Nyrada Inc - Annual Report 2022

NYRADA INC (ASX:NYR) 20 Intellectual Property Cholesterol-Lowering Program Nyrada’s medicinal chemistry program continued to generate further promising PCSK9 inhibitor analogues, which enabled the Company to file a Patent Cooperation Treaty (PCT) application for new generation PCSK9 inhibitor compounds in December 2021. A PCT application makes it possible to seek protection for an invention simultaneously in a large number of countries by filing a single “international” patent application, instead of filing several separate national or regional applications. This application builds on the patent granted by the US Patent and Trademark Office, as announced on 30 July 2021. In July 2022, the European Patent Office granted a composition of matter patent for the Company’s novel compounds inhibiting PCSK9, providing protection for Nyrada’s intellectual property relating to its PCSK9 inhibitor technology until 16 March 2038. Nyrada now has patent protection for the compounds in both the US and European Union. Brain Injury Program In May 2022, Nyrada filed a provisional patent covering a library of molecules, including NYR-BI02, that block TRPC ion channels. It is anticipated that the patent will have coverage firstly in Australia, followed by Europe and US. Board Changes In August 2022, Dr. Gisela Mautner was appointed to the Board as a non-executive director. Dr. Mautner is a medical doctor and brings over 20 years pharmaceutical industry experience encompassing all aspects of drug development, from clinical research through to product commercialisation. She is a seasoned senior leader, having held positions at MSD (Merck), Bayer and Amgen, where she successfully launched several new drugs in different therapeutic areas, including in cardiovascular diseases. In addition, Peter Marks retired from his role as a non-executive director on the Board to pursue a range of other interests, having supported Nyrada through its IPO and key first years as a listed company. COVID-19 Pandemic Nyrada retained the remote working model we adopted early on in the COVID-19 pandemic, while maintaining access to a shared office for regular in personmeetings. Greater flexibility in how and where our employees choose to work continues to benefit team morale, as well as enhance productivity while also keeping office overhead costs low. It also means little to no disruption to the Company’s operations when health authorities issue work from home recommendations during an increase in COVID-19 case numbers. Other In January 2022, Nyrada received an A$1.3 million cash rebate (“R&D rebate”) from the Australian Federal Government’s Research & Development (R&D) tax incentive program. The R&D rebate relates to expenditure incurred on eligible R&D activities conducted during the 2021 financial year, in respect of Nyrada’s preclinical work for its Cholesterol-Lowering and Brain Injury drug development programs. The amount received will partially fund the progression of these two programs to Phase I clinical trials and the working capital requirements of Nyrada Inc. Financial Position 2022 $ 2021 $ Cash and cash equivalents 10,816,039 13,750,743 Net assets / total equity 11,498,916 14,491,626 Contributed equity 25,320,332 25,320,332 Accumulated losses (19,515,280) (15,555,619) The Directors believe the Consolidated Entity is in a strong and stable financial position to expand its current operations.