Epigenomics AG publishes financial results for fiscal year 2023

EQS-News: Epigenomics AG / Key word(s): Annual Results/Annual Report
Epigenomics AG publishes financial results for fiscal year 2023

14.03.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Epigenomics AG publishes financial results for fiscal year 2023

Berlin (Germany), March 14, 2024 - Epigenomics AG (FSE: ECX, the "Company")
today reported financial results (according to HGB) for fiscal year 2023.

OPERATIONAL DEVELOPMENTS

  * Due to the lack of necessary financing for the further development of
    the Epi proColon "Next-Gen" test and the significantly deteriorated
    conditions for risk capital on the financial markets, Epigenomics
    initiated extensive restructuring measures in February 2023 to reduce
    cash consumption.

  * In connection with the restructuring, CEO Greg Hamilton (effective June
    30, 2023) and CSO Andrew Lukowiak, Ph.D. (effective May 31, 2023),
    resigned from their positions. In addition, the Chairman of the
    Supervisory Board Heino von Prondzynski stepped down from the
    Supervisory Board for health reasons on February 15, 2023.

  * In July 2023, Epigenomics AG entered into an agreement with New Day
    Diagnostics LLC for the sale of substantially all of its assets, which
    was approved by the Extraordinary General Meeting in September 2023 and
    closed in October 2023.

  * Following the sale, Epigenomics operates as a holding company and is
    dedicated to managing its own assets, acquiring, holding and selling
    investments in companies in Germany and abroad, particularly in the
    field of minimally invasive blood tests for cancer detection, as well as
    investing in other assets.

  * The Company's overall assessment of the fiscal year 2023 is positive, as
    an imminent threat to the Company's continued existence was averted,
    liquidity was generated and there is the opportunity to continue to
    benefit from the further commercialization of Epi proColon and the Epi
    proColon "Next-Gen" technology via New Day Diagnostics LLC. In addition
    to potential cash payments depending on certain milestones, especially
    potential earn-out payments until the expiration of the patent
    protection of the Epi proColon "Next-Gen" technology in 2043 offer
    financial opportunities for the future.

  * Based on the measures taken, Epigenomics AG expects that the available
    financial resources will be sufficient until 2026. In addition, business
    opportunities arise from the activities as a holding company,
    particularly in the area of minimally invasive blood tests for cancer
    detection.

KEY FIGURES 2023

  * With the binding dissolution of Epigenomics Inc., the obligation to
    prepare consolidated financial statements in accordance with IFRSs no
    longer applies. The Company therefore reports on the basis of separate
    financial statements in accordance with the German Commercial Code
    (HGB).

  * Revenue decreased to EUR 0.3 million in the 2023 fiscal year, compared
    to EUR 0.9 million in the previous year. The main reason for the decline
    in revenue was the discontinuation of the distribution of Epi proColon
    as part of the restructuring process.

  * Other operating expenses fell from EUR 8.7 million in 2022 to EUR 4.2
    million in the reporting year. This was due to lower research and
    development costs as a result of the restructuring measures introduced.

  * Personnel expenses amounted to EUR 4.2 million in the 2023 financial
    year, an increase of EUR 1.2 million compared to the previous year,
    which is mainly attributable to restructuring costs (severance
    payments).

  * The increase in other income to EUR 4.7 million (2022: EUR 2.5 million)
    included the proceeds from the sale of assets to New Day Diagnostics LLC
    in the amount of EUR 4.0 million and exchange rate gains of EUR 0.4
    million (2022: EUR 2.4 million).

  * The net loss for the year decreased to EUR -4.5 million (2022: EUR -17.3
    million) and was therefore within the forecast range of EUR -4.0 million
    to EUR -6.0 million in the reporting period.

  * Due to the restructuring measures implemented and the sale of almost all
    assets to New Day Diagnostics LLC, cash consumption fell significantly
    to EUR 5.6 million after EUR 10.7 million in the previous year. Cash
    consumption therefore developed in line with the earnings situation and
    in line with the forecast.

  * As of December 31, 2023, the Company had cash and cash equivalents of
    EUR 2.1 million (December 31, 2022: EUR 7.8 million).

OUTLOOK 2024

  * For the full year 2024, Epigenomics AG expects a net loss within the
    range of EUR -0.8 million to EUR -1.2 million.

  * Based on the business plan, the Company also expects cash consumption of
    between EUR -1.3 million and EUR -1.7 million, with cash expenses
    planned for 2024 relating to the maintenance of proper administrative
    business operations.

Further information

The annual financial statements for the 2023 fiscal year can be found on the
Epigenomics website at:
https://www.epigenomics.com/news-investors/financial-reports/.

Contact:
Company
Epigenomics AG, Bertha-Benz-Str. 5, 10557 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.


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   Language:       English
   Company:        Epigenomics AG
                   Bertha-Benz-Straße 5
                   10557 Berlin
                   Germany
   Phone:          +49 30 24345-0
   Fax:            +49 30 24345-555
   E-mail:         ir@epigenomics.com
   Internet:       www.epigenomics.com
   ISIN:           DE000A37FT41
   WKN:            A37FT4
   Listed:         Regulated Market in Frankfurt (General Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1858219

End of News EQS News Service
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1858219 14.03.2024 CET/CEST