Gamida Cell Ltd.

Q4 2023 net revenue was $1.1 million, driven by delivery of four OMISIRGE units. Full-year 2023 net revenue was $1.8 million from six OMISIRGE units. Cost of sales was $1.5 million for the year, producing an 18.5% gross margin. R&D expense was $24.3 million in 2023 versus $42.7 million in 2022; SG&A was $44.6 million versus $32.3 million; financial income was $10 million in 2023 versus $4.4 million of expense in 2022; and net loss improved to $63 million from $79.4 million in 2022. Q4 net loss was $8.8 million versus $22.8 million in Q4 2022. Cash and cash equivalents were $46.6 million at December 31, 2023, and preliminary unrestricted cash was $28.5 million as of March 15, 2024. Management said current funds would not be sufficient to support ongoing operating activities, including the restructuring process, through the end of Q2 2024. No next-quarter or full-year revenue guidance was provided; instead, the company highlighted the Highbridge restructuring as the path to continued operations and OMISIRGE commercialization.

Abbey Jenkins framed 2023 as a milestone year because OMISIRGE moved from approval to commercial delivery, and she emphasized that patients continue to receive the therapy as more transplant centers are onboarded. Her tone was determined but constrained: she repeatedly stressed the need for long-term financial stability and said earlier strategic alternative processes did not produce an actionable transaction. She presented the Highbridge deal as a way to keep the company as a going concern, become a leaner organization, and stay focused on expanding OMISIRGE access.

Terry Coelho focused on the financial mechanics of the business and the restructuring. She detailed $1.1 million of Q4 revenue, $1.8 million of full-year revenue, $1.5 million of cost of sales, and 18.5% gross margin, noting margin should improve as production scales. She also highlighted the $63 million net loss for 2023, the $46.6 million cash balance at year-end, and the $28.5 million preliminary unrestricted cash balance as of March 15, 2024, warning that existing funds would not support operations through Q2 2024. On the balance sheet, she said the 2022 secured convertible note principal had been reduced by $18.4 million to $6.6 million at year-end, and that the company also has a $75 million 2021 convertible senior note.

There was no Q&A session on this call. The main management response to anticipated investor concerns came through the prepared remarks: leadership addressed the lack of a successful strategic partner search, the need for a restructuring, and the urgency of the liquidity situation. They positioned the Highbridge transaction as the only clear path to continue commercialization and avoid a near-term funding shortfall.