SkinBioTherapeutics PLC

Matrixyl vs Zenakine™: The Active Ingredient Replacing a Legend—and Redefining an Industry

By Financial Journalist: Elric Langton | 17 July 2025

Mike, Alex, and I all have a financial interest in SkinBioTherapeutics.

Sing Capital Markets

Before we dive into our broader thesis—one partly inspired by a few offhand “sprinklings” that some fear may jeopardise sales—let’s take a moment to poke a polite (but pointed) hole in the latest Singer Capital Markets broker note, which has just landed with all the grace of a damp squib.

To summarise: they’ve slapped a 29p price target on SkinBioTherapeutics, and worse still, it seems Kevin Keegan (a joke only Manchester United fans will get) believes the Company has missed its FY25 numbers by £200k, and that FY26 revenue will come in £100k below the (now revised) FY25 figure (I am told by Ashman they stand by their IMC FY guidance)—Singer includes both Zenakine™ and Superdrug partnerships, which is clearly utter nonsensicle.

We know there is no revenue guidance from either Croda or Superdrug! Indeed, the NDA drama continues, but Keegan knows better. No matter—Singer appears to have opted for the finger-in-the-air methodology, presumably on the assumption that vague guesswork is still publishable if it’s formatted as a note.

Now, I’m a little puzzled by this. I was informed the model contained errors that were supposed to be corrected before release. But with Keegan reportedly away until the end of the month, it seems no one else at Singer has the gumption (or perhaps the login credentials) to fix it. The result? Another misstep by the house broker—one in a growing list.

It will all come out in the wash, no doubt. But for now, it’s yet another case of valuation by autopilot—and a missed opportunity to show proper understanding of what’s shaping up to be SkinBioTherapeutics' most commercially significant chapter yet. And no doubt, another episode of Mr Angry screaming like a banshee will follow.