Biophytis: €3M cash position and debt reduced by over 30%, visibility through Q1 2027
The Paris-based biotech has provided an update on its liquidity situation following the exercise of the majority of its 2026 warrants and a debt-to-equity conversion.
These transactions enable the company to maintain a cash position of €3.0M and cover its needs through the first quarter of 2027.
Cash position raised to €3.0M following exercise of 2026 warrants
Biophytis announced on August 31, 2026 an update on its cash position and measures designed to strengthen its financial structure. Gross cash inflows totaled €3.7M, driven primarily by the exercise of the vast majority of 2026 warrant subscription instruments (BSA 2026), which generated €2.5M, as well as drawdowns on the Hexagon bond financing line for €1.2M gross.
After accounting for operational cash outflows of €0.7M, cash stood at €3.0M as of August 31, 2026, according to unaudited pro forma data. These elements allow the company to extend its financial visibility through the first quarter of 2027, according to management.
The initiative is part of a financial restructuring strategy combining mobilization of new resources and debt reduction. Regarding the warrants, 64,485,321 warrants were exercised out of an initial position of 87,531,306 as of March 11, 2026, at an exercise price of €0.0385, leaving 23,045,985 remaining warrants. This exercise resulted in the issuance of 64,485,321 new shares.
Financial debt reduced by over 30% through capital conversion
Financial debt was reduced through a receivables-to-equity conversion totaling €1.4M. Following this transaction, financial debt stood at €2.9M as of August 31, 2026, compared to €4.3M on December 31, 2025, representing a decline of over 30%.
These figures are presented as estimated, pro forma and unaudited data. The conversion was accompanied by the issuance of 32,395,638 shares.
These transactions modify the number of outstanding shares, which reaches approximately 240 million as of August 31, 2026. This movement reflects the combined effect of warrant exercise and debt-to-equity conversion.
Launch of phase 2 obesity study in first quarter 2027
Available cash, combined with existing financing instruments, is intended to finalize preparation of the OBA phase 2 clinical trial in obesity, which is scheduled to begin in the first quarter of 2027.
These resources are also aimed at structuring the joint venture in Hong Kong, in particular to obtain the necessary regulatory authorization to launch the SARA phase 3 study in sarcopenia in China, as well as to cover operational needs through the first quarter of 2027.
BIO101 (20-hydroxyecdysone), the group's lead drug candidate, is being developed for muscular diseases (sarcopenia) and metabolic disorders (obesity). The company, based in Paris, has subsidiaries in Cambridge, Massachusetts and Brazil, where it received approval in early August 2026 from the health agency Anvisa for its phase 2 trial in obesity.
