Co-founder Zaki Rakib takes BioHarvest (BHST) CEO role as Sobel joins board

Rhea-AI Filing Summary

BioHarvest Sciences Inc. has announced a strategic leadership transition focused on its direct-to-consumer and CDMO businesses. Co-founder and Executive Chairman Dr. Zaki Rakib has assumed the role of Chief Executive Officer, unifying leadership of R&D, manufacturing, and operations under a single structure.

Former CEO Ilan Sobel, who led the company from pre-revenue to approximately $35 million in revenue in fiscal year 2025, has stepped down from his executive role and joined the Board of Directors to concentrate on advancing the D2C business. The board highlighted Dr. Rakib’s more than 35 years of executive experience, his deep knowledge of BioHarvest’s technology platform, and his track record building high-growth companies, including scaling Terayon Communication Systems to $380 million in annual revenue and a $7 billion market capitalization as a Nasdaq-listed company.

Insights

Equity governance analyst

BioHarvest shifts CEO role to co-founder while retaining former CEO on the board.

BioHarvest is concentrating operational control with co-founder Dr. Zaki Rakib, who now serves as CEO and oversees R&D, manufacturing, and CDMO operations. This consolidates leadership of core technical and production capabilities under an executive with long institutional tenure.

Former CEO Ilan Sobel moves to the Board of Directors, focusing on the direct-to-consumer business. He previously led the company from pre-revenue to about $35 million in fiscal 2025 revenue, which signals ongoing strategic involvement rather than a full departure.

The filing emphasizes Dr. Rakib’s prior experience scaling Terayon Communication Systems to $380 million in annual revenue and a $7 billion market capitalization as a Nasdaq-listed company. Future disclosures in company filings may clarify how this leadership structure affects execution across D2C and CDMO segments.

Key Figures

BioHarvest FY 2025 revenue: $35 million Terayon annual revenue: $380 million Terayon market capitalization: $7 billion +3 more

6 metrics

BioHarvest FY 2025 revenue $35 million Revenue in fiscal year 2025 under CEO Ilan Sobel

Terayon annual revenue $380 million Annual revenue at Terayon Communication Systems under Dr. Rakib

Terayon market capitalization $7 billion Market cap as a Nasdaq-listed company within six years

Executive leadership experience 35 years Dr. Rakib’s executive leadership experience

Material change date April 29, 2026 Date of BioHarvest’s leadership transition

Report date May 11, 2026 Date of the Material Change Report

Key Terms

Material Change Report, direct-to-consumer, Contract Development and Manufacturing Organization, Nasdaq-listed, +1 more

5 terms

Material Change Report regulatory

"FORM 51-102F3 MATERIAL CHANGE REPORT Item 1.Name and Address of Company"

A material change report is a public notice that a company must file and share whenever new information or an event is significant enough to likely influence an investor’s decision. Think of it like an urgent update board that tells shareholders about big shifts—such as major deals, leadership changes, sudden losses, or legal issues—so investors can reassess risk and value with the same facts everyone else has.

direct-to-consumer financial

"sharpen execution of its “two-lens strategy” across its direct-to-consumer (“D2C”) business"

A direct-to-consumer (DTC) model is when a company sells its products or services straight to customers, skipping middlemen like retailers or wholesalers. For investors, DTC matters because it can mean higher profit margins, closer customer relationships and faster feedback—like a baker who sells directly from the shop instead of through a grocery chain—while also exposing the business to costs for marketing, customer support and logistics that affect growth and profitability.

Contract Development and Manufacturing Organization financial

"and its Contract Development and Manufacturing Organization (“CDMO”) business"

A contract development and manufacturing organization (CDMO) is a specialized service provider that helps other companies design, test, produce and package drugs or medical products on a hired basis. Think of it as an outsourced factory and R&D partner that lets a company scale production without building its own plants. Investors watch CDMO relationships because they affect a drug’s time-to-market, manufacturing costs, supply reliability and overall project risk, all of which influence future revenue and valuation.

Nasdaq-listed financial

"a fully operational, Nasdaq-listed growth platform"

Nasdaq-listed means a company's shares are officially traded on the Nasdaq stock market, one of the major U.S. exchanges; being listed gives the company a ticker symbol and lets the public buy and sell its stock on that platform. For investors, this matters because a Nasdaq listing usually brings clearer public reporting, regulatory oversight and higher visibility and trading volume — like having a storefront on a busy financial avenue where price and activity are easier to find and transact.

strategic leadership transition financial

"The Company announced a strategic leadership transition designed to sharpen execution"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission file number: 001-42389

BIOHARVEST SCIENCES INC.

(Exact name of Registrant as specified in its charter)

Not applicable

(Translation of Registrant’s name into English)

1140-625 Howe Street, Vancouver, British Columbia V6C 2T6, Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☐ Form 20-F ☒ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

SUBMITTED HEREWITH

Exhibits:

Exhibit	Description
99.1	Material Change Report dated May 11, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BIOHARVEST SCIENCES INC.
	(Registrant)
Date: May 11, 2026	/s/ David Ryan
	Name: David Ryan
	Title: Vice-President, Investor Relations & Secretary

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1.Name and Address of Company 

BIOHARVEST SCIENCES INC.

Suite 1140 – 625 Howe Street

Vancouver, BC, V6C 2T6

(the “Company” or “BioHarvest”)

Item 2.Date of Material Change 

April 29, 2026.

Item 3.News Release 

The news release (the “News Release”) was issued on April 29, 2026 and disseminated by Newsfile Corp.

Item 4.Summary of Material Change 

The Company announced strategic leadership transition with Zaki Rakib assuming role of Chief Executive Officer.

Item 5.Full Description of Material Change 

The Company announced a strategic leadership transition designed to sharpen execution of its “two-lens strategy” across its direct-to-consumer (“D2C”) business and its Contract Development and Manufacturing Organization (“CDMO”) business.

Dr. Zaki Rakib, the Company’s Co-Founder and Executive Chairman, has assumed the role of Chief Executive Officer, consolidating leadership of R&D, Manufacturing, and Operations in the CDMO division under a unified structure.  Ilan Sobel, who has served as Chief Executive Officer since 2020, has transitioned from his executive role and has been appointed to the Company’s Board of Directors, where he will focus on advancing the D2C business.

Dr. Rakib is uniquely positioned to lead this next phase of BioHarvest’s growth. His current leadership of the CDMO division, combined with recent oversight of the Company’s entire R&D organization, provides direct, hands-on command of the platform’s most critical capabilities. Dr. Rakib brings more than 35 years of executive leadership experience, deep institutional knowledge of BioHarvest’s technology platform, and a proven record of building high-growth companies. As Co-Founder and former Chief Executive Officer of BioHarvest, he has been instrumental in shaping the Company’s strategic direction since its inception. Prior to BioHarvest, Dr. Rakib was Co-Founder and CEO of Terayon Communication Systems, which he scaled from inception to $380 million in annual revenue and a $7 billion market capitalization as a Nasdaq-listed company within six years.

The Board of Directors expressed its appreciation to Mr. Sobel for his significant contributions over the past six years. Since assuming the Chief Executive Officer role in 2020, Mr. Sobel led BioHarvest from a pre-revenue operation to approximately $35 million in revenue in fiscal year 2025, establishing the Company as a fully operational, Nasdaq-listed growth platform. The board looks forward to continuing to benefit from Mr. Sobel’s expertise in his capacity as a director.

Item 6.Reliance on Subsection 7.1(2) of National Instrument 51-102 

Not applicable.

Item 7.Omitted Information 

None.

Item 8.Executive Officer 

For further information, please contact:

David Ryan

Secretary and VP, Investor Relations

604 622-1187

Item 9.Date of Report 

May 11, 2026.

FAQ

What leadership change did BioHarvest Sciences (BHST) announce in this Form 6-K?

BioHarvest appointed co-founder and Executive Chairman Dr. Zaki Rakib as Chief Executive Officer. Former CEO Ilan Sobel left his executive role and joined the Board of Directors, where he will focus on advancing the company’s direct-to-consumer business strategy.

What is Ilan Sobel’s new role at BioHarvest Sciences (BHST)?

Ilan Sobel has transitioned from Chief Executive Officer to a director on the Board. In this role, he will concentrate on advancing BioHarvest’s direct-to-consumer business, leveraging his experience growing the company from pre-revenue to about $35 million in fiscal 2025 revenue.

How much revenue did BioHarvest generate under Ilan Sobel’s leadership?

Under Ilan Sobel’s tenure as CEO, BioHarvest grew from a pre-revenue operation to approximately $35 million in revenue in fiscal year 2025. This period also saw the company develop into a fully operational, Nasdaq-listed growth platform, according to the material change disclosure.

What experience does new CEO Dr. Zaki Rakib bring to BioHarvest Sciences (BHST)?

Dr. Zaki Rakib brings more than 35 years of executive leadership and deep knowledge of BioHarvest’s technology. He previously co-founded Terayon Communication Systems and scaled it to $380 million in annual revenue and a $7 billion market capitalization as a Nasdaq-listed company within six years.

How does the leadership change affect BioHarvest’s CDMO and D2C strategies?

The company describes the move as sharpening execution of its “two-lens strategy” across D2C and CDMO. Dr. Rakib now consolidates leadership over R&D, manufacturing, and CDMO operations, while Ilan Sobel, as a director, focuses on driving growth in the direct-to-consumer business.

When did the BioHarvest Sciences (BHST) leadership change take effect?

The material change date is April 29, 2026, which is when BioHarvest announced the CEO transition. A related news release was issued the same day through Newsfile Corp, and the formal material change report is dated May 11, 2026.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99 MATERIAL CHANGE REPORT DATED MAY 11, 2026 8.9 KB