Biophytis (OTC: BPTSY) lifts Hexagon bond facility to €2M and extends access

Rhea-AI Filing Summary

Biophytis S.A. has amended its bond financing agreement with Hexagon Capital Fund, increasing the maximum nominal amount from €1,000,000 to €2,000,000 and extending the subscription period to December 31, 2027. This additional capacity is intended to strengthen its financial structure and extend its cash runway by four months.

As of February 26, 2026, Biophytis has drawn €650,000 and retains a bond drawing capacity of €1,350,000. Each bond bears 12% interest and is repaid in cash on a bi‑monthly schedule over twenty‑four months. In an event of default, the debt may be repaid in shares at €0.05654 per share, with an illustrative example showing that repaying €1,350,000 in shares (23,876,901 shares) would reduce a shareholder’s stake from 1.00% to 0.72% based on 60,693,791 shares outstanding as of February 25, 2026.

Insights

Biotech capital structure analyst

Biophytis doubles its bond facility, trading higher-cost debt for added liquidity flexibility.

Biophytis has expanded its bond facility with Hexagon Capital Fund from €1,000,000 to €2,000,000 and extended access to December 31, 2027. Management states this should extend the company’s cash runway by four months, which can be important for funding clinical milestones in obesity and sarcopenia.

The bonds carry a relatively high coupon of 12% and are repaid in cash on a bi‑monthly schedule over twenty‑four months, so servicing this debt adds a meaningful fixed charge. In a default scenario, repayment in shares at €0.05654 per share could dilute holders, with the example provided showing a move from 1.00% to 0.72% ownership.

Actual impact depends on how much of the remaining €1,350,000 capacity Biophytis chooses to draw and whether it remains current on cash repayments. Future disclosures around trial progress for BIO101 and subsequent funding decisions in later company reports will help clarify how this facility supports the clinical pipeline.

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: February 27, 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 February 27, 2026, Biophytis S.A. issued a press release announcing several changes to the bond financing announced on 5 August 2025, in agreement with Hexagon Capital Fund. 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 February 27, 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: February 27, 2026	By:	/s/ Stanislas Veillet
		Name: Stanislas Veillet
		Title: Chairman and Chief Executive Officer

Exhibit 99.1

 

Biophytis increases to €2 million the ceiling of its bond facility with Hexagon Capital Fund

Paris (France) and Cambridge (Massachusetts, USA), February 27, 2026 – Biophytis SA (Euronext Growth Paris: ALBPS), (“the Company”), a pioneering company in the development of transformative therapies impacting longevity, announces several amendments to its bond financing initially announced on August 5, 2025, in mutual agreement with Hexagon Capital Fund.

The maximum nominal financing amount is increased from €1,000,000 to €2,000,000, and the subscription period for the bonds is extended from July 31, 2026, to December 31, 2027. This additional financing capacity provides Biophytis with the necessary resources to strengthen its financial structure and, more broadly, extend its cash runway by four months.

As of February 26, 2026, Biophytis thus has a drawing capacity of €1,350,000 in bonds, with the company having already used €650,000 in bonds since the agreement was put in place. Any future drawdowns will be made at Biophytis' sole discretion, depending on its financing needs and within the authorised limit.

Each bond issue bears interest at 12% and is redeemable in cash on a bi-monthly basis, according to a schedule spread over a period of twenty-four (24) months from the date of issue. Furthermore, in the event of default, the debt may be repaid in whole or in part in shares, based on a fixed price of €0.05654 per share, representing a premium of 110% over the closing price on February 24, 2026 (see impact table below).

Stanislas Veillet, Chief Executive Officer of Biophytis, said: “We are delighted with the increase in our financing line with Hexagon Capital Fund, which demonstrates the confidence our financial partners have in our strategy. This transaction, carried out under favourable conditions, strengthens our financial visibility and allows us to approach the next key stages of our clinical development in obesity and sarcopenia with confidence.”

Jean-Philippe Cridlig, Director of Hexagon Advisor, said: "Our commitment to Biophytis reflects our renewed confidence in the company and its management team to deliver on its ambitious clinical development programmes. Biophytis has a promising pipeline, driven by differentiated assets in indications with high unmet medical needs such as obesity and sarcopenia. We are pleased to support the company in its development phase and remain confident in its ability to create value for all its stakeholders."

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***

impact of an event of default on the debt repayment in shares of all bonds on a shareholder's equity position :

	Shareholder's equity position (%)2
Before repayment of €1,350,000 in shares	1.00%
After repayment of €1,350,000 in 23,876,901 shares1	0.72%

¹ number of shares resulting from this repayment calculated on the basis of a fixed price of €0.05654 per share;

² based on 60,693,791 shares of capital stock as of february 25, 2026.

***

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, and Duchenne muscular dystrophy, Phase 1-2 to be initiated), respiratory diseases (COVID-19, Phase 2-3 completed), and metabolic disorders (obesity, Phase 2 to be initiated). 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.

About Hexagon Capital Fund

Hexagon Capital Fund is a Luxembourg-based RAIF investment fund supervised by the CSSF, launched in 2021, which finances European SMEs and mid-cap companies through bonds and equities.

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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FAQ

What financing change did Biophytis (BPTSY) announce with Hexagon Capital Fund?

Biophytis doubled its bond facility with Hexagon Capital Fund from €1,000,000 to €2,000,000. The agreement also extends the subscription period to December 31, 2027, giving the company more time and capacity to draw debt funding as needed.

How much of the Biophytis bond facility remains available to draw?

As of February 26, 2026, Biophytis had used €650,000 of the bond facility and retained a drawing capacity of €1,350,000. Management indicates this additional capacity is intended to support its financial structure and extend its cash runway by four months.

What are the key terms of Biophytis’ bonds with Hexagon Capital Fund?

Each bond bears 12% interest and is redeemable in cash on a bi‑monthly basis over 24 months from issuance. In the event of default, the debt may be repaid in Biophytis shares at a fixed price of €0.05654 per share.

How could a default-related share repayment affect Biophytis shareholders?

Biophytis provides an example where repaying €1,350,000 in bonds with 23,876,901 shares would reduce a shareholder’s ownership from 1.00% to 0.72%, based on 60,693,791 shares outstanding as of February 25, 2026, illustrating potential dilution.

How does the new bond ceiling affect Biophytis’ cash runway?

The company states that increasing the bond ceiling to €2,000,000 and extending the subscription period provides additional financing capacity that should extend its cash runway by four months, supporting upcoming clinical development stages in obesity and sarcopenia.

What clinical programs does Biophytis plan to support with this financing?

Biophytis highlights its lead candidate BIO101, developed for muscular diseases like sarcopenia and Duchenne muscular dystrophy, respiratory disease related to COVID‑19, and metabolic disorder obesity. The company indicates the financing helps approach key clinical development stages in these areas.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 11.7 KB