Biotalys FIRST LOOK: Fresh cash through € 15m private placement

Biotalys raises € 15m through a private placement with a strong syndicate of existing investors AvH and AIF, as well as new investor ASR. The new shares are issued at € 2.83, representing a discount of 10% on the 30-day VWAP. Proceeds will be used to support Evoca's regulatory filing, advance the pipeline and strengthen the Agrobody platform. We expect the additional funds to extend the cash runway by approx. 4 quarters into mid-2026 (KBCSe), and in the meantime continue to look out for EPA approval of Evoca as a major de-risking event. We adjust our TP from € 6 to € 5.20 and reiterate a Buy rating.