GENFIT S.A. (GNFT)

GENFIT S.A. is a French biopharmaceutical company headquartered in Loos, near Lille, that discovers and develops therapies for metabolic and liver diseases, with a particular focus on rare and severe forms of liver disease. The company was founded in 1999 and has maintained additional offices in the United States. Its research has centered on nuclear receptors, which regulate genes involved in metabolism and inflammation.

The company's best-known compound is elafibranor, a dual agonist of the PPAR alpha and PPAR delta receptors. It was studied for many years in non-alcoholic steatohepatitis, or NASH, but the Phase 3 RESOLVE-IT trial did not meet its primary endpoint in 2020. GENFIT then redirected elafibranor toward primary biliary cholangitis (PBC), a chronic autoimmune liver disease, and licensed the program to Ipsen in 2021. Elafibranor, marketed as Iqirvo, subsequently received accelerated approval from the U.S. Food and Drug Administration for PBC in 2024, with GENFIT eligible for milestone payments and royalties.

Beyond elafibranor, GENFIT developed additional programs, including candidates aimed at acute-on-chronic liver failure and other severe liver conditions, and a diagnostic effort based on NIS4, a blood-based panel designed to identify patients with at-risk NASH. The company also entered collaborations and licensing arrangements with other organizations to extend the reach of its technologies and pipeline.

GENFIT's shares were listed on Euronext Paris in 2006, and in March 2019 the company completed a U.S. initial public offering of American Depositary Shares, each representing one ordinary share, on the Nasdaq Global Select Market under the ticker GNFT. The U.S. listing gave it access to a broad investor base during the late-stage development of its lead compound.

On October 30, 2025, GENFIT announced its intention to voluntarily delist its American Depositary Shares from Nasdaq. A Form 25 was filed with the Securities and Exchange Commission on November 10, 2025, and the company announced on November 20, 2025 that the delisting had become effective. GENFIT also filed a Form 15F to end its reporting obligations under the U.S. Securities Exchange Act of 1934, with deregistration expected to take effect 90 days after the filing.

The company stated that its ADS facility would terminate on February 5, 2026, and that ADS holders could surrender their ADSs for ordinary shares for a limited period afterward, subject to depositary fees. After that date, The Bank of New York Mellon, as depositary, could sell any remaining underlying shares and hold the proceeds for holders. The ordinary shares remain listed on Euronext Paris under the symbol GNFT, so the delisting affects only the U.S. exchange listing.