09/21/2021 | Press release | Distributed by Public on 09/20/2021 23:02
Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress
Halle (Saale) / Munich, Germany, September 21, 2021 - Vivoryon Therapeutics N.V. (Euronext Amsterdam: VVY; NL00150002Q7) (Vivoryon), a clinical stage company focused on discovery and development of small molecule medicines to modulate the activity and stability of pathologically altered proteins, today reported financial results for the first six months of 2021 and provided an update on clinical and corporate progress.
Corporate Highlights and R&D Updates
Varoglutamstat
Patent Portfolio
Corporate Developments
Financial Results for the First Six Months of 2021
In the first two quarters of 2021, research and development expenses amounted to EUR 9,456 k (H1 2020: EUR 6,380 k). This increase was mainly driven by higher expenses for production (H1 2021: EUR 4,194 k, H1 2020: EUR 1,876 k), expenses for share-based payments (H1 2021: EUR 464 k, H1 2020: EUR 3 k) and higher costs associated with basic research projects in connection with Meprin (H1 2021: EUR 220 k, H1 2020: nil) and cancer (H1 2021: EUR 162 k, H1 2020: nil).
General and administrative expenses increased to EUR 2,337 k (H1 2020: EUR 1,138 k). This increase is largely attributable to costs for consulting (H1 2021: EUR 1,030 k, H1 2020: EUR 481 k) and expenses for share based payments (2021: EUR 464 k, 2020: nil). The increase in consulting costs resulted from the transformation of the Company's legal form, subsequent adaption of administrative structures and preparations for potential future capital measures.
The Company did not generate any licensing revenues in the reporting period. Revenues deriving from the strategic regional licensing partnership with Simcere will be recognized starting in the third quarter of 2021.
Net loss of the period was EUR 11,671 k compared to EUR 7,572 k in the first half of 2020.
The Company held EUR 19,832 k in cash and cash equivalents as of June 30, 2021, compared to EUR 26,306 k as of December 31, 2020.
Conference Call and Webcast
Vivoryon will host a conference call and webcast today, September 21, 2021, at 3:00 pm CEST / 9:00 am EDT. A Q&A session will follow the presentation of the half year results.
Please dial one of the following access numbers:
From Germany: +49 69 201 744 220
From The Netherlands: +31 207 168 020
From UK: +44 20 30 092 470
From the US: +18 774 230 830
PIN Code: 53651371#
Please dial in ten minutes prior to commencement.
A live webcast and slides will be made available at: www.vivoryon.com/investors-news/news-and-events/presentations-webcasts/.
Approximately one day after the call, a slide-synchronized audio replay of the conference will be available on: www.vivoryon.com/investors-news/news-and-events/presentations-webcasts/.
The statement for the first six months of 2021 is available on the Company's website www.vivoryon.com/investors-news/financial-information.
Vivoryon Therapeutics N.V.
Condensed Statements of Profit or Loss and Other Comprehensive Income
For the six months ended June 30, | ||
(in EUR thousand, except for share data) | 2021 | 2020 |
Operating Expenses | ||
Research and development expenses | 9,456 | 6,380 |
General and administrative expenses | 2,337 | 1,138 |
Total Operating Expenses | 11,793 | 7,518 |
Other income | (5) | (38) |
Operating loss | 11,788 | 7,480 |
Finance income | (219) | - |
Finance expenses | 102 | 92 |
Finance result | (117) | 92 |
Loss for the Period | 11,671 | 7,572 |
Share Information | ||
Weighted average number of shares outstanding | 19,975,482 | 19,975,482 |
Loss per share (basic/diluted) | (0.58) | (0.38) |
Loss for the Period | 11,671 | 7,572 |
Items not to be reclassified subsequently to profit or loss: | ||
Remeasurement of the net defined benefit pension liability | - | 20 |
Total Comprehensive Loss | 11,671 | 7,592 |
Vivoryon Therapeutics N.V.
Condensed Statements of Financial Position
(in EUR thousand) |
June 30, 2021 |
December 31, 2020 |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 343 | 390 |
Intangible assets | 553 | 565 |
Financial assets | 14 | 3 |
Total non-current assets | 910 | 958 |
Current assets | ||
Other assets | 1,631 | 2,466 |
Financial assets | 667 | 21 |
Cash and cash equivalents | 19,832 | 26,306 |
Total current assets | 22,130 | 28,793 |
TOTAL ASSETS | 23,041 | 29,751 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 19,975 | 19,975 |
Share premium | 82,143 | 82,143 |
Other capital reserves | 5,324 | 4,404 |
Accumulated other comprehensive loss | (655) | (655) |
Accumulated deficit | (91,316) | (79,646) |
Total equity | 15,471 | 26,221 |
Non-current liabilities | ||
Post-employment benefits | 1,940 | 1,981 |
Provisions long-term | 12 | - |
Lease liabilities long-term | 179 | 224 |
Trade payables | 168 | - |
Total non-current liabilities | 2,299 | 2,205 |
Current liabilities | ||
Provisions | 35 | 47 |
Trade payables | 4,988 | 911 |
Lease liabilities | 91 | 90 |
Other liabilities | 157 | 276 |
Total current liabilities | 5,271 | 1,325 |
Total Liabilities | 7,570 | 3,530 |
TOTAL EQUITY AND LIABILITIES | 23,041 | 29,751 |
Vivoryon Therapeutics N.V.
Statements of Changes in Shareholders' Equity
for the six months ended June 30, 2021 and 2020
(in EUR thousand, except for share data) |
Shares outstanding |
Share capital |
Share premium |
Other capital reserves | Accumulated deficit |
Accumu-lated other compre-hensive loss |
Total equity |
Balance as of January 1, 2021 | 19.975.482 | 19.975 | 82.143 | 4.404 | (79.646) | (655) | 26.221 |
Loss for the period | - | - | - | - | (11,671) | - | (11,671) |
Remeasurement of the net defined benefit pension liability | - | - | - | - | - | - | - |
Total comprehensive loss | - | - | - | - | (11,671) | - | (11,671) |
Contributions | |||||||
Equity-settled share-based payments | - | - | - | 920 | - | - | 920 |
Total Contributions | - | - | - | 920 | - | - | 920 |
Balance as of June 30, 2021 | 19,975,482 | 19,975 | 82,143 | 5,325 | (91,317) | (655) | 15,471 |
Balance as of January 1, 2020 | 19,975,482 | 19,975 | 82,143 | 4,245 | (63,136) | (562) | 42,665 |
Loss for the period | - | - | - | - | (7,572) | - | (7,572) |
Remeasurement of the net defined benefit pension liability | - | - | - | - | - | (20) | (20) |
Total comprehensive loss | - | - | - | - | (7,572) | (20) | (7,592) |
Contributions | |||||||
Equity-settled share-based payments | - | - | - | 3 | - | - | 3 |
Total Contributions | - | - | - | 3 | - | - | 3 |
Balance as of June 30, 2020 | 19.975.482 | 19,975 | 82,143 | 4,247 | (70,708) | (582) | 35,075 |
Vivoryon Therapeutics N.V.
Condensed Statements of Cash Flows for the six months
ended June 30, 2021 and 2020
(in EUR thousand) |
For the six months ended June 30, 2021 (unaudited) |
For the six months ended June 30, 2020 (unaudited) |
Operating activities | ||
Loss for the period | (11,671) | (7,572) |
Adjustments for: | ||
Finance result | (117) | 92 |
Depreciation and amortization of property, plant, equipment, right-of-use assets and intangible assets | 83 | 67 |
Share-based payment expense | 920 | 3 |
Other non-cash adjustments | (9) | 0 |
Changes in: | ||
Other assets | 834 | 1,105 |
Other financial assets | (660) | 309 |
Pension liabilities | (40) | (40) |
Trade and other payables | 4,125 | (313) |
Interest paid | (9) | (4) |
Interest received | 4 | - |
Net cash used in operating activities | (6,540) | (6,353) |
Investing activities | ||
Purchase of intangible assets, laboratory and office equipment | (24) | (574) |
Net cash from/ (used in) investing activities | (24) | (574) |
Financing activities | ||
Repayment of lease liabilities | (45) | (45) |
Net cash from/ (used in) financing activities | (45) | (45) |
Net decrease in cash and cash equivalents | (6,609) | (6,972) |
Effect of exchange rate changes on cash and cash equivalents | 135 | (81) |
Cash and cash equivalents at beginning of period | 26,306 | 41,524 |
Cash and cash equivalents at end of period | 19,832 | 34,471 |
For more information, please contact:
Investor Contact
Vivoryon Therapeutics N.V.
Dr. Manuela Bader, Director IR & Communication
Tel: +49 (0)345 555 99 30
Email: [email protected]
Media Contact
Trophic Communications
Valeria Fisher / Sophia Hergenhan
Tel: +49 175 8041816
Email: [email protected]
About Vivoryon Therapeutics N.V.
Vivoryon is a clinical-stage biotechnology company focused on developing innovative small molecule-based medicines. Driven by our passion for ground-breaking science and innovation, we strive to change the lives of patients in need suffering from severe diseases. We leverage our in-depth expertise in understanding post-translational modifications to develop medicines that modulate the activity and stability of proteins which are altered in disease settings. Beyond our lead program, varoglutamstat, which is in Phase 2 clinical development to treat Alzheimer's disease, we have established a solid pipeline of orally available small molecule inhibitors for various indications including cancer, inflammatory diseases and fibrosis. www.vivoryon.com
Forward-Looking Statements
This press release includes forward-looking statements, including, without limitation, those regarding the business strategy, management plans and objectives for future operations of the Vivoryon Therapeutics N.V. (the "Company"), estimates and projections with respect to the market for the Company's products and forecasts and statements as to when the Company's products may be available. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to the Company are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance; rather they are based on the Management's current expectations and assumptions about future events and trends, the economy and other future conditions. The forward-looking statements involve a number of known and unknown risks and uncertainties. These risks and uncertainties and other factors could materially adversely affect the outcome and financial effects of the plans and events described herein. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements and from expectations. As a result, no undue reliance should be placed on such forward-looking statements. This press release does not contain risk factors. Certain risk factors that may affect the Company's future financial results are discussed in the published annual financial statements of the Company. This press release, including any forward-looking statements, speaks only as of the date of this press release. The Company does not assume any obligation to update any information or forward-looking statements contained herein, save for any information required to be disclosed by law. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.