Member Info for martinu

Adyan, a very timely post of the RNS by you. How did they sell when shares suspended? I haven't checked dates yet.

Lord, as you say the word "current" is key. And I agree with your reasonable estimate of revenue required to break even of £5m on last year's costs. I suppose if we roughly doubled FY 25 revenue to £2m** this year and cut costs to £2m and improved gross margin to 60%, we would have a shortfall of £800k. I would imagine cash has reduced somewhat since year end but might be ok.

** not that likely but for arguments sake.

Agree things seem to be improving but I think we'll need cash from somewhere this FY. Most likely but now unpredictable source is SBTX stake. SOH said not selling PBX. He might have to, if he can organise a buyer. Don't see us being able to do a fund raise with SP so low. Bit of a tightrope walk I fancy.

Panic with price dropping below 5p? Opti are advising much increased sales this year. (Yes, I know ...) And measures to reduce costs.

Mol, thanks for your research and sharing the fruits.

Think choice of partner(s) is key. I got the impression that this endless delay with Sweet was because Opti went for initial partners that were too big and gave Opti no control (say?) over timescales.

There are a couple of very general Q&As on the company website. Eg,

Q: As part of the next update especially on Sweet biotix will you update on progress of upscaling with the new enzyme by the major cor?

A. Hi, I will update on the progress with the new enzyme and how we intend to take the product to market.

The Kemin partnership seems to have great potential. Thanks mol.

As a matter of interest and for my education, if MD wanted to get out, how could he shift so much stock? I'm guessing, if the SP were to rise substantially he would have options. But not sure otherwise.

Mol, thanks for highlighting the details of this. And pointing out the achievable nature of the options. But I'm happy with Steen's performance overall.

What i can't understand is that nobody appears to be buying at this generous price. I accept it's Aquis and that spread is prohibitive. But a company on the cusp of profitability, indeed in profit must be worth an investment. Or perhaps some trades below mid price are buys?

If PBX keep building revenues, I don't mind where they come from. As long as deals lead to sustained and increasing profit.

I asked if Dr Morepen sales had been disappointing. Here's the reply I got. Response was within an hour!

"Hi, Its early days with Morepen. They have built a lot of brand awareness and product interest and are now looking at how to take forward given the launch of generic GLP1 drugs at around $15 per week in India. The GLP1 drugs are entering territories around the worlds at different times and prices. They raise awareness of how reducing hunger can help users manage weight so create interest in similar products. The alternative GLP1 market is estimated to be worth $1.2 billion in 2024 and projected to reach $4.8 billion by 2033, growing at a compound annual growth rate of 16.7% (Market Intelo, 2024). We are sharing our experiences of this being an opportunity given that the vast majority of GLP1 users regain two thirds of their lost weight within one year and 58% of patients stop GLP-1 treatment within the first three months. The way they manage their way through this will determine the scale of the opportunity for them and us. The key in all markets is to have multiple partners so you are not dependent on one or two for revenue within a territory. We would hope to have more partners in India (and the USA) this year to mitigate any risk of a partner not meeting forecasts. "

Letitrun, yes he did sell his previous company to 3M. But from memory it left him with some strong regrets. Sorry I can't remember detail. Possibly sold too cheaply, but don't take that as read.

In the past SOH has taken a sizeable pay cut, which was admirable; though I think he is well remunerated. So perhaps I should place faith in his cost cutting ambitions.

On the subject of new deals with Hydroxycut and Meelung plus a.n.other US. No mention of Dr Morepen or Daily Nouri. Dr M was f/c to produce revenues of £1m p.a. at least and more going forward. And we shared some very expensive marketing with them. The omission from the RNS may not be significant. However, Opti have announced many deals over the years and by now the revenue should have been accumulating nicely. But it hasn't so I have assumed these past deals (Not Dr M, DN) fell by the wayside, as others were signed.

I really am being a cynic today. Sorry! But just the experience I have seen over the years. Surprisingly, I quite like SOH, though he is no businessman, more a scientist. And as said before, I hold and hope.

Lads and lasses, don't forget to try out the Q&A facility on the company website, if you want any further info.

Oke, i agree definitely undervalued. And a punt at these levels.

Thanks for all the helpful comments. Opti often come out with positives that don't materialise, but perhaps this time I am being a bit impatient. I was hoping for revenue around £750k for H2 25 so was very disappointed to see this come in at a similar number to H1 25. I appreciate there could have been a timing issue.

Also, perhaps I haven't fully appreciated the cost savings/ possible margin improvement. But with Opti they are often quite vague and seeing is believing.

Finally, I agree Opti is undervalued based on stakes in SBTX and PBX. And there is still the carrot of SweetBiotix which we might get to try in H1.

Oke, I appreciate the detailed breakdown you have done. You clearly understand accounts and business better than me. I wouldn't say I was disgruntled more disappointed yet again. In spite of all the recent positives coming out of the company revenue has been flat. The last 3 HYs have come in at about £550k each. I was hoping for closer to £750k for H2 25. I can't see Opti making £2m revenue this year, but I hope I'm wrong.

Shareholders are promised a SweetBiotix product to try out in H1, so that would be a positive but commercialisation always seems to be pushed back.

I hold and hope, but Opti often over promise. So I'm at the seeing is believing stage. But again, appreciate your helpful post.

Pan man, on a quick glance revenue seems pretty flat over the last 3 HYs at around £550k. I was hoping for a bit more, eg £1.2m for FY25. Especially after all the positive messages coming out. Even if cost reduction is successful, costs will still be £2m per year, which requires annual revenue of about £4m for break even. So the £1m cash won't cover that. However, it does seem FY26 has started very well. But as always with Opti you have to see the numbers for confirmation. Sorry .

Well , IMO a very positive set of results . And profitable in Q1, but not necessarily FCF? Or is that just me being dim? On the IMC, very Steen-like. He's no entertainer but he knows how to run a company; which is far more important. I thought the CFO was allowed to duck the forecast and FCF question. Otherwise happy.