GENFIT is a French clinical-stage biopharmaceutical company focused on rare and life-threatening liver diseases. GENFIT's business model centers on discovering and developing drug candidates internally, then licensing them to larger pharma partners rather than building its own commercial infrastructure. GENFIT's primary revenue source is its 2021 licensing deal with Ipsen for elafibranor, which the FDA approved in June 2024 as Iqirvo for Primary Biliary Cholangitis (PBC), a rare autoimmune liver disease. Under that deal, GENFIT earns milestone payments and tiered royalties of up to 20% on Ipsen's global Iqirvo sales. GENFIT partially monetized those royalties upfront through a €130M royalty financing deal with HealthCare Royalty in March 2025, extending its cash runway beyond end of 2027. Beyond PBC, GENFIT's most active development focus is Acute-on-Chronic Liver Failure (ACLF), a condition with no approved treatments and high short-term mortality. GENFIT has five ACLF-targeted candidates at various stages, including VS-01-ACLF in a Phase 2a trial with interim data expected in the second half of 2025. GENFIT also has a diagnostics franchise built around NIS2+/NIS4, a blood-based biomarker test for identifying at-risk MASH patients, which is licensed to Labcorp and commercialized as NASHNext in the U.S. and Canada. GENFIT outsources all manufacturing to third-party CDMOs and funds operations entirely through licensing fees, milestones, and royalties.