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UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 6-K
________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of September 2022
Commission File Number: 001-38281

ERYTECH Pharma S.A.
(Translation of registrant’s name into English)

________________________

60 Avenue Rockefeller
69008 Lyon France
(Address of principal executive office)
________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 Form 20-F S         Form 40-F £  
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   £  
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   £  




INCORPORATION BY REFERENCE
This Report on Form 6-K and Exhibit 99.1 to this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form F-3 (File Nos. 333-248953 and 333-259690) and registration statements on Form S-8 (File Nos. 333-222673, 333-232670, 333-239429, 333-255900 and 333-265927), of ERYTECH Pharma S.A. (the “Company”) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.




Half-Year Financial Report for the Six Months Ended June 30, 2022
On September 12, 2022, the Company issued a report announcing its financial results for the first half of 2022. The Company’s half-year financial report, including its condensed consolidated financial statements as of June 30, 2022, is attached to this Report on Form 6-K as Exhibit 99.1.






























EXHIBIT INDEX
ExhibitDescription
99.1
Half-Year Financial Report, including the Company’s condensed consolidated financial statements as of June 30, 2022
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ERYTECH Pharma S.A.
Date:
September 12, 2022
By:
/s/ Eric Soyer
Name Eric Soyer
Title: Chief Financial Officer and Chief Operating Officer

eryp-20220630_d2

I.CERTIFICATION OF THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT
“I hereby certify that, to my knowledge, the condensed financial statements for the six-month period ended June 30, 2022 were prepared in accordance with applicable accounting principles and give a fair view of assets, financial position and results of the Company and all companies included in the scope of consolidation, and the half-year business report attached provides an accurate picture of the significant events during the first six months of the financial year, of their impact on the half-year financial statements, of the major transactions with related parties as well as a description of the main risks and uncertainties for the remaining six months of the financial year.”
Lyon, September 12, 2022
Gil BEYEN
Chief Executive Officer

1


II.BUSINESS REPORT
2.1MAJOR EVENTS OF THE PERIOD
Business
February 2022: Impact of the Conflict in Ukraine on Our Business
Beginning on February 24, 2022, Russia significantly intensified its military operations in Ukraine.
In response, the United States, the European Union and certain other countries have imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations.
The United States, the European Union and certain other countries could impose further sanctions, trade restrictions, and other retaliatory actions should the conflict continue or worsen. To date, we have not experienced any material impact on our business, operations and clinical development timelines and plans. However, we cannot predict the specific extent, duration, or impact that the conflict in Ukraine and the related sanctions and export controls will have on our financial condition and operations.
We are closely monitoring developments in the current context and will take appropriate measures as necessary. The war in Ukraine did not impact our financial results for the period ended on June 30, 2022. Our business does not conduct any trial in Ukraine, Russia or Belarus and does not have any vendors located in these regions.
April 2022:
Sale of ERYTECH’s U.S. cell therapy manufacturing facility to Catalent
In April 22, 2022, the Group Erytech has entered into an Asset Purchase Agreement ("APA") with Catalent. Under the terms of the deal, Catalent agreed to acquire ERYTECH’s state-of-the-art commercial-scale cell therapy manufacturing facility in Princeton, New Jersey, for a total gross consideration of $44.5 million (40.7 million) paid at the transaction closing. Catalent has extended offers of employment to approximately 40 people employed by Erytech at the Princeton facility.
The parties also entered into an interim supply agreement, under which Catalent will manufacture ERYTECH’s lead product candidate eryaspase (GRASPA®) for clinical and commercial supply in the United States.
New vesiculation technology
The company presented its red blood cell vesiculation technology at the 24th Meeting of the European Red Cell Society (ERCS) in April 2022.
May 2022:
The NOPHO trial evaluated the safety and pharmacological profile of eryaspase in acute lymphoblastic leukemia (ALL) patients who had previously experienced hypersensitivity reactions to pegylated asparaginase therapy. In December 2020, positive trial results were presented at the 2020 American Society of Hematology annual meeting. The Company has confirmed its intention to submit a BLA application, subject to the successful completion of the next steps.
Following the Catalent transaction, the company continues to evaluate other strategic options for leveraging its ERYCAPS® platform with complementary assets and/or a broader corporate transaction.
On May 25, 2022, the management of Erytech Pharma (France) informed the employees of the start of a collective redundancy procedure, a job protection plan, involving the cuts of 52 positions out of 109. The consultation phase of the CSE should end on July 31, 2022. The first departures could take place in October 2022.
2.2ACTIVITIES OF THE GROUP
Leveraging our proprietary ERYCAPS® platform, which uses a novel technology to encapsulate therapeutic drug substances inside erythrocytes, or red blood cells, or RBCs, we are developing a pipeline of product candidates for patients with high unmet medical needs. Our lead product candidate eryaspase, which we also refer to as GRASPA®, targets the metabolism of cancer cells by depriving them of asparagine, an amino acid necessary for their survival and critical in maintaining the cells’ rapid growth rate. We are developing eryaspase for the treatment of patients with severe forms of cancer, currently focusing on pancreatic cancer and triple negative breast cancer, or TNBC.
2


Since 2017, we have supported a Phase 2 clinical trial initiated and sponsored by investigators of the Nordic Society of Pediatric Hematology and Oncology, or NOPHO. This trial evaluated the safety and pharmacological profile of eryaspase in ALL patients, who developed hypersensitivity reactions to prior asparaginase treatment or silent inactivation to pegylated L-asparaginase. In December 2020, positive results from the trial were presented at the American Society of Hematology 2020 Annual Meeting. The trial was conducted at 21 clinical sites in the Nordic and Baltic countries of Europe and enrolled 55 patients. The main objectives of the trial were the activity and safety of eryaspase. Both objectives were met. In July 2021, we announced a pre-BLA meeting with the U.S. Food and Drug Administration, or FDA to evaluate the possibility of pursuing regulatory approval for eryaspase in the United States in this indication based on this IST Phase 2 clinical trial. On 24 August 2022, following feedback from the FDA and taking into account the changing competitive landscape in the treatment of hypersensitive ALL, we announced that we are no longer seeking approval for Graspa® in hypersensitive ALL.
In 2018, we initiated a pivotal Phase 3 clinical trial of eryaspase for the treatment of second-line advanced pancreatic cancer patients. Patient enrollment in this trial, which we refer to as the TRYbeCA-1 trial, began in September 2018 in Europe. We have obtained clinical trial authorizations in the United States and from 11 European Union countries and have conducted the clinical trial at close to 90 clinical sites. In April 2020, the FDA, granted eryaspase Fast Track Designation as a potential second-line treatment for patients with metastatic pancreatic cancer. Eryaspase has also received orphan drug designation for pancreatic cancer in both the United States and Europe. We completed the patient enrollment in the TRYbeCA-1 trial in December 2020. A total of 512 patients participated in the trial, slightly above the target enrollment of 482 patients. We reported top-line final results on October 25, 2021. The Phase 3 TRYbeCA-1 trial did not meet the primary efficacy endpoint of overall survival (OS).
Following the sale of its production facility in Princeton, New Jersey, for $44.5 million in April 2022, we appointed a specialized advisor to evaluate strategic options to leverage our ERYCAPS® platform with complementary assets and/or a broader corporate transaction. Multiple options are under review, and we expect to give further updates on these strategic initiatives in the fourth quarter of this year.
We are continuing to support a Phase 1 investigator-sponsored clinical trial, or IST, which we refer to as the rESPECT trial, evaluating the safety of eryaspase in combination with modified FOLFIRINOX for the treatment of first-line advanced pancreatic cancer patients. The Georgetown Lombardi Comprehensive Cancer Center is the sponsor of this trial. We announced the enrollment of the first patient in this trial in January 2021 and following evaluation of treatment response after two treatment cohorts, we announced in October 2021 the determination of the maximum tolerated dose. In January 2022, encouraging data from the study were presented at the American Society of Clinical Oncology (ASCO GI) Gastrointestinal Cancers Symposium, A total of approximately 18 patients is expected to be enrolled in the trial at the maximum tolerated dose level. Reporting of final data is expected in the second half of 2022.
We launched a proof-of-concept Phase 2 clinical trial in TNBC in the European Union, which we refer to as the TRYbeCA-2 trial, in the fourth quarter of 2018. Following the publication of the negative results of the TRYbeCA-1 study, and with a goal of reducing costs and preserving cash flow, it has been announced in November 2021 that recruitment of new patients in this study will be stopped. [On September 12, 2022, the Company reported negative results with the patients enrolled prior to the end of recruitment in TRYbeCA-2, with eryaspase not providing clinical benefit in the trial.]
In addition to the encapsulation of L-asparaginase, we believe that our ERYCAPS® platform has broad potential application and can be used to encapsulate a wide range of therapeutic agents for which long-circulating therapeutic activity or rapid and specific targeting is desired. For example, we developed erymethionase, a preclinical product candidate which encapsulates methionine-γ-lyase in RBCs and is designed to target the amino acid metabolism of cancer cells and induce tumor starvation. We intend to continue to work on the development of erymethionase as well as potential other therapeutic strategies based on methionine depletion if appropriate financial resources can be secured. We have also developed two preclinical programs aimed at maximizing the value creation potential of our ERYCAPS® program, which we believe may result in attractive partnering opportunities: enzyme replacement and immune modulation. As part of our value creation strategy, in June 2019, we entered into a collaboration with SQZ Biotechnologies, a cell therapy company developing novel treatments in multiple therapeutic areas, to focus on the development of novel red blood cell-based therapeutics for the treatment of immuno-oncology and tolerance induction.
Finally, we presented our red blood cell vesiculation technology at the 24th Meeting of the European Red Cell Society (ERCS) in April 2022. RBC-derived extracellular vesicles are formed naturally during senescence and storage of mature RBCs and are a potentially attractive drug delivery system. Vesiculation of RBCs that have already been loaded with active therapeutic compounds utilizing the ERYCAPS® process, entails the potential of producing cargo-loaded RBC-derived extracellular vesicles for the development of novel therapeutic approaches.
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2.3RESULTS 
Operating income
To date, we have not generated any revenue from the sale of our products given our stage of development.
(in thousands of €)FOR THE SIX MONTHS ENDED JUNE 30,
20212022
Research Tax Credit2,132 860 
Subsidies41 40 
Revenues from licenses or other contracts97 54 
Net evenues from disposal of tangible assets24,351 
Operating income2,270 25,304 
The reduction of €1,272K between the first half of 2022 and the same period in 2021 in the Research Tax Credit is related to the end of the TRYbeCA1 clinical trial.
The net proceeds from the disposal of fixed assets relate to the sale of the Princeton plant to Catalent and break down as follows:
Proceeds from the sale of €40,676k ($44,500k);
The net book value of fixed assets of €(15,677)k ($(17,150)k);
The net book value of the rights of use for €(3,022)k (($3,307)k);
The cancellation of the rental debt for €5,437k ($5,949k);
Transaction costs of €(3,046)k ($(3,333)k)
Operating expenses
Our research and development expenses are broken down as follows:
(in thousands of €)FOR THE SIX MONTHS ENDED JUNE 30,CHANGE
20212022
ERYASPASE9,722 3,029 (69 %)
ERYMETHIONASE24 — (100 %)
IMMUNOTHERAPIES— — — %
ENZYME THERAPIES— — — %
Direct research and development expenses9,746 3,029 (69 %)
Consumables1,111 269 (76 %)
Rental and maintenance748 831 11 %
Services, subcontracting and consulting fees1,237 1,245 %
Personnel expenses
8,179 6,590 (19 %)
Depreciation and amortization expense2,160 5,311 146 %
Other28 25 (11 %)
Indirect research and development expenses13,463 14,271 6 %
Research and development expenses
23,209 17,300 (25 %)
The decrease in research and development expenses is mainly related to the end of the treatment of patients in the Phase 3 study in pancreatic cancer (TRYbeCA1) for €5,798K.The decrease in personnel expenses is explained by the takeover by Catalent of the Princeton plant and the personnel required for its operation.
The amount of depreciation and amortization include a provision for restructuring and a provision for impairment of facilities, fixtures, equipment and rights of use of the Adenine production unit in France.

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Our general and administrative expenses are broken down as follows:
FOR THE SIX MONTHS ENDED JUNE 30,CHANGE
(in thousands of €)20212022
Consumables94 57 (39 %)
Rental and maintenance578 175 (70 %)
Services, subcontracting, and consulting fees3,292 3,446 %
Personnel expenses
3,307 3,120 (6 %)
Depreciation and amortization expense333 837 151 %
Other
423 277 (35 %)
General and administrative expenses8,027 7,911 (1 %)
The increase in net depreciation and provisions is related to the provision for depreciation of the Bioserra offices for €504k at 30 June 2022.
Financial income (loss)
(in thousands of €)FOR THE SIX MONTHS ENDED JUNE 30,
20212022
Financial income2,807 3,370 
Financial expenses(1,791)(750)
Financial income (loss)1,016 2,620 
Our financial income (loss) is mainly comprised of:
Net foreign exchange gains of €1,436 thousand in 2021 and €2,868 thousand in 2022. The increase is due to an appreciation in the U.S. dollar against the euro over the periods presented;
Income of €750K related to the fair value of the convertible bonds and warrants from the drawdown of the three OCABSA tranches in the first half of 2021.
Cash flows
Our cash and cash equivalents were €53.3 million as of June 30, 2022 compared to €33.7 million as of December 31, 2021, representing a net increase in cash of €19.6 million during the first half of 2022 against a cash utilization of €1.9 million during the same period in 2021.
FOR THE SIX MONTHS ENDED JUNE 30,
(in thousands of €)20212022
Net cash flows used in operating activities(32,613)(20,694)
Net cash flows used in investing activities(274)37,947 
Net cash flows from (used in) financing activities34,056 1,988 
Exchange rate effect on cash in foreign currency708 399 
Net increase (decrease) in cash and cash equivalents1,877 19,640 
The strong decrease in cash consumption from operating activities, with a reduction of €11,919k over the periods presented, is due to the combination of
A decrease in operating expenses of €7,964k, This decrease is due to the completion of the pancreatic cancer clinical trial (TRYbeCA1 for €7.1m).
A decrease in working capital of €3,955k, mainly due to the time lag between the recognition of hospital costs and the receipt of invoices for €2,071k and a decrease in CIR receivables of €1,155k.

5


During the first half of 2022, cash flows from investing activities are primarily related to the net proceeds of transaction costs of €37.6m received in connection with the disposal of the Princeton plant.
During the first half of 2022, no capital increase was completed. There were no new OCABSA tranches drawn and therefore no bond conversions.
2.4PROGRESS AND OUTLOOK
In the second half of 2022, we will continue to focus on our late-stage clinical and preclinical development programs, and expect to report the following key milestones:
Results of the Phase 2 clinical trial with eryaspase in TNBC.
Top-line results of the rESPECT Phase 1 clinical trial with eryaspase in first-line pancreatic cancer.
Update on ongoing strategic partnering activities.
2.5EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD
September 2022:
PSE Lyon approval
2.6TRANSACTIONS WITH RELATED PARTIES
Transactions with related parties are consistent with those set out in items 6.B “Compensation” and 7.B “Related party transactions” of the Company’s Annual Report on Form 20- F for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission (“SEC”) on April 27, 2022 (the “2021 Annual Report”).
The remuneration of directors and other members of the executive committee is disclosed in the note 5 of the Company’s unaudited interim condensed consolidated financial statements.
2.7RISK FACTORS
The risks and uncertainties likely to have a significant impact on the Company’s financial situation and results are consistent with those set out in Item 3.D “Risk factors” of the Annual Report on Form 20- F filed with the SEC on April 27, 2022. The halt of the submission process of the BLA dossier for ALL with the FDA, announced by the Company on August 24, 2022, is expected to further increase the risk for the Company of not being able to secure appropriate funding for its future developments.

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III. CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Amounts in thousands of euros,
except loss per share)
06/30/202106/30/2022
Notes(6 months)(6 months)
Revenues  
Other income3.12,270 25,304 
Operating income2,270 25,304 
Research and development 3.2.1(23,209)(17,300)
General and administrative3.2.2(8,027)(7,911)
Operating expenses(31,236)(25,211)
Operating loss(28,966)93 
Financial income3.42,807 3,370 
Financial expenses3.4(1,791)(750)
Financial income (loss)1,016 2,620 
Income tax(2)(3,737)
Net loss(27,952)(1,024)
Basic / Diluted loss per share (€/share)3.5(1.22)(0.03)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
06/30/202106/30/2022
(Amounts in thousands of euros)(6 months)(6 months)
Net loss(27,952)(1,024)
Elements that may be reclassified subsequently to income (loss)
Currency translation adjustment(153)66 
Elements that may not be reclassified subsequently to income (loss)
Remeasurement of defined benefit liabilities42 224 
Other comprehensive income (loss)(111)290 
Comprehensive income (loss)(28,063)(734)






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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of
(Amounts in thousands of euros)NotesDecember 31, 2021June 30, 2022
ASSETS
Non-current assets
Intangible assets15 8 
Property, plant and equipment4.118,960 1,014 
Right of use4.26,869 2,641 
Other non-current assets876 205 
Total non-current assets26,720 3,868 
Current assets
Trade and other receivables4.312 306 
Other current assets4.36,337 8,474 
Cash and cash equivalents4.433,699 53,339 
Total current assets40,048 62,119 
TOTAL ASSETS66,768 65,987 
As of
(Amounts in thousands of euros)NotesDecember 31, 2021June 30, 2022
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders’ equity
Share capital3,102 3,102 
Premiums related to share capital97,618 48,975 
Reserves(25,293)(29,897)
Translation reserve1,215 1,281 
Net loss for the period(53,797)(1,024)
Total shareholders’ equity4.522,845 22,436 
Non-current liabilities
Provisions - non-current portion524 248 
Financial liabilities – non-current portion4.715,232 12,762 
Derivative liabilities - non current portion4.7.1  
Lease liabilities - non-current portion4.88,162 2,980 
Total Non-current liabilities23,918 15,990 
Current liabilities
Provisions - current portion4.6 1,859 
Financial liabilities – current portion4.7164 5,774 
Derivative liabilities - current portion4.7.1  
Lease liabilities - current portion4.81,817 1,027 
Trade and other payables 4.914,154 11,994 
Other current liabilities4.93,870 6,907 
Total current liabilities20,005 27,561 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY66,768 65,987 


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CONSOLIDATED STATEMENT OF CASH FLOW
06/30/202106/30/2022
(Amounts in thousands of euros)Notes(6 months)(6 months)
Cash flows from operating activities
Net loss(27,952)(1,024)
Non-cash expenses (income)
Non-cash expenses (income)(1,436)(8,163)
Amortization and depreciation2,494 4,289 
Provision 71 1,807 
Change in fair value of derivative liabilities(750) 
Expenses related to share-based payments3.3707 326 
Gain or loss on disposal (18,931)
Interest expense (income)3.41,182 242 
Income tax expense (income)2 3,737 
Operating cash flow before change in working capital(25,682)(17,717)
(Increase) decrease in trade and other receivables4.3(10)(278)
(Increase) decrease in other current assets4.3(2,686)720 
Increase (decrease) in trade and other payables4.8(3,639)(2,351)
Increase (decrease) in other current liabilities4.8(594)(1,065)
Change in working capital(6,929)(2,974)
Income tax paid(2)(3)
Net cash flow used in operating activities(32,613)(20,694)
Cash flows from investing activities
Acquisition of property, plant and equipment(146)(7)
Increase in non-current & current financial assets(130)(5)
Disposal of property, plant and equipment 37,630 
Decrease in non-current & current financial assets2 329 
Net cash flow used in investing activities(274)37,947 
Cash flows from financing activities
Capital increases, net of transaction costs4.529,320  
Proceeds from borrowings, net of transaction costs4.65,712 3,088 
Repayment of borrowings  
Repayment of lease liability (IFRS 16)4.7(830)(907)
Interests received (paid)(146)(193)
Net cash flow from (used in) financing activities34,056 1,988 
Exchange rate effect on cash in foreign currency708 399 
Increase (Decrease) in cash and cash equivalents1,877 19,640 
Net cash and cash equivalents at the beginning of the period4.444,446 33,699 
Net cash and cash equivalents at the closing of the period4.446,323 53,339 


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CONSOLIDATED STATEMENT OF CASH FLOW OF CHANGES IN SHAREHOLDERS' EQUITY
(Amount in thousands of euros, except number of shares)Share capitalPremiums related to the share capitalReservesTranslation reserveNet (income) lossTotal shareholders’ equity
As of December 31, 20202,006 120,705 (24,616)1,744 (73,300)26,539 
Net loss for the period(27,952)(27,952)
Other comprehensive income42 (153)(111)
Total comprehensive income (loss)  42 (153)(27,952)(28,063)
Allocation of prior period loss(71,037)(2,263)73,300  
Issue of ordinary shares638 39,196 39,834 
Transaction costs(2,655)(2,655)
Share-based payment707 707 
As of June 30, 20212,644 86,209 (26,130)1,591 (27,952)36,362 
As of December 31, 20213,102 97,618 (25,293)1,215 (53,797)22,845 
Net loss for the period(1,024)(1,024)
Other comprehensive income224 66 290 
Total comprehensive income (loss)  224 66 (1,024)(734)
Allocation of prior period loss(48,643)(5,154)53,797  
Share-based payment326 326 
As of June 30, 20223,102 48,975 (29,897)1,281 (1,024)22,436 

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NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The notes are an integral part of the accompanying unaudited interim condensed consolidated financial statements. The unaudited interim condensed consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on September 9, 2022.
1.DESCRIPTION OF THE BUSINESS
ERYTECH Pharma S.A. (“ERYTECH” and together with its subsidiary the “Company”) is incorporated in Lyon, France, and was founded in 2004 to develop and market innovative red blood cell-based therapeutics for cancer and orphan diseases.
The Company completed its initial public offering on Euronext Paris in May 2013, raising €17.7 million, and on the Nasdaq Global Select Market in November 2017, raising €124.0 million ($144.0 million) on a gross basis before deducting offering expenses.
The Company has incurred losses and negative cash flows from operations since its inception and had shareholders’ equity of €22,436 thousand as of June 30, 2022 as a result of several financing rounds, including an initial public offering. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates in development.
The COVID-19 pandemic and the measures decided by the governments of the countries in which the Company operates have resulted in a delay of 3 to 4 months in patient enrollment in the TRYbeCA-1 trial and thus in the interim analysis. The end of recruitment and interim analysis occurred in February 2021.
The COVID-19 pandemic have resulted in a delay in patient enrollment in the TRYbeCA-1 trial in 2020 and thus in the interim analysis that occured in February 2021.We reported top-line final results on October 25, 2021. The Phase 3 TRYbeCA-1 trial did not meet the primary efficacy endpoint of overall survival (OS). Nevertheless, a preliminary analysis of the results of a subgroup of patients indicated a potential efficacy signal for patients treated with eryaspase in combination with FOLFIRI chemotherapy cocktail.
The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its research and development ; (ii) regulatory approval and market acceptance of the Company’s proposed future products; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new debt or equity instruments.
The situation on the financial markets and TRYBeCA-1 study result may impair the ability of the Company to raise capital when needed or on attractive terms.
The accompanying unaudited interim condensed consolidated financial statements and related notes (the “Unaudited Interim Condensed Consolidated Financial Statements”) present the operations of ERYTECH Pharma S.A. and its subsidiary, ERYTECH Pharma, Inc.
Major events of the first half of 2022
Business
February 2022: Impact of the Conflict in Ukraine on Our Business
Beginning on February 24, 2022, Russia significantly intensified its military operations in Ukraine.
In response, the United States, the European Union and certain other countries have imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations.
The United States, the European Union and certain other countries could impose further sanctions, trade restrictions, and other retaliatory actions should the conflict continue or worsen. To date, we have not experienced any material impact on our business, operations and clinical development timelines and plans. However, we cannot predict the specific extent, duration, or impact that the conflict in Ukraine and the related sanctions and export controls will have on our financial condition and operations.
We are closely monitoring developments in the current context and will take appropriate measures as necessary. The war in Ukraine did not impact our financial results for the period ended on June 30, 2022. Our business does not conduct any trial in Ukraine, Russia or Belarus and does not have any vendors located in these regions.
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April 2022:
Sale of ERYTECH’s U.S. cell therapy manufacturing facility to Catalent
In April 22, 2022, the Group Erytech has entered into an Asset Purchase Agreement ("APA") with Catalent. Under the terms of the deal, Catalent agreed to acquire ERYTECH’s state-of-the-art commercial-scale cell therapy manufacturing facility in Princeton, New Jersey, for a total gross consideration of $44.5 million (€40.7 million) paid at the transaction closing. Catalent has extended offers of employment to approximately 40 people employed by Erytech at the Princeton facility.
The parties also entered into an interim supply agreement, under which Catalent will manufacture ERYTECH’s lead product candidate eryaspase (GRASPA®) for clinical and commercial supply in the United States.
New vesiculation technology
The company presented its red blood cell vesiculation technology at the 24th Meeting of the European Red Cell Society (ERCS) in April 2022.
May 2022:
The NOPHO trial evaluated the safety and pharmacological profile of eryaspase in acute lymphoblastic leukemia (ALL) patients who had previously experienced hypersensitivity reactions to pegylated asparaginase therapy. In December 2020, positive trial results were presented at the 2020 American Society of Hematology annual meeting. The Company has confirmed its intention to submit a BLA application, subject to the successful completion of the next steps.
Following the Catalent transaction, the company continues to evaluate other strategic options for leveraging its ERYCAPS® platform with complementary assets and/or a broader corporate transaction.
On May 25, 2022, the management of Erytech Pharma (France) informed the employees of the start of a collective redundancy procedure, a job protection plan, involving the cuts of 52 positions out of 109. The consultation phase of the CSE should end on July 31, 2022. The first departures could take place in October 2022.
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2.ACCOUNTING RULES AND METHODS
2.1.Basis of preparation
The Interim Condensed Consolidated Financial Statements have been prepared in accordance with the underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.
The Company has historically financed its growth by strengthening its equity in the form of capital increases and issuance of convertible bonds.
The Board of Directors has prepared the financial statements on a going concern basis, as the Company has the necessary means to finance its activities for at least 12 months after the closing date, taking into account the following items:
53.3 million in cash and cash equivalents held by the Company as of June 30, 2022, consisting mainly of cash and term deposits that can be drawn down immediately without penalty,
The receipt of the sale price of the Group's American production unit in Princeton, sold on April 22, 2022, for a gross amount of 44.5 million dollars.
The end in June 2022 of the OCABSA financing contract, with no new tranche drawn down in the first half of 2022.
Cash consumption forecasts for the 12 months following the closing date.
Beyond this date, the Company will have to find additional funds; various sources of financing are considered, including the issue of new debt or equity instruments and the conclusion of partnerships to extend its cash flow horizon. .
The condensed consolidated interim financial statements have been prepared under the historical cost convention with the exception of certain categories of assets and liabilities measured at fair value in accordance with IFRS.
Unless otherwise indicated, all amounts are presented in thousands of euros.
2.2.Statement of compliance
The Condensed Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”) and were approved and authorized for issuance by the Board of Directors of the Company on September 9, 2022.
Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the Unaudited Interim Condensed Consolidated Financial Statements of the Company are also prepared in accordance with IAS 34, Interim financial reporting, as adopted by the European Union (EU).
As of June 30, 2022, all IFRS that the IASB had published and that are mandatory are the same as those adopted by the EU and mandatory in the EU. As a result, the Unaudited Interim Condensed Consolidated Financial Statements comply with International Financial Reporting Standards as published by the IASB and as adopted by the EU.
As condensed financial statements, they do not include all information that would be required by the full IFRS standards. They must be read in conjunction with the consolidated financial statements for the year ended December 31, 2021.
Except for the standards applicable as of January 1, 2022 described below, the standards applied in the preparation of the Condensed Consolidated Financial Statements are the same as those applied to prepare the financial statements as of December 31, 2021.
The Company has not adopted any new standards, amendments and interpretations since January 1, 2022.
Recently issued accounting pronouncements that may be relevant to the Company’s operations are as follows:
Amendments to IAS 1 - Classification of liabilities as current or non-current;
Amendments to IAS 8 - Definition of Accounting Estimates ;
Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction ;
Amendments to IFRS 16 - Leases Covid-19-Related Rent Concessions.

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2.3Scope of consolidation
Details of the Company’s subsidiary as of June 30, 2022 are as follows:
Date of incorporationPercent of ownership interestAccounting method
ERYTECH Pharma, Inc.April 2014100%Consolidated
There was no change in the scope of consolidation during the period.
2.4Foreign currencies
Functional Currency and Translation of Financial Statements into Presentation Currency
The Unaudited Interim Condensed Consolidated Financial Statements are presented in euros, which is also the functional currency of the parent company, ERYTECH Pharma S.A..
The exchange rates used for the translation of the financial statements of ERYTECH Pharma, Inc. are as follows:
Exchange rate (USD per EUR)06/30/202112/31/202106/30/2022
Weighted average rate1.20571.18351.0940
Closing rate1.18841.13261.0387
2.5Use of estimates and judgments
The preparation of the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the rules prescribed by the IFRS requires the use of estimates and the formulation of assumptions having an impact on the financial statements. These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The main areas of estimates are described in the annual consolidated financial statements.
The use of estimates and judgements relates mainly to the valuation of :
share-based payments in accordance with IFRS 2;
Accrued expenses for hospital costs.
2.6Presentation of the statement of income (loss)
The Company presents its statement of income (loss) by function. As of today, the main activity of the Company is research and development. Consequently, only research and development expenses and general administrative expenses functions are considered to be representative of the Company's activity. This distinction reflects the analytical assignment of the personnel, external expenses and depreciation and amortization. The detail of the expenses by nature is disclosed in note 3.2.
2.7Segment reporting 
In accordance with IFRS 8 “Operating Segments”, reporting by operating segment is derived from the internal organization of the Company’s activities; it reflects management’s viewpoint and is established based on internal reporting used by the chief operating decision maker (the Chief Executive Officer) to allocate resources and to assess performance.

14


Information per operating segment
The Company operates in a single operating segment: the conducting of research and development of innovative red blood cell-based therapeutics for cancer and orphan diseases in order to market them in the future.
Information per geographical segment
Revenues from external customers (amounts in thousands of euros)06/30/202106/30/2022
(6 months)(6 months)
France  
United States97 54 
Total97 54 
2.8Events after the close of the reporting period
September 2022:
PSE Lyon approval

15


3.NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (LOSS)
3.1Operating income
The Company does not generate any revenue from the sale of its products considering its stage of development.
(amounts in thousands of euros)06/30/202106/30/2022
(6 months)(6 months)
Research Tax Credit2,132 860 
Subsidies41 40 
Revenues from licenses or other contracts97 54 
Net evenues from disposal of tangible assets24,351
Total2,270 25,304
The reduction in the research tax credit is related to the end of the TRYbeCA1 clinical trial.
The net proceeds from the disposal of fixed assets are related to the sale of the Princeton plant to Catalent and break down as follows :
Proceeds from the sale of 40,676k ($44,500k);
The net book value of fixed assets of €(15,677)k ($(17,150)k);
The net book value of the rights of use for €(3,022)k ($(3,307)k);
The cancellation of the rental debt for €5,437k ($5,949k);
Transaction costs of €(3,046)k ($(3,333)k)

3.2Operating expenses by nature
3.2.1Research and development expenses
For the six months ended June 30, 2021 (amounts in thousands of euros) R&DClinical studiesTotal
Consumables82 2,114 2,196 
Rental and maintenance77 675 752 
Services, subcontracting and fees312 9,581 9,893 
Personnel expenses1,045 7,134 8,179 
Depreciation, amortization & provision177 1,983 2,160 
Other 29 29 
Total1,693 21,516 23,209 
For the six months ended June 30, 2022 (amounts in thousands of euros) R&DClinical studiesTotal
Consumables 450 450 
Rental and maintenance66 765 831 
Services, subcontracting and fees237 3,850 4,087 
Personnel expenses785 5,886 6,671 
Depreciation, amortization & provision178 5,134 5,312 
Other7 (58)(51)
Total1,273 16,027 17,300 
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The decrease in research and development expenses is mainly due to a decrease in services, related to the end of the treatment of patients in the clinical trial in pancreatic cancer for €5,798K. The costs of the contract research organization (CRO) decreased by €2,995K and hospital costs decreased by €1,752K.
3.2.21000General and administrative expenses
(amounts in thousands of euros)06/30/202106/30/2022
(6 months)(6 months)
Consumables94 57 
Rental and maintenance578 175 
Services, subcontracting and fees3,292 3,446 
Personnel expenses3,307 3,120 
Depreciation and amortization333 837 
Other423 277 
Total8,027 7,911 
The increase in net depreciation and provisions is related to the provision for depreciation of the Bioserra offices for €504k at 30 June 2022.
3.3Personnel expenses
3.3.1Research and development expenses
For the six months ended June 30, 2021 (amounts in thousands of euros) R&DClinical studiesTotal
Wages and salaries700 5,256 5,956 
Share-based payments (employees and executives)55 295 350 
Social security expenses290 1,583 1,873 
Total personnel expenses1,045 7,134 8,179 
For the six months ended June 30, 2022 (amounts in thousands of euros) R&DClinical studiesTotal
Wages and salaries533 4,618 5,151 
Share-based payments (employees and executives)17 (27)(10)
Social security expenses235 1,295 1,530 
Total personnel expenses785 5,886 6,671 
The weighted average full-time employees (FTE) was 155 during the first half of 2021 and 117 during the first half of 2022.The decrease in FTE is mainly related to the disposal of the Princeton plant.
3.3.2General and administrative expenses
(amounts in thousands of euros)06/30/202106/30/2022
(6 months)(6 months)
Wages and salaries2,140 2,051 
Share-based payments (employees and executive management)311 304 
Social security expenses856 766 
Total personnel expenses3,307 3,120 
The weighted average full-time employees (FTE) was 41 during the first half of 2021 and 32 during the first half of 2022.

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3.3.3 Share-based payments (IFRS 2)
Stock-options (“SO”) plan
No new plans were created during the first half of 2022.
Free shares (“AGA”) plan
No new plans were created during the first half of 2022.
Breakdown of expenses
Plan nameAmount in P&L in euros thousands as of June 30, 2021of which employeesof which executivesof which directors
AGA308 120 47  
BSA1   29 
SO398 46 142  
Total707 166 512 29 
Plan nameAmount in P&L in euros thousands as of June 30, 2022of which employeesof which executivesof which directors
AGA202 31 171  
BSA    
SO124 53 71  
Total326 84 242  
As of June 30, 2022, the outstanding equity instruments could lead to the issuance of 2,220,859 potential shares.
3.4Financial income (loss)
(amounts in thousands of euros)06/30/202106/30/2022
(6 months)(6 months)
Income from short term deposits11 6 
Change in fair value of derivative liabilities 750  
Foreign exchange gains1,993 3,348 
Other financial income53 16 
Financial income2,807 3,370 
Amortized cost of convertible notes (919)(22)
Financial expenses on lease liability (156)(108)
Interest expense related to borrowings(158)(140)
Foreign exchange loss(557)(480)
Other financial expenses(1) 
Financial expenses(1,791)(750)
Financial income (loss)1,016 2,620 

3.5Basic earnings per share and diluted earnings (loss) per share
18


06/30/202106/30/2022
(6 months)(6 months)
Net loss (in thousands of euros)(27,952)(1,024)
Weighted number of shares for the period (1)22,842,857 31,016,053 
Basic loss per share (€/share)(1.22)(0.03)
Diluted loss per share (€/share)(1.22)(0.03)
(1)after deduction of treasury shares (2,500 shares are held by the Company as treasury shares and recognized as a deduction of shareholders’ equity).
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4.NOTES RELATED TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
4.1Property, plant and equipment
(amounts in thousands of euros)General equipment, fixtures and fittingsPlant, equipment and toolingOffice equipment and computersAssets under constructionAdvance paymentTOTAL
GROSS VALUE
As of December 31, 202122,090 5,916 1,117 112  29,235 
Increase79 3 82 
Decrease(19,862)(2,070)(383)(54)(22,369)
FX rate impact690 165 15 2 872 
Reclassification(17)2 15  
As of June 30, 20222,918 4,073 751 78  7,820 
ACCUMULATED DEPRECIATION
As of December 31, 2021(6,454)(3,102)(719)  (10,275)
Amortization (723)(466)(88)(75) (1,352)
Depreciation (719)(771)(123)(1,613)
Decrease5,437 1,036 222   6,695 
FX rate impact(179)(75)(8)  (262)
Reclassification   
As of June 30, 2022(2,638)(3,378)(716)(75) (6,807)
NET VALUE
As of December 31, 202115,636 2,814 398 112  18,960 
As of June 30, 2022280 695 35 3  1,014 
The gross value of the property, plant and equipment transferred to Catalent is €22,353k ($24,454k).
The depreciation of the property, plant and equipment transferred to Catalent is €6,677k ($7,304k).
The net book value of the property, plant and equipment transferred to Catalent is 15,677k€ ($17,150k).
The impairment loss was recognized in relation to the decision to engage in a restructuring of the Company’s activities in France, and in particular the decision to start a collective redundancy procedure (see notes 1 and 4.6) which will result in substantial changes to our manufacturing capacities . The impairment loss was included in research and development expenses (see note 3.2.1) and in general and administrative expenses (see note 3.2.2).
Accordingly, management estimated the recoverable amount of the Company’s assets as of June 30, 2022. The recoverable amount was estimated based on its fair value less costs of disposal after considering the specialized nature of the assets and market prices, in any, for similar assets. The fair value measurement was categorized as a Level 2 fair value based on the inputs in the valuation technique used.
At June 30, 2022, the recoverable amount of the property, plant and equipment assets in France was as follows:
As of June 30, 2022
General equipment, fixtures and fittings280 
Plant, equipment and tooling176 
Office equipment and computers25 
20


4.2Right of use
(amounts in thousands of euros)BuildingsPlant, equipment and toolingTransport equipmentOffice equipment and computersTOTAL
GROSS VALUE
As of December 31, 20219,445 1,350 106 118 11,019 
Increase  6  6 
Decrease(4,394)  (4,394)
FX rate impact150   150 
Reclassification     
As of June 30, 20225,201 1,350 112 118 6,781 
ACCUMULATED DEPRECIATION
As of December 31, 2021(2,934)(1,033)(65)(118)(4,150)
Amortization(468)(26)(13) (507)
Depreciation (811)(811)
Decrease1,371    1,371 
FX rate impact(39)(3)  (42)
Reclassification      
As of June 30, 2022(2,881)(1,063)(78)(118)(4,140)
NET VALUE