ANNUAL
REPORT
2021
We transform food protection
with unique protein-based
biocontrol solutions, shaping
the future of sustainable and
safe food supply.
Introduction
Dear shareholders,
This document contains the consolidated annual report (the “Consolidated Report”)
of Biotalys NV (the “Company”) and its subsidiary, Biotalys Inc. (together referred to
as the “Group” or “Biotalys”) drafted in accordance with article 3:32 of the Belgian
Code on Companies and Associations (the “BCCA”) in respect of the accounting
year ended 31 December 2021. This document also contains the statutory report of
the Company in accordance with article 3:6 BCCA (see part “Financial Statements”
– chapter “Statutory Report of Biotalys NV in respect of the accounting year 2021 in
accordance with article 3:6 of the Belgian Code on Companies and Associations”).
The Consolidated Report covers the entire document except for the chapter dedi-
cated to the statutory report. Both reports have been approved by the board of
directors of the Company and are dated 10 March 2022.
The annual reports contain all required information as per the BCCA. The annual
reports have been prepared in Dutch and a translation in English is also available.
Only the Dutch version is binding, in case of a conflict between the Dutch and
English version, the Dutch version will prevail.
An electronic version of the annual reports is available at
https://www.biotalys.com/investors/financial-information.
Forward-looking statements
The annual reports contain “forward-looking statements” within the meaning of
the securities laws of certain jurisdictions, In some cases, these forward-looking
statements can be identified by the use of forward-looking terminology, including
the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will,”
“plans,” “continue,” “ongoing,” “potential,” “predict,” “project,” “target,” “seek” or
“should” or, in each case, their negative or other variations or comparable termi-
nology or by discussions of strategies, plans, objectives, targets, goals, future events
or intentions. These forward-looking statements appear in a number of places
throughout the annual reports. Forward-looking statements include statements
regarding the Company’s intentions, beliefs or current expectations concerning,
among other things, its results of operations, prospects, growth, strategies and
dividend policy and the industry in which it operates. In particular, certain state-
ments are made in the annual reports regarding the Company’s estimates of
future growth.
By their nature, forward-looking statements involve known and unknown risks and
uncertainties because they relate to events and depend on circumstances that may
or may not occur in the future. Forward-looking statements are not guarantees of
future performance. Investors should not place undue reliance on these forward-
looking statements. Any forward-looking statements are made only as of the day
of the annual reports and the Company does not intend, and does not assume any
obligation, to update forward-looking statements set forth in the annual reports,
unless required by law.
Many factors may cause the results of operations, financial condition, liquidity
and the development of the industries in which the Company competes to differ
materially from those expressed or implied by the forward-looking statements
contained in the annual reports. These risks described under part “Legal and
Financial Information” – chapter “Description of the principal risks associated with
the activities of the Company” are not exhaustive. New risks can emerge from time
to time, and it is not possible for the Company to predict all such risks, nor can it
assess the impact of all such risks on the business or the extent to which any risks,
or combination of risks and other factors, may cause actual results
to differ materially from those contained in any forward-looking
statements. Given these risks and uncertainties, investors
should not rely on forward-looking statements as a prediction
of actual results.
biotalys — annual report
3
Company Highlights and Activities
10
Letter to
Shareholders
by
Simon Moroney
24
Interview
with
the CEO
Patrice Selles
14
2021 Milestones
76
Pipeline
Overview
Legal and Financial
Information
156
Corporate
Governance
96
Financial
Statements
176
Investor and
Shareholder Information
90
Company
Highlights and Activities
18
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Table of Contents
Reinventing
food protection
We transform food protection with our unique protein-
based biocontrol solutions, shaping the future of sustain-
able and safe food supply.
Our products are developed to offer farmers reliable and
cost-effective tools to prevent crop loss while extending
post-harvest protection and reducing food waste.
Based on our groundbreaking technology platform,
we are developing a unique pipeline of effective and
safe products with novel modes of action, addressing
key crop pests and diseases across the whole food
value chain.
Biotalys was founded in 2013 as a spin-off from the VIB
(Flanders Institute for Biotechnology) and is listed on
Euronext Brussels since July 2021. The Company is
based in the biotech cluster in Ghent (Belgium) and has
a subsidiary in Research Triangle Park (North Carolina,
United States).
SAFER FOOD,
BETTER PLANET.
A clear strategy
to create
sustainable value
MASTER
We aim to become a leader within the biocontrol solution space
with our unique protein-based biocontrol platform for Food and Ag
applications with a strong IP and technology position.
PARTNER
We will engage in selective partnerships with major Food and Ag
players to deploy and validate technology beyond internal programs.
COMPETE
It is our ambition to bring our pipeline to the market, leveraging
cost-effective go-to-market partnerships to create exclusive
positions in different geographies.
EXPAND
We want to expand the AGROBODY™ application ranges
across new markets and new geographies fostering
resilience.
At a glance
Successful IPO raised
€52.8 million in 2021 with
support from local and
international retail and
institutional investors.
Listed on
Euronext
Brussels
75 team members
from 11 nationalities.
Highly
qualified
team
Broad and diversified
pipeline of seven product
programs in biofungicides,
bio-insecticides and
biobactericides.
Versatile
product
pipeline
HQ and laboratories in
Ghent, Belgium, with a key
subsidiary in RTP,
North Carolina, U.S.
Based in the
Ghent biotech
cluster
Key
facts
Company established in
2013 as a spin-off from
the Flanders Institute for
Biotechnology.
Spin-off from
the VIB
Addressable market
potential of $ 4.8 billion
through the various
product programs.
Significant
market
potential
Strong IP position with
19 patent families related
to the AGROBODY™
technology and pipeline.
Strong
patent
portfolio
Proprietary technology
platform built to develop
unique protein-based
biocontrol solutions for
growers worldwide.
AGROBODY
Foundry™
Biotalys’ first biofungicide,
submitted for registration
to regulatory authorities
and expected to enter the
U.S. market in the second
half of 2022.
First product
Evoca™
Our expertise and know-how allow us
not only to generate multiple product
candidates but also to realize our
ambition to manufacture them cost-
effectively at scale.”
— Simon Moroney, Chairman
Letter to Shareholders
Dear shareholder,
This has been a transformative year for Biotalys. In 2021 we became a public
company, putting us firmly on the map in the global food and crop protection market.
For the first time we showed our strengths to the worldwide investor and AgTech
community. Our listing on Euronext Brussels raised our profile and revealed our
technology’s potential.
We enjoy favorable winds. Authorities globally are adopting policies to reduce
chemical pesticides in food production and protect the ecosystem. We need to
produce safer, healthier food for our people and our planet. This creates an immense
opportunity to reshape the field of food and crop protection toward much more
eco-friendly products. As an early player in this field, Biotalys can be central to
that transformation.
Good performance, exciting breakthrough
Our first product, Evoca™, is positioned to give growers in the U.S. and European
markets an excellent biological alternative to chemical biofungicides for high-value
crops. The 2021 independent field trials provided strong evidence that Evoca rivals
conventional products when used in integrated pest management programs for
strawberries and grapes.
Most recently, our outstanding R&D team achieved a dramatic increase in produc-
tion yield of Evoca, thereby increasing its commercial potential. We anticipate that
this success will also translate into higher yields and lower cost-of-goods for the
other product candidates in our portfolio.
Favorable winds for reshaping
food and crop protection
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