Biophytis narrows first-half 2026 net loss to €2.74M
Biophytis believes its resources will fund activities through the first quarter of 2028 as it prepares obesity and sarcopenia studies.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Biophytis SA (BPTSY) reported a first-half 2026 net loss of €2.741 million, down from €4.451 million in first-half 2025, as operating loss fell to €2.887 million from €4.704 million. Net financial expense rose to €124,000 from €54,000. Cash and cash equivalents were €0.268 million as of June 30, 2026, up from €0.187 million as of December 31, 2025; after summer financing, cash stood at €8.9 million as of September 11, 2026. The company believes available resources will fund activities through the first quarter of 2028.
Financial debt decreased 38% to €2.630 million as of June 30, 2026, from €4.267 million as of December 31, 2025. On March 11, 2026, Biophytis completed a €2.015 million capital increase and repaid €1.025 million of variable-price convertible debt held by Atlas Capital; it also extended the maturity of its debt with Kreos Capital to July 1, 2029. Its Hong Kong joint venture has a funding commitment of up to $20 million over three years; an initial $3 million is subject to administrative approvals. The fully funded Phase 2 OBA study expects first-patient recruitment in the first quarter of 2027; SARA-31 is being prepared as an international Phase 3 study.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFirst-half net loss fell 38% to €2.741 million.
- Moderate pointFinancial debt declined 38% to €2.630 million by June 30, 2026.
Negative
- Minor pointFirst-half financial loss rose 129% to €124,000.
Filing Explained
OBA's amended design adds a post-GLP-1 rebound assessment; the Hong Kong joint venture remains short of operational status.
Biophytis says its OBA Phase 2 study is being prepared for launch, with first-patient recruitment expected in
The Hong Kong joint venture is established, but work to make it operational is ongoing; intellectual-property contribution and signing a licensing agreement remain listed next steps.
Key Figures
Key Terms
cash runway financial
variable-price convertible debt financial
GLP-1 treatments medical
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash did Biophytis (BPTSY) report in September 2026?
What steps remain before Biophytis's Hong Kong joint venture receives initial funding?
What will Biophytis's OBA study evaluate?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date of report: November 2, 2026
Commission File Number: 001-38974
BIOPHYTIS S.A.
(Translation of registrant’s name into English)
Stanislas Veillet
Biophytis S.A.
Silver Innov
54 rue Molière
94200 Ivry sur Seine, France
+33 1 76 28 40 83
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x 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): ¨
On October 30, 2026, Biophytis S.A. issued a press release announcing the report of First-Half 2026 results and providing an update on its strategy. A copy of the press release is attached as Exhibit 99.1 to this Form 6-K.
EXHIBIT LIST
| Exhibit | Description | |
| 99.1 | Press Release dated October30, 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.
| BIOPHYTIS S.A. | ||
| Date: November 2, 2026 | By: | /s/ Stanislas Veillet |
| Name: Stanislas Veillet | ||
| Title: Chairman and Chief Executive Officer | ||
Exhibit 99.1
BIOPHYTIS REPORTS FIRST- HALF 2026 RESULTS
AND PROVIDES AN UPDATE ON ITS STRATEGY
Paris (France) and Cambridge (Massachusetts, United States), October 30, 2026 - 11.00 PM (CET) – Biophytis SA (Euronext Growth Paris : ALBPS), (“Biophytis” or the “Company”), a pioneer in the development of transformative therapies impacting longevity, reports its half-year financial results and provides an update on its strategic outlook.
Stanislas Veillet, Chairman and CEO of Biophytis, stated: “The first half of 2026 saw significant progress in the development of BIO101, with the establishment of our joint venture in Hong Kong and continued preparations for our clinical programs in sarcopenia and obesity. Since the end of the first half, the OBA study has received authorization in Brazil, following authorizations in Europe and the United States. We have also strengthened our financial resources, extending our expected cash runway through the first quarter of 2028. These milestones reinforce our strategy, which combines two complementary indications, strong regional partnerships and clearly defined clinical milestones.”
Obesity: integration of the rebound effect following GLP-1 discontinuation:
Biophytis is preparing to launch the Phase 2 OBA study, which will evaluate BIO101 in combination with GLP-1 treatments in patients with obesity, with the aim of preserving muscle strength and mobility during weight loss. The protocol has been amended to assess the rebound effect following discontinuation of GLP-1 treatment. The study is now fully funded following the September capital increase, and recruitment of the first patient is expected in the first quarter of 2027. The program is being rolled out in the United States, Europe and Brazil. It is supported in particular by partnerships with Blanver, FarmaVax and the EMBRAPII unit at the Federal University of Minas Gerais, including non-dilutive funding for an undisclosed amount.
Sarcopenia: creation of a joint venture in Hong Kong
Biophytis is also preparing SARA-31, an international Phase 3 study of BIO101 in sarcopenia. This indication has a significant unmet medical need and is characterized by the progressive loss of muscle mass, strength and mobility. To support the development and commercialization of BIO101 in Asia, Biophytis established a joint venture in Hong Kong with Asian partners during the first half of 2026; work to make the joint venture operational is ongoing. The partnership includes a funding commitment of up to $20 million over three years to support clinical development in Asia and Europe. The next steps include the contribution of intellectual property, the signing of the licensing agreement and receipt of an initial $3 million in funding, subject to administrative approvals.
A partnership-based strategy and disciplined allocation of resources
Biophytis is pursuing an international strategy based on regional partnerships, fundraising and disciplined allocation of its resources. The objective is clear: to finance and execute high-value clinical milestones while gradually expanding the potential of BIO101 across muscular and metabolic indications.
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Key financial figures for the first half of 2026
| KEY FIGURES | 30/06/2025 | 30/06/2026 | Change | |||||||||||||
| Operating loss | -4 704 | -2 887 | 1 817 | -39 | % | |||||||||||
| Financial loss | -54 | -124 | -70 | 129 | % | |||||||||||
| Net loss | -4 451 | -2 741 | 1 710 | -38 | % | |||||||||||
| Net cash (1) | 187 | 268 | 81 | 43 | % | |||||||||||
| Financial debt (1) | 11 567 | 11 109 | -458 | -4 | % | |||||||||||
| Shareholders’ equity (1) | -8 846 | -8 146 | 701 | -8 | % | |||||||||||
(1) Data as of December 31, 2025
Expected cash runway through the first quarter of 2028
Consolidated cash and cash equivalents amounted to €0.268 million as of June 30, 2026, up from €0.187 million as of December 31, 2025, representing a net increase of €0.081 million over the period. Separately, net cash used in operating activities amounted to €1.5 million.
After the reporting period, during the summer of 2026, Biophytis strengthened its cash position through a €5.3 million capital increase, €2.5 million in proceeds from the exercise of 2026 share subscription warrants (BSAs), and a gross drawdown of €1.2 million under the Hexagon facility. Cash and cash equivalents stood at €8.9 million as of September 11, 2026.
As of the date the financial statements were authorized for issue, the Company believes that it has sufficient resources to fund its activities through the first quarter of 2028. This assessment is based on current operations, particularly funding for the OBA study, current plans, including a reduction in current debt, and assumptions reviewed by the Board of Directors on October 26, 2026.
Shareholders’ equity and debt
On March 11, 2026, Biophytis completed a €2.015 million capital increase with attached warrants. The proceeds notably enabled the Company to repay in full the €1.025 million of variable-price convertible debt held by Atlas Capital. At the same time, Biophytis restructured its debt with Kreos Capital and extended the maturity of that debt to July 1, 2029.
The table below presents financial debt and operating liabilities as of June 30, 2026, compared with December 31, 2025:
| Amounts in thousands of euros | 31/12/2025 | 30/06/2026 | Change | |||||||||||||
| Financial debt | 4 267 | 2 630 | -1 637 | -38 | % | |||||||||||
| Operating liabilities | 7 301 | 8 479 | 1 178 | 16 | % | |||||||||||
| Total liabilities | 11 567 | 11 109 | -458 | -4 | % | |||||||||||
As of June 30, 2026, financial debt had decreased by 38% to €2.6 million compared with December 31, 2025, while operating liabilities had increased by 16% to €8.5 million. Overall, total liabilities decreased by 4% to €11.1 million over the same period.
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Reduction in first half year net loss
| 30/06/2025 | 30/06/2026 | |||||||||||||||
| Amounts in thousands of euros | 6 months | 6 months | Change | |||||||||||||
| Operating loss | -4 704 | -2 887 | 1 817 | -39 | % | |||||||||||
| Financial expenses | -278 | -282 | -4 | 1 | % | |||||||||||
| Financial income | 224 | 158 | -66 | -30 | % | |||||||||||
| Financial result | -54 | -124 | -70 | 129 | % | |||||||||||
| Net result (loss) | -4 451 | -2 741 | 1 710 | -38 | % | |||||||||||
In the first half of 2026, net loss decreased by 38% to €2.7 million, compared with €4.5 million in the first half of 2025. The improvement was primarily attributable to a €1.8 million reduction in operating loss to €2.9 million. Research and development expenses decreased by €0.7 million, while administrative expenses decreased by €1.1 million. Net financial expense amounted to €0.1 million, compared with €0.05 million in the first half of 2025, reflecting lower financial income.
As a result of the above, the six-month net loss amounted to €2.741 million.
***
About BIOPHYTIS
Biophytis SA is a clinical-stage biotechnology company focused on developing drug candidates for age-related diseases. BIO101 (20-hydroxyecdysone), our lead drug candidate, is a small molecule in development for muscular diseases (sarcopenia, Phase 3 ready to start) and metabolic disorders (obesity, Phase 2 ready to start). The company is headquartered in Paris, France, with subsidiaries in Cambridge, Massachusetts, USA, and Brazil. The Company’s ordinary shares are listed on Euronext Growth Paris (ALBPS - FR001400OLP5) and its ADS (American Depositary Shares) are listed on the OTC market (BPTSY - US 09076G401). For more information, visit www.biophytis.com.
Disclaimer
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties. The forward- looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Please also refer to the "Risk and uncertainties the Company is to face" section from the Company’s 2023 Financial Report available on BIOPHYTIS website (www.biophytis.com) and as exposed in the "Risk Factors" section of form 20-F as well as other forms filed with the SEC (Securities and Exchange Commission, USA). We undertake no obligation to publicly update or review any forward-looking statement, whether because of new information or otherwise, except as required by law.
Biophytis Contacts
Investor Relations
Investors@biophytis.com
Media contacts
Antoine Denry: antoine.denry@taddeo.fr – +33 6 18 07 83 27
Nizar Berrada: nizar.berrada@taddeo.fr - +33 6 38 31 90 50
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