Member Info for shychap

"Https://www.skinbiotherapeutics.com/investor-relations/board-of-directors/ pathetic"

Updated at last.

There is no point influencing anyone until there are products on the shelves.

I need to see a few more TR-1s. Over 21m 17p shares still unaccounted for.

Mol42, I agree that it's shoddy, lazy and unprofessional. They need to buck their ideas up sharpish.

Cliostock, it's the RNS rather than IMC that SA will have to answer to - and the half year report three months ago guided us to profitability in the "medium term". Of course, that isn't a finite length of time but most references quote 2-5 years as the usual interpretation. For sure, he would not have said "medium term" if profitability was expected this financial year; and I'm sure he would have said "near term" or "next year" if it was expected in 2025/26.

We also now have to factor in a £4m spend on Superdrug/Axis with, I suggest, little possibility of earning that back over the next 12 months.

Knowing nothing about Croda revenues leaves us in a guessing game of course so best to wait for the FY results and try again.

Perhaps of more concern is the chairman's statement from that same 26/3/25 RNS (when the SP was around 23p) that: "The Board believes that its dual strategy will result in Group profitability in the medium term, and increased shareholder value in the *medium to long* term."

That seems to be forecasting no SP re-rate within the next year or two and possibly longer which is a disappointingly downbeat projection, albeit it was made before the Superdrug deal. Perhaps he meant that the company's medium term plans include a lot more dilution to fund expansion and new acquisitions?

It's certainly a fact that Elrico & Son were, to their credit, taking SOH to task long before he withdrew his sponsorship. That was the standard by which I judged the SA interview last week to be soft, fawning and lacking in cojones.

Cliostock, several other contributors here – and allegedly Elrico himself – were critical of the SA interrogation and the adequacy of his answers so we will have to agree to disagree on that.

On your napkin notes, how do you arrive at your break-even conclusions? Surely the half year results made it clear that we wouldn't break even this year on the forecast revenue of £5.3m? Profitability was touted in the "medium term" which to me indicates we won't break even next year either. Of course, we wait to find out what effect Croda and Superdrug revenues have on the numbers for this year and next – but I aren't they unlikely to bring in £4m of profit to offset the additional £4m we are now throwing into the pot.

If you have any insight into the timeline for seeing the return on this £4m investment, I would like to hear it. I would also like to know how much, if any, of the £4m is earmarked for:

a) Capex to support the Superdrug Axis-ps launch (presumably minimal since we are already making the powder);

b) Opex to support the Superdrug Axis-ps launch;

c) Capex to support the Superdrug Axis-ac launch (when do Superdrug expect delivery?)

d) Opex to support the Superdrug Axis-ac launch;

e) Clinical trials to support the Axis-ac launch (timeframe? before Superdrug launch?)

f) Capex/Opex to improve/expand BTS subsidiary;

g) Capex/Opex to improve/expand Dermatonics subsidiary;

h) Opex/Working Capital to meet SBTX costs/corporate overheads prior to audit;

i) Other stuff, eg an acquisition, US subsidiary, etc.

Some other questions I would have asked:

1. Was this all of this £4m spend brought forward from next year's budget?

2. Given our contracts with Croda and Superdrug, were alternative sources of funds explored, eg bank loan, factoring?

3. What assurances, if any, can now be given about future fund raises?

4. When was this fund raise first discussed with the broker and what was the SP at that time?

5. Was the placing offered to all SBTX major shareholders?

6. Was any lock-in period discussed? Why not?

7. How could SA know if any subscribers forward sold?

8. When will SBTX report its maiden profit?

9. Without this fund raise and the Superdrug contract, would the auditors have signed off on the full year accounts without a going concern warning?

10. Do you know which, if any, major cosmetics houses are incorporating Zenakine into new products and when they will be launched?

11. Are you factoring Croda/Superdrug invoices?

12. How much an up-front bung/"advertising contribution" did SBTX have to pay Superdrug to get the listing?

13. What margins are SBTX working on with the Superdrug contract?

14. How big is the initial Superdrug stocking order?

15. How soon could Superdrug extend the trial to more stores?

15. What is Plan B if the initial Superdrug trial is not a success?

16. Will BTS manufacture these Axis products (no claimed capability for powder formulations)?

"ISN'T STRANGE THERE ARE SO ANY ACTIVISTS AFTER EACH INTERVIEW"

Not really, if you're charging for them. This was a wasted opportunity, even if there were understandable excuses for the slips this time. If you pay to watch a bad movie, you tend to complain about it.

I never lie PGlancy, hence you will be unable to quote one. Suggest you conduct some research with Elrico and spare this forum your unpleasant and fabricated rants.

Indeed Leapfroggy. We already own a factory - although SA hasn't let us see inside it. But our website description suggests that it can handle the job, possibly without much investment in new machines:

"Bio-Tech Solutions Ltd., a Yorkshire-based company, is renowned for delivering exceptional services in the formulation, manufacturing, and packaging of human healthcare, personal care, and hygiene-related products".

And how many pieces will they have to deliver for a trial in 200 stores – 20,000? Would that even be a two-day production run? Add in a small amount of in-store merchandising materials, packaging materials, maybe a leaflet and Bob's your uncle. The psoriasis powder is straightforward to produce and the finished product will be compact, light and cheap to distribute. If SBTX has been pushed into some advertising support, it could only be social media and specialist health magazines: it would be illogical to run a big national campaign for a small trial, although Superdrug may elect to do so as part of their regular ad campaign.

I think you have been generous. I can't see it costing more than £1m all up – not least because they will then need over £1m in revenues from 200 stores, which seems a lot.

Because I know of at least one Singer client who would make it available - in the unlikely event that SBTX doesn't.

Toyin, I can assure you that PIs will have free access to Singer's SBTX analyst notes.

Btw, I have no beef with paywall sites per se: everyone has to make a living. My real objection is to people who spam this site with links to paywall sites without even a warning that folk will have to pay when they get there.

PGlancy, you seem to be tormenting yourself with fake news, fanciful supposition and conspiracy theories so in the hope that they bring you peace, here are a couple of facts:

1. I had a trial membership of Elrico's site. It expired a couple of days ago and I decided not to extend it. The last thing I saw/heard there was the latest SA podcast. I am not able to see the blog to which you refer but if Elrico wants to discuss anything with me, I am more than happy to engage here or privately.

2. I know nothing about any "troll syndicate". I fly solo and I have never met, nor spoken to, nor privately corresponded with, anyone on this site or Elrico's (other than SA with whom I have corresponded via email).

3. I have reported you again for spamming this forum with links to a paywall service.

PGlancy, if anyone has written something expecting a response from me, they need to post it here. I'm not interested in talking privately to Elrico or his subscribers.

There's only one channel for disseminating news and that's via RNS. Everything else is uncorroborated chatter designed mostly to appease PIs. It may have a fleeting therapeutic benefit but you shouldn't bet your children's inheritance on it because any lemming-effect SP uplift will almost certainly be temporary.

It goes without saying that IMC is a preferable, although not necessarily more credible, Q&A channel because it is free and accessible to all. But it's not very flexible and only comes along with major company updates.

TW does at least come up with factual exposés and he usefully follows through with the regulators. Elrico seems to waste too much time trying to convince SA that he's a friendly ally - and diverting from the big questions into the woods to pursue unimportant questions.

None of it matters much though because the answers aren't news and can't be taken as factual.

I have always rated SA highly as he came across to me as honest and trustworthy. But I am alarmed by this £4m raise because the given justification for it simply isn't credible. Hopefully SA will reassure us all by spelling out exactly why he needed so much money to support a relatively small, although important, initial contract with Superdrug. I think we need detail, clarity and honesty if we are having to give up a big 10% slice of our children's inheritance. And that will still hold true for me whatever cuddly Croda rabbits are pulled out of the hat over the next few weeks.

It isn't a popularity contest, PGlancy. Honesty, transparency and a level playing field are all I want; and I do get agitated when I suspect that I and others are being misled – as I fear is the case with the claimed rationale behind this £4m raise.

And I didn't say that no-one would benefit from crossing Elrico's palm with nickel. I don't like the arrangement which gives SA's comments exclusively to a small minority of PIs but I blame SA for that, not Elrico. And I agree that we should wait for RNS's rather than trust SA's (or any CEO's) banter in the back channels. Off-the-record briefings can't be trusted and even though the Lemming effect can lift the SP, that only benefits day traders because the ramp-up effect is always short-lived. Hence we are languishing at sub-17p (so presumably you haven't re-mortgaged the house to rush out and fill your boots based on what spiffing revelations the NDA is hiding).

So it doesn't bother me one jot how (un)popular I may make myself in my quest for transparency and a level playing field. And nor does it bother me if you and others feel you get value from Elrico's service. What always bothers me is deception and manipulation which cost PIs money.

After SA being invisible for ages, Elrico had a chance to ask him searching questions and stay silent while SA answered. Instead we got far too much of Elrico and not nearly enough of SA.

"Must be about to hit the world stage big time , Ashman has plans outside of Superdrug, and Amazon"

I should blinking well hope so. Croda is done and dusted so he needs to be busy on other stuff.

PGlancy, Elrico benefited from it: I don't think I did.

PGlancy, just to be clear, I have had full access to Elrico's articles and podcasts whilst complaining about the use of this forum to spam others up the garden path to the Lemming toll booth. This isn't an advertising medium.

I thought this was a wasted opportunity. Key questions weren't asked – or were "answered" by Elrico before giving SA a chance to speak. And the time was padded with soft, inconsequential questions which I suspect only a handful of people care about.

Given that SA can't talk meaningfully about Croda yet, the key question should have been: What exactly are you spending £4m on – and how long before we see a return on that investment?

Because, without doubt, £4m is far too much to invest in a two-year deal with Superdrug which doesn't even guarantee roll-out beyond 200 stores.

The product already exists in powder form which is what Superdrug will be selling. The packaging has already been researched, designed and improved. Superdrug will be promoting the product. This should have been a cheap launch. How big can the order be for 200 stores?

How much will it cost to make and deliver the acne variant? Is that program not already funded? Can it possibly be part of Superdrug's initial offering?

As for developing capsule and/or gum formulations, haven't SBTX been working on this for years and telling us that it's a tough nut to crack because these delivery methods don't keep the bacteria alive? Are they flogging a dead horse by throwing more money at it?

So, tell us how that £4m will be spent please, in detail.

SA laughs off the suggestion that subscribers to the fundraise could have been forward selling but in all likelihood, he wouldn't know if they had. We need to see the names of the ii subscribers and their TR-1s. Premier Miton, with Cynosure, allegedly bought 15m shares (7%) last August in what was described as a spontaneous and unneeded placing. When questioned about the lack of any TR-1 following this deal, Manprit said that neither subscriber had taken a notifiable interest as a chunk of the 7m had been taken by market makers. This wasn't explained in the RNS – and AFAIK, Premier Miton don't list SBTX in any of their fund portfolios.

The real issue for me is not the unexpected 10% dilution which this new fundraise represents but the threat of years more of iceberg selling by one or several of the subscribers – which causes constant pain to PIs but doesn't worry the BoD because they have hardly any skin in the game.

In short, we need a great deal more transparency if we are going to be continually hammered by dilutive events and large-scale traders who take the first opportunity to bail out with a 10% profit.

That Singer are shortly to produce initiation coverage of SBTX is welcome news – but they, like us, will be guessing on future revenues so I doubt we will be much wiser. And this note will come out before the full results so I hope they will be scheduling a follow-up as soon as they see the numbers.

The size of this £4m fundraise is a cause for concern for me as I can't conceive how a two-year retail trial warrants that kind of expenditure. SA needs to come clean.