ASX-listed Bioxyne has published its first full annual report following its acquisition of Breathe Life Sciences (BLS) in May 2023.
In the wake of that acquisition, Bioxyne confirmed its FY23 financial statements are prepared under Australian Accounting Standards as a reverse takeover.
On that basis, the accounts capture BLS's full-year financial performance to June 30, 2023, along with Bioxyne's results only for the period after the acquisition closed — the month of June. Comparative figures relate to BLS's FY22 performance.
Sales reached A$5.16 million, a substantial jump from $464k in FY22, with the company attributing the growth to organic expansion within BLS, the launch of its products on Amazon across multiple markets, rapid growth of its UK and EU sales team and customer base, and acquisitions.
The net loss after tax came in at $1.96m, compared with $494k in FY22, with the company pointing to one-off costs tied to acquisitions and the BLS merger as the main drivers of the increase.
Non-executive chairman Anthony Ho described the year as "transformational" for Bioxyne, with BLS co-founder and CEO Sam Watson and COO Jason Hine joining the board as part of the deal.
He added: "The integration of the two businesses has been seamless and we now have a sturdy platform from which to accelerate organic growth and look for further opportunities to build a sustainable and profitable business.
"On a pro forma twelve-month basis our combined revenues were approximately $7.7m for the year and this should increase in the year ahead."
In Australia, BLS holds licences to import, export, wholesale and manufacture Schedule 3, 4 and 8 medicinal cannabis, running a wholesale distribution model alongside direct-to-patient supply of prescribed medications through telehealth platform BLS Clinics.
Beyond Australia, the business maintains manufacturing and distribution centres in Japan, the UK, and Europe, and supplies consumers directly through its trademarked Dr Watson brand.
Emyria
Clinical-stage biotech Emyria posted a net loss of A$5.13 million in FY23, an improvement on the $7.33m loss recorded the prior year.
Sales revenue declined to $1.59m from $1.82m in FY22, and the company closed the year holding cash and cash equivalents of $2.73m, down from $3.88m at the end of the previous financial year.
Over the course of the financial year, Emyria completed a $3m placement, received a cash refund of more than $2m through the Government's R&D tax incentive, and secured a $2.5 million placement to support the delivery of MDMA and psilocybin-assisted therapies and its drug-discovery program.
While independent auditor Stantons flagged "material uncertainty" over the group's ability to continue as a going concern, managing director Dr Michael Winlo insisted cash flow forecasts indicate “the group is expected to continue to operate, with headroom and within available cash levels”.
Chairman Dr Stewart Washer said that growth in clinical service revenues, alongside reduced operating costs and successful capital raises, left the company well-placed to deliver on its "ambitious programs".
Emyria recently acquired the Pax Centre for $1.7m in cash and shares. The Perth-based clinic focuses on treating trauma-related mental health conditions including PTSD, depression, anxiety and substance abuse.
Washer said the acquisition positions Emyria to build "a thriving, multidisciplinary clinical service uniquely prepared to provide and evaluate psychedelic-assisted therapies" following the TGA's rescheduling of MDMA and psilocybin in February.
Ecofibre
Ecofibre grew revenue by 8% to A$32.5 million in FY23, with the Australian arm of its Ananda Health division contributing solid gains.
The company noted that stronger Australian sales (up $1.8m to $2.4m) were partly cancelled out by softer US performance (down $1.7m to $10.6m), leaving Ananda Health broadly flat overall with revenue growth of just 1% to $13m.
In January, Ecofibre disclosed that its CANN-Sleep Phase III clinical trial — carried out by Southern Cross University's National Centre for Naturopathic Medicine — did not show sufficient differences between its schedule 3 CBD candidate and a placebo.
Nevertheless, managing director Eric Wang wrote in the firm's 2023 annual report: "The Australian market continues to grow strongly, and although we didn't get the result we hoped for or expected with the S3 clinical trial… our Australian business did grow as we refocused our efforts on the S4/S8 CBD market."
The group's strongest divisional performance came from Hemp Black, which lifted revenue by 26% to $17.3m, while Ananda Food's revenue slipped from $3.6m in FY22 to $2.2m in the current year.
Normalised EBITDA improved by 23%, narrowing from a loss of $17.2m in FY22 to a loss of $13.2m in FY23. The company attributed the improvement to higher revenues, stronger gross margins and lower operating costs.
Zelira Therapeutics
Zelira Therapeutics recorded a post-tax loss of $6.27 million for FY23, nearly half the $12.41m loss reported in FY22.
The company attributed the result primarily to expenditure on research and development activities along with employee and administration costs.
Net cash outflow from operating activities fell 23% to $7.25m, compared with $9.43m in FY22. Zelira held just $146,206 in cash at the close of June.
Independent auditor HLB Mann Judd stated that "material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern".
Zelira said that by the end of FY23 it had executed binding term sheets — subject to definitive agreements — to raise US$11.85m through a special purposes vehicle (SPV) intended to advance its Hope autism treatment through US FDA clinical trials.
That figure accounts for around 34% of the total US$35 million targeted through the SPV, with Zelira indicating it "expects to have subsequent rounds of closings this quarter from its continuing fundraising efforts" to move the Hope program forward.
