A fabricated revenue scandal dominated the health and biotech small-cap space, with SkinBioTherapeutics forced to restate its full-year results after an investigation uncovered £0.77m of royalty income that had been inappropriately recognised by its former chief executive. Elsewhere, Verici Dx (LSE:VRCI) opened a retail offer following a £2.5m placing, and Coiled Therapeutics (AIM:COIL) began building out its scientific advisory function.
SkinBioTherapeutics restates FY25 after £0.77m fabricated royalty
SkinBioTherapeutics (AIM:SBTX) restated its audited FY25 revenue to £3.87m from £4.64m after an independent investigation concluded that £0.77m of accrued royalty revenue had been inappropriately recognised and fabricated by the former chief executive. The restatement removes the inflated figure entirely from the record, representing a material revision to the company's reported financial position. Shares fell 12.09% to 8.5276p.
Despite the restatement, SkinBioTherapeutics reported that first-half FY26 revenue rose 37%, offering some evidence that the underlying business has continued to grow independently of the manipulated figures. The company has since parted ways with the former CEO; Alyson Levett is among those associated with the current leadership as the group works to rebuild credibility with investors following the disclosure.
Verici Dx launches WRAP retail offer after £2.5m placing
Verici Dx (AIM:VRCI) opened a retail offer of up to £200,000 of new shares to UK investors via Winterflood's WRAP platform, priced at 0.35p per share, following a placing that raised approximately £2.5m. The retail offer extends participation in the fundraise to a broader shareholder base at the same price as the institutional round. The stock traded at 0.352p, down 6.13%, as the dilutive impact of the capital raise weighed on the price.
Coiled Therapeutics adds Columbia biophysicist to advisory board
Coiled Therapeutics (AIM:COIL) appointed Professor Ozgur Sahin as its first Scientific Advisor, marking the opening move in a planned build-out of a wider Scientific Advisory Board. Sahin, a biophysicist at Columbia University, brings expertise expected to support Coiled's platform development. Sridhar Vempati is also associated with the company's scientific leadership as it expands its advisory infrastructure. Shares eased 4.0% to 10.8p on the day of the announcement.
