Botanix Pharmaceuticals Ltd (ASX: BOT) shares are flat today following the company’s release of its FY21 half-year results on Friday night. At the time of writing, the Botanix share price is trading at 11 cents, the same price at which it closed Friday’s session.
It seems the weekend has given shareholders plenty of time to digest the pharmaceutical cannabinoid company’s numbers, leaving them indifferent.
Botanix share price fails to ignite
Due to the pre-revenue nature of pharmaceutical development, Botanix is heavily reliant on non-operational income. And today, the Botanix share price is languishing after the company recorded a 14% decrease in its operational revenue to $88,871.
As a result, the company significantly reduced its expenditure during the half, particularly on employee benefits and research and development (R&D) expenses. The addition of a considerable $6.88 million R&D incentive scheme refund also enabled the company to deliver a profit of $664,129 for the half.
Botanix continued working on the development of its range of treatments including BTX 1801, BTX 1702, and BTX 1503. In February, the company announced positive data from its BTX 1801 Phase 2a nasal decolonisation proof of concept study.
Today, Botanix also announced the expansion of its management team with the addition of three new hires in the United States. The company advised the purpose of the new roles is to drive its antimicrobial and dermatology programs.
The new hires will assume the positions of chief medical officer, vice president, and head of commercial. These additions also come with the termination of executive director Michael Thurn.
Botanix mentioned in the announcement that recent positive data from its BTX 1801 antimicrobial study underpins the acceleration of the company’s commercial capabilities.
Botanix share price under the microscope
Botanix is in the clinical development of synthetic cannabinoid pharmaceuticals. The company’s primary focus is on dermatology and antimicrobial applications.
Despite the volatility, the S&P/ASX 200 Index (ASX: XJO) has now returned around 5.7% to investors in the past year. In comparison, the Botanix share price has netted shareholders more than 57% returns over the same period, a return nearly ten times that of the index.
However, in less positive news, Botanix shares have slipped by around 35% over the past month.