Biosergen Secures Funding Through Planned Merger Together with Flerie
August 19, 2026: Biosergen AB ("Biosergen" or the "Company") hereby publishes the interim report for the first half of 2026. The interim report is available as an attached document and on the company website (www.biosergen.net)
The first half of 2026 has been a period of significant change for Biosergen. We entered the year focused on advancing BSG005 toward the next stage of clinical development, while strengthening the manufacturing and regulatory foundations required for the program. Biosergen has also taken an important strategic step intended to provide BSG005 with the financial resources, expertise and long-term ownership needed for its continued development.
Biosergen thanks its shareholders, investigators, partners and colleagues for their continued support during an eventful and important period for the Company.
CONSOLIDATED FINANCIAL HIGHLIGHTS AND RATIOS
2026 | 2025 | 2025 | |
TSEK | Jan-Jun | Jan-Jun | Jan-Dec |
Profit/loss | |||
Profit/loss before depreciation (EBITDA) | -10 474 | -16 176 | -38 039 |
Operating profit/loss before net financials | -10 474 | -16 176 | -38 039 |
Net financials | -15 | -10 | 26 |
Net profit/loss for the period | -10 489 | -16 186 | -38 013 |
Balance sheet | |||
Cash | 3 234 | 33 266 | 15 367 |
Balance sheet total | 10 236 | 37 926 | 19 828 |
Equity | 704 | 32 576 | 11 763 |
Cash flows | |||
Cash flows from: | |||
Operating activities | -11 996 | -17 346 | -36 811 |
Financing activities | - | - | -38 |
Ratios | |||
Solvency (%) | 7 | 86 | 59 |
Earnings per share (SEK) | -4,47 | -6,89 | -16,19 |
Diluted earnings per share | -4,47 | -6,89 | -16,19 |
Highlights during H1 2026
- Biosergen paused development during the period to secure further financing
- Biosergen and Flerie have agreed on a merger plan
- The Board resolved a rights issue of SEK 40 million in connection with the merger with Flerie
CEO STATEMENT
The first half of 2026 has been a period of significant change for Biosergen. We entered the year focused on advancing BSG005 toward the next stage of clinical development, while strengthening the manufacturing and regulatory foundations required for the program. By the end of the second quarter, we had also taken an important strategic step intended to provide BSG005 with the financial resources, expertise and long-term ownership needed for its continued development.
At the beginning of the year, our operational focus remained on finalising the new supply of BSG005 drug substance. The work undertaken with our manufacturing partners has allowed us to further develop and strengthen the manufacturing process for BSG005. While additional work may still be required to establish a manufacturing setup that fully supports the program's longer-term clinical and regulatory needs, the activities completed to date have provided important experience and a stronger foundation for the next steps in development. In parallel, the successful Pre-IND meeting with the U.S. FDA provided valuable guidance and greater clarity regarding the regulatory requirements for further development of BSG005 in the United States.
Progressing a clinical-stage pharmaceutical program requires substantial and sustained financing. As communicated in our year-end report, Biosergen needed to strengthen its financial position to ensure continued operations and development. Despite extensive efforts to secure the necessary capital, the financing environment remains challenging. Against this background, the Board decided on 4 April to pause the continued development of BSG005 while evaluating strategic alternatives for the company and the program.
This was a difficult but necessary decision. Importantly, it did not change our assessment of BSG005 or the medical need it is intended to address. Instead, our priority became finding a structure that could provide the program with stronger financial and strategic foundations for its future development.
On 26 June, we announced an important step in that direction when Biosergen and Flerie agreed on a plan to join forces through a statutory merger. We are very pleased to welcome Flerie as a long-term strategic partner. Flerie brings extensive life-science investment experience, a strong network and a long-term approach to building value in innovative drug-development companies.
As part of the proposed transaction, Biosergen will carry out a rights issue of approximately SEK 40 million to strengthen the company's financial position and finance the continued development of BSG005. The rights issue is covered by subscription and guarantee undertakings corresponding to 100 percent of the issue. Subject to the required shareholder approvals and completion of the transaction, Biosergen's operations will subsequently continue within the Flerie group in a private-company environment.
We believe this represents an attractive path forward for BSG005. It provides an opportunity to combine the clinical and scientific progress already achieved by Biosergen with the capital, expertise and network needed to advance the program further. At the same time, Biosergen shareholders will retain exposure to the future development of BSG005 through their ownership in Flerie following completion of the merger.
The reason for continuing this work remains as compelling as ever. Invasive fungal infections represent a serious and growing global health challenge, particularly for immunocompromised patients with limited treatment alternatives. Recent developments involving Candidozyma auris, formerly Candida auris, illustrate the problem clearly. The organism can persist in healthcare environments, has demonstrated an ability to spread rapidly and is increasingly becoming endemic in certain healthcare systems. These developments reinforce the need for new therapies for severe and difficult-to-treat fungal infections.
The first half of 2026 has therefore required us to adapt our path, but not our purpose. BSG005 has demonstrated a clinical profile that we believe warrants continued development, and our focus has been on creating the conditions that can make this possible.
Looking ahead, our immediate priorities are to successfully execute the rights issue and the proposed merger with Flerie and, through this new framework, establish the strongest possible foundation for the continued development of BSG005. We remain committed to the objective that has guided Biosergen from the beginning: addressing life-threatening fungal infections where existing treatment options are insufficient.
I would like to thank our shareholders, investigators, partners and colleagues for their continued support during an eventful and important period for Biosergen.
Sincerely,
Tine Olesen
CEO Biosergen
For further information about Biosergen, please contact:
Tine Kold Olesen, CEO Telephone: +45 3135 5707
E-mail: tine.olesen@biosergen.net
Mark Beveridge, CFO Telephone: +46 76 805 8288
Email: mark.beveridge@biosergen.net
The Company's Certified Adviser is Carnegie Investment Bank AB (publ).
ABOUT BIOSERGEN
Biosergen is a biotechnology company in the clinical stage within the therapeutic field of life-threatening fungal diseases. Biosergen' s mission is to develop the drug candidate BSG005, into a new first line treatment choice for resistant and/or difficult to treat invasive fungal infections, to save thousands of lives of immune-compromised cancer- transplant- and AIDS patients every year.
