Assessment of Viraleze revenue from online sales

Thanks to an ‘own goal’ by a poster on another thread,
I looked closer at a key figure and sentence from the January 2025 Quarterly Report (QR).

Bear with me.

We have all lamented the fact that Viraleze and VivaGel revenue are always bundled together in QRs, which disguises the relative sales of each product. (Condom revenue is also bundled but I’m ignoring those sales because they’re likely so tiny to be irrelevant).

So in relation to Viraleze, today a poster boasted:
‘Sales are up 30%’

What Starpharma actually said in the QR was:
’Online sales of Viraleze are showing a positive trend, with sales up 30% compared to the previous corresponding period’.

I have confirmed with Investor Relations that this statement does refer to the previous corresponding quarter. So we are therefore comparing the period of
Sep 24 - Dec 24 with the period of Sep 23 - Dec 23.

Of note, the Sep 23 - Dec 23 Q was the lowest/worst Q for total revenue in 14 consecutive quarters at the time (that’s 3.5 years), so the comparison is leveraged off a very low base.

Total reported QR revenue:
Jan 2025 $866k
Oct 2024 $650k
Jul 2024 $1040k
Apr 2024 $371k
Jan 2024 $169k

Of note some of these recent QRs also include contract R&D service fees.

For the point of the exercise, let’s generously factor that Viraleze revenue in Jan 2024 QR made up 100% of total revenue (zero sales of VivaGel), and factor that Viraleze sales are 90% online and 10% in store:

That results in Viraleze online revenue for Jan 2024 being approximately of $152k.

Starpharma has stated that online Viraleze sales have increase by 30% compared to the previous corresponding Q. Therefore by reasoning, this would equate to online sales of Viraleze in the Jan 2025 QR being $198k of the total $866k reported revenue in the Q. If we generously factor that in-store sales also improved by 30% then total revenue from Viraleze in the Jan 2025 QR was $220k out of the $866k total.

However, it can be reasonably deduced that there was more than zero sales of VivaGel in that previous corresponding period. Let’s factor Viraleze 70% and VivaGel 30% for reported revenue.

If this was the case then the Jan 2024 QR total revenue of ($169k) consisted of $118k revenue from Viraleze ($106k online/$12k in-store) and $51k from VivaGel.

Therefore if Jan 2024 QR online Viraleze revenue was $106,000 and it’s gone up by 30% in the subsequent corresponding period, then that equates to an increase of a mere $32,000.

So, cutting through all the hoopla, worldwide online sales of Viraleze for the latest period being Sep 2024 - Dec 2024 was approximately $138,000.

Let that sink in. $138,000 revenue over 3 months. That’s a mere $62.50 per hour. Worldwide.

*all dates and figures used are in good faith with best endeavours and obviously not to be relied upon for forensic accounting accuracy lol