Genomic Vision: 2021 Annual Results

  • Revenue from activity up 9% in 2021, to €1.4 million
  • Good control over current operating expenses (-5.5%)
  • Financial resources offering visibility through to end-May 2022
  • Implementation of a new financing line with Winance, subject to shareholder approval

Genomic Vision(FR0011799907 – GV – the “Company”) (Paris:GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today reported its annual financial results for the year to December 31, 20211.

2021 annual results

(in € thousands – IFRS)20212020
Other revenue419220
Total revenue from activity1,4131,304
Current operating expenses(6,273)(6,638)
Current operating loss(4,860)(5,334)
Other operating expenses/income(34)180
Operating loss(4,895)(5,153)
Cost of financial debt and other financial expenses/income(67)(24)
Net loss(4,998)(5,177)

Total revenue from activity over the year to December 31, 2021 was €1,413 thousand, up 9% compared with the year to December 31, 2020, and broke down as follows:

  • sales of €994 thousand in 2021, down 8% compared with 2020, each of these two financial years including the sale of a platform. It should be noted that in 2021 commercial activity was slowed by the Covid-19 crisis and the world’s focus on virology research and stoppages in activity associated with successive lockdowns in some countries. In particular, orders of consumables such as Coverslips were affected. Platform sales also saw a significant slowdown, travel restrictions having made commercial prospecting difficult.
  • other revenue of €419 thousand over the year to December 31, 2021, corresponding to Research Tax Credit whose increase was a direct result of the Company’s refocus on its Research & Development activities in 2021.

Current operating expenses decreased by 5.5% to €6.3 million and primarily broke down as follows, on top of the cost of sales:

  • €2.7 million in R&D spending, up 35%, reflecting the Company’s refocus on projects with greater added value. 2021 allowed it to continue the development of priority and high-value-added projects, such as the launch of TeloSizer® for the precise detection and quantitative measurement of telomere length;
  • €1 million in Sales & Marketing expenditure, down 39% compared with December 31, 2020;
  • €2 million in General & Administrative expenses, down 12% compared with December 31, 2020, demonstrating good control over these costs.

The operating loss and net loss at December 31, 2021 were -€4.9 million and -€5 million respectively, an improvement of 5% and 3.5% compared with the previous year, despite a 32% increase in the workforce, reflecting good control over other expenses.

The Company’s total headcount was 33 people at December 31, 2021, compared with 25 a year earlier.

Financial structure

The Company does not have sufficient net working capital to cover its obligations and operating cash requirements for the next twelve months.

The financial statements at December 31, 2021 were nonetheless drawn up in accordance with the operational continuity principle by notably taking into account the following elements:

  • at December 31, 2021, “Cash and cash equivalents” totaled €2.3 million.
  • on the basis of its proposed development plan, the Company estimates that its available cash will enable it to finance its activities until the end of May 2022 (excluding the exercise of the Winance warrants and Bracknor/Negma warrants already in circulation) and that its additional cash requirements enabling it to continue its activities in 2022 are estimated at €4 million.
  • in order to cover its working capital requirements, the Company decided to put in place a financing line with Winance via the signing, on June 11, 2020, of an OCABSA (convertible notes with warrants) issuance contract, of which it has used €6 million gross (€5.7 million net of costs) out of a possible €12 million. The Company can no longer use this financing line given the expiry of the Prospectus relating to this operation that was in any case due to expire in June 2022.
  • within this context, the Company decided to implement a new financing line with Winance via the signing of a new contract on April 11, 2022 providing for the provision of a maximum of 15 tranches of €2 million each, i.e. up to €30 million, subject to the following conditions precedent:
    • the granting of an AMF visa for the new Prospectus,
    • prior approval for the operation by the Company’s shareholders at an Extraordinary General Meeting scheduled for May 23, 2022,
    • the conditions for the drawdown of each tranche being met, notably with the share price not being below the share’s par value.

In the event that one or more of these conditions precedent – which are not all in the Company’s hands – were not fulfilled within the given timeframe, the Company could then not be in a position to realize its assets and liabilities and settle its debts within the framework of its normal course of business, and the application of IFRS accounting rules and principles within a normal context of the continuation of its activities, notably concerning the evaluation of assets and liabilities, could prove to be inappropriate. Consequently, this situation is generating significant going concern uncertainty.


Jérôme Vailland, Chief Financial Officer of Genomic Vision, has decided to leave the Company to pursue other projects.

Upcoming financial publication

  • Revenue for the first quarter of 2022, on Thursday May 5, 2022

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