Nyrada Inc Annual Report 2020

NYRADA INC (ASX:NYR) 10 Review of operations During the financial year, the Company has: • Continued to define strategic drug development plans for our cholesterol lowering and brain injury programs. • Accelerated our medicinal chemistry program through a ramp up of outsourced chemistry resources, spread across two vendors Jubilant Biosys in India and ChemPartner in China. The second vendor approach was adopted to mitigate potential disruption from COVID-19. • Demonstrated equivalence of our lead cholesterol lowering drug (NYX-PCSK9i) to the two approved monoclonal antibody drugs evolocumab (Repatha, Amgen) and alirocumab (Praluent, Regeneron/Sanofi) in a human lymphocyte cell model. • Demonstrated in single dose and continuous infusion studies that two lead-like brain injury drug candidates (NYX- 242 and NYX-1010) readily cross the blood brain barrier in a healthy animal model and achieve therapeutic levels, without any adverse clinical signs. Financial position 30 June 2020 30 June 2019 Cash and cash equivalents 5,146,169 1,102,397 Net assets / total equity 5,526,600 (4,954,466) Contributed equity 15,607,349 37,003 Accumulated losses (12,285,073) (6,511,406) The directors believe the Group is in a strong and stable financial position to expand and grow its current operations. Liquidity and capital resources Nyrada ended the financial year with cash of $5,146,169 and received a Research and Development tax incentive refund of $1,075,414 following 30 June 2020, further boosting capital resources. Events after the reporting period On 22 July 2020 the Company received the Research and Development Tax incentive for the period ending 30 June 2019 of $1,075,414. Future developments, prospects and business strategies Disclosure of information regarding likely developments in the operations of the Company in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the Company. Information on future developments, prospects and business strategies have only been referred to in the Chairman’s letter and CEO report. For further information on the Company’s business strategies and material risks, refer also to the Prospectus which is available on the Company website or ASX Announcements. Environment issues The Group’s operations are not subject to significant environmental regulation under the Australian Commonwealth or State Law. Directors’ shareholdings In this section, reference is made to Share ownership. The instruments registered for trade on the Australian Securities Exchange are CHESS Depositary Interests (CDIs). One CDI is equivalent to one Share, being Class A Common Stock. The following table sets out each director’s relevant interest in shares, debentures and rights or options in shares or debentures of the Company or a related body corporate as at the date of this report: Directors Shares Number Options Number John Moore 197,500 3,600,000 Graham Kelly 616,551 18,037,293 1 Peter Marks 50,000 2,600,000 Marcus Frampton 110,075 1,800,000 Ruediger Weseloh - 1,800,000 Christopher Cox 800,000 1,800,000 1 Includes options that vest on achieving specific milestones as outlined on page 12