It looks like SEB is selling at any price; they’ve sold 800 thousand shares in two months. 1.6 million left, so if they continue selling at this rate, it will be another 4 months until everything is sold.
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I wonder what’s behind that? Just some broader strategic shift, and since a certain amount of time has passed without returns, they’re exiting everything and moving elsewhere? What kind of deal were the shares originally acquired under?
It’s possible they are selling everything since the outlook is so negative. Something similar happened with Metsä Board once when a French fund, I believe, dumped shares regardless of the price to around 0.2 euros. After that, Metsä Board eventually rose to over 10 euros. This is a complete gamble, a tightrope walk.
If they sell everything, then the rest of SEB’s selling will be faster than I estimated above because the individual share price is already so low. With a small amount of money, a large number of shares move from one pocket to another.
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Those shares for sale are likely to run out at any moment now. At the end of August, there were 1.377 million shares, and between August and January, 1.132 million shares were sold. Sales from last Thursday onwards are not yet visible on the shareholder list.
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Why aren’t the major shareholder and the CEO buying shares at this price level? Has the investment become such a small line item for the major shareholder that they can’t be bothered to buy more anymore? 
It seems Poutiainen last bought at around the 1.7 levels. He has bought for a few million at levels above €2. The holding is deep in the red. It seems even he wasn’t aware of the company’s state.
Is @Haminan_Mursu still a shareholder in the company? My own faith ran out at the €1.30 mark and I (luckily) sold out. I’m certainly following what the coming years will bring, but I’ll only jump back in once revenue starts to accumulate in a trend-like fashion and the final share issues have been completed.
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I’m still in. I made the decision a long time ago to stick with this to the end—believing that in an acquisition, a premium is paid relative to whatever the current share price is. And I always believed in the product, and I still do. I never would have believed in a million years that we would hit these levels, let alone stay there.
My biggest mistake personally has been trusting the team. They really didn’t know how to execute the US commercialization steps correctly. On the other hand, I failed to estimate the amount of funding required to drive a company like this forward. And it’s not even just the amount of funding, but the way it’s being raised. Constant share issues combined with a communication strategy where they always announce a rights issue is coming within the next year leads to a pretty thankless position for the shareholder. It’s almost impossible for the share price to rise properly if there’s a “share issue bogeyman” lurking around the corner all the time, blocking any upward movement. This is the situation we are in right now.
I’m in a state of disbelief that as recently as last summer, I subscribed for more at the €1.50 level and it seemed really cheap then. I think the share price reaction is completely overblown, but they dug their own grave when they couldn’t even manage their reporting. Damn it. I don’t think the price would be anywhere near this level if the company hadn’t lost trust due to their “clowning around” with the figures. And I never would have expected something like that from this company.
The company’s latest recruits seem very credible, and time has passed again, during which one would hope to assume that commercialization has progressed. Hopefully, commercialization and revenue growth can materialize before the whole thing is diluted into nothingness.
Mentally, my attitude last fall was that there must be signs of commercial success by the Q1/26 report at the latest. Otherwise, things will get really ugly.
If you look for something positive, the share price will likely react very sensitively if good news arrives. The case has always been super attractive due to the product’s uniqueness, the margin structure, and a functioning M&A market. So, if it were announced soon that agreements have been made in Europe for the Remeos product family, leading to a significant revenue jump in 2026 from those alone, the share price would likely bounce back on track very quickly.
One more really dilutive share issue can be endured, but not several. Commercial proof must come, and I have to live in that hope.
What eases the pain a bit is knowing that I wasn’t alone in being off-track with my analysis. Inderes, Danske, and many others whose analyses I read and respect were also completely in the dark. I’ve definitely been clueless regarding this company, even though I thought I knew the case inside out. But perhaps this falls into the “prediction is difficult, especially about the future” category.
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Great post!
Everyone here was wrong about the company because the company’s communication promised something very different. Also during Donze’s time, the company’s performance started to look promisingly good and convincing. I still agree, even after all this, about the product’s potential, which according to current information remains exceptional. Bioretec’s failure is frustrating, and one would like to understand everything that led to such a unique product—one that solves many problems at once—failing in this manner.
A premium will surely be paid, but if an offer came at current price levels, breaking even would be very unlikely. For a cash-burning machine like this, a premium much higher than 50% is unlikely to be paid.
Let’s hope for the best, though. I personally am following the company with interest from the sidelines and am ready to reinvest once the company proves the product’s sales potential. At that point, the share price might have doubled or tripled, but I won’t take that kind of risk with this company again.
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Antti Siltanen has written preview comments as Bioretec reports its Q4 results on Friday, Feb 13th 
We expect moderate revenue growth from the company and a clearly loss-making result due to increasing investments in commercialization and product development. Our attention is focused particularly on the commercial progress of the RemeOs product family in the US and Europe, as well as the company’s financial position, as the cash position will likely require replenishment by mid-2026 at the latest.