Pixium Vision announces its financial
results for H1 2023 and provides update
- Post period event:
Received shareholder loan of €3 million from BPIFrance and
Sofinnova. Extension of the maturity of outstanding notes €1.25
million, Implemented a reverse stock split, exchanging 50 old to 1
current share, applied for and obtained safeguard proceeding,
applied for conversion of the safeguard proceeding to a
court-ordered receivership and announced the opening of a process
to find a buyer
- Current cash runway
until was extended to the end of December 2023 with the opening of
the safeguard proceeding
- Cash position at 30
June 2023 was €3.7 million
Paris, France, October 26,
2023 – 7:00 (CET) – Pixium
Vision SA (Euronext Growth Paris - FR001400JX97; Mnemo: ALPIX), a
bioelectronics company developing innovative vision systems to
enable patients who have lost their sight to live more independent
lives, announces its financial results for the first half of 2023.
The H1 2023 financial statements were approved by Pixium Vision’s
Board of Directors at its meeting on 25 October 2023.
Despite implementing the below measures the
strict control of operating expenses and extensive attempts to find
appropriate financing as well as alternative options for the
Company worldwide, Pixium Vision does not have sufficient resources
to finance its operations until after the end of December 2023.
- Received in
July 2023 a shareholder loan of €3m from Bpifrance and Sofinnova to
extend the cash runway, providing more flexibility to pursue the
Company’s longer-term funding needs to support its strategic
ambitions.
- Our request for
an accelerated payment of the Research Tax Credit for the year 2022
for an amount of EUR 1,829,961 was granted and paid during H1
2023.
- Freeze of the
maturities due under the State-guaranteed loans granted to the
Company by Bpifrance and CIC was extended until end of September
2023.
- Rescheduling
request for the majority of the social security liabilities for H1
2023 was granted for the repayment in 24 months
In light of this short-term liquidity risk and
the lack of new financing obtained to date, Pixium Vision applied
for the opening of safeguard proceedings to the Commercial Court in
Paris which was obtained on October 9, 2023, extending the cash
runway until the end of December 2023. Having been unable to find
financial investors within the restricted timeframe, and in
consideration of the Company's needs, the management considered
that a safeguard plan was no longer an option. As a result, on
October 18, 2023, the Company announced the filing for conversion
of the safeguard proceeding into a court-ordered receivership and
furthermore announced the opening of a process to find a buyer.
In this context, the financial statements have
been prepared on a going concern basis, based on the situation
existing at the balance sheet date.
This situation gives rise to significant
uncertainty as to the going concern assumption, as in the event of
an unfavorable outcome of the receivership proceedings, the company
will not be in a position to realize its assets and settle its
liabilities in the normal course of business, and the application
of IFRS as adopted in the European Union in the normal context of
continuing operations, particularly in regards to the valuation of
assets and liabilities, could prove inappropriate.
Given the above, our auditors were unable to
express a conclusion on the condensed half-yearly consolidated
financial statements.
Analysis of H1 2023
Income statement summary |
|
In thousands of
euros |
H1 2023 |
|
H1 2022 |
Change |
Operating revenue |
896.8 |
|
1,043.8 |
(14.1) % |
Current
operating expenses |
(6,573.9) |
|
(7,148.5) |
(8.0) % |
Research and Development |
(4,133.9) |
|
(4,086.1) |
+1.2 % |
General and administrative expenses |
(2,440.0) |
|
(3,062.4) |
(20.3) % |
Operating
loss |
(5,677.1) |
|
(6,104.7) |
(7.0) % |
Net loss for the period |
(5,819.9) |
|
(5,614.3) |
+3.7 % |
Net earnings per share |
(0.07) |
|
(0.12) |
|
Operating revenue amounted to
€0.9 million and is mainly comprised of Research Tax Credit
(CIR).
Research and Development (R&D)
expenses remained at a similar level and totalled €4.1
million in H1 2023, €48 thousand below previous year. During the
first half of 2023, Pixium Vision continued to support its clinical
studies, mainly the PRIMAvera study, but also the feasibility
studies in Europe and the US. In addition, the Group continued to
develop and manufacture its Prima bionic vision system to ensure
availability for the ongoing studies.
Current general and administrative
(G&A) expenses decreased in H1 2023 by €0.6 million,
totalling €2.4 million, compared to €3.1 million in H1 2022. The
decrease is mainly due to H1 2022 costs for legal and financial
services in preparation of various financing options.
Operating result presented a
loss of €5.7 million, which is €0.4 lower than in H1 2022 (€6.1
million). Net result was a loss of €5.8 million
(compared to a loss of €5.6 million in H1 2022). The loss per share
is limited to €0.07 in H1 2023 compared to €0.12 in H1 2022.
Statement of cash flows summary |
In thousands of
euros |
|
H1 2023 |
H1 2022 |
Opening cash and cash equivalents |
|
7,687.4 |
14,504.9 |
(Decrease)/Increase in cash position |
|
(3,949.3) |
(7,283.6) |
O/W net cash flows from operating activities |
|
(3,945.7) |
(7,064.1) |
O/W net cash flows from investment activities |
|
(5.3) |
(26.8) |
O/W net cash flows from financing activities |
|
2.5 |
(196.4) |
Effect of exchange rate changes on cash |
|
(0.8) |
3.7 |
Closing cash and cash equivalents |
|
3,738.1 |
7,221.2 |
Net cash outflow from operating
activities decreased in H1 2023 to €3.9 million, compared
to €7.1 million in H1 2022. The decrease in net cash outflow mainly
reflects the accelerated payment of the research tax credit of €1.8
million.
Net cash flows from financing
activities totalled €3 thousand for H1 2023. In H1 2022,
financing activities reflected €(0.2) million primarily related to
the repayment of lease liabilities under IFRS16.
Pixium Vision ended H1 2023 with a net cash
position of €3.7 million, compared to €7.2 million a year
earlier.
Update on Pixium Vision’s business
After the successful completion of enrolment of
38 patients in Pixium Vision’s European PRIMAvera pivotal trial in
December 2022, we have focused on enabling and ensuring the
successful rehabilitation of all our patients in H1 2023. The
European PRIMAvera pivotal trial, evaluating the safety and
efficacy of the Prima System in patients affected by dry
Age-related Macular Degeneration (dry AMD), is intended to restore
vision, targeting to report on initial data read out of data in H1
2024. Our French feasibility study is still ongoing and 48-month
data is in the peer review process, targeted to be published by the
end of 2023.
In the US Pixium Vision received breakthrough
device designation from the FDA in March 2023, and we are in the
process to negotiate our US pivotal study that is expected to be
approved by mid-2024. Results from our US feasibility study are
estimated in the first half of next year.
Further events of H1 2023:
On 12 January 2023, Pixium Vision announced the
3 peer-reviewed publications amongst others demonstrating the
potential of the next-generation PRIMA implant, with the potential
to achieve up to 20/20 vision with magnification.
After 30 June 2023, Pixium Vision received a
shareholder loan of €3 million from Bpifrance and Sofinnova
extending the cash runway to the end of December 2023.
On 28 July 2023, a reverse stock split was
announced, exchanging 50 old Pixium Vision shares for 1 new
share.
Furthermore, on 11 July 2023 Pixium Vision
announced the extension of the maturity of the outstanding notes
amounting to €1.25 million (associated with the terminated ESGO
financing facility) to 13 January 2024.
About Pixium Vision
Pixium Vision is creating a
world of bionic vision for those who have lost their sight,
enabling them to regain visual perception and greater autonomy.
Pixium Vision’s bionic vision systems are associated with a
surgical intervention and a rehabilitation period. Prima System
sub-retinal miniature photovoltaic wireless implant is in clinical
testing for patients who have lost their sight due to outer retinal
degeneration, initially for atrophic dry age-related macular
degeneration (dry AMD). Pixium Vision collaborates closely with
academic and research partners, including some of the most
prestigious vision research institutions in the world, such as
Stanford University in California, Institut de la Vision in Paris,
Moorfields Eye Hospital in London, Institute of Ocular Microsurgery
(IMO) in Barcelona, University hospital in Bonn, and UPMC in
Pittsburgh, PA. The Company is EN ISO 13485 certified and qualifies
as “Entreprise Innovante” by Bpifrance.
Forward-Looking Statements. This press release
contains certain forward-looking statements. Although the Company
believes its expectations are based on reasonable assumptions,
these forward-looking statements are subject to numerous risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. For a discussion of risks and
uncertainties which could cause the Company's actual results,
financial condition, performance or achievements to differ from
those contained in the forward-looking statements, please refer to
the Risk Factors (“Facteurs de Risques”) section of the Company’s
2022 Annual Financial Report and other documents the Company files
with the AMF, which is available on the AMF website (www.amf-
france.org) or on the Company’s website.
For more information:
http://www.pixium-vision.com/fr
Follow us on @PixiumVision;
www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
Contacts
Investor
RelationsPixium VisionOffer NonhoffChief
Financial Officerinvestors@pixium-vision.com |
Media
Relations Rose Piquante ConsultingSophie
BaumontSophie.baumont@rosepiquante-consulting.com+33 6 27 74 74
49 |
Pixium Vision (EU:ALPIX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pixium Vision (EU:ALPIX)
Historical Stock Chart
From Jul 2023 to Jul 2024