BSF Enterprise Annual Report Reveals T-Rex Leather Breakthrough and £15M Fundraise Plan

BSF Enterprise annual report 2025: leather, corneas and a big funding reset

BSF Enterprise’s latest annual report is a meaty read. The company is pushing three bold fronts – lab-grown leather, bioprocessing additives for cultivated meat and biopharma, and a novel approach to corneal repair – while putting a sizeable funding package in place to get through commercialisation.

There is genuine technical progress, improved cost control, and eye-catching branding around the T-Rex leather project. There is also a clear funding overhang until the new equity package completes and an auditor-flagged material uncertainty on going concern. Here is what matters for retail investors.

Key numbers from FY2025

Metric	Figure
Revenue	£52,840
Other income (mainly grants)	£424,420
Loss for the year	£1,113,527 (2024: £1,672,291)
Loss per share	0.91 pence (2024: 1.62 pence)
Cash at 30 Sep 2025	£149,020
Approx. cash at report date	£292,000
Share issues in year	£500,000 (Dec 2024) and £141,750 (Apr 2025)

The reduced loss reflects tighter costs and higher grant income. Revenue is still very early-stage. The auditor gave a clean opinion but drew attention to a material uncertainty about going concern pending completion of the new fundraising.

Lab-Grown Leather: 2mm breakthrough and the T-Rex showcase

BSF’s leather subsidiary, Lab-Grown Leather (LGL), is the most visible commercial story. Two points stand out:

• Technical progress – LGL produced what it calls the world’s first 2mm-thick scaffold-free leather, solving the usual “too thin, too plasticky” problem in lab-grown materials.
• Brand traction – the Elemental Leather platform now spans Elemental Lux, Elemental+ and Elemental X. Elemental+ achieved ultra-thin sheets at just over 0.04mm while maintaining strength, targeting sportswear and EV interiors. Elemental X is the headline grabber, using synthetically generated T-Rex-derived DNA to create a limited, ultra-luxury product in collaboration with VML and The Organoid Company, with an initial showcase targeted for the first half of 2026.

Commercial conversations are underway with an ultra-luxury brand and three leading fashion, sports and accessories brands. The near-term aim is a pilot production facility and a first “beachhead” product from Elemental X.

My take: this is clever strategy. The T-Rex leather creates a halo effect to win design houses’ attention, while the 2mm technical milestone is what unlocks traditional leather craft applications. The risk is scale and cost-down – pilot production will be the proving ground in 2026.

3D Bio-Tissues: City-Mix and CytoBoost for biopharma and cultivated meat

3D Bio-Tissues (3DBT) launched CytoBoost, a bioactive media additive based on macromolecular crowding – the same proprietary approach behind City-Mix. A new variant, CytoBoost REVIVE, addresses cell function restoration after cryo-storage, a concrete use case for biopharma and labs.

Commercially, BSF is positioning 3DBT as a key enabler for scalability. The company references dialogues with cultivated meat producers, including SeaWith in South Korea, with technology aimed at reducing production costs. A Memorandum of Understanding with Sartorius was also signed to explore integrating 3DBT’s additives with established bioprocessing platforms.

My take: this is a pragmatic, nearer-revenue route. Additives with clear performance benefits and higher price points can fund the longer-scale leather and clinical timelines, if 3DBT can land supply agreements.

Kerato: liquid cornea and clinical timelines

Kerato secured an exclusive licence from the Université de Montréal for liquid cornea technology (LiQD Cornea), enabling in-situ corneal repair. The device is designed as an injectable, self-sealing gel that mimics donor graft performance while promoting tissue remodelling and reducing inflammation.

• Veterinary clinical trials planned for 2026, with a target for an end-2026 veterinary product.
• First-in-human clinical trials planned to start in 2027, supported by an ISO-13485 quality management system.

My take: the addressable need is clear given chronic donor shortages. Execution risk sits with timelines, regulatory pathways, and funding through trials. If the veterinary data is strong, it can de-risk the human programme and strengthen a potential spin-out.

Funding: £15 million warrant-led package and near-term CLN bridge

BSF has re-cut its capital structure around warrants to fund the next phase:

• Shareholder approval for up to £15 million via warrants – a 12:1 capital reorganisation and fresh headroom were passed in December 2025.
• Equity fundraise structured as up to £5 million in convertible loan notes and prepaid warrants, with the potential for an additional £10 million via cash warrants. The company has already received £300,000 via an interest-free CLN. Completion is expected around February 2026 subject to FCA prospectus approval.
• Historic raises included £500,000 in December 2024 and £141,750 in April 2025. 2022 warrants were amended in May 2025, cutting the exercise price from 15p to 7.5p and extending the term to May 2027.

The Chairman states they do not anticipate the need to raise additional funds during 2026, contingent on this package. The auditor, meanwhile, highlights a material uncertainty until funds are in.

My take: this is the crux. If the prospectus is approved and the equity package completes as planned, BSF can drive pilot leather, CytoBoost/City-Mix commercialisation, and Kerato trials. If it slips, plans will need to be pared back or delayed.

Greater China expansion and corporate updates

BSF Enterprise (Hong Kong) is setting up for Asia-Pacific market entry, with a focus on cultivated meat production and investor relations. On governance, Min Yang resigned as Chairman in August 2025, with Geoff Baker appointed Chairman. The board flags acquisition and spin-out optionality across subsidiaries, with LGL and Kerato both potential candidates.

Why this matters for investors

• A differentiated platform – BSF’s scaffold-free tissue engineering and macromolecular crowding underpin multiple product lines, not a single bet.
• Compelling near-term catalysts – T-Rex leather showcase in H1 2026, potential brand agreements, CytoBoost adoption cases, and the start of veterinary trials for Kerato.
• Funding is binary near term – the warrant-led package is designed to bridge to commercial proof points and spin-outs. Completion will dictate pace in 2026.

Balanced view: the technical and brand progress is encouraging and the loss narrowed to £1.1 million. But revenue remains small, and execution now depends on converting pilots and trials into contracts, while navigating the funding milestone flagged by the auditor.

Risks and what could go wrong

• Funding risk – completion of the equity fundraise is critical. Failure or delay would be a material headwind.
• Technical and scale-up risk – lab milestones must translate into manufacturable, quality-consistent products at commercial cost.
• Regulatory and clinical timelines – Kerato’s path depends on clean veterinary data and clinical approvals.
• Customer adoption – traction with luxury brands and bioprocessing partners must become repeatable orders.

What to watch in 2026

• Prospectus approval and completion of the equity fundraise around February 2026.
• Leather pilot facility plans and first saleable Elemental X product from the T-Rex collaboration.
• CytoBoost and City-Mix supply agreements or paid pilots, especially with named partners.
• Start of veterinary clinical trials for LiQD Cornea and progress on ISO-13485 milestones.
• Any spin-out announcements for LGL or Kerato and potential strategic partnerships in Greater China.

Bottom line: BSF is aiming to turn headline-grabbing innovation into commercial reality. If the funding lands and pilot execution stays on track, 2026 could be a shaping year across leather, bioprocessing additives and regenerative medicine. For now, eyes on the prospectus and the T-Rex leather showcase.