Member Info for AquaeSulis01

Whackery, the royalties were accrued as revenue in anticipation of cash following on later

A token amount for Croda revenues will have been received in H1 26 which is a bonus as thought we might need to wait for H2 before any could be recognised. Difficult to guesstimate the revenue contributions because the gross £2.17M is net of inter-departmental contributions whilst the separate Derma £0.98M, BTS £1.2M and Axisbiotix £172K are gross figures (in essence BTS has revenue from Derma). For what it is worth CoPilot guesstimates are:

"The RNS states:

“Revenues up 37.4% to £2.17m, excluding intercompany revenue”

This means:

BTS → Dermatonics sales

BTS → AxisBiotix manufacturing

Any internal transfers of finished goods or components

…are removed at Group level.

Given BTS is a contract manufacturer, it is entirely normal for 10–20% of its revenue to be internal.

The required elimination here is £0.18–£0.20m, which fits perfectly.

Final reconstructed bridge

"£2.352m" "(divisional)"-"£0.20m" "(intercompany)"+"£0.02m" "(licensing)"="£2.17m" "(Group)"

This is the only reconciliation that fits all disclosed numbers and accounting rules."

UK

Two great finds; Russian piece on zenakine and first YK launch announced, warranting their own threads Toyin

Hadn't realised how big the Sputh Africa skincare market was Toyin. https://www.mordorintelligence.com/industry-reports/south-africa-professional-skincare-product-market

Zenakine not adrenaline lol

None of us did Pizza, looking at the time of the post Elric was probably fighting the effects of adrenaline to keep his eyes open :)

Letitrun the shares were sold at a price of 8p in March and together with the later arranged sell post suspension has meant Opti has avoided any material uncertainty for the coming year so understand the real reason for tge sale. Regarding costs it would be helpful if opti were more consistent in the way they reported across years. From last years Results "Fixed Operating costs (other operating costs) £1.6 05k and should reduce through 2025 with actions already taken to reduce PR, Broker and Staff costs." Fast forward to this year and Other Operating costs (I.e. Fixed costs) went up to £1.829k not down but of course the Company make no mention as to why.

Yes I know Lord but the 1.4 million pre -dated tge arranged sale and was made before the share suspension and shortly after saying he had no intention of selling

True lord also worth noting the operating loss increased by circa£900k to over £3M which I presume is down to opening up the US operation. Also interesting to note within 1 month of saying in Feb they didn't need to sell SBTX shares they sold 1.4M under the radar so not sure how much faith to put in the rest of the forecasts

Yes accept I will need to pay more but I am now of an age where I prefer my investments to feature "when" rather than "if"

Lord the issue is the money isn't going into the bank of a breakeven Company but along with the proceeds of the 1.4M additional share sale that SOH ignores questions about, will ll have been spent by H1 2027 "£675,000 which will be used for the Company's general working capital purposes and are expected to provide the Company with working capital runway into H1 2027." Then factor in the fact that you can't value the PBX holding at the current market price because of its illiquidity which would force any substantial sale to be at a big discount, and you can understand why new/ex holders wait on the sidelines for evidence that the Company has at last moved into a profitable position.

FS, I'm waiting to see the figures in the Audited Accounts and what is exactly made available for shareholders to try. Any revenue from sweetbiotix is likely at least 2 years away so no immediate rush

Stars are finally aligning in the market for zenakine Toyin, question is which major Company will be ready to launch first?

Conclusion: Building the Next Generation of Stress-Smart Skincare

The mind–skin connection is no longer a metaphor; it's a measurable network where neuromediators, immune cues, hormones and microbes converge on barrier, pigment, sensation, and repair. Future skincare should combine stress-resilient barrier systems, soothing neurosensory strategies, pigment balance via serotonin and adrenergic pathways and microbiome support—delivered through calming textures, scents and mindful application rituals.

Progress will depend on translational evidence, claims discipline and thoughtful study design that respect regulatory limits. Brands that combine mechanistic rigor with consumer-centric rituals can credibly promise not only better-looking skin, but skin that is more resilient in the face of everyday stress. The future of skincare lies in understanding and harnessing these complex mind-skin interactions to deliver products that address both the physiological and psychological aspects of skin health.

https://www.cosmeticsandtoiletries.com/formulas-products/skin-care/article/22963671/unlocking-the-mindskin-connection-for-stresssmart-innovation-in-neurocosmetics

Zenakine is designed as a cross‑generational active so the messaging will vary depending on the generation it is aimed at, as far as Croda is concerned their message is aimed at maximizing sales to their Customers who will be the ones producing end products for their target market

Gen Z -Skin–mind balance, emotional wellbeing, digital stress High stress + sleep disruption; interest in neuro‑wellness

Millennials - Burnout repair, sleep‑linked skin recovery “Burnout generation”; early ageing concerns

Gen X - Stress‑accelerated ageing, circadian rejuvenation Ingredient‑literate, anti‑ageing focused

60+ - Comfort, resilience, sleep‑supportive night repair Sensitive skin, barrier repair, vitality

Post 2

So if using both a matrixyl 3000 formulation that includes a palmate retinol alongside zenakine would that tackle the deeper wrinkles?

Yes — combining a Matrixyl 3000 formulation that includes a palmitate retinol (retinyl palmitate) together with Zenakine will give you deeper wrinkle correction than any of the three can achieve alone. But the reason why is important, because retinyl palmitate is not the same as true retinol.

Let’s break this down cleanly so you can see exactly what you gain — and what you don’t gain — with this combination.

First: what each component contributes

1. Matrixyl 3000 (Pal GHK + Pal GQPR)

• Collagen I ↑

• Collagen III ↑ ← the key for deeper wrinkles

• Collagen IV ↑

• Anti inflammatory signalling

• Improved dermal density

Matrixyl 3000 is your dermal collagen builder, especially Collagen III.

2. Zenakine

• Collagen I ↑ 36%

• Collagen IV ↑ 67%

• Laminins ↑ 26%

• Fibronectin ↑ 20%

• Hyaluronic acid ↑

• Circadian repair (melatonin → NAD+ → SIRT1)

• Barrier repair (filaggrin, involucrin, corneodesmosin, ZO 1)

Zenakine is your basement membrane + epidermal + circadian repair active.

3. Retinyl Palmitate (the “palmitate retinol” you mentioned)

This is where nuance matters.

Retinyl palmitate is:

• A retinol precursor

• Requires enzymatic conversion: Retinyl palmitate → Retinol → Retinal → Retinoic acid

• Much weaker than retinol

• Much less irritating

• Still activates RAR/RXR once converted

• Still triggers gene level remodelling, but at a lower intensity

Even at lower potency, retinyl palmitate still contribute

• Epidermal thickening

• Mild fibroblast stimulation

• MMP inhibition (reduced collagen breakdown)

• Some elastin remodelling

• Anchoring fibril (Collagen VII) support

• Pigmentation normalisation

These are things peptides cannot do.

So what happens when you combine all three?

You get a full stack wrinkle repair system:

A. Epidermis

Zenakine → barrier, hydration, circadian repair Retinyl palmitate → basal layer proliferation, epidermal thickening

Outcome:

• Smoother surface

• Better texture

• Reduced expression lines

• Better tolerance

B. Basement membrane

Zenakine → laminins, collagen IV, fibronectin Matrixyl 3000 → collagen IV Retinyl palmitate → collagen VII (anchoring fibrils)

Outcome:

• Stronger epidermal–dermal cohesion

• Better firmness

• Better nutrient exchange

• Reduced sagging

C. Dermis

Matrixyl 3000 → Collagen III (deep wrinkle collagen) Zenakine → Collagen I Retinyl palmitate → elastin remodelling + MMP inhibition

Outcome:

• Deeper wrinkle softening

• Better elasticity

• Better dermal density

• Slower collagen breakdown

Final answer: Will this combination tackle deeper wrinkles?

Yes — absolutely.

I think it is fair to say the emphasis has always been on improving sleep quality and feelings of relaxation as this is what gives zenakine its uniqueness, however, when I look at the commentary on the Scandia Cosmetic's Morpheus Range, it also talks about strengthening the skins protective barrier, improving its firmness and reducing the appearance of expression lines.

For info, I am running an experiment currently using the Morpheus moisturizing night face cream followed 30 minutes later by Boots No 7 Restore & renew Face & Neck Multi Action Night Cream which contains Matrixyl 3000 and Retinyl palmitate to test out an AI thesis; the following posts explain why and confirms your thoughts on the zenakine narrative Toyin starting first a piece on retinol for background info:

retinol is the only topical active that:

1. Rebuilds the epidermis from the basal layer upward

Peptides work on cells. Retinol changes how cells behave.

2. Increases fibroblast numbers

Peptides only increase fibroblast output.

3. Reduces collagen breakdown (MMP inhibition)

Peptides only increase collagen synthesis.

4. Remodels elastin

Peptides do not touch elastin.

5. Repairs anchoring fibrils (Collagen VII)

Critical for deep wrinkles and sagging.

6. Normalises pigmentation

Peptides do not regulate melanocytes.

7. Reverses photoaging at the gene expression level

Peptides cannot alter gene transcription globally.

Retinol is a gene level reprogrammer. Peptides are signalling molecules. They are not interchangeable.

What Zenakine + Matrixyl 3000 do change

They dramatically reduce the need for high strength retinol.

Because:

• Zenakine reduces irritation, cortisol damage, and barrier disruption

• Matrixyl 3000 reduces inflammation and increases collagen III

• Both improve hydration and barrier integrity

• Both improve ECM quality

• Both improve firmness and wrinkle depth

This means you can use lower retinol strengths with better results and less irritation.

For many people:

• 0.1% retinol → unnecessary

• 0.05% retinol → enough

• 0.025% retinol → still effective when combined with Zenakine + Matrixyl 3000

• 5. Final answer

• Zenakine + Matrixyl 3000 together can tackle deeper wrinkles than either alone — but they still cannot fully replace retinol because they do not remodel elastin, inhibit MMPs, increase fibroblast numbers, or activate RAR/RXR pathways.

• They reduce the need for retinol. They do not eliminate it.

Meanwhile zenakine marketing progresses as normal

https://www.cosmetorium.es/en/croda-innovatorium-2/#

Got to be a takeover bid surely?

Net, you shoot from the hip and hope some of your scatter gun comments might land:

LSE‑listed companies normally have insurance that covers legal fees for fraud‑related investigations, primarily through D&O liability insurance.

Coverage applies to:

FCA investigations

SFO investigations

internal forensic reviews

legal defence for directors/officers

Regarding the "thumping loss"; "Adjusted EBITDA for FY25 will be restated to a loss of £1.17m from the reported loss figure of £0.41m with an operating loss of £1.47m" and as no payment had been received for the reversed accruals cash was not impacted.