Biotalys: Reduced loss in H1 2026, limited cash until Q1 2027
Biotalys published its first-half 2026 results on August 20, 2026, marked by a decline in normalized net loss and cash of €11.9 million at the end of June.
The Belgian biocontrol group reduced its expenses following a strategic refocus, while confirming that its current liquidity does not cover working capital requirements beyond the first quarter of 2027.
Normalized net loss of €7.2 million, R&D expenses declining
In the first half of 2026, Biotalys recorded an operating loss of €9.1 million, compared to €8.1 million a year earlier, a level that includes €1.9 million in restructuring costs related to severance payments.
The normalized net loss, that is, the period loss adjusted for these costs, amounts to €7.2 million, an improvement of €0.9 million compared to the first half of 2025.
Research and development expenses stand at €6.2 million, down €0.4 million year-on-year, while general and administrative expenses decline by €0.3 million to €2.7 million. These changes reflect, according to the group, the reorganization and cost-saving measures implemented. Other operating income reaches €1.6 million, mainly related to R&D tax credits and subsidies.
At the end of June 2026, cash and equivalents amount to €11.9 million, compared to €15.7 million a year earlier. The net cash flow for the period is positive at €3.9 million, after a net outflow of €6.9 million in the first half of 2025.
This change is explained by the closure, in May, of a private placement of €12.05 million subscribed by existing shareholders, including Ackermans & van Haaren, GIMV, PMV, Sofinnova and the biotechnology institute VIB.
Net cash consumption from operations reaches €7.6 million for the half-year, €1.5 million more than a year earlier, due to restructuring payments and payments to departing employees. The group states that its current liquidity provides financial visibility until the end of the first quarter of 2027 and clarifies that it does not have sufficient working capital to cover its needs for at least twelve months. It is examining financing options, both dilutive and non-dilutive.
EVOCA approval underway and EVOCA NG launch targeted for 2029
The group made progress in regulatory procedures for its first protein biocontrol EVOCA. Following approval by the U.S. EPA at the end of 2025, the product obtained its registration in the State of Florida in April 2026, and Biotalys anticipates approval in California in the second half of 2026.
In Europe, the European Food Safety Authority and the Dutch body CTGB are examining the responses provided by the group, with a final regulatory decision projected in the course of 2027.
Biotalys maintains its launch timelines for the commercial version EVOCA NG, scheduled for the United States in 2029 and Europe in 2030, for a combined market estimated at more than $1.1 billion according to Kynetec 2020 and the group's estimates. The so-called 5-batch production of EVOCA NG, a regulatory requirement, was initiated in early August, with results expected by early November. The group also confirmed the appointment of Carlo Boutton as chief executive officer, following an interim period since March 2026.
