ASX-listed Bioxyne has released its first annual report since it acquired Breathe Life Sciences (BLS) in May 2023.

Following the acquisition, Bioxyne said its financial statements for FY23 are accounted for under Australian Accounting Standards as a reverse takeover.

As such, they reflect the financial performance of BLS for the full year ended June 30, 2023 and of Bioxyne for the period subsequent to acquisition, being the month of June. Comparative figures are for the performance of BLS in FY22.

Increased sales of A$5.16 million (up from $464k in FY22) were attributed to organic growth in the BLS business, the launching of its products on Amazon in several markets, the rapid expansion of its sales team and customer base in the UK and European Union, and acquisitions.

BLS co-founder and CEO Sam Watson

The net loss after tax was $1.96m, up from $494k in FY22, with the firm citing one-off costs associated with acquisitions and the merger with BLS as reasons for the increase.

Non-executive chairman Anthony Ho described the year as “transformational” for Bioxyne, with BLS co-founder and CEO Sam Watson and COO Jason Hine joining the board as part of the deal. 

He added: “The integration of the two businesses has been seamless and we now have a sturdy platform from which to accelerate organic growth and look for further opportunities to build a sustainable and profitable business.

“On a pro forma twelve-month basis our combined revenues were approximately $7.7m for the year and this should increase in the year ahead.” 

In Australia, BLS holds licences to import, export, wholesale and manufacture Schedule 3, 4 and 8 medicinal cannabis, operating a wholesale distribution model as well as direct-to-patient supply of prescribed medications via telehealth platform BLS Clinics

Outside of Australia, the business has manufacturing and distribution centres in Japan, the UK, and Europe, and operates direct-to-consumer supply of its trademarked Dr Watson brand.


Clinical-stage biotech Emyria reported net losses of A$5.13 million in FY23, down from $7.33m in the previous year.

Sales revenue fell to $1.59m, from $1.82m in FY22, while the company ended the year with cash and cash equivalents of $2.73m, down from $3.88m at the end of FY22.

Emyria chairman Dr Stewart Washer

During the financial year, Emyria secured a $3m placement, a cash refund of more than $2m via the Government’s R&D tax incentive and a $2.5 million placement to support the delivery of MDMA and psilocybin-assisted therapies and its drug-discovery program.

While independent auditor Stantons flagged “material uncertainty” over the group’s ability to continue as a going concern, managing director Dr Michael Winlo insisted cash flow forecasts indicate “the group is expected to continue to operate, with headroom and within available cash levels”.

Chairman Dr Stewart Washer said an increase in clinical service revenues, combined with reduced operating costs and successful capital raises, left it well-positioned to deliver on its “ambitious programs”.

Emyria recently acquired the Pax Centre for $1.7m in cash and shares. The Perth-based clinic specialises in treating trauma-related mental health issues including PTSD, depression, anxiety and substance abuse.

Washer said the acquisition positions Emyria to build “a thriving, multidisciplinary clinical service uniquely prepared to provide and evaluate psychedelic-assisted therapies” in the wake of the TGA’s rescheduling of MDMA and psilocybin in February.


Ecofibre saw revenue climb 8% to A$32.5 million in FY23 with the Australian arm of its Ananda Health division delivering healthy growth.

The firm said improved sales in Australia (up $1.8m to $2.4m) were partially offset by lower US sales (down $1.7m to $10.6m) meaning Ananda Health flatlined overall, delivering revenue growth of only 1% to $13m. 

Ecofibre MD Eric Wang

In January, Ecofibre announced its CANN-Sleep Phase III clinical trial – conducted by Southern Cross University’s National Centre for Naturopathic Medicine – failed to show sufficient differences between its schedule 3 CBD candidate and a placebo.

However, writing in the firm’s 2023 annual report, managing director Eric Wang said: “The Australian market continues to grow strongly, and although we didn’t get the result we hoped for or expected with the S3 clinical trial… our Australian business did grow as we refocused our efforts on the S4/S8 CBD market.”

The biggest contributor to the group’s improved performance was its Hemp Black division, which grew revenue by 26% to $17.3m, although Ananda Food’s revenue fell from $3.6m in FY22 to $2.2m this year.

Normalised EBITDA improved by 23%, from a loss of $17.2m in FY22 to a loss of $13.2m in FY23. The company said the key drivers of the shift were higher revenues, higher gross margins and lower operating costs.

Zelira Therapeutics

Zelira Therapeutics has reported a loss after tax of $6.27 million for FY23, down almost 50% on FY22’s $12.41m loss.

The firm blamed the result mainly on research and development activities as well as employee and administration costs.

Net cash outflow from operating activities was $7.25m, down 23% on FY22 ($9.43m). Zelira had just $146,206 in the bank at the end of June.

Independent auditor HLB Mann Judd said “material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern”.

However, Zelira said as at the end of FY23, it had executed binding terms sheets – subject to definitive agreements – to raise $US11.85m via a special purposes vehicle (SPV) to progress its Hope autism treatment through US FDA clinical trials.

That represents around 34% of the total US$35 million to be raised via the SPV with Zelira insisting it “expects to have subsequent rounds of closings this quarter from its continuing fundraising efforts” to progress the Hope program.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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