Botanix Pharmaceuticals (BOT) investor relations material

Executive summary

• Achieved record Sofdra prescription volume, with 10,653 in March and 26,684 in Q3 FY26, reflecting accelerating demand and strong commercial momentum since launch.

• Cumulative gross revenue reached $118.7 million (AUD 120 million), net revenue $27.4 million (AUD 28 million), and 86,000 prescriptions shipped since launch 14 months ago.

• Expanded sales force to 50 specialists by November 2025 to support growth and future product launches.

• Sofdra is the first and only new chemical entity approved for primary axillary hyperhidrosis in the US, with strong physician and patient satisfaction.

• Capital raising activities brought in ~$45 million, strengthening liquidity and supporting future growth.

Financial highlights

• Q3 FY26 net revenue was $6.9 million, down from $9.1 million in Q2 FY26 due to a temporary drop in gross-to-net yield from 24% to 18% caused by US insurance deductible resets.

• Pro forma cash position at Q3 end was $50.8 million (AUD 50.8 million), including $22.1 million in cash and $28.7 million from a recent capital raise.

• Operating cash outflow for Q3 was $23.3 million, including a $9.7 million API purchase; excluding this, outflow was $13.6 million, a 21% decrease.

• Manufacturing costs rose to $11.0 million, reflecting the scheduled API purchase.

• Staff costs decreased 43% quarter-over-quarter due to non-recurring payments in the prior period.

Outlook and guidance

• Sales momentum for Sofdra is expected to accelerate as the US enters summer, with gross-to-net yield anticipated to improve post-deductible reset.

• No further API purchases are expected until December 2027, ensuring sufficient inventory for interim growth.

• Alternate API supplier expected to reduce cost of goods sold by 25–40% starting in 2028, improving gross profit margins.

• Platform is positioned to support additional products with minimal incremental cost, enabling future growth through licensing or in-licensing deals.

• Exploring expansion of Sofdra licensing to other regions and addition of new products to the platform.