Theranexus: 2020 annual results and update on the progress of the main programs

0

ANNUAL RESULTS 2020

AND UPDATE ON THE EVOLUTION OF MAIN PROGRAMS

Lyon, April 7, 2021 Theranexus, an innovative biopharmaceutical company in the treatment of neurological diseases and a pioneer in the development of drug candidates modulating the interaction between neurons and glial cells, today announces its results for the year ending December 31, 2020 and presents an update on the progress of its main programs.

Franck Mouthon, Chairman and CEO and co-founder of Theranexus, makes the following comments: “2020 – a year of health crisis – was marked by rigorous expenditure management and cost control. Our cash flow, supported by the new equity line set up at the start of 2021, is in a good position and will notably ensure our ability to continue developing the BBDF-101program. In addition, we are actively continuing our partnership discussions for THN102 and reaffirming our confidence to reach an agreement by the end of the first half of 2021. “

2020 annual financial results

In k € (French GAAP)

2020

2019

Turnover

Operating income

315

617

Other purchases

and external

3568

5 426

charges

Salaries and social charges

2 422

2 353

Depreciation and

amortization of

376

154

fixed assets

Other operating expenses

48

61

Functionnary costs

6,414

7,994

Net operating income / (charges)

(6,099)

(7 377)

Net financial income / (expense)

307

(241)

Income tax (credit)

994

2,038

Net profit / (expense)

(4,797)

(5 580)

The 2020 annual results were approved by the Company’s Board of Directors on April 7, 2021 and were the subject of a report by the Company’s Statutory Auditors.

In k € (French GAAP)

03/31/2021 *

12/31/2020

Available species

10 773

11,212

* unaudited

Other purchases and external charges amounted to € 3,568,000 in 2020 compared to € 5,426,000 in 2019. This decrease is due to the end of the clinical trials launched in 2018 and carried out in 2019, in particular

for THN102 in Parkinson’s disease. In 2020, other external charges mainly related to costs related to the conduct of the phase II trial on Parkinson’s disease.

Salaries and social benefits increased slightly over the period, going from € 2,353,000 in 2019 to € 2,422,000 in 2020. The implementation of partial leave measures for certain employees during the blocking period has not been implemented. had a significant impact on the total payroll recorded over the year.

The increase in amortization and depreciation of fixed assets is linked to the full-year effect of investments in laboratory equipment in connection with the Neurolead research and development platform carried out in the second half of 2019.

As a result, the operating loss was reduced to -6,099 K € in 2020.

The financial result, mainly reflecting interest on loans and repayable advances, amounted to € 307,000 in 2020, in particular due to the capital gains realized by Theranexus on its own shares held under its liquidity contract.

After having recorded a tax income of € 993,000, mainly coming from the Research Tax Credit, the net losses amount to -4,797,000 € in 2020, compared to -580,000 € in 2019. The reduction in the base of the Research Tax Credit linked to the decrease in the total The Research Tax Credit granted to Theranexus can be attributed to a reduction in research expenditure over the period and to the sum of € 1 million received as part of the Structuring R&D Projects for Competitiveness (PSPC ) financing the Neurolead R&D platform (€ 0.8 million in advances and € 0.3 million in the form of grants), which reduced the base of the Research Tax Credit.

The company’s cash flow amounted to € 10,773,000 as of March 31, 2021, compared with € 11,212,000 as of December 31, 2020. In total, the cash outflow was stable over the quarter, with the cash position as of March 31 including two withdrawals (total € 1.4 million) on the equity line set up with IRIS during the quarter (a third withdrawal made on March 31 is not reflected in the cash position at March 31 because the funds were not ‘had not yet been received by this date).

Progress on major clinical programs

The Company is actively pursuing the development of its main programs, currently mainly focused on THN102 and BBDF-101.

THN102 program (excessive daytime sleepiness in Parkinson’s disease)

Theranexus is continuing active discussions with several potential industrial partners to reach an agreement by the end of the first half of 2021, particularly in terms of format, territory and clinical development path, with the aim of maximizing value for the company and its shareholders.

BBDF-101 program (Batten disease)

Following the favorable opinion of the United States Food and Drug Administration (FDA) for the preclinical development plan for BBDF-101, Theranexus is preparing an IND (Investigational New Drug) application and intends to obtain approval from the FDA to begin clinical trials in the United States in the second half of 2021.

The planned clinical program (with cohorts of 6 adolescent / adult patients and 30 pediatric patients) aims for direct product approval if successful.

Next financial publication:

Thursday July 8, 2021: Cash position at June 30, 2021

ABOUT THERANEXUS

Theranexus is a clinical stage biopharmaceutical company created by the French Alternative Energies and Atomic Energy Commission (CEA) in 2013. It develops drug candidates for the treatment of diseases of the nervous system.

Thanks to its knowledge of neuronal and glial cell interactions, THERANEXUS is a pioneer in the design and combination of approved substances and has a strong and diverse portfolio of drug candidates in the clinical phase. The company’s combined drug reuse strategy, based on a solid commercial basis and an ability to rapidly demonstrate clinical value, enables it to produce various high value-added proprietary drug candidates, significantly reducing the time and costs of development and greatly increase the chances of its drugs hitting the market.

Thus, THERANEXUS is well positioned in several indications, including Parkinson’s and Batten disease, for which there is currently no treatment available.

Theranexus is listed on the Euronext Growth market in Paris (FR0013286259- ALTHX).

More information at: www.theranexus.com

More information on:

http://www.theranexus.com

Click and follow us on Twitter and Linkedln

Contacts

THERANEXUS

ACTUS finance and communication

Thierry LAMBERT

Guillaume LE FLOCH

Financial and administrative director

Investor Relations

[email protected]

+33 (0) 1 53 67 36 70

[email protected]

FP2COM

Florence PORTEJOIE

Media relations

Warning

Theranexus SA published this content on April 07, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 07 Apr 2021 04:07:03 PM UTC.

Leave A Reply

Your email address will not be published.