Nyrada Inc - Annual Report 2022

ANNUAL REPORT FY22 5 Chairman’s Letter Dear Fellow Shareholders, I am pleased to present Nyrada’s Annual Report for the financial year ended 30 June 2022, during which we saw notable progress in both of our drug development programs. Our vision is to improve lives and offer hope through innovation. This is reflected in the objectives of both our Cholesterol-Lowering and Brain Injury drug development programs, which target diseases with substantial market size and unmet patient need. The team has invested significant effort over the year as Nyrada evolves from a preclinical drug discovery company to a pharmaceutical company approaching the clinic. We are currently focused on completing the required preclinical studies before entering first-in-human trials. Considerable progress was made in both our programs. In addition to lowering cholesterol levels in a mouse model of hyperlipidemia, a candidate from Nyrada’s PCSK9 inhibitor family of compounds was shown to attenuate the early stages of atherosclerosis in a novel human tissue-engineered blood vessel model of the disease, developed by researchers at Duke University. Our oral drug candidate has the potential to provide a valuable alternative to expensive and inconvenient injectable PCSK9 inhibitor drugs. Nyrada is also developing a first-in-class neuroprotectant drug to prevent secondary brain injury. This is the injury that occurs in the hours and days following the primary injury, leading to increased disability and reduced quality of life. Each year, globally, more than 60 million people suffer a concussion or moderate to severe traumatic brain injury (TBI)3, yet no FDA-approved treatment for secondary brain injury exists. For stroke the need is similar, with only limited treatment options available. Nyrada’s NYR-BI02 drug candidate offers the potential to reduce the secondary injury, and therefore reduce patient mortality and disability and improve quality of life. Recently, the team revealed NYR-BI02 targets three Transient Receptor Potential Canonical (TRPC) ion channel subtypes, making it a versatile, potent blocker of the channel. This creates significant potential for future studies in a range of other neurological diseases, along with diseases of the kidneys, heart, lung, and muscle. As part of our existing collaboration with the Walter Reed Army Institute of Research, Nyrada will initially test the efficacy of its NYR-BI02 molecule as a TRPC 3/6/7 channel blocker in a model of TBI. The efficacy study will also involve injury volume assessments using a specialised MRI technique developed at UNSW Sydney. The last twelve months have been a challenging period for global equity markets, as central banks continue to lift interest rates to slow rising inflation amidst ongoing economic uncertainty, impacting investor sentiment across a variety of sectors, including biotech, life sciences and healthcare. Our key focus remains on creating value for our shareholders. We have actively taken steps during the year to raise awareness of our technologies with investors and potential partners via our participation in industry and investment conferences, helped by the easing of COVID-related travel restrictions. “High LDL-cholesterol is a significant risk factor for cardiovascular disease and is most prevalent in older adults. The World Health Organization estimates that by 2030, 1 in 6 people will be aged 60 years or over, accounting for ~1.4 billion people globally. A large study found that of an estimated 27 million US adults taking statins, 70% were not able to reach a safe target cholesterol level. Nyrada’s oral PCSK9 inhibitor drug has the potential to be a next generation alternative to expensive and inconvenient PCSK9 injectable drugs.”