BIOPHYTIS (EPA:ALBPS) - Biophytis to Report Restated Financial Statements for Previous Periods and as of June 30, 2021

Transparency directive : regulatory news

29/10/2021 08:00

Press release

Biophytis to Report Restated Financial Statements for Previous Periods and as
of June 30, 2021

Paris (France), Cambridge (Massachusetts, U.S.), October 29 2021, 8AM CET -
Biophytis SA (NasdaqCM: BPTS, Euronext Growth Paris: ALBPS) (the "Company" or
"Biophytis"), a clinical-stage biotechnology company focused on the development
of therapeutics that slow the degenerative processes associated with aging and
improve functional outcomes for patients suffering from age-related diseases,
including severe respiratory failure in patients suffering from COVID-19, today
reports the restated financial statements as per the Company's previous
announcement on October 7, 2021 for the periods ending December 31, 2019,
December 31 2020, June 30 2020 and June 30 2021, with no impact on the
Company's cash and cash equivalent as of June 30 2021.

1/ Preliminary remarks

Pursuant to the provisions of IAS 8, the Company determined following the
review by and discussions with the Company's independent registered public
accounting firm, that it is necessary to restate the Company's previously
issued consolidated financial statements for the 2019 and 2020 financial years
and for the first semester of the financial years 2020 and 2021, in order to
make certain corrections required to reflect the proper accounting treatment of
the Company's convertible notes.

These technical corrections address the inappropriate historical accounting
practices relating to notes convertible into ordinary shares and/or redeemable
for cash with attached warrants issued to convertible noteholders.

The fair values historically attributed to the attached warrants as well as the
derivatives embedded in the convertible bonds and to the shares issued upon
conversion were incorrect, and consequently induce material impacts on certain
financial statement line items. As part of the reassessment of the fair value
of the embedded derivatives, it was determined that the Company could not
reliably estimate separately their fair value and therefore concluded that the
entire hybrid contracts should be measured at fair value through profit or
loss.

All details related to such corrections are reflected in the Company's
financial semi-annual report and annual report on Form 20-F/A for the related
periods, as available today on the Company's website and as filed respectively
with AMF and SEC.

2/ For the six-months period ended June 30, 2020 and 2021

The total cumulative adjustments as of June 30, 2021:
- have no impact on the Company's cash and cash equivalents, that amounted to
EUR23.0 million at the end of the period,
- have a positive impact on net results, reducing the net loss for the period
by EUR2.7 million, from EUR15.9 million to EUR13.2 million.

(*) IFRS 9 Financial Instruments specifies how an entity should classify and
measure financial assets, financial liabilities, and some contracts to buy or
sell non-financial items.

The Company Half Year financial results as previously announced on September
17, 2021 have been restated as follows:

                                 Six months period ended June 30, 2020

                               As previously Restatements  As restated
                                  reported        (**)
Statement of consolidated financial position
Total shareholders? equity        (4 438)        (4 163)      (8 601)
Non-current liabilities            3 873            -          3 873
Current financial liabilities      7 622          4 627       12 249
Provisions                           266           (266)     - 6 574
Derivative instruments               198           (198)         -
Total liabilities and
shareholders' equity              18 848             -        18 848

Statement of consolidated financial operations

Operating loss                    (7 461)           266       (7 195)
Net financial expenses            (1 999)        (4 505)      (6 504)
Income taxes benefit                 -               -           -
Net loss                          (9 460)        (4 239)     (13 699)

Six months period ended June 30, 2021

As previously   Restatements   As restated
reported on         (**)
Sep 17 2021
press release
  7 814           (1 844)      5 970
  1 343              -         1 343
  9 433            7 591      17 024
  6 574           (5 063)      1 511
    684             (684)        -
35 738               -       35 738

(10 513)              -      (10 513)
(5 352)           2 620      (2 732)
   -                  -          -
(15 865)           2 620     (13 245)

3/ For the years ended December 31, 2019 and 2020
The results of such corrections are summarized as follows:

Twelve months period ended December 31, 2019
                                As previously Restatements  As restated
                                  reported        (**)
Statement of consolidated financial position
Total shareholders? equity         (7 526)       (758)        (8 284)
Non-current liabilities             5 540           -          5 540
Current financial liabilities       9 846       1 211         11 057
Provisions                            -             -            -
Derivative instruments                451        (451)           -
Total liabilities and
shareholders? equity               17 672           -         17 672
Statement of consolidated financial operations

Operating loss                    (15 682)          -        (15 682)
Net financial expenses             (2 134)      (1 210)       (3 344)
Income taxes benefit                   28           52            80
Net loss                          (17 788)      (1 158)      (18 946)

Twelve months period ended December 31, 2020

As previously   Restatements   As restated
reported on         (**)
  6 832            (4 564)      2 268
  2 021               -         2 021
  7 262             5 957      13 219
  1 396            (1 394)          2
    -                 -            -
27 210               -        27 210

(13 942)              -       (13 942)
(3 112)           (8 463)    (11 575)
    -                 -            -
(17 054)           (8 463)    (25 517)

(**) Each adjustment is detailed in the Company's Half Year Financial Report
and the Company's 20F form as currently filed respectively with AMF and SEC and
available on the Company's website: www.biophytis.com

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 is also being 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 the treatment 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.

Contact for Investor Relations
Evelyne Nguyen, CFO
Investors@biophytis.com

Contacts Medias
Antoine Denry : antoine.denry@taddeo.fr - Tel : + 33 6 18 07 83 27
Agathe Boggio : agathe.boggio@taddeo.fr - Tel : + 33 7 62 77 69 42

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BIOPHYTIS (EPA:ALBPS) - Biophytis to Report Restated Financial Statements for Previous Periods and as of June 30, 2021

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