Ann: Botanix Provides Sofdra Launch Update, page-473

super petty mate.

The issue here isn’t who pays for the first dose — that’s a distraction. At the end of the day, a strong drug doesn’t need smoke and mirrors, and a strong commercial launch doesn’t hide behind GTN filters, vague uptake metrics, or marketing fluff. This isn’t about co-pays — it’s about building trust, real traction, and management transparency.

And gaining that trust? It takes time — time they’ve now wasted. Without institutional money propping this up, we’re at risk of just trading bags with each other. Supadted buys off me, I sell it to Andy — and round we go.

The broader picture is this: management has screwed this up far beyond co-pay mechanics. They had a window to execute with clarity, build momentum, and respect shareholders. Instead, we got spin. Yes, maybe we crawl back to 50c “in due course” — some say it's a drawer stock now. But let’s be honest: we didn’t invest to bury BOT in the drawer or the bottom shelf of a filing cabinet. We invested because they promised a sustainable, profitable trajectory — backed by full transparency.

Now we’ll get more hires, more LinkedIn flexing, more field sales headcounts. But none of that changes the fact that if you started at 50c, crashed to 10c, and say “we’ll eventually get back” — that’s not investing. That’s recovery mode.

At this point, many of us would’ve been better off parking our funds in an ANZ online saver and earning 3% with none of the emotional trauma. We backed a vision. What we got was storytelling, dilution, and disappointment.