Member Info for AquaeSulis01

Hi clio, no need for apologies, I also have memories of those aspirations at the time so it is certainly open to doubt, however, the reporting of the wording of the finalised agreement appears to suggest that may n o longer be the case. "Sales and distribution rights are for the active cosmetic sector alone, leaving SkinBioTherapeutics to focus on further applications of its technology in other sectors."

I don't believe SBTX under the terms of the Croda deal are allowed to sell their own cosmetic products containing zenakine, but are free to buy it at cost and use it in the other pillars

Who's spoken of short selling being an issue here? Suggest you at least do a little bito f your own research if you wish to contribute anything meaningful

:)

Hi nick, the interview is now open source and free to all no new forecasts have been provided but you can draw your own conclusions over whether there might be revised forecasts by the time the interim are produced. Lo ok, I know there has been history in the past but all investors want the Company to do well, relations to be harmonious and respectful and all the comms improved, these interviews are just part of that process. Someone has to make the first move Nick, and I would hope no-one will think less of you or gloat if you take that step and listen to the interview; it is entertaining

Hi Nick, Clio makes a very valid point. Admittedly, an IM at least let's you ask questions in advance that hopefully get a response, and is better than a ProActive Interview that is geared around answering questions that a Ceo thinks Investors want to ask. However, what you get with a Lemmings or TW interview is someone posing the questions you want answering but then drilling down with live supplementary questions to further clarify unsatisfactory initial responses or extract more detail where there is some ambiguity; described as colour for information already in the public domain, rather than new price sensitive new information, that is what you pay for. Eĺric's charge is £35 per annum, which works out at circa £2.91 per month, not too shabby for the personal sacrifice he makes to get these interviews organised and his shared research. We have a New Year approaching let's all make a New Year's resolution to walk in another man's shoes, forgive past digressions and look at things with fresh eyes going forward

Toyin, if it is the same bridge TW was trying to sell me I'll pass on it thanks :)

£75K is just the cash cost in legal fees, 50% of SA's time on £358K Salary providing input adds to the real cost considerably and we need his focus on running the Company especially as he is covering the COO role as well

Yes net, but then they stabilised above 14p until TW's article drove it temporarily down further

I'll give you another perspective contender; after SA communicated to all investors through the soft Proactive Investor platform post the results, he allowed Elric to ask him the difficult questions which provided the added colour and clarity that came wit

Shychap,

"Perhaps he has again convinced the few that he is telling the truth and maybe the SP will flicker up tomorrow. But the lesson learned from the past is that he doesn't tell it like it is and the rally soon fizzles out." or just maybe the recent fall in the sp following TW's decision to sell has finished, remaining investors and new investors look at the figures rationally and not emotionally, and decide the upsides far outweigh the downsides, and are filling their boots.

Look, TW expected Croda revenues at year end of £100k - £200k and previously declared he would be happy with that; we actually get nearer £800K. Non-Croda revenues were expected at £5.3M and came in around £3.8M, but the gross profit of £2.9M was hit because of the margin improvement.

Now SA appears to have paid too much for the Acquisitions, but individually are profitable and have indirect benefits for the Group in terms of market access and now add to that SA's reiteration that the shortfall in the Non-Croda revenue was largely down to orders slipping into July and August and that he will do his utmost to get the interims out late Jan/early Feb to prove it asap, then little wonder folks think there is a real buy opportunity here.

If yhwy do manage to get the interim out end of Jan early Feb suspect this share price will rocket with Ashman adamant the late orders really were substantive

Yes, Stuart did conduct himself with his usual professionalism Obsisian. Regarding "Yes, the forensic excavation required to arrive at the £760k in royalties did raise an eyebrow (a considerable sum for just two quarters, one of them in arrears), but in truth, it’s oddly reassuring. There's substance in the detail, even if we had to dig for it." worth pointing out that whether it is 2 or 3 or x quarters was not revealed, it was elric's assumption that it would likely be 2 qtrs.

That's mainly down to sales of ingredient outside the UK where these products are sold Veritas, product sales in

United Kingdom / Europe; £203K six months 2025, up from £177K six months 2024

Toyin,

Like you I do not wish to see any cash expended onto more acquisitions in the current year and I am sure that the priority will be investing in the current Businesses to maximise profitability, and then funding the R&D projects they wish to go forward. SA will then have to make a pretty compelling case to the major shareholders regarding using any residual cash on new acquisitions in light of past performance and the sp reaction.

Also, regarding the 50% of 19p hit you believe will happen, worth remembering that is the initial target which is seen rising above 50p on successful delivery of the best scenario

A takeover with the current market cap now just £31.7M is certainly on the cards.

I have once again reviewed the Singer note where their forecast covering 2026-2027 is for the profit margin on the back of zenakine royalties to increase from:

A 2025 profit margin of 56.9% and revenue of £5.1M based on no zenakine royalties giving gross profits of £2.9M

A 2026E profit margin with zenakine royalties of 63.9% giving a gross profit of £4M

A2027E profit margin with increased zenakine royalties of 69.8% giving a gross profit of £5.7M

Actual 2025 Results revealed a gross profit margin of 62% with the zenakine royalties based on just 3 quarterly payments giving a gross profit of £2.9M meeting expectations despite the lower revenue figure of £4.6M.

One conclusion you can draw from this is that zenakine royalties are running one year ahead of Singer expectations so I expect gross profits to reach the 2027E in 2026, so £5.7M rather than £4M.

The conservative value given by Singer for just the zenakine part of the sp is 19p so irrespective of whether you feel the rest of the Business is negligible or not, the sp of 12.50p must surely be a screaming buy and hence why the Company is so vulnerable at the moment especially to an early Croda bid as they must be weighing up at what point it is worth paying millions in royalty revenue per annum for such a promising new category ingredient

In the interest of balance, following an exchange with Tom where he pointed out in the past he had advised people to sell even though he was holding himself i have posted the following apology " OK Tom, I recall from our previous discussion your view was that if you can't advise people to buy then it is a sell because hold was not considered an option. I will offer you an apology as I believed you would tell people if you then changed your hold decision to sell before doing so, clearly I was wrong

Funny, can't remember seeing an Adjusted EBITDA figure in Friday's results RNS but it's certainly there now?

Financial highlights

· Revenues up 284% to £4.6m (2024: £1.2m) reflecting contribution from AxisBiotix™ direct sales and royalty revenues, a full year trading of Dermatonics and nine months sales of BTS

· Adjusted EBITDA of £(0.4)m (2024: £(2.1)m) with an operating loss improvement of 61% to £1.1m (2024: loss £2.9m)

· Cash and cash equivalents as at 30 June 2025 was £4.8m (2024: £0.8m) due to increased cash inflows from acquired companies plus successful fund raisings in August 2024 and June 2025 raising £1.56m and £4.2m (gross) respectively

· Financial transactions during and after the year to support the acquisition and commercial strategies:

o August 2024: investment of £1.56m (gross) from new institutional investors

o In October 2024, SBTX took a loan of £950,000 with an existing shareholder and a subscription for 2,349,624 new Ordinary Shares at 10.64p raising £250,000 and 3,289,474 warrants exercisable at the issue price to enable the cash acquisition of BTS

o Placing and WRAP Retail Offer in June 2025 raising £4.2m (gross) to support the Superdrug agreement and initial launch

· Overall trading of the Group has started very positively for the new financial year; the Board anticipates reporting 2026 full year numbers in line with market expectations

· Market expectations for the year ending 30 June 2026; revenue of £6.2 million and adjusted EBITDA of £0.7 million

OR that the sheer scale of the royalties would mean no impact on Gross Profit

How can the Croda royalty revenue have been factored in on such a big spread especially as Guru's such as TW were convinced the max amount would be circa £200k?