Nyrada Inc. (ASX:NYR) ARBN 625 401 818 Annual report Building the future of TRPC-based therapeutics For the year ended 30 June 2026
NYRADA INC. (ASX:NYR) 2 The 2026 financial year was the year that turned Nyrada’s ambitions into clinical reality
ANNUAL REPORT 2026 3 Contents Corporate directory 4 Chair’s letter 5 CEO report 8 Directors’ report 12 Auditor’s independence declaration 33 Independent Auditor’s Report 34 Consolidated statement of profit or loss and other comprehensive income 39 Consolidated statement of financial position 40 Consolidated statement of changes in equity 41 Consolidated statement of cash flows 42 Notes to the consolidated financial statements 43 Consolidated entity disclosure statement 55 Directors’ declaration 56 Shareholder information 57
NYRADA INC. (ASX:NYR) 4 Corporate Directory Board of Directors John Moore (Chair) James Bonnar (Managing Director and CEO) Christopher Cox Ian Dixon Marcus Frampton Rüdiger Weseloh Company Secretary David Franks Registered office in Australia and principal place of business Sydney Place Level 22/23, Salesforce Tower 180 George Street, Sydney NSW 2000, Australia Tel: +61 2 9498 3390 Registered office in place of incorporation 1209 Orange Street Wilmington, Delaware 19801 United States of America Share/CDI register Automic Pty Ltd Level 5, 126 Phillip Street Sydney, NSW 2000 Australia Auditor William Buck Audit (Vic) Pty Ltd Level 20, 181 William Street Melbourne, VIC 3000 Australia Stock exchange listing Nyrada Inc. instruments registered for trade on the Australian Securities Exchange are CHESS Depositary Interests (CDIs). One CDI is equivalent to one Share, being Class A Common Stock. ASX Code NYR Website www.nyrada.com
ANNUAL REPORT 2026 5 Chair’s Letter Dear Fellow CDI Holders, On behalf of the Nyrada Board of Directors, it is my privilege to present Nyrada’s Annual Report for the 2026 Financial Year. Nobel Prize-winning biochemist Albert Szent-Györgyi once commented that “discovery consists of seeing what everybody has seen and thinking what nobody has thought.” It is a fair description of what guides Nyrada. We cannot look everywhere. What we can do is form a conviction about where to look, and then do the work to find out whether we were right. The Gap Between Knowing and Treating For much of the past thirty years, Transient Receptor Potential Canonical (TRPC) ion channels have been a target that biology pointed to and medicine could not reach. Scientists understood early that these channels govern how cells manage calcium, and that when they open too wide, calcium floods in and cells begin to die. What was missing was a safe drug precise enough to close them without disturbing everything else. That gap has proved formidable. The compounds available for decades were too blunt to tell one channel from another, and the first serious clinical attempts were well funded but did not carry through to patient benefit. It is a field that has attracted considerable ambition and has not yet delivered an approved medicine. Nyrada is working to close that gap. Xolatryp® is designed to selectively block the TRPC 3, 6 and 7 channels that open during injury, the moment when calcium overload turns a survivable shock into permanent damage. The Year Ambition Became Clinical Reality The 2026 financial year turned Nyrada's ambition into reality - to create that rare gem of a drug that is both safe and capable of delivering real patient benefit. Xolatryp completed its first-in-human Phase I trial in 48 healthy volunteers with no serious adverse events or dose-limiting toxicities, and with a predictable, welltolerated pharmacokinetic profile. On this foundation, the Company initiated a Phase IIa trial, PROTECT-MI, in patients suffering ST-elevation myocardial infarction (STEMI) who undergo angioplasty with stenting. The study is assessing the safety and tolerability of Xolatryp, while looking for early signals of efficacy against reperfusion injury, for which no approved treatment exists anywhere in the world. Through the year we secured Human Research Ethics Committee approval, appointed an experienced Contract Research Organisation and a respected Coordinating Principal Investigator, Professor Will Chan, activated our first hospital sites and commenced recruitment. Shortly after the close of the financial year, the first patient was dosed. That was the moment that Xolatryp stopped being a hypothesis and began being tested. Upon completion of the PROTECT-MI trial, we will know whether the conviction that has guided eight years of work holds up in patients.
NYRADA INC. (ASX:NYR) 6 Widening the Question In the 2026 financial year, we also widened the question. Calcium overload is not just a cardiac, neurological, or renal problem. It is a cellular problem, and a mechanism that matters in one organ under stress will often matter elsewhere. That logic led us into oncology. Preclinical work demonstrated clear anti-tumour activity in a model of liver cancer, both alone and combined with the widely used chemotherapy doxorubicin. The combination produced the greatest reduction in tumour volume while remaining well tolerated. A separate parallel pilot study explored Xolatryp’s potential to shield the heart from the cardiotoxicity that limits anthracycline chemotherapies. This opens another therapeutic front for our TRPC platform. Protecting Innovation Work of this kind creates lasting value only if it can be defended. During FY2026 our composition of matter patent application was published, our Xolatryp® trademark was granted, and the Company received a Notice of Allowance from the United States Patent Office. Subject to payment of the issue fee, the resulting grant will provide protection over Xolatryp’s chemical structure in the world’s largest pharmaceutical market for a twenty-year term from the September 2024 priority date. A Pathway to the United States Our ambitions for Xolatryp are global. Late in the financial year the Company began preparing an Investigational New Drug (IND) application for the US Food and Drug Administration with submission targeted before the end of the 2026 calendar year. Together with our collaboration with the US military research community, this lays the groundwork for development on both sides of the Pacific. Financial Strength and Discipline Ambition without discipline is merely appetite. Nyrada entered FY2026 in a materially stronger financial position than a year earlier, having raised AU$8.25 million (before costs) in the financial year to fully fund the Phase IIa trial, explore drug manufacture, and finance further research into the opportunities for Xolatryp. The Company maintained its customary financial discipline throughout the year, received an R&D tax rebate of AU$2.45 million in respect of its FY2025 claim, and benefited from proceeds received on the exercise of options. As at 30 June 2026, Nyrada held a cash position of $8.38 million, leaving the Company well positioned to prosecute its clinical and preclinical programs. Our full-year financial results are set out in the Directors’ Report and financial statements that follow. “Xolatryp completed its first-in-human Phase I trial in 48 healthy volunteers with no serious adverse events or dose-limiting toxicities, and with a predictable, welltolerated pharmacokinetic profile.”
ANNUAL REPORT 2026 7 Board and Governance The year brought a natural evolution of your Board. Shortly before our Annual General Meeting in November 2025, we welcomed Chief Executive Officer James Bonnar to the Board of Directors, aligning his day-to-day stewardship of the Company with his governance responsibilities. Following the Annual General Meeting, we also marked the retirement of Dr Gisela Mautner, whom I thank warmly for her contribution and counsel. The Board remains committed to the highest standards of governance as the Company grows in complexity and reach. Looking Forward As we enter FY2027, our course is clear: to advance the PROTECT-MI trial to completion, to progress our IND towards lodgement, and to mature our preclinical programs towards the clinic. The PROTECT-MI trial remains on track for completion in CY2027, with top-line results anticipated in the second half of the calendar year. We do not underestimate the risks inherent in drug development, but we begin this next chapter with patients being dosed, an expanding pipeline of indications, and the capital and team to pursue it. To my fellow Non-executive Directors, thank you for your guidance and diligence. To our Managing Director and CEO James Bonnar and the entire Nyrada team, thank you for turning ambition into action. And to you, our CDI holders, thank you for your continued belief in what we are building. A year ago, I wrote that adventure awaited. This year, we set sail in earnest. Warm regards, John Moore Non-executive Chair Nyrada Inc.
NYRADA INC. (ASX:NYR) 8 CEO Report Dear Fellow CDI Holders, It is with great pride that I report on Nyrada's progress over the 2026 financial year, a year in which the Company translated the clinical and scientific groundwork of prior periods into tangible momentum. Twelve months ago, we had just completed dosing in our first-in-human Phase I study. Today, Xolatryp® is being administered to patients in a Phase IIa clinical trial, and our TRPC platform has extended its reach into oncology. This has been, by any measure, a transformative year. Completing Phase I Early in the financial year, we released the full, unblinded results from our Phase I clinical trial in healthy volunteers. The Safety Review Committee’s review of the final cohort identified no dose-limiting safety signals in participants who received Xolatryp, and the complete dataset confirmed that Xolatryp was well tolerated, with no serious adverse events observed. Adverse events occurred in both the placebo and Xolatryp arms and were classified as either mild or moderate. Pharmacokinetic analysis showed predictable, linear blood levels over time, with no differences in exposure between sexes. Together, these results provided the confidence and regulatory basis to advance clinical development into a Phase IIa study. Launching PROTECT-MI, our Phase IIa Trial A key milestone in FY2026 was the design and launch of PROTECT-MI, our Phase IIa clinical trial. The study is evaluating Xolatryp in heart attack patients undergoing angioplasty with stenting, known as PCI. While safety is the primary endpoint, the trial is also assessing secondary and exploratory measures of efficacy, including cardiac function, the extent of cardiac injury, troponin I biomarkers, and arrhythmia incidence. As the trial is randomised, double-blind, and placebo-controlled, efficacy data will remain blinded until completion. In the meantime, we will continue to update the market on recruitment progress and independent Safety Review Committee assessments. During the year, we established the infrastructure needed to support a well-run clinical trial. This included appointing Accelagen as our Contract Research Organisation, confirming Professor William Chan as Coordinating Principal Investigator, securing Human Research Ethics Committee approval, and advancing research governance approvals across selected Australian sites. “Twelve months ago, we had just completed dosing in our first-in-human Phase I study. Today, Xolatryp® is being administered to patients in a Phase IIa clinical trial, and our TRPC platform has extended its reach into oncology.”
ANNUAL REPORT 2026 9 Nepean Hospital in New South Wales was activated during the year, followed shortly after year-end by Sir Charles Gairdner Hospital in Western Australia. Recruitment is underway, with the first patient dosed shortly after the financial year closed. The trial remains on track to complete in CY2027, with final patient dosing expected in mid-2027 and top-line results anticipated approximately three months after the last patient completes their 30-day follow-up assessment. Broadening the Pipeline During the year, we deliberately extended the Xolatryp program into oncology, an area where our TRPC mechanism has compelling scientific rationale. In the first of two preclinical studies, Xolatryp demonstrated clear anti-tumour activity in a liver cancer model, both as a monotherapy and in combination with doxorubicin. The combination produced the greatest reduction in tumour volume and was well tolerated. The second, a pilot study, was conducted ahead of a larger cardiomyopathy study, designed to assess whether Xolatryp can protect the heart in patients receiving doxorubicin. This pilot study confirmed the feasibility and tolerability of the intended subcutaneous dosing regimen, informing dose selection for the larger study to come. The dosing phase of the larger study has now been completed with the results data currently being compiled and analysed. “The past year saw Nyrada become a company that doses patients, protects its inventions across key markets, and pursues its science on more than one front.” Regulatory Progress To support entry into the United States, we have begun preparing an Investigational New Drug (IND) application for submission to the FDA for our myocardial ischemia-reperfusion injury program. We plan to submit the application before the end of the 2026 calendar year, establishing a clear regulatory pathway into the world’s largest healthcare market. Intellectual Property Protecting Xolatryp remained a priority throughout the year. Our composition of matter patent application was published, our Xolatryp® trademark was granted, and the Company received a Notice of Allowance from the US Patent Office late in the financial year. Subject to payment of the issue fee, the granted patent will secure protection over Xolatryp's chemical structure in the United States for a twenty-year term from the September 2024 filing date. Financial Summary Throughout FY2026, Nyrada continued to maintain disciplined capital and cost management while ensuring its clinical and research programs were fully funded. The year opened on the strength of the AU$8.25 million (before costs) placement completed shortly after the FY2025 year-end. The funds raised were to be directed toward the Phase IIa trial, drug manufacture, and further preclinical research. During the year the Company received an R&D tax rebate of AU$2.45 million in respect of its FY2025 claim. A further $2.29 million was received during the year from the exercise of options. As at 30 June 2026, the Company's cash position was $8.38 million. A full accounting of the Company's financial performance and position appears in the Directors' Report and financial statements that follow.
NYRADA INC. (ASX:NYR) 10 Looking Ahead The past year saw Nyrada become a company that doses patients, protects its inventions across key markets, and pursues its science on more than one front. We remain mindful of the risks inherent in clinical development, but the groundwork laid over FY2026 places us in the strongest position in the Company's history. As we move into FY2027, our priorities are clear and our path well defined: • to advance PROTECT-MI toward conclusion and data read-out; • to lodge our IND with the US FDA; and • to further advance our research program to enhance the value of Xolatryp. I extend my sincere thanks to the Nyrada team, our clinical partners, investigators, and advisors, whose dedication has driven this progress. I thank also the Board for its steadfast support. Above all, I thank our CDI holders. We have achieved a great deal this year and, with Xolatryp in the clinic, we are only getting started. Sincerely, James Bonnar Managing Director and Chief Executive Officer Nyrada Inc.
ANNUAL REPORT 2026 11 We have achieved a great deal this year and, with Xolatryp in the clinic, we are only getting started.
NYRADA INC. (ASX:NYR) 12 Directors’ Report The Directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the 'Consolidated Entity') consisting of Nyrada Inc. (referred to hereafter as the 'Company' or 'Parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2026. Directors The following persons were directors of Nyrada Inc. during the whole of the financial year and up to the date of this report, unless otherwise stated: John Moore Non-executive Chair Rüdiger Weseloh Non-executive Director Marcus Frampton Non-executive Director Christopher Cox Non-executive Director Ian Dixon Non-executive Director Gisela Mautner Non-executive Director - Resigned 12 November 2025 James Bonnar Managing Director - Appointed 8 October 2025 John Moore Non-executive Chair, joined the Board in June 2019 John Moore is a seasoned executive with extensive leadership experience across multiple industries. He currently serves on the boards of one private and two public companies. In the life sciences sector, he is Chairman of Scientific Industries (SCND-OTCQB), a manufacturer of laboratory instruments, and Trialogics, a clinical trial informatics company. Until July 23, 2026 John was a shareholder and director of Cormetech, a global leader in air pollution control solutions for power plants which was sold to Johnson Matthey for $360 million resulting in a return of over 110x in four years. Previously, he was CEO of Acorn Energy (2006–2015), where he led the acquisition of CoaLogix for $11 million and its later sale for $101 million. He also oversaw the public listing of Comverge through Citibank and exited through a secondary offering led by Goldman Sachs at a $600 million valuation prior to its sale to Constellation Energy. Earlier, in 2002, he served as Partner and CEO of Edson Moore Healthcare Ventures, managing the $148 million acquisition of 16 drug delivery investments from Elan Pharmaceuticals. John holds a degree from Rutgers University and brings deep strategic insight to his board roles. Interest in shares and options 9,491,756 shares and 3,600,000 unlisted options Special responsibilities Chair of the Board. Member of Audit & Risk Committee Member of Remuneration & Nomination Committee Directorship held in other listed entities (last 3 years) N/A Qualifications John graduated from Rutgers University with a Bachelor of Arts degree in History.
ANNUAL REPORT 2026 13 Christopher Cox Non-executive Director, joined the Board in November 2019 Christopher Cox is a Co-Founder and has been a Managing Partner of Population Health Partners since April 2020. Additionally, Chris is a retired Partner of Cadwalader, Wickersham & Taft LLP (New York) a position he held from January 2012. He remains a Senior Attorney of the firm. Previously the Chairman of Cadwalader’s Corporate Department and a member of its Management Committee, Chris advised clients on a wide array of corporate and financial matters, including mergers and acquisitions and restructurings, spin-offs, joint ventures, IP monetisations and other complex financing transactions. From February 2016 to March 2019, Chris was seconded to The Medicines Company, a global biopharmaceutical company, where he served as Executive Vice President and Chief Corporate Development Officer and was responsible for business development and strategy. Before January 2012, Chris was a partner at Cahill Gordon & Reindel LLP in New York. Chris also serves as the Chief Executive Officer of Symphony Capital Holdings, LLC, a private investment holding company with interests in biotechnology, network security and entertainment. Interest in shares and options 2,025,000 shares and 1,800,000 unlisted options Special responsibilities Chair of Remuneration & Nomination Committee Directorship held in other listed entities (last 3 years) N/A Qualifications Chris has a B.S. and J.D. from the University of Missouri. Marcus Frampton Non-executive Director, joined the Board in June 2019 Marcus Frampton currently serves as the Chief Investment Officer of the Alaska Permanent Fund Corporation (APFC), the US$94 billion sovereign wealth fund for the State of Alaska. Marcus manages the investment team at APFC and leads all investment decisions related to APFC’s investment portfolio within the guidelines established by APFC’s Board of Trustees. Before joining the APFC in 2012, Marcus held positions ranging from Investment Banking Analyst & Associate at Lehman Brothers (2002-2005), to private equity investing at PCG Capital Partners (2005- 2010), and acted as an executive of a private equity-backed portfolio company at LPL Financial (2010-2012). Interest in shares and options 3,211,740 shares and 1,800,000 unlisted options Special responsibilities Chair of Audit & Risk Committee Directorship held in other listed entities (last 3 years) N/A Qualifications Marcus graduated from UCLA with a Bachelor’s degree in Business-Economics and a Minor in Accounting.
NYRADA INC. (ASX:NYR) 14 Rüdiger Weseloh Ph.D. Non-executive Director, joined the Board in June 2019 Rüdiger Weseloh is an Executive Director of Business Development at EMD Serono, Inc, Rockland, MA, USA., where over a period of 20 years he has led more than 90 transactions for the healthcare division of its parent company Merck KGaA, Darmstadt, Germany. Completed deals across the drug development value chain were in the fields of Oncology, Rheumatology, Neurodegenerative diseases, and Fertility. Before joining Merck KGaA, Rüdiger spent 5 years as a Biotech/Pharma Equity Analyst, at Gontard & Metallbank AG, Frankfurt, and Sal. Oppenheim, Cologne/Frankfurt, as well as 3 years as a Postdoc at the Max-Planck-Institute for Experimental Medicine in Goettingen. Rüdiger also served 5 years on the Supervisory Board of Cytotools AG, Freiburg, Germany. Interest in shares and options 1,483,332 shares and 1,800,000 unlisted options Special responsibilities N/A Directorship held in other listed entities (last 3 years) N/A Qualifications Rüdiger has a university diploma in Biochemistry from the University of Hannover and a PhD in Molecular Neurobiology, obtained at the Center for Molecular Neurobiology in Hamburg Ian Dixon Ph.D. Non-executive Director, joined the Board in September 2020 Dr Dixon brings to the Board extensive entrepreneurial and technical experience in founding, building and running listed and unlisted technology-based companies. In 2011, Dr Dixon co-founded Cynata Inc, now a subsidiary of ASX-listed Cynata Therapeutics Ltd (ASX:CYP), a stem cell and regenerative medicine company. In 2014, Ian co-founded Cardio Therapeutics Pty Ltd and managed the PCSK9 cardiovascular discovery program until the company was acquired by Nyrada Inc in advance of the IPO of Nyrada in 2019. In 2018, the genetic medicines company founded by Ian listed on the ASX as Exopharm Ltd (ASX: EX1), now Entropy Neurodynamics Limited (ASX: ENP) Ian was also a co-inventor of several inventions in the exosome field, including a number of granted U.S. patents. Ian has a PhD in biomedical engineering from Monash University, an MBA from Swinburne University and professional engineering qualifications. Interest in shares and options 9,780,699 shares and 1,800,000 unlisted options Special responsibilities Member of Audit & Risk Committee Member of Remuneration & Nomination Committee Directorship held in other listed entities (last 3 years) Entropy Neurodynamics Limited (ASX: ENP) previously, Exopharm Limited (ASX:EX1) – resigned on 1 May 2024. Qualifications PhD in biomedical engineering MBA Bachelor of Engineering
ANNUAL REPORT 2026 15 James Bonnar Managing Director and CEO, joined the Board in October 2025 James joined Nyrada Inc. in February 2018 and brings over 20 years of global experience in the Life Sciences industry, including pre-clinical research, operations management, CMC (Chemistry, Manufacturing and Controls), Regulatory Affairs, and Quality Assurance. Before joining Nyrada, James was at Neuren Pharmaceuticals for eleven years. During this period, he was the Director, CMC and Regulatory Affairs and then Director, Clinical Operations where he oversaw clinical development for drugs in the areas of traumatic brain injury and neurodevelopmental disorders. Prior to that he worked in diabetes research, GMP manufacturing, and drug formulation development. James brings an experienced scientific focus to Nyrada, having led teams from early-stage development through to end of Phase II. Interest in shares and options 1,225,989 shares and 5,000,000 unlisted options Special responsibilities N/A Directorship held in other listed entities (last 3 years) N/A Qualifications B.Sc. (Chemistry) Company Secretary - David Franks David is a Chartered Accountant, Fellow of the Governance Institute of Australia, Justice of the Peace, Registered Tax Agent and holds a Bachelor of Economics (Finance and Accounting) from Macquarie University. With over 30 years in finance and governance (including company secretarial and corporate finance), David has been CFO, company secretary and director for numerous ASX listed and unlisted public and private companies, in a range of industries covering energy retailing, software as a service, transport, financial services, oil and gas / mineral exploration, technology, automotive, software development, wholesale distributions, retail, biotechnology and healthcare. He has acted in these capacities for Top 200 to small-cap companies listed on ASX, including for companies with OTC listings. David was also the Company Secretary of Noxopharm Limited until 30 April 2026 and a Non-executive Director of Jcurve Solutions Limited (ASX:JCS) from 2014 to 2021. David is also a Principal of Automic Pty Ltd, a service provider to the Company. Principal activities Nyrada Inc. is a clinical-stage biotechnology company focused on the discovery and development of innovative small-molecule therapies, specifically targeting Transient Receptor Potential Canonical (TRPC) ion channels. The Company’s lead candidate, Xolatryp®, has shown efficacy in both cardioprotection and neuroprotection, and has just completed a first-in-human Phase I clinical trial. Nyrada is a Company incorporated in the state of Delaware, US and is listed on the Australian Securities Exchange (ASX: NYR). Significant changes in the state of affairs During the year, the Consolidated Entity raised $8.25 million (before costs) through a placement of 27.5 million CHESS Depositary Interests ('CDIs') at $0.30 per CDI. The Consolidated Entity completed its Phase I clinical trial of Xolatryp® and commenced its Phase IIa PROTECTMI trial, achieving key regulatory, site activation and patient recruitment milestones in the advancement of its clinical development program.
NYRADA INC. (ASX:NYR) 16 Financial results The loss for the Consolidated Entity after providing for income tax amounted to $6,557,243 (30 June 2025: $4,845,671). The cash position as at 30 June 2026 was $8,384,581 (30 June 2025: $2,930,601). Review of operations Nyrada Inc. (ASX: NYR) is a clinical-stage biotechnology company developing small-molecule inhibitors of Transient Receptor Potential Canonical (TRPC) ion channels. The Company's lead candidate, Xolatryp® is an inhibitor of TRPC3/6/7 channels designed to limit pathological calcium entry into cells. The Company entered the FY2026 year having completed dosing in its first-in-human Phase I trial and exited it with a Phase IIa trial approved, initiated, and recruiting, with the first patient dosed shortly after balance date. Over the year, the Company also extended the Xolatryp program into oncology, commenced preparation of an Investigational New Drug (IND) application for the United States, secured a Notice of Allowance from the US Patent Office, and strengthened its balance sheet, closing the year with $8.38 million in cash. Completion of the Phase I clinical trial In August 2025, the Phase I Safety Review Committee reviewed safety and pharmacokinetic data from the final cohort and observed no dose-limiting safety signals in participants dosed with Xolatryp over a six-hour infusion. Complete unblinded safety and pharmacokinetic results were released later in September 2025. The unblinded dataset confirmed a strong safety profile, with no serious adverse events recorded during the trial and all observed adverse events mild or moderate in nature. Pharmacokinetic analysis demonstrated predictable, linear blood concentrations over time, with no difference in exposure between sexes. These results provided the safety and regulatory foundation required to progress directly into patient testing. PROTECT-MI Phase IIa clinical trial The centrepiece of FY2026 was the design, approval and launch of PROTECT-MI, the Company's Phase IIa clinical trial. The trial will evaluate Xolatryp in patients who have suffered a ST-Elevation Myocardial Infarction (STEMI) and are undergoing angioplasty with stenting (percutaneous coronary intervention, or PCI). Xolatryp is being assessed as a first-in-class intravenous treatment to reduce myocardial ischemiareperfusion injury, a major contributor to long-term cardiac damage following a heart attack for which no therapy is presently approved. Safety and tolerability constitute the trial's primary endpoint. Multiple secondary and exploratory efficacy endpoints are also being evaluated, including cardiac function, the extent of cardiac injury, biomarkers such as troponin I, and the incidence of arrhythmias of interest. Because the trial is randomised, double-blind and placebo-controlled, efficacy data will not be available until the study concludes. The infrastructure for the trial was assembled progressively through the year: • Professor William Chan, Professor of Medicine at the University of Melbourne, was appointed Coordinating Principal Investigator; • Accelagen was engaged as Contract Research Organisation to oversee the conduct of the trial; • Human Research Ethics Committee (HREC) application was lodged in the December 2025 quarter, and approval was received in the March 2026 quarter; and • Research governance approvals were progressed across selected Australian sites. Nepean Hospital in New South Wales was activated early in April 2026, enabling patient recruitment to commence. Sir Charles Gairdner Hospital in Western Australia was activated shortly after the close of the financial year. Research governance office approval is progressing at a further five Australian sites, and discussions are advancing with additional sites in Australia and New Zealand. The Company will monitor recruitment performance across all sites and retains the flexibility, subject to local approvals, to add sites and concentrate resources where recruitment potential is strongest.
ANNUAL REPORT 2026 17 The first patient was dosed shortly after the close of the financial year. PROTECT-MI remains on track for completion in the 2027 calendar year with the final patient expected to be dosed in mid-2027 and top-line results anticipated approximately three months after last-patient follow-up. Preclinical Research - Oncology During the year the Company extended investigations of Xolatryp into oncology, an indication in which the TRPC mechanism has a compelling scientific rationale. Two preclinical studies were initiated during the later part of the financial year. In the first study which read out in May 2026, Xolatryp demonstrated clear anti-tumour activity in a preclinical model of liver cancer, both as a monotherapy and in combination with doxorubicin. The combination arm produced the greatest reduction in tumour volume and was well tolerated. The second study, which read out in June 2026, was a pilot conducted in advance of a more comprehensive study to assess Xolatryp as a cardio-protectant against anthracycline induced cardiomyopathy. Doxorubicin, one of the most widely used anthracycline chemotherapies, is regarded as a backbone agent in oncology, but carries a well-recognised risk of cardiac damage at higher cumulative doses which constrains lifetime patient exposure. Preliminary biomarker data from the pilot showed numerically lower mean cardiac troponin I, a clinically relevant marker of cardiac injury, relative to the doxorubicin plus vehicle control group. The study also confirmed the feasibility and tolerability of the intended subcutaneous dosing regimen and informed dose selection for the larger study. That larger cardioprotection study commenced late in June 2026 and is expected to read out in the first quarter of FY2027. Preclinical Research - Neuroprotection In September 2025 the Company reported findings from its collaborative traumatic brain injury study conducted with the Walter Reed Army Institute of Research (WRAIR) and UNSW Sydney. The analysis showed that Xolatryp contributes to the preservation of mitochondrial health by enhancing calcium regulation, shielding the brain's energy centres from damage caused by reactive oxygen species. Beyond their relevance to secondary brain injury, these results reinforce the mechanistic basis for Xolatryp in myocardial ischemia-reperfusion injury, in which TRPC channel activation drives excessive calcium influx, mitochondrial impairment and cardiac cell death. Regulatory Affairs Late in the financial year, the Company commenced preparation of an Investigational New Drug (IND) application for submission to the United States Food and Drug Administration, covering the myocardial ischemia-reperfusion injury program. The Company is targeting submission of the IND application before the end of the 2026 calendar year. Approval would open a regulatory pathway for Xolatryp into the world's largest healthcare market. Intellectual Property Protecting the innovation underpinning Xolatryp remained a priority throughout the year: • the Xolatryp® trademark was granted late in December 2025; • the composition of matter patent application, first filed in September 2024, was published late in the March 2026 quarter; and • formal Notice of Allowance was received from the United States Patent Office in May 2026. Subject to payment of the issue fee, the granted patent will provide protection in the United States over the chemical structure of Xolatryp and associated analogues for a twenty-year term from the September 2024 filing date. Corporate Mr James Bonnar was appointed to the Board of Directors in October 2025, becoming Managing Director and Chief Executive Officer. Dr Gisela Mautner retired from the Board following the November 2025 Annual General Meeting.
NYRADA INC. (ASX:NYR) 18 Financial summary Nyrada maintained disciplined capital and cost management throughout the financial year while ensuring its clinical and research programs remained fully funded. In August 2025 the Company completed a placement to new and existing institutional, sophisticated and professional investors, raising $8.25 million before costs at an issue price of $0.30 per CHESS Depositary Interest ('CDI'). Of that amount, $0.09 million was received from Non-executive Director participation on the same terms, following CDI holder approval at the November 2025 Annual General Meeting. A further $2.29 million was received during the year on the exercise of options, including $0.60 million from Director option exercises in December 2025. In May 2026 the Company received a cash reimbursement of $2.45 million under the Australian Government's Research and Development Tax Incentive in respect of the financial year ended 30 June 2025. Cash and cash equivalents at 30 June 2026 were $8.38 million, compared with $2.93 million at 30 June 2025, an increase of $5.46 million over the year. Liquidity and capital resources Nyrada ended the financial year with cash and cash equivalents of $8,384,581 and anticipates receiving a Research and Development tax incentive refund of approximately $1,720,573 for FY2026 following 30 June 2026, thus further boosting working capital resources in FY2027. Matters subsequent to the end of the financial year On 6 July 2026, the Consolidated Entity announced that it had commenced patient dosing in its Phase IIa PROTECT-MI clinical trial and continued progress with clinical trial site activations and recruitment activities. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future financial years. Future developments, prospects, and business strategies Disclosure of information regarding likely developments in the operations of the Company in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the Company. Information on future developments, prospects, and business strategies have only been referred to in the Chair’s Letter and CEO Report. For further information on the Company’s business strategies and material risks, refer also to the Prospectus which is available on the Company website or ASX Announcements. Environmental regulation The Consolidated Entity is not subject to any significant environmental regulation under Australian Commonwealth or State law. Directors’ shareholdings In this section, reference is made to Share ownership. The instruments registered for trade on the Australian Securities Exchange are CDIs. One CDI is equivalent to one Share, being Class A Common Stock. The following table sets out each director’s relevant interest in shares, debentures, and rights or options in shares or Directors of the Company or a related body corporate as at the date of this report: Share Number Options Number John Moore 9,491,756 3,600,000 Rüdiger Weseloh 1,483,332 1,800,000 Marcus Frampton 3,211,740 1,800,000 Christopher Cox 2,025,000 1,800,000 Ian Dixon 9,780,699 1,800,000 James Bonnar 1,225,989 5,000,000
ANNUAL REPORT 2026 19 Unissued Common Stock Details of unissued Common Stock, interests under option, and performance shares as at the date of this report are as follows: Type of security Number Exercise price ($) Expiry date Unlisted options 4,000,000 TBC1 5 years from the vesting date Unlisted options 5,000,000 TBC1 5 years from the vesting date Unlisted options 5,000,000 TBC1 5 years from the vesting date Unlisted options 900,000 TBC2 3 years from the vesting date Unlisted options 1,200,000 TBC2 3 years from the vesting date Unlisted options 600,000 TBC2 18/01/2027 Unlisted options 3,333,332 0.135 30/06/2027 Unlisted options 2,300,000 0.20 31/12/2027 Unlisted options 600,000 TBC2 03/10/2029 Unlisted options 1,000,000 0.19 11/06/2031 Unlisted options 1,000,000 0.19 11/06/2032 Unlisted options 100,000 0.19 11/07/2032 Unlisted options 100,000 0.19 11/08/2032 Unlisted options 100,000 0.19 11/09/2032 Unlisted options 100,000 0.19 11/10/2032 Unlisted options 100,000 0.19 11/11/2032 Unlisted options 100,000 0.19 11/12/2032 Unlisted options 100,000 0.19 11/01/2033 Unlisted options 100,000 0.19 11/02/2033 Unlisted options 100,000 0.19 11/03/2033 Unlisted options 100,000 0.19 11/04/2033 Unlisted options 100,000 0.19 11/05/2033 Unlisted options 100,000 0.19 11/06/2033 Unlisted options 640,625 0.19 11/06/2031 Unlisted options 781,250 0.19 11/06/2032 Unlisted options 78,125 0.19 11/07/2032 Unlisted options 78,125 0.19 11/08/2032 Unlisted options 78,125 0.19 11/09/2032 Unlisted options 78,125 0.19 11/10/2032 Unlisted options 78,125 0.19 11/11/2032 Unlisted options 78,125 0.19 11/12/2032 Unlisted options 78,125 0.19 11/01/2033 Unlisted options 78,125 0.19 11/02/2033 Unlisted options 78,125 0.19 11/03/2033 Unlisted options 78,125 0.19 11/04/2033
NYRADA INC. (ASX:NYR) 20 Type of security Number Exercise price ($) Expiry date Unlisted options 78,125 0.19 11/05/2033 Unlisted options 78,125 0.19 11/06/2033 Unlisted options 6,944,000 0.45 22/08/2027 Unlisted options 3,000,000 0.80 12/11/2029 Unlisted options 3,600,000 0.80 12/11/2030 Unlisted options 3,600,000 0.80 12/11/2031 1 The exercise price is the higher of • 100% of the Fair Market Value (as defined in the Company’s Stock Incentive Plan) of the Shares on the date that Option is granted; and • an amount equal to 110% of the volume-weighted average price of the CDIs for the period of 10 trading days immediately prior to the date on which that Option vests. 2 The exercise price is the higher of • 100% of the Fair Market Value (as defined in the Company’s Stock Incentive Plan) of the Shares on the date that Option is granted; and • an amount equal to 120% of the volume-weighted average price of the CDIs for the period of 10 trading days immediately prior to the date on which that Option vests. The holders of these options and performance shares do not have the right to participate in any share issue or interest issue of the Company or of any other body corporate or registered scheme. Dividends There were no dividends paid, recommended, or declared during the current or previous financial year. Indemnity and insurance of officers As permitted under Delaware law, Nyrada indemnifies its Directors and certain officers and is permitted to indemnify employees for certain events or occurrences that happen by reason of their relationship with, or position held at, Nyrada. The Company’s Certificate of Incorporation and Bylaws provide for the indemnification of its Directors, officers, employees and other agents to the maximum extent permitted by the Delaware General Corporation Law. Nyrada has entered into indemnification agreements with its Directors and certain officers to this effect, including the advancement of expenses incurred in legal proceedings to which the Director or officer was, or is threatened to be made, a party by reason of the fact that such Director or officer is or was a Director, officer, employee or agent of Nyrada, provided that such a Director or officer acted in good faith and in a manner that the Director or officer reasonably believed to be in, or not opposed to, the Company’s best interests. At present, there is no pending litigation or proceedings involving a Director or officer for which indemnification is sought, nor is the Company aware of any threatened litigation that may result in claims for indemnification. Nyrada maintains insurance policies that indemnify the Company’s Directors and officers against various liabilities that might be incurred by any Director or officer in his or her capacity as such. The premium paid has not been disclosed as it is subject to confidentiality provisions under the insurance policy. Indemnity and insurance of auditor The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.
ANNUAL REPORT 2026 21 Meetings of Directors The following table sets out the number of directors’ meetings (including meetings of committees of Directors) held during the financial year and the number of meetings attended by each director (while they were a Director or committee member). Board of Directors Audit & Risk Committee Remuneration & Nomination Committee Attended Held Attended Held Attended Held John Moore 7 7 2 2 1 1 Rüdiger Weseloh 7 7 2 2 1 1 Marcus Frampton 7 7 2 2 1 1 Christopher Cox 2 7 1 2 1 1 Ian Dixon 7 7 2 2 1 1 Gisela Mautner 3 3 1 1 1 1 James Bonnar 7 7 2 2 1 1 Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. Non-audit services There were no non-audit services provided during the financial year by the auditor. In the event non-audit services are provided by the auditor, the Board has established procedures to ensure the provision of non-audit services is compatible with the general standard of independence for auditors. These include: • all non-audit services are reviewed and approved to ensure they do not impact the integrity and objectivity of the auditor; and • non-audit services do not undermine the general principles relating to auditor independence as set out in APES 110 ‘Code of Ethics for Professional Accountants (including Independence Standards)’ issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Company, acting as an advocate for the Company or jointly sharing economic risks and rewards. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report. Presentation currency The functional and presentation currency of the Company is Australian Dollars (AUD). The financial report is presented in AUD with all references to dollars, cents, or $’s in these financial statements being presented in AUD, unless otherwise stated. Jurisdiction of Incorporation Nyrada is a company incorporated in the State of Delaware in the United States and registered in Australia as a foreign company. As a foreign company registered in Australia, Nyrada is subject to different reporting and regulatory regimes than Australian public companies.
NYRADA INC. (ASX:NYR) 22 Corporate Governance Statement The Company's corporate governance statement is located at the Company's website: https://www.nyrada.com/site/About-Us/corporate-governance Business Risks (a) Uncertainty of clinical development There are numerous regulatory requirements to address before a drug candidate can progress into human studies, including review by Human Research Ethics Committees (HREC). Further, there is no certainty that any of the drug candidates will receive that permission. The Consolidated Entity's ability to commercialise its intellectual property is reliant on clinical data. Drug development is a highly risky business with a high failure rate. Fewer than 10% of drugs that enter Phase I achieve marketing approval by the US Food and Drug Administration (FDA). There are numerous reasons for this, mainly relating to low therapeutic benefit or unacceptable toxicity, with the drug’s preclinical data failing to predict those adverse outcomes. While the Consolidated Entity will conduct its clinical programs and eventual drug submissions on the advice of consultants experienced in clinical trial design and regulatory affairs, there is no certainty that the trial design will provide appropriate data or that the data will meet the regulator’s benchmark. This may require the Consolidated Entity to conduct further clinical studies, resulting in significant additional cost and delay. Once a drug enters the clinic, a final drug development path typically takes 8-10 years, depending on the indication and regulatory pathway. Any such clinical study would most likely commence in a small number of human volunteers and be a pharmacokinetic/acute safety study using very low dosages of drug. The risk associated with a first-in-human study lies in the drug having an inappropriate pharmacokinetic profile such as being extensively metabolised and therefore inactivated or being eliminated from the body too quickly to provide a therapeutic benefit. Beyond conducting preclinical animal studies, there is no reliable way of predicting such adverse outcomes prior to testing in humans. (b) Commercialisation The Consolidated Entity's current business strategy is early-stage drug development, which may include a trade sale or out-license of its drug candidates to a third party with greater resources and expertise to undertake late-stage drug development, regulatory approvals, and sales and marketing. There is no certainty that any of the drug candidates will be of interest to such a third party or, if a drug candidate is of interest to such a third party, that terms can be negotiated that are commercially acceptable to the Consolidated Entity or will adequately realise the value of the drug candidate. (c) Additional capital requirements Research and development activities require a high level of funding over a protracted period of time. However, additional development costs may arise during this period and the Company may require additional funding to meet its stated objectives or may decide to accelerate or diversify its activities within the same area The Company’s requirement for additional capital may be substantial and will depend on many factors, some of which are beyond the Company’s control, including: • slower than anticipated research progress; • the requirement to undertake additional research; • competing technological and market developments; • the cost of protecting the Company’s intellectual property. The Company will constantly evaluate data arising from its research and development activities that may indicate new uses for its products and allow the Company to file patents, thereby providing potential new development and partnering opportunities. Accordingly, the Company may alter its funding strategies to take advantage of such new opportunities if and when they present themselves.
ANNUAL REPORT 2026 23 There is no assurance that the funding required by the Company from time to time to meet its business requirements and objectives will be available to it, on favourable terms or at all. To the extent available, any additional equity financing may dilute the holdings of existing shareholders and any debt financing may involve restrictions on the Company’s financing and operating activities. If the Company is unsuccessful in obtaining funds when required, it may be necessary for it to reduce the scope of its operations. (d) Intellectual property rights Obtaining, securing and maintaining the Consolidated Entity's intellectual property rights is an integral part of securing potential value arising from conduct of the Consolidated Entity's business. If patents are not granted, or if granted only for limited claims, the Consolidated Entity's intellectual property may not be adequately protected and may be able to be copied or reproduced by third parties. The Consolidated Entity may not be able to achieve its objectives, to commercialise its products or to generate revenue or other returns. The patent position of biotechnology and pharmaceutical companies can be highly uncertain and frequently involves complex legal and factual questions. Accordingly, there can be no guarantee that the provisional patent applications will be successful and lead to granted patents or all of the claims in any application will be granted. Furthermore, should such applications be granted, there is no guarantee competitors will not develop technology to avoid those patents, or that third parties will not seek to claim an interest in the intellectual property with a view to seeking a commercial benefit from the Consolidated Entity. The Consolidated Entity has engaged patent attorneys to advise on its intellectual property strategy as it seeks to broaden the Consolidated Entity's patent protection to enable it to guard its exclusivity, maintain an advantage over competitors and provide it with a basis for enforcement in the event of infringement, but there is no guarantee that this intellectual property strategy will be successful. There also can be no assurance employees, consultants or third parties will not breach their confidentiality obligations or not infringe or misappropriate the Consolidated Entity's intellectual property. The Consolidated Entity seeks to mitigate the risk of unauthorised use of its intellectual property by limiting disclosure of sensitive material to particular employees, consultants and others on a need to know basis. Where appropriate, parties having potential access to such sensitive material will be required to provide written commitments to confidentiality and ownership of intellectual property. (e) Third party intellectual property infringement claims The Consolidated Entity's success depends, in part, on its ability to enforce and defend its intellectual property against third party challengers. The Consolidated Entity believes that the manner in which it proposes to conduct activities will minimise the risk of infringement upon another party’s patent rights. However, there can be no assurance that another party will not seek to claim a Consolidated Entity is infringing upon their rights. While the Consolidated Entity relies on the advice of its patent attorneys that its patent applications do not infringe third party patents, the Company is unable to state with certainty that another party will not claim its rights are infringed or, if litigation claiming that a Consolidated Entity Company is infringing the intellectual property rights of a third party is launched, what the result of any such litigation will be. While the Consolidated Entity is pursuing clinical development and commercialisation strategies that it believes will minimise the risk of patent infringement, there can be no certainty that there will not be action taken against a Consolidated Entity, although each Consolidated Entity is prepared to defend its position in a forthright manner if required. Further, there can be no guarantee that competitors will not seek to claim an interest in the intellectual property with a view to seeking a commercial benefit from the Consolidated Entity. If a third-party claims that a Consolidated Entity is infringing its intellectual property rights or commences litigation against that Consolidated Entity for infringement of patent or other intellectual property rights, the Consolidated Entity may incur significant costs defending such action, whether or not it ultimately prevails. Patent litigation in the pharmaceutical and biotechnology industry is typically expensive and any defence against any such action necessarily will divert the time of the Company’s Directors and other key personnel. This may, in turn, have a materially adverse effect on both the financial performance and future prospects of the Consolidated Entity.
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