Member Info for Okehurst1

If 6 weeks ago the market was told cash was up £260,000 year on year to £1M and sales up

Assume no funding of note for external investments

Marketable assets / cash £7M albeit a tad illiquid vs m/cap £6M

Hopefully PBX legals out the way

and of course no debt, Opti in a healthy position to get to FCF + and the core Biz is a free ride for investors at current m/cap

Ovs not without risk but it’s a decent punt at this level

Is we look at debt free Opti

They have 8 full time staff and a part time FD

Overview from February RNS

No intention to sell SBTX stake (5.64%), no plans to sell PBX shares either

∙ Cash at 31 December 2025 just over £1m, up from £739k, and no current requirement to raise new funds

∙ 2026 orders already over £800k booked, Amazon account now profitable, China ecommerce approaching profitability

∙ Each business unit (USA, India, Ecommerce, B2B) tasked with covering its own direct costs by end of 2026

∙ CEO cited the 24mt Meelung order and SweetBiotix progress as evidence of underlying strength

Also notable — on 24 February OPTI announced a clinical trial with Hull University Teaching Hospital NHS Trust to evaluate WellBiome on cardiac surgery outcomes, externally funded via an NHS grant

So cash only grew £260,000 year on year but we can guess the legals on PBX cost a few quid but hopefully that’s sorted moving forward

Any views ?

Worth a peek at PBX know stuff - ovs the market will know more shortly

PBX ended 2025 with a cash balance of £1.27 million , and the business is moving in the right direction — sales up 45% to £2.72m, gross profit up 46%, and EBITDA losses reduced by 31% to £445k.

At that burn rate PBX has well over two years of runway and their Q1 2026 order book is already up 110% year on year at £1.3m — so they’re clearly trending towards FCF +

So shouldn’t be any issues with the auditors from Opti side

Good shout Leitrun, typo my side 33%

Known knowns

SBTX Stake

∙ SBTX has 258.8m shares outstanding

∙ OPTI holds 5.64% = ~14.6m shares

∙ 7p assumption: ~£1.02m

PBX Stake

∙ PBX has ~158.2m shares in issue with a market cap of £15.82m — implying a current price of roughly 10p

∙ OPTI holds approximately 23% of PBX = ~36.4m shares

∙ At 10p: ~£3.64m

Cash

∙ Confirmed £1m+ as of 31 December 2025: ~£1m

SBTX is not material from a trading point of view it’s accounted for as fair value

The answer is Opti accounts, PBX is a material holding

Because PBX is equity-accounted as an associate (not simply held at market value), OPTI’s auditors will need PBX’s finalised numbers to calculate OPTI’s share of PBX’s losses for the period. That’s a hard accounting requirement, not just a practical preference

THG Nutrition H1 2025. APN. H1 26

3.9% EBITDA 29% EBITDA margin

Says it all

Sam, not too sure but the risk is there, then it’s the cost of capital

They need the FCF to be much higher, it’s chicken and egg when a good chunk of EBITDA is being used currently to service debt

£EV is £450M

FCF known £14M

That’s a 32X ratio, suggest it should be 12X max

The market may be looking out to the 2028 debt repayment

it’s the £253M CB’s that looks tricky on £14M FCF

Barkers investors must we be getting concerned just on known share trades they are down 36% or £24M

Could be higher as we don’t know what price he paid pre disclosure

He’s either the smartest boy in the room or he likes gambling with other peoples money

Looking grim at the moment

OptiBiotix announced on 24/02 26 the commencement of a clinical study with Hull University Teaching Hospital NHS Trust to determine the effect of taking WellBiome on cardiac surgery outcomes and potential NHS cost savings.

It is a double-blind, placebo-controlled study enrolling up to 60 participants, who will receive six weeks of pre-operative supplementation. Researchers will assess intensive care duration, total hospital stay, and post-operative complication rates, alongside a detailed economic analysis of potential NHS cost savings.

Previous studies (Ardema 2019, Xia 2021) suggested that reduced microbial diversity and abundance following surgery may increase hospital stays, and that prebiotics which enhance microbial diversity and exert systemic anti-inflammatory effects could improve surgical outcomes.

Notably, the Group has received NHS ethics approval and a grant with Hull University Teaching Hospital to run this study — meaning it is externally funded

Punchy quote off Steve

“If successful it could lead to WellBiome becoming the standard of care for NHS patients undergoing surgery.”

Genuine question,l looking at current FCF how do they manage below ?

∙ April 2026 — £73.6m due now (this month). Drains almost all usable cash?

∙ September 2028 — £304m due. Needs refinancing in mid-2027

∙ November 2030 — £150m Bantry Bay term loan

After paying April’s bond, they have virtually no cash buffer going into a year of “broadly neutral” FCF — then face the auditor scrutiny on FY2026 accounts with the £304m looming.

The Bantry Bay loan ironically is the least of their problems — it’s the longest dated and was just refinanced. But it almost certainly accelerates if there’s a going c​​​​​​concern problem with next accounts?

Any views ? Am I missing anything ?

Any ideas how the £73.6M Bond will be dealt with in April ?

Assume the Bond holders will want cash as they are out of the money ?

Any views ?

Thanks MU

Just on the Amazon data

Looks like £18 to £25 for a months supply

Retail price per sachet 67p

Bulk ingredient cost to OPTI from KAG India: estimated pence per gram

Gross margin on D2C ecommerce: 70%+ — consistent with what OPTI reports

The consumer is paying £18-25/month for a natural GLP-1 alternative versus £149-399/month for Wegovy in the US.

Amazon growth was 87% from a low base

Any views ?

OPTI has a full dedicated Amazon storefront with multiple live product lines, all sold by Optibiotix directly via Amazon Fulfillment (FBA):

∙ SlimBiome sachets (GLP-1 Safe Alternative branding) — in stock, active reviews into 2025

∙ SlimBiome High Fibre Prebiotic Gummies — sold by Optibiotix, fulfilled by Amazon, with the gummies carrying Amazon’s Choice badge and reviews as recently as March 2025

∙ Soups, shakes, and other formats also listed

Comments look positive as well

Note the product is now marketed explicitly as a “GLP-1 Safe Alternative” — right there in the product title on Amazon. That’s a deliberate positioning shift for people looking for Ozempic/Wegovy alternatives.

Just on HB

H&B discontinued the SlimBiome brand but kept the SlimBiome ingredient — reformulating it into their own SlimExpert house brand. From OPTI’s perspective this is arguably better:

∙ H&B is investing in marketing SlimExpert themselves, rather than OPTI having to fund brand-building

∙ H&B carries the stock risk and retail execution risk

∙ OPTI sells the ingredient in bulk regardless of which brand name is on the packet

With just 5 staff this looks smart

Liquid assets at Par? £6M

Cash

PBX

SBTX

Core business for ‘ free ‘

Any thoughts ?

Oops apologies Skid stand corrected on that point

Any view on the balance ?