Genenta Announces Fiscal Year 2022 Financial Results and Annual Report on Form 20-F Filing
April 26 2023 - 7:00AM
Genenta Science S.p.A. (NASDAQ: GNTA) a clinical-stage
immuno-oncology company developing a cell-based platform harnessing
the power of hematopoietic stem cells to provide durable and safe
treatments for solid tumors, today announced its fiscal year 2022
financial results and that it has filed its annual report on Form
20-F for the fiscal year ended December 31, 2022 (the
“Annual Report”) with the Securities and Exchange
Commission ("SEC"). The Annual Report can be accessed on the
Company's investor relations website
at https://ir.genenta.com/financial-information/sec-filings as
well as the SEC's website at http://www.sec.gov.
“We have made significant progress this past
year in advancing the development of our lead technology, Temferon,
which we believe could provide meaningful clinical benefits to
glioblastoma patients and in treating other indications,” said
Pierluigi Paracchi, Chief Executive
Officer of Genenta.
Fiscal Year 2022 Financial
Results
For the year ended December 31, 2022, Genenta
reported a net loss of €8.5 million, compared to €5.5 million and
€5.6 million for 2021 and 2020, respectively. The 2022 net loss
included a net exchange rate gain of €2.3 million due to funds
generated in US dollars from the Company’s initial public offering
in December 2021 that were converted to Euros in 2022 for use in
operations.
“We managed our cash and cash equivalents in a
way that provided our shareholders additional value in 2022 by
taking advantage of the strong US dollar,” continued
Pierluigi Paracchi. “With our
clinical trials being conducted in Europe, most of our expenses are
in Euros; therefore, it made sense to realize the gain in 2022. In
addition, the Italian tax credit allows us to significantly reduce
the yearly financial impact of our personnel cost on our cash.”
Research and development expenses were €5.3
million for the year ended December 31, 2022, compared to €3.4
million and €4.7 million for 2021 and 2020, respectively. General
and administrative expenses were €5.7 million for the year ended
December 31, 2022, compared to €2.3 million and €0.9 million for
2021 and 2020, respectively. There were no revenues for the year
ended December 31, 2022.
As of December 31, 2022, Genenta had a tax
credit with a carrying value of €6.4 million and cash and cash
equivalents of €29.8 million, compared to €5.6 million and €37.2
million as of December 31, 2021, respectively. Genenta expects
these funds to be sufficient to allow it to continue to operate its
business into the first quarter of 2025.
The Company will provide a hard copy of its
Annual Report containing the audited consolidated financial
statements, free of charge, to its shareholders upon request.
Requests should be directed to the Company's IR Department
at https://ir.genenta.com/ir-resources/investor-contact.
About GenentaGenenta
(www.genenta.com) is a clinical-stage biotechnology company engaged
in the development of a proprietary hematopoietic stem cell gene
therapy for the treatment of a variety of solid tumor cancers.
Temferon™ is based on ex-vivo gene transfer into autologous Tie2+
hematopoietic stem/progenitor cells (HSPCs) to deliver
immunomodulatory molecules directly via tumor-infiltrating
monocytes/macrophages (Tie2 Expressing Monocytes - TEMs). Temferon,
which is under investigation in a phase 1/2a clinical trial in
newly diagnosed Glioblastoma Multiforme patients who have an
unmethylated MGMT gene promoter (uMGMT-GBM), is designed to reach
solid tumors, induce a durable immune response not restricted to
pre-selected tumor antigens nor type, and avoid systemic toxicity,
which are some of the main unresolved challenges in
immuno-oncology.
Forward-Looking
StatementsStatements in this press release contain
“forward-looking statements,” within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, that are subject
to substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“anticipate,” “believe,” “contemplate,” “could,” “estimate,”
“expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “suggest,” “target,” “aim,” “should,” "will,”
“would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on Genenta’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict, including
risks related to the completion and timing of the phase 1/2a
clinical trial or any studies relating to the treatment of
glioblastoma multiforme patients who have an unmethylated MGMT gene
promoter (uMGMT-GBM). Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in Genenta's Annual
Report on Form 20-F for the year ended December 31, 2022 filed with
the Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of the date of this
announcement, and Genenta undertakes no duty to update such
information except as required under applicable law.
Genenta MediaTiziana Pollio+39 348 23 15
143tiziana.pollio@genenta.com
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