Press release - regulated information
- Realised a step change in company’s approach to product development with the move to the AGROBODY™ 2.0 technology platform
- Successfully closed a €7 million private placement in June at €6.166 per share, subscribed to by
Agri Investment Fund and theBelgian Sovereign Wealth Fund - Established key partnerships and academic collaborations for the product pipeline and platform
- Announced results of final round of independent field trials with first candidate biofungicide EVOCA™* while progressing the regulatory review dossier
- Year-end cash and cash equivalents amounted to €21.6 million, higher than anticipated thanks to focus on core R&D capabilities and streamlining of the organisation
- Management to host a conference call and live webcast at
15:00 CET /14:00 GMT /09:00 AM ET today, details below
Ghent,
Operational Highlights
Throughout 2023,
AGROBODY 2.0 Technology Platform:
- Following a strategic review of the company in Q3 of 2023, the company announced a shift to the AGROBODY 2.0 platform to develop its protein-based biocontrols for crop protection. This next-generation AGROBODY technology is aimed at increasing the potency and efficacy of the company’s bioactive agents with multiple modes of action while lowering cost of goods, allowing for a broader market penetration of our biocontrol products.
Partnerships:
- In
April 2023 ,Biotalys entered into a strategic partnership with Syngenta to collaborate on the research, development and commercialization of a new bioinsecticide to counter the threat of pest resistance and advance sustainable agriculture. - The company also entered into various research collaborations with academic institutes to further develop the technology platform and support the pipeline programs BioFun-4 and BioFun-7.
Product Validation:
EVOCA , Biotalys’ first protein-based biocontrol candidate aimed at targeting botrytis bunch rot and powdery mildew in fruits and vegetables, continued to demonstrate its efficacy in extensive global field trials, both in the company’s own trial program as well as in independent academic trials in theU.S. Biotalys now considers itsEVOCA field testing complete given the in-depth dossier of supporting independent data comparing its performance with conventional chemical and biological fungicide products.
Pipeline Update:
- Now laser-focused on novel biofungicide and bioinsecticide solutions, the company refined its product pipeline in November. The status of the various programs is as follows:
Biotalys continues to work with the EPA (Environmental Protection Agency ) in theU.S. and the CTGB (College voor de Toelating van Gewasbeschermingsmiddelen en Biociden) inEurope on EVOCA’s regulatory review. Pending the decision, the company continues to pave the way for its next generation of the product (EVOCA NG), a biofungicide program with the same bioactive asEVOCA but an optimized production process and formulation, leading to lower production costs which results in an attractive commercial potential. EVOCA NG is expected to be the company’s first margin-generating product in both the US and EU.- BioFun-4, the biofungicide program targeting Phytophthora infestans, an Oomycete (water mould) that causes late blight/potato blight, a serious disease that particularly affects fruits and vegetable crops and potatoes, is proceeding. The company entered into a research collaboration with the
University of Aberdeen (UK ), within which the company will sponsor a three-year PhD project in theOomycete Laboratory of Prof .Pieter van West , Chair in Mycology, a leader in the field, to deepen its expertise in Oomycetes on the molecular level. This fits well with Biotalys’ highly targeted strategy as the core of its AGROBODY™ 2.0 technology platform. - BioFun-6, the biofungicide program targeting botrytis, powdery mildew and anthracnose in fruits and vegetables, is in the final stages of discovery and lead molecules are expected to be tested in field trials in the course of 2024.
- BioFun-7, the biofungicide program in collaboration with the
Bill & Melinda Gates Foundation , targeting leafspot disease in cowpeas and other legumes, is advancing and supported by new academic collaborations with the Instituto Superior deAgronomia (Dr.Filipa Monteiro and Prof.Dora Batista ) at theUniversity of Lisbon (Portugal ), and the lab of Prof.Ioannis Stergiopoulos at theUniversity of California-Davis (US). - BioIns-2, the bioinsecticide program in collaboration with Syngenta Crop Protection, targeting key pests, is advancing as planned.
Leadership Updates:
Kevin Helash officially commenced his new role as Chief Executive Officer ofBiotalys in October. A results-driven executive with more than 30 years of international experience in commercializing breakthrough technologies in the agricultural industry on a global scale, he immediately began implementing organizational efficiencies to accelerate Biotalys’ growth.Douglas Minder was officially promoted to CFO in July while Chief Science Officer Dr.Carlo Boutton now drives all research and early development, and Dr.Eva Van Hende heads regulatory, sustainability and field development.- Following a private placement in
June 2023 ,Agri Investment Fund BV (A.I.F.) joined the Biotalys Board of Directors, via its representativePatrik Haesen , Chief Executive Officer of A.I.F..
Outlook for 2024
- With its focus now squarely on advancing the second-generation technology platform, AGROBODY 2.0,
Biotalys will continue to concentrate resources on core R&D capabilities, as well as on obtaining registration for its first product candidateEVOCA . - Pending the regulatory decision for
EVOCA , the company will continue the development of EVOCA NG which is set out to be the first margin-generating product for the company. - Building on its successful field trial program,
Biotalys plans to initiate field trials in grapes for BioFun-6 in the course of 2024. - The company will progress its pipeline programs and expects to initiate a new R&D biofungicide program for a new pathogen in the first half of 2024.
- Together with the cash and cash equivalents balance of €21.6 million at the end of 2023, the company expects the financial runway to extend until the end of
April 2025 without considering any additional financing through equity, newly awarded grants, partnerships or other sources of financing.
Special Shareholders Meeting
At the board meeting dated
Detailed financial review for 2023
In € thousand | 2023 | 2022 | |
Other operating income | 2,611 | 2,949 | |
Research and development expenses | (16,608) | (18,813) | |
General and administration expenses | (5,708) | (5,081) | |
Marketing expenses | (1,186) | (1,586) | |
Operating loss | (20,891) | (22,531) | |
Financial income | 939 | 320 | |
Financial expenses | (502) | (557) | |
Loss before taxes | (20,454) | (22,769) | |
Income taxes | (56) | 38 | |
Loss for the period | (20,510) | (22,731) | |
Remeasurement gains (losses) on defined benefit plans | (29) | (43) | |
Exchange differences on translating foreign operations | (7) | 4 | |
Total comprehensive loss for the period | (20,545) | (22,770) | |
Basic and diluted loss per share (in EUR) | (0.65) | (0.74) | |
Profit/(loss) for the period attributable to the owners of the company | (20,510) | (22,731) | |
Total comprehensive income for the period attributable to the owners of the company | (20,545) | (22,770) | |
Cash and cash equivalents | 21,570 | 34,096 | |
Net increase (decrease) in cash and cash equivalents | (12,521) | (22,017) |
Consolidated statements of profit and loss
- Other operating income amounted to €2.6 million and relates to R&D tax incentives received and grants awarded to support R&D activities. Income from the grant from the
Bill & Melinda Gates Foundation increased by €0.3 million. R&D tax incentives remained at €0.7 million, while income from government grants decreased by €0.6 million compared to 2022 as several of these funded projects are coming to an end. - Research and development expenses amounted to €16.6 million for 2023, a decrease of €2.2 million compared to 2022, mainly caused by a reduction of external spending for the production of
EVOCA and for other collaborations, combined with a reduced number of field trials for product testing. - General and administrative expenses amounted to €5.7 million for 2023, compared to €5.1 million in 2022. This increase is partly driven by one-time costs in relation to the implemented changes in the organisation.
- Marketing expenses decreased from €1.6 million in 2022 to €1.2 million in 2023, as a result of lower costs for the stock option program following the changes in the Marketing & Sales organisation in the second half of the year.
- Financial income amounted to €0.9 million in 2023, compared to €0.3 million in 2022, primarily due to the increased interests received on bank deposits, which were negative in 2022.
- Financial expenses amounted to €0.5 million and are related to interest expenses for the leases and bank loans and foreign exchange losses.
- Income taxes expenses show the impact of the reversal of a deferred tax asset related to the R&D expenses in our
U.S. subsidiary. - Loss of the period was €20.6 million in 2023, compared to €22.8 million in 2022.
- Basic and diluted loss per share for 2023 amounted to €0.65 compared to €0.74 in 2022. The average number of shares outstanding in 2023 increased versus 2022, as a result of the capital increase in June.
- Cash and cash equivalents at year-end amounted to €21.6 million in 2023 (compared to €34.1 million in 2022), slightly higher than expected as a result of a combination of savings in external R&D expenses and organisational changes implemented by management.
Auditor Statement
The consolidated financial statements have been prepared in accordance with IFRS, as adopted by the EU. The financial information included in this press release is an extract from the full IFRS consolidated financial statements, which will be published on
Financial calendar and upcoming IR events
28 February 2024 : Biotalys’ management will attend theRegenerative Food Systems Investment conference inBrussels 4 March 2024 :Biotalys' management will give a keynote speech at Danum Advisor’s Knowledge Day inAmsterdam dedicated to investment in biodiversity18-19 March 2024 :Biotalys' management will participate at the annual ROTH MKM investor conference inCalifornia 19-20 March 2024 :Biotalys' management will participate at the annualWorld AgriTech Forum inSan Francisco 20 March 2024 : Online publication of theBiotalys annual report for 202323 March 2024 : Biotalys’ management will speak at theFlemish Retail Investor Association (VFB) Annual Happening inAntwerp 29 March 2024 : Special shareholders meeting16 April 2024 :Biotalys will host a site visit for the investor branch ofMarkant , an organisation for active and entrepreneurial women, at its HQ and labs in Ghent23 April 2024 :Biotalys will hold its Annual General Shareholders Meeting at its HQ in Ghent
Live webcast and conference call
Company management will host a live webcast in English to discuss its full year 2023 financial results and business highlights today, Thursday,
Dial-in details: To ask questions live to management, please register for the conference call via the following link: https://register.vevent.com/register/BIe76a08c1a0544f40a864e04bbf066d2d.
A recording of the webcast will be available after the event on the
* EVOCA™: Pending Registration. This product is not currently registered for sale or use in
-End-
About
For further information, please contact:
T: +32 (0)9 274 54 00
E: IR@biotalys.com
Important Notice
This announcement contains statements which are "forward-looking statements" or could be considered as such. These forward-looking statements can be identified by the use of forward-looking terminology, including the words ‘aim’, 'believe', 'estimate', 'anticipate', 'expect', 'intend', 'may', 'will', 'plan', 'continue', 'ongoing', 'possible', 'predict', 'plans', 'target', 'seek', 'would' or 'should', and contain statements made by the company regarding the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are warned that none of these forward-looking statements offers any guarantee of future performance. Biotalys’ actual results may differ materially from those predicted by the forward-looking statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED 31 DECEMBER
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED 31 DECEMBER
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED 31 DECEMBER
Attachments
- Biotalys Reports FY 23 Financial Results
Biotalys publiceert jaarresultaten voor 2023
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