Nyrada Inc - Annual Report 2022

Nyrada Overview 2
Key drivers of future value 2
Key milestones in the next 18 months 2
Corporate Directory 3
Contents 4
Chairman’s Letter 5
CEO Report 8
Cholesterol-Lowering Program 9
Brain Injury Program 9
Directors’ Report 12
Directors 12
Company Secretary - David Franks 15
Principal activities 16
Significant changes in the state of affairs 16
Financial results 16
Review of operations 16
Breaking new ground in the development of a once-per-day, oral cholesterol-lowering drug 16
Testing Nyrada’s PCSK9 Inhibitor in a Model of Atherosclerosis 17
Preclinical Safety and Toxicity Studies 17
Phase I Study 17
Developing a drug to block secondary brain damage following traumatic brain injury or a stroke 18
Possible New Oral Treatment for Concussion 18
Testing Nyrada’s Brain Injury Drug Candidate in Stroke 18
TBI Efficacy Study 18
Preclinical Safety and Toxicity Studies 19
Phase I Study 19
Intellectual Property 20
Cholesterol-Lowering Program 20
Brain Injury Program 20
Board Changes 20
COVID-19 Pandemic 20
Other 20
Financial Position 20
Liquidity and capital resources 21
Matters subsequent to the end of the financial year 21
Future developments, prospects, and business strategies 21
Environmental regulation 21
Directors’ shareholdings 21
Options Granted 21
Unissued Common Stock 22
Dividends 22
Indemnity and insurance of officers 23
Indemnity and insurance of auditor 23
Meetings of Directors 23
Proceedings on behalf of the Company 23
Non-audit services 24
Auditor's independence declaration 24
Presentation Currency 24
Jurisdiction of Incorporation 24
Corporate Governance Statement 24
Required statements 24
Remuneration report (audited) 25
Key Management Personnel 25
Remuneration Policy 26
Non-executive Director remuneration 26
Executive Director remuneration 26
Relationship between the remuneration policy and Consolidated Entity performance 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
Performance Shares 31
End of Remuneration report. 31
Auditor’s Independence Declaration 32
Independent Auditor’s Report 33
Consolidated Statement of Profit or Loss and Other Comprehensive Income 38
For the year ended 30 June 2022 38
Consolidated Statement of Financial Position 39
As at 30 June 2022 39
Consolidated Statement of Changes in Equity 40
For the Year Ended 30 June 2021 40
Consolidated Statement of Cash Flows 41
For the year ended 30 June 2022 41
Notes to the Consolidated Financial Statements 42
1. General information 42
2. Significant accounting policies 42
New or amended Accounting Standards and Interpretations adopted 42
Basis of preparation 42
Critical accounting estimates 42
Parent entity information 42
Principles of consolidation 42
2. Significant accounting policies (cont’d) 43
Revenue recognition 43
Interest 43
Government Grants 43
Government research and development tax incentives 43
Income tax 43
2. Significant accounting policies (cont’d) 44
Current and non-current classification 44
Cash and cash equivalents 44
Trade and other receivables 44
Investments and other financial assets 44
Financial assets at fair value through profit or loss 44
Impairment of financial assets 44
2. Significant accounting policies (cont’d) 45
Property, plant and equipment 45
Trade and other payables 45
Research and development expenditure 45
Finance costs 45
Employee benefits 45
Short-term employee benefits 45
Other long-term employee benefits 45
Share-based payments 45
2. Significant accounting policies (cont’d) 46
Fair value measurement 46
Issued capital 46
Goods and Services Tax ('GST') and other similar taxes 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
Options on issue 49
Performance Common Stock 49
9. Issued capital (continued) 50
9. Issued capital (continued) 51
Procedures for Conversion 51
Restrictions on Transfer 51
No Dividends or Distributions 51
No Pre-emptive Rights 51
Reorganisation 51
Redemption 51
10. Reserves 51
Share-based payments reserve 51
11. Dividends 51
12. Unrecognised carry-forward tax losses 52
13. Parent entity information 52
Statement of profit or loss and other comprehensive income 52
Statement of financial position 52
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries 52
Contingent liabilities 52
Capital commitments - Property, plant and equipment 52
Significant accounting policies 52
14. Subsidiaries 53
15. Events after reporting period 53
16. Cash flow information 53
Reconciliation of loss after income tax to net cash used in operating activities 53
Reconciliation of Cash 53
17. Share-based payments 54
18. Loss per share 54
19. Key Management Personnel disclosures 54
Compensation 54
20. Related party transactions 55
Key Management Personnel 55
21. Commitments and contingencies 55
22. Financial instruments 55
Capital management 55
Categories of financial instruments 55
Financial risk management objectives 55
22. Financial instruments (continued) 56
Foreign currency risk management 56
Liquidity risk management 56
23. Remuneration of auditors 56
Directors’ Declaration 57
Shareholder Information 58
Corporate Governance Statement 58
CHESS Depositary Interests 58
Distribution of CDIs 58
Unmarketable parcels 58
Unlisted securities 58
Distribution of Unlisted Securities (> 20% holding) 59
Voting rights 59
Required Statements 59
On-Market buy-back 59
Twenty (20) largest shareholders of quoted equity securities 60
References 61

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