ACCESSWIRE
31 Jan 2023, 17:31 GMT+10
Publication of restated financial results as of December 31st, 2021
PARIS, FRANCE / CAMBRIDGE, MA / ACCESSWIRE / January 31, 2023 / Biophytis SA (NasdaqCM:BPTS, Euronext Growth Paris:ALBPS), ('Biophytis' or the 'Company'), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging, including severe respiratory failure in patients suffering from COVID-19, today publishes its interim financial report for the first half of 2022 and its adjusted financial results as of 31 December 2021.
Financial results for the first half of 2022
Consolidated financial statements
Consolidated income statement
Cash flow statement
2/ Preliminary remarks
In application of IAS 8, and as announced in the October 31st, 2022 press release, the Company has decided, following the review and discussions with its Statutory Auditors, to correct the financial statements as of December 31st, 2021 to reflect the correct interpretation of the financing agreement signed with Kréos on 19 November 2021.
These technical corrections are related to an inappropriate interpretation of the various instruments of this financing, which includes straight bonds, convertible bonds, warrants and conversion options.
These technical corrections have no impact on the Company's cash position and a very marginal impact on net result (0.3%). The impact is mainly on the balance sheet (3.8%).
Full details of these corrections are described in the financial report and the 20F/A for the relevant period, available today on the company's website, and filed to the AMF and the SEC.
3/ Results of the restatement of the accounts as of December 31st 2021 is summarized below:
Impact on the Company's consolidated financial statements
Impact on the Company's consolidated income statement
***
About BIOPHYTIS
Biophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, being developed as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA-INT). It has also been studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for thetreatment of Duchenne Muscular Dystrophy (DMD). The Company is based in Paris, France, and Cambridge, Massachusetts. The Company's ordinary shares are listed on Euronext Growth (Ticker: ALBPS -ISIN: FR0012816825) and ADSs (American Depositary Shares) are listed on Nasdaq Capital Market (Ticker BPTS - ISIN: US09076G1040). For more information visit www.biophytis.com
Disclaimer
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as 'outlook,' 'believes,' 'expects,' 'potential,' 'continues,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'predicts,' 'intends,' 'trends,' 'plans,' 'estimates,' 'anticipates' or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the 'Risk and uncertainties the Company is to face' section from the Company's 2021 Half Year Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the 'Risk Factors' section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Biophytis Contact for Investor Relations
Philippe Rousseau CFO
Investors@biophytis.com
Media Contacts
Antoine Denry: antoine.denry@taddeo.fr +33 6 18 07 83 27
Agathe Boggio: agathe.boggio@taddeo.fr +33 7 62 77 69 42
SOURCE: Biophytis
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