ANNUAL REPORT FY23 7 Chair’s Letter Dear Fellow Shareholders, On behalf of the Board and Company, it is with pleasure that I present to you Nyrada’s Annual Report for the financial year ended 30 June 2023. Please permit me to provide you some context around our performance and our prospects. You will know that success and perseverance are two sides of the same coin. The great Thomas Edison, inventor of the light bulb and one of the founders of the General Electric company, was once asked by a journalist “How did it feel to fail 1,000 times?” Edison’s reply was that "I didn't fail 1,000 times. The light bulb was an invention with 1,000 steps." This is the history of every consequential human invention – a cycle of trial followed by setback followed by trial until ultimately triumph. The just concluded 2023 financial year was another challenging one for capital markets and for the biotechnology sector globally. It was also a frustrating year for the Company and no doubt for you, our shareholders. But each twist and turn moves us closer to our destination – to create economic and social value through developing treatments for diseases where there is an unmet clinical need, or where current treatments are suboptimal. Nyrada is well placed to achieve its goals. We operate in one of the best places in the world to develop drugs in a low-cost way. Australia has strong and stable legal and regulatory environment. It produces talented and gifted scientists from a world class university system. The government operates a supportive Research and Development (R&D) rebate scheme. We are also blessed with a number of non-balance sheet assets. We have a talented and focused team, a team of six which continues to achieve significant operating leverage. Our scientific advisory board is world class, and our governing board counts seasoned, globally experienced industry executives who are engaged and aligned. These are important force multipliers. We have the components necessary to succeed. Looking forward, the team remains focused on developing a PCSK9 inhibitor for cholesterol lowering and a TRPC ion channel blocker for secondary brain injury treatment. These drugs target indications where there is an unmet clinical need, or where current treatments are suboptimal. Importantly also, the markets for these drugs benefit from four thematic tailwinds: • lifestyle and dietary changes leading in increased incidence of high cholesterol, • greater awareness of the costs and consequence of brain injury from the sporting and combat fields, • increasing incidence and expanding awareness of the need for better treatment options, and • demographics and particularly an aging population. Important progress in developing these two lead drug candidates has been made. For our cholesterol lowering drug candidate, one of the 11 mandatory safety and toxicology studies unfortunately showed an adverse signal. As a result, Nyrada will not be proceeding with NYX-1492 (PCSK9i) into human clinical trials for PCSK9 inhibition. Notwithstanding, the scientific team is keenly investigating next steps, specifically to identify alternative PCSK9 inhibitor candidates, structurally differentiated fromNYX-1492. “We continue to develop treatments for diseases where there is an unmet clinical need, or where current treatments are suboptimal. The team remains focused on developing a PCSK9 inhibitor for cholesterol lowering and a TRPC ion channel blocker for secondary brain injury treatment.”
RkJQdWJsaXNoZXIy MjE2NDg3