Nyrada Inc - Annual Report 2021

Cover	1
Corporate Directory	3
Contents	4
Chairman’s Letter	5
Nyrada Statement of Values	7
Our Vision:	7
Our Values:	7
CEO Report	8
Cholesterol-Lowering Program	8
Brain Injury Program	9
Directors’ Report	11
Directors	11
Dr. Graham Kelly Ph.D. Founder and Non-Executive Director, joined the Board in August 2017, resigned 8 September 2020.	14
Company Secretary - David Franks	14
Directors’ Report	15
Principal activities	15
Significant changes in the state of affairs	15
Financial results	15
Review of operations	15
Advancing a first-ever oral cholesterol-lowering drug towards first-in-human trials	16
Developing a drug to block secondary brain damage following a stroke or traumatic brain injury	17
Intellectual Property	17
Capital Raise	17
Financial Position	18
Liquidity and capital resources	18
Matters subsequent to the end of the financial year	18
Future developments, prospects, and business strategies	18
Environmental regulation	18
Directors’ shareholdings	19
Options Granted	19
Unissued Common Stock	20
Dividends	21
Indemnity and insurance of officers	21
Indemnity and insurance of auditor	21
Meetings of Directors	21
Proceedings on behalf of the Company	22
Non-audit services	22
Auditor's independence declaration	22
Presentation Currency	22
Jurisdiction of Incorporation	22
Corporate Governance Statement	22
Required statements	23
Remuneration report (audited)	24
Key Management Personnel	24
Remuneration Policy	25
Non-Executive Director remuneration	25
Executive Director remuneration	25
Relationship between the Remuneration Policy and Consolidated Entity performance	26
Other transactions with Key Management Personnel and their related parties	27
Key terms of employment contracts	28
James Bonnar	28
Non-Executive Directors	28
Key Management Personnel equity holdings	29
Shares of Nyrada Inc.	29
Options of Nyrada Inc.	30
End of Remuneration report.	30
Auditor’s Independence Declaration	32
Independent Auditor’s Report	33
Consolidated Statement of Profit or Loss and Other Comprehensive Income	37
For the year ended 30 June 2021	37
Consolidated Statement of Financial Position	38
As at 30 June 2021	38
Consolidated Statement of Changes in Equity	39
For the Year Ended 30 June 2021	39
Consolidated Statement of Cash Flows	40
For the year ended 30 June 2021	40
Notes to the Consolidated Financial Statements	41
1. General information	41
2. Significant accounting policies	41
New or amended Accounting Standards and Interpretations adopted	41
Basis of preparation	41
Critical accounting estimates	41
Parent entity information	41
Principles of consolidation	41
2. Significant accounting policies (continued)	42
Revenue recognition	42
Interest	42
Government Grants	42
Government research and development tax incentives	42
Income tax	42
2. Significant accounting policies (continued)	43
Current and non-current classification	43
Cash and cash equivalents	43
Trade and other receivables	43
Investments and other financial assets	43
Loans and receivables	43
2. Significant accounting policies (continued)	44
Impairment of financial assets	44
Property, plant and equipment	44
Trade and other payables	44
Research and development expenditure	44
Finance costs	44
Employee benefits	44
Short-term employee benefits	44
2. Significant accounting policies (continued)	45
Share-based payments	45
Fair value measurement	45
2. Significant accounting policies (continued)	46
Issued capital	46
Goods and Services Tax ('GST') and other similar taxes	46
Conceptual Framework for Financial Reporting (Conceptual Framework)	46
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.	46
3. Critical accounting judgements, estimates and assumptions	47
Coronavirus (COVID-19) pandemic	47
Share-based payment transactions	47
Recovery of deferred tax assets	47
Assessment of R&D expenditure not advancing to a stage of technical feasibility	47
4. Operating segments	47
5. Other income	48
6. R&D grant revenue	48
7. Trade, other receivables and prepayments	48
8. Trade and other payables	48
9. Issued capital	49
Common Stock	49
9. Issued capital (continued)	50
Options on issue	50
9. Issued capital (continued)	51
c) Performance Common Stock	51
9. Issued capital (continued)	52
Upon the occurrence of a Change of Control:	52
Procedures for Conversion	52
Restrictions on Transfer	52
No Dividends or Distributions	52
No Pre-emptive Rights	52
9. Issued capital (continued)	53
Reorganisation	53
Redemption	53
10. Reserves	53
Share-based payments reserve	53
11. Dividends	53
12. Income tax benefit	53
13. Parent entity information	54
Statement of profit or loss and other comprehensive income	54
Statement of financial position	54
Guarantees entered into by the Parent entity in relation to the debts of its subsidiaries	54
Contingent liabilities	54
Capital commitments - Property, plant and equipment	54
Significant accounting policies	54
14. Subsidiaries	55
15. Events after reporting period	55
16. Cash flow information	55
Reconciliation of loss after income tax to net cash used in operating activities	55
Reconciliation of Cash	55
17. Share-based payments	56
17. Share-based payments (continued)	57
18. Loss per share	57
19. Key Management Personnel disclosures	58
Compensation	58
20. Related party transactions	58
Key Management Personnel	58
Other related party transactions	58
21. Commitments and contingencies	58
22. Financial instruments	59
Capital management	59
Categories of financial instruments	59
Financial risk management objectives	59
22. Financial instruments (continued)	60
Foreign currency risk management	60
Liquidity risk management	60
23. Remuneration of auditors	60
Directors’ Declaration	61
Shareholder Information	62
Corporate Governance Statement	62
CHESS Depositary Interests	62
Distribution of CDIs	62
Unmarketable parcels	62
Unlisted securities	62
Distribution of Unlisted Securities (> 20% holding)	63
Restricted securities	63
Voting rights	63
Required Statements	64
On-Market buy-back	64
Twenty (20) largest shareholders of quoted equity securities	64
Use of funds	64

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