Biotalys Half-Year Financial Results 2024 Overview
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Biotalys Reports Half-Year 2024 Financial Results
Biotalys, a leading Agricultural Technology (AgTech) company, continues to progress on its mission of developing protein-based biocontrols for sustainable crop protection. The company has shared its consolidated financial results for the first half of 2024, highlighting key achievements and future plans.
Business Highlights
During the first half of 2024, Biotalys made significant strides, including the following achievements:
- Notable progress in regulatory review of its flagship candidate biofungicide, EVOCA™.
- Successful approval for large scale demonstration trials of EVOCA by the Dutch Authority CTGB while allowing the sale of harvested crops.
- Commencement of field trials for the next generation biofungicide, expanding their product line.
- Initiation of a groundbreaking AI project in collaboration with Google DeepMind and Devoteam using AlphaFold2 technology.
- As of June 30, 2024, cash and cash equivalents stood at €14.7 million.
- Upcoming conference call and live webcast to discuss financial results and business performance.
CEO Statement
Kevin Helash, CEO of Biotalys, expressed excitement over the key milestones reached in 2024, particularly through partnerships and product trials. He stated: "The first half of 2024 marked instrumental achievements for Biotalys, including our partnership with Novonesis and the initiation of new field trials for BioFun-6. We are committed to reducing operational costs and concentrating our resources on targeted approaches for our research efforts."
Regulatory Updates for EVOCA
In the U.S., Biotalys is actively working with the Environmental Protection Agency (EPA) on EVOCA's regulatory review, with preparations underway for a next-generation product dossier, EVOCA NG, expected to have reduced production costs.
In Europe, the CTGB is reviewing EVOCA, having requested additional information, which Biotalys intends to submit shortly. The recent approval for large scale demonstration trials for EVOCA further underscores its confidence in product safety, allowing applications across several crops.
Financial Performance Analysis
Biotalys reported other operating income totaling €1.5 million in the first half of 2024, primarily driven by R&D tax incentives. Research and development expenses saw a significant decrease to €5.1 million compared to €8.6 million in the same timeframe of 2023, reflecting a strategic reduction in external R&D costs.
General and administrative expenses remained stable at €2.8 million. Notably, net cash used in operating activities decreased to €6.5 million, indicating improved financial efficiency as a result of ongoing cost control measures.
Future Outlook and Strategic Plans
As Biotalys looks to the future, its focus remains on gaining regulatory approval for EVOCA and advancing the development of EVOCA NG in partnership with Novonesis. The company anticipates results from initial field trials by the end of 2024 and plans to initiate a new R&D program targeting an emerging pathogen in the subsequent months.
With a cash balance of €14.7 million, Biotalys is projected to maintain financial runway into the second quarter of 2025, allowing time for growth initiatives and potential financing opportunities.
About Biotalys
Founded in 2013, Biotalys is committed to innovation in sustainable agriculture through novel biocontrol solutions, as seen in their proprietary AGROBODY™ technology platform. The company aims to provide effective alternatives to traditional chemical pesticides, fostering a safer food supply. Biotalys is listed on Euronext Brussels and is based in Ghent, Belgium.
Frequently Asked Questions
What are the major achievements Biotalys made in the first half of 2024?
Biotalys highlighted significant regulatory progress for EVOCA™, the launch of AI projects, field trials for new biofungicides, and a stable cash position of €14.7 million.
What does the future hold for EVOCA and BIOFUN?
Biotalys plans to continue advancing EVOCA’s regulatory approval and the development of BIOFUN-6 and expects results from early trials by year-end.
How did Biotalys perform financially in this reporting period?
Biotalys reported a decrease in operating losses and a reduction in overall expenses, with significant improvements in cash flow management reflected in reduced cash burn.
What is Biotalys' approach to reducing operational costs?
Biotalys has implemented strategic measures to reduce operating cash burn, including minimizing external R&D expenses and optimizing operational processes.
How has Biotalys been recognized in the AgTech industry?
Biotalys has earned accolades such as the 2024 AgTech Breakthrough Award for Sustainable Crop Protection Company of the Year and has been named among the top 100 in the FoodTech 500 list.
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