Biophytis reduces its loss by 38% in the first half of 2026 and funds its operations until 2028
Biophytis reduced its losses in the first half of 2026, but its financial position remained limited at the closing date. Consolidated cash stood at €268k as of June 30, 2026, following €1.5M in cash consumed by operating activities over the period.
Financing secured during the summer changed this situation. The Paris-based biotech held €8.9M in cash as of September 11, 2026. According to estimates published on October 30, 2026, this amount enables it to fund its operations until the first quarter of 2028.
Net loss reduced to €2.7M as expenses decline
In the first half of 2026, Biophytis's operating loss came to €2.9M, compared with €4.7M a year earlier, a reduction of €1.8M (-39%). This decline is explained by lower spending: research and development expenses decreased by €0.7M and administrative expenses by €1.1M.
The financial result, by contrast, widened from -€54k to -€124k. Financial income fell 30% to €158k from €224k, while financial expenses remained nearly stable at €282k.
Overall, the net loss declined 38% to €2.7M, compared with €4.5M in the first half of 2025. According to the company, this improvement is mainly attributable to the reduction in the operating loss.
Financial debt down 38%, new financing during the summer
The half-year was also marked by a restructuring of liabilities. On March 11, 2026, Biophytis completed a capital increase of €2.015M accompanied by warrants. The proceeds of this transaction notably enabled the full repayment of €1.025M of variable-price convertible debt held by Atlas Capital.
At the same time, the debt owed to Kreos Capital was restructured and its maturity pushed back to July 1, 2029. As of June 30, 2026, financial debt had decreased 38% compared with December 31, 2025, to €2.6M. Operating liabilities, by contrast, had increased 16% to €8.5M.
Total liabilities fell 4% to €11.1M. Shareholders' equity remains negative at -€8.1M, compared with -€8.8M at the end of 2025.
After the closing date, the company raised €5.3M through a capital increase and collected €2.5M from the exercise of 2026 warrants. It also made a gross drawdown of €1.2M on the Hexagon line.
On the stock market, Biophytis shares fell 8% intraday on October 15, 2026, bringing their one-year decline to 72%.
OBA study funded, Hong Kong joint venture being set up
Clinically, the phase 2 OBA study will evaluate BIO101 in combination with GLP-1 treatments in obese patients. It aims to preserve muscle strength and mobility during weight loss. According to the company, the study has been fully funded since the capital increase in September.
Its protocol has been amended to measure the rebound effect after GLP-1 discontinuation, and first patient enrollment is expected in the first quarter of 2027. After Europe and the United States, the study has received authorization in Brazil. It relies in particular on partnerships with Blanver, FarmaVax and the EMBRAPII unit of the Federal University of Minas Gerais.
In sarcopenia, Biophytis is preparing the international phase 3 SARA-31 study. It has created a joint venture in Hong Kong with Asian partners, accompanied by a funding commitment of up to $20 million over three years. Work to make this joint venture operational is ongoing.
The next steps include the contribution of intellectual property and the signing of the license agreement. They also provide for the payment of an initial $3 million in funding, subject to administrative approvals.
The funding horizon through the first quarter of 2028 relies, according to the company, on its operations and current plans, including the funding of the OBA study and a reduction of current debt. It also depends on assumptions reviewed by the board of directors on October 26, 2026.
