Oryzon Genomics Increases its Half-Year Losses by 83%, to Over 1 Million Euros

Oryzon Genomics recorded losses of one million euros in the first half of this year, 83% more than in the same period of the previous year, when the company’s losses barely exceeded 500,000 euros, according to the documentation sent to the National Securities Market Commission (CNMV).

The company explained that these results are in line with a lower monetization of tax deductions, resulting from an increase in the intensity of clinical studies carried out in the United States.

As for operating results, Oryzon recorded losses of 2.4 million euros in the first half of this year, 2.6% less than in the same period of 2023, when the same figure amounted to 2.5 million euros.

In turn, Oryzon financial result for the same period, also in negative numbers, stood at 514,064 euros, 35.8% less than the negative figure of 801,259 euros for the same period of the previous year.

Oryzon Genomics has made investments in Research and Development (R&D) in the semester amounting to 4.6 million euros

Oryzon has invested €4.6 million in Research and Development (R&D) in the first half of the year, of which €4.2 million corresponds to development and €400,000 to research activities. Following the completion of the Pórtico clinical trial, the intensity of R&D investments has been reduced by €3.3 million compared to the first half of 2023.

Thus, at the end of the first half of 2024, cash and financial investments available amount to 10.1 million euros.

Oryzon Genomics is a clinical-stage biopharmaceutical company that discovers and develops epigenetics-based therapies for patients with cancer and neurodegenerative disorders . Although the company was founded in 2000, it has been listed on the stock market since 2015. Its president and CEO since its founding is Carlos Buesa Arjol.

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(Featured image by National Cancer Institute via Unsplash)

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