H1 2026 report
Spin-off z Synektik SA (marzec 2026) dajacy Syn2bio wylaczne globalne prawa do SYN2 — innowacyjnego radiofarmaceutyku PET/CT F-18 do diagnostyki kardiologicznej; caly business case to jedno aktywio: wynik fazy III
Sentiment
Neutral
No guidance change
S2B
H1 2026 report
Summary
Investment thesis
- Gotowka 25,5 mln PLN zapewnia finansowanie badan przez 12-14 miesiecy od podzialu (~Q1 2027); brak dlugu bankowego; czysta bilansowo struktura kapitalowa
- DTA 18,5 mln PLN (38,5% aktywow) jest akceptem na przyszla rentownosc — calkowicie odpada przy nieudanej komercjalizacji; istotne ryzyko odpisowe
- Faza III prowadzona adaptacyjnie w Europie (PL/FI/NL/DE/IT) i przygotowywana w USA; SYN2 ma przewage technologiczna (F-18 t½ = 109 min, scentralizowana produkcja i dystrybucja) vs. krótkozyciowe izotopy Rb-82/O-15
- Realny burn rate ukryty w raportowanych wynikach (SF pokazuje -142K PLN netto za H1, ale prawdziwe koszty B+R to 15,2 mln PLN za H1 wg karwauktu Synektik — inwestorzy muszą korzystac z danych Synektik, nie wlasnego P&L S2B
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Financials
BETA
S2B · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0 | — | — | reported | — | 0.99 |
| EBIT | -0.14 | — | — | reported | — | 0.95 |
| Net income | -0.14 | — | — | reported | — | 0.95 |
| EPS (basic) (PLN) | -0.02 | — | — | reported | — | 0.95 |
| Shares (basic) (m units) | 8.73 | — | — | reported | — | 0.95 |
| Cash | 25.54 | — | — | reported | — | 0.95 |
| Total debt | 0.57 | — | — | derived | — | 0.90 |
| Net debt | -24.97 | — | — | reported | — | 0.90 |
| Equity | 43.09 | — | — | reported | — | 0.95 |
| Total assets | 48.07 | — | — | reported | — | 0.95 |
| Working capital | 22.25 | — | — | reported | — | 0.90 |
| Current assets | 26.37 | — | — | reported | — | 0.90 |
| Current liabilities | 4.12 | — | — | reported | — | 0.90 |
| CFO | -0.06 | — | — | reported | — | 0.95 |
| CapEx | 0 | — | — | reported | — | 0.95 |
| FCF | -0.06 | — | — | derived | — | 0.95 |
| Current ratio | 6.41x | — | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
0
—
0
—
- H1 2025
- —
EBIT
-0.14
—
-0.14
—
- H1 2025
- —
Net income
-0.14
—
-0.14
—
- H1 2025
- —
EPS (basic)
(PLN)
-0.02
—
-0.02
—
- H1 2025
- —
Shares (basic)
(m units)
8.73
—
8.73
—
- H1 2025
- —
Cash
25.54
—
25.54
—
- H1 2025
- —
Total debt
0.57
—
0.57
—
- H1 2025
- —
Net debt
-24.97
—
-24.97
—
- H1 2025
- —
Equity
43.09
—
43.09
—
- H1 2025
- —
Total assets
48.07
—
48.07
—
- H1 2025
- —
Working capital
22.25
—
22.25
—
- H1 2025
- —
Current assets
26.37
—
26.37
—
- H1 2025
- —
Current liabilities
4.12
—
4.12
—
- H1 2025
- —
CFO
-0.06
—
-0.06
—
- H1 2025
- —
CapEx
0
—
0
—
- H1 2025
- —
FCF
-0.06
—
-0.06
—
- H1 2025
- —
Current ratio
6.41x
—
6.41x
—
- H1 2025
- —