Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
04 Mai 2023 - 5:39PM
Edgar (US Regulatory)
6-K001-40377Valneva SEFALSE000183656412/313/31/20232023Q100018365642023-01-012023-03-31iso4217:EUR00018365642022-01-012022-03-31iso4217:EURxbrli:shares00018365642023-03-3100018365642022-12-3100018365642021-12-3100018365642022-03-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 4, 2023
Commission File Number: 001-40377
Valneva SE
(Translation of registrant's name into English)
6 rue Alain Bombard
44800 Saint-Herblain, France
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On May 4, 2023, the Registrant announced its results from the first three months of 2023 and issued a press release and unaudited interim condensed consolidated financial statements, copies of which are attached hereto as Exhibits 99.1, and 99.2, respectively, and incorporated herein by reference. The information contained in this Form 6-K, including Exhibits 99.1 and 99.2, is hereby incorporated by reference into the registrant's Registration Statement on Form F-3 (File No. 333-266839).
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| Exhibit | |
| |
| Exhibit 99.1 | |
| Exhibit 99.2 | Unaudited Interim Condensed Consolidated Financial Statements as at and for the three months ended March 31, 2023 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| | | | | Valneva SE (Registrant) | |
| | | | | | |
Date: May 4, 2023 | | | | | /s/ Thomas Lingelbach Thomas Lingelbach Chief Executive Officer and President | |
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| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER 2023 | 1 |
VALNEVA
A European Company (Societas Europaea) with a Management and a Supervisory Board
Registered offices:
6 rue Alain Bombard, 44800 SAINT-HERBLAIN - France
Nantes Companies Register (RCS) No. 422 497 560
Unaudited Interim Condensed Consolidated financial statements
as at March 31, 2023 and for the Three Months ended March 31, 2023
| | | | | | | | |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER 2023 | 2 |
1. UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
1.1 Unaudited Interim Condensed Consolidated Statements of Income (Loss)
| | | | | | | | |
| € in thousand | Three months ended March 31, |
| (except per share amounts) | 2023 | 2022 |
| Product sales | 32,100 | 16,162 |
| Other revenues | 1,408 | 5,686 |
| Revenues | 33,508 | 21,847 |
| | |
| Cost of goods and services | (20,480) | (13,860) |
| Research and development expenses | (14,065) | (20,689) |
| Marketing and distribution expenses | (8,986) | (2,034) |
| General and administrative expenses | (10,038) | (5,770) |
| Other income and expenses, net | 3,488 | 2,084 |
| OPERATING LOSS | (16,574) | (18,422) |
| | |
| Finance income | 253 | 13 |
| Finance expenses | (5,096) | (4,718) |
| Foreign exchange gain/(loss), net | 3,170 | (2,412) |
| | |
| LOSS BEFORE INCOME TAX | (18,247) | (25,539) |
| | |
| Income tax income/(expense) | 120 | (502) |
| LOSS FOR THE PERIOD | (18,127) | (26,041) |
| | |
Losses per share
for profit/loss for the period attributable to the equity holders of the Company, expressed in € per share | | |
| - basic | (0.13) | (0.24) |
| - diluted | (0.13) | (0.24) |
1.2 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (Loss)
| | | | | | | | |
| € in thousand | Three months ended March 31, |
| 2023 | 2022 |
| Loss for the period | (18,127) | (26,041) |
| Other comprehensive income/(loss) | | |
| Items that may be reclassified to profit or loss | | |
| Currency translation differences | 1,628 | (244) |
| | |
| | |
Other comprehensive income/(loss) for
the period, net of tax | 1,628 | (244) |
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO THE
OWNERS OF THE COMPANY | (16,500) | (26,285) |
| | | | | | | | |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER 2023 | 3 |
2 UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
| | | | | | | | |
| € in thousand | March 31, | December 31, |
| 2023 | 2022 |
| ASSETS | | |
| Non-current assets | 200,671 | 196,685 |
| Intangible assets | 27,896 | 28,711 |
| Right of use assets | 43,640 | 41,603 |
| Property, plant and equipment | 114,399 | 112,435 |
| | |
| Deferred tax assets | 6,146 | 5,637 |
| Other non-current assets | 8,590 | 8,299 |
| Current assets | 389,329 | 424,660 |
| Inventories | 38,999 | 35,104 |
| Trade receivables | 27,018 | 23,912 |
| Other current assets | 66,693 | 74,079 |
| Cash and cash equivalents | 254,485 | 289,430 |
| Assets classified as held for sale | 2,134 | 2,134 |
| TOTAL ASSETS | 590,000 | 621,344 |
| EQUITY | | |
| Capital and reserves attributable to the Company’s equity holders | 204,783 | 219,797 |
| Share capital | 20,752 | 20,755 |
| Share premium | 594,043 | 594,043 |
| Other reserves | 58,369 | 55,252 |
| Retained earnings/(Accumulated deficit) | (450,253) | (306,974) |
| Loss for the period | (18,127) | (143,279) |
| LIABILITIES | | |
| Non-current liabilities | 121,958 | 124,156 |
| Borrowings | 83,228 | 87,227 |
| Lease liabilities | 29,556 | 28,163 |
| | |
| Refund liabilities | 6,684 | 6,635 |
| Provisions | 1,326 | 1,320 |
| Deferred tax liabilities | 1,057 | 694 |
| Other liabilities | 107 | 116 |
| Current liabilities | 263,260 | 277,392 |
| Borrowings | 14,157 | 11,580 |
| Trade payables and accruals | 33,520 | 41,491 |
| Income tax liability | 420 | 532 |
| Tax and Employee-related liabilities | 15,875 | 15,738 |
| Lease liabilities | 25,787 | 25,411 |
| Contract liabilities | 9,159 | 9,411 |
| Refund liabilities | 135,294 | 136,450 |
| Provisions | 24,037 | 31,257 |
| Other liabilities | 5,010 | 5,523 |
| TOTAL LIABILITIES | 385,217 | 401,547 |
| TOTAL EQUITY AND LIABILITIES | 590,000 | 621,344 |
| | | | | | | | |
| VALNEVA SE - CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER 2023 | 4 |
3 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | | | | |
| € in thousand | | Three months ended March 31, |
| | 2023 | 2022 |
| Cash flows from operating activities | | | |
| Loss for the period | | (18,127) | (26,041) |
| Adjustments for non-cash transactions | | 8,438 | (6,922) |
| Changes in non-current operating assets and liabilities | | (269) | (4,763) |
| Changes in working capital | | (13,935) | 11,193 |
| Cash generated from/(used in) operations | | (23,893) | (26,533) |
| Income tax paid | | (433) | (318) |
| Net cash generated from/(used in) operating activities | | (24,326) | (26,851) |
| | | |
| Cash flows from investing activities | | | |
| Purchases of property, plant and equipment, net of proceeds from sale | | (3,814) | (9,385) |
| Purchases of intangible assets, net of proceeds from sale | | — | (76) |
| Interest received | | 253 | 13 |
| Net cash used in investing activities | | (3,561) | (9,447) |
| | | |
| Cash flows from financing activities | | | |
| Proceeds from issuance of common stock, net of costs of equity transactions | | (194) | 3,726 |
| | | |
| | | |
| | | |
| Payment of lease liabilities | | (933) | (835) |
| Interest paid | | (2,689) | (1,909) |
| Net cash generated from/(used in) financing activities | | (3,816) | 982 |
| | | |
| Net change in cash and cash equivalents | | (31,703) | (35,316) |
| Cash and cash equivalents at beginning of the period | | 286,532 | 346,642 |
| Exchange gains/(losses) on cash | | (344) | (107) |
| Restricted cash | | — | 45 |
| Cash and cash equivalents at end of the period | | 254,485 | 311,264 |
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