ANNUAL REPORT FY2025 45 Cancellation – When options or rights are cancelled by mutual agreement between the Consolidated Entity and the holder, the Consolidated Entity treats the cancellation as an acceleration of vesting, with the remaining expense recognised immediately, unless a new replacement award is granted. Expiry – When vested options or rights are not exercised within the contractual term, no reversal of expense is made, as the services giving rise to the grant were already received. Management exercises judgment in distinguishing between these scenarios, as the classification directly affects the amount and timing of expense recognised in profit or loss and the balance of the share-based payment reserve Performance shares were automatically redeemed as the performance milestones had not been achieved by the expiry date of 25 November 2025, further details on the treatment of this can be found as part of note 9. Recovery of deferred tax assets for deductible temporary differences and carry-forward tax losses Deferred tax assets are recognised for deductible temporary differences and carry-forward tax losses only if the Consolidated Entity considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Assessment of research and development expenditure not advancing to a stage of technical feasibility Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is probable that the project will be a success considering its commercial and technical feasibility; the Consolidated Entity is able to use or sell the asset; the Consolidated Entity has sufficient resources and intent to complete the development; and its costs can be measured reliably. 4. Operating segments Consistent with FY24 financial year, the Board considers that the Consolidated Entity has only operated in one Segment being research and development of drugs focusing on small molecules with potential therapeutic benefit in areas of significant medical needs and it operates in one geographical area being Australasia. The financial information presented in the statement of financial performance and statement of financial position represents the information for the business segment. 5. Other income 2025 2024 $ $ Interest received 162,069 161,014 Export Market Development Grant - 15,000 Other income 162,069 176,014 6. Research and development grant revenue 2025 2024 $ $ Research and development grant revenue 2,396,734 3,226,924 In FY2025 the Company received a research and development tax incentive refund greater than the amount accrued by $240,880 for the period ending 30 June 2024 (2024: $2,232,325). The estimated FY2025 research and development tax incentive refund is $2,155,853.
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