Biotalys FIRST LOOK: 1H24: Programs on track, Dutch demo kickstarts

Biotalys continues its work with the EPA and Ctgb for regulatory approval of Evoca in the US and EU. Impressively, Evoca can start a large-scale demo trial in the Netherlands with allowed harvest sale for human consumption, which we see as a major vote of confidence by the regulator. Overall, Biotalys is advancing on its key programs despite a significqnt opex cut, leaving runway into 2Q25. We maintain our conviction in Biotalys' tech while we await a regulatory decision, and reiterate a € 6.0 TP and Buy rating.