olivLaw · European equity research
BioSenic BIOS.BR
Belgium · Euronext Brussels · ISIN BE0974280126 · Vertical: Listed companies from Belgium
BioSenic (formerly Bone Therapeutics) develops allogeneic cell therapies, mainly the ALLOB product for hard-to-heal tibial fractures, now in a phase IIb study. The company remains under financial pressure, with negative equity and research costs of about 11.68 M EUR in 2021, so future funding matters a great deal.
At the close of 04 Nov 2026, BioSenic (BIOS.BR) stock was 0.00 EUR (+0.00% on the day), with beta 0.05, 52-week range 0.00–0.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.3
- neutral
- Bollinger (20, 2)
- 0.00 – 0.00
- in the upper half of the band · %B 0.75 · band width 0.0%
- SMA 50 / 200
- 0.00 / 0.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | 0.0% | +4.0% | −4.0 pp | — |
| Year to date | 0.0% | +8.1% | −8.1 pp | — |
| 1 year | 0.0% | +10.7% | −10.7 pp | +8.1% |
| 3 years | −96.2% | +50.1% | −146.3 pp | −4.6% |
| 5 years | −99.8% | +43.6% | −143.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 1.0 m | 1.0 m |
| Revenue YoY | unavailable | 0.0% |
| Net income | -11.9 m | -12.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1,194.0% | -1,292.5% |
| Free cash flow | -16.2 m | -13.0 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 9.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -6.8 m EUR
- Total assets
- 19.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.14x
- ROE
- unavailable
- ROA
- -58.0%
- FCF margin
- -1,297.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.0 m | 1.0 m | esef· 03 May 2022verified |
| Research & development | 15.4 m | 11.7 m | esef· 03 May 2022verified |
| Operating income | -15.0 m | -12.0 m | esef· 03 May 2022verified |
| Interest expense | 747.0 k | 1.1 m | esef· 03 May 2022verified |
| Pre-tax income | -15.8 m | -12.8 m | esef· 03 May 2022verified |
| Income tax | 78.0 k | 89.0 k | esef· 03 May 2022verified |
| Net income | -11.9 m | -12.9 m | esef· 03 May 2022verified |
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 14.6 m | 9.5 m | esef· 03 May 2022verified |
| Receivables | 3.8 m | 2.6 m | esef· 03 May 2022verified |
| Current assets | 18.8 m | 14.3 m | esef· 03 May 2022verified |
| Property, plant & equipment, net | 226.0 k | 863.0 k | esef· 03 May 2022verified |
| Intangibles (excl. goodwill) | 28.0 k | 24.0 k | esef· 03 May 2022verified |
| Total assets | 24.8 m | 19.8 m | esef· 03 May 2022verified |
| Current liabilities | 9.8 m | 6.7 m | esef· 03 May 2022verified |
| Total liabilities | 21.5 m | 26.5 m | esef· 03 May 2022verified |
| Equity | 3.3 m | -6.8 m | esef· 03 May 2022verified |
Cash flow · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -16.1 m | -12.8 m | esef· 03 May 2022verified |
| Capex | 78.0 k | 193.0 k | esef· 03 May 2022verified |
| Free cash flow | -16.2 m ≈ | -13.0 m ≈ | esef· 03 May 2022derived |
| Investing cash flow | 11.9 m | -204.0 k | esef· 03 May 2022verified |
| Financing cash flow | 10.2 m | 7.9 m | esef· 03 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,292.5% | 3 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BioSenic (BIOS.BR). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 1.0 m EUR in 2021; YoY growth 0.0%; net margin -1,292.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- Net margin: -1,292.5%
- Interest coverage: -10.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for BIOS.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BioSenic (formerly Bone Therapeutics) develops allogeneic cell therapies, mainly the ALLOB product for hard-to-heal tibial fractures, now in a phase IIb study. The company remains under financial pressure, with negative equity and research costs of about 11.68 M EUR in 2021, so future funding matters a great deal.
SWOT
Strengths
- The portfolio has one lead product, ALLOB, with positive results published from phase I/IIa and a good safety profile, giving a scientific basis for continuing studies 1.
- The company obtained meaningful funding through the European Investment Bank loan and regional support, which allowed it to keep the clinical programme running 1.
- Partnerships with Asian players and stem cell specialists widen access to technology and external markets 1.
Weaknesses
- Equity is negative and debt has grown, which limits the ability to negotiate and attract new investors 1.
- The JTA-004 phase III study met none of its endpoints, showing the high clinical risk of the company's programmes 1.
- Revenue is limited and depends on advances and stage payments rather than sales of approved products 1.
Opportunities
- If the Link Health negotiation concludes, global rights for ALLOB could bring revenue and more stable funding 1.
- The induced pluripotent stem cell CSMi platform, developed with Implant Therapeutics, could open new therapeutic targets 1.
- Favourable results in the ALLOB TF2 study could strengthen the company's position with partners and investors 1.
Threats
Risks
- Liquidity and negative equityhigh
With negative equity and falling cash, the company depends on new financing to continue clinical studies. If that financing is delayed, the ALLOB programme could be affected 1.
- Clinical riskhigh
The failure of the JTA-004 study shows that clinical results are uncertain. If the ALLOB TF2 study does not confirm efficacy, the value of the programme could fall significantly 1.
- Pandemic timingmedium
Patient recruitment was slowed by the COVID-19 pandemic, and deadlines for clinical data could be postponed if the situation worsens 1.
- Partner negotiationsmedium
The global rights agreement for ALLOB was postponed and its completion is not assured. A further delay could reduce revenue and financial support 1.
- Debt dependencemedium
Borrowings, including the European Investment Bank loan, require interest payments and repayments. If revenue does not grow, servicing the debt could become a burden 1.
Investment thesis
What would need to be true (bull case)
- If ALLOB TF2 data confirm efficacy, the company could secure better terms in global licensing deals and in future financing.
- The induced pluripotent stem cell CSMi platform could extend the portfolio beyond ALLOB and reduce dependence on a single product.
- Experience in international studies and new scientific and medical team members could support programme execution in the coming years.
What would break the thesis
- Negative equity and falling cash could force new share issues with significant dilution for shareholders.
- The JTA-004 failure shows that clinical results can disappoint, and another setback in ALLOB could leave the company without active products.
- If the Link Health negotiation drags on or fails, expected revenue could stay minimal and financial pressure could rise.
What to watch
- Prezentarea datelor principale din studiul ALLOB TF2Q1 2023
- Conclusion of the global ALLOB rights agreement with Link HealthQ2 2022
- Completion of recruitment in the ALLOB TF2 phase IIb study2022
- Presentation of main data from the ALLOB TF2 studyQ1 2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2021, the company focuses on ALLOB, an allogeneic osteoblastic cell therapy, and on a mesenchymal stromal cell platform. In 2021 it completed the phase III study of JTA-004, which did not meet its primary or secondary endpoints, and began treating patients in the ALLOB TF2 phase IIb study 1.
Operating revenue is modest and comes mainly from recoverable cash advances from the Walloon Region, plus a stage payment of 1.00 M EUR from Chinese partners Link Health and Pregene for the ALLOB licence in Greater China 1. The company also holds a 0.93 M EUR trade receivable, net of tax, linked to the second stage payment, expected in 2022 1.
Segments
ALLOB cell therapy
ALLOB is the company's main product, an allogeneic treatment for difficult tibial fractures. The phase IIb study began dosing patients in January 2021, and the company aims to finish recruitment in 2022 and present main data by Q1 2023, although recruitment slowed due to the COVID-19 pandemic 1.
Partnerships and licences
The agreement with Link Health and Pregene brought a 1.00 M EUR stage payment in 2021 for the IND filing in China. Negotiation of a global rights agreement for ALLOB was delayed and is now targeted for Q2 2022, a timing that could significantly affect future revenue 1.
JTA-004 programme
The JTA-004 viscosupplement for knee osteoarthritis did not meet its primary or secondary endpoints in the 2021 phase III study. The company is assessing options such as divestment or ending the programme, which would reduce costs but also the revenue potential of this asset 1.
Market context
The market for cell therapies for bone regeneration and hard-to-heal fractures is specialised, and most products remain in clinical development. The analysed source does not detail market size, so the analysis rests on the view that success depends on clinical data and licensing deals, not only on product development 1.
Competition and regulatory requirements call for well-run phase IIb and III studies. The company's timetable depends on how the pandemic evolves and on the pace of patient recruitment, factors that could change announced dates for clinical data and partner negotiations 1.
Trends
- Pandemic pressure on recruitmentheadwind
The COVID-19 pandemic reduced on-site activity and the number of available patients, slowing the ALLOB TF2 study. The company added sites and tightened monitoring to offset this, but timelines could remain sensitive to the pandemic 1.
- Interest in induced pluripotent stem cellstailwind
The agreement with Implant Therapeutics and the research deal with Rigenerand aim at a next-generation CSMi platform from induced pluripotent stem cells, pointing to a move toward more advanced technologies 1.
- Capital and debt costsheadwind
Financial debt rose with the EIB loan and interest payments, while equity is negative. This raises reliance on new financing and could limit flexibility in negotiations 1.
- Recoverable advances from the regionmixed
Subsidies and advances from the Walloon Region made up a significant part of revenue but fell in 2021, as no new advances were contracted after equity turned negative 1. Continued support depends on the company's financial position.
Competitive position
The analysed source does not explicitly name competitors. The company works in mesenchymal stem cell and osteoblastic cell therapy, an area where several groups develop products for bone regeneration and fractures.
The company's edge rests on the ALLOB product in a phase IIb study, its agreements with Asian partners and its induced pluripotent stem cell platform. A drawback is the absence of an approved product and dependence on clinical timelines that can slip 1.
- Link Health Pharma
Chinese partner with an exclusive licence for ALLOB in Greater China, with global rights negotiations still ongoing 1.
- Pregene
Partner linked to Link Health in the ALLOB licence agreement, which contributed the 2021 stage payment 1.
- Implant Therapeutics
Supplier of cells derived from induced pluripotent stem cells, with which the company signed a research evaluation agreement 1.
- Rigenerand
Mesenchymal stromal cell specialist with which the company is developing processes to improve bone-forming cells 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / BioSenic · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.