Genflow Biosciences Ltd (LSE:GENF, OTCQB:GENFF, FRA:WQ5) this week reaffirmed its focus on capital efficiency and pipeline advancement following a €4 million non-dilutive grant from Belgium’s Wallonia region.
CEO Dr Eric Leire joined Proactive to explain about the company's 2026 strategy and how securing funding supports upcoming milestones and partnership opportunities.
Leire noted that although the timing of the grant disbursement might have disappointed some shareholders, the funds follow a standard administrative timeline.
Genflow's lead gene therapy, GF-1002, is targeted at MASH (Metabolic dysfunction-associated steatohepatitis).
Proactive: Eric, very good to speak with you. This €4 million award from the Wallonia region is not dilutive. How much freedom does that give you as you push GF-1002, your lead gene therapy candidate, forward?
Eric Leire: Yes. We're quite happy with this secured grant. The timing may be disappointing for some shareholders, but I would like to point out that the disbursement of the fund follows a standard administrative process. And we would not announce the 2026 priorities if we could not execute on them. The major scenario for this first payment is what we planned for our cash flow. Again, we are very confident that we can deliver on those future catalysts for 2026—even in the worst-case scenario of May. So, we have a cash flow plan that includes this secured grant. And we are quite confident that we can deliver data, partnerships, and capital efficiency for 2026.
Proactive: MASH is a crowded space. What makes GF-1002 stand out from what investors may already know?
Eric Leire: MASH is a huge unmet need. Initially, it’s been addressed by GLP-1 products and Madrigal for early-stage disease. But there’s still nothing available for the late stages. And late stage is when you face hepatocellular carcinoma or need a liver transplant—scenarios that are not quite appealing. So this is one of the key programs for 2026. We’re not spreading ourselves thin. We are focusing on programs that create short-term value. MASH is one of them. Ophthalmology, specifically glaucoma, is another. And of course, the dog study is also our third priority for 2026.
Proactive: The dog study is a bit different and eye-catching. What should people look out for when the first data lands in early 2026?
Eric Leire: 2026 is very important. We've been very happy with the fact that we were able to conduct such a study – it’s never been done before. A study on aged dogs, naive to therapies, that is blinded and randomized with very strong scientific standards will be a first in terms of longevity research.
Not only will we bring clinical data in ageing biology that differentiates us from other longevity companies, but that could also trigger a deal with animal health companies in 2026.
In terms of non-dilutive funding, this could bring in much more important value than the €4 million grant. Everything is relative.
Proactive: With partnerships clearly a priority, what does a good collaboration look like for Genflow over the next year?
Eric Leire: Yes, 2026 is all about data, partnerships, and capital efficiency. By capital efficiency, I mean shareholder-friendly. Partnerships mostly mean the possibility to bring non-dilutive cash into the company via parts of the pipeline where we don’t add value.
The dog study is a typical example. Obviously, we’re not an animal health company. And there are multiple animal health companies that would do a far better job in commercializing this product and bringing it to the market – to pet owners – faster and more efficiently than we can. There’s no reason for us to move that product forward ourselves, it would be very expensive, and we don’t have any special expertise in that space.
But we were crucial in creating this clinical trial. No one else on earth was able to do it. We've done it. Now it's time to pass the baton and receive some non-dilutive cash. And I'm not talking about €4 million. I'm talking much more.
Proactive: Eric, it sounds like a very exciting year ahead for Genflow. I hope you'll continue to keep us updated with your progress.
