Member Info for AquaeSulis01

Must admit looked pretty good to me, mind you with the retreating glaciers revealing surface veins it must be the gold exploration equivalent of a pheasant shoot

Shychap, the full year end revenues were reported in the Aug 25 Trading Update but Investors are still none the wiser regarding the impact of Croda revenues

Https://www.lse.co.uk/rns/AMRQ/formation-of-strategic-services-jv-company-and-investment-by-jv-partner-ng1e5ogev8kz0u0.html

Agree re the tips thing shychap, still go to Cheltenham every year for the Festival but only small bets these days. Re the AI, I used to keep my own h'cap ratings on the computer but was time consuming to maintain, however, considering putting the parameters I used so that AI can do the donkey work to work out the ratings for me which might be fun.

A kindred spirit shychap, I also enjoy a flutter on the horses and played a lot of online poker (multi-table tournaments) in the early noughties when it was being heavily promoted and actually won a freeroll sponsored through the "attheraces" skin where the prize was a long weekend in Paris for the Arc De Triomphe the year Seethe Stars won, so happy memories.

Just thought of using AI to recommend winners for today's televised races so be interesting to see how things turn out; e.g.

14:55 – William Hill Old Roan Limited Handicap Chase (Grade 2, 2m 3f 200y)

Likely Winner: Boombawn

- Trainer: Dan Skelton

- Jockey: Harry Skelton

- Form: 315245-

- Odds: 10/3

Why Boombawn?

- Grade 2 winner last season and ran well in Grade 1 company at Aintree and Sandown.

- Has course form and looks primed for further improvement.

- Well-handicapped relative to rivals like Master Chewy and Imperial Saint.

Main Threats: Imperial Saint (2/1) – loves Aintree and is consistent, but may be vulnerable to Boombawn’s class edge.

"In short, SBTX seems to be doing rather well in spite of Ashman's misleading/inept forecasts and targets. But for sure, it's not an easy sell to retail investors when key metrics are being denied to us. But even a blind man can see that the company has made giant strides this year – and some of us think it is probably worth investing in."

I guess that summary shychap is the reason so many of us are curious as to why someone would unbalance their investment portfolio in a Company that doesn't tick all the boxes; great growth and return prospects but not necessarily run as well as it should be, after all there are other Companies out there with great growth prospects and soundly managed? Your logic as to why MD did not take part in the placing is a sound one, if he was not one of the 5 phoned by SA.

Thanks for those links Toyin and does help to illustrate the importance of looking for the neuro-cosmetic claims alongside the ingredients list to help identify whether "zenakine" is being used rather than a different strain and fermentation process.

From your link

Probioderm 3D Lifting Cream Mist

A doubled-layered mist that moisturizes, provide anti-ageing benefits, and restore glow to skin. Formulated with BIOHEAL BOH's patented Probioderm ingredients that contains various types of lactic acid bacteria to help improve skin elasticity. Contains Proteoglycan and DEJ Shooter ingrediens that helps maintain skin at a firm and bouncy state

Zenakine Harmonising Beauty Mist

Harmonising beauty mist

Feel refreshed, radiant, and balanced with this multi-benefit beauty mist, infused with Zenakine™, a powerful bioactive that combats emotional stress and wrinkle formation. Each ultra-fine spritz hydrates, smooths, and revitalises tired skin, unveiling a more youthful, dynamic complexion. Use it anytime to relax, restore emotional balance, and support skin longevity—no matter what the day brings.

https://www.crodabeauty.com/en-gb/formulations/formulation/8485-harmonising-beauty-mist

And it is the SBTX Patented fermentation method that gives zenakine its unique properties; it is not just any "Lactobacillus Ferment Lysate"

The bioactive metabolites produced by Lactobacillus rhamnosus GG (LGG) are significantly influenced by how the strain is fermented, including the medium composition, pH, temperature, oxygen levels, and fermentation duration. These variables shape the metabolic pathways activated during fermentation, which in turn determine the types and concentrations of beneficial compounds released.

🔬 Key Fermentation Factors That Influence Metabolite Output

🧠 Functional Implications

- Neuroactive molecules: GABA, indolelactic acid, and histamine levels vary depending on substrate and fermentation conditions

- Anti-inflammatory peptides: Specific amino acid sequences with DPP-IV inhibitory activity emerge under protein-rich fermentation (e.g., rye or soy)

- Barrier-supporting SCFAs: Acetate, propionate, and butyrate production is sensitive to carbohydrate source and fermentation kinetics

Strategic Insight for Zenakine™

Croda’s Zenakine likely leverages precisely controlled fermentation parameters to optimize the yield of neurocosmetic postbiotics, such as GABA analogs and melatonin precursors. This is what enables Zenakine to claim emotional balance, sleep enhancement, and circadian alignment, unlike generic lysates.

Also, just to emphasise how futile a search for products just containing the INCI Lactobacillus Ferment Lysate is:

Using Missha as an example:

https://missha-official.eu/en/missha-time-revolution-night-repair-duo-set-ampoule-cream/MS103645

AI Question - What version of the lactobacillus ferment lysate is used by Missha’s Extreme Fermentation™ process and why does it not claim similar benefits to zenakine?

Missha’s Extreme Fermentation™ process does include Lactobacillus Ferment Lysate, but it differs significantly from Croda’s Zenakine™ in both strain specificity and functional targeting:

Strain & Process Differences

- Missha does not disclose the specific Lactobacillus strain used in its lysate. It likely uses a generic or blended ferment from strains such as L. bulgaricus, L. plantarum, or L. casei, which are common in cosmetic fermentation but not neuroactive.

- The Extreme Fermentation™ process involves:

- Stage 1: Multi-strain fermentation

- Stage 2: Heated fermentation

- Stage 3: Low-temperature vacuum maturing

- Stage 4: Low-temperature extraction and filtration

- The goal is to enhance skin absorption and barrier support, not to modulate emotional or circadian pathways.

Strategic Implication

Missha’s lysate is positioned as a fermentation-enhanced delivery system, not a bioactive neurocosmetic. Zenakine’s differentiation lies in its strain-specific, postbiotic signaling that aligns with wellness trends like sleep-beauty hybrids and stress-ageing countermeasures. If you're modeling advocacy reach or uptake, this divergence suggests Zenakine may appeal more to premium wellness-aligned brands, while Missha’s approach suits mass-market barrier-repair narratives.

Interesting reply from Croda. I would have thought that the full INCI list would need to be present to confirm it is zenakine i.e. Lactobacillus Ferment Lysate (and) Glycerin (and) Pentylene Glycol (and) Propanediol (and) Xanthan Gum

I would just caution that it is a methodology that can be used on any lysate that SBTX has developed and patented rather than a lysate itself and that this example predates the Croda version of the lysate

Extreme Biome™ Fermented Ingredients

- Bifida Ferment Lysate

- Lactobacillus Ferment Lysate

- Lactobacillus Ferment

- Lactobacillus/Acerola Cherry Ferment

- Lactobacillus/Punica Granatum (Pomegranate) Fruit Ferment Extract

- Lactobacillus/Soybean Ferment Extract

- Lactococcus Ferment

- Lactococcus Ferment Lysate

- Leuconostoc/Radish Root Ferment Filtrate

- Aspergillus Ferment

These are blended using Missha’s Extreme Fermentation™ process, which includes:

https://missha-official.eu/en/missha-time-revolution-night-repair-duo-set-ampoule-cream/MS103645

In truth we may never know the scale of the Zenakine take-up unless the trademark name is used (other than by the increase in SBTX revenues). As an example crystaline was launched in 2018 and yet isn't trademark listed in any commercial products

Based on Croda’s official documentation, Zenakine™ is listed under the following INCI name:

Lactobacillus Ferment Lysate (and) Glycerin (and) Pentylene Glycol (and) Propanediol (and) Xanthan Gum

This INCI combination is what you’ll need to look for on product labels or ingredient lists to verify Zenakine’s presence. However, as of now, no retail skincare products have been publicly confirmed to contain Zenakine under this INCI name — suggesting that commercial rollout is still pending or limited to early adopters.

Here's a product containing melostem https://www.kaicus.com/uk/mel-13-revitalizing-serum-30ml.html

Https://www.amazon.co.uk/DOCTOR-BABOR-Microbiomic-Cream-Light/dp/B0F8PFWTG7 contains BB-Biont

Cp, everyone recognises the impact of Covid, but you need to read the earlier reference in comparison with the 4th Dec 2024 Results RNS which stated "SkinBiotix (skincare/cosmetics)

SkinBioTherapeutics has had a commercial and manufacturing agreement with Croda plc since 2019. Croda is a specialist manufacturer of ingredients which it supplies to the international cosmetics and FMCG industry. It has been investigating the use of SkinBiotix as a novel bioactive ingredient.

Normally, the time taken for an ingredient to be researched and tested by the Croda team is seven years before it enters commercialisation; in SkinBioTherapeutics' case, the process has taken only five years which is real testament to the technology."

The bugbear has always been, if the process normally takes 7 Years why were we expecting commercialisation after just 2 years?

Toyin, rightly or wrongly the EOY Trading update has always been generic and we have had to wait for the audited accounts for a proper view as to the progress or otherwise made. Not long to wait now for EOY Audited Accounts which must follow IFRS Accounting rules and should leave us all a lot wiser one way or another. In the meantime, little point in folks venting their spleen on a daily basis but let's all hope comms improve significantly post the publication of the Accounts

Next, it is too early to judge the success or otherwise of a Superdrug launch. It has only just started going into Shops, it is not SA's fault that it is later than he anticipated but he was naive in giving a specific week 37 at the Inv Meets and should have just stated Autumn as he did in the Trading Update. What Investors do need to see in the very near future is evidence of a co-ordinated promotion of the products to kickstart sales, maybe in line with the Shelf Wobblers in-store and let's not forget the role Superdrug's online Doctor and Pharmacy may play in accelerating sales.

Likewise, the dismissal of the Acquisitions as duds is also premature , we were told July was a significant month for revenue and do not overlook the strategic implications of having medical products that complement the wound healing properties of the lysate and possible future technologies via current R&D.

Dermatonics Acquisition -

Provides access to new sales channels for AxisBiotix products and platform for SkinBiotix technology with focus in woundcareExpands SkinBioTherapeutics' product range and customer base

o Established and reputable topical and dermatological company in the skincare/woundcare space

o Products range from heal balm, treatments for warts & verrucas, to dry skin relief

o Dermatonics is ISO13285 registered and products are either Class1 Medical Devices or Cosmetics

o Strong retail customer following and testimonials [Trustpilot 4.9]

· Provides sales platform and new sales channels for SkinBiotix technology and products

o Access to mainstream retailers including Boots and Superdrug, ecommerce (Amazon) and also into specialist podiatry clinics

o Access to new geographies in Europe and Asia

o Opportunity for product development in the MediBiotix pillar in woundcare

· Immediately accretive - Dermatonics is currently revenue generating, profitable and cash flow positive, with the additional potential for cost synergies

BTS Acquisition

BTS is the second acquisition of the Group's M&A strategy and brings the capabilities of manufacturing and packaging of health, hygiene and personal care products, and a future development platform for advanced topical creams

So I do not see a share buyback as a good use of funds when it should be used to advance and de-risk R&D deliverables using the following example;

Scenario Modeling: Post-June 2025 Pathways for The Inflammation Study

Here’s a sensitivity map across three plausible outcomes:

Positive Results + IP Filing

Study confirms microbiome modulation of UVR inflammation; leads to patentable actives

Enables licensing, Croda integration, or new product platform via BTS

High margin potential; IP enhances valuation

Positive Results + No IP

Results are promising but not novel enough for IP

Supports marketing claims for topical products; boosts credibility

Moderate uplift via BTS product bundling

Roll on the Audited EOY Accounts.

The statement in the Aug Trading update that "SkinBioTherapeutics records its revenues under regulatory accounting rule FRS 102 and will continue to segment it geographically as before in its published accounts. Given the competitiveness of the industries that SkinBioTherapeutics operates in, the Company will not divulge information on individual customer sales or provide guidance beyond what is required by disclosure rules" is factually incorrect and needs correction.

AIM Rule 19 requires UK-incorporated AIM companies to prepare consolidated financial statements under UK-adopted IFRS, not FRS 102.

• SkinBioTherapeutics’ statutory accounts for FY24 explicitly stated compliance with UK-adopted IFRS, aligning with post-Brexit regulatory norms.

• FRS 102 is part of UK GAAP, typically used by private companies or for individual company accounts—not consolidated reporting for listed entities.

Under UK-adopted IFRS, SkinBioTherapeutics must separately disclose royalty income from Croda if it is material and arises from a distinct contractual arrangement, such as IP licensing. Here's how that plays out:

FRS 15 Requirements for Revenue Disclosure

• Royalty income from IP licensing (e.g. SkinBiotix lysate used by Croda) is governed by IFRS 15. B63–B63B, which requires:

o Recognition only when Croda’s sales occur

o Disclosure of the nature of the royalty arrangement

o Separation from other revenue streams if material and distinct

• Dermatonics product sales and AxisBiotix revenues arise from direct commercial activity (e.g. retail, B2B), and are not governed by the same royalty rules

Implications for FY2025 Accounts

• SBTX must disaggregate revenue into categories that reflect how economic benefits are derived:

o Royalty income from Croda (IP-based, usage-triggered)

o Product sales via Dermatonics (manufactured, packaged, sold)

o Subscription or direct sales from AxisBiotix (consumer-facing wellness)

• If royalty income is immaterial, it may be grouped with “Other income” or disclosed in notes. But if it becomes strategically or financially significant, it must be broken out in the primary revenue note.

Think we all look forward to that day

Yes, forgive my sense of humour just that you and the contender regularly appear together to criticise whilst offering nothing constructive just like the old men from the muppets.