Artrya released its 2Q25 quarterly activities report today. There were no great surprises, with a total operating cash flow loss of -$3.6m for the quarter. This is a sequential improvement from the -$4.7m operating cash flow loss from 1Q24 (ex the $3.7m grant), with management reporting a ~$600k per quarter cost reduction. It’s not yet clear if this is a sustainable saving, but we hope to get clarity on Monday’s conference call (details below).

The ASX issued Artrya with a “please explain” enquiry yesterday following an intraday price jump to $1.04. AYA shares moved from a $0.70 low on Tuesday before hitting a high of $1.04 just before midday on Thursday (see Figure 1) before dropping back down to $0.84 and then closing the day at $0.96.

Venn Brown sat down with Matt Griffin, Portfolio Manager, Australian Small Companies at Maple-Brown Abbott, to discuss key events, market performance and surprises of 2024, opportunities and outlook for 2025, and any advice he has for retail investors and small-cap management teams.

We look at the weekly and monthly returns delivered by the ASX All Ordinaries index since 1992 to examine if there is any truth to the rules that the week between Christmas and New Year is one of the best-performing week of the year and that December is one of the consistently best performing months of the year.

We examine the consecutive year performance to test the theory that this year’s losers will be next year’s winners. We looked at all operating companies trading on the ASX with a market cap of at least $100 million on the 1st January 2023 and compared the change in market cap during 2023 against their year-to-date growth (16th December 2024) to see if there was a negative correlation between the change over each time period.

Venn Brown initiates coverage of Artrya a Perth based developer of Salix, an AI-driven diagnosis imaging solution for coronary artery disease. Chasing a total addressable market of $3 - $4 billion which is growing at more than 14% per year, Artrya's business model is highly leverageable. Trading at a fraction of fair value we see substantial upside potential for the business.

The September quarter was Australia’s seventh consecutive quarter of negative GDP per capita growth, the longest negative period on record. Since September 2022, eight quarter of last nine quarters have had negative GDP per capital growth.

Venn Brown sat down with Michael Kotsanis, CEO of Acrux, to discuss the company’s growing portfolio of generic topical pharmaceuticals, FDA approvals, portfolio strategy, market size, the path to positive cash flow and the growing pipeline of drugs.

Over 24 years, your daily coffee habit is costing you $42,200 in lost passive value. Your daily sushi habit costs nearly $130,000 in lost passive value over the same period..

We modelled three investment strategies to measure the impact market timing has on long-term investment performance. The three investment strategies invested $1,000 annually into the ASX All Ordinaries Index from 2001 to 2024.