Company Overview - Gelteq Limited is a global biotechnology company specializing in the formulation, development, and manufacturing of ingestible gel technology [3] - The company is headquartered in Melbourne, Australia and trades on NASDAQ under the ticker GELS [3] - Gelteq focuses on five core verticals: pharmaceuticals, over-the-counter medications, nutraceuticals, animal medications, and sports nutrition [3] Recent Developments - Gelteq announced the appointment of Matthew Jones as Head of Sports Performance to expand its sports vertical [1] - Jones has over 12 years of experience in elite sports and currently serves as Head of Nutrition for the United Arab Emirates Football Association and as a consultant for the Boston Celtics [2] - The company aims to enhance the adoption of its gel-based delivery platform in the sports sector under Jones's leadership [2] Industry Insights - The sports industry is identified as a key area where Gelteq's unique formulation can significantly improve nutrient delivery compared to traditional methods [2] - The gel-based platform is expected to provide better nutrient and supplement absorption, particularly for athletes [2]

Core Viewpoint - Gelteq Limited has appointed Dr. Paul Wynne as Chief Scientific Officer to enhance its product pipeline and drive growth in its scientific team and business verticals [1][2][3] Company Overview - Gelteq Limited is a global biotechnology company headquartered in Melbourne, Australia, focusing on developing and commercializing gel-based delivery solutions for various sectors including pharmaceuticals, nutraceuticals, and sports nutrition [4] - The company addresses challenges associated with traditional drug delivery methods such as difficulty swallowing and dosage control through its unique formulation [4] Leadership Appointment - Dr. Paul Wynne brings over 35 years of experience in analytical chemistry, drug delivery, and pharmaceutical formulation, previously managing the Medicines Manufacturing Innovation Centre at Monash University [3] - His role will include overseeing product and formulation strategies, intellectual property, academic partnerships, and distribution channels [2][3] Strategic Goals - The appointment of Dr. Wynne is seen as a pivotal moment for Gelteq, aiming to leverage its ingestible gel technology to meet the evolving needs of consumers and patients globally [3] - The company is focused on executing a strategic plan to build long-term value for stakeholders [2]

Core Insights - Gelteq Limited has received FDA approval for a suitability petition for a new animal drug under development, utilizing its ingestible gel platform for nutrient and drug delivery [1][2] - The approval allows Gelteq to expedite its entry into the animal pharmaceuticals market by proposing a change from pill form to oral gel form, which does not require further safety and effectiveness studies [2] - Gelteq aims to address challenges in traditional drug delivery methods, such as difficulty swallowing and taste issues, across various sectors including pharmaceuticals, nutraceuticals, and animal medications [3] Company Overview - Gelteq Limited is a clinical and biotechnology company headquartered in Melbourne, Australia, focusing on white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care, and sports nutrition [3] - The company is advancing its delivery solutions within five core verticals: pharmaceuticals, over-the-counter medications, nutraceuticals, animal medications, and sports nutrition [3] - Gelteq's unique formulation aims to improve medication delivery efficiency and user experience, addressing common issues associated with traditional methods [3]

Core Viewpoint - Gelteq Limited is entering production of 400,000 units of its gel solution, aimed at fulfilling orders in the U.S. and Australia, with expected delivery in January 2025 [1][2] Company Overview - Gelteq Limited is a clinical and science-based company headquartered in Melbourne, Australia, focused on developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care, and other products [3] - The company targets five core verticals: pharmaceuticals, over-the-counter medications, nutraceuticals, animal medications, and sports nutrition [3] Production and Sales - The current production run includes Gelteq nutraceutical products in sports, anti-aging, and weight loss categories [1] - The production run is seen as a validation of Gelteq's gel-based technology and its ability to generate revenues in the near term [2] Partnerships and Growth - Gelteq has strengthened its partnership with Monash Innovation Labs to effectively scale operations and meet client needs while ensuring product quality [2] - The substantial orders related to the current production run are expected to lead to even larger volume orders in the future [2]

Financial Performance - Revenue from contracts with customers dropped to nil from AUD$79,843, attributed to undelivered orders due to customer cash flow difficulties[388] - Net loss after income tax for the year ended June 30, 2024, was AUD$3,546,195, compared to AUD$3,506,220 for the previous year[387] - Other income decreased by AUD$171,004 to AUD$146,884, comprising the Research and Development tax incentive and foreign exchange gain[398] Assets and Liabilities - Total assets decreased from AUD$22,494,636 to AUD$20,757,827, a decline of approximately 7.7%[385] - Total liabilities increased from AUD$3,836,144 to AUD$5,645,530, a rise of approximately 47%[385] - Intangible assets decreased by AUD$1,065,704 to AUD$20,437,958, primarily due to amortization[396] - Current liabilities increased significantly to AUD$3,866,065 as of June 30, 2024, from AUD$1,364,525 in the previous year, resulting in a working capital deficit of AUD$3,589,543[406] Cash Flow - Cash and cash equivalents decreased by AUD$374,702 to AUD$24,522, reflecting reduced cash inflow from financing activities[393] - Net cash used in operating activities decreased by AUD$699,964 to AUD$1,070,471 for the year ended June 30, 2024, from AUD$1,770,435 in the previous year[410] - Net cash from financing activities decreased by AUD$1,186,608 to AUD$843,939 for the year ended June 30, 2024, compared to AUD$2,030,547 in the previous year[411] Borrowings and Financing - As of June 30, 2024, borrowings increased to AUD$3,843,599 from AUD$2,476,705 in the previous year, primarily due to new convertible notes of AUD$1,745,897 and a shareholder loan of AUD$1,923,000[402] - The company raised approximately AUD$1,004,889 from a Convertible Note offering closed on October 3, 2023, with a maturity date of December 31, 2025[414] - The company completed its initial public offering on October 30, 2024, raising USD$5.2 million (approximately AUD$7.95 million) by issuing 1.3 million ordinary shares at US$4.00 per share[417] - The company does not expect to require additional capital apart from the proceeds of the recent offering, unless sales volumes are lower than expected[418] - The company has extended the terms of its unsecured loans until December 31, 2024, reducing immediate short-term liabilities[413] Expenses - Research expenses decreased by approximately 58% to AUD$276,057 from AUD$665,035, due to reduced product testing and validations[392] - Total corporate and administrative expenses decreased by AUD$171,451 to AUD$3,241,221 for the year ended June 30, 2024, compared to AUD$3,412,672 in the prior year[403] - Trade and other receivables decreased by AUD$162,286 to AUD$183,005, primarily due to a reduction in research and development tax refund receivable[395] Deferred Revenue - Deferred revenue increased by AUD$40,000 to AUD$125,359, indicating amounts received for purchase orders yet to be delivered[401]

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Gelteq Limited (NASDAQ: GELS) (“Gelteq” or the “Company”), a clinical and science-based company that is focused on developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care and other products, announced today that it has expanded its operations in the United States with the appointment of Adam Bendell as President of U.S. Operations.   Gelteq Co-Founder and CEO Nathan Givoni stated, “The appointment of ...