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There’s a handful of companies on the ASX still plodding along with medicinal cannabis products, and, ever to the excitement of risk-on investors, the development of novel psychedelic-based pharmaceutical products.
One of those companies is BLS Pharmaceuticals (ASX:BLS) – formerly known as Bioxyne – and over the last year, it’s up +185%. Part of that is because of relative illiquidity, but its September quarterly published on Thursday does show why investors are taking note.
While share trading was relatively flat on Thursday and BLS hung around A$1.09/sh, no great difference to its Wednesday close, perhaps it’s that the stock hasn’t sold off on a volatile day that is the more interesting thing to observe.
Based in Sydney and heavily focused on the UK (and local) market, the company is easily outpacing competitors like WA-based Emyria Ltd (ASX:EMD) and now-NASDAQ-listed Incannex Healthcare, which is down -75% YTD.
Part of BLS’s success may be that BLS ended up in The Fin in July of this year with a semi-promotional piece called “Inside Australia’s legal psychedelic factory.” That’s neither here nor there, and interest in the stock has been slowly growing since at least March of 2026.
Fundamentals posted on Thursday for the September quarter may outline why. The company’s managing to successfully pull off steady QoQ revenue growth with Q1F27 bringing it to a record $26.7M, up +23% on Q4F26 and underpinned by a cash balance of $12.7M.
Per the company’s 4C, BLS spent $1.9M on OpEx through the quarter and $2.7M on investing activities. It did not provide an estimate of quarters of funding left.
FY27 guidance remains intact with a projected $105M in revenue expected and a pre-tax earnings margin of 23-26%.
The company’s core focus as of Q2F27 remains building out a manufacturing facility in Scotland and developing an existing relationship with pharma players Cayman Chemical and another entity called Trexapharm. It also holds a similar facility in Brisbane, the ‘legal factory’ described in the AFR coverage from July.
FY27 is off to a solid start — another record result. BLS continues to grow quarter over quarter, profitably and generating positive operating cash. We continue to extend our position and presence in each of our key markets: Australia, Germany and the UK.
In the UK, our GMP facility is complete and now ready for inspection and licensing.
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