Nyrada Inc - Annual Report 2022

NYRADA INC (ASX:NYR) 6 Nyrada is fortunate to be in a strong position with respect to broader supply chain and inflationary pressures. In part, this is due to pre-arranged pricing secured for preclinical studies, as well as proactive measures taken by the Company to hedge our exposure to the US Dollar. The ongoing global impacts of COVID-19 have, however, had a modest impact on our drug manufacture and timelines. As a result, the anticipated Phase I first-in-human studies for the Cholesterol-Lowering program are now expected to commence in the first half of CY2023. As Nyrada evolves, so too do the skills and expertise requirements of our Board. In recognition of the importance of adding skills that align with our growth strategy as we progress to clinical development, we were delighted to welcome Dr. Gisela Mautner as Non-Executive Director. Gisela brings more than 20 years of extensive leadership experience in global pharmaceutical organisations across multiple therapeutic areas. Her experience overseeing drug development at some of the world’s leading pharmaceutical companies will be invaluable as Nyrada’s programs advance towards the clinic. Peter Marks also retired from the Board after supporting the Company through its IPO and first years as a public company. I would like to extend the Board’s thanks to Mr Marks for his valuable contribution to Nyrada during his term as Non-Executive Director. His deep capital markets knowledge and networks have been invaluable in supporting the early growth of the Company. We remain confident in our strategy and in the long-term potential of both drug programs. Indeed, the markets for Cholesterol-Lowering and Brain Injury are growing due to the increasing incidence, as well as expanding awareness of the need for better treatment options. Nyrada’s small molecule drugs present significant treatment advantages that differentiate them from existing options currently available in the market. I wish to acknowledge the ongoing support of our Scientific Advisory Board, which has a strong track record in finding and realising the value of biotech companies. Their counsel and input have been integral to the success of our programs to date. On behalf of the Board, I’d also like to thank our shareholders for their support of Nyrada and extend our gratitude to the operational team for their perseverance throughout the year. Our highly dedicated management team continues to lead Nyrada from strength to strength, working hard to advance our programs to the clinic. Looking ahead, Nyrada is entering an exciting phase as it approaches first-in-human trials for both of its programs, and we are optimistic of the path ahead. We look forward to keeping you updated on progress over the next year. Yours sincerely, John Moore Non-Executive Chairman Nyrada Inc.