VALBIOTIS SA: Valbiotis publishes its interim financial statements and confirms its roadmap

DJ VALBIOTIS SA: Valbiotis publishes its interim financial statements and confirms its roadmap

VALBIOTIS SA 
VALBIOTIS SA: Valbiotis publishes its interim financial statements and confirms its roadmap 
09-Oct-2025 / 17:45 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
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Valbiotis publishes its interim financial statements 
 
and confirms its roadmap 

 -- A robust commercialization timeline successfully maintained in the first half 
 -- Cash position of EUR13.2M as of June 30, securing the funding for commercial expansion 
 -- Growth drivers primed: product portfolio effect, increased marketing and communications, expansion of the sales 
  force for 2025, paving the way for strong growth in 2026 
 -- Internationally, increased engagement with multiple partners 
 -- Confirmation of all financial ambitions through 2027 and 2030 

La Rochelle, Thursday, October 9, 2025 (5:40 PM CEST) - Valbiotis (FR0013254851 - ALVAL, PEA/PME eligible), a French 
laboratory specializing in the development and distribution of scientifically tested dietary supplements to support 
health at every stage of life, announces its results for the first half of the current fiscal year and reaffirms its 
roadmap through 2030. 
 
"During the first six months of the year, Valbiotis stayed on track with its ambitious schedule of commercial product 
launches in France. In the second half, we are accelerating our rollout thanks to a sharper targeting of our pharmacy 
sales force, a ramp-up in e-commerce and increased marketing investments made possible by the successful capital 
increase completed at the end of June. At the same time, internationally, discussions are picking up pace with several 
potential regional partners. Valbiotis is therefore able to confidently reaffirm all of its short- and medium-term 
financial ambitions," commented Sébastien Peltier, CEO and Co-Founder of Valbiotis. 

Key highlights 

Expansion of the marketed product portfolio 

During the first half of the year, Valbiotis expanded its marketed portfolio in line with the announced timetable. The 
Company successfully launched two new products in the ValbiotisPRO® range, designed to support cardiometabolic balance 
and well-being through natural solutions backed by strong scientific evidence: 
 
 - ValbiotisPRO® Metabolic Health (February 3, 2025), to help prevent cardiometabolic imbalance by targeting weight 
  management, blood sugar and triglyceride levels. 
 - ValbiotisPRO® Cardio-Circulation (June 2, 2025), tackling issues of elevated blood pressure and poor circulation 
  (heavy legs, tingling sensations). 
Alongside ValbiotisPRO® Cholesterol, the Company's first marketed solution, this lineup, resulting from 10 years of R&D 
based on proprietary clinical studies, now includes three products, all available in pharmacies and through the 
valbiotis.com e-commerce site. 
 
The Company also expanded its complementary ValbiotisPLUS® line during the first six months of the year with two new 
products, Collagène Marin Beauté (Marine Collagen for Beauty) and Collagène Articulation (Collagen for Joints), sold 
both on the Company website and through pharmacies. The range addressing signs of cardiometabolic imbalance and 
everyday health needs (Omega 3, Multivitamins, Serenity, Sleep, etc.) now comprises 12 dietary supplements in total. 

Finalization of research & development programs 
 
In R&D, the completion of existing programs continued with positive results in January from the Phase II/III HEART II 
trial on Lipidrive® (the active ingredient in ValbiotisPRO® Cholesterol). This study demonstrated its effectiveness in 
lowering LDL cholesterol among individuals with mild to moderate hypercholesterolemia. It strengthens the positioning 
of ValbiotisPRO® Cholesterol as a scientifically proven solution, offering an alternative to red yeast rice, a 
substance currently under close scrutiny from health authorities. 
 
Each product in the ValbiotisPRO® range now benefits from a comprehensive clinical journey, based on studies meeting 
the highest methodological standards. 

First-half 2025 financial statements 

The Company's first-half 2025 financial statements, prepared in accordance with IFRS, were approved by the Board of 
Directors on September 24, 2025. They have undergone a limited review by the Statutory Auditor and are available on the 
website (investors.valbiotis.com). 

A leaner cost structure focused on commercialization 

In the first half of 2025, Valbiotis generated revenue of EUR332K, compared with EUR35K a year earlier. This revenue, 
derived entirely from self-generated commercial sales, remains modest due to a still-limited product portfolio, with 
the majority of products launched in the second quarter of 2025 and expected to make their full contribution from the 
second half of the year. 

The first half validated the products' market positioning, as evidenced by the evolution of key operational metrics 
over the period: 
 
 - In B2B (pharmacies and wholesalers), the average order value exceeded EUR480 during the period, representing a 
  significant increase from the EUR237 average in 2024. Additionally, the restocking rate (relative to the total number 
  of orders) was very high at 63%. 
 - In B2C (e-commerce), Valbiotis had a total of 2,516 customers as of June 30, 2025, with an average order value 
  above EUR82, compared with EUR71 for the year 2024. 
Other operating income for the first half of 2025 was derived from the research tax credit (CIR), amounting to EUR53K, 
marking a sharp decrease (CIR was EUR531K at June 30, 2024) following the reallocation of R&D expenses in favor of 
commercialization. As a reminder, other operating income of EUR3,514,000 was recognized in the first half of 2024, 
corresponding to an IFRS adjustment with no cash impact, related to the end of the partnership with Nestlé Health 
Science (remaining balance of upfront payment). 

Operating expenses amounted to EUR5,053,000, representing a sharp decrease of EUR2,836,000 (or -36%). This change is the 
result of a significant reduction in R&D efforts in favor of the Company's commercial rollout, in line with the roadmap 
outlined at the end of January. 

Breaking down operating expenses, cost of sales (production costs for products and the entire logistics chain) was 
stable at EUR966K. R&D expenses decreased to EUR414K during the period, compared with EUR3,186,000 a year earlier, due to the 
completion of clinical studies and the closure of the research laboratory in Riom. General and administrative expenses 
also dropped sharply (-41.6%) to EUR819K, as a result of ongoing cost-saving efforts on structural expenses since the 
second half of 2024. 

At the same time, sales and marketing expenses rose by 47.3% to EUR2,567,000, explained by the establishment of the sales 
force, investments in digital marketing, sales enablement tools and media and consumer communication. These expenses 
accounted for 54% of operating expenses in the period (excluding share-based payment expenses), compared with 24% a 
year earlier. 

Net income showed a loss of EUR4,593,000 at mid-year, versus a loss of EUR3,503,000 in the first half of 2024. 

A cash runway extending through Q4 2026 

Cash flow from operating activities stood at -EUR3,916,000 at mid-year, compared to -EUR5,748,000 in the first half of 
2024. This was more than offset by positive cash flow from financing activities, totaling +EUR5,622,000. This amount was 
generated entirely from the fundraising completed on June 26 through a capital increase with retention of preferential 
subscription rights, which raised net proceeds of EUR5,699,000. 

As of June 30, 2025, Valbiotis therefore held cash and cash equivalents of EUR13,233,000, versus EUR11,580,000 as of 
December 31, 2024. This level provides the Company with a cash runway through the fourth quarter of 2026, based on 
conservative operating cash flow assumptions that do not include any revenues from potential international agreements. 

Outlook 

Expanded sales force, product range effect, marketing and communication efforts: key growth drivers fully activated in 
the second half 

In the second half of 2025, the strategy deployed aims to accelerate quality positioning in pharmacies - with a direct 
presence in 431 pharmacies to date, versus 262 at the end of 2024 - and among consumers, as a prerequisite for a strong 
ramp-up in 2026. The Company's commercial expansion will therefore benefit from several acceleration drivers by the end 
of the year, including: 

 - A reinforced sales force, backed by a team of 17 Medical Promotion Officers in the field (compared to an average of 
  13 in the first half of 2025), deployed across 19 geographic regions, now placing greater focus on targeting 
  healthcare professionals (physicians and pharmacists) as well as naturopaths, who are key advisors on dietary 
  supplements; 
  
 
 - An expanded portfolio now comprising three ValbiotisPRO® and twelve ValbiotisPLUS® products, the latter being 
  progressively listed in pharmacies (seven ValbiotisPLUS® products are expected to be listed by year-end), further 
  increasing the "product range effect" for greater in-pharmacy visibility; 
  
 
 - An intensified communication strategy to build awareness of both products and the laboratory, notably through media 
  exposure in professional, women's and general health publications  (France 2, Radio Classique, Top Santé, Madame 

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