ANNUAL REPORT FY2025 5 Chair’s Letter Dear Fellow CDI Holders, On behalf of the Board of Directors, I am pleased to present Nyrada’s Annual Report for the 2025 Financial Year. This has been a transformative year marked by scientific breakthroughs, clinical milestones, and a deepening commitment to our mission: to turn cutting-edge biomedical research into life-changing therapies. A Journey of Discovery and Determination Drug development is often likened to navigating uncharted waters. It requires courage, vision, and a steady hand at the helm. At Nyrada, we have embraced this voyage with purpose and resolve. Our lead candidate, Xolatryp™ (formerly NYR-BI03), is a first-in-class small molecule therapy designed to inhibit TRPC (Transient Receptor Potential Canonical) channels 3, 6, and 7—key mediators of calcium dysregulation in trauma. This novel mechanism of action positions us at the forefront of a new class of therapeutics with the potential to address some of the most urgent unmet medical needs. From Bench to Bedside: Clinical Progress This year, we successfully advanced Xolatryp from a promising preclinical candidate to a clinical-stage asset. Following the completion of Good Laboratory Practice (GLP) studies, we initiated a Phase I clinical trial to evaluate Xolatryp’s safety, tolerability, and pharmacokinetics in healthy volunteers. All six cohorts have now completed dosing without issue. While the final study report is still in preparation, the absence of any adverse findings allows us to conclude that the trial has been a success. Xolatryp Positions Nyrada to Create Holder Value In Australia, capital for innovative healthcare ventures is generally concentrated in the earliest stages, often well before human trials begin. This leaves a gap in funding and valuation support once preclinical risks have been mitigated. By contrast, Xolatryp has already completed preclinical development and demonstrated safety in healthy human volunteers. Nyrada’s advancement of Xolatryp from Phase I to Phase IIa marks a key value inflection point, positioning the company to create significant economic and therapeutic value. Source: KP-RX Discovery Pre-Clinical Phase I Phase III Phase II Approval Valuation Discovery Early Development Late Development Commercial Discovery Euphoria Value Inflection Risk
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