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.
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