if you would lose the ordinary keys, can you use the red one until you fix a new one? I know you shouldn't, but it's good to know if it works to start and be able to drive the bike.
while i never tried it on the bike, i have been ages using the red key on my car, it works no problem, i had a spare key made and stored the spare key while i kept using the original red key. the red key is the one that houses the software to program the other keys.