Slides
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Corporate presentation September 2026
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Disclaimer 2 IMPORTANT NOTICE – YOU MUST READ THE FOLLOWING BEFORE CONTINUING. THIS PRESENTATION HAS BEEN PREPARED BY GENFIT AND IS FOR INFORMATION PURPOSES ONLY. CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION CONCERNING ECONOMIC TRENDS AND PERFORMANCE HAS BEEN DERIVED FROM PUBLIC DISCLOSURES MADE BY OUR COMMERCIAL PARTNERS AND OTHER THIRD PARTIES. SUCH INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED BY GENFIT. ANY FORWARD-LOOKING STATEMENTS, PROJECTIONS, EXPECTATIONS, ESTIMATES OR ASSUMPTIONS ATTRIBUTABLE TO THIRD PARTIES ARE SOLELY THOSE OF SUCH THIRD PARTIES AND DO NOT NECESSARILY REPRESENT THE VIEWS, EXPECTATIONS OR PROJECTIONS OF GENFIT, AND GENFIT MAKES NO GUARANTEE, EXPRESS OR IMPLIED, AS TO THE ACCURACY AND COMPLETENESS OF SUCH INFORMATION. Links to third-party websites and materials are provided for convenience only. GENFIT is not responsible for the content of such materials and does not endorse or adopt any forward-looking statements contained therein. This presentation contains certain forward-looking statements with respect to GENFIT. The use of certain words, such as "believe", "potential", "expect", “target”, “may”, “will”, "should", "could", "if" and similar expressions, is intended to identify forward-looking statements. Although the Company believes its expectations are based on the current expectations and reasonable assumptions of the Company’s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among others, the uncertainties inherent in research and development, including in relation to non-clinical and pre-clinical programs, reproducibility of preclinical results, the translation of animal model data to human biology, in relation to safety of drug candidates, cost of, progression of, and results from, our ongoing and planned clinical trials, patient recruitment, review and approvals by regulatory authorities in the United States, Europe and worldwide, of our drug and diagnostic candidates, pricing, approval and commercial success of elafibranor in the relevant jurisdictions, exchange rate fluctuations, and our continued ability to raise capital to fund our development, as well as those risks and uncertainties discussed or identified in the Company’s public filings with the AMF, including those listed in Chapter 2 "Risk Factors and Internal Control" of the Company's 2025 Universal Registration Document filed on April 03, 2026 (no. D.26-0221) with the Autorité des marchés financiers ("AMF"), which is available on GENFIT's website (www.genfit.fr) and the AMF's website (www.amf.org), and those discussed in reports filed with the AMF or otherwise made public, by the Company. In addition, even if the results, performance, financial position and liquidity of the Company and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. These forward-looking statements speak only as of the date of publication of this press release. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.
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Corporate Highlights 3 1. In-house from discovery to interim Phase 3 data readout, today commercialized by IPSEN - Approved in major markets including theUS, Europe, and UK - . PR - Ipsen and GENFIT enter into exclusive licensing agreement for elafibranor, a Phase III asset evaluated in Primary Biliary Cholangitis, as part of a long-term global partnership 2. PR - January 2025,30 - GENFIT Announces Non-Dilutive Royalty Financing Agreement and Debt Overhang Resolution Plan | PR- GENFIT Reports First Quarter 2025 Financial Information PR - GENFIT to receive a €26.5 million milestone payment following the approval of pricing and reimbursement of Ipsen’s Iqirvo® in Italy 3. PR - GENFIT to receive US$20M milestone after Ipsen’s Iqirvo® exceeds the US$200M threshold in its first full year of net sales 4. GENFIT Reports Full-Year 2025 Financial Results and Provides Corporate Update- This estimation is based on current assumptions and programs and does not include exceptional events. This estimation assumes(i) our expectation to receive significant future commercial milestone revenue pursuant to the license agreement with Ipsen and Ipsen meeting its sales-based thresholds and (ii) drawing down all additional installments under the Royalty Financing agreement with HCRx. 5. Source: Ipsen H1 2026 Results Presentation, July 2026. Information reported by Ipsen. GENFIT has not independently verified such information. Any forecasts, projections, expectations or other forward-looking statements referenced herein are those of Ipsen and do not constitute forecasts or expectations of GENFIT. Who We Are Pipeline Catalysts Elafibranor (out-licensed) Financials Highlights4 Partnership with Ipsen ► PBC: Iqirvo® launched in 20241,2 ▪ Upfront of €120M ▪ 8% equity stake ▪ Up to €360M milestones (€105.5M received, potential €254.5M remaining3, 4) ▪ Tiered double-digit royalties of up to 20% ▪ Ipsen’s peak sales estimates doubled from €500 to €1bn5 ► PSC: Phase 3 launched with elafibranor Royalty deal with HCRx ▪ Capped ▪ €160M received3 ▪ Milestones excluded from the deal French biopharmaceutical company Listed on EURONEXT “GNFT” 25+ years in liver diseases, taking early assets to commercial stage1 Focused on rare, severe liver diseases with high unmet medical need Wholly owned programs driving future growth ►MASH NIS4®/NIS2+® Non-invasive diagnostic technology ► CCA Phase 2 (GNS561 combination) ► ACLF Phase 2 (G1090N/NTZ) Cash position: €136.1M (1Q26) excluding €9.6M from royalties on Ipsen’s 1Q26 sales of Iqirvo® (elafibranor)1 Cash runway beyond 2028 No debt overhang
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Solid Commercial Performance from Ipsen in PBC 4 Sales are reported in U.S. dollars (USD), while payments are made in euros (EUR). Currency conversion is performed in accordance with the contractually agreed exchange rate 1. Source: Ipsen public disclosures. Commercial information has been derived from publicly available information released byIpsen. GENFIT has not independently verified such information. Any forecasts, projections, expectations or other forward-looking statements referenced therein are those of Ipsen and do not constitute forecasts or expectations of GENFIT. 2. €88.5M received + €17M expected in 1H26 FDA New Drug Application and EMA Marketing Authorization Application accepted | First commercial sale of Iqirvo® in the US | Reimbursement in a 3rd European country – Italy | $200M threshold in its first full year of net sales 3. €24.5M received + €9.6M expected GENFIT Reports First Quarter 2026 Financial Information and Provides a Corporate Update | GENFIT Announces Non-Dilutive Royalty Financing Agreement and Debt Overhang Resolution Plan | GENFIT Announces Completion of Non-dilutive Royalty Financing Agreement with HCRx and Results of Repurchase Offer to 2025 OCEANEs holdersPR: GENFIT Reports Fourth Quarter 2025 Financial Information and Provides a Corporate Update 20,6 43,9 79,4 128 204,6 283,4 6.3 14.3 23.3 35.5 48.6 76.6 78.8 94.4 0 50 100 150 200 250 300 350 400 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Iqirvo® sales (global, quarterly) since commercial launch1 Previous cumul Quarter 1. Elafibranor Global sales (millions of euros) Cumulative royalties received to date3 €34M Cumulative milestone payments received to date2 €105.5M Next update from Ipsen expected on October 16, 2026 (3Q26 results)
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ELATIVE Ph3 Results and Ipsen’s Updated Iqirvo® Peak Sales Guidance in PBC 5 July 13, 2026 Source: Ipsen public disclosures. Commercial information has been derived from publicly available information released by Ipsen. GENFIT has not independently verified such information. Any forecasts, projections, expectations or other forward-looking statements referenced therein are those of Ipsen and do not constitute forecasts or expectations of GENFIT. Upgraded Iqirvo peak sales of €1bn in PBC
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Ongoing Phase 3 Trial by Ipsen in PSC 6 In February 2026, Ipsen confirmed the initiation of the first and only global Phase 3 clinical trial, addressing a significant unmet medical need, as no approved therapies currently exist for this severe and progressive disease. PSC represents a substantial untapped market opportunity, comparable in size to second line PBC. Should Iqirvo® ultimately receive regulatory approval for this indication, GENFIT would be eligible for additional milestone payments as well as additional double-digit royalties. Source: Ipsen’s 2025 Full-Year Results Source: Ipsen public disclosures. Commercial information has been derived from publicly available information released by Ipsen. GENFIT has not independently verified such information. Any forecasts, projections, expectations or other forward-looking statements referenced therein are those of Ipsen and do not constitute forecasts or expectations of GENFIT.
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Non-Invasive Diagnosis of MASH Utilizing GENFIT’s Technology2. MASH Adults expected to present risk factors for metabolic disease …to exhibit elevated liver enzymes and/or steatosis …to be diagnosed with metabolic disease (prediabetes, type 2 diabetes, obesity, hypertension, hyperlipidemia, etc.) 260 million1 (U.S. only) 170 million1 (U.S. only) 90 million1 (U.S. only) NASHnext® will be reimbursed by Medicare under the Clinical Laboratory Fee Schedule. Reimbursement to Medicare patients that meet coverage criteria will become effective beginning August 10, 2026. 1. IQVIA research 2026 2. GENFIT Announces U.S. Medicare Coverage and Future Reimbursement for NASHnext®, a Non-Invasive Diagnostic Technology to Identify Patients with At-Risk MASH | GENFIT Labcorp’s NASHnext LDT test available to millions of patientsPatient identification landscape This major milestone supports broader adoption and future coverage by private insurers.
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GENFIT’s Technology Recognized by Leading Consortia, Guidelines and Industry Sponsors 8 LITMUS consortium (Europe) NIMBLE consortium (U.S.) 1. Harrison SA, Ratziu V, et al. The lancet Gastroenterology & hepatology , 5(11), 970-985, 2020. 2. Sanyal A.J., et al, Nature medicine, 29(10), 2656-2664, 2023 †ELF data were not available for the ANGERS cohort (n=227). ‡VTCE data were not available for the RESOLVE-IT-DIAG cohort (n=475). Topline results from NIMBLE consortium, stage 1 (N=1073)2 NIS4® utility has been recognized in a Stage 1 study2 undertaken by the Non-Invasive Biomarkers of Metabolic Liver Disease (NIMBLE) initiative, with unique performances MASH At-risk MASH F stage ≥2 AUROC (95% CI) p (vs ALT) AUROC (95% CI) p (vs ALT) AUROC (95% CI) p (vs FIB4) ALT 0.678 (0.639, 0.717) 0.726 (0.694, 0.759) FIB4 0.704 (0.671, 0.737) 0.798 (0.768, 0.828) NIS4® 0.832 (0.801, 0.864) < 0.001 0.815 (0.786, 0.844) < 0.001 0.874 (0.848, 0.899) < 0.001 ELF - - - - 0.828 (0.800, 0.857) 0.013 PROC3 - - - - 0.809 (0.779, 0.839) 0.279 FibroM VCTE - - - - 0.841 (0.796, 0.886) < 0.001 EASL / EASD / EASO clinical guidelines NIS4® for monitoring treatment response in independant publications from clinical trials
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A Decade of Vision and Execution Advancing Toward Large-Scale Adoption 2015 2028 Two historically complementary programs Therapeutic program (elafibranor in MASH1) Diagnostic program (NIS non-invasive technology for the identification of patients with at-risk MASH) 6 major scientific publications (Nature, The Lancet Gastroenterology & Hepatology, etc.) and ~20 congress posters Recognition by leading EU and US consortia (LITMUS, NIMBLE) Deployment in large-scale clinical trials Inclusion in international clinical guidelines (EASL / EASD / EASO) Strategic groundwork and pre-positioning Key steps toward large-scale adoption Large-scale commercial rollout via Labcorp’s OnDemand offering Reimbursement of NASHnext® (Labcorp) by Medicare / Medicaid (U.S.) Strategic partnerships with major pharmaceutical players Development of an IVD version (in vitro diagnostic) 2020 2026 3 1 2 4 DIAGNOSTIC MONITORING + 1. At the time of the development of elafibranor, the indication was still named NASH and was only more recently changed into MASH
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CCA with KRAS Mutation: A High Unmet Medical Need 10 Drawing: Adapted from Nature Reviews Gastroenterology & Hepatology volume 17, p. 557–588; 1. Lamarca et al. 2021 | 2. Jesus M. Banales et al. 2020, Cholangiocarcinoma 2020: the next horizon in mechanisms and management. Nature Reviews Gastroenterology & Hepatology volume 17, p. 557–588; 3. Banales et al., Cholangiocarcinoma 2026: status quo, unmet needs and priorities, Nat. Rev. Gastroenterol. Hepatol., 2025 | 4. . Banales et al., Cholangiocarcinoma 2020: the next horizon in mechanisms and management, Nat Rev Gastroenterol Hepatol, 2020 | 5. Fitzwalter BE, Thorburn A. Recent insights into cell death and autophagy. FEBS J. 2015;282:4279–88. | 6.Signaling pathways involved in cholangiocarcinoma development and progression. Nature Reviews Gastroenterology & Hepatology volume 17, pages557–588 (2020) • As the cancer grows, it can block the bile ducts and lead to damage to the liver and other organs • Without treatment <20% of patients survive 5 years from diagnosis1 • Surgery = primary treatment of CCA but only 30% of patients present with resectable tumors2 • First line and second line therapy = survival is limited2 • Rapid progression of the tumor until the patient’s death = 10–12 months on current SoC3 Rare and aggressive liver malignancy that develops in the bile ducts Unmet needs • one of the most common genes that might be mutated or amplified resulting in the overactivation of some of these pathways5 • associate with shorter survival6 • KRAS mutation is not addressed by current treatments = unmet needs remain very high for these patients ~30% of patients with CCA harbor KRAS mutations4 3. CCA
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Rationale for Combining Anticancer Therapies and investigational drug GNS561, an Autophagy Inhibitor 11 GNS561 PPT1 inhibitor in combination with a MEK inhibitor Chemotherapeutic agents MAP Kinase pathway targeted therapies Immune checkpoint inhibitors (anti-PD-1/PD-L1) #1 Anticancer Therapies Beneficial anti-cancer effects Cancer cell survival Tumor growth ✓ Autophagy: tumor cell survival mechanism Cancer cell survival Tumor growth Resistance to treatment Blocks cancer cell survival✓ Enabling simultaneous targeting of tumor growth and adaptive mechanisms of cancer cells✓ Oral By entering the lysosomes and inhibiting PPT1, GNS561 acts to block late-stage autophagy, which can lead to tumor cell death #2 GNS561 (Autophagy inhibitor)
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Phase 1b GNS561+MEKi: Highly Encouraging Early Data 12 Press release Dr. Mark Yarchoan Associate Professor of Oncology at John Hopkins Medicine (Baltimore, MD, USA) Principal investigator of the program " Advanced KRAS-mutated cholangiocarcinoma remains an area of high unmet medical need, particularly in patients who have progressed after prior therapies. What is notable in these data is the consistency of the signal as additional patients have been treated, which helps reinforce the initial findings. Combined with a favorable safety and tolerability profile and signs of activity, these results support continued clinical investigation of this combination strategy targeting autophagy and MAPK signaling pathways. June 23, 2026 • Phase 1b expansion initiated with additional higher-dose cohorts • Phase 2 start on track for 2H26
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Additional Opportunities with GNS561 in Oncology 13 The number of publications implicating autophagy in cancer treatment resistance has increased by ~10% each year over the past 10 years1,2 2016 2025 ~450 ~950x2 Beyond CCA: a potential to explore the benefit of autophagy inhibition in other cancers Rationale to expand GNS561 program into GI/liver tumors where: ✓ Autophagy plays a key role in resistance ✓ GNS561 has shown to accumulate the most ✓ There is a high incidence of MAPK alternations ✓ There is potential to combine with SoC (ICI, small molecules) ~450,000 patients (in US, EU4+UK, and JP/CN )1 MSS colorectal cancer (CRC) Hepatocellular carcinoma (HCC) Gastro-pancreatic NET (GEP-NET) Pancreatic ductal adenocarcinoma (PDAC) Beyond MEKi: a potential to explore combinations with other anticancer agents Ex: Evidence already exists in HCC for GNS561 in combination with anti-PD-1 in a mouse model3 1. Data from IQVIA market research (2022) | 2. PubMed (accessed 05/12/2025) | EU4 = France, Germany, Italy, Spain | 3.Bestion et al., Ezurpimtrostat, A Palmitoyl-Protein Thioesterase-1 Inhibitor, Combined with PD-1 Inhibition Provides CD8+ Lymphocyte Repopulation in Hepatocellular Carcinoma, Targ. Oncol., 2024 13 Anti-PD-1 | RAFi | RAS inhibitor | Other
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ACLF: A High Unmet Medical Need 14 23-74% mortality at 28 days Sources: Wong F, et al. Liver Transpl 2022 | Arroyo V, et al. J Hepatol 2015 | Arroyo et al. NEJM 2020 | Jalan et al. J Hepatol 2015 | Moreau et al J Hepatol 2021 | Bernal W, et al. J Hepatol 2021 | PREDICT-study Trebicka, Fernandez, et al. J Hepatol 2021 | Trebicka J et al, Visceral Medicine 2018 | EASL- Clinical Practice Guideline on Decompensated Cirrhosis J Hepatol 2018| Gustot T, et al. Hepatol 2015 | Arroyo V et al., Nat. Rev. Dis. Primers 2 2016 | Huang DQ, et al. Nat Rev Gastroenterol Hepatol 2023 | Gaspar R, et al. Dig Liver Dis 2019 The liver is scarred but still functioning and people can live for years in this state without noticeable symptoms Alcohol Consumption Metabolic Dysfunction Bacterial Infection Other Kidney Cerebral Circulatory Respiratory Coagulation Viruses Autoimmune Diseases Medications Hereditary Diseases Alcohol Consumption = UNDERLYING CONDITION = PRECIPITANT ≥ 1 ORGAN DYSFUNCTIONS/FAILURES ► NO APPROVED DRUGS … ACUTE PHASECHRONIC PHASE Liver function deteriorates and serious complications develop Urgent Hospitalisation Death Liver ACLFChronic Liver Disease • Ascites • Hepatic encephalopathy • Gastrointestinal bleeding Acute DecompensationCirrhosis Hospitalisation / Intensive Care Unit 4. ACLF
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A Strong Scientific Rationale for Our Lead Asset G1090N/NTZ 15 ► TZ lowers pro-inflammatory cytokine secretion post-LPS challenge in PBMCs ► In a rat model of ACLF, a single dose of NTZ administered after LPS administration reduces systemic inflammation and restores hepatic and renal functions ► TZ blunts the apoptotic response in hepatocytes ► NTZ counteracts the dysregulation of pathways involved in immune response, metabolism and oxidative stress in the liver of ACLF rats, in relation with its in vitro protective activity in hepatocytes AASLD 2025 EASL 2025 G1090N: Reformulation of Nitazoxanide (NTZ) ; Tizoxanide (TZ): Active metabolite of NTZ | PAMPs = Pathogen-Associated Molecular Patterns Combined with its anti-bacterial properties, all these findings further support the development of NTZ as a new therapeutic approach for ACLF Findings to date: ✓ Decreases systemic inflammation in animal models, including in ACLF models ✓ Protects liver, kidney & brain in rat models of ACLF by decreasing tissue damage ✓ Protects mice from mortality in a model of sepsis induced by gut leakage (AASLD 2024 poster) ✓ Prevents cell death via anti-apoptotic and anti- necroptotic effects (EASL 2024 poster) ✓ Reduces PAMPs-induced inflammation (AASLD 2024 poster) G1090N/NTZ Anti-inflammatory Oral G1090N: an investigational drug
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G1090N/NTZ’s Potential Recently Confirmed in the Clinic 16 G1090N/NTZ Anti-inflammatory Oral Press release 1 - Press release 2 | G1090N: Reformulation of Nitazoxanide (NTZ) Dr. Jacqueline O’Leary MD at the UT Southwestern Medical Center, Dallas, TX (USA) " The safety profile observed in Phase 1 and the consistent biological activity evidenced in ex vivo assays represent a meaningful step in development. These findings position G1090N as a promising candidate for patients with AD and for patients with ACLF, a life-threatening condition with no approved therapies and significant unmet medical need. We are eager to see more patient data as the program moves forward, to confirm G1090N’s safety and strengthen the case for its activity in patients with organ failure
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Other R&D Programs 17 Reflects management’s anticipated times, which are subject to change SRT-015 ASK1 inhibitor Injectable First-in-human Go/No-Go Decision 1H26 To inhibit apoptosis, inflammation (liver-centric), and fibrosis CLM-022 NLRP3 inflammasome inhibitor To inhibit inflammation (systemic), and cell death (pyroptosis) Further explorations of NLRP3 inhibition VS-02-HE Urease inhibitor Oral To reduce hyperammonemia, stabilize blood ammonia and prevent HE Potential initiation of First-in- human targeted 2H27 Exosome Technology Novel approach to regenerative therapies Decision point mid 2027 EViv Injectable VS-01-HAC Liposomal-based technology Peritoneal Further explorations of developability To drain out ammonia Potential bridging therapy or first-line ACLF Continuum UCD/OA Research Collaboration with EVerZom1 1. PR EVerZom 5. Other
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Targeting Untapped Markets with High Potential ACLF PBC MASH Diagnostics 18 CCA UCD/OA PSC 294,000 in 2021, US, EU4, UK | ~300,000 by 2036 ~$4Bn for grade 1-2 ACLF in US, EU4, UK by 2030 ~$3.1Bn for US, EU4, UK20,000 to 30,000 for US, EU4, UK ~$1.1Bn for US, EU4, UK2,000 to 3,000 for US, EU4, UK ACLF – CCA – UCD/OA: Data from IQVIA market research (2022 & 2025) | PBC: IPSEN – PSC: IPSEN | MASH: Madrigal | EU4 = France, Germany, Italy, Spain ~$1.5Bn for Global 2L by 2030~385,000 for Global Therapeutics ~$1Bn first year commercialization (blockbuster) First and only global Phase 3 trial initiated by IPSEN | No approved therapies | Substantial untapped market opportunity (~PBC 2L size) Diagnostics Millions of patients to identify and monitor Potential