Business
Update on Board Investigation
SkinBioTherapeutics plc has announced an update on its board investigation, revealing that new information has led the board to seek the reversal of £0.77m in accrued royalty income from the audited FY25 revenues, potentially reducing FY25 revenue to £3.87m and restating adjusted EBITDA to a loss of £1.17m. The company maintains a robust cash balance of £2.92m as of February 13, 2026, and is initiating a search for an interim and then a permanent CEO. The board anticipates that the FY26 results will be significantly below current market expectations due to these adjustments. Disclaimer*
About this update from Skinbiotherapeutics Plc
[{"type":"text","content":"\n\n \n \nSkinBioTherapeutics plc\n(\"SkinBioTherapeutics\" or \"the Company\" or the \"Group\")\n \nUpdate on Board Investigation\n \n· Very recent new information has led the Board to seek the reversal of all accrued royalty income from the audited FY25 revenues\n· Company supported by robust cash balance of £2.92m as at 13 February 2026\n· Process underway to appoint an interim CEO in near term and thereafter a new, permanent CEO\n \n16 February 2026 - the Board of SkinBioTherapeutics plc, (AIM: SBTX), the life science business focused on skin health, received information late on Friday 13 February 2026 that has informed its ongoing investigation into the conduct of the former CEO.\nOver recent days, the Board has been urgently conducting an investigation of the business (\"the Board Investigation\"), following initial concerns over matters of conduct by the former CEO, who was first suspended and who has since resigned [Release link]. In addition to the initial concerns around his conduct, in light of the newly available information, the Board has reason to believe that the former CEO has misrepresented material information to the Board and senior management, the Company's auditors and advisors. The former CEO was informed of these allegations on Sunday 15 February 2026 and the Board Investigation is continuing. The Company has reported the Board's findings so far to the Company's auditors.\nInformation received late on Friday 13 February 2026 has cast significant doubt on the validity of the accrued royalty income recorded in the audited accounts for the year ended 30 June 2025 (\"FY25 Accrued Royalty Income\"). The Board currently expects that the FY25 Accrued Royalty Income, which amounted to £0.77m, will be removed from the FY25 accounts, subject to confirmation by the Company's auditors. The Board is confident, however, in the underlying financial health of the business due to its robust cash position (£2.92m as at 13 February 2026).\nWhilst the Board believes this is an isolated incident, nevertheless, it has instigated a broader investigation to review all of the Group's businesses with respect to financial reporting and operations.\nThe findings of the Board Investigation to date, together with the ...