Incanthera (LSE:INC) reported revenue of £12,000 for the year ended 31 March, its first commercial sales following the direct-to-consumer launch of its skin+CELL range in August 2025.
The AQSE-listed dermatology and oncology specialist said the figure "did not meet the target set", a shortfall the board called a driver of subsequent strategic changes.
The group operating loss before financing and exceptional items widened to £2.28m, from £2m the prior year, while operating expenses excluding share-based compensation held broadly flat at £1.89m against £1.78m.
Cash at year-end stood at just £4,000, down from £80,000 a year earlier, despite a £508,000 investment round completed early in the year.
"We are transitioning from a marketing-led, direct-to-consumer business to a focused, partnership-led skincare technology supplier," said chief executive Stuart Robertson.
The results land against a backdrop of substantial post-year-end change already flagged to the market: the June acquisition of Swiss skincare brand énielle for up to 54m shares, Robertson's appointment as CEO alongside a £250,000 convertible loan facility, and a board refresh bringing in Caroline Murray as non-executive Chair, Simon Ward as Chief Scientific Officer and Werner Bürki as a non-executive director.
Incanthera has since signed an exclusive bundled distribution agreement with iSmart Developments to supply bioactive creams alongside its LED skincare devices, marking its first contracted recurring sales revenue and a step toward the partnership-led model management now describes as the company's future direction.