ANNUAL REPORT FY23 11 Shortly after the conclusion of the 2023 financial year, a research study on canonical transient receptor potential (TRPC) ion channel involvement in secondary brain injury, the target of Nyrada’s program, was published in the eminent journal Translational Stroke Research. Nyrada’s neuroscientist Dr. Jasneet Parmar was the lead author of this study with our Scientific Advisory Board Chair Gary Housley as co-author. Dr. Parmar recently presented on this study and on Nyrada’s brain injury program at the US Military Health System Research Symposium in Florida, US. This study showed that animals lacking the target TRPC ion channels were protected against expansion of a photothrombotic-induced stroke infarct in the days following injury. This is a validation of the pathophysiological role of TRPC ion channels in brain injury progression and the target of our therapeutic program. During the 2023 year, we also undertook GLP studies on NYR-BI02. Now completed, these studies showed NYR-BI02 was a potent blocker of TRPC ion channels, limiting excitotoxicity and secondary brain damage following a TBI or stroke. However, NYR-BI02 demonstrated a suboptimal safety profile for continuous dosing in patients with these conditions. Following a review, the team identified NYR-BI03, a closely related analogue of NYR-BI02, as having a superior safety profile for continuous intravenous dosing. This, coupled with superior potency on TRPC ion channel target, led to NYR-BI03’s selection as Nyrada’s new lead brain injury drug candidate. Nyrada continues to maintain a lean operating model with the vast proportion of resources allocated towards research and development. Notwithstanding, given current capital market conditions, further cost base optimisation decisions have been taken so to extend Nyrada’s funding runway. This includes the Board volunteering to halve their director fees for the time being. I take this opportunity to thank our eminent Scientific Advisory Board for their invaluable support, experience, and counsel. At the conclusion of the September quarter, Professors David Burke and Gilles Lambert will retire from their advisory duties at Nyrada. On behalf of the Company, I would like to thank them both for their dedicated service. They will remain available to consult to the Company should there be a future need. In conclusion, I extend my thanks to the Nyrada Board, led by John Moore, for sharing their expertise, support, and counsel. This advice and support has been invaluable. Together, we collectively continue to work to deliver on the strategy to build a great company that improves human outcomes and create value for our shareholders. Looking forward, I remain confident that Nyrada has the people, assets, and platforms to achieve our goals in developing therapies for the lowering of cholesterol and the treatment of brain injury. The markets for these treatments are significant and we are in an unique position considering our existing preclinical work to date and assets developed. I look forward to the opportunity to update you on our progress at our upcoming Annual General Meeting. James Bonnar Chief Executive Officer ““Looking forward, I remain confident that Nyrada has the people, assets, and platforms to achieve our goals in developing therapies for the lowering of cholesterol and the treatment of brain injury. The markets for these treatments are significant and we are in an unique position considering our existing preclinical work to date and assets developed.”
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