GenSight Biologics raises €0.95M from Invus and Heights Capital, Recover trial pending
On October 8, 2026, the biotech company specializing in gene therapy for retinal diseases announced that two of its existing shareholders, Heights Capital and Invus, had subscribed for the entire offering, for a net product of approximately €0.95 million. This amount covers part of a maximum short-term financing need of €2 million, announced on September 29 and October 7, 2026.
GenSight Biologics could finance its activities until the end of March 2027
The net proceeds will be allocated to financing the company's operational activities and working capital requirements, pending structural financing for the phase III RECOVER trial. GenSight Biologics plans to cover the balance of its short-term needs by the end of November 2026. To do this, it is relying on cash collections linked to additional early access treatments beyond those included in its forecasts, or on complementary financing, particularly a new debt financing line currently under discussion. On this basis, the company indicates that it could finance its activities until the end of March 2027, the date when it will have to make the first significant payments related to RECOVER preparation. If structural financing for the trial were not obtained by March 2027, its launch would be postponed. The company notes that its needs continue to reveal significant uncertainty, which may raise substantial doubt about its ability to continue its operations (note 3.4 of the condensed consolidated interim financial statements). According to Chief Financial Officer Jan Eryk Umiastowski, the paying early access programs generated over €8 million in cash receipts since March, and the manufacturing process has been transferred to Catalent. Trial preparation involves selecting a clinical research organization (CRO) and an upcoming meeting with the FDA to finalize the protocol by the end of the year. "Our priority remains obtaining structural financing for RECOVER," he stated.
ABSA price shows a face discount of 4.6%
The transaction took the form of a capital increase without preferential subscription rights, according to a structure similar to the one conducted in March: 2,597,404 ordinary shares, 11,940,300 pre-financed subscription warrants and 14,537,704 share subscription warrants. The issue price of a share with warrant (ABSA) was set at €0.0770, representing a face discount of 4.6% compared to the volume-weighted average price for October 5, 6 and 7, 2026 (€0.0807). The warrants can be exercised for 60 months; their full exercise would generate additional gross proceeds of approximately €0.8 million, which cash flow forecasts do not take into account. Following the issuance of the shares offered, the capital will consist of 246,217,330 shares, and 265,426,482 shares in the event all warrants are exercised. A shareholder holding 1.00% of the capital before the transaction and not participating in it would see their stake reduced to 0.99% on an undiluted basis, then to 0.92% after the exercise of all warrants. On a diluted basis, Invus would hold 21.4% of the capital and Heights Capital 17.3%. The transaction includes no lock-up commitment. Admission of the shares offered on Euronext Paris is scheduled for October 12, 2026, the date of settlement-delivery, which could however occur later in the event of a technical problem.
