KBC Securities - BIOTALYS NV (BTLS) Morning Notes : BTLS BB

Report

KBC Securities

Thomas Vranken

Morning Notes : BTLS BB

: BTLS BB

17/09/2024 1 EN

Underlying

BIOTALYS NV

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BE0974386188 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Vranken

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We updated our model (New “Accumulate”, New € 5.1 TP) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while they claim “protecting long-term platform value”. The shift prioritizes Evoca NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization readiness. Biotalys intends to cut 30 jobs (In 2025 Biotalys on average had 59 employees.)...

February 10, 2026 February 10, 2026 1 EN

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Biotalys Refocusing strategy on lead assets and cutting annual cash burn

We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization readiness. Biotalys intends to cut 30 jobs (In 2025 Biotalys on average had 59 employees.), maintains...

February 9, 2026 February 9, 2026 1 EN

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

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Morning Notes : BTLS BB

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : BAR BB, BTLS BB, PHIA NA

Biotalys Model update after strategic refocus

Biotalys Refocusing strategy on lead assets and cutting annual cash burn

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Heineken FIRST LOOK: FY25 operating profit +4.4%, FY26 guidance of 2-6% growth

Pharvaris To present clinical data at the AAAAI 2026

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