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A standing ovation for Elric on delivering an interview of rare candour and intensity—raw, engaging, and refreshingly devoid of spin. It pulled no punches and, in the main, addressed the bulk of investor concerns head-on.

Now, there will always be a few who grumble—particularly over the ongoing Croda radio silence—but the intelligent investor will recognise that some secrets are kept under lock and key for good reason.

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.

A heartfelt thank you to Mr Ashman for his composure under fire. It takes no small amount of courage to walk into the arena knowing the arrows are already nocked. I’ve never witnessed an interview quite so charged—tension, emotion, and truth all present and accounted for.

Bloody marvellous. I’ll need to listen again just to take it all in.

Hello Bazzaman,

To give him his due, he may have tripped over a legitimate point regarding IFRS 8—but if there’s a case to be made, it begins and ends there. And even that is far from open-and-shut, with a robust defence readily available.

For those interested, the case against Mr Winnifrith is laid out in full on my Substack. I apply the very same analytical standards to his claims as he attempts to apply to others. Crucially, he’s overlooked a rather important detail—one that, frankly, leaves him looking more like a BBM than a credible commentator.

The criticisms, some with merit and others laced with melodrama, centre on audit timing, lack of disclosure around royalty income, unfulfilled EBITDA guidance, and curious decisions in segmental reporting. Whisperings abound of a CEO hiding behind NDAs while refusing to buy shares with his “bloated” salary, and a Board that prefers geography to product lines in financial reporting.

But pause for a moment—beneath the indignation and allegations of lies, lies a more nuanced tale. SkinBioTherapeutics can credibly argue that much of this furore reflects judgement calls in accounting presentation, rather than regulatory failings. So let’s take this apart, piece by piece.

I’m grateful for assistance from my compliance officer buddy in assisting me with the regulatory minefield.

https://psychological4investors.substack.com/p/skinbiotherapeutics-plc-20c

Bazzaman,

My intention wasn't to scorn you. Your post read more harshly, like a threat.

At the considerable risk of being right again, let’s not pretend platforms like Proactive Investor are bastions of hard-hitting journalism. When your business model depends on the companies you're “interviewing,” objectivity tends to take a back seat. Most questions are shared in advance — it’s more PR runway than shareholder scrutiny.

I'm please Mr Ashman proved signs of life.

Bazzaman,

I suggest you reread what Elric posted.

I sent him the following PM. It should serve as a pointer for you.

I greatly appreciate the structural context you've provided around the two acquisitions. It’s particularly valuable given how much unhelpful noise there’s been regarding their early performance. Frankly, there's been an overabundance of criticism far too soon in the process. One might argue the company was a little too bullish out of the gate — setting expectations so high they were almost destined to underwhelm.

That said, well done on the analysis of the Croda royalty. The figure certainly looks to be in the region of £700k, and notably ahead of expectations — a rare and welcome surprise.

Bazzaman, Yet you were asking for a TR1 after hours.

Leave my horse out of it.

Simon, let’s keep this mercifully simple.

If we accept that June marks the back end of the accounting year, here’s a realistic view of when a major contract win — say, poaching a listed/private-label skincare ointment from a competitor — actually begins to show up in revenue and cash flow for a mid-sized outfit like SkinBio (think B2B contract manufacturer or own-brand supplier in cosmetics/pharma).

Bottom Line for SkinBio: A contract signed in Jan 2025? Expect the first invoices in late 2025 or early 2026. But the real uplift — on both revenue and operating cash — doesn’t show up until Q2 or Q3 2026. Analysts might start pencilling it into FY2026 guidance, but full run-rate benefit? That’s a 2027 story.

Winning the deal is the easy part. The commercial team celebrates the signature. The CFO, however, has 18 months of mild existential dread ahead of them.

Was the 7am one null and void?

Yesterday served up an unforgettable masterclass in behavioural finance—on both ends of the spectrum. On one side, we witnessed what can only be described as a dazzling implosion by a self-declared uber-bull. A man so committed to his own hype, he appeared to believe sheer volume of "ramptastic" posts might compensate for a distinct lack of credibility. Alas, credibility is not acquired by carpet-bombing message boards with bullish bravado, nor by proclaiming oneself an investment messiah superior to the Midas-club legends of old.

And then, the twist: at the faintest whiff of negative headlines—devoid of even the most cursory research—our hyper-confident hero panicked. The result? An almighty dump of nearly 4 million SkinBio shares. Cue stunned silence across the forums.

But while one was busy hitting the ejector seat, the real professionals got to work.

And here’s where the glowing praise rightly belongs:

Alex and Elric of Lemming Investor proved exactly why they deserve their sterling reputation. They sprang into action—not with flailing emotion, but with methodical, considered due diligence. Within hours, they had published a detailed, articulate, and rigorously sourced article for their members. At a moment when many were at sea, they were the lighthouse.

Now, I fully expect to be accused—again—of "plugging" their work. So be it. When individuals demonstrate this level of integrity, insight, and care for their community, they deserve nothing less than respect and recognition.

And to those who might claim they’re simply protecting their own position—think again. They’ve openly declared that a six-figure sum, following a property sale, is earmarked for SkinBio. It would have been in their financial interest to see the price drop. Yet they chose to act swiftly and transparently, offering stability and reassurance to others—at their own potential cost.

That, my friends, is what loyalty looks like. That is what leadership looks like.

Contrast that with “Simple Simon”, who, instead of helping others stay informed, is reportedly firing off emails to the LSE, seeking to remove links to Lemming Investor’s research—effectively trying to bury vital information when it’s most needed.

Let’s be clear: Simon does not have your back. But Alex and Elric? They do. And they’ve proven it.

Fox, you really need to read https://lemminginvestor.substack.com/p/why-skinbiotherapeutics-and-croda

It was a response the Shychap. Aka Simple Simon.

So you do read lemming.

Mr Winnifrith is struggling to keep pace with Elric. Provide a mini update, presumably after reading the Lemming update, which is exceptionally detailed, whereas Mr Winnifrith offers scant material.

It explains why the boxes are almost luminous.

I suppose that makes me one of the “chums” for defending Elric — though let’s be clear, he’s not the villain here. That distinction belongs squarely to you, Shychap. Were it not for stumbling across one of those allegedly dreadful links to the Substack, I might never have topped up my modest holding in SkinBio. But I did — because I read, subscribed, and took the time to digest the research Elric and Alex put out.

Let’s not kid ourselves: this isn’t your garden-variety bulletin board conjecture. It’s in-depth, technically sound, visionary analysis — and frankly, far superior to anything you’ll find tossed about for free on here. Not even Mr Winnifrith’s efforts come close, and he’s no slouch.

Your constant refrain about “paywalls” is baffling — not to mention tiresome. You’ve been handed detailed, thoughtful research that supports your investment case without paying a penny, and yet here you are, grumbling like someone who’s lost a bet and now resents the cost of a coffee. It’s laughable, if not a little tragic.

As for Elric — I’ve had the pleasure of getting to know him, and I can assure you: he’s decent, generous, and keen to help others. When I set up my own Substack, he helped me without hesitation — at a personal cost, no less. By way of thanks, I offered my subscribers a free month. Elric, being Elric, extended that to three — at his own expense.

But thanks to your petty needling, this forum is now less about SkinBio and more about your gripes. No wonder Elric rarely bothers posting here anymore — every time he does, the same tired antics resurface, and guess who’s always leading the charge?

Frankly, you might consider having a word with a psychologist. The rest of us would quite like to get back to discussing the actual investment case.

Do us all a favour and give us a break from your pettiness.

The latest research is astonishing good. Nobody here, and certainly not Mr Winnifrith has pick up on the legacy Croda systems and Zenakine, Elric has, and its simply brilliant. And fools like you quibble of a £35 pa.

The Matrixyl Hangover: Croda’s Delicate Dance Between Legacy Peptides and Neurocosmetic Innovation

Simply stunning work. https://lemminginvestor.substack.com/p/skinbiotherapeutics-plc-a23

Perplexity search provides the following including index searches.

Search for Post-April 2025 Product LaunchesI conducted extensive searches across web sources, cosmetic databases (e.g., INCIDecoder, Covalo), and X (formerly Twitter) for finished cosmetic products (e.g., serums, creams, mists) launched after April 2025 (i.e., May 2025 onward) that list Zenakine™ or the exact INCI blend on their labels. This included queries for launches, formulations, and commercial availability up to the current date (October 22, 2025).Key Findings:No publicly disclosed consumer products found. As of late May 2025, no finished skincare or cosmetic products explicitly incorporating Zenakine™ were available or announced.

lemminginvestor.substack.com

Commercialization is progressing steadily, with interest from brands in traditional beauty, pillow mists, aromatherapy, and even textiles (e.g., stress-relief fabrics).

lemminginvestor.substack.com

However, specific product names, brands, or launch dates post-April remain undisclosed in public sources.

Croda has shared demonstration formulations (not commercial products) featuring Zenakine™, including:A face serum for stress-induced aging (highlighted in an August 2025 post).

instagram.com

Other examples from the April launch: beauty mist, sleeping mask, reviving cream, and night oil.

marketshareai.uk

These are reference formulas for brands to adapt, available via Croda's website for R&D.

Ongoing momentum: By June 30, 2025, adoption was "progressing as expected," with September 2025 updates celebrating its potential in neurocosmetics.

markets.ft.com +1

An October 2025 spotlight reiterated its innovation but focused on the ingredient, not end-products.

instagram.com

Or Mr Ashman overstepped, as he surely did by even mentioning VIPs. Or, Croda changed their mind.

It must be an error. The sales are always into strength, right.

I can excuse the delay to the AxisBiotix timeline — even if Mr Ashman, once again, offered the market a firm deadline that was never truly his to give. These things can fall outside one’s control. Likewise, I understand the need for a degree of secrecy around the B2C launch of Zenakine; discretion, in that context, is entirely justifiable.

What I cannot excuse, however, is the resignation of the COO being quietly filed with Companies House, while the market was left to speculate in the dark for days without so much as a formal statement. That’s not discretion — that’s disarray. Either the company is adrift without a rudder, or it has become so desensitised to market sentiment that it no longer cares how such things are perceived. It’s as if they’ve grown so used to the stench of poor optics, they no longer notice it.

Frankly, my respect for both the Chair and CEO is wearing thin.