Bioceltix (BCX) Q3 2025 earnings summary

Executive summary

• Completed successful revalidation of the technological pathway and prepared for inspection by the Chief Pharmaceutical Inspectorate, crucial for EMA registration of the lead veterinary product for canine osteoarthritis.

• Raised approximately PLN 53 million gross through a share issue, ensuring strong financial foundations for ongoing investments, including a new pharmaceutical plant.

• Continued progress on the largest project in company history: construction of a large-scale pharmaceutical manufacturing facility, with all formal issues for environmental approval resolved.

• All R&D, regulatory, and investment projects are on track, with increased employment supporting parallel project execution.

Financial highlights

• No revenue from product sales; net loss for Q3 2025 was PLN 4.38 million, and for the nine months ended September 30, 2025, PLN 11.77 million, similar to the prior year.

• Net cash outflow from operating activities for the nine months was PLN 7.4 million; cash at period end was PLN 23.95 million.

• Equity at September 30, 2025, was PLN 27.0 million; total assets were PLN 30.2 million.

• Book value per share at period end was PLN 5.48.

Outlook and guidance

• Sufficient funding secured for at least the next 12 months, with further capital expected from a planned share issue.

• Key drivers for future results include progress in R&D, regulatory approvals, construction of the new plant, and successful commercialization or partnership agreements.

• No financial forecasts published.