NZX-listed Rua Bioscience recorded a pre-tax loss of NZ$5.96 million in FY23, a reduction from the $7.49 million loss posted in the prior year.
Total revenue came in at $6.53 million, rising sharply from $650k in FY22. Of that figure, $5.85 million was a non-cash fair-value gain arising from a reduced payment liability to former Zalm shareholders following its acquisition by Rua in January 2022.
Customer revenue reached $358k, compared to $24k in FY22.
Rua described the results as "within the expectations of the board" and said the company remains well capitalised, with cash, equivalents and investments of $4.56 million at period end, down from $9.94 million in FY22.
Over the course of FY23, the company exported cannabis genetics to Australia for the first time, entered a five-year supply agreement targeting Poland and Czechia, announced the closure of its local GMP manufacturing facility to redirect focus toward unique genetics and an export-led strategy, and introduced its first Rua-branded medicinal cannabis products in Germany.
CEO Paul Naske said: "Our entry into the German market, alongside our distribution partner Nimbus Health, was a critical commercial milestone and highlight of the year. The response… exceeded our expectations."
IDT Australia
IDT Australia grew revenue across its three main verticals by 25% to A$6.4 million in FY23, with specialty orals — a category that includes medicinal cannabis — accounting for $4.6 million of that total.
Specialty orals revenue climbed 13% compared to FY22, and the company also recorded gains in its Active Pharmaceutical Ingredients (API) manufacturing and advanced therapies divisions.
The company told the ASX: "IDT's medicinal cannabis manufacturing volumes continued to expand and added significant growth to the specialty orals vertical. The company has identified future expansion opportunities and increased the line capacity within its manufacturing facilities."
It further noted that the July 1 changes to TGO93 would work in the company's favour "as it stands prepared to actively support the industry with GMP manufacturing".
Total statutory revenue fell 42% in FY23 to $7 million, and the net loss after tax widened to $8.5 million from $1.2 million in FY22.
The company told the ASX, however, that the FY22 result was "significantly bolstered by government Covid-19 related initiatives that were worth circa $6 million".
A recent $7 million capital raise, it said, ensures "the company is sufficiently funded to execute on its turnaround strategy".
Emyria
Emyria posted revenue of A$1.59 million in FY23, a decline of nearly 13% from FY22, though its net loss narrowed by 30% from $7.33 million to $5.13 million.
The company attributed the revenue drop mainly to lower income from data deals, while noting that higher clinical billings during the period pointed to "the growing success of our clinical service model." The reduction in net losses, it said, was "reflective of effective cost-management strategies."
During the reporting period, Emyria's principal activity was the development of biopharmaceuticals — specifically novel MDMA analogues and ultra-pure CBD capsules — drawing on real-world patient data gathered across its wholly-owned clinical service subsidiaries.
It added: "The group has strategically concentrated on advancing the development and commercialisation of these proprietary medicines, while simultaneously launching its MDMA-assisted therapy program to broaden its impact in the mental healthcare sector."
UPDATE (August 31, 2023): Emyria has entered a trading halt until the earlier of the commencement of normal trading on Monday September 4 or when an announcement is released to the market.
Elixinol Wellness
Elixinol Wellness reported a loss of A$2.6 million for H1 FY23, reflecting a 52% improvement in adjusted EBITDA against the previous corresponding period (PCP), when losses stood at $5.4 million.
Revenue for the half was $3.5 million, up 9% on H1 FY22's $3.2 million, with Hemp Foods Australia contributing $2.1 million — a 24% rise on the PCP figure of $1.7 million.
The company credited the growth to sustained strong sales of its Seed Mix product range through Coles and the national rollout of its Hemp Seed Oil through Woolworths.
Operating costs fell by $2.5 million (36%), with further cost-reduction measures underway.
Net operating cash used, excluding non-recurring items, came to $2.4 million, a 56% reduction on the PCP's $5.4 million. Cash on hand as at June 30, 2023 was $3 million.
During the period, Elixinol completed a $1.25 million placement and a $1 million Share Purchase Plan, while its acquisition of The Sustainable Nutrition Group completed earlier this month.
Neurotech International
Neurotech International recorded a 106% increase in revenue to A$1.25 million in FY23, though losses widened by 132% to $7.79 million.
The revenue increase was driven by R&D grant income of $1.19 million, while the loss figure includes $6.45 million in R&D expenditure.
Neurotech highlighted a number of significant achievements during the year, including the completion of a Phase I/II clinical trial in Autism Spectrum Disorder (ASD), the start of a larger Phase II/III trial, and a successful capital raise.
The company also adopted a new 'multiple shots on goal' strategy, which encompassed clinical trials of its NTI164 cannabinoid combination drug formulation in children with Paediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections (PANDAS) and Paediatric Acute-Onset Neuropsychiatric Syndrome (PANS).
UPDATE (August 31, 2023): Neurotech has announced the successful completion of the last patient last visit (LPLV) for its Phase I/II clinical trial of NTI164 in children diagnosed with PANDAS and PANS.
Fifteen paediatric patients have now completed 12 weeks of daily oral treatment with NTI164, with all patients continuing under the extension phase (54 weeks).
Results are expected in mid-to-late September.
Hygrovest
ASX-listed Hygrovest reported an unrealised gain of A$2.85 million on its investment in Southern Cannabis Holdings (SCH) during FY23.
The specialist investment firm attributed the outcome to ongoing growth in SCH revenues and a "recovery in the listed Australian cannabis investment market".
SCH owns Freshleaf Analytics, CA Clinics and Applied Cannabis Research.
Releaf Group/ICCM
Releaf Group has unveiled the next series of International College of Cannabinoid Medicine (ICCM) workshops aimed at doctors and pharmacists across Australia and the UK.
The workshops are led by Australian cannabis researcher and educator adjunct professor Sylvia Victor and feature live brand demonstrations alongside an online platform hosting 30-to-40-minute videos from international medicinal cannabis specialists.
Scheduled dates for the Australian workshops are:
Brisbane: October 7, 2023
Sydney: November 11, 2023
Melbourne: February 3, 2024
Adelaide: March 16, 2024
Perth: April 6, 2024
For more information, click here.
Botanix Pharmaceuticals
ASX-listed Botanix Pharmaceuticals has appointed chief operating officer Dr Howie McKibbon as its incoming CEO. Dr McKibbon previously held the role of chief commercial officer at the company.
Executive chairman Vince Ippolito said: "I have had the pleasure of working with Howie in three different dermatology companies before Botanix and I can think of no-one better qualified or capable to lead us through this next stage of the company's growth.
