36. Events after balance sheet date
On 8 February 2023, we announced topline results from Phase 3 DIVERSITY trial of filgotinib in CD and our decision not to submit a Marketing Authorization Application in Europe based on these topline results. By consequence, we expect a decrease to the total estimated remaining costs for us to complete the filgotinib development, resulting in a positive catch up of revenues in 2023. At the time of the issuance of this annual report, our re-assessment of the estimated remaining costs is still ongoing. If our best estimate of the remaining cost to complete the filgotinib performance obligation would be decreased by 15% to 25%, this would result in an increase in revenue recognition in 2023 of €50 million to €86 million, and a corresponding decrease in current and non-current deferred income.
On 20 March 2023, 61,560 subscription rights were exercised (with an average exercise price of €28.75 per subscription right). This resulted in a share capital increase (including issuance premium) of €1,769,850, and the issuance of 61,560 new ordinary shares as per 20 March 2023. The closing price of our share on Euronext Brussels and Amsterdam on 20 March 2023 was €35.47.
Our consolidated financial statements were approved by the Board of Directors, and authorized for publication on 21 March 2023. They were signed on behalf of the Board of Directors by:
(signed)
Stoffels IMC BV
permanently represented by Dr. Paul Stoffels
Chairman of the Board of Directors
Jérôme Contamine
Chairman of the Audit Committee and member of the Board of Directors
21 March 2023