​​​​​​​Epigenomics AG Reports Financial Results for the First Quarter of 2023

Epigenomics AG Reports Financial Results for the First Quarter of 2023

Berlin (Germany) and San Diego, CA (USA), May 31, 2023 – Epigenomics AG (FSE: ECX, the “Company”) today reported financial results (IFRS, unaudited) for the first three months of 2023.

Financial key figures

• Revenues in the first quarter of 2023 increased slightly year-on-year from EUR 115 thousand to EUR 134 thousand.
• R&D expenses decreased to EUR 1,121 thousand in Q1 2023 (Q1 2022: EUR 1,401 thousand) as research and development activities were discontinued due to the restructuring of the Company.
• Selling and administrative expenses increased from EUR 2,015 thousand to EUR 4,767 thousand. The increase was due to costs for the realization of the restructuring.
• EBITDA (before expenses for share-based payment expenses) amounted to EUR -4,427 thousand in the reporting period, compared with EUR -2,574 thousand in the same period of the previous year.
• The net loss for the period was EUR -5,591 thousand (Q1 2022: EUR -2,657 thousand); the loss per share¹ increased from EUR -0.66 to EUR -1.31 compared to the same period of the previous year.
• Cash consumption decreased slightly to EUR 3,272 thousand in the first quarter of 2023 (Q1 2022: EUR 3,408 thousand).
• As of March 31, 2023, the Company had cash and cash equivalents of EUR 6,887 thousand (December 31, 2022: EUR 10,126 thousand).

Operational developments

• As the Company was not able to raise additional capital to secure funding for the FDA pivotal study of the “Next-Gen” test, the restructuring of Epigenomics AG was initiated on February 15, 2023. Against this backdrop, among other things, sales of the Epi proColon test were discontinued and the admission to the Prime Standard of Frankfurt Stock Exchange was revoked. Admission to trading in the General Standard is expected to take place on June 12, 2023. In addition to reducing the number of employees at the Berlin and San Diego sites, the Supervisory Board is to be reduced to three members. The Company remains committed to maximizing the value of its technology through corporate partnering, out-licensing and/or asset sales.
• Heino von Prondzynski resigned as Chairman of the Supervisory Board on February 10, 2023, for health reasons and as a contribution to cost reduction and left the Supervisory Board on that date. The Board elected Dr. Helge Lubenow as his successor as the new Chairwoman of the Supervisory Board.
• On April 12, 2023, the Company announced the resignation of Chief Executive Officer Greg Hamilton effective June 30, 2023. On May 19, 2023, the Company further announced the resignation of Executive Board member and Chief Scientific Officer Dr. Andrew Lukowiak effective May 31, 2023. The changes in the Executive Board were made to minimize costs in the course of Epigenomics’ restructuring.

Outlook 2023

• The Company confirms its outlook for fiscal year 2023 and expects EBITDA (before expenses for share-based payment expenses) to be within the range of EUR -7.0 million to EUR -9.0 million.

• In terms of cash consumption, Epigenomics forecasts a range of EUR 7.0 million to EUR 9.0 million for the current full year 2023.

More information

The interim statement for the first three months of 2023 (unaudited) can be found on Epigenomics’ website at: https://www.epigenomics.com/news-investors/financial-reports/.

About Epigenomics

Epigenomics AG is a molecular diagnostics company focused on blood testing for the early detection of cancer. Based on its proprietary biomarker technology for the detection of methylated DNA, Epigenomics developed blood tests for various cancer indications with high unmet medical need.

For more information, please visit www.epigenomics.com.

Contact:
Company
Epigenomics AG, Geneststrasse 5, 10829 Berlin
Tel +49 (0) 30 24345 0, Fax +49 (0) 30 24345 555, Email:  contact@epigenomics.com

Investor Relations
IR.on AG, Frederic Hilke, Tel +49 221 9140 970, Email: ir@epigenomics.com

Note on forward-looking statements

This publication expressly or implicitly contains forward-looking statements concerning Epigenomics AG and its business. These statements involve certain known and unknown risks, uncertainties and other factors that may cause Epigenomics AG’s actual results, financial condition and performance to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Epigenomics makes this announcement as of the date of this release and does not intend to update any forward-looking statements contained herein as a result of new information or future events or otherwise.

¹For reasons of comparability, the figure for Q1 2022 was adjusted retrospectively.