(Alliance News) - Philogen Spa reported Tuesday that it ended the first quarter with a positive Net Financial Position of EUR54.7 million compared to positive NFP of EUR60.4 million as of Dec. 31, 2023, showing a decrease of 9.4 percent.

As of March 31, group liquidity was EUR69.0 million, down 8.4 percent from the December 31, 2023 liquidity of EUR75.3 million. The latter change is mainly attributable to the net balance of cash receipts for ongoing research and development contracts cost of operations, Capex for the construction of the new office building at the Rosia site in Siena, Italy, and the net positive change in financial operations.

Part of the cash, amounting to EUR5.0 million as of March 31, is invested in short-term time deposits, which are remunerated at market rates on maturity.

Current and non-current financial debt decreased from EUR14.9 million as of Dec. 31, 2023, to EUR14.3 million as of March 31, 2024, showing a decrease of about 4.4 percent, resulting from the progress of existing amortization schedules.

Philogen's stock closed Tuesday at parity at EUR17.95 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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