Le er to the Shareholders from Chairman Simon Moroney

Dear shareholder,

The year 2022 was one of solid progress for Biotalys. Highlighted by advances in the development of our lead product candidate Evoca, the Company took important steps forward in executing its strategy to develop novel biocontrols for a sustainable and safe food supply. The year was challenging for our industry: the war in Ukraine impacted global food supplies and producers intensified their use of existing chemical fertilizers and crop-protection agents. While understandable, these stopgap measures only prolong the environmental challenges created by current agricultural methods.

At Biotalys, we understand that today’s farming and crop growing methods stress our environment. We believe that the future will look very di erent, and that the agricultural industry will be transformed by a shi to safer and more e ective pest control agents. Our Company’s purpose is to be a leader in this transformation by developing and applying technologies for the generation of pesticides based on naturally-occurring proteins, to the benefit of growers, consumers, and ultimately, society as a whole.

One step closer to the market

In 2022 we made major progress with our lead product Evoca. The first biofungicide of its kind in the industry, Evoca has been neither easy nor cheap to produce. Through a combination of outstanding work by our scientists and e ective partnerships, we achieved substantial improvements in production yield, a crucial step towards making Evoca a commercially a ractive product.

The innovative technology platform that Biotalys is refining and applying to develop new products is a core asset of the Company. Another asset is our people. In 2022 we strengthened the Company’s executive committee, with the appointment of Carlo Bou on. Carlo brings a broad understanding of our technologies, and his expertise will be invaluable as we continue to build our portfolio of product candidates.

The Biotalys share price was relatively stable during 2022, outperforming virtually all relevant indices. This is noteworthy at a time when the share prices of many companies that have recently gone public have su ered. As is o en the case with companies of our size, liquidity is limited. Nonetheless, we see widespread interest in the Biotalys story and support for our stock.

Looking Ahead

Looking to 2023, our main goal for the year is to secure regulatory approval for Evoca in the United States. Assuming such approval is secured, we will conduct a market calibration exercise to put the product into the hands of growers across the U.S. and gather their feedback. This will be a critical step in commercializing Evoca and in our life-cycle management of the product and its successors.

We will continue to work on other product candidates to build our portfolio beyond Evoca. In parallel, we are engaging with potential partners in the industry to explore ways of working together. Partnerships may o er an a ractive means of expanding the application of our technologies to other targets as well as maximizing the commercial opportunities for our proprietary product candidates.

Together on a great mission

Everyone who works at Biotalys is driven by the importance of our mission and understands that our Company’s purpose is closely aligned with the needs of society. We are guided by a vision of a future in which farming will use products for crop protection that are safer and more e ective than those available today. Biotalys can play a major role in this transformation and we are determined to do everything we can to make it happen.

The Company is well-positioned to be a leader in our industry, with a promising product candidate in Evoca, a powerful technology platform, and a great team.

I would like to thank you, our shareholders, for your ongoing support as we work to create a be er future for all.

Key facts

Simon Moroney Chairman of the Board of Directors

Based in the Ghent biotech cluster HQ and laboratories in Ghent, Belgium, with a key subsidiary in RTP, North Carolina, U.S.

Significant market potential

Addressable market potential of $ 4.8 billion through the various product programs. Spin-o from the VIB Company established in 2013 as a spin-o from the Flanders Institute for Biotechnology.

Versatile product pipeline

Broad and diversified pipeline in biofungicides, bio-insecticides and biobactericides.

First

Product

Evoca™ Biotalys’ first biofungicide, submi ed for registration to regulatory authorities and expected to enter the U.S. market in 2023.

Strong patent portfolio

Strong IP position with close to 20 patent families related to the AGROBODY™ technology and pipeline.

AGROBODY Foundry™

Proprietary technology platform built to develop unique proteinbased biocontrol solutions for growers worldwide.

Highly qualified team 75 team members from 13 nationalities.