CrowdFundMe • Biogener
Financiación participativa
Biogener
Biogenera is a Bologna biotech that has spent 17 years developing a new type of cancer drug that switches off a gene (MYCN) which drives some of the most aggressive childhood tumours; it wants to prove the drug in a first human trial and then license it to a large pharmaceutical company.
Key project data
Target amount
5,0 MEUR
Equidad
0,3%
Valuations
89,95 MEUR
Rendimiento potencial
5–7x
Año previsto de salida
2033
Would AI invest?
58/100
1
100
Resumen generado por IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">Biogenera S.p.A. — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Biogenera is a Bologna biotech that has spent 17 years developing a new type of cancer drug that switches off a gene (MYCN) which drives some of the most aggressive childhood tumours; it wants to prove the drug in a first human trial and then license it to a large pharmaceutical company.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong><em>Biotech — paediatric oncology, orphan drugs</em><strong> · Stage: </strong><em>Pre-revenue, entering first human trial (Phase I planned Q1 2027)</em><strong> · HQ: </strong><em>Bologna area (Alto Reno Terme / Ozzano dell'Emilia), Italy</em><strong> · Raise: </strong><em>€250K minimum – €5.0M maximum on CrowdFundMe; €469K raised at 26 Aug 2026</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 / 5</span></strong><span style="color:black"> — Stretched but arguable. The €90m pre-money sits above the 2025 average for VC-priced biotech Series A rounds (≈ $79M, Qubit Capital) and below the $150–300M range recorded for Phase 1–2 biotechs (Baybridge Bio) — but those are institutional rounds with stronger investor rights, and Biogenera's price has been set by the company itself across successive crowd rounds (€70m in 2021, €80m in 2024).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 58 / 100 — Average</span></strong><span style="color:black"> The drug is manufactured to clinical standard and its orphan status is independently confirmed; the biggest gap is money — €0.9m of cash at the end of 2025 against a yearly cash decrease of €1.9m, with the first patient still five months away.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 5–7x over 4–6 years</span></strong><span style="color:black"> (stage-standard for a company at this level of funding — the company gives no target of its own). If reached, illustratively <strong>1.5x–4x</strong> before fees and future dilution. Method: the disclosed post-money of €95m compared with the next-stage valuations the benchmarks record for biotechs entering or in early trials — $79M Series A average (Qubit Capital, 2026) and $150–400M Series B (Baybridge Bio) — treating dollars and euros as roughly equal for this illustration. The 5–7x target itself would need an equity value of roughly €478m–€668m, above the top of the next-stage valuations we could find on record. These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:467px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified against public sources four of the five orphan-drug designations (EMA and FDA register numbers quoted in peer-reviewed papers), the two peer-reviewed studies on the drug, the clinical-research partner (CVBF), the CEO's and CFO's backgrounds, the 2021 and 2024 crowd rounds and the live status of this one. The company's own statutory accounts (2023–2025) give the financial picture; the 2025 accounts are a draft dated 31 March 2026 without an audit opinion in the pack. The 2026–2033 projections, the patent list, the licensing talks, today's cash balance and the fairness opinion behind the €90m price rest on the company's word — see the questions section. <strong>Your money is locked in. </strong>Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold, listed or a similar event happens.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The valuation-fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the preconditions in place to reach a stage where an exit or return event can happen: it audits readiness on the disclosed evidence, it is not a probability of success, and even companies with every precondition in place fail more often than they succeed — which is why crowdfunding only works as a small part of a diversified portfolio. The potential-returns range is an illustration of what a successful outcome could pay, drawn from named sector benchmarks, not a forecast. Where something was not in the pack we reviewed, it did not lower any score; it appears in the questions list so you can ask the company directly before investing. The listing was reviewed by CrowdFundMe, a crowdfunding platform licensed under EU Regulation 2020/1503, before going live; where a fact could exist outside the pack (interviews, the company's data room, the platform Q&A) we say so rather than assume the worst. Nothing in this memo is a recommendation.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The drug (BGA002) has been made to human-use standard: the company reports the active substance and sterile vials are complete and ready for the first patients; a trial site (Padova children's hospital), lead doctor, and clinical-research partner (CVBF, confirmed by an EU paediatric research body) are named, and a paediatric plan was filed with the EU regulator in May 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent evidence exists: orphan-drug status from both EU and US regulators is confirmed in peer-reviewed papers (Cancer Research 2019, Nucleic Acid Therapeutics 2024), which also describe animal results — more than 70% tumour reduction in one model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A long funding track record: about €15m of equity since 2009, including a venture fund (Meta Ventures, 31% owner), five crowd rounds and €2.7m of bank loans; this round has already passed its minimum (188%).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cash is tight: €899k at 31 December 2025 after cash fell by €1.88m in the year; the accounts say the company's ability to continue rests on this fundraise; no licence deal is signed; the founders are putting no money into this round (KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dates have slipped: the 2024 accounts expected the first patient in the second half of 2025, later company statements said early 2026, and the plan now says Q1 2027. A promised Paris stock-market listing, announced since 2021, was suspended in March 2025 and the warrants given to 2024 investors lapsed as a result.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You buy last-ranking shares at a high price: €90m pre-money is 14 times the company's book equity; about €3.3m is paid to earlier shareholders before proceeds are shared; founders and the venture fund together hold 79.6% and control every major decision. The CEO's career (confirmed) is in pharmaceutical equipment, with no prior drug-development role on his CV.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. One term to know about: under the company's Articles, roughly €3.3m of any sale proceeds is paid to earlier shareholder groups before everyone shares the rest — small in a large sale (about 1% on a €300m sale), large in a small one (about a third on a €10m sale). Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Biogenera S.p.A. was founded in 2009 out of the University of Bologna and designs drugs made of an artificial DNA-like material (peptide nucleic acid, 'PNA') that attach directly to a faulty gene and stop it working. Its lead drug, BGA002, targets MYCN, a gene the company says is switched on abnormally in about half of the deadliest childhood cancers (neuroblastoma, rhabdomyosarcoma) and a quarter of aggressive adult cancers such as small-cell lung cancer. The company will not sell drugs itself: it plans to license BGA002 to a large pharmaceutical company after the first human trial, earning an upfront payment, further payments as the drug passes development milestones, and a percentage of sales (royalties). It has never had revenue; it has been funded by a venture fund, private investors, five crowdfunding rounds and bank loans, and has capitalised €8.0m of development cost on its balance sheet. The company reports that in 2025 it completed manufacturing of the drug to human-use standard and finalised the trial protocol; the first trial, with 9 to 12 children, is planned to start in early 2027 at Padova University Hospital. This raise funds the regulatory work to start that trial (at €250k), the full trial (at €2.5m: €2.2m trial costs plus €0.3m of extra drug batches) and, at €5m, preparation for a second trial, new drug candidates and a small 'Longevity' wellness-testing side project. The company employs six people and works with outside laboratories and consultants for most of its research.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">5–7x over 4–6 years. The company gives no return target of its own — the Q&A says returns 'are not guaranteed but can be very high'. We therefore use the standard expectation for a company at this level of funding (a venture-backed company that has raised about €15m and is priced at €90m — the 'Series A' rung of the stage ladder), which is 5–7x over 4–6 years. Most early-stage investments return little or nothing.</span></span></p> </td> </tr> <tr> <td rowspan="4" style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The route is a licence deal, not a product launch. Per the deck: first patients treated in Q1 2027, first-stage trial results by mid/late 2027 (the deck marks Q2 2027–Q1 2028 as the 'first potential licensing window'), full Phase I complete by Q1 2028, a Phase II in 2028–2029 run with a pharma partner, and a conditional EU approval in 2030. The company's own financial model shows first licence income of €3.9m in 2027, €13m in 2029 and €39m in 2030. The deck supports this with the following licensing deals it considers comparable (reproduced from the dossier, all figures as the company presents them; the two Day One deals were verified against the buyer's press releases):</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Deal — Indication — Stage — Upfront — Potential total — Year</strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Day One / MabCare — DAY301 (antibody-drug conjugate) — Neuroblastoma, RMS, osteosarcoma + adult — Phase 1 — $55M — $1,207M — 2024</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Y-mAbs / SciClone — DANYELZA + omburtamab — Neuroblastoma, relapsed high-risk — Ph 2 / approved — $20M — $120M — 2020</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IGI / AbbVie — ISB 2001 — Multiple myeloma — Phase 1 — $700M — $1,925M — 2025</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Allarity / Oncoheroes — Dovitinib + Stenoparib — Paediatric tumours — Pre-IND / Ph 1 — n.d. — $2M + royalties — 2022</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Kronos Bio / Genentech — KB-0742 — Solid tumours, lymphoma — Phase 1/2 — $20M — $554M — 2023</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Day One / Ipsen — Tovorafenib — Paediatric low-grade glioma — Post-Phase 2 — $111M — $461M — 2024</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">MorphoSys / Novartis — novel-target inhibitor — Oncology, preclinical — Preclinical — $23M — n.d. + royalties — 2022</span></span></li> </ul> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company's own positioning of BGA002: upfront $5–25M ('conservative'), total potential $150–400M, first-in-class mechanism. The deck's stated median upfront for Phase 1 deals is $20–55M and the typical total $200–500M; the Q&A and campaign page quote a wider $10–100M upfront range. These are payments to the company over many years, not the price an investor's shares would fetch.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the disclosed terms (post-money €95m at the maximum raise), a 5x return for a class C share needs the company's equity to be worth about €478m at exit, and 7x about €668m, after the €3.3m paid first to earlier shareholders and before any dilution. In plain terms: the first human trial must start on time and show the drug is safe and active, a pharma partner must sign a licence on terms near the company's comparables, and the company must then be sold or listed at several times its current price. Every one of those steps sits ahead; none has happened yet.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustratively 1.5x–4x before fees and future dilution. Method: the €95m post-money compared with the next-stage valuations recorded in the dossier's benchmarks block — an average of about $79M for biotech Series A rounds in 2025 (Qubit Capital, April 2026) and $150–400M for Series B rounds of companies at preclinical to Phase 2 stage (Baybridge Bio) — treating euros and dollars as roughly equal for the illustration. These are financing values, not sale prices; the benchmarks block records no completed trade sales of comparable companies, so the 5–7x target 'would require an exit larger than any we could find on record' in this pack. These figures do not include dilution from future fundraising rounds, which would reduce an early investor's share and actual returns — see the dilution section for how this works.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Why aim for this target? </span></strong><span style="color:black">Investing in a company at this stage is high risk. Most such companies return little or nothing, and in drug development the majority of candidates entering a first human trial never reach the market. A few large successes must pay for the many losses, so an investment at this level of maturity is typically aimed at roughly 5–7x over 4–6 years. Reaching that hurdle remains a minority outcome even for well-prepared companies.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">62</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">11%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — A credible board and advisory network (venture partner, finance professor, three confirmed academic clinicians) around a six-person company whose CEO's confirmed career is in pharmaceutical manufacturing equipment, not drug development; directors' fees rose from €39,758 to €199,730 in 2025 while the loss widened.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product readiness (clinical)</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">64</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — Manufacturing to human-use standard, a named site, lead investigator, CRO and a filed paediatric plan are real steps; no human data exists yet, the trial start has moved three times since 2024, and the company's own documents give two different trial sizes (9 vs 12 children).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & funded path</span></strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Weak — €15m raised over 17 years and a fifth crowd round already past its minimum, but end-2025 cash of €899k against a €1.88m yearly decrease, going concern tied to this raise, no licence after two years of talks, a suspended listing, lapsed warrants, and a press-stated minimum target that the offer document contradicts.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">11%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — A genuine unmet need (high-risk neuroblastoma survival below 50%, confirmed) with orphan status that grants years of exclusivity if approved; the company's 18,000-patient / $3bn estimate and the orphan-market growth figures rest on its own calculations without a bottom-up model.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — Licensing is the normal route for a company like this and the deck's comparable deals are real; however no deal exists after talks since 2024, and the 2026 projections do not reconcile with the 2025 accounts or with this offer (four separate mismatches).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — No other drug aimed specifically at the MYCN gene was found in human trials, supporting the first-mover claim; a Spanish pan-MYC inhibitor (OMO-103) is a stage ahead in Phase 2 including children, and no drug of Biogenera's chemical class has ever been approved.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Technology risk</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — Two peer-reviewed papers, four confirmed orphan designations and a completed manufacturing process show substance; the modality is unproven in humans, the company itself calls PNA manufacture an industry-wide challenge, and 88% of capitalised development spend sits in one drug.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Regulatory & compliance</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">72</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — Orphan designations from EMA and FDA (four of five verified in the public record), a paediatric plan filed with EMA, a specialist CRO under contract, a complete KIIS with no tax-relief overstatement, statutory auditors and BDO appointed; the Phase I trial application itself is still to be filed.</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weights</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p> </p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">100%</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Stage: Series A rung (Traction 30 / Team 15 base), with 15% moved to Technology risk (novel drug modality) and 12% to Regulatory & compliance (orphan-drug and clinical-trial regime), the remaining categories scaled pro rata.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:60px"> <p> </p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:353px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — the preconditions that exist (drug made, regulators engaged, site named) are real; the precondition that is thin is a funded path to the first data — money and time.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars, the platform Q&A or the company's data room. The score above is based on what <em>was</em> available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">1. What was the cash balance at 30 June and 31 July 2026, and what is the monthly cash need budgeted for the rest of 2026 and for 2027? (The last figure in the pack is €899k at 31 December 2025.)</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">2. How many children will the first trial treat — 9 in three groups (deck) or 12 in four groups (KIIS) — and has the trial application been filed with the Italian regulator?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3. Can you share EMA's acknowledgement of the paediatric plan (PIP) submitted on 28 May 2026, and when do you expect its opinion?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">4. Can you provide the FDA letters for the October 2025 soft-tissue-sarcoma orphan designation and the 2018 rare-paediatric-disease designation, and confirm whether the priority-review voucher entitlement still applies?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">5. Who wrote the independent fairness opinion supporting the €90m pre-money valuation, when, and using which method — and can investors read it?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">6. What capital raise does the 2026 projected balance sheet assume (it implies about €8m of new capital at about €1.60 per share), and why do its opening figures differ from the 2025 accounts (accumulated losses, intangible assets, bank debt)?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">7. The press release of 21 July 2026 stated a €2.5m minimum while the KIIS minimum is €249,984 — what does the trial plan look like if the raise closes between €250k and €2.5m?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">8. Which pharmaceutical companies are in active licensing discussions, at what stage (confidentiality agreement, data room, term sheet), and what upfront range is under discussion versus the deck's $5–25M?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">9. Has BDO issued its audit opinion on the 2024 accounts, have shareholders approved the 2025 accounts, and were there any qualifications?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">10. Can you provide the patent schedule behind '48 patents in 46 countries' — numbers, countries, filing and expiry dates — and say which patents cover the BGA002 molecule itself and when they expire?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">11. Who received the €847,681 of outside research consultancy capitalised in 2025 (and €384,300 in 2024), and are any of them connected to directors, founders or shareholders?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">12. Why did directors' fees rise from €39,758 (2024) to €199,730 (2025), and who receives them?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">13. Do investors in this round receive warrants, and what are the terms of the 'Warrant Biogenera 2025–2028' given to 2024 investors (price, trigger, expiry)?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">14. Is there a shareholders' agreement with Meta Ventures, and does the veto that the venture fund's directors hold over 'licensing of intellectual-property rights' apply to the planned BGA002 licence?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">15. Is the Euronext Paris listing still planned, on what funding condition set by Euronext, and what became of the €49,000 of listing costs written off in 2025?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">16. What were EMA's 2009 and 2010 orphan designations (EU/3/09/692 for neuroblastoma, EU/3/10/789 for medulloblastoma) for, and what is their status?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">17. Who owns what share of the company by name before and after this round, is there an employee share-option plan (the Articles refer to one), and what reporting will shareholders receive and how often?</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">18. How much of the €553,200 owed to suppliers at 31 December 2025 was overdue, and what is the position today?</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would buy newly issued class C ordinary shares in Biogenera S.p.A. at €57.60 each — at least ten shares (€576), then in steps of five shares (€288). You are registered directly as a shareholder (CrowdFundMe also offers an optional arrangement where a trust company holds the shares in your name to simplify paperwork, called 'rubricazione'). Each share carries one vote, but class C investors as a group hold about 20% of the votes and can only appoint one of six directors if all of them agree — in practice the founders (class A, 48.6%) and the venture fund Meta Ventures (class B, 31.0%) decide everything that needs a two-thirds majority, including future share issues. If the company is sold, you have the right to sell your shares on the same terms as anyone else ('tag-along'), and you would receive your share of the proceeds after lenders and after roughly €3.3m paid first to the earlier shareholder groups. Full mechanics are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Six board members and a six-person operating team. The CEO, Massimiliano Cesarini (in post since December 2024), has a confirmed 15-year career selling and engineering sterile pharmaceutical manufacturing equipment at Comecer, Romaco and Omnia Technologies, and chairs an international sterile-processing committee (ISPE); his CV lists no prior drug-development or clinical role. The scientific founder, Prof. Roberto Tonelli of the University of Bologna, co-authored the drug's peer-reviewed papers. The board includes a partner of the venture fund that owns 31%, a finance professor based at the University of New Hampshire who also acts as CFO, and two lawyers. The KIIS names the CEO and the head of business development, Federico Ragni, as key-person dependencies.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CEO's manufacturing and GMP background is confirmed by ISPE and matches the company's 2025 milestone (manufacturing to clinical standard).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named clinical and academic advisors — Prof. Biffi (Padova), Prof. della Pasqua (UCL, co-author of the 2024 paper), Profs Cohn and Desai (Chicago) — are real appointments confirmed in the public record.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Venture-fund representation on the board and a finance academic as CFO give the company institutional oversight unusual for a crowd-funded issuer.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No one on the executive team is shown with prior experience taking a drug through human trials or negotiating a pharma licence; the head of business development has no CV in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Directors' fees rose five-fold to €199,730 in 2025 (accounts: 'rafforzamento della struttura di governance') while the company's cash fell by €1.88m.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two positions marked 'to be filled' (bioinformatics, financial controller); 2025 research was largely bought in from outside consultants (€847,681 capitalised).</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product readiness (clinical)</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">BGA002 has completed animal testing published in Cancer Research (2019) and Nucleic Acid Therapeutics (2024): it shrank MYCN-driven tumours in mouse models of three cancers and showed predictable behaviour in the body. The company reports that in 2025 it completed the drug's manufacture to human-use (GMP) standard, including sterile vials made by the Italian contractor Diatheva, finalised the trial protocol with the CRO CVBF, and filed a paediatric investigation plan with EMA on 28 May 2026. The first trial is planned for Q1 2027 at Padova University Hospital under Prof. Alessandra Biffi. No human has yet received the drug.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2024 paper (first author is the company's own regulatory head) shows linear dosing behaviour, no build-up in blood, and drug concentrating in tumours — the kind of data regulators expect before a first human trial.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The CRO engagement is confirmed by an independent EU research body (EPTRI); the trial site and lead investigator have spoken publicly about the plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Manufacturing partners are named in the accounts (Corden, Diatheva, Luminex, ERBC), and the company states a reference standard and stability studies are in place.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The trial start has moved from 'second half of 2025' (2024 accounts) to Q1 2026 (company, October 2025) to Q1 2027 (current plan) — the evidence points against the reliability of stated dates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck says 9 children in three groups; the KIIS and campaign page say 12 in four groups — the company's own documents disagree on the trial's size.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The trial application itself has not been filed, and the manufacturing milestones rest on company statements without a certificate or third-party confirmation in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & funded path</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Since 2009 the company has raised about €15m of equity (a venture fund, private investors, Provita, and crowd rounds in 2017, 2018, 2021, 2022 and 2024) plus €2.7m of bank loans. Revenue is nil by design. The 2025 accounts show a loss of €1,090,518 (2024: €753,783; 2023: €600,222), cash of €898,999 after a €1,884,051 decrease in the year, bank debt of €1,862,707 with repayments starting around July 2026, and supplier debt tripling to €553,200. The directors state the company can continue as a going concern on the strength of this capital increase; no licence agreement had been signed at 31 March 2026. This round had raised €469,037 from 85 investors by 26 August 2026, 188% of the minimum.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Five completed crowd rounds, including a record €2.87m from 644 investors on the same platform in 2021 (confirmed), show the company can repeatedly raise money from retail investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The money raised in 2024 was applied as stated: drug substance and sterile vials are reported complete, and a CRO and trial site are in place.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This round passed its minimum within weeks of launch; R&D tax credits (€108,357 in 2025) and a Horizon Europe grant supplement equity.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">End-2025 cash covers roughly five to six months at the 2025 rate of decrease, and the first patient is planned for Q1 2027 — the funded path to the first data depends on this raise reaching well above its minimum.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Paris listing promised to 2021–2024 investors was suspended by Euronext in March 2025 pending funding for a second trial; the warrants attached to the 2024 round lapsed as a result (2024 and 2025 accounts).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's 21 July 2026 press release stated a €2.5m minimum raise; the KIIS minimum is €249,984 — a direct conflict between two company communications on the size of the funded plan.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company targets MYCN-driven cancers: it reports about 18,000 new cases a year worldwide across neuroblastoma, soft-tissue sarcoma and small-cell lung cancer, a potential market of about $3bn, and cites cancer-registry sources for its estimate that MYCN is involved in roughly half of the deadliest childhood cancers and a quarter of aggressive adult cancers. High-risk neuroblastoma affects about 1,000 children a year in Europe and the US with five-year survival below 50% — a figure consistent with the peer-reviewed literature. The orphan-drug market figures quoted on the campaign page ($190bn in 2024 to over $490bn by 2033) carry no named source.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The medical need is real and documented in independent literature: high-risk neuroblastoma survival below 50%, no approved therapy aimed at MYCN.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Orphan status in both the EU and US (verified) gives 10 and 7 years of market exclusivity respectively if the drug is approved.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Adult expansion indications (small-cell lung cancer, glioblastoma, leukaemias) are named and one (SCLC) already carries an FDA orphan designation.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 18,000-patient and $3bn figures are management estimates with no bottom-up model (patients × price × uptake) in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rare-disease markets are small by construction: the 1,000-patient high-risk neuroblastoma population is the core indication.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The orphan-market growth statistics on the campaign page are unsourced.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Biogenera intends to earn from one or more licence deals: an upfront payment, milestone payments as the drug advances, and royalties on sales, with the partner running later trials and commercialisation. The deck reproduces seven licensing deals it considers comparable (two of which — Day One/MabCare and Day One/Ipsen — we verified) and positions BGA002 at a $5–25m upfront and $150–400m total. The accounts record contacts with European, US and Japanese pharma companies since a Bio-Europe meeting in March 2024, still without a signed agreement at 31 March 2026. The deck's projections show licence income from 2027 and a €15m net profit in 2030.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The licensing route is the standard way a small biotech turns a drug into money without building a sales force, and the comparable deals in the deck are real transactions of that shape.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Four confirmed orphan designations and a completed manufacturing process are exactly the assets a licensee looks for; the deck's own upfront estimate ($5–25m) is below its comparables' median, i.e. not aggressive.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has diversifying options on paper: seven further drug candidates from its MyGenera platform and a wellness-testing offer.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No licence, term sheet or named counterparty exists after more than two years of discussions (accounts 2024 and 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 2026 projected balance sheet implies about €8m of new capital at about €1.60 per share and does not match the 2025 accounts (accumulated losses, intangibles, bank debt) or this offer's price; the 2026 projected loss differs by €400,000 between the profit-and-loss and balance-sheet tables.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Q&A quotes $10–100m upfronts for comparable deals while the deck's own table shows $20–55m medians and a $5–25m expectation for BGA002 — the company's documents describe the prize inconsistently.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states BGA002 is the first and only drug designed to block the MYCN gene in human trials. Our search found no other MYCN-specific drug in the clinic, and a January 2026 review in Cell Reports Physical Science lists Biogenera as initiating Phase 1. The nearest competitor is Peptomyc's OMO-103, a Spanish drug that blocks the whole MYC family: it completed a Phase 1 trial with published results (Nature Medicine 2024) and is recruiting a Phase 2 in bone cancer that includes children. Other approaches that dampen MYCN indirectly (BET, Aurora-A inhibitors) have been tested in children.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First-mover claim is partially confirmed: no direct MYCN blocker was found ahead of BGA002 in human trials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The drug's chemistry (PNA) is described in the literature as unusually stable and precise, and the company reports 48 granted patents around it.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Peptomyc's progress shows that a MYC-family inhibitor can pass a Phase 1 safety test, which is a helpful precedent for the class.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">OMO-103 is a full stage ahead and already dosing children; a partner weighing licences may compare the two.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No drug based on PNA chemistry has ever been approved anywhere; the most advanced PNA (Olipass, osteoarthritis) is in Phase 2a.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck contains no competitor table; the company's own competitive analysis is not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Technology risk</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">PNA drugs are synthetic molecules that mimic DNA and bind to a target gene; none has reached the market. Biogenera's evidence base is two peer-reviewed papers, four independently verified orphan designations, a University of Bologna research agreement running since 2009, and — per the company — the first large-scale GMP manufacturing process for a PNA drug, achieved after several years of work on purity and yield. The company carries €8.0m of unamortised development cost on its balance sheet (84% of all assets), of which €7.0m relates to BGA002, and reports 48 granted patents in 46 countries with one application pending.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent journals have published both efficacy (tumour reduction in three cancer models) and pharmacokinetic data on this exact molecule.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Manufacturing scale-up — which the company describes as the industry's hardest step for PNAs — is reported complete, with named contractors and reference standards.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform has produced additional candidates (BGA003 against MYC, plus five research-stage programmes).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The modality has no human safety or efficacy history; the first patients will be children with refractory cancers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">88% of all capitalised development spend is in one molecule; the second candidate (BGA003) has had no spend since 2023.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent figures have varied across company communications ('over 50' in 2021, '45 countries' in 2024, '48 in 46' now) and no patent list with expiry dates is in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Regulatory & compliance</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">BGA002 holds orphan-drug status for neuroblastoma from both EMA (EU/3/12/1016, 2012) and FDA (DRU-2017-6085), for soft-tissue sarcoma from EMA (2016), and for small-cell lung cancer from FDA (2018) — all four confirmed in peer-reviewed or third-party sources. The company also reports an FDA soft-tissue-sarcoma designation (October 2025) and a rare-paediatric-disease designation (2018) which we could not find independently. A paediatric investigation plan was filed with EMA on 28 May 2026; the Phase I trial application is planned for late 2026. The offer itself is made under the EU crowdfunding regulation with a complete KIIS, statutory auditors and BDO as external auditor.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:313px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Four of five orphan designations verified in the public record; orphan status brings reduced fees, regulatory advice and post-approval exclusivity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A specialist paediatric CRO (CVBF) is contracted and a paediatric plan has been filed — the two regulatory preconditions for a children's trial in the EU.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The KIIS is thorough and candid: it states that no PMI-innovativa tax relief applies to this round and names the key-person and dilution risks.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:313px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The trial application to the Italian regulator has not yet been filed, and the ethics-committee approval is not in the pack we reviewed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The rare-paediatric-disease voucher's current status is not stated; the FDA programme's rules have changed over time.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two earlier EMA orphan designations granted to the company in 2009 and 2010 are not mentioned in the pack, and their fate is unknown.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€89,952,076.80 (KIIS) — the company's value before new money; the deck rounds this to €90m. Equal to 1,561,668 existing shares × €57.60.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€90.2m if only the minimum is raised; €94.95m at the €5.0m maximum.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — newly issued class C shares (ordinary shares with one vote each, ranking last in the payout order described below).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">0.3% at the minimum raise; 5.3% at the maximum (KIIS). At the €469k raised so far: about 0.5%.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the deck, the €90m is 'certified by an independent fairness opinion' and reflects the 2025 manufacturing milestones; the opinion, its author and method are not in the pack we reviewed. The 2024 value of €80.33m came from a scientific due diligence commissioned by the previous platform (fee €18,000, per the 2024 accounts). Share price rose 9.3% from €52.70 (2024) to €57.60.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Qubit Capital (Apr 2026): biotech Series A valuations averaged about $79.4M in 2025. Baybridge Bio: Series B valuations $150–300M for companies at preclinical to Phase 2 stage, some $300–400M. Vision Life Sciences (Feb 2026): a 2026 Series A 'typically requires IND-ready data or Phase I initiation' with $50–80M round sizes. Peptomyc (clinical-stage MYC inhibitor, Spain) raised €5M with no disclosed valuation. Against the company's own accounts: €90m is 14.1× book equity, 11.2× cumulative development cost and 6.3× all capital ever paid in.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">3 / 5 — stretched but arguable. The price falls between the Series A average and the Series B range for biotechs at this stage (Qubit Capital; Baybridge Bio), which supports it in headline terms; but those benchmarks are institutional rounds with preferred shares, board seats and cheques ten times larger, whereas this price was set by the issuer in successive crowd rounds and stepped from €7.3m (2018) to €70m (2021) without a clinical event in between (KIIS prior-offers table).</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:433px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Class C shares rank last in a fixed payout order (about €3.3m to earlier shareholders first). No warrants or tax relief are attached to this round. Founders contribute no money to the round. A 66% shareholder majority — held by classes A and B together — controls future share issues and distributions.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>Not in the pack we reviewed: a cash-flow statement or runway for 2026–27 (the 2025 accounts use the abbreviated format), the fairness opinion behind the €90m price, a cap table by name, the trial protocol and application, the patent schedule, any licence term sheet, the warrant terms for 2024 investors and whether this round receives warrants, and the audit opinions for 2024 and 2025.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>Trial size 9 children (deck) vs 12 (KIIS/campaign). Pre-money €90,000,000 (deck) vs €89,952,076.80 (KIIS). 2026 projected loss €3,373,240 (P&L) vs €2,973,240 (balance sheet). Projected 2026 capital implies ≈ €8m raised at ≈ €1.60/share vs €5m maximum at €57.60. Projected 2026 opening balances differ from 2025 actuals (losses carried forward €10.5m vs €7.9m; intangibles €7.3m vs €8.2m). Reward tier for €10,000: 'Advanced' (Q&A) vs 'Premium' (campaign). Upfront expectation $10–100m (Q&A) vs $5–25m (deck). Warrants shown as outstanding at end-2025 although stated to have lapsed. Crowdfunding-cost amortisation stated as both three and five years in the accounts.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>The company's press release of 21 July 2026 (reported by Il Giornale d'Italia, Farmacia Virtuale, PMI News and others) states a minimum raise of €2.5m; the KIIS and the CrowdFundMe page state €249,984. Patent and country counts have varied across company communications (2021: 'over 50 approved, 10 pending'; July 2024: '45 countries'; 2026: '48 in 46'). Stated trial-start dates have changed three times since 2024.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>None found in public registries or news searches for the company or its directors. The 2025 accounts declare no litigation, contingent liabilities or related-party transactions.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>2017 TipVentures €381k at €8.5m pre-money; 2018 BackToWork €715k at €7.3m; 2021 CrowdFundMe €2.87m from 644 investors at €70m (confirmed) plus €450k private; 2022 2meet2biz €235k at €70m; 2024 Mamacrowd €1.58m from over 500 investors at €80.33m (confirmed) plus €361k private; venture rounds of €1.5m and €1.1m from Meta Ventures (2009–15); bank loans of €1.2m (2020) and €1.5m (2023). Milestones against the 2024 round: GMP manufacturing delivered; Phase I not started (promised for late 2025); Paris listing not achieved, warrants lapsed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #999999; border-left:none; border-right:1px solid #999999; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>€90m pre-money sits above the $79.4M average Series A biotech valuation (Qubit Capital, 2025 data) and below the $150–300M Series B range for preclinical-to-Phase 2 companies (Baybridge Bio); it is 14.1× book equity and 11.2× cumulative development cost; the deck's own 2030 net-profit projection of €15m would put today's price at 6× that figure. No completed sale of a comparable company is recorded in the pack.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Class C shares in Biogenera S.p.A., a joint-stock company, held directly in your own name (with an optional 'rubricazione' arrangement through the platform's trust company). Each share carries one vote at shareholder meetings, the same as class A (founders) and class B (the venture fund). Directors are elected by lists: three from the founders' list, two from the venture fund's list, and — only if the board has six seats — one chosen unanimously by all class C holders; with roughly 1,500 crowd investors, that unanimity is hard to reach, and if it is not, the seat is forfeited (Articles, art. 26). Decisions such as issuing new shares, paying dividends, changing the Articles or appointing directors need 66% of the share capital (art. 19.2); classes A and B together hold 79.6%, so they can pass or block any of them without class C. Certain board decisions — including licensing the company's patents, approving the business plan, and any contract above €60,000 — need the vote of at least one director from the venture fund's list (art. 28.2). A sale of the company would therefore be decided by the founders and the venture fund; you cannot be forced to sell (there is no drag-along clause in the Articles supplied), but you can join any sale on the same terms (tag-along, art. 8.2), and on a change of control class B and C holders may sell all their shares ahead of the founders.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company expects to raise again: its 2026 projected balance sheet assumes about €8m of new capital in 2026 alone (beyond this €5m round), and the plan to run a second trial in 2028–29 and prepare a listing will need more. There is no anti-dilution clause (price protection for earlier investors) for any class, and no pre-emption clause in the Articles guaranteeing you the right to buy into future rounds; the law gives shareholders a subscription right by default, but a 66% majority — which classes A and B hold — can exclude it (art. 19.2). Worked example, illustrative: a €1,152 investment buys 20 shares, which is 0.001213% of the company if this round raises the full €5m (1,648,473 shares). If the company then raised €8m at the same €57.60 price, it would issue 138,889 new shares; your 20 shares would become 0.001119% of 1,787,362 shares — a 7.7% smaller slice of any future sale. A raise at a lower price would dilute you more.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Payout order, in plain words: lenders first (banks were owed €1.86m at end-2025, plus suppliers and other creditors); then a fixed ladder written in art. 36.5 of the Articles — (a) up to €1.2m to the venture fund (class B), (b) up to €472,800 to the class C investors who subscribed in the July 2012 round, (c) a further up to €1.5m to class B, (d) up to €100,000 to the founders (class A); then (e) everything left is shared among all shareholders of every class in proportion to their number of shares. The ladder totals about €3.27m and applies to a sale of the company or its business, a merger where existing holders keep under half, a sale of more than 50% of the shares including the founders', a return of capital, or a liquidation. Because the early groups also take part in step (e), this is 'participating': on a €300m sale a 20-share holding would receive about €3,600 instead of €3,640 (−1.1%); on a €50m sale about €567 instead of €607 (−6.5%); on a €10m sale about €82 instead of €121 (−33%). There is no drag-along (right of the majority to force you to sell) in the Articles supplied and no lock-up on your shares; there is no organised market for them — CrowdFundMe runs a notice board where holders can advertise shares for private sale, and the company's own stated exit routes are a sale or a stock-market listing.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The cap table — who owns what by name before and after this round (only class totals and category percentages are given).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The employee share-option plan: the Articles refer to a 'Piano di Stock Option' but no size or terms appear.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The fairness opinion behind the €90m pre-money valuation and its method.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The terms of the 'Warrant Biogenera 2025–2028' granted to 2024 investors, and whether this round receives warrants.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any shareholders' agreement with Meta Ventures behind the list-voting and veto mechanics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often and in what form shareholders will be reported to.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and what happens if a founder leaves (the founders' lock-up in the Articles expired in 2018).</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Each of these also appears in the questions section.</em></span></span></p> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:627px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #999999; border-left:1px solid #999999; border-right:1px solid #999999; border-top:1px solid #999999; vertical-align:top; width:627px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
See full overview
Ask question
Ask AI about this project
Beta
Iniciar una conversación
Envía un mensaje para empezar a chatear con el asistente de IA
Like this project?
Platform offering this project
CrowdFundMe IT
Risk Level
Alto
Risk Return Level
Good
Risk Return Level
Mediano
Inversión mínima
EUR 250
Financiado
EUR 138,55M
