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Vivoryon Therapeutics N.V.: Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress (news with additional features)

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DGAP-News: Vivoryon Therapeutics N.V. / Key word(s): Half Year Results
21.09.2021 / 07:00
The issuer is solely responsible for the content of this announcement.

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.

 

"In the first half of 2021, we made significant progress towards bringing our lead candidate varoglutamstat to patients suffering from Alzheimer's disease. Despite the ongoing pandemic, recruiting into our European Phase 2b study VIVIAD is on track and we're particularly excited about the initiation of our complementary Phase 2 study VIVA-MIND in the US. Furthermore, by entering into a strategic regional partnership with Simcere, we have made substantial headway towards making varoglutamstat available to AD patients in China in the future," said Dr. Ulrich Dauer, CEO of Vivoryon. "Beyond AD, we are pleased to see our diverse preclinical pipeline of oral small molecule inhibitors maturing in a number of indications with exceptionally high medical need."
 

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: IR@vivoryon.com


Media Contact
Trophic Communications
Valeria Fisher / Sophia Hergenhan
Tel: +49 175 8041816
Email: vivoryon@trophic.eu


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.

Additional features:

File: Vivoryon Therapeutics N.V. Reports H1 2021 Financial Results and Operational Progress

21.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Vivoryon Therapeutics N.V.

Weinbergweg 22

06120 Halle/Saale

Germany

Phone:

+49 (0)345 555 9900

Fax:

+49 (0)345 555 9901

E-mail:

contact@vivoryon.com

Internet:

www.vivoryon.com

ISIN:

NL00150002Q7

WKN:

A2QJV6

Listed:

Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; Amsterdam

EQS News ID:

1234753


 

End of News

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