Botanix Pharmaceuticals Limited (AU:BOT)
ASX:BOT
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Botanix Pharmaceuticals Limited
(Sydney:BOT)
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Rating:48Neutral
Price Target:
AU$0.04
â–¼(-7.50% Downside)
Action:ReiteratedDate:04/10/26
The score is held down primarily by weak financial performance (large losses and accelerating cash burn) and bearish technical trend signals (price well below key moving averages). The earnings call adds support through strong early commercial traction and planned cost improvements, but funding/supply execution risks remain meaningful, while valuation is constrained by negative earnings and no dividend.
Positive Factors
Rapid prescription and revenue growth
Sustained rapid prescription and net revenue growth indicates clear product-market fit and accelerating commercial adoption. Over 2-6 months this supports scalable topline expansion, helps absorb fixed costs, validates sales investment, and increases the probability of durable revenue conversion and payer momentum.
Negative Factors
Large operating losses and cash burn
Very large and accelerating cash burn creates persistent financing needs and heightens dilution risk. Over the medium term this pressures balance sheet flexibility, forces prioritization of growth over profitability, and makes successful execution of funding plans and margin improvements critical to avoid value-destructive capital raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid prescription and revenue growth
Sustained rapid prescription and net revenue growth indicates clear product-market fit and accelerating commercial adoption. Over 2-6 months this supports scalable topline expansion, helps absorb fixed costs, validates sales investment, and increases the probability of durable revenue conversion and payer momentum.
Read all positive factors
Botanix Pharmaceuticals Limited (BOT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$82.07M
Dividend YieldN/A
Average Volume (3M)8.47M
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth456.50%
EPS Growth-457.14%
CountryAU
Employees11
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.02
Shares Outstanding2,218,097,400
10 Day Avg. Volume7,344,780
30 Day Avg. Volume8,473,310
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)7.26
Price to Sales (P/S)101.98
P/FCF Ratio-7.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.62Price Target Upside1450.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.02
Revenue Forecast (FY)AU$38.10M
Botanix Pharmaceuticals Limited Business Overview & Revenue Model
Company Description
Botanix Pharmaceuticals Limited engages in the research and development of dermatology and antimicrobial products in Australia. The company engages in development of novel treatments for common skin diseases and infections. Its product pipeline in...
How the Company Makes Money
null...
Botanix Pharmaceuticals Limited Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Neutral
The call conveyed strong commercial momentum — rapid prescription growth, meaningful revenue ramp, a high‑performing fulfillment platform (fill rates ~2.5x industry), positive physician adoption signals (90% expect to increase prescribing) and an attractive IP runway to 2040. Counterbalancing this progress are sizeable operating losses (adjusted EBITDA loss $26.1M; loss before tax $33.2M), material near‑term API purchase obligations and reliance on a partially‑completed capital raise and a single API supplier. Management has identified clear catalysts (alternate API supplier to cut COGS 25%–40%, platform scalability, and $45M committed raise) but execution and funding are key near‑term risks. Overall, the call was upbeat on commercial execution but sober about cash, supply and funding needs.Positive Updates
Rapid prescription and revenue growth
62,500 prescriptions shipped in the first 11 months post‑launch; 45,800 prescriptions in H1 FY2026 vs 16,800 in the prior half (171% increase). Net revenue rose from $5.1M in the second half of FY2025 to $16.2M in H1 FY2026 (219% increase). Total revenue for H1 FY2026 was $16.5M (versus $0.346M prior corresponding period).
Negative Updates
Substantial operating losses and cash burn
Adjusted EBITDA loss for H1 FY2026 was $26.1M and loss before tax was $33.2M. Direct operating expenses totaled $36.6M (including $24.7M sales & marketing and $7M internal employee costs). Company closed the period with $31.6M cash and equivalents, creating sensitivity to continuing funding and execution.
Read all updates
Q2-2026 Updates
Positive
Negative
Rapid prescription and revenue growth
62,500 prescriptions shipped in the first 11 months post‑launch; 45,800 prescriptions in H1 FY2026 vs 16,800 in the prior half (171% increase). Net revenue rose from $5.1M in the second half of FY2025 to $16.2M in H1 FY2026 (219% increase). Total revenue for H1 FY2026 was $16.5M (versus $0.346M prior corresponding period).
Read all positive updates
Company Guidance
Management guided that Botanix will scale Sofdra and its SendRx fulfillment platform while pursuing cost and supply improvements: since launch Sofdra has shipped 62,500 prescriptions (first 11 months) generating almost $100M gross revenue and $21.2M net revenue, and in H1 FY26 prescriptions rose 171% to 45,800 (from 16,800) with net revenue up 219% to $16.2M (total revenue $16.5M incl. royalties); fill/adherence metrics exceed industry benchmarks (~2.5x), the U.S. sales force is 50 reps (expanded Oct‑2025), cash was $31.6M at period end, adjusted EBITDA loss was $26.1M and loss before tax $33.2M, with materials $6.0M, sales & marketing $24.7M, employee costs $7.0M and G&A $3.2M. They have firm commitments for a $45M raise ($14.9M received) with proceeds allocated roughly $12M API/manufacturing, $4M alternate‑API setup, $13.5M marketing, $13M operating/working capital and $2.5M fees, are negotiating to defer near‑term API purchases (Mar/Apr 2026 and Jan 2027), and expect an alternate API to cut COGS 25–40% and improve gross‑to‑net toward ~30–40%; Sofdra’s IP runs to 2040 and the TAM is ~10M patients (≈3.7M actively seeking treatment), with management expecting revenue growth to outpace costs as adoption and payer coverage expand.Botanix Pharmaceuticals Limited Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
55
Neutral
Cash Flow
26
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.92M | 5.79M | 601.82K | 914.97K | 2.75M | 6.89M |
| Gross Profit | -25.91M | 2.02M | -6.12M | -3.05M | -7.54M | 315.80K |
| EBITDA | -82.23M | -80.65M | -15.25M | -12.63M | -15.74M | -10.06M |
| Net Income | -88.70M | -86.40M | -13.87M | -9.15M | -13.17M | -3.33M |
Balance Sheet | ||||||
| Total Assets | 98.57M | 129.10M | 112.46M | 24.84M | 14.04M | 21.95M |
| Cash, Cash Equivalents and Short-Term Investments | 31.61M | 64.97M | 79.31M | 10.25M | 7.29M | 21.55M |
| Total Debt | 30.67M | 32.51M | 0.00 | 0.00 | 122.41K | 259.32K |
| Total Liabilities | 44.58M | 47.80M | 3.73M | 1.88M | 5.89M | 1.15M |
| Stockholders Equity | 54.00M | 81.30M | 108.73M | 22.95M | 8.15M | 20.80M |
Cash Flow | ||||||
| Free Cash Flow | -80.86M | -78.87M | -26.13M | -19.13M | -14.11M | -2.98M |
| Operating Cash Flow | -80.66M | -78.58M | -8.13M | -12.07M | -11.18M | -2.97M |
| Investing Cash Flow | -637.53K | -1.05M | -18.00M | -7.05M | -2.92M | -8.28K |
| Financing Cash Flow | 64.77M | 65.36M | 95.10M | 22.03M | -152.41K | -125.50K |
Botanix Pharmaceuticals Limited Technical Analysis
Negative
0.04
Price Trends
0.07
Negative
0.10
Negative
0.13
Negative
Market Momentum
>-0.01
Negative
26.43
Positive
31.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BOT, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.07, and below the 200-day MA of 0.13, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 26.43 is Positive, neither overbought nor oversold. The STOCH value of 31.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BOT.
Botanix Pharmaceuticals Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$457.33M | 14.96 | 13.29% | 0.38% | 7.76% | 1.55% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | AU$82.07M | -2.00 | -131.13% | ― | 456.50% | -457.14% | |
44 Neutral | AU$216.14M | -5.17 | -83.97% | ― | 1271.12% | 36.87% | |
42 Neutral | AU$738.77M | -4.51 | 132.37% | ― | -80.08% | 59.91% | |
41 Neutral | AU$230.61M | -12.98 | -44.80% | ― | 42.05% | -0.84% | |
40 Underperform | AU$60.42M | -3.40 | -69.20% | ― | ― | -19.21% |
* Healthcare Sector Average
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Botanix Pharmaceuticals Limited Corporate Events
Botanix seeks ASX quotation for 415 million new shares
Apr 10, 2026
Botanix Pharmaceuticals has applied to the ASX for quotation of 415,031,847 new fully paid ordinary shares, to be issued on 10 April 2026. The large volume of new securities, issued following a previously announced transaction, will significantly ...
Botanix Wins Shareholder Backing for A$45m Capital Raising to Fund Sofdra Rollout
Apr 1, 2026
Botanix Pharmaceuticals has secured shareholder approval for all resolutions at its Extraordinary General Meeting, clearing the way for a previously announced capital raising to proceed. The package includes a two‑tranche placement totaling ...
Botanix Defers API Purchases and Moves to De-Risk Sofdra Supply Chain
Mar 29, 2026
Botanix Pharmaceuticals has renegotiated its active pharmaceutical ingredient supply agreement with Kaken Pharmaceutical, pushing major Sofpironium Bromide purchases scheduled for April 2026 and January 2027 out to December 2027 and December 2028,...
Botanix Showcases FDA-Approved Hyperhidrosis Drug at Euroz Hartleys Conference
Mar 17, 2026
Botanix Pharmaceuticals has announced its participation in the annual Euroz Hartleys Institutional Conference, where CEO Dr Howie McKibbon is scheduled to deliver a company presentation. The appearance underscores Botanix’s efforts to raise ...
Insignia Financial Exits Substantial Holder Position in Botanix Pharmaceuticals
Mar 17, 2026
Insignia Financial Ltd, on behalf of itself and its subsidiaries including IOOF and MLC entities, has notified Botanix Pharmaceuticals that it has ceased to be a substantial shareholder as of 12 March 2026. The change follows a series of on-market...
Botanix to Lift Voluntary Escrow on 3.1 Million Shares
Mar 13, 2026
Botanix Pharmaceuticals will release 3,111,145 fully paid ordinary shares from voluntary escrow on 20 March 2026, increasing the number of tradable shares on the market. The move may enhance liquidity in Botanix stock and follows the company’...
Botanix Revises Securities Purchase Plan Timetable and Sets Approval Date
Mar 10, 2026
Botanix Pharmaceuticals has updated investors on its proposed issue of securities tied to a securities purchase plan, confirming it has released a prospectus and revised the SPP timetable. The offer under the SPP will now open on 11 March 2026 and...
Botanix updates timetable for share purchase plan securities issue
Mar 10, 2026
Botanix Pharmaceuticals has updated investors on its plans for a new issue of securities under a share purchase plan, conducted via a prospectus and structured as a non-pro rata offer. The company is seeking quotation of the new securities on the ...
Botanix Opens Underwritten Security Purchase Plan to Fund Dermatology Growth
Mar 10, 2026
Botanix Pharmaceuticals has opened its security purchase plan as part of a broader capital raising, offering eligible shareholders up to A$30,000 of new shares at A$0.06 each. Participants will also receive one option per new share, exercisable at...
Botanix launches underwritten SPP and option offers tied to shareholder approval
Mar 10, 2026
Botanix Pharmaceuticals is launching a security purchase plan that allows eligible shareholders to subscribe for up to A$30,000 of new fully paid ordinary shares at A$0.06 each, with one new option attached to each share. The plan is underwritten ...
Botanix outlines limits and risks in 2026 half-year investor briefing
Mar 2, 2026
Botanix Pharmaceuticals has released its 2026 half-year investor presentation dated 3 March 2026, outlining general information for investors and clarifying that the material is not a prospectus or an offer of securities. The document emphasises r...
Botanix flags solvency risk as April vote decides fate of capital raising
Mar 1, 2026
Botanix Pharmaceuticals has called a general meeting of shareholders for 1 April 2026 in Perth, advising investors that meeting materials will be provided electronically unless hard copies have been specifically requested. The board is urging shar...
Botanix Wins ASX Waiver to Enable Shareholder Vote on Capital Raising
Mar 1, 2026
Botanix Pharmaceuticals has outlined details of its previously announced capital raising, including a two-tranche placement targeting A$40 million and an underwritten security purchase plan of up to A$5 million, offering eligible shareholders up t...
Botanix corrects prior-period revenue typo as half-year sales surge but losses widen
Mar 1, 2026
Botanix Pharmaceuticals has issued a correction to its Appendix 4D, clarifying that revenue for the half year ended 31 December 2024 was $345,673 due to a typographical error in the previously disclosed figure. The company stressed that this corre...
Botanix revenue surges but losses deepen and asset base thins
Feb 27, 2026
Botanix Pharmaceuticals reported a sharp increase in revenue from ordinary activities to $16.5 million for the half year ended 31 December 2025, up from just $34,673 a year earlier, but the business remains loss-making with a pre‑tax and aft...
Botanix Opens Investor Webinar Registration as Sofdra Launch Advances
Feb 26, 2026
Botanix Pharmaceuticals, a commercial dermatology company based in Philadelphia and Phoenix, develops and markets innovative skin treatments, led by Sofdra, the first FDA‑approved new chemical entity for primary axillary hyperhidrosis. The d...
Botanix Raises A$14.9m in First Tranche of A$40m Placement
Feb 23, 2026
Botanix Pharmaceuticals has completed tranche one of a planned A$40 million equity placement, raising approximately A$14.9 million before costs through the issue of nearly 248 million new shares at A$0.06 each to institutional and sophisticated in...
Botanix Seeks ASX Quotation for 248 Million New Shares
Feb 23, 2026
Botanix Pharmaceuticals has applied to the ASX for quotation of 247,994,473 new ordinary fully paid shares, scheduled to be issued on 24 February 2026. The securities arise from previously announced transactions, and their listing will significant...
Botanix Opens Investor Webinar to Detail Quarterly Performance and Sofdra Progress
Jan 21, 2026
Botanix Pharmaceuticals has opened registration for an investor webinar to be held on 27 January 2026, where senior executives will discuss the company’s Quarterly Activity Report, 4C Quarterly Cash Flow Report and provide an update on its r...
Botanix Seeks ASX Quotation for 1.77 Million New Shares After Option Conversions
Jan 19, 2026
Botanix Pharmaceuticals Ltd has applied for quotation on the ASX of 1,771,429 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The additional shares, issued on 20 January 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.