Valbiotis (ALVAL) H1 2024 earnings summary

Executive summary

• Transitioned from R&D to commercial operations, launching first product in France and expanding e-commerce presence.

• Ended partnership with Nestlé Health Science, regaining full rights to TOTUM.63 and strategic flexibility.

• Advanced clinical programs, notably successful Phase II/III results for TOTUM.854 and ongoing studies for other products.

• Undertook significant organizational restructuring, including a collective redundancy plan affecting 19 positions.

Financial highlights

• Net loss of €3.5M for H1 2024, compared to a €1.9M loss in H1 2023, reflecting increased commercial and marketing expenses.

• Revenue of €35K from product sales post-launch in May 2024; other income mainly from NHS contract termination (€3.5M) and research tax credit (€531K).

• Cash and equivalents at €18.5M as of June 30, 2024, down from €25M at year-end 2023.

• Operating expenses rose to €7.9M (H1 2024) from €7.1M (H1 2023), driven by commercial ramp-up and restructuring costs.

Outlook and guidance

• Plans to launch two additional TOTUM products in France by mid-2025 and continue international expansion via licensing.

• Anticipates results from the HEART 2 study on Lipidrive in Q1 2025, supporting a proprietary health claim application.

• Maintains sufficient liquidity to fund operations through 2026.