After reading the latest cash flow report I found it really difficult to understand what exactly the company is doing. Upon looking back at previous reports over the past few years, I noticed how inconsistently the revenues attributed to products are reported. Sometimes they are, sometimes they’re not. Anyway, I took down some notes pertaining to the current products. Here’s what I found…
4 launched products:
- Lenzetto - Estradiol EU and rest of World - Gedeon Richter - Sold royalties until early 2026. Then what happens?
- Evamist - Estradiol US - Padagis - Relaunch October 2022: https://www.padagis.com/padagis-announces-the-relaunch-of-evamist-estradiol-transdermal-spray/ - This isn’t subject to the same sale of royalties as Lenzetto as far as I can tell. Not sure what the relaunch is. Acrux never mentioned it.
- Emla generic - Prilocaine and Lidocaine, 2.5% cream - Padagis - Competitor bankrupt with 60+% share of USD39 million market (AUD58 million) - USD23 million (AUD34 million) up for grabs. Latest cash flow report only includes profit share from Qtr ending 31 Dec (in which it was launched for only 8 days) - spent AUD316K on purchasing ingredients in latest cash flow report
- Testosterone - Dash Pharma - USD20 million market (AUD30million) - launched August 2021. Half year report for period ending 31 Dec 2021 says initial launch impacted by COVID-related supply chain issues. Nothing really reported since then
Company
- AUD8.7 Million in cash at 31 March, market cap around AUD14 Million today?
- Board members given 50% of cash remuneration as equity for 3 years from end of 2019. Should be ending soon. Could reduce selling of shares (assuming they were selling them) but increase cash burn
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