Biotalys: Net Loss Worsens to €15.8M with Limited Cash Reserves by End of May 2026
Biotalys has released its annual results for 2025, showing an increased net loss and a significant decrease in cash reserves. The Belgian company, specializing in protein-based agricultural biocontrols, reported a net loss of €15.8M, up from €13.2M in 2024. Its cash reserves stood at €8.0M at the end of 2025, down from €22.6M a year earlier, with financial visibility limited to the end of May 2026. The group indicates it does not have sufficient working capital to cover its needs for the next twelve months and is in advanced negotiations with several investors.
Net Loss Deepens in 2025
In 2025, Biotalys recorded an operational loss of €15.8M, compared to €13.5M in 2024. This deterioration is mainly due to an increase in research and development expenses, which rose from €11.0M to €13.3M, particularly due to external expenses related to strain engineering and field trials. General and administrative expenses slightly decreased, to €5.6M from €5.7M the previous year. The net loss amounted to €15.8M in 2025, compared to €13.2M in 2024. The basic and diluted loss per share was €0.42, compared to €0.40 the previous year. Other operating income reached €3.0M, down from €3.2M in 2024, mainly consisting of R&D tax incentives, grants, partner commissions recognized, and other items.
Cash Reserves Under Pressure
Biotalys' cash and cash equivalents were €8.0M at the end of 2025, down from €22.6M at the end of 2024. The company indicates that its annual cash consumption, net of capital raised through private placements, increased by 8%, from €13.5M in 2024 to €14.6M in 2025. Biotalys specifies it does not have sufficient working capital to cover its needs for at least twelve months from the date of the announcement. The company confirms that its current cash reserves only provide visibility until the end of May 2026. Advanced negotiations are ongoing with several investors to support the execution of its strategic refocus. In addition to a capital injection, Biotalys is also exploring other financing options, both dilutive and non-dilutive.
Strategic Challenges and Financial Outlook
Biotalys, specializing in protein-based biocontrols for crop protection, publishes this announcement in accordance with IFRS standards as adopted by the European Union. For investors, the main challenge lies in the company's ability to finalize its funding round before its cash reserves are depleted. The outcome of the ongoing negotiations will determine the group's viability and the trajectory of its shares on Euronext.
