Transgene SA announced its financial results for the six-month period ended June 30, 2015. Revenue 2015 amounted to €5.3 million, compared to €6.1 million for the same period in 2014.
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Government financing for research expenditures accounted for the majority of revenue, with €4.5 million for the first six months of 2015 compared to €5 million for the same period in 2014.
Research and development expenses amounted to €16.9 million for the first six months of 2015, compared to €21.8 million for the first six months of 2014, at constant perimeter. This decrease was mainly due to the completion of the phase 2b clinical trials of TG4010 and Pexa-Vec.
General and administrative expenses amounted to €2.9 million for the first six months of 2015, compared to €3.8 million for the same period in 2014. This decrease was mainly due to a staff decrease in financial and administrative support functions, a consequence of a reallocation of internal resources.
In June 2015, Transgene made the decision to restructure the company and discontinue its manufacturing operations. A net restructuring provision of €5.9 million was recorded for the sixmonth period ended June 30, 2015.
As a result of the restructuring decision, the net financial impact of the discontinued activities must be presented as a separate item in the consolidated financial statements.
Net loss from continuing operations amounted to €21.7 million for the first half of 2015, compared to €21.1 million for the same period in 2014, at constant perimeter.
Net loss from discontinued operations for the six-month period ended June 30, 2015 was €6.4 million, including a loss from the evaluation in assets held for sale of €2.9 million.
Excluding the impact of assets evaluation, net loss from discontinued operations was €3.5 million for the six-month period ended June 30, 2015, compared to €4 million for the same period in 2014.
Overall net loss amounted to €28.1 million for the first half of 2015. Excluding the impact of the restructuring provision and assets held for sale evaluation (overall impact of €8.8 million), net loss amounted to €19.3 million for the first half of 2015 compared to €25.1 million for the same period in 2014.
Net loss per share was €0.73 for the first six months of 2015 compared to €0.65 for the same period in 2014.
As of June 30, 2015, the company had cash, cash equivalents, available-for-sale financial assets and other financial assets of €53 million, compared to €65.9 million as of December 31, 2014. ■