The share price of SkinBioTherapeutics plc has crashed after its聽former CEO was accused of misrepresenting results by the company鈥檚 board.
Stuart Ashman, who joined in 2024, was briefly suspended by the listed Newcastle firm last week and he resigned soon afterwards.
SkinBioTherapeutics said on Friday that it was investigating Ashman over 鈥榤atters relating to his conduct鈥�.
This morning it said new information had given the board 鈥榬eason to believe that the former CEO has misrepresented material information to the board and senior management, the company’s auditors and advisors鈥�.聽
Specifically, he is accused of inflating accrued royalty income recorded in the audited accounts for the year ended 30th June 2025.
This amounted to 拢770,000 and is now expected to be removed from the FY25 accounts, subject to confirmation by auditors, when they are restated.
FY25 revenue will become 拢3.87 million from the reported figure of 拢4.64m, while adjusted EBITDA for FY25 will be restated to a loss of 拢1.17m from the reported loss figure of 拢410,000, with an operating loss of 拢1.47m.
The board now anticipates that the results for the year ended 30 June 2026 will be significantly below current market expectations, it added.
鈥淭he former CEO was informed of these allegations on Sunday 15th February 2026 and the board investigation is continuing,鈥� SkinBioTherapeutics stated in a notice to the London Stock Exchange.聽
鈥淲hilst the board believes this is an isolated incident, nevertheless, it has instigated a broader investigation to review all of the group’s businesses with respect to financial reporting and operations.鈥�
The life science HealthTech, which is focused on skin heath, said non-executive chair Martin Hunt will temporarily become executive chair while a search for an interim replacement then permanent CEO takes place.
It said that it remains confident in the underlying financial health of the business due to its robust cash position – 拢2.92m as at 13 February 2026 – while contracts held with key partners and customers 鈥榬emain sound鈥�.
However 47% was wiped off its share price on Monday, leaving it聽67% down over the last five days.
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Ashman was appointed in 2024, succeeding Professor Cath O鈥橬eill, with over two decades of commercial healthcare experience – primarily in the medical devices industry.
Since 2014, he had served as CEO of Onbone, a Finnish private equity-backed medical device company.聽Prior to that, Ashman was president and CEO of Andover Healthcare, a US-based wound management manufacturer and president and CEO of TI Group, a UK-based medical/engineering company.
Last year the company welcomed a new COO and board member in Simon Hewitson, a former CEO of Polar Krush Group.
Emily Bertram was also appointed as the group’s finance director in a non-board capacity following the departure of Manprit Randhawa.
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