Bod Science Posts $858k Cash Inflow Amid Biortica Acquisition Delays
Bod Science reports a solid net cash inflow of $858,000 in Q4 FY2025, driven by R&D incentives and Biortica funding, while awaiting shareholder approval to complete a key acquisition.
- Net cash inflow of $858k in Q4 FY2025
- Customer receipts up 5% quarter-on-quarter due to new product SKUs
- DOCA process ongoing with extended deadlines to August and September 2025
- Acquisition of Biortica Agrimed Limited delayed pending compliance and approvals
- Funding from Biortica partially offsets operating expenses
Financial Performance Highlights
Bod Science Limited, a cannabis-focused drug development company currently operating under a Deed of Company Arrangement (DOCA), has reported a net cash inflow of $858,000 for the quarter ended 30 June 2025. This represents a significant improvement compared to the previous quarter and the corresponding period last year, largely driven by the receipt of a $678,000 R&D tax incentive and contributions from Biortica Agrimed Limited.
Customer receipts increased modestly by 5% from the prior quarter to $388,000, reflecting growing sales volumes attributed to the introduction of new product SKUs. This marks a 326% increase compared to the same quarter in the previous year, underscoring the company’s progress in commercialising its product portfolio despite ongoing operational challenges.
Operational and Strategic Developments
Since entering into the DOCA in April 2024, Bod Science has been navigating a complex restructuring and acquisition process. The company has executed a binding Share Purchase Agreement to acquire all ordinary shares of Biortica Agrimed Limited, a move that is contingent on Biortica meeting certain conditions, including compliance with ASX listing rules and completion of audited financial statements.
Delays in Biortica’s compliance have pushed back the timeline for effectuation of the DOCA and the associated shareholder approvals. The interim deadline for the DOCA has been extended to 7 August 2025, with further extensions expected following additional payments from Biortica to cover incremental costs. The extraordinary general meeting to approve the acquisition and related resolutions is now anticipated on or before 30 September 2025.
Funding and Cost Management
Biortica’s financial support has been instrumental in offsetting Bod Science’s operating expenses during this period, with $312,000 received to assist with costs. Meanwhile, the company has maintained tight control over expenditures, including modest payments to related parties totaling $35,000 for director remuneration.
While the company remains suspended from trading pending completion of the DOCA and shareholder approvals, these financial and operational updates provide a cautiously optimistic outlook. Bod Science continues to focus on advancing its clinical trial pathways and product innovation within the cannabis pharmaceutical sector.
Bottom Line?
Bod Science’s near-term prospects hinge on Biortica’s compliance and shareholder approval, setting the stage for a pivotal phase in its restructuring journey.
Questions in the middle?
- When will Biortica complete its audit and satisfy ASX compliance conditions?
- How will the extended DOCA timeline impact Bod Science’s operational momentum?
- What are the prospects for Bod Science’s product pipeline post-acquisition?
