TheraVet reports Full-Year 2022 Financial Results and provides the preparatory documents for the General Assembly of June 1st, 2023

• Cash position of €3.19 million at December 31, 2022, giving financial visibility up to beginning of 4^th 2024 quarter

• 2022 sales performance within targets in the European market

• New distribution agreements concluded in some high potential markets

GOSSELIES, Wallonia, Belgium, April 25, 2023–(BUSINESS WIRE)–Regulatory News:

TheraVet (ISIN: BE0974387194 – ticker: ALVET) (Paris:ALVET) (Brussels:ALVET), a pioneering company in the management of osteoarticular diseases in pets, today announces its Full-Year results for the year to December 31, 2022.

The Company also informs its shareholders and the entire financial community of the availability of the preparatory documents for the ordinary general meeting of the Company to be held on June 1, 2023 at 5 p.m. (CEST) at 1070 Brussels, Allée de la Recherche 4.

All documents relating to this general meeting are available on request from the company, or can be consulted on the company’s website under Shareholders / General Meetings.

Enrico Bastianelli, Chief Executive Officer of TheraVet, stated: “Since the IPO of TheraVet in June 2021, we have been committed to deploying therapeutic innovations to treat osteoarticular pathologies in companion animals. Started in June 2022, the execution of our marketing strategy, based on a direct and indirect sales model, has so far met the objectives we set for ourselves in Europe while experiencing certain delays in the United States. We intend, through new agreements, to accelerate the international deployment of our range in high-potential countries.“

Full-Year 2022 financial results

Starting in June 2022 with the launch of its new BIOCERA-VET line, TheraVet has continued its commercial deployment in the United Kingdom, Ireland, Spain and the United State. The Company generated €0.09 million of revenue, mainly in Europe.

Story continues

A total of 534 units¹ of BIOCERA-VET products were sold in Europe, a performance within the sales objectives set by the Company in this market.

In Europe, BIOCERA-VET^® Osteosarcoma accounted for 15% of total sales, highlighting the potential and the interest generated by innovative orthopedic solutions. Building on this momentum, TheraVet intends to consolidate its position in Europe by partnering with new distributors in Germany and Italy while strengthening its links with its distribution partners in Belgium, France, the United Kingdom and Spain.

In the United States, sales were by direct sales only due to delays in setting up the distribution activities. As of mid-October owing to the ACVS Surgery Summit (American College of Veterinary Surgeons) in Portland, Oregon, direct sales have started to gain traction over the last weeks of the year.

Finally, TheraVet announced the signing of a distribution agreement on February 21, 2023 with Vetpharma, a leading company in the marketing of veterinary products and services, to cover 24 new countries, including new high-potential territories such as the Scandinavian countries, Brazil, South Africa, Australia and Japan. This new agreement makes the BIOCERA-VET^® range available on five continents while addressing an estimated population of more than 150 million dogs².

The Company also generated €1.51 million of “produced fixed asset” as a result of the activation of research and development expenses related to the BIOCERA-VET^® and VISCO-VET^® programs.

The development of preclinical and clinical programs as well as the marketing plan of BIOCERA-VET^® products are in accordance with the Company development plan as reflected by the “Purchases and expenses” globally aligned with last year expenses :

• COGS increased by €0.15 million as compared to 2021 as the results of the marketing of the new range of BIOCERA-VET^® products and sale increase;

• R&D expenses decreased by €0.56 million as compared to 2021, reaching €0.59 million. The decrease is mainly the result of (i) a decrease in the expenses related to VISCO-VET^® development and GMP manufacturing process validation (€0.39 million in December 2022 as compared to €0.84 million in December 2021) and of (ii) a slightly decrease in BIOCERA-VET^® development expenses as compared to 2021 expenses (€0.21 million in December 2022 vs €0.29 million in December 2021);

• Corporate and listed company related expenses increased by €0.02 million as compared to 2021 and related to the agreement with Rotschild&Co (market maker contract) and Degroof Petercam (sponsor research agreement);

• Marketing & Sales expenses increased by €0.04 million as compared to 2021 related to the commercial launch of BIOCERA-VET^® and the attendance to international and national relevant conferences and congresses;

• G&A expenses increased by €0.31 milllion as compared to 2021 mainly as the results of:

  • the increase of the operational consultants in order to structure and streghten the Company (increase of €0.16 million as compared to 2021);

  • the recruitment of new independant board members to strengthen the Board of the Company.

• Staff expenses increased to €0.36 million as compared to 2021 as result of the strenghtening of the Company organization.

Finally, the amortization of development expenses related to the BIOCERA-VET^® and VISCO-VET^® programs results in an operating loss of €2.8 million and a net loss of €2.3 million.

The Company’s cash and cash equivalents at December 31, 2022 amounted at €3.19 million, allowing it to fund operation at least until the beginning of the fourth quarter of 2024.

Operational hightlights

On March 28, 2023, the Company released an update on its development and product portfolio strategy. The full information is available through the following link.

Annual Report 2022

The 2022 annual report ended December 31, 2022 will be published on April 25, 2023 and will be available on the Company’s website, www.theravet-finances.com.

The statutory auditor has issued an unmodified report dated April 25, 2023 on the Company’s annual accounts as of and for the year 2022 ended December 31, 2022, and has confirmed that the accounting data reported in the accompanying press release is consistent, in all material respects, with the accounts from which it has been derived.

Financial calendar 2023

Ordinary General Meeting : June 1^st, 2023

Half-year activity update : July 11, 2023

Half year financial results: September 6, 2023

About TheraVet SA

TheraVet is a veterinary biotechnology company specialising in osteoarticular treatments for companion animals. The Company develops targeted, safe and effective treatments to improve the quality of life of pets suffering from joint and bone diseases. For pet owners, the health of their pets is a major concern and TheraVet’s mission is to address the need for innovative and curative treatments. TheraVet works closely with international opinion leaders in order to provide a more effective response to ever-growing needs in the field of veterinary medicine. TheraVet is listed on Euronext Growth^® Paris and Brussels, has its head office in Belgium (Gosselies) with a US subsidiary in South Carolina.
For more information, visit the TheraVet website or follow us on LinkedIn / Facebook / Twitter

Forward-looking statements

This release may contain forward-looking statements. Forward-looking statements may include statements regarding the Company’s plans, objectives, goals, strategies, future events, the safety and clinical activity of TheraVet’s pipelines and financial condition, results of operation and business outlook. By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. These risks, uncertainties and other factors include, among others, those listed and fully described in the “Risk Factors” section in the Annual Report. TheraVet expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.

Statements of operations and comprehensive loss

Statement of Financial Position

Cash Flow Statement

¹ Including Elvetis first binding order as per the agreement signed in December 2022; invoiced in 2023

² 1 to 2% of the dog population is subjected to orthopedic surgeries each year, from which 10 to 20% requires a bone graft. 20 to 50% of bone grafts are bone subsititutes such as BIOCERA-VET depending on veterinary surgeon preferences, availability of autograft or other bone substitutes. However, these estimates – based on EU & US epidemiological data – can also be impacted by the number for veterinary surgeons, access to operating rooms and surgical equipment, by the owner awareness of treatments, price and affordability of procedures, owner willingness to pay, insurance coverage, etc

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005727/en/

Contacts

TheraVet
Chief Operating Officer

Sabrina Ena
investors@thera.vet
Tel: +32 (0) 71 96 00 43

Chief Corporate Officer
Julie Winand
investors@thera.vet

NewCap

Investor Relations and Financial Communications
Théo Martin / Nicolas Fossiez
theravet@newcap.eu
Tel: +33 (0)1 44 71 94 94

Press Relations
Arthur Rouillé
theravet@newcap.eu
Tel: +33 (0)1 44 71 00 15

NewCap Belgique
Press Relations

Laure-Eve Monfort
lemonfort@newcap.fr
Tél. : + 32 (0) 489 57 76 52