Biotalys releases annual financial results and anticipates approval of its first product in USA by second half of 2022

"A transformational year." This is how Simon Moroney describes the performance of the company he chairs, Biotalys, in 2021. In a letter sent to shareholders of the Belgian-based bioinputs company, Moroney notes that "in 2021 we became a public company, which placed us firmly on the global market map for feed and crop protection." He adds that for the first time, the company showcased its strengths to the global investment and AgTech community. "Our listing on Euronext Brussels raised our profile and revealed the potential of our technology," he says. 

Going public, after raising US$ 54.6 million in July last year, also leads the company to release its financial reports to the market. 

According to them, Biotalys recorded no sales revenues last year and its income statement includes "Other operating" as the only income item. 1,995,000 for the full year, an increase of 42% over the previous year. Research and development expenses amounted to 13.8 million euros, up from 11.5 million euros the previous year. This left the company with a loss of 16.9 million euros for the year, up from 10.7 million euros a year earlier. 

However, the company has no financial problems in sight: its balance sheet shows a cash flow of 56 million euros, enough to expect its first product, the biofungicide Evoca, to complete registration processes in the main markets. The company anticipates that in the United States, this process will be completed in the second half of 2022. 

"Our first product, Evoca™, is positioned to offer growers in the U.S. and European markets an excellent biological alternative to chemical biofungicides for high-value crops," says Moroney. "Independent field trials conducted in 2021 provided strong evidence that Evoca rivals conventional products when used in integrated pest management programs for strawberries and grapes."