H1 2026 report
Spółka biotechnologiczna na etapie przedkomercyjnym, rozwijająca weterynaryjne terapie komórkowe (osteoartroza u psów - BCX-CM-J, atopowe zapalenie skóry - BCX-CM-AD, zapalenie stawów u koni - BCX-EM)
Sentiment
●●●●●●
BCX
H1 2026 report
Revenue
0 m PLN
— YoY
Net income
-10.75 m PLN
— YoY
EBITDA
-10.45 m PLN
— YoY
FCF
-11.36 m PLN
— YoY
Summary
Investment thesis
- Zero przychodów ze sprzedaży; wartość zależy w całości od wykonania kamieni milowych regulacyjnych EMA i przyszłej komercjalizacji
- Bilans bardzo silny na tle etapu rozwoju: 56,8 mln zł gotówki, praktycznie zerowe zadłużenie odsetkowe (0,17 mln zł leasingu)
- Kluczowy katalizator (rekomendacja CVMP dla BCX-CM-J) ponownie się oddala - LoOI otrzymana po Dniu Bilansowym przesuwa oczekiwany termin na czerwiec 2027
- Rosnący CAPEX na budowę własnej wytwórni (49,6 mln zł łącznie, częściowo dofinansowany przez PARP) przyspieszy zużycie gotówki w kolejnych okresach
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Financials
BETA
BCX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | 0 | — | reported | — | 1.00 |
| EBITDA | -10.45 | — | — | -10.45 | — | reported | — | 0.95 |
| EBIT | -10.81 | — | — | -10.81 | — | reported | — | 1.00 |
| Net income | -10.75 | — | — | -10.75 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.94 | — | — | -1.94 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -1.94 | — | — | -1.94 | — | reported | — | 1.00 |
| D&A | 0.35 | — | — | 0.35 | — | reported | — | 1.00 |
| Interest expense | 0.03 | — | — | 0.03 | — | reported | — | 1.00 |
| Income tax | 0.01 | — | — | 0.01 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 5.53 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 5.53 | — | — | — | — | reported | — | 1.00 |
| Cash | 56.83 | — | — | — | — | reported | — | 1.00 |
| Total debt | 0.17 | — | — | — | — | reported | — | 1.00 |
| Net debt | -56.66 | — | — | — | — | derived | — | 1.00 |
| Equity | 62.52 | — | — | — | — | reported | — | 1.00 |
| Total assets | 65.72 | — | — | — | — | reported | — | 1.00 |
| Current assets | 59.07 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 2.56 | — | — | — | — | reported | — | 0.80 |
| Non-current liabilities | 0.04 | — | — | — | — | reported | — | 1.00 |
| Inventory | 0 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 2.04 | — | — | — | — | reported | — | 1.00 |
| CFO | -8.7 | — | — | -8.7 | — | reported | — | 1.00 |
| CapEx | 2.66 | — | — | 2.66 | — | reported | — | 1.00 |
| FCF | -11.36 | — | — | -11.36 | — | derived | — | 1.00 |
| Current ratio | 23.11x | — | — | — | — | reported | — | 0.90 |
| Quick ratio | 23.11x | — | — | — | — | reported | — | 0.90 |
| Cash ratio | 22.23x | — | — | — | — | reported | — | 0.90 |
| Debt / equity | 0x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | -0.91x | — | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -48.96% | — | — | -48.96% | — | reported | — | 0.95 |
| EBIT growth (YoY) | -46.54% | — | — | -46.54% | — | reported | — | 1.00 |
| Net income growth (YoY) | -45.5% | — | — | -45.5% | — | reported | — | 1.00 |
| EPS growth (YoY) | -29.33% | — | — | -29.33% | — | reported | — | 1.00 |
| FCF growth (YoY) | -279.01% | — | — | -279.01% | — | reported | — | 0.95 |
H1 2026 · Δ YoY
Revenue
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
EBITDA
-10.45
—
-10.45
—
- H1 2025
- —
- YTD 2026
- -10.45
- Δ YoY
- —
EBIT
-10.81
—
-10.81
—
- H1 2025
- —
- YTD 2026
- -10.81
- Δ YoY
- —
Net income
-10.75
—
-10.75
—
- H1 2025
- —
- YTD 2026
- -10.75
- Δ YoY
- —
EPS (basic)
(PLN)
-1.94
—
-1.94
—
- H1 2025
- —
- YTD 2026
- -1.94
- Δ YoY
- —
EPS (diluted)
(PLN)
-1.94
—
-1.94
—
- H1 2025
- —
- YTD 2026
- -1.94
- Δ YoY
- —
D&A
0.35
—
0.35
—
- H1 2025
- —
- YTD 2026
- 0.35
- Δ YoY
- —
Interest expense
0.03
—
0.03
—
- H1 2025
- —
- YTD 2026
- 0.03
- Δ YoY
- —
Income tax
0.01
—
0.01
—
- H1 2025
- —
- YTD 2026
- 0.01
- Δ YoY
- —
Shares (basic)
(m units)
5.53
—
5.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
5.53
—
5.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash
56.83
—
56.83
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
0.17
—
0.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
-56.66
—
-56.66
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
62.52
—
62.52
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
65.72
—
65.72
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
59.07
—
59.07
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
2.56
—
2.56
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
0.04
—
0.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
0
—
0
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
2.04
—
2.04
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-8.7
—
-8.7
—
- H1 2025
- —
- YTD 2026
- -8.7
- Δ YoY
- —
CapEx
2.66
—
2.66
—
- H1 2025
- —
- YTD 2026
- 2.66
- Δ YoY
- —
FCF
-11.36
—
-11.36
—
- H1 2025
- —
- YTD 2026
- -11.36
- Δ YoY
- —
Current ratio
23.11x
—
23.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
23.11x
—
23.11x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
22.23x
—
22.23x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0x
—
0x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
-0.91x
—
-0.91x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
-48.96%
—
-48.96%
—
- H1 2025
- —
- YTD 2026
- -48.96%
- Δ YoY
- —
EBIT growth (YoY)
-46.54%
—
-46.54%
—
- H1 2025
- —
- YTD 2026
- -46.54%
- Δ YoY
- —
Net income growth (YoY)
-45.5%
—
-45.5%
—
- H1 2025
- —
- YTD 2026
- -45.5%
- Δ YoY
- —
EPS growth (YoY)
-29.33%
—
-29.33%
—
- H1 2025
- —
- YTD 2026
- -29.33%
- Δ YoY
- —
FCF growth (YoY)
-279.01%
—
-279.01%
—
- H1 2025
- —
- YTD 2026
- -279.01%
- Δ YoY
- —