Epigenomics AG Announces 2023 Financial Results and Strategic Restructuring

On March 14, 2024, Berlin-based Epigenomics AG reported its fiscal year 2023 financial outcomes, reflecting a period of significant restructuring and strategic realignment. The company experienced a decrease in revenue to EUR 0.3 million, down from EUR 0.9 million the previous year, primarily due to the discontinuation of the Epi proColon distribution amidst restructuring efforts.

Operational developments included the resignation of key executives and the sale of nearly all assets to New Day Diagnostics LLC, resulting in a transition to a holding company focusing on minimally invasive blood tests for cancer detection. This sale, approved in an Extraordinary General Meeting, not only averted a direct threat to Epigenomics’ survival but also ensured liquidity and preserved potential future earnings from the Epi proColon technology.

The company effectively halved its other operating expenses from EUR 8.7 million to EUR 4.2 million thanks to restructuring measures, although personnel costs rose by EUR 1.2 million, attributed to severance payments. Additionally, the sale of assets generated significant income, contributing to a reduced net loss of EUR -4.5 million, within the forecasted range.

Looking forward, Epigenomics AG projects a net loss between EUR -0.8 million and EUR -1.2 million for 2024, with cash consumption estimated between EUR -1.3 million and EUR -1.7 million, focusing on maintaining proper administrative operations. The strategic measures implemented have positioned the company to sustain its financial resources until 2026 while exploring new business opportunities in cancer detection technologies.