 | $ 25,853,000 | $ 34,192,000 | ||||||||
Expenses | $ | $ 9,045,000 | $ 7,562,000 | |||||||||||
Denominated In C H F | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 2,358,000 | 463,000 | 2,358,000 | SFr 453,000 | SFr 2,321,000 | ||||||||
Expenses | SFr | SFr 3,045,000 | ||||||||||||
10% Increase (Decrease) in US Dollar vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 32,057,000 | 23,793,000 | 32,057,000 | ||||||||||
Expenses | 8,324,000 | € 7,280,000 | |||||||||||
10% Increase of US Dollar vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 35,619,000 | 26,436,000 | 35,619,000 | ||||||||||
Expenses | 9,249,000 | 8,089,000 | |||||||||||
10% Decrease of US Dollar vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 29,143,000 | 21,630,000 | 29,143,000 | ||||||||||
Expenses | 7,567,000 | € 6,618,000 | |||||||||||
Ten Percent Increase Decrease In C H F Vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 2,357,000 | 463,000 | 2,357,000 | ||||||||||
Expenses | 3,111,000 | ||||||||||||
Ten Percent Increase Of C H F Vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | 2,618,000 | 514,000 | 2,618,000 | ||||||||||
Expenses | 3,457,000 | ||||||||||||
Ten Percent Decrease Of C H F Vs Euro | |||||||||||||
Foreign Exchange Rates [Line Items] | |||||||||||||
Cash and cash equivalents | € 2,142,000 | 421,000 | € 2,142,000 | ||||||||||
Expenses | € 2,828,000 |
Financial Risks Management - _2
Financial Risks Management - Sensitivity of Group's Cash and Cash Equivalents and Expenses to Variation 10% of CHF against Euro (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Ten Percent Increase Decrease In C H F Vs Euro | ||
Foreign Exchange Rates [Line Items] | ||
Cash and cash equivalents | € 463 | € 2,357 |
Operating expense | 3,111 | |
Ten Percent Increase Of C H F Vs Euro | ||
Foreign Exchange Rates [Line Items] | ||
Cash and cash equivalents | 514 | 2,618 |
Operating expense | 3,457 | |
Ten Percent Decrease Of C H F Vs Euro | ||
Foreign Exchange Rates [Line Items] | ||
Cash and cash equivalents | 421 | € 2,142 |
Operating expense | € 2,828 |
Financial Risks Management - Su
Financial Risks Management - Summary of Cash, Cash Equivalents and Financial Assets (Details) € in Thousands, SFr in Thousands, $ in Thousands | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CHF (SFr) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CHF (SFr) | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 EUR (€) |
Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items] | ||||||||
Cash and cash equivalents | € 111,826 | € 136,001 | € 209,115 | € 258,756 | ||||
Current and non current financial assets | 4,986 | 9,464 | ||||||
Total | 116,812 | 145,464 | ||||||
Denominated in EUR | ||||||||
Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items] | ||||||||
Cash and cash equivalents | 87,547 | 101,536 | ||||||
Current and non current financial assets | 4,958 | 9,456 | ||||||
Total | 92,504 | 110,993 | ||||||
Denominated in USD | ||||||||
Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items] | ||||||||
Cash and cash equivalents | 23,793 | $ 25,853 | 32,057 | $ 34,192 | ||||
Current and non current financial assets | 15 | 7 | ||||||
Total | 23,808 | 32,064 | ||||||
Denominated In C H F | ||||||||
Disclosure Of Cash Cash Equivalents And Financial Assets [Line Items] | ||||||||
Cash and cash equivalents | 463 | SFr 453 | 2,358 | SFr 2,321 | ||||
Current and non current financial assets | 13 | 0 | ||||||
Total | € 476 | € 2,358 |
Financial Risks Management - Ad
Financial Risks Management - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Oct. 16, 2017 | |
Foreign Exchange Rates [Line Items] | |||
Fluctuation in currency (in percent) | 10% | ||
Cash and cash equivalents and other financial assets | € 116,812 | € 145,464 | |
OCEANE | |||
Foreign Exchange Rates [Line Items] | |||
Aggregate nominal amount | € 180,000 | ||
Interest Rate Risk | |||
Foreign Exchange Rates [Line Items] | |||
Financial liabilities | € 75,400 | € 75,300 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalent [line items] | ||||
Short-term deposits, classified as cash equivalents | € 98,042 | € 119,090 | ||
Cash | 13,784 | 16,910 | ||
Total cash and cash equivalents | 111,826 | 136,001 | € 209,115 | € 258,756 |
Term Accounts [Member] | ||||
Cash and cash equivalent [line items] | ||||
Short-term deposits, classified as cash equivalents | € 98,042 | € 119,090 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Variations in Intangible Assets (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Sep. 29, 2022 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | € 43,957 | € 174 | |
Increase | 1,970 | 43,852 | |
Decrease | (6) | (69) | |
Translation adjustments | 248 | 0 | |
Reclassification | 2 | 0 | |
Intangible assets other than goodwill Period End | 46,182 | 43,957 | |
Acquisition of Versantis | |||
Disclosure of detailed information about intangible assets [line items] | |||
Increase (decrease) in intangible assets and goodwill | 43,900 | ||
Total purchase price | € 46,600 | ||
Intangible assets and goodwill | € 43,600 | ||
Patents | |||
Disclosure of detailed information about intangible assets [line items] | |||
Estimated useful lives of software and license agreements | 20 years | ||
Seal Rock [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Increase (decrease) in intangible assets and goodwill | € 2,000 | ||
Gross | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 44,897 | 1,364 | |
Increase | 2,000 | 43,931 | |
Decrease | (13) | (398) | |
Translation adjustments | 248 | 0 | |
Reclassification | 2 | 0 | |
Intangible assets other than goodwill Period End | 47,134 | 44,897 | |
Gross | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 977 | 1,294 | |
Increase | 0 | 81 | |
Decrease | (13) | (398) | |
Translation adjustments | 0 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | 964 | 977 | |
Gross | Patents | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 351 | 70 | |
Increase | 0 | 281 | |
Decrease | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Reclassification | 2 | 0 | |
Intangible assets other than goodwill Period End | 352 | 351 | |
Gross | Other Intangibles | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 43,569 | 0 | |
Increase | 2,000 | 43,569 | |
Decrease | 0 | 0 | |
Translation adjustments | 248 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | 45,817 | 43,569 | |
Accumulated Depreciation and Impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | (940) | (1,190) | |
Increase | (30) | (79) | |
Decrease | 19 | 329 | |
Translation adjustments | 0 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | (951) | (940) | |
Accumulated Depreciation and Impairment | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | (940) | (1,190) | |
Increase | (30) | (79) | |
Decrease | 19 | 329 | |
Translation adjustments | 0 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | (951) | (940) | |
Accumulated Depreciation and Impairment | Patents | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 0 | 0 | |
Increase | 0 | 0 | |
Decrease | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | 0 | 0 | |
Accumulated Depreciation and Impairment | Other Intangibles | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill Period Start | 0 | 0 | |
Increase | 0 | 0 | |
Decrease | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Reclassification | 0 | 0 | |
Intangible assets other than goodwill Period End | € 0 | € 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Variations in Tangible Assets (Details) € in Thousands | Jun. 30, 2023 EUR (€) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Beginning balance | € 8,210 |
Ending balance | € 8,144 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | € 8,144 | € 8,210 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | |||
Trade receivables | € 2,787 | € 3,188 | |
Value added tax receivables | 2,473 | 1,288 | |
Grants Receivables | 8 | 4 | |
Other receivables | 69 | 126 | |
Total trade and other receivables | 20,184 | 15,906 | |
Total trade and other current receivables | 20,184 | 15,906 | |
Total trade and other non-current receivables | 0 | 0 | |
Disclosure of trade and other receivables [Line Items] | |||
Other receivables | 69 | 126 | |
Increase (Decrease) of Research Tax Credit Receivable | 6,017 | € 5,282 | |
Research Tax Credit | € 14,847 | € 11,299 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Research Tax Credit | € 14,847 | € 11,299 |
Value added tax receivables | 2,473 | 1,288 |
Other receivables | € 69 | € 126 |
Other Financial Assets - Summar
Other Financial Assets - Summary of Other Financial Assets (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Investments accounted for using equity method | € 3,133 | € 3,133 |
Other Investments | 483 | 483 |
Financial Investments | 0 | 4,550 |
Loans and receivables | 452 | 428 |
Deposits And Guarantees | 302 | 335 |
Liquidity Contract Net | 616 | 534 |
Other financial assets | 4,986 | 9,464 |
Other current financial assets | 0 | 4,550 |
Other non-current financial assets | 4,986 | 4,914 |
Loans And Receivables, Variations | 452 | 428 |
Long Term Deposits And Guarantees, Variations | 302 | € 335 |
Liquidity Contract, Variations | 616 | |
Increase | ||
Disclosure of financial assets [line items] | ||
Investments accounted for using equity method | 0 | |
Other Investments | 0 | |
Financial Investments | 0 | |
Loans And Receivables, Variations | 24 | |
Long Term Deposits And Guarantees, Variations | 35 | |
Liquidity Contract, Variations | 0 | |
Financial Assets, Variations | 58 | |
Decrease | ||
Disclosure of financial assets [line items] | ||
Investments accounted for using equity method | 0 | |
Other Investments | 0 | |
Financial Investments | (4,550) | |
Loans And Receivables, Variations | 0 | |
Long Term Deposits And Guarantees, Variations | (68) | |
Liquidity Contract, Variations | 82 | |
Financial Assets, Variations | € (4,536) |
Other Financial Assets - Additi
Other Financial Assets - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Total amount of financial assets | € 4,986 | € 9,464 |
Liquidity account, cash balance | € 616 | € 534 |
Number of shares recorded as deduction from equity (in shares) | 123,140,000 | 138,691,000 |
Genoscience Pharma | ||
Disclosure of financial assets [line items] | ||
Subscription of new ordinary shares | € 3,133 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Miscellaneous assets [abstract] | ||
Other current assets | € 2,578 | € 1,998 |
Loans and Borrowings - Addition
Loans and Borrowings - Additional Information (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Oct. 16, 2017 EUR (€) euroPerBond oCEANE | Jun. 30, 2023 EUR (€) Facility Size euroPerBond oCEANE shares | Dec. 31, 2022 EUR (€) shares | Jun. 30, 2022 EUR (€) euroPerBond oCEANE | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2023 | Jun. 30, 2023 USD ($) shares | |
Disclosure of detailed information about borrowings [line items] | |||||||
Increase Decrease Through Capital Increase | € 0 | ||||||
New shares created (in shares) | shares | 49,834,983 | 49,834,983 | 49,834,983 | 49,834,983 | |||
Deferred tax liabilities | € 491,000 | € 510,000 | € 510,000 | ||||
Deferred tax assets | 0 | 0 | 0 | ||||
Current convertible loans | 415,000 | 415,000 | 415,000 | ||||
Non-current convertible loans | 51,009,000 | 49,861,000 | 49,861,000 | ||||
Other borrowings | 23,998,000 | 24,999,000 | 24,999,000 | ||||
Other current loans and borrowings | 7,333,000 | 4,665,000 | 4,665,000 | ||||
Other non-current loans and borrowings | 16,665,000 | 20,334,000 | 20,334,000 | ||||
Refundable and conditional advances, Net book value | 3,229,000 | 3,229,000 | 3,229,000 | ||||
TOTAL - Refundable and conditional advances | $ | $ 3,229 | ||||||
TOTAL | € 81,354,000 | ||||||
Potential ordinary share transactions [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Percentage of new shares issued (in percent) | 21.20% | ||||||
Maximum dilution of convertible instruments, percentage | 17.50% | ||||||
Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | € 0 | ||||||
TOTAL | 7,748,000 | ||||||
Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
TOTAL | 7,360,000 | ||||||
Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
TOTAL | 58,832,000 | ||||||
Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
TOTAL | 1,909,000 | ||||||
Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
TOTAL | 1,389,000 | ||||||
Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | $ | 3,229 | ||||||
TOTAL | 4,116,000 | ||||||
BPI FRANCE - IT-DIAB | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Refundable and conditional advances, Total amount allocated | 3,229,000 | 3,229,000 | 3,229,000 | ||||
Refundable and conditional advances, Receipts | 3,229,000 | € 3,229,000 | 3,229,000 | ||||
Refundable and conditional advances, Repayments | 0 | 0 | 0 | ||||
Refundable and conditional advances, Effects of discounting | 0 | € 0 | 0 | ||||
Refundable and conditional advances, Net book value | € 3,229,000 | 3,229,000 | 3,229,000 | ||||
Refundable and conditional advances, Grant date | Dec. 23, 2008 | Dec. 23, 2008 | |||||
TOTAL - Refundable and conditional advances | $ | 3,229 | ||||||
BPI FRANCE - IT-DIAB | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | € 0 | ||||||
BPI FRANCE - IT-DIAB | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
BPI FRANCE - IT-DIAB | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
BPI FRANCE - IT-DIAB | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | 0 | ||||||
BPI FRANCE - IT-DIAB | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | € 0 | ||||||
BPI FRANCE - IT-DIAB | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
TOTAL - Refundable and conditional advances | $ | $ 3,229 | ||||||
OCEANE | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of debt instruments issued | oCEANE | 6,081,081 | ||||||
Nominal value per unit (in EUR per bond) | euroPerBond | 29.60 | ||||||
Aggregate nominal amount | € 180,000,000 | ||||||
Conversion Exchange Premium | 550% | ||||||
Notes and debentures issued | € 51,424,000 | 50,276,000 | 50,276,000 | ||||
OCEANE | Bonds after OCEANEs buyback | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of debt instruments issued | oCEANE | 3,185,821 | 1,923,662 | 1,923,662 | ||||
Nominal value per unit (in EUR per bond) | euroPerBond | 29.60 | 29.60 | 29.60 | ||||
Effective Interest Rate | 8.80% | 8.80% | 8.80% | ||||
Notional amount | € 94,300,301.6 | € 56,940,395.2 | 56,940,395.2 | 56,940,395.2 | |||
Convertible Loans [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 57,356,000 | ||||||
Convertible Loans [Member] | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 415,000 | ||||||
Convertible Loans [Member] | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Convertible Loans [Member] | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 56,940,000 | ||||||
Convertible Loans [Member] | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Convertible Loans [Member] | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Convertible Loans [Member] | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Refundable And Conditional Advances [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other borrowings | 3,229,000 | 3,229,000 | 3,229,000 | ||||
Other current loans and borrowings | 0 | 0 | 0 | ||||
Other non-current loans and borrowings | 3,229,000 | ||||||
Bank Loans [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other borrowings | 14,732,000 | 15,196,000 | 15,196,000 | ||||
Other current loans and borrowings | 6,321,000 | 3,619,000 | 3,619,000 | ||||
Other non-current loans and borrowings | 8,411,000 | 11,578,000 | 11,578,000 | ||||
Other Loans And Borrowings | 14,732,000 | ||||||
Bank Loans [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | |||||||
Facility size | Facility Size | 20,465,000 | ||||||
Installments | |||||||
Bank loan outstanding | € 14,751,000 | 15,221,000 | 15,221,000 | ||||
Bank Loans [Member] | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 6,321,000 | ||||||
Bank Loans [Member] | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 6,343,000 | ||||||
Bank Loans [Member] | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 863,000 | ||||||
Bank Loans [Member] | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 868,000 | ||||||
Bank Loans [Member] | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 336,000 | ||||||
Bank Loans [Member] | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Bank Loans [Member] | B N P Four [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 0.87% | ||||||
Debt maturity date | April 2017 | ||||||
Facility size | Facility Size | 800,000 | ||||||
Installments | 60 monthly | ||||||
Bank loan outstanding | € 0 | 54,000 | 54,000 | ||||
Bank Loans [Member] | Other [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 0% | ||||||
Debt maturity date | - | ||||||
Facility size | Facility Size | 0 | ||||||
Installments | — | ||||||
Bank loan outstanding | € 15,000 | 17,000 | 17,000 | ||||
Bank Loans [Member] | CDN PGE [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 1.36% | ||||||
Debt maturity date | June 2021 | ||||||
Facility size | Facility Size | 900,000 | ||||||
Installments | 8 quarterly | ||||||
Bank loan outstanding | € 900,000 | 900,000 | 900,000 | ||||
Bank Loans [Member] | CIC PGE [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 0.75% | ||||||
Debt maturity date | June 2021 | ||||||
Facility size | Facility Size | 2,200,000 | ||||||
Installments | 8 quarterly | ||||||
Bank loan outstanding | € 2,200,000 | 2,200,000 | 2,200,000 | ||||
Bank Loans [Member] | BNP PGE [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 0.45% | ||||||
Debt maturity date | June 2021 | ||||||
Facility size | Facility Size | 4,900,000 | ||||||
Installments | 8 quarterly | ||||||
Bank loan outstanding | € 4,900,000 | 4,900,000 | 4,900,000 | ||||
Bank Loans [Member] | Natixis PGE [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 0.40% | ||||||
Debt maturity date | June 2021 | ||||||
Facility size | Facility Size | 3,000,000 | ||||||
Installments | 8 quarterly | ||||||
Bank loan outstanding | € 3,000,000 | 3,000,000 | 3,000,000 | ||||
Bank Loans [Member] | BPI Pret Taux Bonifie [Member] | Research and Laboratory Equipment | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
New debt recognized | € 0 | ||||||
Interest rate (in percent) | 2.25% | ||||||
Debt maturity date | November 2021 | ||||||
Facility size | Facility Size | 2,250,000 | ||||||
Installments | 20 quarterly | ||||||
Bank loan outstanding | € 2,036,000 | 2,250,000 | 2,250,000 | ||||
Obligations Under Leases [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other borrowings | 6,030,000 | 6,559,000 | 6,559,000 | ||||
Other current loans and borrowings | 1,005,000 | 1,032,000 | 1,032,000 | ||||
Other non-current loans and borrowings | 5,025,000 | 5,527,000 | 5,527,000 | ||||
Accrued Interests [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other borrowings | 8,000 | 14,000 | 14,000 | ||||
Other current loans and borrowings | 8,000 | 14,000 | 14,000 | ||||
Other non-current loans and borrowings | 0 | € 0 | € 0 | ||||
Other Loans And Borrowings | 8,000 | ||||||
Accrued Interests [Member] | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 8,000 | ||||||
Accrued Interests [Member] | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Accrued Interests [Member] | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Accrued Interests [Member] | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Accrued Interests [Member] | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Accrued Interests [Member] | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 0 | ||||||
Other Financial Loans And Borrowings [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 78,125,000 | ||||||
Other Financial Loans And Borrowings [Member] | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 7,748,000 | ||||||
Other Financial Loans And Borrowings [Member] | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 7,360,000 | ||||||
Other Financial Loans And Borrowings [Member] | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 58,832,000 | ||||||
Other Financial Loans And Borrowings [Member] | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,909,000 | ||||||
Other Financial Loans And Borrowings [Member] | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,389,000 | ||||||
Other Financial Loans And Borrowings [Member] | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 886,000 | ||||||
Lease | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 6,030,000 | ||||||
Lease | Within 1 Year | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,005,000 | ||||||
Lease | Later than one year and not later than two years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,017,000 | ||||||
Lease | Later than two years and not later than three years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,029,000 | ||||||
Lease | Later than three years and not later than four years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,040,000 | ||||||
Lease | Later than four years and not later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | 1,053,000 | ||||||
Lease | Later than five years | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Other Loans And Borrowings | € 886,000 |
Loans and Borrowings - Summary
Loans and Borrowings - Summary of Bonds (Details) - OCEANE | 6 Months Ended | |||
Oct. 16, 2017 EUR (€) euroPerBond oCEANE | Jun. 30, 2023 EUR (€) euroPerBond oCEANE | Jun. 30, 2022 euroPerBond oCEANE | Dec. 31, 2022 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||
Number of debt instruments issued | oCEANE | 6,081,081 | |||
Nominal value per unit (in EUR per bond) | euroPerBond | 29.60 | |||
Conversion Exchange Premium | 550% | |||
Bonds after OCEANEs buyback | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of debt instruments issued | oCEANE | 3,185,821 | 1,923,662 | 1,923,662 | |
Notional amount | € | € 94,300,301.6 | € 56,940,395.2 | € 56,940,395.2 | |
Nominal value per unit (in EUR per bond) | euroPerBond | 29.60 | 29.60 | 29.60 | |
Effective Interest Rate | 8.80% | 8.80% | 8.80% |
Loans and Borrowings - Summar_2
Loans and Borrowings - Summary of Convertible Bonds (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Current convertible loans | € 415 | € 415 |
Non-current convertible loans | 51,009 | 49,861 |
OCEANE | ||
Disclosure of detailed information about borrowings [line items] | ||
Notes and debentures issued | € 51,424 | € 50,276 |
Loans and Borrowings - Summar_3
Loans and Borrowings - Summary of Other Loans and Borrowings (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Other borrowings | € 23,998 | € 24,999 |
Other current loans and borrowings | 7,333 | 4,665 |
Other non-current loans and borrowings | 16,665 | 20,334 |
Refundable And Conditional Advances [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other borrowings | 3,229 | 3,229 |
Other current loans and borrowings | 0 | 0 |
Other non-current loans and borrowings | 3,229 | |
Bank Loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other borrowings | 14,732 | 15,196 |
Other current loans and borrowings | 6,321 | 3,619 |
Other non-current loans and borrowings | 8,411 | 11,578 |
Obligations Under Leases [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other borrowings | 6,030 | 6,559 |
Other current loans and borrowings | 1,005 | 1,032 |
Other non-current loans and borrowings | 5,025 | 5,527 |
Accrued Interests [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other borrowings | 8 | 14 |
Other current loans and borrowings | 8 | 14 |
Other non-current loans and borrowings | € 0 | € 0 |
Loans and Borrowings - Summar_4
Loans and Borrowings - Summary of Refundable and Conditional Advances (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||
Refundable and conditional advances, Net book value | € 3,229 | € 3,229 | |
BPI FRANCE - IT-DIAB | |||
Disclosure of detailed information about borrowings [line items] | |||
Refundable and conditional advances, Grant date | Dec. 23, 2008 | Dec. 23, 2008 | |
Refundable and conditional advances, Total amount allocated | € 3,229 | 3,229 | |
Refundable and conditional advances, Receipts | 3,229 | € 3,229 | 3,229 |
Refundable and conditional advances, Repayments | 0 | 0 | 0 |
Refundable and conditional advances, Effects of discounting | 0 | € 0 | 0 |
Refundable and conditional advances, Net book value | € 3,229 | € 3,229 |
Loans and Borrowings - Summar_5
Loans and Borrowings - Summary of Bank Loans (Details) - Bank Loans [Member] - Research and Laboratory Equipment € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 EUR (€) Facility Size | Dec. 31, 2023 | Dec. 31, 2022 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||
Facility size | Facility Size | 20,465,000 | ||
Interest rate (in percent) | |||
New debt recognized | € 0 | ||
Installments | |||
Bank loan outstanding | € 14,751 | € 15,221 | |
B N P Four [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | April 2017 | ||
Facility size | Facility Size | 800,000 | ||
Interest rate (in percent) | 0.87% | ||
New debt recognized | € 0 | ||
Installments | 60 monthly | ||
Bank loan outstanding | € 0 | 54 | |
Other [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | - | ||
Facility size | Facility Size | 0 | ||
Interest rate (in percent) | 0% | ||
New debt recognized | € 0 | ||
Installments | — | ||
Bank loan outstanding | € 15 | 17 | |
CDN PGE [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | June 2021 | ||
Facility size | Facility Size | 900,000 | ||
Interest rate (in percent) | 1.36% | ||
New debt recognized | € 0 | ||
Installments | 8 quarterly | ||
Bank loan outstanding | € 900 | 900 | |
CIC PGE [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | June 2021 | ||
Facility size | Facility Size | 2,200,000 | ||
Interest rate (in percent) | 0.75% | ||
New debt recognized | € 0 | ||
Installments | 8 quarterly | ||
Bank loan outstanding | € 2,200 | 2,200 | |
BNP PGE [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | June 2021 | ||
Facility size | Facility Size | 4,900,000 | ||
Interest rate (in percent) | 0.45% | ||
New debt recognized | € 0 | ||
Installments | 8 quarterly | ||
Bank loan outstanding | € 4,900 | 4,900 | |
Natixis PGE [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | June 2021 | ||
Facility size | Facility Size | 3,000,000 | ||
Interest rate (in percent) | 0.40% | ||
New debt recognized | € 0 | ||
Installments | 8 quarterly | ||
Bank loan outstanding | € 3,000 | 3,000 | |
BPI PGE [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | July 2021 | ||
Facility size | Facility Size | 2,000,000 | ||
Interest rate (in percent) | 2.25% | ||
New debt recognized | € 0 | ||
Installments | 16 quarterly | ||
Bank loan outstanding | € 1,700 | 1,900 | |
BPI Pret Taux Bonifie [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt maturity date | November 2021 | ||
Facility size | Facility Size | 2,250,000 | ||
Interest rate (in percent) | 2.25% | ||
New debt recognized | € 0 | ||
Installments | 20 quarterly | ||
Bank loan outstanding | € 2,036 | € 2,250 |
Loans and Borrowings - Summar_6
Loans and Borrowings - Summary of Maturities of Financial Liabilities (Details) - Jun. 30, 2023 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | $ | $ 3,229 | |
TOTAL | € 81,354 | |
Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 57,356 | |
Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 14,732 | |
Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 6,030 | |
Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 8 | |
Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 78,125 | |
BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | $ | 3,229 | |
Within 1 Year | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
TOTAL | 7,748 | |
Within 1 Year | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 415 | |
Within 1 Year | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 6,321 | |
Within 1 Year | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,005 | |
Within 1 Year | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 8 | |
Within 1 Year | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 7,748 | |
Within 1 Year | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
Later than one year and not later than two years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
TOTAL | 7,360 | |
Later than one year and not later than two years | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than one year and not later than two years | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 6,343 | |
Later than one year and not later than two years | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,017 | |
Later than one year and not later than two years | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than one year and not later than two years | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 7,360 | |
Later than one year and not later than two years | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
Later than two years and not later than three years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
TOTAL | 58,832 | |
Later than two years and not later than three years | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 56,940 | |
Later than two years and not later than three years | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 863 | |
Later than two years and not later than three years | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,029 | |
Later than two years and not later than three years | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than two years and not later than three years | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 58,832 | |
Later than two years and not later than three years | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
Later than three years and not later than four years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
TOTAL | 1,909 | |
Later than three years and not later than four years | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than three years and not later than four years | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 868 | |
Later than three years and not later than four years | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,040 | |
Later than three years and not later than four years | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than three years and not later than four years | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,909 | |
Later than three years and not later than four years | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
Later than four years and not later than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
TOTAL | 1,389 | |
Later than four years and not later than five years | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than four years and not later than five years | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 336 | |
Later than four years and not later than five years | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,053 | |
Later than four years and not later than five years | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than four years and not later than five years | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 1,389 | |
Later than four years and not later than five years | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | 0 | |
Later than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | $ | 3,229 | |
TOTAL | 4,116 | |
Later than five years | Convertible Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than five years | Bank Loans [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than five years | Lease | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 886 | |
Later than five years | Accrued Interests [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | 0 | |
Later than five years | Other Financial Loans And Borrowings [Member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Other loans and borrowings | € 886 | |
Later than five years | BPI FRANCE - IT-DIAB | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
TOTAL - Refundable and conditional advances | $ | $ 3,229 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Assets And Liabilities Carrying Values By Category And Fair Values (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | € 4,986 | € 9,464 |
Level 1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 111,826 | 140,551 |
Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 3,541 | 3,951 |
Fair value of financial liabilities | 88,067 | 84,416 |
Level 3 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 3,617 | 3,617 |
Fair value of financial liabilities | 3,229 | 3,229 |
Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 118,983 | 148,119 |
Carrying value of Assets at fair value through profit and loss | 112,309 | 141,034 |
Financial liabilities | 92,513 | 85,214 |
Aggregate nominal amount | 92,513 | 85,214 |
Carrying value debt at amortized cost | 3,541 | 3,951 |
Financial assets measured at fair value through other comprehensive income | 3,133 | 3,133 |
Equity investments [member] | Level 3 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 3,133 | 3,133 |
Equity investments [member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 3,133 | 3,133 |
Financial assets measured at fair value through other comprehensive income | 3,133 | 3,133 |
Loans to consumers [member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 452 | 428 |
Loans to consumers [member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 452 | 428 |
Deposits And Guarantees [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying value debt at amortized cost | 302 | 335 |
Trade receivables [member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 2,787 | 3,188 |
Fair value of financial liabilities | 15,883 | 8,613 |
Trade receivables [member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 2,787 | 3,188 |
Financial liabilities | 15,883 | 8,613 |
Aggregate nominal amount | 15,883 | 8,613 |
Carrying value debt at amortized cost | 2,787 | 3,188 |
Cash And Cash Equivalents [Member] | Level 1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 111,826 | 136,001 |
Cash And Cash Equivalents [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 111,826 | 136,001 |
Carrying value of Assets at fair value through profit and loss | 111,826 | 136,001 |
Conditional Advances [Member] | Level 3 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 3,229 | 3,229 |
Conditional Advances [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 3,229 | 3,229 |
Aggregate nominal amount | 3,229 | 3,229 |
Carrying value debt at amortized cost | 452 | 428 |
Convertible Loans [Member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 50,208 | 52,708 |
Convertible Loans [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 51,424 | 50,276 |
Aggregate nominal amount | 51,424 | 50,276 |
Bank Loans [Member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 14,732 | 15,196 |
Bank Loans [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 14,732 | 15,196 |
Aggregate nominal amount | 14,732 | 15,196 |
Obligations Under Finance Leases [Member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 6,030 | 6,559 |
Obligations Under Finance Leases [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 6,030 | 6,559 |
Aggregate nominal amount | 6,030 | 6,559 |
Accrued Interests [Member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 8 | 14 |
Accrued Interests [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 8 | 14 |
Aggregate nominal amount | 8 | 14 |
Other Payables [Member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial liabilities | 1,207 | 1,325 |
Other Payables [Member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial liabilities | 1,207 | 1,325 |
Aggregate nominal amount | 1,207 | 1,325 |
Other investments | Level 3 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 483 | 483 |
Other investments | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 483 | 483 |
Carrying value of Assets at fair value through profit and loss | 483 | 483 |
Financial investments | Level 1 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 4,550 | |
Financial investments | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | 4,550 | |
Carrying value of Assets at fair value through profit and loss | 4,550 | |
Contingent liability for guarantees [member] | Level 2 | Fair value | ||
Disclosure of detailed information about borrowings [line items] | ||
Fair value of financial assets | 302 | 335 |
Contingent liability for guarantees [member] | Gross | ||
Disclosure of detailed information about borrowings [line items] | ||
Current and non current financial assets | € 302 | € 335 |
Trade and Other Payables - Sche
Trade and Other Payables - Schedule of Trade and Other Payables (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other payables - Total | ||
Trade payables | € 15,883 | € 8,613 |
Payables on social security and taxes other than income tax | 3,537 | 4,838 |
Value added tax payables | 880 | 200 |
Excise tax payables | 198 | 316 |
Other payables | 1,207 | 1,325 |
Total trade and other payables | 21,705 | 15,293 |
Trade and other payables - Current | ||
Current payables on social security and taxes other than income tax | 3,537 | 4,838 |
Current value added tax payables | 880 | 200 |
Current excise tax payables | 198 | 316 |
Other current payables | 1,207 | 877 |
Total trade and other current payables | 21,705 | 14,845 |
Trade and other payables - Non current | ||
Non-current trade payables | 0 | 0 |
Non-current payables on social security and taxes other than income tax | 0 | 0 |
Non-current value added tax payables | 0 | 0 |
Non-current excise tax payables | 0 | 0 |
Other non-current payables | 0 | 448 |
Total trade and other non-current payables | 0 | 448 |
Accrued expenses | € 9,163 | € 3,924 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Trade And Other Payables [Abstract] | ||
Trade payables | € 15,883 | € 8,613 |
Accrued expenses | 9,163 | 3,924 |
Value added tax payables | 880 | 200 |
Trade payables | 15,883 | 8,613 |
Payables on social security and taxes other than income tax | 3,537 | 4,838 |
Excise tax payables | 198 | 316 |
Other payables | 1,207 | 1,325 |
Trade and other payables | 21,705 | 15,293 |
Current payables on social security and taxes other than income tax | 3,537 | 4,838 |
Current value added tax payables | 880 | 200 |
Current excise tax payables | 198 | 316 |
Other current payables | 1,207 | 877 |
Current trade and other payables | 21,705 | 14,845 |
Non-current trade payables | 0 | 0 |
Non-current payables on social security and taxes other than income tax | 0 | 0 |
Non-current value added tax payables | 0 | 0 |
Non-current excise tax payables | 0 | 0 |
Other non-current payables | 0 | 448 |
Non-current trade and other payables | € 0 | € 448 |
Deferred Income and Revenue (De
Deferred Income and Revenue (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 31, 2023 | Dec. 31, 2021 | |
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Revenue | € 15,374 | € 12,188 | |||
Other income | 3,893 | 3,398 | |||
Other income | 3,893 | 3,398 | |||
Increase (Decrease) of Research Tax Credit Receivable | € 6,017 | € 5,282 | |||
Tax expense (income) | 414 | 40 | |||
Other Operating Income [Member] | |||||
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Other income | 263 | 46 | |||
Ipsen | |||||
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Upfront payment received | 120,000 | ||||
Deferred income | € 40,000 | ||||
Deferred income current | 11,100 | ||||
Deferred income non-current | 4,800 | ||||
Deferred income other than contract liabilities | 15,900 | ||||
Partial recognition of deferred revenue | 8,200 | 8,200 | |||
Ipsen | Transition Services Agreement | |||||
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Revenue | 3,200 | € 600 | |||
Seal Rock [Member] | |||||
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Milestone payments | € 98,000 | € 100,000 | |||
Genfit Corp | |||||
Disclosure of information about amounts recognised in relation to regulatory deferral account balances [line items] | |||||
Tax expense (income) | € 196 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of other provisions [line items] | ||
Provision for charges [Line Items] | € 56 | € 61 |
Current provisions | 56 | € 61 |
Increase in Provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Current provisions | 0 | |
Decrease (used) in Provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Provision for charges [Line Items] | (21) | |
Current provisions | (21) | |
Decrease (unused) in Provisions [Member] | ||
Disclosure of other provisions [line items] | ||
Provision for charges [Line Items] | 16 | |
Current provisions | € 16 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of information about defined benefit plans [abstract] | ||
Current provisions | € 56 | € 61 |
Equity - Additional Information
Equity - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Disclosure of classes of share capital [line items] | |||
Shareholder paid-in and registered period for double voting rights (in years) | 2 years | ||
Increase Decrease Through Capital Increase | € 0 | ||
Issuance of new shares (in shares) | 49,834,983 | 49,834,983 | |
Treasury shares | 0 | 0 | |
Total number of shares comprising the share capital (in shares) | 49,834,983 | 49,834,983 | |
Increase (decrease) through other changes, equity | € (223) | € (17) | € 12 |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Issuance of new shares (in shares) | 49,834,983 | 49,834,983 | |
Preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Issuance of new shares (in shares) | 0 | 0 |
Operating Income - Additional I
Operating Income - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Income [Line Items] | ||||
Total operating income | € 15,374 | € 12,188 | ||
Industrial income recognized | 11,482 | 8,790 | ||
Revenue | 15,374 | 12,188 | ||
Research tax credit (CIR) | 3,893 | 3,398 | ||
Revenue and other income | 15,374 | 12,188 | ||
Research Tax Credit | 14,847 | € 11,299 | ||
C I R Tax Credit [Member] | ||||
Disclosure Of Other Income [Line Items] | ||||
Research tax credit (CIR) | 3,547 | 3,343 | ||
Other Operating Income [Member] | ||||
Disclosure Of Other Income [Line Items] | ||||
Research tax credit (CIR) | 263 | 46 | ||
Government Grants And Subsidies [Member] | ||||
Disclosure Of Other Income [Line Items] | ||||
Research tax credit (CIR) | 82 | 9 | ||
Revenue | ||||
Disclosure Of Other Income [Line Items] | ||||
Research tax credit (CIR) | € 11,482 | € 8,790 | ||
Ipsen | ||||
Disclosure Of Other Income [Line Items] | ||||
Deferred income | € 40,000 |
Operating Income - Schedule of
Operating Income - Schedule of Other Income (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Other Income [Line Items] | ||
Other income | € 3,893 | € 3,398 |
C I R Tax Credit [Member] | ||
Disclosure Of Other Income [Line Items] | ||
Other income | 3,547 | 3,343 |
Other Operating Income [Member] | ||
Disclosure Of Other Income [Line Items] | ||
Other income | 263 | 46 |
Government Grants And Subsidies [Member] | ||
Disclosure Of Other Income [Line Items] | ||
Other income | € 82 | € 9 |
Operating Expense - Summary of
Operating Expense - Summary of Operating Expenses and Other Operating Income (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | € (25,630) | € (17,599) | |
General and administrative expenses | (9,105) | (8,229) | |
Marketing and market access expenses | (520) | (460) | |
Reorganization And Restructuring Expenses | (633) | (179) | |
Other operating income (expense) | (52) | (423) | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | 34,673 | 26,532 | |
Current provisions | 56 | € 61 | |
Raw materials & consumables used | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | (1,040) | (1,052) | |
General and administrative expenses | (162) | (133) | |
Marketing and market access expenses | (2) | (2) | |
Reorganization And Restructuring Expenses | 0 | 0 | |
Other operating income (expense) | 0 | 0 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | (1,204) | (1,187) | |
Contracted research & development activities conducted by third parties | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | (14,367) | (8,538) | |
General and administrative expenses | (96) | (38) | |
Marketing and market access expenses | (1) | 0 | |
Reorganization And Restructuring Expenses | 0 | 0 | |
Other operating income (expense) | 0 | 0 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | (14,464) | (8,576) | |
Employee expenses | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | (6,299) | (4,889) | |
General and administrative expenses | (3,919) | (3,230) | |
Marketing and market access expenses | (275) | (272) | |
Reorganization And Restructuring Expenses | 0 | 0 | |
Other operating income (expense) | 0 | 0 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | (10,492) | (8,391) | |
Other expenses (maintenance, fees, travel, taxes) | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | (3,251) | (2,408) | |
General and administrative expenses | (4,645) | (4,580) | |
Marketing and market access expenses | (236) | (182) | |
Reorganization And Restructuring Expenses | 0 | (1) | |
Other operating income (expense) | 75 | 422 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | (8,207) | (7,594) | |
Depreciation, amortization & impairment charges | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | (705) | (712) | |
General and administrative expenses | (283) | (248) | |
Marketing and market access expenses | (6) | (3) | |
Reorganization And Restructuring Expenses | 633 | 180 | |
Other operating income (expense) | (3) | 0 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | (358) | (783) | |
Gain / (loss) on disposal of property, plant & equipment | |||
Disclosure Of Operating Expenses And Other Operating Income Expenses [Line Items] | |||
Research and development expenses | 33 | 0 | |
General and administrative expenses | 0 | 0 | |
Marketing and market access expenses | 0 | 0 | |
Reorganization And Restructuring Expenses | 0 | 0 | |
Other operating income (expense) | (20) | 1 | |
Research And Development Expense General And Administrative Expense Marketing And Market Access Expense And Other Operating Income And Expense | € 52 | € (1) |
Operating Expense - Additional
Operating Expense - Additional Information (Details) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 EUR (€) employee | Jun. 30, 2022 EUR (€) employee | |
Disclosure Of Operating Expense [Line Items] | ||
Average number of employees | employee | 152 | 127 |
Profit sharing granted to employees | € 0 | € 0 |
Research and development expense | € 25,630 | € 17,599 |
Operating Expense - Summary o_2
Operating Expense - Summary of Employee Expenses and Number of Employees (Details) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 EUR (€) employee | Jun. 30, 2022 EUR (€) employee | |
Disclosure Of Operating Expense [Line Items] | ||
Wages and salaries | € | € (7,413) | € (5,842) |
Social security contributions | € | (2,737) | (2,317) |
Adjustments for provisions | € | (69) | (84) |
Profit sharing granted to employees | € | 0 | 0 |
Other short-term employee benefits | € | (274) | (148) |
Employee benefits expense | € | € (10,492) | € (8,391) |
Average number of employees | employee | 152 | 127 |
Number of employees | employee | 154 | 134 |
Research And Development [Member] | ||
Disclosure Of Operating Expense [Line Items] | ||
Number of employees | employee | 77 | 65 |
Services Related To Research And Development [Member] | ||
Disclosure Of Operating Expense [Line Items] | ||
Number of employees | employee | 19 | 17 |
Administration And Management [Member] | ||
Disclosure Of Operating Expense [Line Items] | ||
Number of employees | employee | 56 | 50 |
Marketing And Commercial [Member] | ||
Disclosure Of Operating Expense [Line Items] | ||
Number of employees | employee | 2 | 2 |
Financial Income and Expenses -
Financial Income and Expenses - Summary of Financial Income and Expenses (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Income And Expenses [Abstract] | ||
Revenue | € 15,374 | € 12,188 |
Interest income | 337 | 17 |
Net foreign exchange gain | 71 | 6,032 |
Other finance income | 1,341 | 132 |
Finance income | 1,748 | 6,182 |
Interest expense | (2,253) | (2,160) |
Interest Expenses For Leases | (36) | (33) |
Net foreign exchange loss | (586) | 0 |
Other finance cost | (14) | (4) |
Finance costs | (2,890) | (2,197) |
Financial profit (loss) | € (1,141) | € 3,985 |
Income Tax - Breakdown of Defer
Income Tax - Breakdown of Deferred Taxes by Nature (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
+ Net profit (loss) | € (20,854) | € (13,320) | € (10,399) |
Tax expense (income) | 414 | 40 | |
Profit (loss) before tax | € (20,440) | € (10,359) |
Income Tax - Schedule of Effect
Income Tax - Schedule of Effective Tax Rate (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Deferred tax expense (income) [abstract] | |||
Net profit (loss) | € (20,854) | € (13,320) | € (10,399) |
Tax expense (income) | (414) | (40) | |
Profit (loss) before tax | € (20,440) | € (10,359) |
Income Tax - Narrative (Details
Income Tax - Narrative (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Other current tax liabilities | € 4,906 | € 4,906 | |
+ Income tax expense (benefit) | 414 | € 40 | |
Deferred tax liabilities | € 491 | € 510 |
Earnings (Loss) Per Share - Sum
Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Earnings per share [abstract] | |||
Profit (loss) | € (20,854) | € (13,320) | € (10,399) |
Weighted average number of ordinary shares for the period (shares) | 49,701,858,000 | 49,668,718,000 | |
Basic earnings (loss) per share | € (0.42) | € (0.21) | |
Diluted earnings (loss) per share | € (0.42) | € (0.21) | |
B S A | |||
Earnings per share [table] | |||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 35,070,000 | ||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 35,070,000 | ||
A G A | |||
Earnings per share [table] | |||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 124,391,000 | ||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 124,391,000 | ||
S O | |||
Earnings per share [table] | |||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 995,381,000 | ||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 995,381,000 | ||
OCEANES | |||
Earnings per share [table] | |||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 10,580,141,000 | ||
Number Of Shares Non Included In The Computation Of Diluted Earnings Per Share | 10,580,141,000 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - Biotech Avenir SAS | 6 Months Ended |
Jun. 30, 2023 employee Co-founder | |
Disclosure of transactions between related parties [line items] | |
Number of co-founders hold share capital of related party | Co-founder | 4 |
Number of employees hold share capital of related party | employee | 12 |
Genfit | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in associate (as a percent) | 3.79% |
Commitments - Additional Inform
Commitments - Additional Information (Details) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure Of Commitments [Abstract] | |
Rental payment obligation under the lease agreement | € 600 |
Cash flow statement (Details)
Cash flow statement (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flow Information [Abstract] | ||
Accrued property, plant and equipment | € 27 | € 35 |
Uncategorized Items - _IXDS
Label | Element | Value |
Terns Pharmaceuticals [Member] | ||
Estimated financial effect of contingent assets | ifrs-full_EstimatedFinancialEffectOfContingentAssets | $ 193,000,000 |
Ipsen [Member] | ||
Estimated financial effect of contingent assets | ifrs-full_EstimatedFinancialEffectOfContingentAssets | $ 360,000,000 |