Biophytis (BPTSY) 2025 loss €8.2m, low cash and going-concern uncertainty
Rhea-AI Filing Summary
Biophytis SA published audited parent-company financial statements for 2025 and announced that trading in its shares on Euronext Growth Paris has resumed. The statements, prepared under French accounting rules, show a net loss of €8.2 million and negative shareholders’ equity of €8.8 million for the year.
Total financial debt and current liabilities amounted to €11.9 million as of 31 December 2025, down 5% versus 2024, mainly from a €1.7 million reduction in bond borrowings after financial restructuring. Operating expenses fell 17%, helping reduce the net loss from €9.4 million in 2024.
Cash and cash equivalents were €187 thousand at year-end. Based on refinancing completed in early 2026, current plans and the Hexagon bond facility, the company expects to finance operations only through 30 September 2026, creating significant uncertainty about its ability to continue as a going concern. The statutory auditors reported they were unable to express an unqualified opinion, citing going-concern uncertainties and the accounting treatment of certain capital transactions.
Positive
- Net loss improved by €1.2 million (-13%), to €8.2 million in 2025, reflecting lower operating expenses and reduced financial charges.
- Total financial debt and current liabilities decreased by 5% year-on-year to €11.9 million, including a €1.7 million reduction in bond borrowings following restructuring measures.
Negative
- Statutory auditors were unable to issue an unqualified opinion on the 2025 financial statements because of uncertainties over going concern and the accounting treatment of certain capital transactions.
- Cash and cash equivalents were only €187 thousand at 31 December 2025, with operations estimated to be funded only through 30 September 2026.
- Shareholders’ equity was negative at €8.8 million, and management highlighted significant uncertainty regarding the company’s ability to continue as a going concern.
Filing Explained
Funding through September 30, 2026 remains conditional on trading resumption and effective Hexagon facility drawdown.
The filing places the company’s stated funding horizon at
The facility is therefore described as a source of potential funding, not as cash already received, and the disclosed horizon remains conditional.
The release also states that the figures are parent-company accounts under French rules, whereas the 2024 comparison scope was IFRS consolidated and the final 2025 data are not directly comparable.
That scope mismatch limits the filing’s year-over-year comparisons to the extent they rely on different accounting scopes, while leaving the separately stated 2025 cash and funding conditions unchanged.
Key Figures
Key Terms
going concern financial
statutory auditors financial
Euronext Growth market
research tax credit financial
Hexagon bond facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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Why did Biophytis (BPTSY)'s auditors decline to issue an unqualified opinion on the 2025 accounts?
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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: July 30, 2026
Commission File Number: 001-38974
BIOPHYTIS S.A.
(Translation of registrant’s name into English)
Stanislas Veillet
Biophytis S.A.
Sorbonne University—BC 9, Bâtiment A 4ème étage
4 place Jussieu
75005 Paris, France
+33 1 44 27 23 00
(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 July 29, 2026, Biophytis S.A. issued a press release announcing the auditing of its 2025 financial statements and the resumption of trading in its stock. 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 July 29, 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: July 30, 2026 | By: | /s/ Stanislas Veillet |
| Name: Stanislas Veillet | ||
| Title: Chairman and Chief Executive Officer | ||
Exhibit 99.1
BIOPHYTIS ANNOUNCES THE AUDITING OF ITS 2025 FINANCIAL STATEMENTS AND THE RESUMPTION OF TRADING IN ITS STOCK
Paris (France) and Cambridge (Massachusetts, U.S.), July 29th, 2026, at 23:00 CET – Biophytis SA (Euronext Growth Paris: ALBPS), (“Biophytis” or the “Company”), a clinical-stage biotechnology company specializing in the development of treatments for age-related diseases, announces the publication of its parent company financial statements for the fiscal year ended December 31, 2025, prepared in accordance with French accounting rules and principles and approved by the Board of Directors on July 24, 2026, as well as the resumption of trading of its shares on Euronext Growth Paris.
The annual financial statements were the subject of a report by the statutory auditors stating that they were unable to issue an unqualified opinion, based in particular on uncertainties regarding the Company’s going concern status and the accounting treatment of certain capital transactions described in their report.
This publication complies with the Company’s obligations as an issuer on Euronext Growth, given the limited size of its group (total assets of less than €20 million, fewer than 250 employees, and no revenue for any of the group’s entities).
Although the scope differs from that of the IFRS consolidated financial statements published in 2024, and although the final 2025 data are not directly comparable, this presentation remains faithful to the Company’s economic reality and complies with Article L. 233-16 of the French Commercial Code.
| Amounts in thousands of euros | Company financial statement |
| Final and audited | 12 months |
| REVENUES | - |
| NET INCOME | -8 205 |
| SHAREHOLDERS’ EQUITY | -8 847 |
Financial Debt & Current Liabilities
| Amounts in € thousands | Dec. 31, 2024 | Dec. 31, 2025 | Change | |||||||||
| Bond borrowings | 5 953 | 4 267 | -1 686 | -28 | % | |||||||
| Current liabilities | 6 439 | 7 350 | 911 | 14 | % | |||||||
| Other current liabilities | 109 | 222 | 113 | 104 | % | |||||||
| Total Financial Debt and Current Liabilities | 12 501 | 11 840 | -661 | -5 | % | |||||||
Total financial debt and current liabilities amounted to €11.9 million as of December 31, 2025, down €0.6 million (-5%) compared with December 31, 2024. This change is primarily driven by a €1.7 million (-28%) reduction in bond debt, reflecting the financial restructuring measures undertaken by the company, the effect of which is partially offset by an increase in current liabilities (up €0.9 million).
Operating Results
| Amounts in € thousands | Dec. 31, 2024 12 months | Dec. 31, 2025 12 months | Change | |||||||||||||
| Revenues | - | - | ||||||||||||||
| Total Operating Revenue | 623 | 12 | -611 | -98 | % | |||||||||||
| Operating Expenses | 9 758 | 7 811 | -1 947 | -20 | % | |||||||||||
| Depreciation, Amortization, and Provisions | 288 | 468 | 180 | 63 | % | |||||||||||
| Other Expenses | 175 | 159 | -16 | -9 | % | |||||||||||
| Total Operating Expenses | 10 221 | 8 438 | -1 783 | -17 | % | |||||||||||
| Operating Income | -9 597 | -8 425 | 1 172 | -12 | % | |||||||||||
| Financial Expenses | 1 493 | 644 | -849 | -57 | % | |||||||||||
| Financial Income | 572 | 293 | -280 | -49 | % | |||||||||||
| Financial Income | -921 | -352 | 569 | -62 | % | |||||||||||
| Extraordinary Expenses | 19 | 0 | -19 | -100 | % | |||||||||||
| Extraordinary Income | 62 | 0 | -62 | -100 | % | |||||||||||
| Extraordinary Income | 43 | 0 | -43 | -100 | % | |||||||||||
| Income Taxes | -1 089 | -572 | 517 | -47 | % | |||||||||||
| Net Income (Loss) | -9 386 | -8 205 | 1 181 | -13 | % | |||||||||||
The net loss amounted to €8.2 million for fiscal year 2025, compared with €9.4 million in 2024, representing an improvement of €1.2 million (-13%). This trend reflects continued efforts to control operating expenses. This led to a 12% improvement in operating income. Financial income improved by 62%, driven by lower financial expenses. The decrease in the research tax credit reflects the slowdown in research and development activities. The net loss decreased by 13%, confirming the effectiveness of the measures implemented.
Cash Position
Cash and cash equivalents totaled 187 thousand euros as of December 31, 2025, compared with 72 thousand euros as of December 31, 2024. As of the date of these financial statements, and based on the refinancing transactions that took place during the first half of 2026, current plans and assumptions approved by the Board of Directors on July 24, 2026, as well as the availability of the Hexagon bond facility, the Company estimates that it can finance its operations through September 30, 2026, subject, in particular, to the resumption of trading and the effective drawdown of the Hexagon bond facility following resumption.
Cash and cash equivalents are insufficient to finance the Company’s operations over the next 12 months. There is therefore significant uncertainty regarding the Company’s ability to continue as a going concern.
* * *
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.
Biophytis Contact
Investor relations
investors@biophytis.com
Media relations
Antoine Denry: antoine.denry@taddeo.fr – +33 6 18 07 83 27
Nizar Berrada: nizar.berrada@taddeo.fr – +33 6 38 31 90 50