Regulatory News:
TheraVet (ISIN: BE0974387194 - ticker: ALVET) (Paris:ALVET)
(Brussels:ALVET), a pioneering company in the management of
osteoarticular diseases in pets, today announces its financial
results ended June 30, 2022 and provides an update on the
development of its activities. The Company announces also the
publication of its half-year financial report.
Recent operational highlights
- Partnership agreement with Industrie Biomediche Insubri SA
(IBI, Switzerland) broadening BIOCERA-VET® product line with a
biological bone graft, BIOCERA-VET® SmartGraft
- Distribution agreement in France, United Kingdom, Ireland and
Spain with leading companies in the distribution of veterinary
products
- Commercial launch of the whole BIOCERA-VET® line in Belgium,
France, The Netherlands, Spain, UK & Ireland
- Commercial launch of BIOCERA-VET® RTU and Granules in the
United States of America with a focus of its marketing and
commercial efforts on the states of Texas, Florida and the
Carolinas
- Positive efficacy and safety results of BIOCERA-VET® - Bone
Surgery in arthrodesis1 confirmed and awarded in international
congress VOS/WVOC2 2022
- Available cash of €3.50 million on June 30, 2022 covering
operational activities until the second quarter 2024
2022 half-year financial results
Financial information at June 30, 2022
en € (Belgian GAAP) (1)
30.06.2022
6 months
31.12.2021
12 months
30.06.2021
6 months
Turnover
42,753
12,348
1,943
Other operating income
1,158,057
2,181,390
1,065,438
Variation of stocks of finished
goods and work and contracts in progress
142,359
54,843
36,585
Produced fixed assets
870,044
1,930,219
913,805
Operating Grants
46,665
54,199
39,090
Other operating income
98,989
142,129
75,958
Total Operating products
1,200,810
2,193,738
1,067,381
Operating charges
-2,223,199
-3,364,356
-1,709,367
Goods for resale, raw materials
and consumables
-259,344
-63,972
-25,862
R&D Expenses
-342,316
-1,152,580
-628,092
Expenses related to IPO
-130,103
-174,932
-170,491
Marketing and commercial
expenses
-130,309
-199,622
-97,899
General & administrative
expenses
-325,291
-492,072
-207,187
Consultants & Temporary
staff
-422,776
-517,790
-233,753
Staff
-611,756
-762,085
-345,615
Other operating charges
-1,304
-1,303
-468
Brutto Operation result
-1,022,389
-1,170,618
-641,986
Amortization & Depreciation
-193,509
-558,294
-336,472
-1,215,898
-1,728,912
-978,458
37,337
261,088
208,176
-1,178,561
-1,467,824
-770,282
126,974
-1,178,561
-1,340,850
-770,282
- Net Cash & Cash equivalents at the
end of the period
3,498,856
5,631,418
7,246,645
(1) The accounts presented have not been reviewed by the
Statutory Auditors
During the first half of 2022, TheraVet generated €42,753 of
revenues representing an increase of €30,405 as compared to
December 31, 2021.
The revenues of the first half of 2021, during which the sales
of the BIOCERA-VET® product had started on the Belgian market, then
represented an amount of €1,943. During the second half of 2021,
the French and Dutch markets were approached, allowing Theravet to
reach a turnover of €12,348 as of December 31, 2021. At the end of
the first half of 2022, the commercialization of the range
BIOCERA-VET® in the United Kingdom, Ireland and Spain enable the
company to significantly increase sales.
The Company also generated €870,044 of “capitalised production”
as a result of the activation of development expenses related to
the BIOCERA-VET® and VISCO-VET® programs during the first half of
2022, representing a decrease of €43,761 as compared to the first
half of 2021.
The inventory change of finished products and work in progress
increases by €142,359 during the first half of 2022, bringing the
inventory from €54,843 at December 31, 2021 to €197,202 as of June
30, 2022. This increase is resulting of the constitution of
inventories in marge of the commercial expansion in new market and
the expected increased demand.
Other operating income of €98,989 as of June 30, 2022, compared
to the amount of €75,958 as of June 30, 2021, represents an
increase of €23,031 as a result of the increase in payroll and the
financial contributions received in this context.
In accordance with the roadmap presented at the time of the IPO,
the increase in “Purchases and expenses" reflects the development
of preclinical and clinical programs, the commercialization of
BIOCERA-VET® products and the structuring of the Company:
- COGS are significantly increased due to the
commercialization of the BIOCERA-VET® products in Belgium, France
and the Netherlands as well as the launch of the commercialization
in new countries in March 2022 (United Kingdom, Ireland and Spain).
A stock of products from the new BIOCERA-VET® products (BIOCERA-VET
RTU, Granules and SmartGraft has also been constituted. -
R&D expenses of €342,316 as from June 30, 2022 decreased
by €285,776 compared to the first half of 2021.
This diminution is explained by the particularly important
R&D activities made in 2021:
- The expenses linked to the development of VISCO-VET® reached
€453,099 as of June 30, 2021 (to reach €841,757 at the end of 2021)
and covered preclinical studies (on the mechanism of action),
clinical developments and the validation of the GMP manufacturing
process.
- The expenses linked to the development of BIOCERA-VET® reached
€135,831 as of June 30, 2021 (to reach €298,822 at the end of 2021)
and covered the validation of the manufacturing process, the
development of analytical methods and the clinical case collection
in order to gather safety and efficacy results on the
products.
In 2022, activities related to the development of VISCO-VET®
represent €241,043 and cover mainly the activities related to the
pivotal European clinical study and the manufacturing process
validation whereas the activities related to the BIOCERA-VET®
product range represent €99,034 mainly covering the clinical case
collection.
- Listed company expenses are amounting to €130,103 which
represents a decrease of €40,388 compared to the first half of 2021
and resulting from the stock market communication activities. -
Marketing & Sales expenses amount to €130,309
representing an increase of €32,410 as compared to first half of
2021, resulting from the effort of the Company to prepare the
commercial launch of the BIOCERA-VET® products on the European and
American markets. - G&A expenses increased by €118,104
as compared to the first half of 2021 and represent €325,291 mainly
as a result of
- the lawyers support in the preparation of the different
partnership agreements negotiated and signed over 2021 and early
2022,
- the fixed structural expenses related to the employees
(increase of its staff from 7 to 12 employees between June 2021 and
2022).
- The costs of consultants and interims are to be
analyzed in parallel with the staff expenses since they are
operational consultants to structure and strengthen the Company.
These costs, representing an amount of €422,776 as of June 30,
2022, increased by €189,023, or 81%, compared to the amount of
€233,753 in June 2021. This increase is linked to the increase of
the expert consultants as well as a punctual strengthened of the
team to prepare the commercial launches and add the new products in
the BIOCERA-VET range - Staff expenses reached €611,756 in
June 2022, compared to €345,615 in June 2021. This increase of
€266,141 is explained by the hiring of 5 new employees as part of
the structuring and development of the Company and represent an
increase of the payroll of 77%.
Finally, the amortization of development expenses related to the
BIOCERA-VET® Bone Surgery and VISCO-VET® programs represents
€193,509 in June 2022 and resulted in an operating loss of €1.2
million compared to €978,458 as of 30 June 2021 and a net loss of
€1.1 million compared to €770,282 at June 30, 2021.
The Company’s cash and cash equivalents at June 30, 2022
amounted to €3,498,856 allowing to fund operation until second
quarter of 2024.
Post-closing event as of June 30, 2022
In July 2022, the Company received approval from the Walloon
Region on 2 development projects submitted for assessment during
the period.
The first project, supported for a total amount of €1,070,650
(including €599,922 in the form of a subsidies and €470,728 in the
form of a recoverable advance), concerns the development of new
proprietary cements with improved properties as well as the
development of BIOCERA-VET® combined with an antibiotic.
The second project, supported for a total amount of €1,421,095
(including €429,132 euros in the form of a subsidies and €991,963
in the form of a recoverable advance), concerns the VISCO-VET®
product and aims to finalize its characterization and
development.
These subsidies granted cover activities that started during the
period and were therefore taken into account in the closing of the
period.
Next key milestones of the next half-year 2022
- Continue with the commercialization of BIOCERA-VET®;
- Finalize the new formulation of BIOCERA-VET® combined with
antibiotics and prepare for the commercial launch;
- Pursue the operational efforts on the pivotal European clinical
study evaluating VISCO-VET® in dogs suffering from osteoarthritis
to improve recruitment and limit delays;
- Increase the visibility of the Company and of its products
among the orthopedic veterinarians community with commercial and
scientific participation in international congresses.
Half-year Report 2022
The 2022 half-year financial report ending June 30, 2022 will be
published September 09, 2022 and will be available on the Company’s
website, www.theravet-finances.com.
Financial calendar 2023
Full year financial results: April, 25, 2023 Ordinary
General Assembly: June 01, 2023 Half-year business
update: July 11, 2023 Half-year financial results:
September 06, 2023
About TheraVet SA TheraVet is a veterinary biotechnology
company specialising in osteoarticular treatments for companion
animals. The Company develops targeted, safe and effective
treatments to improve the quality of life of pets suffering from
joint and bone diseases. For pet owners, the health of their pets
is a major concern and TheraVet’s mission is to address the need
for innovative and curative treatments. TheraVet works closely with
international opinion leaders in order to provide a more effective
response to ever-growing needs in the field of veterinary medicine.
TheraVet is listed on Euronext Growth® Paris and Brussels, has its
head office in Belgium (Gosselies) with a US subsidiary in Texas.
For more information, visit the TheraVet website Or follow us on
LinkedIn / Facebook / Twitter
Forward-looking statements This release may contain
forward-looking statements. Forward-looking statements may include
statements regarding the Company's plans, objectives, goals,
strategies, future events, the safety and clinical activity of
TheraVet’s pipelines and financial condition, results of operation
and business outlook. By their nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and there are risks that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. These risks, uncertainties and other factors include,
among others, those listed and fully described in the “Risk
Factors” section in the Annual Report. TheraVet expressly disclaims
any obligation to update any such forward-looking statements in
this document to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based, unless required by law or
regulation.
1 Surgical procedure to restore function and alleviate
pain in carpal and tarsal joints with ligamentous injuries, bone
fractures, joint luxation or subluxations 2 VOS: Veterinary
Orthopedic Society ; WVOC: World Veterinary Orthopaedic
Congress
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version on businesswire.com: https://www.businesswire.com/news/home/20220908005678/en/
TheraVet Chief Operating Officer Sabrina Ena
investors@thera.vet Tel: +32 (0) 71 96 00 43
Chief Corporate Officer Julie Winand investors@thera.vet
NewCap Investor Relations and Financial Communications
Théo Martin / Hugo Willefert theravet@newcap.eu Tel: +33 (0)1 44 71
94 94
Press Relations Arthur Rouillé theravet@newcap.eu Tel: +33 (0)1
44 71 00 15
NewCap Belgique Press Relations Laure-Eve Monfort
lemonfort@newcap.fr Tel: + 32 (0) 489 57 76 52
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