Clinuvel reported record December-half sales revenues of AUD 36.9 million in the six months to 31 December 2025 (+4%), with total revenue of AUD 40.6 million. Expenses rose to AUD 26.0 million (+22%), and net profit after tax fell to AUD 10.4 million (-26%), with basic earnings per share of AUD 0.21 (-26%). Cash and term deposits increased to AUD 233.0 million (+4%), and the balance sheet remained free of external borrowings. The company said higher spending reflected expansion plans and increased R&D activity, with personnel costs up 16% and clinical and non-clinical development costs up 19%. Commercial distribution expenses rose 42%, and finance and legal expenses increased 47%, primarily linked to an application to the U.S. SEC to upgrade its Level I ADRs to Level II for a NASDAQ listing. Management also highlighted preparation for larger markets in vitiligo and first entry to market for NEURACTHEL, an ACTH analogue.

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