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ASX-listed dermatology outfit Botanix Pharmaceuticals (ASX:BOT) has added significant clinical and commercial heft to its board, appointing seasoned dermatology expert Dr Patricia Walker as a non-executive director, effective 25 August 2025.

non-executive director, Dr Patricia Walker

For those unfamiliar, Dr Walker isn’t just another white coat in the boardroom. She brings a medley of accolades—over 60 peer-reviewed publications, two dozen academic and professional honours, and a resume stacked with leadership roles in pharmaceutical juggernauts like Allergan, Inamed, and Kythera Biopharmaceuticals.

It’s not her first rodeo with Botanix either. Walker played a pivotal role in the development of Sofdra™ (sofpironium), Botanix’s FDA-approved treatment for primary axillary hyperhidrosis. Her involvement dates back to the molecule’s preclinical days, guiding it through Phase 3 before the company took full ownership.

Executive Chairman Vince Ippolito said the appointment is part of a strategy to fortify the company’s clinical and commercial muscle as it scales up operations. “Dr Walker has a rare and unique skill set including both product development and business acumen that makes her an outstanding addition to the Company’s Board,” he said.

CEO Dr Howie McKibbon echoed the sentiment, noting that Walker’s insights have already been instrumental through her work as Botanix’s Chief Medical Advisor. “With Dr Walker’s experience, from product discovery to global market approvals, she will continue to be instrumental in evaluating potential product acquisitions for Botanix.”

Beyond her stellar biotech pedigree, Dr Walker is also a practising dermatologist—a perspective often underrepresented at board level. She’s well-versed in the practicalities of patient needs and product usability, bridging the often-gaping chasm between lab bench and clinic.

It’s a timely move. Botanix is riding high after the US launch of Sofdra in February 2025, reporting solid uptake in a market historically underserved and worth billions. Backed by a proprietary fulfilment platform and strong early refill rates, the company is now in expansion mode. Plans are in motion to double the US sales force by October and boost gross-to-net returns, with eyes also on licensing and M&A to drive broader growth.

Dr Walker’s appointment isn’t just a box-ticking governance exercise—it reflects a conscious pivot toward scaling, acquiring, and innovating at speed.

In the unforgiving world of biotech, having someone who’s shepherded household names like Botox Cosmetic and Juvéderm from concept to commercialisation is more than cosmetic—it’s strategic gold.

As the company moves deeper into commercialisation and global licensing discussions, having Walker on board could be the differentiator between ‘promising pipeline’ and ‘profitable portfolio’.

It’s still early days, but the message is clear: Botanix isn’t just sweating the small stuff—it’s gearing up for big moves.

Nanoveu (ASX: NVU), the Perth-based purveyor of futuristic screen tech and anti-viral films, is charging into the semiconductor fast lane via its wholly owned subsidiary EMASS. In its latest move, Nanoveu has inked deals with seasoned U.S. semiconductor sales reps to boost adoption of its ultra-low power AI chip, the ECS-DoT SoC - a silicon brain designed for edge computing applications like autonomous drones, smart wearables, and defence robotics.

In short, the Aussies are getting boots - or rather, loafers - on the ground in Silicon Valley, the Midwest, and the U.S. Southwest through partnerships with TAARCOM, IRI, and Haper & Two respectively. Each of these firms brings a Rolodex full of OEM contacts and complementary product portfolios. Critically, none of them are peddling rival AI chips, giving Nanoveu a clean lane to pitch its wares.

“This is about accelerating design-wins and engaging customers early,” said Scott Smyser, EMASS’s VP of Sales and Marketing. “These reps are already trusted by OEMs, and there’s a clear appetite for edge AI. With ECS-DoT, we’re meeting that demand with best-in-class tech.”

Unlike brute-force cloud AI, ECS-DoT is engineered for nimbleness, handling real-time AI inference with miserly power consumption. That’s a game-changer in markets where battery life and speed are non-negotiables - think drone fleets, healthcare monitors, and autonomous machinery.

And timing, as ever, is everything. The expansion coincides with phase two of EMASS’s structured drone evaluation program. Early simulations suggest ECS-DoT could extend drone flight time significantly - an outcome that could turn heads among drone OEMs, especially in defence and industrial sectors.

To make their case, EMASS has trained its AI model on diverse drone flight data—from different altitudes to various weather tantrums. The tech doesn't just cut power usage; it dynamically adapts to changing flight profiles and environmental stress, making it as smart as it is frugal.

Mark Goranson, who leads Nanoveu’s semiconductor division, isn’t shy about the ambition: “With ECS-DoT, we’re not just bringing another chip to market—we’re redefining what’s possible at the edge.”

The goal? Design wins across drones, wearables, IoT, and healthcare. The chip is already fabricated on a 22nm node, and EMASS is laying groundwork for a sleeker 16nm version slated for tape-out in Q4 2025. The reps will also feed back customer insights to guide future iterations.

The sales rep contracts come with standard commercial terms, including defined territories, agent commissions, and termination clauses (60 days in year one, 90 thereafter). They’re locked in for an initial 12-month run, with the possibility of extensions.

On the ground, the ECS-DoT now has a sales army with local know-how and OEM access, allowing Nanoveu to scale without the overhead of building a global direct salesforce. The European front isn’t far behind either, with rep negotiations already in play across Central and Northern Europe.

While it’s too early to slap a revenue target on these arrangements, the strategic significance is clear: this is a well-orchestrated land grab for early design-in wins. As the edge AI market heats up, Nanoveu wants to be in every boardroom where power-efficient chips are on the whiteboard.

Investors might still associate NVU with its EyeFly3D displays and germ-busting Nanoshield films. But with ECS-DoT and EMASS now muscling into the AI chip fray, Nanoveu is angling for a new identity - one measured not just in pixels or polymers, but in nanometres and AI cycles.

It’s not just a new chip. It’s a whole new chip on the shoulder.

It’s been a bumper year for PolyNovo (ASX:PNV), the Melbourne-based biotech redefining wound care with its proprietary NovoSorb technology. For FY25, the company stitched together a compelling financial and operational performance, delivering a 151% increase in net profit after tax to $13.2 million, underpinned by surging global sales and robust clinical momentum.

Commercial product sales reached $118.6 million, up 28.9% year-on-year, thanks in large part to a 28.7% rise in US sales and a 29.6% surge across the rest of the world. It wasn’t just about more sales, but more markets too—PolyNovo added new territories including Malaysia, Peru and the Czech Republic, bringing its reach to 46 countries.

The star of the show was NovoSorb MTX, a thinner and more flexible derivative of PolyNovo’s flagship BTM. MTX brought in $6.7 million in its first full year post-launch in the US, bolstered by expanded regulatory approvals for thicker (up to 6 mm) and more versatile indications. Overall, the US contributed $88.4 million to PolyNovo’s topline—no small feat in a market dominated by entrenched medtech players.

“We’re not just making products; we’re transforming surgical practice,” said acting CEO Dr Robyn Elliott. “FY25 has been a successful year with significant growth in all major indicators: patients treated, units sold, revenue, profit and regulatory approvals.”

The NovoSorb portfolio’s regenerative capabilities have not gone unnoticed. The products are increasingly used not just in burns, but in trauma, limb salvage, and reconstructive surgery—applications that broaden the total addressable market considerably.

Chairman David Williams was equally bullish but pragmatic. “While I am still focused on revenue growth, shareholders will find it refreshing in FY26 to see major capital expenditure coming to an end and increased cash from operations dropping to the bottom line.”

Indeed, PolyNovo is beginning to enjoy the fruits of operational leverage. While revenue rose by nearly 29%, operating expenses climbed a more modest 19.4%. EBITDA more than tripled to $11.2 million, and the company ended the year with a tidy $33.5 million in cash—even after $13.9 million in capital spend and repaying $4.8 million in debt.

From a strategic standpoint, PolyNovo is also prepping for the next phase. Its PMA submission for NovoSorb BTM in full-thickness burns is on track for late CY25, following the 12-month data review from the BARDA-funded pivotal trial. The trial’s outcome could open the door to expanded US indications—and significantly greater reimbursement.

Meanwhile, the pipeline remains fertile. Preclinical results for its hernia mesh prototype have been described as “excellent”, and there’s early promise in a collaboration with Beta Cell Technologies exploring NovoSorb as a delivery platform for pancreatic islets in Type 1 diabetes.

With a refreshed board, a new CEO search underway, and its third manufacturing facility nearing completion, PolyNovo looks well-positioned to maintain momentum.

The only blemish? A 51% share price decline over the past year, from $2.45 to $1.20. But with the fundamentals firming up and the commercialisation path increasingly de-risked, some long-suffering shareholders might finally feel the burn is beginning to heal.

Zip Co (ASX: ZIP) has delivered a strong set of full-year results for FY25, underscoring its transformation from a high-growth, capital-intensive fintech into a more balanced and operationally disciplined business. The standout performance came from the US, now the group’s primary growth engine and accounting for more than 70% of transaction volume and over 80% of divisional cash earnings.

Group cash EBTDA surged 147% to $170.3 million, supported by a 30.3% increase in total transaction volume (TTV) to $13.1 billion. Operating margin more than doubled to 15.8%, driven by improvements in both unit economics and credit performance.

Zip’s Chief Executive Officer, Cynthia Scott, characterised the year as a pivotal one for the group. “We achieved several milestones, including delivering over $1 billion in total income and generating more than US$100 million of cash earnings in the US. Disciplined execution and strong unit economics underpinned our performance,” she said.

US Business Drives Performance

The US business led the charge, with TTV increasing 41.6% year-on-year (in USD) to US$6.0 billion—well ahead of the broader market growth for instalment products, estimated at 30–32%. Revenue rose 43.7% in USD terms, reflecting improved customer engagement, increased in-store spend, and growing adoption of Zip’s Pay-in-8 product, which comprised 18% of Q4 TTV.

Customer metrics also improved markedly: active customers rose to 4.3 million, while average spend and transaction frequency per customer increased by 27.6% and 20.3% respectively. Zip also expanded its merchant base in the US and deepened relationships with channel partners such as Google Pay, Chrome Autofill, and Stripe.

Credit performance in the US remained within target, with bad debts held in the 1.5–2.0% range.

ANZ Returns to Growth

In Australia and New Zealand, the company returned to growth with a 5.5% lift in TTV to $3.7 billion. While revenue declined marginally by 0.9%, this was offset by improved portfolio yield, which rose to 19.3%, and an excess spread of 8.7%—up 331 basis points year-on-year. The Zip Plus product continued to gain traction, with receivables up 96% since launch and customer engagement materially higher than Zip Pay.

The ANZ business also launched its Zip Personal Loan in January 2025, further diversifying its product suite. Strategic merchant additions in health, retail and travel verticals supported ongoing customer engagement.

Strengthened Balance Sheet and Capital Management

A key theme in FY25 was the consolidation of Zip’s capital position. The company repaid all corporate debt following a $267 million equity raise in H1 and ended the year with $137.8 million in available liquidity, up from $80.4 million. By July 2025, this had increased to $230.8 million, thanks to additional short-term funding capacity.

Funding initiatives included the refinancing of $2.0 billion in Australian receivables at lower margins and the establishment of a new $400 million five-year warehouse facility. In the US, Zip increased its funding capacity to US$300 million.

An on-market buyback program, launched in April 2025, saw $29.8 million worth of shares repurchased during the year.

Nasdaq Listing Under Consideration

In a move reflecting the company’s increasingly international profile, Zip is considering a dual listing on the Nasdaq while maintaining its primary listing on the ASX. The potential listing is designed to align Zip’s capital markets presence with its growing US operations and rising offshore investor interest, which now accounts for approximately 16% of issued capital. The listing remains subject to board and regulatory approvals.

FY26 Outlook

Zip has issued upgraded guidance for FY26, including:

• US TTV growth of over 35% (in USD)

• Group revenue margin of approximately 8%

• Cash net transaction margin between 3.8% and 4.2%

• Operating margin between 16.0% and 19.0%

• Cash EBTDA exceeding 1.3% of TTV

While the macroeconomic backdrop—particularly in the US—remains dynamic, Zip appears well-positioned to maintain momentum into FY26, supported by a focused strategy centred on product innovation, credit discipline, and operational leverage.

The business has come a long way from its earlier cash-burning phase, and FY25 represents a significant turning point in Zip’s path to sustained profitability and international relevance.

Hearing technology company Audeara Limited (ASX: AUA) has signed a licensing agreement with Taiwan-listed electronics group Eastech Holding Limited to bring its proprietary hearing personalisation software to the Chinese market, in what it describes as a major milestone in its global expansion plans.

Under the five-year agreement, Eastech’s wholly owned subsidiary, Eastech (Huizhou) Co., Ltd., will integrate Audeara’s technology into medical-grade hearing devices manufactured under Eastech’s National Medical Products Administration (NMPA) certification.

The devices will be sold under a third-party brand via a major Chinese e-commerce hearing aid distributor with national reach across platforms including Tmall, JD.com and Pinduoduo.

Audeara will receive royalties for each unit sold, with no minimum purchase obligations.

China is one of the largest hearing health markets in the world, with an estimated 426.5 million people affected by hearing loss in 2019, a figure expected to grow to 561 million, or 40 per cent of the population, by 2034.

“This agreement aligns technology, regulatory execution and consumer access in a way that accelerates our ability to deliver impact at scale,” Audeara chief executive James Fielding said.

Bone Conduction Partnership

The China deal follows news earlier this month that Audeara has partnered with the Ear Science Institute Australia (ESIA) to develop and evaluate bone conduction hearing solutions for high-need communities.

ESIA will contribute $100,000 and its technical expertise to the project, with Audeara providing product supply and coordination. The program will trial bone conduction devices in classrooms to support children requiring additional listening assistance.

Bone conduction technology delivers sound through vibrations via the skull, bypassing the eardrum and allowing users to hear audio while remaining aware of ambient sounds.

Record Year

The announcements come off the back of record financial results for FY25. Audeara reported cash receipts of $4.9 million, up 38.4 per cent on the previous year, and revenues of $3.786 million, a 21.9 per cent increase.

Growth was driven by the company’s AUA Technology division, which provides hearing personalisation software to third-party audio manufacturers. A follow-up order from US-based cymbal maker Zildjian is expected to materially boost September quarter receipts.

Audeara ended the June quarter with $1.42 million in cash and said it was well-positioned to deliver further growth in FY26 through a combination of international licensing, domestic wholesale expansion and new product innovation.

“This year has been a landmark for Audeara, and we’re entering the next financial year with a clear path to scale both at home and abroad,” Dr Fielding said.