Member Info for Bazzaman

It's there Bel

It is worth reading Elric's update on Substack following interactions with Ashman this morning.

The findings of the Board Investigation to date, together with the information received late on Friday

13 February 2026, have led the Board to conclude the following:

· Contracts held with key partners and customers remain sound;

· Strong future potential of the SkinBiotix® technology and the Company's strategy to develop products in skin care and skin health;

· Accrued Royalty Income was included in the audited FY25 accounts due to a potential misrepresentation, therefore the Board has taken the decision to seek to reverse these sums from the Group FY25 accounts completely, subject to confirmation by the Company's auditors;

· Dermatonics and Bio-Tech Solutions are operating as reported at FY25 (audited revenues of £2.20m and £1.38m respectively) and both are trading at cash breakeven. These businesses are trading in line with the current Board's expectations for FY26;

· Direct product sales of AxisBiotix™ are reported correctly in FY25; the partnership with Superdrug Stores plc ("Superdrug") is still at a very early stage;

· The Company has a robust cash position which was reported as £4.78m as at 30 June 2025 and is £2.92m as at 13 February 2026;

The Board believes that the estimated impact of the expected reversal of FY25 Accrued Royalty Income on the audited FY25 results will be as follows:

· FY25 revenue will become £3.87m from the reported figure of £4.64m

· 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

· The expected adjustments will be agreed following a review by the Company's auditors

As a result of the Board's Investigation and the subsequent expected removal of the FY25 Accrued Royalty Income, the Board now anticipates that the results for the year ended 30 June 2026 will be significantly below current market expectations.

Lying Ashman needs locking up, now we know why he never bought any shares. I've always held my stance that he was useless but moving forward any recoveries here is going to take a couple of years rather than months. As long as the Royalties percentage is 10% and that wasn't an Ashman lie then revenues will increase as Zenakine rolls out. The Auditors need sacking as well.

AI BETAClose X

SkinBioTherapeutics plc has announced an update on its board investigation, revealing that new information has led the board to seek the reversal of £0.77m in accrued royalty income from the audited FY25 revenues, potentially reducing FY25 revenue to £3.87m and restating adjusted EBITDA to a loss of £1.17m. The company maintains a robust cash balance of £2.92m as of February 13, 2026, and is initiating a search for an interim and then a permanent CEO. The board anticipates that the FY26 results will be significantly below current market expectations due to these adjustments.

Oh dear, lying Ashman should go to jail. Royalty revenue being reversed, results were a sham.

As I've said all along both Ashman & Hunt need replacing, one down and one to go. Neither of them have a clue how to run a company.

Ashman exposed himself with his weak Q&A with Elric in December. He even had the audacity to name me as a problem, when he really should have looked at himself in the mirror.

Good riddance to that useless clown who overstayed his welcome by 3 years!!

Looking foward to the future with renewed optimism once Ashman's exposed conduct is sorted.

GLA

Disco_Dan, don't worry about me posting as my number 1 goal was always to expose Ashman for what he was, overpaid, overrated, clueless and useless. Now he has gone we can focus on supporting the company and his successor in the years ahead.

Well said Mol, time to move on and leave Ashman and his supporters behind.

Thanks Shychap, good to see MD is still onboard. Shame Josh has zero credibility, can't ever accept when he is wrong.

Amazing Josh, what's your assessment of Ashman more importantly? Good riddance I say!!

Thanks Shychap, I agree.

Shychap, have you managed to speak with MD this morning? Would be great to hear what he thinks.

She probably exposed it.......

Any thoughts Josh? Maybe Ashman wasn't so good after all!!

Two 48m sells just gone through..........

This chat board should improve as a result of his demise, his supporters will be long gone and we don't need to discuss his shortcomings anymore. A good time to change, awaiting the views of TW later today and maybe the lemmings as well.

Superdrug was always a flop and the £4m raise will finally be exposed.

More buys than sells around the 13p price so far......

Friday the 13th, so need to speculate on the reasons for his demise but he was clearly out of his depth and in my view you couldn't trust him. Looks like Alyson got her feet under the table pretty quickly to expose his shortcomings. Bound to be some volatility in the SP short term but I don't think MD owns 20.4% of the company for no reason. Great opportunity for somebody new to take this company forward and bring a fresh approach. Reasons to be cheerful part 1.