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Vivoryon Therapeutics N.V.: Vivoryon Therapeutics N.V. Reports Q3 2021 Financial Results and Highlights Operational Progress (news with additional features)

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DGAP-News: Vivoryon Therapeutics N.V. / Key word(s): 9 Month figures
04.11.2021 / 07:00
The issuer is solely responsible for the content of this announcement.

 

Vivoryon Therapeutics N.V. Reports Q3 2021 Financial Results
and Highlights Operational Progress

 

HALLE (SAALE) / MUNICH, GERMANY, November 4, 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 announced financial results and the corporate update for the third quarter of 2021, ending September 30, 2021. The report is available on the Company's website at www.vivoryon.com/investors-news/financial-information.


"Throughout the third quarter, we made significant progress towards filling the gap of safe, widely available effective disease-modifying therapies in Alzheimer's disease. Both our newly initiated study VIVA-MIND in the U.S. and our ongoing European study VIVIAD are progressing steadily and we have implemented a number of measures to ensure that the Company is able to deliver on its objectives, including stringent clinical development beyond the currently ongoing studies," said Dr. Ulrich Dauer, CEO of Vivoryon.

Corporate Highlights and R&D Updates
Varoglutamstat

 

Patent Portfolio
In the third quarter of 2021, Vivoryon further expanded its patent portfolio. Year to date (as of October 31, 2021) a total of 16 additional patents have been granted for the Company's small molecule inhibitors and antibody-based medicines in development to treat AD and other diseases with exceptionally high medical need.
 

Post-period Events


Financial Results for Q3 of 2021
In Q3, the Company generated license revenues of EUR 10.8 million from a strategic regional licensing partnership signed with its partner Simcere on June 29, 2021 for Greater China. No revenues were generated in 2020, respectively.


Research and development expenses incurred for the nine months ended September 30, 2021 increased over the corresponding period in 2020 by EUR 3.6 million. This increase was mainly driven by EUR 2.9 million higher expenses for production and Vivoryon's clinical studies, as well as EUR 0.7 million higher expenses for share-based payments.


General and administrative expenses increased by EUR 1.2 million for the nine months ended September 30, 2021. This increase is largely attributable to EUR 0.3 million higher consulting costs and EUR 0.7 million higher expenses for share based payments. The increase in consulting costs resulted from preparations for a potential future listing on Nasdaq.


Net loss for the nine months ended September 30, 2021 was EUR 7.3 million, compared to EUR 12.2 million for the nine months ended September 30, 2020. The Company held EUR 19.9 million in cash and cash equivalents as of September 30, 2021, compared to EUR 26.3 million as of December 31, 2020.


Financial Guidance
On October 18, 2021, Vivoryon updated its financial guidance to account for costs associated with the expansion of its manufacturing capabilities for production of active pharmaceutical ingredient (API) by initiating a second line of manufacturing with an additional partner to ensure sustainable study drug supply with varoglutamstat for the VIVA-MIND U.S. study. According to current planning and estimates, the Company now expects a cash reach until mid-2022. A detailed update on anticipated working capital requirements and associated potential financing activities as well as resulting timelines will be given in the context of Vivoryon's regular filings.



Unaudited Condensed Interim Financial Statements

Vivoryon Therapeutics N.V.
Condensed Statements of Operations and Comprehensive Income and Loss

 

For the three months ended September 30,

For the nine months ended September 30,

(in k EUR, except for share data)

2021

2020

2021

2020

 

 

 

 

 

Revenue

10,764

-

10,764

-

Cost of Sales

(488)

-

(488)

-

Gross Profit

10,276

-

10,276

-

Research and development expenses

(4,128)

(3,653)

(13,584)

(10,032)

General and administrative expenses

(857)

(847)

(3,193)

(1,986)

Other operating income

-

-

6

-

Operating profit / (loss)

5,292

(4,500)

(6,496)

(12,018)

Finance income

398

119

617

156

Finance expenses

(199)

(251)

(301)

(344)

Finance result

199

(133)

316

(186)

Result before income taxes

5,491

(4,633)

(6,180)

(12,206)

Income taxes

(1,082)

-

(1,082)

-

Net profit / (loss) for the period

4,410

(4,633)

(7,261)

(12,206)

Items not to be reclassified subsequently to profit or loss

 

 

 

 

Remeasurement of the net defined benefit pension liability

89

-

89

(20)

Total other comprehensive profit / (loss)

89

-

89

(20)

Comprehensive profit / (loss)

4,499

(4,633)

(7,172)

(12,224)

(Earnings)/ Loss per share in € (basic and diluted)

0.22/ 0.22

(0.23)

(0.36)

(0.61)

 


Vivoryon Therapeutics N.V.
Condensed Statements of Financial Position

(in k EUR)

September 30,
2021

December 31,
2020

ASSETS

 

 

Non-current assets

 

 

Intangible assets

544

565

Property, plant and equipment

74

80

Right-of-use assets

241

310

Financial assets

14

3

Total non-current assets

873

958

Current assets

 

 

Other current assets and prepayments

2,265

2,466

Financial assets

6,387

21

Cash and cash equivalents

19,861

26,306

Total current assets

28,513

28,793

TOTAL ASSETS

29,386

29,751

 

 

 

Equity

 

 

Share capital

20,020

19,975

Share premium

82,784

82,143

Other capital reserves

5,788

4,404

Accumulated other comprehensive loss

(566)

(655)

Accumulated deficit

(86,906)

(79,646)

Total equity

21,120

26,221

Non-current liabilities

 

 

Pension liability

1,835

1,981

Provisions long-term

12

-

Lease liabilities

156

224

Total non-current liabilities

2,003

2,205

Current liabilities

 

 

Provisions

35

47

Trade payables

5,284

911

Lease liabilities

92

90

Other liabilities

852

276

Total current liabilities

6,263

1,325

Total Liabilities

8,266

3,530

TOTAL EQUITY AND LIABILITIES

29,386

29,751

 


Vivoryon Therapeutics N.V.
Statements of Changes in Shareholders' Equity for the nine months ended September 30, 2021 and 2020

(in k EUR)

Share
capital

Share
premium

Other
capital reserves

Accumulated other
comprehensive
loss

Accumulated deficit

Total
equity

 

 

 

 

 

 

 

January 1, 2021

19.975

82.143

4.404

(655)

(79.646)

26.221

Net loss for the period

-

-

-

-

(7,261)

(7,261)

Remeasurement of the net defined benefit pension liability

-

-

-

89

-

89

Comprehensive income / (loss)

-

-

-

89

(7,261)

(7,172)

Share-based payments

-

-

1,384

-

-

1,384

Proceeds from exercise of share options

45

641

-

-

-

686

September 30, 2021

20,020

82,784

5,788

(566)

(86,906)

21,120

 

 

 

 

 

 

 

January 1, 2020

19,975

82,143

4,245

(562)

(63,136)

42,665

Net loss for the period

-

-

-

-

(12,206)

(12,206)

Remeasurement of the net defined benefit pension liability

-

-

-

(20)

-

(20)

Comprehensive loss

-

-

-

(20)

(12,206)

(12,226)

Share-based payments

-

-

4

-

-

4

September 30, 2020

19,975

82,143

4,249

(582)

(75,342)

30,443

 


Vivoryon Therapeutics N.V.
Condensed Statements of Cash Flows

 

For the nine months ended September 30,

(in k EUR)

2021

2020

 

 

 

Operating activities

 

 

Net loss for the period

(7,261)

(12,206)

Adjustments for:

 

 

Finance result

(316)

188

Depreciation and amortization

125

106

Share based payments

1,384

4

Other non-cash adjustments

524

(69)

Changing in:

 

 

Other current assets and prepayments

201

772

Other financial assets

(6,377)

307

Pension liabilities

(146)

(32)

Provisions

-

(210)

Trade payables

4,372

386

Other liabilities

(577)

8

Interest received

19

27

Interest paid

(5)

(6)

Taxes paid

(433)

-

Cash flows used in operating activities

(7,336)

(10,741)

Investing activities

 

 

Purchase of plant and equipment

(20)

(18)

Purchase of intangible assets

(8)

(557)

Cash flows used in investing activities

(28)

(575)

Financing activities

 

 

Payment of lease liabilities

(67)

(68)

Proceeds from exercise of share options

686

-

Cash flows provided / (used in) by financing activities

619

(68)

Net decrease in cash and cash equivalents

(6,745)

(11,384)

Cash and cash equivalents at the beginning of period

26,306

41,524

Effect of exchange rate fluctuation on cash held

300

(160)

Cash and cash equivalents at end of period

19,861

29,980

 


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 the solicitation of an offer to buy any securities of the Company in any jurisdiction.

Additional features:

File: Vivoryon_Q3/2021

04.11.2021 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:

1246039


 

End of News

DGAP News Service

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