Business & Finance
GeNeuro incurs lower net loss of EUR8.96m for 2020
6 April 2021 -

Biopharmaceutical company GeNeuro (Euronext Paris:CH0308403085 – GNRO) stated on Monday its net loss of EUR8.96m (EUR0.45 basic losses per share) for the year ended 31 December 2020.

This is compared with a higher net loss of USD9.46m (EUR0.65 basic losses per share) in 2019.

Due to its development stage, the company generated no income in 2020 or 2019.

Research & Development expenses of EUR4.71m was recorded in 2020, a decline by 24% over EUR6.18m in 2019, due to decrease in clinical trial costs and decrease in R&D payroll expense as the company adjusted its staffing levels to its current activity profile.

As of 31 December 2020, the cash and cash equivalents was EUR6.8m, a rise versus EUR5.9m from 31 December 2019, due to the EUR17.5m capital increase completed in January 2020.

The company's operations funded until Q2-2022, the clinical trial of temelimab in multiple sclerosis (MS) with Karolinska Institutet/Academic Specialist Center of Stockholm, is on track to deliver results in Q1 2022 and the preliminary results on the role of the HERV-W Env protein in severe COVID-19 syndromes may lead in the short term to new indications for temelimab.