ERYTECH Pharma S.A.

PHAXIAM reported cash and cash equivalents of €15.6 million as of September 30, 2023, versus €38.8 million at December 31, 2022. Net cash used in operating and investing activities was €20.5 million in the first nine months of 2023, with €2.6 million used in financing activities and a €0.1 million negative FX impact. Operating expenses were €18.6 million in the first nine months of 2023, down 40% year over year, driven by a 67% reduction in R&D expenses; G&A rose €1 million, or 9%, due to merger-related costs. Net loss for the first nine months of 2023 was €17.9 million versus €6.2 million a year earlier, with the prior-year period benefiting from a €24.4 million gain on the sale of the Princeton facility. Management said existing cash should fund current programs and planned operating expenses into Q2 2024. No next-quarter revenue or EPS guidance was provided, and no quarterly revenue figure was stated in the call.

Thibaut Fayet framed PHAXIAM as building a global phage-therapy leader through six pillars: clinical execution, high-value indications, BD/market access, manufacturing, R&D expansion, and open innovation partnerships. He repeatedly emphasized PJI as the first lead indication because of its severe unmet need, high economic burden, and the company’s ability to charge meaningful prices under compassionate use in France. His tone was confident and strategic, especially around the FDA feedback as a key step toward a first global Europe-U.S. Phase 2 program.

Eric Soyer focused on the post-merger financial profile and cash runway. He said operating expenses in the first nine months of 2023 were €18.6 million, down 40%, with R&D down 67% after the closing of ex-ERYTECH Princeton operations, while G&A increased €1 million, or 9%, due to merger-related costs. He highlighted cash of €15.6 million at September 30, 2023, net cash use of €20.5 million from operations and investing, and reiterated that current cash should fund the company into Q2 2024. He also noted the net loss of €17.9 million versus €6.2 million a year earlier, with the comparison distorted by a €24.4 million Princeton sale gain in 2022.

There was effectively no analyst Q&A, as no questions were asked on the call. The most notable management clarification came in the prepared remarks: FDA feedback validated the proposed PJI pathway and the package supporting U.S. development, while EMA scientific advice is still expected in January before the company finalizes a global Phase 2 design. Management also said the first patient in the endocarditis PK study is expected by year-end, with results about six months later.