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Nyrada Inc - Annual Report 2023

Nyrada Overview 3
Nyrada Overview 4
Drug development programs 4
Upcoming catalysts 4
Corporate Directory 5
Contents 6
Chair’s Letter 7
CEO Report 10
Cholesterol Lowering Program 10
Brain Injury Program 10
Directors’ Report 13
Directors 13
Company Secretary - David Franks 16
Principal activities 16
Significant changes in the state of affairs 16
Financial results 17
Review of operations 17
Cholesterol Lowering Program 17
Preclinical Studies 17
Brain Injury Program 17
Preclinical Studies 17
TBI Efficacy Study and Stroke Model Study 18
Published Research Study 18
Corporate Operations 18
Board Changes 18
Financial Position 18
Liquidity and capital resources 19
Matters subsequent to the end of the financial year 19
Future developments, prospects, and business strategies 19
Environmental regulation 19
Directors’ shareholdings 19
Options Granted 19
Unissued Common Stock 20
Dividends 20
Indemnity and insurance of officers 21
Indemnity and insurance of auditor 21
Meetings of Directors 21
Proceedings on behalf of the Company 21
Non-audit services 22
Auditor's independence declaration 22
Presentation Currency 22
Jurisdiction of Incorporation 22
Corporate Governance Statement 22
Business Risks 22
(a) Uncertainty of clinical development 22
(b) Commercialisation 23
(c) Additional capital requirements 23
(d) Intellectual property rights 23
(e) Third party intellectual property infringement claims 24
(f) Risk of delay 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
Consolidated statement of profit or loss and other comprehensive income 38
For the year ended 30 June 2023 38
Consolidated statement of financial position 39
As at 30 June 2023 39
Consolidated statement of changes in equity 40
For the Year Ended 30 June 2023 40
Consolidated statement of cash flows 41
For the year ended 30 June 2023 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
Revenue recognition 43
Interest 43
Government Grants 43
Government research and development tax incentives 43
Income tax 43
Current and non-current classification 43
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
Property, plant and equipment 44
Intangible assets 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
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
Government research and development tax incentives 47
Share-based payment transactions 47
Recovery of deferred tax assets for deductible temporary differences and carry-forward tax losses 47
Assessment of R&D expenditure not advancing to a stage of technical feasibility 47
Research and Development Rebate 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
Performance Common Stock 49
Procedures for Conversion 50
Restrictions on Transfer 50
No Dividends or Distributions 50
No Pre-emptive Rights 50
Reorganisation 51
Redemption 51
10. Reserves 51
Share-based payments reserve 51
11. Dividends 51
12. Unrecognised carry-forward tax losses 51
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
Financial risk management objectives 55
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

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