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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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