Oryzon Genomics has suffered this Friday a strong correction on the stock exchange floor, with a drop of close to 9% after communicating that it will submit for approval by an extraordinary general meeting a new capital increase of up to 125 million euros, again with the exclusion of pre-emptive subscription rights.
At the close of the session, the titles of the biotech company ended at 2,346 euros, after falling back 8.93%. According to the notice sent to the Spanish National Securities Market Commission (CNMV), the extraordinary meeting will be held next December 15, on second call and in full via remote means, through the platform available on the corporate website.
The market reaction has been clearly negative. Around 11:00 a.m., Oryzon shares led the declines on the Spanish Stock Exchange, with drops of close to 8% and a price of 2.35 euros per share. Later, the punishment intensified, reaching declines of nearly 10%, which finally moderated slightly to the 8.93% with which the trading day ended.
The main point on the agenda includes an increase in capital through contributions in cash and without pre-emptive subscription rights for the current shareholders. With this initiative, the company once again turns to the same financing route that it already used in late 2025, when the shareholders’ meeting gave the green light to another capital increase with identical characteristics and for the same maximum amount of 125 million euros.
Along with this capital increase, shareholders must vote on granting powers to the board of directors to increase the share capital and to exclude pre-emptive subscription rights, as well as on authorization to issue fixed-income securities, preferred shares, or convertible and exchangeable instruments into shares. The meeting will also submit to approval the possibility of acquiring treasury shares and the corresponding “voluntary” sustainability report for fiscal year 2025.
Minimum price and recipients of the capital increase
According to the proposed agreements consulted by Europa Press, the board of directors has established as a safeguard that the minimum price per share in this capital increase may not be less than two euros per share (0.05 euros of par value plus 1.95 euros of share premium).
The company has clarified that this two-euro threshold is aligned with the fair value of the company's shares as provided for in the Companies Law.
The placement will be directed exclusively to qualified investors—or to non-qualified investors who contribute at least 100,000 euros or in a number fewer than 150 per Member State—so that the small shareholder will be left out of the transaction.
To support the appropriateness of carrying out the transaction through a private placement and with the exclusion of the preferred subscription right, Oryzon has stated that the average daily trading volume of its shares over the last ninety days is around 152,000 shares, which represents approximately 0.18% of the outstanding capital.
Up to 62.5 million new shares
In this context, the board argues that the purchase by investors of a package of up to 62.5 million shares—resulting from dividing the 125 million euros planned between the 2 euros per share set as reference—directly in the secondary market would require a very prolonged operation, between 2,700 and 4,100 stock exchange sessions. This would correspond to a period of between 10 and 16 years, considering that the stock exchange calendar has about 250 business days per year, once weekends and public holidays are excluded.
At the same time, the Board of Directors considers it “convenient” to have available the margin that the regulations allow for the company to be able to allocate “necessary” own resources and respond “quickly and effectively” to the needs and opportunities that may arise.
“Raising a significant amount of own funds, up to 125 million euros, will allow, in the current context of geopolitical and market uncertainty, to strengthen the Company’s balance sheet, improve its equity resources structure, and, in doing so, facilitate the development of new therapies against cancer and diseases of the central nervous system with serious unmet medical needs,” they have emphasized from the executive body.
Half-year results and analysts’ recommendation
On the financial accounts front, the announcement of the capital increase comes after Oryzon recorded net losses of 1.36 million euros in the first half of 2026, which represents a cut of 11.5% compared with the “red figures” recorded in the same period the previous year.
The operating result at the close of the first half of the fiscal year was -€3.12 million, 6.5% worse than the -€2.93 million recorded in the first six months of 2025. Despite this, the company managed to more than double its turnover (+106%) in that period, to €8.69 million, to which other income amounting to €643,746 was added.
So far in 2026, the share price has accumulated a decline close to 25%. However, the seven research firms that follow the stock in the Bloomberg consensus maintain the 'Buy' recommendation and set a 12-month target price of €7.94 per share, which implies an upside potential of close to 240% compared with the current close.