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Belgrano, I spoke to elrico today. Don't believe what Mr Winnifrith says.

Friday 26th September 2025

For SkinBioTherapeutics (AIM: SBTX), 2025 was meant to be the year it came of age – the commercial debut of Croda’s Zenakine, the long-awaited retail push via Superdrug, and a clear shift from concept to cashflow. Instead, the story has taken on a different character – one less of triumph and more of trust, or more precisely, the loss of it.

Since March 2025, retail sentiment has been caught in what can best be described as a false market dynamic – a twilight zone of assumption, inference and... silence. Confidence in the company’s trajectory has been corroded, not by product failure or strategic misalignment, but by what hasn’t been said. Investors don’t just want results; they want candour. They’ve had precious little of either.

Before the troll complain, it's open source. https://psychological4investors.substack.com/p/skinbiotherapeutics-plc-34d

There’s a fundamental flaw in your theory. The company’s credibility has all but evaporated—no one takes their proclamations seriously anymore. Sweetbiotix has been the subject of commercial speculation for the better part of a decade, yet it remains more myth than market force. Even one of its most fervent former advocates now concedes that, should it ever reach commercialisation, its use will be confined to niche, health-obsessed fads. The broader food and beverage industry? Unlikely to embrace a product that risks shrinking consumption and, by extension, their profits. Turkeys, after all, rarely vote for Christmas.

OPTI raised fund two or three times for the commercial launch of Sweetbiotix. The launch appears to be a myth. Remember the story, 'Cry Wolf?' I bet your trader friend has.

I'm sorry, Ox, Contrary to a rather misguided claim, the assertion that Sederma is responsible for the global marketing and commercial launch of Zenakine is—how shall we put this?—complete nonsense.

Croda International is the primary entity steering the global marketing and commercial rollout of Zenakine. Sederma, its specialist scientific division (now under the Croda Beauty Actives banner), is tasked with the technical heavy lifting: research and development, innovation, claims substantiation, and technical client support. In short, they make the magic happen—but Croda tells the world about it.

The ultimate commercial push—and, indeed, the multimillion-pound marketing campaigns—will be driven by Sederma's clients, using Zenakine as a hero ingredient. But let’s not pretend Croda isn't at the helm of its global narrative. Ox, you’re not just barking up the wrong tree—you’ve wandered into an entirely different forest.

Shychap,

You are making the same points I articulated as though we are polar opposites. May respectfully suggest you read again.

Sentiment: Lower Than Covid Lows

It is no exaggeration to say that investor sentiment is now hovering at levels not seen since the darkest days of the pandemic. And yet, paradoxically, this should be SkinBioTherapeutics' moment of triumph. With the launch of Zenakine, arguably the most significant event in neurocosmetics — if not beauty care as a whole — in recent memory, the company should be riding the crest of a wave.

The share price, even post-placing, should be well into the 40s, buoyed by anticipation, not sunk by opacity. But when shareholders are treated like mushrooms — kept in the dark and fed on ambiguity — it is hardly surprising that an air of pessimism hangs in place of the excitement one might reasonably expect. The psychological damage inflicted on long-term investors is not imaginary. It’s cumulative, corrosive, and — increasingly — difficult to reverse.

https://psychological4investors.substack.com/p/skinbiotherapeutics-plc-5d4

Let me get this straight.

Leapfrog—our self-appointed market sage—has been leisurely offloading £100k worth of SBTX into the open market, dripping it out like a leaky tap, one £10k block at a time with 185k shares remaining, creating the fear of a small overhang. Curious, really, given he could easily shift £30k chunks without causing so much as a ripple. But no, instead he chooses this slow-motion exodus, while simultaneously assuring us that both his chosen companies are still a “very long way” from their historic highs. Comforting.

Forgive my scepticism, but this smells suspiciously like another Belgrano manoeuvre—a subtle attempt to shepherd the more impressionable minds towards pastures new, where the grass is allegedly lusher and free from the inconveniences of logic or timing.

Because, let’s be honest, his sudden 'moment of clarity' couldn't have come at a worse—or better—time, depending on your agenda. The company, despite its penchant for communication mishaps, is on the cusp of launching in 200 Superdrug stores. Not to mention Croda—hardly known for loose change—already cutting cheques in the mid to high six figures, and that’s before the product has even graced a single stressed-out shopper’s face. All signs point to a rather glittering Christmas reveal.

So, Leapfrog decides—after years of holding the line—to bail, just as the reward appears all but inevitable. Speculative investment? Please. This has more certainty than most so-called “safe bets” even with a calamitous board eager to make a drama out the simplest of bull RNSs.

And yet, we’re to take investment cues from him? The oracle of delayed regret?

I'll raise you min £500k. https://psychological4investors.substack.com/p/skinbiotherapeutics-plc-13a

Clio, I’m in complete agreement with every point you’ve raised. Mr Ashman has demonstrated little more than weakness at the negotiating table — the most visible consequence of which has been a more than twofold increase in the company’s share count.

From the moment it became clear that Croda was operating on a vastly different timetable to SBTX, Mr Ashman had a window of leverage. At that point, he could — and should — have insisted on a seven-figure upfront payment, folded into the royalty structure. This capital could then have been used to generate revenue through strategic acquisitions, avoiding the heavy dilution shareholders have now been forced to absorb.

And let’s not even begin on the repeated missteps in timing. We were all led to believe that the much-vaunted NDA — if it even exists — would be lifted by the end of June. I’d argue the delayed orders were the real reason behind that silence. He needed the Croda funds to salvage acquisitions that appear to have faltered badly.

This, I suspect, is why there have been no podcasts, no interviews, no shareholder engagement. Because there’s nothing else to discuss — it’s all about Croda. And frankly, there is no NDA. It’s a convenient excuse, not a binding reality.

If Mr Ashman were to resign, we might finally see some semblance of clarity in an RNS — though that may be wishful thinking. As it stands, each company announcement seems to trigger yet another collapse in the share price. One has to ask: why does the company persist in communicating so poorly? Lessons, it seems, are never learned.

There is a glaring absence of transparency. For five months now, the market has operated in what can only be described as a false state — a situation the company has not only failed to correct but has tacitly allowed to continue.

No official RNS has addressed the change in accounting practices. No breakdown has been provided for the delayed contracts — information which is vital to understanding the scale of the forecast miss. And we are still waiting for confirmation of the Croda royalty figures, which, rumour has it, range anywhere from £500k to £1 million. If the latter is true, it raises serious questions about compliance with reporting obligations.

Regrettably, Mr Ashman appears to be following in the footsteps of Mr O’Hara — in both style and substance — by continuing to treat shareholders with a level of disregard that is, quite frankly, unacceptable.

Are you still here, Nick.

Read it properly. Mr Winnifrith plays the victim, like you. That is my point.

In a sense, yes. Sadly, too many contributors here are mean-spirited, eager to smear those with whom they disagree. Their allegations are not made to advance discussion but to shut it down entirely. Belgrano, Nick, and Oleric have all demonstrated this today.

Belgrano, in particular, took offence when I offered an opinion on his trading behaviour. He then lied about how I came by his trading history — conveniently forgetting he himself had shared it with me via a web filing site, before choosing to pin the blame on another. It suited his narrative at the time.

Meanwhile, Nick busies himself by claiming that other posters are simply me in disguise, or co-conspirators working at my side. And Oleric? I have shown repeatedly that he is a vicious bully, hiding behind a mask of sarcastic, obsessive humour — often with Nick loyally at his elbow.

So yes, I have an issue with these ‘black-and-white’ bullies and liars. Add your weight to the complaints against me if you must, but let’s be clear: too many here are willing to indulge those who would rather censor dissenting voices than debate them. And, for now at least, it appears they’ve had their way.

I have first hand knowledge the damage these nice people can have on unsuspecting investors. It's not pretty.

Pay attention, Belgrano. Note on the company. https://psychological4investors.substack.com/p/skinbiotherapeutics-plc-68e

I will always defend myself against bullies and call out deceptive liars for what they are. Nick can hurl as many allegations of “collaboration” as he pleases — it’s hardly surprising, given his agenda runs in perfect parallel with Oleric’s.

Perhaps, the bullies might stop clutching their pearls, and we can return to the matter at hand. Wounded pride, after all, has a way of thrashing about like a scorned lover. Mind you, I doubt there will any news from SBTX any time soon. It will keep the thread lively.

Nick — swift to assume, quicker still to judge, and never shy of tarnishing reputations. Yet the moment someone dares push back — as Mr Winnifrith did — Nick retreats into the well-worn role of victim. Support? He deserves none.

I’ve not forgotten his hand in shutting down communications with SBTX. What should have been straightforward queries through the usual channels were instead “blackballed”, courtesy of Nick’s allegations of insider spin within a closed group. He even admitted to this — not sheepishly, but with a curious pride, as though manufacturing anxiety at the worst possible time in the company’s history were some sort of achievement.

Clio, it seems, has either forgotten this inconvenient truth, or was never really paying attention.

STOP DIGGING

Oleric — a curious case. Claims to have only “superficially read” the report I posted about him, yet somehow manages to deliver line-by-line critiques with the confidence of a man who’s studied it in depth. Consider a few choice remarks:

“You are correct in your assessment that, bearing in mind you are a clinical psychologist, I think your behaviour on here is rather unprofessional and below the standard one would expect from someone with a clinical title.”

“I will accept that you are indeed a clinical psychologist but my degree of certainty is less than 100 per cent.”

“Psychological test as offering it is a bit childlike.”

“I find using perceived intellect as a weapon repulsive.”

And yet, the irony writes itself: I’ve provided countless examples of precisely this behaviour from him.

Oleric insists it’s “like water off a duck’s back” — though the flood of posts defending his innocence suggests otherwise. When 52% of his contributions demonstrate patterns of bullying, one might conclude that truth and transparency are, for him, somewhat… economical commodities.

STOP DIGGING!

How would you describe this behaviour?

So, between April and August 2025, Oleric posted with surgical consistency, dedicating over 51% of his publicly available commentary not to the company he is ostensibly investing in, but to dissecting, deriding, and demanding transparency from a man he insists is ‘irrelevant,’ yet seems to monitor with greater intensity anything Elrico posts, or a third part may impart a word, or line posted.

Frequency: 51.32% of posts contained direct or indirect references to Elrico, Lemming Investor, or ‘pseudo expert.’

Linguistic Behaviour: Ignoring the poor grammar, Repetitive use of mocking epithets (e.g., Eljournalisto, Elvictimo, Elgobbo)—a linguistic tic that reveals a need to both diminish and define a perceived adversary through satire and belittlement.

Mr Winnifrith will, as ever, manufacture more angst, dial up the anxiety, and in doing so, likely give his subscription numbers a healthy little boost — fear, after all, has become rather profitable of late.

But let’s be honest: it will come to nothing. Just like the spectacularly unsuccessful effort to have Mr Davidson removed from the OPTI board.

Ask yourself — why do so few directors engage with him now? There was a time when interviews poured forth with abandon; now they’re rarer than hens’ teeth. The smarter Small Cap boards have grown understandably wary of his antics.

At this point, he’s little more than a slightly more articulate BBM with a platform — and just enough polish to keep the circus rolling.

When you need to grow your audience through fear, rather than tip talent, there's something wrong in the State of Denmark.

Outstanding — though naturally, this is just Nick slipping into his familiar role as the public victim. Let’s be honest: if he genuinely wished for peace, he’d simply log out. Voilà — problem solved.

It didn’t go unnoticed. Elrico, to his credit, made a deliberate and rather generous effort to build a bridge — extended the proverbial olive branch, buried the hatchet, take your pick of the metaphors.

Nick, however, wanted no part of it. Instead, he promptly reverted to form, backing Oleric in his tiresome crusade like nothing had changed.

And there you have it — the measure of the man. Mr Nice Guy, as he so likes to brand himself, revealed to be anything but. It's all charm until cooperation is required — then it’s straight back to the trench lines.

As far as I’m concerned, the would-be bully is simply unaccustomed to the sensation of the tables turning. Bullies rarely are. It’s not cruelty they object to — it’s being on the receiving end. A metaphorical smack on the nose tends to have a clarifying effect.

Now, for those expressing outrage over the past few days: where was this energy when Oleric, Nick, and, to a lesser extent, Shychap were doing their best to sour the tone here? Silence then was a form of complicity. Perhaps you've all simply gone nose-blind to the relentless reek of Oleric’s hostilities — like a bad odour you stop noticing.

Or maybe — and credit where it’s due — more of you have him on filter. In which case: well played.

Oleric, much like Belgrano, you seem constitutionally incapable of learning from past missteps. Belgrano, in his infinite wisdom, opted to ignore a perfectly civil diplomatic gesture by Elrico—a gesture which, had it been received in the spirit intended, might have brought a graceful close to matters. My original thesis was withdrawn in good faith, with the understanding that the point had been made and received. And yet, Belgrano chose to carry on with his petty attacks for weeks.

I'm not here to earn favours and makes friends, make money or influence anyone. If my mission isn't clear to you by now, perhaps there is a flaw in my analysis.

Now here you are, clutching your pearls and protesting your innocence—as if you’re some passive bystander who’s just wandered in from the wilderness. “You don’t know me from Adam,” you say. True. But tell me, do you know me, Net, PG, or Elrico? That’s four individuals you’ve seen fit to sneer at, some more persistently than others—particularly PG and Elrico.

To be clear, I’m not here to defend PG—he seems to relish needling trolls like yourself, especially when you go full censorship mode. But according to your narrative, we’re all part of some sort of coordinated cult—a desperate attempt, it seems, to deflect from your own blatant hypocrisy and ever-shifting standards.

And now today, with all the subtlety of a sledgehammer, you insinuate that Elrico is somehow pulling my strings. Your remark—“close relationship with Elric but something tells me all is not what it seems”—is just another tired smear, an attempt to erode his credibility. Let me clarify: Elrico, unlike yourself, has actually been helpful. I asked him how to set up a Substack; he took time out of his day to assist me over Zoom. For that, Belgrano leapt to conclusions, and now you’ve followed suit.

Frankly, I’m vexed. Because any chance of meaningful collaboration via Substack is likely off the table now. I’ve a personal mission I take seriously, and sadly, it intersects with a stock you’re also invested in. But your relentless attacks have driven away one of the LSE’s strongest contributors. He’s gone quiet—perhaps indefinitely—and that, sir, is on you, and the chorus of enablers who upvote your bile.

At least when he was here, even those who disagreed with him could engage, ask questions, and glean insight. Not anymore. You, Oleric, are not the victim here. You are the bully.

Elric/Elrico/Lemming Investor/Lemming Junior or equivalent: 31 references (excluding variations like Eljournalisto, Elsupremo, Eldelusiono, Elvictimo, Elfabuloso, Elgreato, ElMagnifico, Elgobbo, Elabsurdo, El Superman, and Lemming Family). Total posts examined, just 76. EDS, fact!

Who did you is the bully?

Belgrano, look up, ' libellous.' You don't understand the meaning or the law, on opinion. Fool. See, I got something right.