Acrux Limited reports solid revenue growth and increased cash reserves in the December quarter, driven by expanding its topical generics portfolio in the US and strategic moves into female Hormone Replacement Therapy.
- Receipts from customers rose to $1.807 million in December quarter
- Cash and cash equivalents increased to $0.946 million
- Divestment of underperforming Prilocaine and Lidocaine creams for $0.822 million
- Expansion of topical generics portfolio in US, notably Dapsone 7.5% Gel
- Strategic pivot towards female Hormone Replacement Therapy with positive FDA feedback
Quarterly Financial Highlights
Acrux Limited has reported a notable increase in receipts from customers, reaching $1.807 million for the December 2025 quarter, up from $0.863 million in the previous quarter. This growth was primarily driven by profit share and services income, reflecting the first full revenue periods since the launch of its topical generic drug portfolio in the United States. Cash and cash equivalents rose by $0.224 million to $0.946 million, providing the company with a stronger liquidity position heading into 2026.
Portfolio Expansion and Strategic Divestments
The company continues to expand its footprint in the US market with four currently marketed products, including the recently launched Dapsone 7.5% Gel, which treats acne vulgaris in patients aged nine and older. Acrux is also advancing commercial discussions and product registrations in other international markets, leveraging its FDA approvals to broaden its global reach without significant additional R&D investment.
In response to challenging market dynamics marked by increased competition and price discounting in certain topical generic categories, Acrux divested its underperforming Prilocaine 2.5% and Lidocaine 2.5% creams in December 2025. This divestment yielded $0.822 million and relieved the company of liabilities from accumulated negative profit shares, allowing Acrux to maintain a robust and focused product portfolio.
Emerging Opportunities in Hormone Replacement Therapy
Building on its core revenue streams, Acrux is pursuing new strategic directions, notably in the female Hormone Replacement Therapy (HRT) market. The company has received positive feedback from the FDA regarding its plans and is focusing R&D efforts on next-generation drug delivery systems within HRT and other therapeutic areas where it holds expertise. This pivot leverages Acrux’s heritage and know-how, positioning it to tap into a potentially lucrative and growing segment.
Operational and Financial Management
Operating expenses for the quarter totalled $1.932 million, with staff costs declining due to recent departures and non-replacement of certain roles. Acrux has also begun offering fee-for-service work to external partners, including projects with Padagis and Proteios Pty Ltd, a University of Sydney spinout. This diversification not only contributes to revenue but also helps maintain the scientific team’s expertise.
Financially, Acrux secured a short-term advance from Radium Capital against its Research and Development Tax Incentive, further supporting its cash flow. The company maintains sufficient funding to support ongoing operations and strategic initiatives, with total available funding exceeding $1 million.
Looking Ahead
CEO John Warmbrunn highlighted the significance of FDA registrations as a gateway to international expansion and the company’s ability to pursue innovative opportunities in HRT. Acrux’s evolving business model, combining commercialised topical generics with emerging therapeutic areas and fee-for-service activities, reflects a dynamic approach to growth in a competitive pharmaceutical landscape.
Bottom Line?
Acrux’s strengthened cash position and strategic pivot to hormone therapy set the stage for its next growth phase, but market pressures on generics remain a watchpoint.
Questions in the middle?
- How will Acrux’s expansion into female Hormone Replacement Therapy impact its revenue trajectory?
- What is the timeline and potential scale for international market registrations leveraging FDA approvals?
- Can the fee-for-service model become a significant and sustainable revenue stream for Acrux?