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Nyrada Inc - Annual Report 2024

Cover 1
Contents 3
Nyrada Overview 4
Corporate Directory 5
Chair’s Letter 6
A New Era of Disease Targeting, Drug Discovery and Development 6
Nyrada’s Transient Receptor Potential Cation Channel Innovation 6
Nyrada’s Novel Neuroprotection Drug 7
Targeting Large Unserved Market 7
Looking Forward and Conclusion 8
CEO Report 9
Brain Injury Program 9
Novel Mechanism of Action 9
Good Laboratory Practice Safety Studies 10
Walter Reed Army Institute of Research Study 10
Phase I Clinical Trial 10
Rebion Strategic Partnership 10
Other Programs 11
Corporate Activities 11
Conclusion 11
Directors’ Report 13
Directors 13
Company Secretary - David Franks 16
Principal activities 16
Significant changes in the state of affairs 17
Financial results 17
Review of operations 17
Brain Injury Program 17
Novel Mechanism of Action 17
Preclinical Stroke Study 18
Preclinical Traumatic Brain Injury Study 19
Preclinical Safety Study 19
Rebion Strategic Partnership 19
Cholesterol Lowering Program 19
Financial summary 19
Financial position 20
Liquidity and capital resources 20
Matters subsequent to the end of the financial year 20
Future developments, prospects, and business strategies 20
Environmental regulation 20
Directors’ shareholdings 20
Unissued Common Stock 21
Dividends 21
Indemnity and insurance of officers 22
Indemnity and insurance of auditor 22
Meetings of Directors 22
Proceedings on behalf of the Company 22
Non-audit services 23
Auditor's independence declaration 23
Presentation Currency 23
Jurisdiction of Incorporation 23
Corporate Governance Statement 23
Business Risks 23
(a) Uncertainty of clinical development 23
(b) Commercialisation 24
(c) Additional capital requirements 24
(d) Intellectual property rights 24
(e) Third party intellectual property infringement claims 25
(f) Risk of delay 25
Required statements 26
Remuneration report (audited) 27
Key Management Personnel 27
Remuneration Policy 28
Non-executive Director remuneration 28
Executive Director remuneration 28
Relationship between the remuneration policy and Consolidated Entity performance 29
Options Granted 30
Key terms of employment contracts 31
James Bonnar 31
Non-executive Directors 31
Key Management Personnel equity holdings 32
Shares of Nyrada Inc. 32
Options of Nyrada Inc. 33
Performance Shares 34
End of Remuneration report. 34
Auditor’s Independence Declaration 35
Independent Auditor’s Report 36
Consolidated statement of profit or loss and other comprehensive income 41
For the year ended 30 June 2024 41
Consolidated statement of financial position 42
As at 30 June 2024 42
Consolidated statement of changes in equity 43
For the Year Ended 30 June 2024 43
Consolidated statement of cash flows 44
For the year ended 30 June 2024 44
Notes to the consolidated financial statements 45
1. General information 45
2. Material accounting policy information 45
New or amended Accounting Standards and Interpretations adopted 45
Basis of preparation 45
Critical accounting estimates 45
Parent entity information 45
Revenue recognition 45
Interest 45
Government Grants 46
Government research and development tax incentives 46
Research and development expenditure 46
Share-based payments 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
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 50
Procedures for Conversion. 51
Restrictions on Transfer. 51
No Dividends or Distributions. 51
No Pre-emptive Rights. 51
Reorganisation. 52
Redemption. 52
10. Reserves 52
Share-based payments reserve 52
11. Dividends 52
12. Unrecognised carry-forward tax losses 52
13. Parent entity information 53
Statement of profit or loss and other comprehensive income 53
Statement of financial position 53
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries 53
Contingent liabilities 53
Capital commitments - Property, plant and equipment 53
Material accounting policy information 53
14. Subsidiaries 54
15. Events after reporting period 54
16. Cash flow information 54
Reconciliation of loss after income tax to net cash used in operating activities 54
Reconciliation of Cash 54
17. Share-based payments 55
18. Loss per share 56
19. Key Management Personnel disclosures 57
Compensation 57
20. Related party transactions 57
Key Management Personnel 57
21. Commitments and contingencies 57
22. Financial instruments 58
Capital management 58
Liquidity risk management 59
23. Remuneration of auditors 59
Consolidated Entity Disclosure Statement 60
Basis of preparation 60
Determination of tax residency 60
Australian tax residency 60
Foreign tax residency 60
Partnerships and Trusts 60
Directors’ Declaration 61
Shareholder Information 62
Corporate Governance Statement 62
CHESS Depositary Interests 62
Distribution of CDIs 62
Unmarketable parcels 62
Unlisted securities 62
Distribution of Unlisted Securities (> 20% holding)1 63
Voting rights 63
Required Statements 63
On-Market buy-back 63
Twenty (20) largest shareholders of quoted equity securities 64

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