ANNUAL REPORT FY2024 17 Significant changes in the state of affairs There were no significant changes in the state of affairs of the Consolidated Entity during the financial year. Financial results The loss for the Consolidated Entity after providing for income tax amounted to $1,391,309 (30 June 2023: $7,781,692). The year ended 30 June 2024 operating results included the following: • Research and Development Tax Incentive refund of $994,600 relating to the accrued FY2024 refund (2023: $1,309,407 relating to the accrued FY2023 refund). • Research and development costs of $2,030,502 (FY2023: $6,411,264); • Corporate and administration expenses of $577,842 (FY2023: $641,117); • Share based payment expense of $358,074 (FY2023: $541,214); • Professional services expense of $477,948 (FY2023: $409,523); and • Employee benefits expense of $1,127,500 (FY2023: $1,100,136) The cash position as at 30 June 2024 was $4,769,374 (30 June 2023: $3,708,761). Review of operations During the financial year ending 30 June 2024, Nyrada made significant progress in advancing its Brain Injury Program. The Company’s brain injury candidate is a Transient Receptor Potential Canonical (TRPC) channelblocking neuroprotectant drug designed to reduce the impact of secondary brain injury in patients following a stroke or traumatic brain injury. Work was also completed on the Company’s Cholesterol Lowering Program which is an oral Proprotein Convertase Subtilisin/Kexin Type 9 (PCSK9) inhibitor drug aimed at managing high blood LDL-cholesterol levels. Brain Injury Program Novel Mechanism of Action Nyrada’s lead Brain Injury Program candidate, NYR-BI03, is a TRPC ion channel blocker. It is a novel mechanism of action designed to act as a neuroprotective treatment for stroke and traumatic brain injury (TBI) patients. TRPC channels are a group of ion channels located in the cellular membranes of human cells and are involved in various physiological processes that influence cell function. TRPC channels play roles in sensing environmental changes, cell signalling, and maintaining cellular homeostasis. TRPC channels play an important role in various diseases, including neurological disorders, where they impact neuronal health and function mainly through their role in regulating calcium and sodium ion flow into neurons. These channels are activated by various stimuli, including mechanical stress, receptor activation, and changes in intracellular calcium levels. TRPC channels can influence neuronal excitability, neurotransmitter release, and gene expression, all of which are crucial for normal brain function. Blocking TRPC channels can reduce calcium overload in neurons, which is a common feature of neuronal injury in stroke and TBI. By preventing excessive calcium influx, TRPC blockers can protect neurons from cell death and reduce the extent of brain damage.
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