Genfit SA (NASDAQ:GNFT) Q2 2020 Earnings Conference Call - Final Transcript
Sep 30, 2020 • 04:30 pm ET
and pre-marketing expenses.
Obviously, marketing and pre-marketing commercialization expenses, we will significantly decrease in the second half of 2020 due to the discontinuation of the pre-commercialization work for Elafibranor in NASH following the termination of this program into general and administrative expenses and research and development expenses have decreased slightly between 2019 and 2020 these expenses will progressively decrease further as of the second half of 2020 following the company's decision to begin the process of terminating the clinical trials for if you want to NASH and terminating so going to be programs as well as execute the cost saving plan.
I'm going to detail a little bit more later on as a result of changes in revenues and expenses. The net loss amounted to $53 million as of June 30 2020. This is 51.1 million last year at the net loss for the full year 2019 was 65.1 million, all of that in Europe so information is described in the full consolidated financial statements, as well as such as 3 auditor's report on the consolidated financial statements, but are included in the appendices to the 2020 half year business and financial report and also available on the Investors page of the Genfit website so let me know, provide a little bit more color as to what you might expect going forward.
So I start by saying the Company recognizes we need to rethink our financial strategy in light of our new reality following very solid result and it broader implication specifically, we need to drastically reduce operating expenses and prepare for the should by restructuring of that. As mentioned earlier, we decided to terminate all 30 is related to the launch of elafibranor in NASH we also immediately dominated activities related to pre-marketing and launch preparation from supply chain overweight market access.
We then conducted a full review of all of our R&D programs and terminated all projects, which we are no longer directly relevant to supporting of 2 corporate priorities specifically we stop overall gamma program as well as several preclinical projects, which we are deemed the lower probably each of success and provided less value to shareholders. The program, but remains under investigation beyond the corporate priorities we already discussed is. And is that in NASH fibrosis which is still being evaluated in an investigator-led proof of concept study focused on say both.
And the future of this program will be decided once data is available. We are streamlining support functions to align to our new smaller footprint and following the systematic review of operating expenses, we are eliminating all non-essential spend from more satellite office in price to our attendance and consortium of Congress to just give a few examples. Continuing on the cost savings, we have initiated a workforce reduction program, the restructuring plan that would aim to reduce our total employee footprint from over 100 before the announcement of our Phase 3 result to less than 125 by year-end, so that's roughly a 40%