Liége-based biotech company Mithra could go bankrupt as early as September, report Belgian newspapers La Libre and De Tijd, citing an "investor presentation" published on the company website on Wednesday.
The presentation states that Mithra had €26 million in cash at the end of April. Since then, a further €25 million has flowed in, thanks in particular to a loan and the sale of shares in Australian company Mayne Pharma. But by September this cash could dry up, partly because of research and development costs (€60 million in 2023).
"Mithra requires additional working capital to meet its operating and capital expenditure," the presentation notes. The company says it has considered a number of options including selling assets and suspending or postponing a number of research projects, with the exception of the group’s three main products (Donesta, Myring and Estelle).
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In addition, Mithra also expects additional revenues from the Donesta licence in the US this year. The pharma company is licensed to market the menopausal hot flush drug in many countries, but not yet in North America.
Additional credit – in exchange for new Mithra shares – is also being considered.
Mithra’s shares were one of the biggest fallers on the Brussels Stock Exchange on Wednesday, posting a loss of more than 5% by midday.
