Botanix Pharmaceuticals Ltd
ASX:BOT
Botanix Pharmaceuticals Ltd
Botanix Pharmaceuticals Ltd. engages in the development of therapeutics for the treatment of skin diseases. The company is headquartered in Perth, Western Australia. The firm's product pipelines are based on drug delivery technology known as Permetrex. Its product pipeline consists of three clinical programs, which are using synthetic cannabidiol in the topical treatment of serious skin diseases and for antimicrobial applications. Its product pipeline includes BTX 1503 Gel, BTX 1702 Solution and BTX 1801 Ointment. Its BTX1503 Gel is a transdermal gel formulation for the treatment of serious acne in adults and teenagers. Its BTX 1702 Solution is used for the treatment of papulopustular rosacea. Its BTX 1801 Ointment is an antimicrobial gel focused on targeting Staphylococcus Aureus and Methicillin Resistant Staphylococcus Aureus (MRSA). The firm also has a chemistry program to identify, synthesize and test chemical entities that are related to naturally occurring cannabinoids.
Botanix Pharmaceuticals Ltd. engages in the development of therapeutics for the treatment of skin diseases. The company is headquartered in Perth, Western Australia. The firm's product pipelines are based on drug delivery technology known as Permetrex. Its product pipeline consists of three clinical programs, which are using synthetic cannabidiol in the topical treatment of serious skin diseases and for antimicrobial applications. Its product pipeline includes BTX 1503 Gel, BTX 1702 Solution and BTX 1801 Ointment. Its BTX1503 Gel is a transdermal gel formulation for the treatment of serious acne in adults and teenagers. Its BTX 1702 Solution is used for the treatment of papulopustular rosacea. Its BTX 1801 Ointment is an antimicrobial gel focused on targeting Staphylococcus Aureus and Methicillin Resistant Staphylococcus Aureus (MRSA). The firm also has a chemistry program to identify, synthesize and test chemical entities that are related to naturally occurring cannabinoids.
Launch traction: Sofdra has shipped 62,500 prescriptions in the first 11 months and generated almost $100 million in gross revenue and $21.2 million in net revenue over that period.
Recent half: For the half ended Dec 31, 2025, prescriptions were 45,800 (up from 16,800 prior half) and net revenue rose to $16.2 million (from $5.1 million).
Commercial engine: Botanix’s SendRx fulfillment platform and a 50-rep U.S. sales force are driving high fill and refill rates (management cites ~2.5x industry fill rate and strong HCP demand).
Margins & supply: Management expects switching/adding an alternate API supplier to cut COGS by 25%–40% and is negotiating to spread near-term API payments to ease working capital.
Financial position: Reported total revenue $16.5 million, adjusted EBITDA loss $26.1 million, loss before tax $33.2 million and cash of $31.6 million at period close.
Capital raise: Firm commitments for a $45 million raise (A$ raise structure discussed); $14.9 million received so far, balance subject to shareholder approval April 1, 2026; proceeds earmarked for API, supplier setup, marketing and working capital.
IP & TAM: Sofdra is a new chemical entity with IP protection to 2040; management highlights a U.S. TAM of ~10 million people with ~3.7 million actively seeking treatment.
Strategy: Focus on driving Sofdra adoption, improving gross-to-net, onboarding additional products to the SendRx platform and pursuing licensing outside the U.S.; platform seen as accretive with little incremental development cost.
