Bioceltix (BCX) Q2 2025 earnings summary

Executive summary

• Advanced clinical trials for three key products (BCX-CM-J, BCX-CM-AD, BCX-EM) completed, with positive efficacy and safety results for all candidates in target animal groups.

• Registration dossiers for BCX-CM-J (dogs) and BCX-EM (horses) submitted to EMA; BCX-CM-AD (dogs) to be registered as an extension of BCX-CM-J.

• Construction of a new large-scale pharmaceutical manufacturing facility initiated, with significant grant funding secured.

• No revenues from product sales; operations funded by equity and grants, with additional capital raised via share issuance.

Financial highlights

• Net loss for H1 2025: PLN 7.53 million, compared to PLN 8.43 million loss in H1 2024.

• Operating cash flow: PLN -2.43 million; investing cash flow: PLN -0.56 million; financing cash flow: PLN -0.59 million.

• Cash and equivalents at period end: PLN 30.05 million.

• Equity at period end: PLN 31.25 million; total assets: PLN 34.85 million.

• No product sales revenue recognized in the period.

Outlook and guidance

• Focus remains on obtaining EMA approvals for BCX-CM-J and BCX-EM, and subsequent registration of BCX-CM-AD.

• New manufacturing facility expected to significantly increase production capacity upon completion.

• Continued pursuit of public grants and strategic partnerships to support R&D and commercialization.