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GENFIT TOWARDS BETTER MEDICINE PRESS RELEASE GENFIT : Reports First Quarter 2021 Financial Information ( Unaudited financial information under IFRS ) Cash and cash equivalents totaled € 109 million as of March 31 , 2021 Lille , France ; Cambridge , MA ; May 12 , 2021 - GENFIT ( Nasdaq and Euronext : GNFT ) , a late - stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and liver diseases , today announced its cash position as of March 31 , 2021 and revenues for the first three months of 2021 . Cash position As of March 31 , 2021 , the Company's cash and cash equivalents amounted to € 108.9 million compared with € 252.0 million as of March 31 , 2020 and € 171.0 million as of December 31 , 2020 . The decrease in cash and cash equivalents between December 31 , 2020 and March 31 , 2021 takes into account the Company's partial buyback of its convertible bonds ( OCEANES ) in January 2021 for an amount of € 47.5 million as well as the expenses related to the convertible bond renegotiation ( financial advisors , legal counsel fees , costs related to holding the shareholder and bondholder meetings , etc ) which totaled € 2.9 million tax included , and for which a significant portion was already paid at March 31 , 2021 . Revenues Revenues for the first three months of 2021 amounted to € 1 thousand compared to € 102 thousand for the same period in 2020. Revenues for the first three months of 2020 mainly consisted of revenues from services provided to Terns Pharmaceuticals pursuant to the collaboration and license agreement in relation to their clinical trials . Reminder On September 30 , 2020 , GENFIT announced its plan to reduce its cash burn by 50 % by 2022 compared to the cash burn before the publication of the RESOLVE - IT Phase 3 data readout . The Company reiterates its goal to reduce the cash burn rate from € 110 million annually before our Phase 3 data , to approximately € 45 million annually , beginning in 2022. 2021 will be a transition year with a cash burn of approximately € 75 million ( excluding the partial OCEANES buyback transaction for € 47.48 million in cash¹ ) mainly due to the residual expenses related to the 1 Excluding transaction expenses GENFIT | 885 Avenue Eugène Avinée , 59120 Loos - FRANCE | +333 2016 4000 | www.genfit.com 1