Medlab Clinical Limited (MDC) 2022年年度報告「ASX」.pdf

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1、Copyright Medlab Clinical Ltd 2022MEDLAB CLINICAL LIMITED(ABN 51 169 149 071)ANNUAL REPORTFOR THE YEAR ENDED 30 JUNE 2022ASX:MDCCONTENTSChai rmans Letter4 CEO Report5 Di rectors Report13 Audi tors I ndependence Decl arati on25 Fi nanci al Statements26 Di rectors Decl arati on64 I ndependent Audi tor

2、s Report65 Sharehol der I nformati on68 Corporate Di rectory704CHAI RMANS LETTER Dear Sharehol ders I t i s my pl easure to present Medl ab Cl i ni cal Li mi teds 2022 Annual Report.The past year has been a busy and chal l engi ng year.The i mpacts of COVI D have certai nl y been fel t wi th manufac

3、turi ng and suppl y chai n del ays but despi te that,the Company has conti nued to make si gni ficant progressi on i n 2 key areas:Progressi on of the NanaBi s program as we work towards a New Drug Appl i cati on wi th the FDA Busi ness devel opment and l i cenci ng opportuni ti es Duri ng the year,

4、the Board deci ded to l i cence i ts Austral i an Nutraceuti cal busi ness to PharmaCare Pty Ltd.I t was consi dered that the busi ness woul d conti nue to requi re a si gni ficant number of resources to operate,and thi s arrangement woul d al l ow management to focus on current research programs an

5、d other emergi ng partneri ng opportuni ti es.The Company has conti nued to strengthen i ts i ntel l ectual property over the l ast year wi th the granti ng of patents for the NanoCel l e technol ogy.The technol ogy i s vi tal to our research and potenti al commerci al opportuni ti es and i s now pr

6、otected for the next 15 years i n the Ameri cas,Oceani a,and Europe.NanoCel l e conti nues to attract i nterest from vari ous compani es(mostl y i n the North Hemi sphere)whi ch i s why the Board took the posi ti on to progress towards a dual l i sti ng wi th the NASDAQ.A dual l i sti ng wi l l hel

7、p the Company i mprove i ts gl obal presence and greater opportuni ti es to capi tal.The Board i s of the vi ew that thi s wi l l have a posi ti ve i mpact to Austral i an sharehol ders.Over the l ast 12 months Medl ab has al so conti nued to progress i ts non-cannabi noi d proj ects.These proj ects

8、 centred around our work on depressi on and the NanoCel l e RNA program.Si nce the end of the of the financi al year,the Company announced the appoi ntment of Mr Mohi t Gupta as a non-executi ve di rector.Mr Mohi t Gupta i s an i mportant appoi ntment that broadens the Boards ski l l set and i s al

9、i gned wi th the Companys strategi c focus to commerci al i se novel pharmaceuti cal products and expand further i nto overseas markets.Mr Guptas gl obal focus,especi al l y wi thi n US Gl obal Pharma space,wi l l be i nval uabl e as the Company embarks on the next stage of i ts j ourney.For further

10、 detai l s,pl ease refer to the CEO Report.I woul d l i ke to acknowl edge and thank the work of our enti re team at Medl ab Cl i ni cal and thank you our sharehol ders for your ongoi ng support.Yours si ncerel y,Michael Hall Chai rman5CEO REPORT I ntroduction The past 12 months have been an exci ti

11、 ng peri od for Medl ab Cl i ni cal LTD(ASX:MDC,“we”,“Medl ab”,“the company”)as we have i nvested and progressed two key areas process val i dati on known as the Chemi cal,Manufacturi ng and Control s(CMC)whi ch di rectl y contri butes to a New Drug Appl i cati on(NDA)and Busi ness Devel opment and

12、Li cenci ng(BD&L).Commenci ng l ast year through to earl i er thi s year,we i nvested i n protecti ng our assets;the most known exampl e i s NanoCel l e and the 15-year protecti on i n the fol l owi ng terri tori es:Medl ab i s awai ti ng a deci si on from the Si ngaporean Patent Office.Consi deri n

13、g the Companys progressi on i n CMC,the granti ng of patents,the Company can offer l i censes to other pharmaceuti cal,food and nutri ti onal manufacturers to utl i se the NanoCel l e technol ogy i n thei r current and future products.Presentl y we have several “smal l er”but i nteresti ng deal s ex

14、ecuted,wi th potenti al l y l arger ones i n some form of due di l i gence.NanoCel l e i s central to our research acti vi ti es;beyond NanoCel l e devel opment,the Company has several pri mary focus and secondary focus drug devel opment programs that were speci fical l y desi gned to be admi ni ste

15、red through the NanoCel l e technol ogy.These i ncl ude the fol l owi ng:PRI MARY Drug Development:NANABI S,cannabi noi ds(THC&CBD)wi th US Food and Drug Admi ni strati on(FDA)recogni sed Acti ve Pharmaceuti cal I ngredi ent(API)Drug Master Fi l es(DMFs)for proposed i ndi cati on of Cancer Bone Pai

16、n(aka Bone METs),wi th data demonstrati ng ongoi ng benefit to l arger neuropathi c pai n popul ati ons.SECONDARY Drug Development:NANOCBD,cannabi noi d(CBD)wi th a FDA recogni sed API DMF for proposed i ndi cati on of Occupati onal Stress,wi th data demonstrati ng ongoi ng benefit for mi l d,chroni

17、 c pai n popul ati ons.MDC2000,proposed FDA 505(b)(2)program usi ng an earl i er,approved drug substance for Depressi on for proposed i ndi cati on of Maj or Depressi ve Di sorders.NASAL RNA,Nucl ei c Aci d col l aborati on wi th Wool cock I nsti tute at Macquari e Uni versi ty and Uni versi ty of N

18、ew South Wal es i n pre-cl i ni cal stages for a NanoCel l e nasal vacci ne del i very uti l i si ng nucl ei c aci d,l eadi ng to new vacci ne and/or anti-vi ral technol ogi es.Oceania:Austral i a New Zeal and(Accepted)Asia:Hong Kong(Grant Requested)Americas:Canada Uni ted States of Ameri caEurope:A

19、l bani a Austri a Bel gi um Bul gari a Croati a Cyprus Czech Republ i c Denmark Estoni a Fi nl and France Germany Greece Hungary I cel and I rel and I tal y Latvi a Li thuani a Luxembourg Mal ta Monaco Netherl ands North Macedoni a Norway Pol and Portugal Romani a San Mari no Serbi a Sl ovaki a Sl o

20、veni a Spai n Sweden Swi tzerl and Turkey Uni ted Ki ngdom6CEO REPORT(cont.)Wi th NanoCel l e pri mary patent protecti on establ i shed,the Company focused on devel opi ng US based CMC data sui tabl e for NanaBi s from a wel l-respected team i n the US.Thi s saw the NanaBi s and NanoCel l e formul a

21、ti ons transferred i nto a US manufacturi ng and devel opment faci l i ty experi enced i n US Drug Enforcement Agency(DEA)and Food and Drug Admi ni strati on(FDA)gui del i nes and protocol s.I t i s here where the two syntheti cs are bei ng devel oped,pi l oted and val i dated as a final,fini shed N

22、anaBi s formul ati on sui tabl e for an NDA.Usi ng NanaBi s data poi nts from the CMC devel opment,we transferred NanoCBD and opti mi sed the packagi ng and formul ati on to share most of the same componentry as NanaBi s al l owi ng for a reduced but scal abl e manufacture OPEX,a reduced CMC devel o

23、pment OPEX and further economi es of scal e as i t rel ates to the products bui l d of materi al s.The next 12 months wi l l see the Company back i nto cl i ni cal work on several fronts,i ncl udi ng NanaBi s and NanoCBD;there i s al so expectati ons the NanoCel l e RNA work done i n col l aborati o

24、n wi th both the Wool cock I nsti tute(Macquari e Uni versi ty)and Uni versi ty of New South Wal es wi l l progress further as the nasal adherence study(previ ousl y publ i shed)i s every compel l i ng.Lastl y,recentl y we announced a NASDAQ progressi on and subsequentl y had a resoundi ng posi ti v

25、e response to both resol uti ons offered at the EGM.The NASDAQ transacti on i s i mportant as i t pl aces us i n the l argest“bi opharma”market i n the worl d.From a BD&L perspecti ve,most potenti al partners we are i n tal ks wi th are i n thi s marketpl ace.From a regul atory perspecti ve we are d

26、eal i ng wi th the FDA,and from a manufacturi ng and di stri buti on perspecti ve we are deal i ng wi th wel l-respected compani es on the east coast of the USA.A dual l i sti ng to the NASDAQ makes sense consi deri ng where we are,and what we are doi ng.Why is NanoCelle I mportant Where NanoCel l e

27、 i s di fferent i s i n provi di ng a manufacturi ng step where certai n compounds are used to encapsul ate a drug substance and produce nanoparti cl es wi thout the hi stori c safety or toxi ci ty concerns.Common benefits demonstrated by NanoCel l e use i ncl ude:Fast absorpti on I mproved bi oavai

28、 l abi l i ty Lesser amounts of the physi cal drug substance i s requi red Lesser exci pi ents Lesser si de effects I mproved pati ent compl i ance I mproved stabi l i tyMedlabs Research ActivitiesCEO REPORT(cont.)Thi s i s what we devel oped,i t i s what we patented,thi s i s where a maj ori ty of

29、our BD&L di scussi on are around,and i t i s what we have appl i ed to vari ous drug substances i ncl usi ve of:7Ampicillin Sodium Salt(2162016AMP)-antibiotics 12.85 2 mg/mL 0.6 mg/0.3mLAtorvastatin(1022015ATO)11.41 10 mg/mL 3 mg/0.3mLAtorvastatin(1232015ATO)89.31 0.1 mg/mL 0.03 mg/0.3mLAtorvastatin

30、(03212017ATO)14.4 8.3 mg/mL 2.49 mg/0.3mLAtorvastatin(3152017ATO)19.37 13.3 mg/mL 3.99 mg/0.3mLAtorvastatin-25(12142015ATO25)14.62 1.67 mg/mL 0.5 mg/0.3mLAtorvastatin-30(12142015ATO30)14.37 1.67 mg/mL 0.5 mg/0.3mLAtorvastatin(2162016ATO)12.71 10 mg/mL 3 mg/0.3mLBeta-Estradiol(2162016EST)-hormones 16

31、.43 1 mg/mL 0.3 mg/0.3mLFexofenadine(Telfast)10.6 4 mg/mL 1.2 mg/0.3mLDexamethasone(2162016DEX)-hormones 13.17 2.6 mg/mL 0.78 mg/0.3mLInsulin(1022015INS)3.843 15 IU/mL 4.5 mg/0.3mLPerindopril Erbumine(2162016PER)-ACEi 12.7 7 mg/mL 2.1 mg/0.3mLProgestogen(2162016PEO)-hormones 15.48 2 mg/mL 0.6 mg/0.3

32、mLRosuvastatin(1022015ROS)-statin 12.19 2 mg/mL 0.6 mg/0.3mLRosuvastatin(1022015ROS)-statin 12.19 2 mg/mL 0.6 mg/0.3mLSertraline Hydrochloride(2162016SER)-SSRI 15.21 0.5 mg/mL 0.15 mg/0.3mLTestosterone Propionate(123015TES)-hormones 14.31 15 mg/mL 4.5 mg/0.3mLCoQ10(2182916CoQ10)32.3 100 mg/mL 30 mg/

33、0.3mLD3 86.3 3333 IU/mL 5000 IU/0.3 mLD3&K2(2182016D3K2)28 3333 IU+150 mcg/0.3 mL 1000 IU+45 mcg/0.3 mLMelatonin(2182016MEL)23 8.3 mg/mL 2.5mg/0.3mLCyanocobalamin B12 24.8 3333 IU/mL 1000 IU/0.3 mLMethylcobalaminB12(2182016B12)18.9 3333 IU/mL 1000 IU/0.3 mLNanaBidial(1:20 THC:CBD(20mg/mL CBD and les

34、s than 1 mg/mL THC)20.13 nm 8.3 mg/mL 2.5mg/0.3mLNanaBis 1:1 THC:CBD(8.33 mg/mL THC 8.33 mg/mL 33.33 nm 8.3 mg/mL 2.5mg/0.3mLNanoCBD(16.66 mg/mL CBD)21.99 5mh/0.3mL 5mg/0.3mLChloroquine 31.5 nm 5mg/mL-Article Particle Concentration Dosage Size(nm)NanoCelle proof of concept work for patent and/or BD&

35、L activitiesCEO REPORT(cont.)Cannabinoid CMC,NDA Development and Global Progression Our work over the past few months has al l owed the Company to better streaml i ne CMC devel opment,val i dati on and regul atory wri te-up.NanaBi s CMC advancements are progressi ng wel l despi te several COVI D l o

36、gi sti c del ays wi th the bul k of work done,we are final i si ng i mpuri ty and trace el ement testi ng and subsequent val i dati on these tests and documents speak to the safety aspects of the fini shed product.Once compl eted we wi l l revert to the FDA.From there we wi l l be conducti ng furthe

37、r stabi l i ty studi es i n vari ous cl i mates for as l ong as the product i s vi abl e.I n paral l el,because we are worki ng wi th the fini shed product,thi s means that a number of the modul es needed for an NDA are wel l underway,wi th some cl oser to compl eti on than ori gi nal l y expected.A

38、s we l ook to 2023,we are expected to return to cl i ni cal work and any l ast-mi nute chemi stry we have not foreseen.The advantage to thi s i s that we wi l l be“cl osi ng out”the efficacy evi dence package on a ful l y and compl etel y characteri sed and documented final,fini shed product.As ment

39、i oned earl i er,the Company“dove-tai l ed”NanoCBD i nto thi s devel opment cycl e whi ch i s expected to reduce about 1/3 ti me and financi al OPEX i n the final i sati on of the CMC package.From a cl i ni cal aspect,parti cul ar to NanaBi s our data poi nts conti nue to demonstrate strong confiden

40、ce i n our understandi ng of how NanaBi s works wi th other regul arl y prescri bed medi ci nes,see the case report of Femal e TB,35yrs of age bel ow:Total adverse effects associ ated wi th NanaBi s use remai n under 9%wi th seri ous and or unexpected adverse events under 2%.Thi s data was col l ect

41、ed from j ust over 1,100 Austral i an pati ents.Last,and agai n speci fic to NanaBi s the Company recei ved vi a a potenti al partner,a European market access report whi ch compri sed several months of due di l i gence work from us,and si mi l ar from the research team who authored the European mark

42、et.The report si gnal ed NanaBi s acceptance i n key EU markets,pri ci ng tol erance and more-so Government pri ce re-i mbursement.What thi s means i s,we understand the val ue of NanaBi s,where i t fits i nto the market and more-so those l arge European markets wi l l i ng to offer Government pri c

43、e re-i mbursement once approved as a regi stered medi ci ne.I n short,the past 12 months has seen the Company group al l el ements of NanaBi s drug devel opment program(Marketi ng,BD&L,Regul atory,Cl i ni cal,Sci enti fic,Manufacturi ng,Packagi ng)to val i date why we are doi ng NanaBi s,the cl ai m

44、s,the addressabl e market,medi cal and regul atory acceptance,key markets,and pri ce re-i mbursement opportuni ti es.8PATIENT Case ReportPatient outcomes at time of writingDate data collected 26/07/2022Continuing medication?YesResults provided under consent.NanaBis under clinical investigation as a

45、drug candidate and as such a non-ARTG medicine.Patient Initials TBAge 35Sex FIndication Epithelioid Sarcoma of the Vulva,LymphedemaMedications pre-NanaBis Dosage:Nortriptyline 10mg 1 tablet dailyIbuprofen 200mg 2 tablets TDS PRNParacetamol 500mg 2 tablets QID PRN Sertraline 100mg 1 tablet daily Oxyc

46、odone 5mg 2 tablets QID PRNTargin 10/5mg 1 tablet BDPregabalin 150mg 1 tablet BDDate NanaBis Commenced 09/08/2021NanaBis Initial Dosage 1 spray BDChanges in current medications Dosage:Nortriptyline ceased Oct 2021Ibuprofen ceased Nov 2021 Targin ceased Dec 2021Endone ceased Dec 2021Paracetamol cease

47、d Dec 2021Sertraline ceased Feb 2022Paracetamol+Diphenhydramine introduced in Dec 2021 as PRN but rarely usedCurrent NanaBis dose 6-8 sprays nocte before mealsQuote fromthe patientI have chronic global and chronic pain as a result of epithelioid sarcoma.I had 5 excision surgeries in 4 months which a

48、ll had no clear margins.6 weeks radiation to vulva,right side groin and right bottom of pelvis.I have contact nerve pain and heightened central nervous system sensitivity where a small pain feels like my body is being crushed when the pain is at its worst.I do not sleep well and have PTSD.Currentlyd

49、ownfrom 10 out of 10 to2 out of 10painhas goneComment from the patient“This has been life changing for me and my family.I am now doing things I didnt think Id ever be able to do again with my level of pain and despair I was in.I am off all pain meds,no more Endone,Targin and pregabalin.No more feeli

50、ng like my only choice was to throw myself into a brick wall so my body would focus on a different kind of pain.My world is free of brain fog and feeling awful each day.I am now able to focus and think clearly and enjoy my days.I am sleeping so incredibly well which has been a massive blessing.Our f

51、amily and friends say I have colour back in my face and light in my eyes again.I am incredibly grateful for this trial and the doctor who has guided me through the process.”7CEO REPORT(cont.)Progression in our Non-Cannabinoid Projects Cl earl y,the maj ori ty of work over the past 12 months has been

52、 i n NanoCel l e(as a robust,di verse and scal abl e drug del i very pl atform),NanaBi s and NanoCBD.Beyond these,after several months of searchi ng and di scussi ons we bel i eve we have found a sui tabl e drug substance wi th an acti ve Drug Master Fi l e for conti nuance of our depressi on progra

53、m both now recei pted i n our Austral i an faci l i ti es.Thi s drug substance was i ndi cated as a hi gh potenti al from our hi stori c depressi on work uti l i si ng the then mul ti-substance formul ati on cal l ed NRGBi oti c.Whi l st we arent rel easi ng the substance name at thi s poi nt,the pr

54、ogram cal l ed MDC2000 wi l l see si gni ficant l aboratory-based work i n an effort to confirm drug substance acceptance to NanoCel l e and vi abi l i ty as a depressi ve di sorder medi cati on.Shoul d thi s prove posi ti ve i t i s al ready understood that the program woul d be subj ect to potenti

55、 al accel erated regul atory pathways,such as the FDA 505(b)(2)pathway thi s means i n basi c terms,i f everythi ng goes wel l,fast to approval,fast to market.Secondl y,as previ ousl y announced the NanoCel l e RNA program wi th the two wel l-respected Austral i an uni versi ti es moves cl oser to a

56、n anti ci pated Government read-out and i s expected l ate November 2022.Pri or work usi ng i nsul i n(as the RNA was not ready)confirmed NanoCel l e abi l i ty for nasal del i very very encouragi ng resul ts,and thus i n the i mmedi ate future we coul d see the first NanoCel l e nasal RNA prototype

57、.BD&L,Media and Marketing Over the past 12 months,thi s area has grown wi th thi s busi ness,al l three el ements support each other as wel l as our NASDAQ opportuni ty.Medi a i s gai ni ng more tracti on(more-so i n the US)and we are l ooki ng at ways we can repl i cate and/or share thi s medi a i

58、n other terri tori es we are worki ng,speci fical l y here i n Austral i a and EU5 countri es.Some recent examples include:9https:/ CEO REPORT(cont.)Marketi ng and al i gnment wi th US banks and potenti al funds have strengthened our presence vi a presentati ons at key events.The Company has al read

59、y confirmed attendance(presenter/exhi bi tor/partneri ng)at the fol l owi ng events:I nternati onal Cannabi noi d-Deri ved Pharmaceuti cal Summi t(US)Jefferi es London Heal thcare Conference(UK)CPHI (GR)JP Morgans(US)Pharma R&D(US)Thi s al l l eads to BD&L;wi th several deal s executed and others i

60、n vari ous stages of due di l i gence,the prospects are exci ti ng.Wi th 90%of al l engagements i n the Atl anti c corri dor regi on,i ts easi er to understand why the US focus for the company i s i ncreasi ngl y i mportant.Financial&Corporate Performance Medl abs total revenue for FY22 was$6.0 mi l

61、 l i on,bei ng up 35%from l ast year,whi l st net l oss after tax was$7.2 mi l l i on,bei ng a reducti on of 42%i n net l oss.The Board and management have conti nued to manage cash flow and reduci ng the cash burn and therefore al l owi ng further expansi on of Medl abs hi gh val ue programs.Duri n

62、g the financi al year,the Company recei ved a refund of$3.14m from the Austral i an Governments R&D tax i ncenti ve program.The Company i s expecti ng a refund of approxi matel y$3.5m i n September/October 2022.As announced on 3 November 2021,the Company has recei ved an Advance and Overseas Fi ndi

63、ng for NanaBi s devel opment(part of R&D Tax I ncenti ve Program)for approxi matel y$27 mi l l i on i n future expendi ture.The outcome of the Advance and Overseas Fi ndi ng wi l l si gni ficantl y extend the companys cash runway,as wel l as the overal l financi al performance,al ong wi th di rectl

64、y supporti ng the Companys go-forward program for NanaBi s.Australian Nutraceutical Business On 19 October 2021,the Company l i cenced i ts Austral i an nutraceuti cal busi ness to PharmaCare Pty Ltd for a cash consi derati on of$750,000 and$1,025,910 for the i nventory.The Company i s al so enti tl

65、 ed to recei ve an earn-out of the greater of$250,000 or 5%of net sal es for the first year commenci ng on the compl eti on date and for the second year commenci ng on the first anni versary of the compl eti on date.The cost of di stri buti on i n thi s competi ti ve space i s hi gh and to parti ci

66、pate effecti vel y cri ti cal mass i s essenti al to cover the cost of di stri buti on,hence the sal e to PharmaCare whi ch i s a sophi sti cated,l arger,and more effecti ve pl ayer.Thi s al l owed Medl ab to restructure i ts busi ness to focus management on core l ocal and i nternati onal NanaBi s

67、and NanoCel l e R&D and emergi ng commerci al partneri ng opportuni ti es after havi ng successful l y gai ned patents i n 57 worl dwi de markets.Medl ab reserves al l i ts nutraceuti cal s ri ghts for the rest of the worl d and are currentl y acti vel y pursui ng si gni ficant opportuni ti es.https

68、:/www.medlab.co/article/dr-sean-hall-interviewed-by-ari-zoldan/f2cba67d-65b9-4b74-baa2-03a7bf7f629e CEO REPORT(cont.)I n Summary Despi te COVI D rel ated i ssues,the Company had a busy year.,The Companys programs are progressi ng wel l,we have strong l i ne of si ght on markets,i mpact and pri ci ng

69、 capabi l i ti es,our partneri ng i s thorough,wel l di verse and more success i s expected.Last,uni quel y the Company has a strong potenti al to dual l i st to the NASDAQ.To date we have had good response from banks and funds,our medi a and marketi ng exposure i s i ncreasi ng and generati ng more

70、 i nterest from finance,the bi opharma i ndustry,and pati ent groups seeki ng support.I,on behal f of Company si ncerel y wi sh to thank you,our sharehol ders for your on-goi ng support.I hope you too can see measures undertaken to de-ri sk and l ook to achi eve the Companys goal s.I hope you too ca

71、n see Medl ab i s becomi ng a brand name,that wi l l potenti al l y di srupt huge gl obal markets,and i n doi ng that,provi de support and comfort to countl ess pati ents of al l ages and wal ks of l i fe.Yours si ncerel y,Dr Sean Hal l CEO 11FINANCIAL REPORTCONTENTSDi rectors Report13 Audi tors I n

72、dependence Decl arati on25 Statement of Profi t and Loss and Other Comprehensi ve I ncome26 Statement of Fi nanci al Posi ti on28 Statement of Changes i n Equi ty29 Statement of Cash Fl ows30 Notes to the Fi nanci al Statements31 Di rectors Decl arati on64 I ndependent Audi tors Report65 Sharehol de

73、r I nformati on68 Corporate Di rectory70General information The financi al statements cover Medl ab Cl i ni cal Li mi ted as a Consol i dated Enti ty consi sti ng of Medl ab Cl i ni cal Li mi ted and the enti ti es i t control l ed at the end of,or duri ng,the year.The financi al statements are pres

74、ented i n Austral i an dol l ars,whi ch i s Medl ab Cl i ni cal Li mi teds functi onal and presentati on currency.Medl ab Cl i ni cal Li mi ted i s a l i sted publ i c company l i mi ted by shares,i ncorporated and domi ci l ed i n Austral i a.I ts regi stered office and pri nci pal pl ace of busi n

75、ess i s:Uni t 5 11 Lord Street Botany NSW 2019 A descri pti on of the nature of the Consol i dated Enti tys operati ons and i ts pri nci pal acti vi ti es are i ncl uded i n the di rectors report,whi ch i s not part of the financi al statements.The financi al statements were authori sed for i ssue,i

76、 n accordance wi th a resol uti on of di rectors,on 30 August 2022.The di rectors have the power to amend and rei ssue the financi al statements.13DI RECTORS REPORT The di rectors present thei r report,together wi th the financi al statements,on the consol i dated enti ty(referred to hereafter as th

77、e Consol i dated Enti ty)consi sti ng of Medl ab Cl i ni cal Li mi ted(referred to hereafter as the Company or parent enti ty)and the enti ti es i t control l ed at the end of,or duri ng,the year ended 30 June 2022.Directors The fol l owi ng persons were di rectors of Medl ab Cl i ni cal Li mi ted d

78、uri ng the whol e of the financi al year and up to the date of thi s report,unl ess otherwi se stated:Mi chael Hal l (Chai rman)Sean Hal l (Managi ng Di rector and Chi ef Executi ve Officer)Drew Townsend(Non-Executi ve Di rector)Laurence McAl l i ster(Non-Executi ve Di rector)Cheryl Mal ey(Non-Execu

79、ti ve Di rector)Mohi t Gupta(Non-Executi ve Di rector-appoi nted 5 August 2022)Principal activities Duri ng the financi al year the pri nci pal conti nui ng acti vi ti es of the Consol i dated Enti ty consi sted of:The conti nued research and devel opment of NanaBi s vi a cl i ni cal tri al s for dr

80、ug approval The conti nued suppl y and use of the Austral i an Speci al Access Scheme for NanaBi s and other Cannabi s rel ated products(NanoCBD)The conti nued devel opment and l i cenci ng of Medl abs propri etary del i very pl atform,NanoCel l e The di vestment of Austral i an nutraceuti cal s bus

81、i ness,l i cenci ng to PharmaCare Pty Ltd The devel opment and commerci al i sati on of export markets for vari ous,ready to sel l nutraceuti cal products Onl y si gni ficant change i n the nature of these acti vi ti es that occurred duri ng the peri od was the di vestment of the Austral i an onl y

82、nutraceuti cal s busi ness l i cence to PharmaCare Pty Ltd(refer note 8).Dividends There were no di vi dends pai d,recommended or decl ared duri ng the current or previ ous financi al year.Review of operations Medl ab Cl i ni cal s operati onal focus i s pharmaceuti cal research&devel opment and pre

83、-commerci al i sati on(Pharmaceuti cal portfol i o).As a bi otechnol ogy company,Medl abs pri mary focus i s centred around the use of del i very pl atform technol ogi es for drug i mprovements i n the areas of pai n and mental heal th.These areas provi de a great earni ng potenti al i n a huge gl o

84、bal marketpl ace.As a resul t,on 19 October 2021,the Company l i cenced i ts Austral i an nutraceuti cal busi ness to PharmaCare Pty Ltd.Medl ab has now si gni ficantl y progressed the NanaBi s(target i ndi cati on of cancer bone pai n)and NanoCBD(target i ndi cati on of stress)Chemi stry,Manufactur

85、i ng and Control s(CMC)packages,strengthened by FDA Drug Master Fi l e(DMF)recogni ti ons for the drug substances(CBD and/or THC),i n preparati on for submi ssi ons to the U.S.Food and Drug Authori ty(FDA).Medl ab i s pl anni ng to meet wi th the FDA as part of the final progressi on towards Phase I

86、 I I tri al commencement for NanaBi s and ul ti matel y a near future appl i cati on for a new drug.Medl ab recentl y announced that researchers at the School of Pharmacy and Medi cal Sci ences at Uni versi ty of South Austral i a have i ndependentl y confirmed that NanaBi s has doubl e the bi oavai

87、 l abi l i ty over an ARTG(Austral i an Regi ster of Therapeuti c Goods)approved oral cannabi s medi ci ne.The Companys MDC2000 program(formerl y NRGBi oti c,target i ndi cati on depressi on)i s progressi ng wi th an opti mi sed mol ecul e wi th an exi sti ng FDA DMF has recentl y been sourced.We i

88、ntend to combi ne thi s mol ecul e wi th our propri etary NanoCel l e pl atform and pursue an FDA 505(b)(2)(aka accel erated or abbrevi ated)pathway for a new,enhanced anti-depressi on drug.14DI RECTORS REPORT(cont.)The Consol i dated Enti ty i ncurred a l oss after tax from conti nui ng operati ons

89、 and a profit from di sconti nued operati ons as set out bel ow:At peri od end,the Consol i dated Enti ty had total assets of$11,366,603(2021:20,646,306)and total l i abi l i ti es of$3,617,466(2021:$5,740,453).For further i nformati on on the Companys operati ons,refer to the CEO Report.I mpact of

90、COVI D-19 The i mpact of the Coronavi rus(COVI D-19)pandemi c i s ongoi ng and has had an i mpact on the Consol i dated Enti ty.The suppl y chai n and manufacturi ng of the Pharma products i n USA(NanaBi s and NanoCBD syntheti cs versi ons)have been heavi l y i mpacted due to the vi rus on the workf

91、orce.Manufacturi ng si tes i n Cal i forni a and New Jersey wi tnessed si gni ficant backl og i n producti on and chemi cal manufacturi ng control s(CMC)testi ng.Suppl y of raw materi al s are experi enci ng del i very del ays.The company i s i n conti nual contact wi th i ts maj or suppl i ers to m

92、i ni mi se any further i mpact.A previ ous ban on i nternati onal travel (cl osed borders due to COVI D)for the seni or management team has di srupted meeti ngs wi th key stakehol ders for gl obal partneri ng and i nvestor rel ati ons di scussi ons.Any further hardeni ng of COVI D restri cti ons i n

93、 AU,US and UK may del ay access to pati ents due to future publ i c pol i cy.Significant changes in the state of affairs On 19 October 2021,the Company l i cenced i ts Austral i an nutraceuti cal busi ness to PharmaCare Pty Ltd for a cash consi derati on of$750,000 and$1,025,910 for the i nventory(r

94、efer note 8).The company i s al so enti tl ed to recei ve an earn-out of the greater of$250,000 or 5%of net sal es for the first year commenci ng on the compl eti on date and for the second year commenci ng on the first anni versary of the compl eti on date.Al l nutraceuti cal assets have been sol d

95、 to PharmaCare Pty Ltd,except for certai n Medl ab i ntel l ectual property assets that were provi ded as an ongoi ng l i cence i n perpetui ty for the Austral i an terri tory.There were no other si gni ficant changes i n the state of affai rs of the Consol i dated Enti ty duri ng the financi al yea

96、r.Material business risks Despi te the easi ng of COVI D restri cti ons i n Austral i a and gl obal l y,there i s sti l l a certai n amount of ongoi ng uncertai nty and whether governments wi l l rei ntroduce restri cti ons.Government sancti oned restri cti ons or restri cti ons i ntroduced by hospi

97、 tal s and other heal th i nsti tuti ons may mean the company does not have access to faci l i ti es(e.g.,hospi tal s for cl i ni cal tri al s).The ongoi ng threat of war i n Eastern Europe,wi th potenti al i mpact on UK,agai n coul d potenti al l y di srupt cl i ni cal tri al s and European trade p

98、artner di scussi ons.Whi l e the company i s confident i n i ts future new drug appl i cati on,the ongoi ng drug appl i cati on i s sti l l subj ect to vari ous regul atory approval s.Matters subsequent to the end of the financial year On 28 Jul y 2022,the Company convened an extraordi nary general

99、meeti ng of sharehol ders where i t was approved:Share consol i dati on of every 150 shares i nto 1 share The i ssue of up to 4,000,000 new securi ti es i n connecti on wi th a US Nasdaq I PO On 5 August 2022,an experi enced heal thcare executi ve,Mohi t Gupta,was appoi nted as a Non-Executi ve Di r

100、ector.Loss after income tax expense from continuing operationsProfit/(loss)after income tax expense from discontinued operationsLoss after income tax expense for the year2021$2022$(8,388,452)1,159,638(7,228,814)(9,632,983)(2,769,846)(12,402,829)Consolidated15Likely developments and expected results

101、of operations I nformati on on l i kel y devel opments i n the operati ons of the Consol i dated Enti ty and the expected resul ts of operati ons have not been i ncl uded i n thi s report because the di rectors bel i eve i t woul d be l i kel y to resul t i n unreasonabl e prej udi ce to the Consol

102、i dated Enti ty.Environmental regulation The Consol i dated Enti ty i s not subj ect to any si gni ficant envi ronmental regul ati on under Austral i an Commonweal th or State l aw.I nformation on Directors Name:Michael Hall Ti tl e:Non-Executi ve Chai rman Qual i ficati ons:B.Com,CPA Experi ence an

103、d experti se:Mr Hal l has a l ong hi story i n the management and bui l di ng of successful nutri ti on compani es.Mr Hal l s earl y career was i n accounti ng,retai l i ng and pri vate banki ng.Other current di rectorshi ps:None Former di rectorshi ps(l ast 3 years):None Speci al responsi bi l i ti

104、 es:Member of the Ri sk Management and Audi t Commi ttee,member of the Nomi nati on and Remunerati on Commi ttee and Chai rman of the Board of Di rectors I nterests i n shares:15,907,383 I nterests i n opti ons:2,000,000 Contractual ri ghts to shares:Ni l Name:Sean Hall Ti tl e:Managi ng Di rector a

105、nd Chi ef Executi ve Officer Qual i ficati ons:MD,MBA(Cl i n Pharm Mtg)Experi ence and experti se:Dr Hal l has over 20 years experi ence i n the Austral i an Heal thcare and food i ndustri es and earl y phase drug di scovery i n Austral i a and Asi a.Sean i s best known for bui l di ng Austral i as

106、l eadi ng practi ti oner brand,Bi oCeuti cal s.Dr Hal l i s an acti ve member of Medi ci nes Austral i a,Ameri can Federati on for Medi cal Research,Ameri can Academy of Anti-Agei ng Medi ci ne,Ausbi otech,a member of the Sci enti fic Advi sory Board for BI Ts Li fe Sci ence Chi na and a Board Membe

107、r of the I nternati onal Probi oti cs Associ ati on.Dr Hal l has compl eted Executi ve Educati on at Harvard Graduate School of Busi ness and more recentl y conti nui ng Medi cal Educati on through Harvard Medi cal School.Other current di rectorshi ps:None Former di rectorshi ps(l ast 3 years):None

108、Speci al responsi bi l i ti es:Managi ng Di rector and member of the Nomi nati on and Remunerati on Commi ttee I nterests i n shares:58,856,010 I nterests i n opti ons:4,000,000 Contractual ri ghts to shares:Ni l Name:Drew Townsend Ti tl e:Non-Executi ve Di rector Qual i ficati ons:B.Com,CA,MAI CD E

109、xperi ence and experti se:Mr Townsend i s a seni or partner i n the chartered accounti ng firm of Hal l Chadwi ck and has been a partner i n thi s firm for over 25 years.He i s an experi enced chartered accountant and corporate advi sor to numerous SMEs.Other current di rectorshi ps:Non-Executi ve C

110、hai rman of Qantum Heal th Group Li mi ted Former di rectorshi ps(l ast 3 years):None Speci al responsi bi l i ti es:Chai rman of the Ri sk Management and Audi t Commi ttee,and Nomi nati on and Remunerati on Commi ttee I nterests i n shares:16,135,553 I nterests i n opti ons:2,000,000 Contractual ri

111、 ghts to shares:Ni l16I nformation on Directors(continued)Name:Laurence McAllister Ti tl e:Non-Executi ve Di rector(Executi ve Di rector unti l 30 Apri l 2022 and Non-Executi ve Di rector thereafter)Experi ence and experti se:Mr McAl l i ster i s an experi enced seni or executi ve wi th strong consu

112、mer&heal thcare experi ence wi th seni or i nternati onal tenure wi th the Coca-Col a Company,Sanofi Pharmaceuti cal s,McPhersons and now Medl ab Bi otech.Wi th dynami c mul ti-functi onal experi ence across 82 Countri es domesti cal l y and as an expat for 12 years around the worl d,Mr McAl l i ste

113、rs most recent posi ti on was the CEO&Managi ng Di rector of McPhersons(ASX),a l eadi ng suppl i er of heal th,wel l ness,beauty,househol d,and personal care across gl obal markets.Pri or to thi s,Mr McAl l i ster ran the Sanofi affil i ate as Managi ng Di rector,overseei ng al l 5 busi ness uni ts

114、wi th a turnover of$1.1B AUD and was si mul taneousl y on the Board of Medi ci nes Austral i a to engage the i nteracti on wi th the TGA and PBS on behal f of the pharmaceuti cal i ndustry wi thi n the Cl i ni cal&Medi cal agenda for Austral i an pati ents wel fare.Pri or to thi s,He worked for over

115、 23 years wi th the Coca-Col a Company,managi ng Sal es&Marketi ng,New Product Devel opment,M&A,I nnovati on and the Research and Devel opment functi on across Europe,Eurasi a,and the Mi ddl e East across 72 Countri es.Mr McAl l i ster was al so the Presi dent of the Nordi cs Di vi si on and the EVP

116、 and Chi ef Commerci al,Customer&Marketi ng Officer for The Japan Coca-Col a Company.Throughout hi s busi ness tenure,Mr McAl l i ster has represented di verse I ndustry/Category/Company Boards i n Germany,Sweden,Norway,Denmark and Fi nl and,Great Bri tai n,Japan and 3 Austral i an based Compani es(

117、bei ng 2 x ASX l i sted,and one communi ty/sports&heal th-based enti ti es)Other current di rectorshi ps:Di rector of McPhersons Li mi ted unti l 9 December 2020 Former di rectorshi ps(l ast 3 years):None Speci al responsi bi l i ti es:Member of the Ri sk Management and Audi t Commi ttee,and Nomi na

118、ti on Remunerati on Commi ttee I nterests i n shares:Ni l I nterests i n opti ons:4,000,000 Contractual ri ghts to shares:Ni l Name:Cheryl Maley Ti tl e:Non-Executi ve Di rector Qual i ficati ons:BSc,MBA,AI CD Experi ence and experti se:Ms Mal ey i s currentl y a Managi ng Di rector of Oncol ogy for

119、 gl obal heal thcare company Novarti s(Austral i a and New Zeal and).Ms Mal ey has strong pharmaceuti cal experi ence i ncl udi ng over 20 years i n rol es across Sal es,Marketi ng,Busi ness Devel opment,Commerci al Excel l ence,Pati ent Access and General Management.Cheryl i s al so a former di rec

120、tor of Ri di ng for the Di sabl ed,endi ng 31 Jul y 2021.Ms Mal ey i s a knowl edgeabl e and mul ti-functi onal l eader wi th a proven track record i n accel erati ng and dri vi ng l ong-term strategi c growth through i nnovati on,partneri ng and steeri ng organi sati onal devel opment and proj ects

121、.Ms Mal ey has a Bachel or of Sci ence Degree,a Di pl oma of Educati on,a Masters of Busi ness Admi ni strati on and i s a Graduate of the Austral i an I nsti tute of Company Di rectors.She has a passi on for i nnovati on and has compl eted formal i nnovati on trai ni ng wi th What-l f I nnovati on(

122、UK),Kel l ogg I nsti tute (USA),I nventi um(Austral i a)and RAW I nnovati on(Austral i a).Other current di rectorshi ps:None Former di rectorshi ps(l ast 3 years):None Speci al responsi bi l i ti es:None I nterests i n shares:Ni l I nterests i n opti ons:1,500,000 Contractual ri ghts to shares:Ni l

123、Name:Mohit Gupta(appoi nted 5 August 2022)Ti tl e:Non-Executi ve Di rector Qual i ficati ons:BCom,MBA Experi ence and experti se:Mr Gupta i s a seasoned professi onal wi th more than 20 years i n vari ous rol es and geographi es,wi th the l ast 10 years i n Pharma i n vari ous capaci ti es based i n

124、 Austral i a and Swi tzerl and.Mr Gupta previ ousl y worked i n suppl y chai n,proj ects and procurement and has experi ence i n l arge deal s for acqui si ti on and di vestments.He has l ed teams for vari ous proj ects wi th confli cti ng pri ori ti es and ti mel i nes to achi eve the goal s.Other

125、current di rectorshi ps:None Former di rectorshi ps(l ast 3 years):None Speci al responsi bi l i ti es:None I nterests i n shares:Ni l I nterests i n opti ons:Ni l Other current di rectorshi ps quoted above are current di rectorshi ps for l i sted enti ti es onl y and excl udes di rectorshi ps of al

126、 l other types of enti ti es,unl ess otherwi se stated.Former di rectorshi ps(l ast 3 years)quoted above are di rectorshi ps hel d i n the l ast 3 years for l i sted enti ti es onl y and excl udes di rectorshi ps of al l other types of enti ti es,unl ess otherwi se stated.17Company secretary The com

127、pany secretary i s Mr Kerem Kaya BCom,CPA.Mr Kaya has extensi ve pharmaceuti cal i ndustry and financi al experi ence gai ned at one of the worl ds l argest pharmaceuti cal compani es,Novarti s.Meetings of directors The number of meeti ngs of the Companys Board of Di rectors(the Board)hel d duri ng

128、the year ended 30 June 2022,and the number of meeti ngs attended by each di rector were:Hel d:represents the number of meeti ngs hel d duri ng the ti me the di rector hel d office.Duri ng the year the Board as part of i ts rol e has undertaken the responsi bi l i ti es of the Nomi nati on and Remune

129、rati on Commi ttee and carri ed out the functi ons set out i n the commi ttees charter to ensure that i ts obj ecti ves are met.Remuneration report(audited)The remunerati on report detai l s the key management personnel remunerati on arrangements for the Consol i dated Enti ty,i n accordance wi th t

130、he requi rements of the Corporati ons Act 2001 and i ts Regul ati ons.Key management personnel are those persons havi ng authori ty and responsi bi l i ty for pl anni ng,di recti ng and control l i ng the acti vi ti es of the enti ty,di rectl y or i ndi rectl y,i ncl udi ng al l di rectors.The remun

131、erati on report i s set out under the fol l owi ng mai n headi ngs:Pri nci pl es used to determi ne the nature and amount of remunerati on Detai l s of remunerati on Servi ce agreements Share-based compensati on Addi ti onal i nformati on Addi ti onal di scl osures rel ati ng to key management perso

132、nnel Principles used to determine the nature and amount of remuneration The obj ecti ve of the Consol i dated Enti tys executi ve reward framework i s to ensure reward for performance i s competi ti ve and appropri ate for the resul ts del i vered.The framework al i gns executi ve reward wi th the a

133、chi evement of strategi c obj ecti ves and the creati on of val ue for sharehol ders,and i t i s consi dered to conform to the market best practi ce for the del i very of reward.The Board of Di rectors(the Board)ensures that executi ve reward sati sfies the fol l owi ng key cri teri a for good rewar

134、d governance practi ces:competi ti veness and reasonabl eness acceptabi l i ty to sharehol ders performance l i nkage/al i gnment of executi ve compensati on transparency The Nomi nati on and Remunerati on Commi ttee i s responsi bl e for determi ni ng and revi ewi ng remunerati on arrangements for

135、i ts di rectors and executi ves.Thi s functi on was performed by the Board i n 2022.The performance of the Consol i dated Enti ty depends on the qual i ty of i ts di rectors and executi ves.The remunerati on phi l osophy i s to attract,moti vate and retai n hi gh performance and hi gh qual i ty pers

136、onnel.The Nomi nati on and Remunerati on Commi ttee has structured an executi ve remunerati on framework that i s market competi ti ve and compl ementary to the reward strategy of the consol i dated enti ty.Al i gnment to sharehol ders i nterests:Has economi c profit as a core component of pl an des

137、i gn Focuses on sustai ned growth i n sharehol der weal th,consi sti ng of di vi dends and growth i n share pri ce,and del i veri ng constant or i ncreasi ng return on assets as wel l as focusi ng the executi ve on key non-financi al dri vers of val ue Attracts and retai ns hi gh cal i bre executi v

138、es Al i gnment to program parti ci pants i nterests:Rewards capabi l i ty and experi ence Reflects competi ti ve reward for contri buti on to growth i n sharehol der weal th Provi des a cl ear structure for earni ng rewards I n accordance wi th best practi ce corporate governance,the structure of no

139、n-executi ve di rector and executi ve di rector remunerati on i s separate.Michael HallSean HallDrew TownsendLaurence McAllisterCheryl Maley99999NameAttendedNomination andRemuneration CommitteeRisk Management andAudit CommitteeHeldAttendedHeldAttendedHeld99999-2-2-22-Full Board18Non-executive direct

140、ors remuneration Fees and payments to non-executi ve di rectors reflect the demands and responsi bi l i ti es of thei r rol e.Non-executi ve di rectors fees and payments are revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee.The Nomi nati on and Remunerati on Commi ttee may,from t

141、i me to ti me,recei ve advi ce from i ndependent remunerati on consul tants to ensure non-executi ve di rectors fees and payments are appropri ate and i n l i ne wi th the market.The chai rmans fees are determi ned i ndependentl y to the fees of other non-executi ve di rectors based on comparati ve

142、rol es i n the external market.The chai rman i s not present at any di scussi ons rel ati ng to the determi nati on of hi s own remunerati on.ASX l i sti ng rul es requi re the aggregate non-executi ve di rectors remunerati on be determi ned peri odi cal l y by a general meeti ng.The most recent det

143、ermi nati on was at the Annual General Meeti ng hel d on 16 October 2020,where the sharehol ders approved a maxi mum annual aggregate remunerati on of$600,000.Executive remuneration The Consol i dated Enti ty ai ms to reward executi ves based on thei r posi ti on and responsi bi l i ty,wi th a l eve

144、l and mi x of remunerati on whi ch has both fixed and vari abl e components.The executi ve remunerati on and reward framework has four components:Base pay and non-monetary benefits Short-term performance i ncenti ves Share-based payments Other remunerati on such as superannuati on and l ong servi ce

145、 l eave The combi nati on of these compri ses the executi ves total remunerati on.Fi xed remunerati on,consi sti ng of base sal ary,superannuati on and non-monetary benefits,are revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee based on i ndi vi dual and busi ness uni t performan

146、ce,the overal l performance of the Consol i dated Enti ty and comparabl e market remunerati ons.Executi ves may recei ve thei r fixed remunerati on i n the form of cash or other fri nge benefits(for exampl e motor vehi cl e benefits)where i t does not create any addi ti onal costs to the Consol i da

147、ted Enti ty and provi des addi ti onal val ue to the executi ve.The l ong-term i ncenti ves(LTI)i ncl ude l ong servi ce l eave and share-based payments.Shares are awarded to executi ves under the sharehol der approved Empl oyee Share Opti on Pl an(ESOP)based on l ong-term i ncenti ve measures.These

148、 i ncl ude i ncrease i n sharehol ders val ue rel ati ve to the enti re market and the i ncrease compared to the consol i dated enti tys di rect competi tors.On 12 November 2020,the Company granted 12,000,000 unl i sted opti ons under the ESOP to the fol l owi ng Di rectors for ni l consi derati on:

149、Mi chael Hal l,Drew Townsend,Sean Hal l and Laurence McAl l i ster.The opti ons vested on 31 January 2021 and expi re on 31 October 2022.The val ue of the opti ons at grant date was$580,000.Consol idated entity performance and l ink to remuneration The Company ai ms to al i gn i ts executi ve remune

150、rati on to i ts strategi c and busi ness obj ecti ve and the creati on of sharehol der weal th.Refer to the secti on Addi ti onal i nformati on bel ow for measures of the Consol i dated Enti tys financi al performance over the l ast five years.These measures are not necessari l y consi stent wi th t

151、he measures used i n determi ni ng the vari abl e amounts of remunerati on to be awarded to key management personnel.As a consequence,there may not al ways be a di rect correl ati on between the key performance measures and the vari abl e remunerati on awarded.Use of remuneration consul tants The Co

152、nsol i dated Enti ty di d not engage remunerati on consul tants to prepare a formal remunerati on report duri ng the financi al year ended 30 June 2022.Voting and comments made at the Company s 13 October 2021 Annual General Meeting(AGM)At the 13 October 2021 AGM,88.41%of the votes recei ved support

153、ed the adopti on of the remunerati on report for the year ended 30 June 2021.The Company di d not recei ve any speci fic feedback at the AGM regardi ng i ts remunerati on practi ces.19Details of remuneration Amounts of remuneration Detai l s of the remunerati on of key management personnel of the Co

154、nsol i dated Enti ty are set out i n the fol l owi ng tabl es.The key management personnel of the Consol i dated Enti ty consi sted of the fol l owi ng di rectors of Medl ab Cl i ni cal Li mi ted:Mi chael Hal l -Non-Executi ve Chai rman Sean Hal l -Managi ng Di rector and Chi ef Executi ve Officer D

155、rew Townsend-Non-Executi ve Di rector Laurence McAl l i ster-Non-Executi ve Di rector(Executi ve Di rector unti l 30 Apri l 2022 and Non-Executi ve Di rector thereafter)Cheryl Mal ey-Non-Executi ve Di rector And the fol l owi ng persons:Kerem Kaya-Chi ef Fi nanci al Officer,Company Secretary and Chi

156、 ef Operati ons Officer Dr Lui s Vi tetta-Di rector of Medi cal Research Dr Davi d Rutol o-Di rector of Sci ence I an Curti nsmi th-Chi ef I nformati on Officer Changes si nce the end of the reporti ng peri od:Dr Lui s Vi tetta(Di rector of Medi cal Research)resi gned i n Jul y 2022.Dr Jeremy Henson

157、(Di rector of Medi cal Research)was promoted to a new rol e i n Jul y 2022.(a)Laurence McAl l i ster was an Executi ve Di rector unti l 30 Apri l 2022 and a Non-Executi ve Di rector thereafter.(b)The amounts i ncl uded i n the share-based remunerati on represent the grant date fai r val ue of perfor

158、mance ri ghts and opti ons,amorti sed on a strai ght-l i ne basi s over the expected vesti ng peri od.Note:Duri ng the financi al year ended 30 June 2022,there were 27 fortni ghtl y pay peri ods.Short-term benefitsCash salaryand fees$Cash in lieuof leave$Non-monetary$Super-annuation$Equitysettled(se

159、e note b)$Total$Post-employmentbenefitsLongserviceleaveNon-cashLong-termbenefitsNon-cashShare-basedbenefits2022Non-Executive Directors:Michael HallDrew TownsendCheryl MaleyLaurence McAllister(a)Executive Directors:Laurence McAllister(a)Sean HallOther Key Management Personnel:Kerem KayaLuis VitettaDa

160、vid RutoloIan Curtinsmith176,92366,00066,00066,000554,500441,346262,260297,003173,913209,8082,313,753187,11566,000245,80566,000554,500576,110292,829338,222187,440234,4212,748,442-179,805-179,80510,192-51,01726,22629,58113,52720,981151,524-66,826-66,826-14,9214,34311,638-3,63234,53420(a)Laurence McAl

161、 l i ster and Cheryl Mal ey were appoi nted Di rectors on 5 August 2020 and 19 March 2021 respecti vel y.(b)Al an Dworki n resi gned on 1 Apri l 2021 and Kerem Kaya was appoi nted on 13 May 2021.(c)The amounts i ncl uded i n the share-based remunerati on represent the grant date fai r val ue of perf

162、ormance ri ghts and opti ons,amorti sed on a strai ght-l i ne basi s over the expected vesti ng peri od performance ri ghts and opti ons,amorti sed on a strai ght-l i ne basi s over the expected vesti ng peri od.The proporti on of remunerati on l i nked to performance and the fixed proporti on are a

163、s fol l ows:Short-term benefitsCash salaryand fees$Cash in lieuof leave$Non-monetary$Super-annuation$Equitysettled(see note c)$Total$Post-employmentbenefitsLongserviceleaveNon-cashLong-termbenefitsNon-cashShare-basedbenefits2021Non-Executive Directors:Michael HallDrew TownsendCheryl Maley(a)Executiv

164、e Directors:Laurence McAllister(a)Sean HallOther Key Management Personnel:Kerem Kaya(b)Alan Dworkin(b)Luis VitettaDavid RutoloIan Curtinsmith125,00060,22510,950361,350372,11624,038263,294250,250170,697186,9231,824,843221,750152,22510,950573,350676,77038,086261,225278,284183,974208,3912,605,00592,000

165、92,000-212,000184,00011,255-591,2554,750-42,2022,28420,71023,77413,27717,758124,755-72,115-72,115-6,337509(22,779)4,260-3,710(7,963)Non-Executive Directors:Michael HallDrew TownsendCheryl MaleyLaurence McAllisterExecutive Directors:Laurence McAllisterSean HallOther Key Management Personnel:Kerem Kay

166、aAlan DworkinLuis VitettaDavid RutoloIan Curtinsmith100%100%27%100%100%100%100%-100%100%100%Fixed remuneration202241%60%-37%27%30%-73%-59%40%100%-63%73%70%100%100%100%100%20212022202120222021At risk-LTIAt risk-STIName21Service agreements Remunerati on and other terms of empl oyment for key managemen

167、t personnel are formal i sed i n servi ce agreements.Detai l s of these agreements are as fol l ows:Name:Sean Hal l Ti tl e:Managi ng Di rector and Chi ef Executi ve Officer Agreement commenced:1 Jul y 2012 Term of agreement:No fixed term Detai l s:Base sal ary(pl us super)i ncreased to$425,000 on 2

168、1 June 2021.Base sal ary i s revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee.12 month termi nati on noti ce by ei ther party,non-sol i ci tati on and non-compete cl auses.Name:Kerem Kaya Ti tl e:Chi ef Fi nanci al Officer and Company Secretary Agreement commenced:13 May 2021 Te

169、rm of agreement:No fixed term Detai l s:Base annual sal ary i ncreased i n February 2022 from$250,000 to$256,250 pl us superannuati on.Base sal ary to be revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee.4 weeks termi nati on noti ce by ei ther party,el i gi bl e to be part of th

170、e consol i dated enti tys ESOP.Name:Lui s Vi tetta Ti tl e:Di rector of Medi cal Research Agreement commenced:24 March 2013 Term of agreement:No fixed term.Resi gned i n Jul y 2022.Detai l s:Base annual sal ary i ncreased i n September 2021 from$250,000 to$297,250 pl us superannuati on,and i ncrease

171、d to$297,250 i n February 2022.2 weeks termi nati on noti ce by ei ther party,was el i gi bl e to be part of the consol i dated enti tys ESOP.Name:Davi d Rutol o Ti tl e:Di rector of Sci ence Agreement commenced:22 January 2015 Term of agreement:No fixed term Detai l s:Base sal ary for the year ende

172、d 30 June 2022 of US$120,000 pl us empl oyment benefits,to be revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee.30 days termi nati on noti ce by ei ther party.Name:I an Curti nsmi th Ti tl e:Chi ef I nformati on Officer Agreement commenced:9 Jul y 2019 Term of agreement:No fixed

173、term Detai l s:Base annual sal ary i ncreased i n February 2022 from$200,000 to$205,000 pl us superannuati on.Base sal ary to be revi ewed annual l y by the Nomi nati on and Remunerati on Commi ttee.4 weeks termi nati on noti ce by ei ther party,el i gi bl e to be part of the consol i dated enti tys

174、 ESOP.Name:Laurence McAl l i ster Ti tl e:Executi ve Di rector(Contract Posi ti on)Agreement commenced:31 January 2021 Term of agreement:One Year to 31 January 2022 and extended to 30 Apri l 2022 Detai l s:Base fee of$600,000 pl us GST,and 3,000,000 unl i sted opti ons upon successful compl eti on o

175、f KPI s.Three(3)months termi nati on noti ce by ei ther party,el i gi bl e to be part of the consol i dated enti tys ESOP.Medl ab engaged Lauri e as a contract executi ve to provi de a focus on opti mi sati on of the Nutraceuti cal busi ness.Key management personnel have no enti tl ement to termi na

176、ti on payments i n the event of removal for mi sconduct.22Share-based compensation Issue of shares There were no shares i ssued to di rectors and other key management personnel as part of compensati on duri ng the year ended 30 June 2022.Options The grant of opti ons i s desi gned to i ncenti vi se

177、key management personnel by parti ci pati ng i n the future growth and prosperi ty of the Company through share ownershi p and i n recogni ti on made to the Company by the key management personnel and thei r ongoi ng responsi bi l i ty.The terms and condi ti ons of each grant of opti ons over ordi n

178、ary shares affecti ng remunerati on of di rectors and other key management personnel i n thi s financi al year or future reporti ng years are as fol l ows:Opti ons granted carry no di vi dend or voti ng ri ghts.The number of opti ons over ordi nary shares granted to and vested by di rectors and othe

179、r key management personnel as part of compensati on duri ng the year ended 30 June 2022 are set out bel ow:There were no opti ons that were exerci sed or l apsed duri ng the year ended 30 June 2022.Additional information The earni ngs of the Consol i dated Enti ty for the five years to 30 June 2022

180、are summari sed bel ow:The factors that are consi dered to affect total sharehol ders return(TSR)are summari sed bel ow:*Basi c earni ngs per share has been adj usted for the share consol i dati on that compl eted on 5 August 2022.Michael HallDrew TownsendSean HallLaurence McAllisterKerem KayaCheryl

181、 Maley2,000,0002,000,0004,000,0004,000,000250,0001,500,000NameNumber ofoptionsgrantedGrantdateVestingdate andexercisable dateExpirydateExercisepriceFair valueper optionat grant date12/11/202012/11/202012/11/202012/11/202025/6/202118/10/202131/1/202131/1/202131/1/202131/1/202125/6/202118/10/202131/10

182、/202231/10/202231/10/202231/10/202224/6/202418/10/2024$0.20$0.20$0.20$0.18$0.21$0.21$0.0460$0.0460$0.0460$0.0530$0.0450$0.0516 Michael HallDrew TownsendSean HallLaurence McAllisterCheryl MaleyKerem Kaya-1,500,000-Number ofoptions grantedduring the year20222,000,0002,000,0004,000,0004,000,000-250,000

183、Number ofoptions vestedduring the year20212,000,0002,000,0004,000,0004,000,000-250,000Number ofoptions grantedduring the year2021Name-1,500,000-Number ofoptions vestedduring the year2022Revenue from ordinary activitiesLoss after income tax3,803,741(7,228,814)2022$2,848,395(13,488,317)2020$5,363,681(

184、8,174,096)2019$4,139,455(4,758,201)2018$4,399,412(12,402,829)2021$Share price at financial year end(cents)Basic earnings per share(cents per share)*5(314)2022$15(891)2020$35(635)2019$55(359)2018$15(627)2021$23Additional disclosures relating to key management personnel Sharehol ding The number of sha

185、res i n the Company hel d duri ng the financi al year by each di rector and other members of key management personnel of the Consol i dated Enti ty,i ncl udi ng thei r personal l y rel ated parti es,i s set out bel ow:*I ncl udes the removal from the tabl e of the share hol di ngs for key management

186、 personnel who have resi gned duri ng the peri od.Option hol ding The number of opti ons over ordi nary shares i n the Company hel d duri ng the financi al year by each di rector and other members of key management personnel of the Consol i dated Enti ty,i ncl udi ng thei r personal l y rel ated par

187、ti es,i s set out bel ow:This concludes the remuneration report,which has been audited.Shares under option Uni ssued ordi nary shares of Medl ab Cl i ni cal Li mi ted under opti on at the date of thi s report are as fol l ows:No person enti tl ed to exerci se the opti ons had or has any ri ght by vi

188、 rtue of the opti on to parti ci pate i n any share i ssue of the Company or of any other body corporate.Shares issued on the exercise of options There were no ordi nary shares of Medl ab Cl i ni cal Li mi ted i ssued on the exerci se of opti ons duri ng the year ended 30 June 2022 and up to the dat

189、e of thi s report.Michael HallDrew TownsendSean HallLuis VitettaDavid RutoloIan Curtinsmith-15,907,38316,135,55358,731,189111,1013,000,000464,35694,349,582-305,634-305,634Received as partof remunerationBalance at theend of the yearDisposals/other*AdditionsOrdinary shares15,907,38316,135,55358,425,55

190、5111,1013,000,000464,35694,043,948Balance at thestart of yearMichael HallDrew TownsendSean HallLaurence McAllisterCheryl MaleyKerem Kaya-1,500,000-1,500,0002,000,0002,000,0004,000,0004,000,0001,500,000250,00013,750,000-GrantedBalance at theend of the yearExpired/forfeited/otherExercisedOptions overo

191、rdinary shares2,000,0002,000,0004,000,0004,000,000-250,00012,250,000Balance at thestart of yearNumber under option12 November 202012 November 202029 June 202118 October 2021Grant dateExpiry dateExercise price$0.20$0.18$0.21$0.218,000,0004,000,0001,083,3331,500,00014,583,33331 October 202231 October

192、202224 June 202418 October 202424I ndemnity and insurance of officers The Company has i ndemni fied the di rectors and executi ves of the Company for costs i ncurred,i n thei r capaci ty as a di rector or executi ve,for whi ch they may be hel d personal l y l i abl e,except where there i s a l ack o

193、f good fai th.Duri ng the financi al year,the Company pai d a premi um i n respect of a contract to i nsure the di rectors and executi ves of the Company agai nst a l i abi l i ty to the extent permi tted by the Corporati ons Act 2001.The contract of i nsurance prohi bi ts di scl osure of the nature

194、 of the l i abi l i ty and the amount of the premi um.I ndemnity and insurance of auditor The Company has not,duri ng or si nce the end of the financi al year,i ndemni fied or agreed to i ndemni fy the audi tor of the Company or any rel ated enti ty agai nst a l i abi l i ty i ncurred by the audi to

195、r.Duri ng the financi al year,the Company has not pai d a premi um i n respect of a contract to i nsure the audi tor of the Company or any rel ated enti ty.Proceedings on behalf of the Company No person has appl i ed to the Court under secti on 237 of the Corporati ons Act 2001 for l eave to bri ng

196、proceedi ngs on behal f of the Company,or to i ntervene i n any proceedi ngs to whi ch the Company i s a party for the purpose of taki ng responsi bi l i ty on behal f of the Company for al l or part of those proceedi ngs.Non-audit services The di rectors are of the opi ni on that the servi ces as d

197、i scl osed i n note 25 to the financi al statements do not compromi se the external audi tors i ndependence requi rements of the Corporati ons Act 2001 for the fol l owi ng reasons:al l non-audi t servi ces have been revi ewed and approved to ensure that they do not i mpact the i ntegri ty and obj e

198、cti vi ty of the audi tor;and none of the servi ces undermi ne the general pri nci pl es rel ati ng to audi tor i ndependence as set out i n APES 110 Code of Ethi cs for Professi onal Accountants i ssued by the Accounti ng Professi onal and Ethi cal Standards Board,i ncl udi ng revi ewi ng or audi t

199、i ng the audi tors own work,acti ng i n a management or deci si on-maki ng capaci ty for the Company,acti ng as advocate for the Company or j oi ntl y shari ng economi c ri sks and rewards.Officers of the Company who are former partners of ESV Business Advice and Accounting There are no officers of

200、the Company who are former partners of ESV Busi ness Advi ce and Accounti ng.Auditors independence declaration A copy of the audi tors i ndependence decl arati on as requi red under secti on 307C of the Corporati ons Act 2001 i s set out i mmedi atel y after thi s di rectors report.Auditor ESV Busi

201、ness Advi ce and Accounti ng conti nues i n office i n accordance wi th secti on 327 of the Corporati ons Act 2001.Thi s report i s made i n accordance wi th a resol uti on of di rectors,pursuant to secti on 298(2)(a)of the Corporati ons Act 2001.On behal f of the di rectors S HallD Townsend Di rect

202、orDi rector Dated thi s 30th day of August 2022 Sydney26STATEMENT OF PROFI T AND LOSS AND OTHER COMPREHENSI VE I NCOME FOR THE YEAR ENDED 30 JUNE 2022 The above statement of profit or l oss and other comprehensive income shoul d be read in conjunction with the accompanying notesConsolidatedREVENUE F

203、ROM CONTINUING OPERATIONSOther incomeInterest revenueTotal revenueEXPENSESRaw materials and consumables usedEmployee benefits expenseDepreciation and amortisation expenseOperating leasesProfessional and consulting feesR&D/trial expensesSelling and marketingOther expensesFinance costsTotal expensesLo

204、ss before income tax expense from continuing operationsIncome tax expenseLoss after income tax expense from continuing operationsProfit/(loss)after income tax expense from discontinued operationsLoss after income tax expense for the yearOther comprehensive incomeItems that may be reclassified subseq

205、uently to profit or lossForeign currency translationOther comprehensive income for the year,net of tax Total comprehensive income for the year Loss for the year is attributable to:Non-controlling interestOwners of Medlab Clinical Limited Total comprehensive income for the year is attributable to:Con

206、tinuing operationsDiscontinued operationsNon-controlling interestContinuing operationsDiscontinued operationsOwners of Medlab Clinical Limited2022$Note732,727 3,700,039 25,198 4,457,964(16,425)(6,169,223)(873,498)(185,814)(1,731,430)(2,102,753)(240,854)(2,631,885)(139,065)(14,090,947)(9,632,983)-(9,

207、632,983)(2,769,846)(12,402,829)(15,649)(15,649)(12,418,478)(79,124)(12,323,705)(12,402,829)(96,698)-(96,698)(9,551,934)(2,769,846)(12,321,780)(12,418,478)1,282,434 4,704,11044,7276,031,271(336,292)(7,104,763)(851,310)(207,175)(1,858,227)(1,503,443)(186,778)(2,269,819)(101,916)(14,419,723)(8,388,452)

208、-(8,388,452)1,159,638(7,228,814)(5,269)(5,269)(7,234,083)(66,381)(7,162,433)(7,228,814)(93,370)-(93,370)(8,300,351)1,159,638(7,140,713)(7,234,083)456782021$27STATEMENT OF PROFI T AND LOSS AND OTHER COMPREHENSI VE I NCOME FOR THE YEAR ENDED 30 JUNE 2022 The above statement of profit or l oss and othe

209、r comprehensive income shoul d be read in conjunction with the accompanying notesConsolidatedEarnings per share for loss from continuing operations attributable to the owners of Medlab Clinical LimitedBasic earnings per shareDiluted earnings per shareEarnings per share for profit/(loss)from disconti

210、nued operations attributable to the owners of Medlab Clinical LimitedBasic earnings per shareDiluted earnings per shareEarnings per share for loss attributable to the owners of Medlab Clinical LimitedBasic earnings per shareDiluted earnings per share2022CentsNote(486)(486)(141)(141)(627)(627)(365)(3

211、65)5151(314)(314)3232323232322021Cents28STATEMENT OF FI NANCI AL POSI TI ON AS AT 30 JUNE 2022 The above statement of financial position shoul d be read in conjunction with the accompanying notesConsolidatedASSETSCurrent AssetsCash and cash equivalentsTrade and other receivablesInventoriesOtherTotal

212、 Current AssetsNon-Current AssetsTrade and other receivablesProperty,plant and equipmentRight-of-use assetsOtherTotal Non-Current AssetsTOTAL ASSETSLIABILITIESCurrent LiabilitiesTrade and other payablesBorrowingsLease liabilitiesEmployee benefitsProvisionsTotal Current LiabilitiesNon-Current Liabili

213、tiesLease liabilitiesEmployee benefitsTotal Non-Current LiabilitiesTOTAL LIABILITIESNET ASSETSEQUITYIssued capitalReservesAccumulated lossesEquity attributable to the owners of Medlab Clinical LimitedNon-controlling interestTOTAL EQUITY2022$Note13,434,762 3,355,925 792,371 496,418 18,079,476-483,316

214、 1,600,978 482,536 2,566,830 20,646,306 2,990,805 67,834 638,066 516,429 305,422 4,518,556 989,176 232,721 1,221,897 5,740,453 14,905,85366,811,113 699,956(52,366,660)15,144,409(238,556)14,905,853 5,191,031 3,868,593 80,107 102,268 9,241,999 226,267 344,306 1,071,090 482,941 2,124,604 11,366,603 1,4

215、61,954-568,233 541,081 305,422 2,876,690 554,560 186,216 740,776 3,617,4667,749,137 66,811,113 799,043(59,529,093)8,081,063(331,926)7,749,1379101112101314121516171819171820212021$29STATEMENT OF CHANGES I N EQUI TY FOR THE YEAR ENDED 30 JUNE 2022 The above statement of changes in equity shoul d be re

216、ad in conjunction with the accompanying notesBalance at 1 July 2020Loss after income tax expense for the yearOther comprehensive income for the year,net of taxTotal comprehensive income for the yearTransactions with owners in their capacity as owners:Contributions of equity,net of transaction costs(

217、note 20)Share-based payments(note 33)Balance at 30 June 2021Accumulatedlosses$Total equity$Non-controllinginterest$Reserves$Issuedcapital$Consolidated51,361,909-15,449,204-66,811,113(141,858)(79,124)(17,574)(96,698)-(238,556)(40,042,955)(12,323,705)-(12,323,705)-(52,366,660)78,195-1,9251,925-619,836

218、699,95611,255,291(12,402,829)(15,649)(12,418,478)15,449,204619,83614,905,853Balance at 1 July 2021Loss after income tax expense for the yearOther comprehensive income for the year,net of taxTotal comprehensive income for the yearTransactions with owners in their capacity as owners:Share-based paymen

219、ts(note 33)Balance at 30 June 2022Accumulatedlosses$Total equity$Non-controllinginterest$Reserves$Issuedcapital$Consolidated66,811,113-66,811,113(238,556)(66,381)(26,989)(93,370)-(331,926)14,905,853(7,228,814)(5,269)(7,234,083)77,3677,749,137(52,366,660)(7,162,433)-(7,162,433)-(59,529,093)699,956-21

220、,72021,72077,367799,04330STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 The above statement of cash fl ows shoul d be read in conjunction with the accompanying notesConsolidatedCash flows from operating activitiesReceipts from customers(inclusive of GST)Payments to suppliers and employees(i

221、nclusive of GST)Interest receivedReceipts from R&D Tax incentive and government grantsInterest and other finance costs paidNet cash used in operating activitiesCash flows from investing activitiesPayments for property,plant and equipmentPayments for security depositsProceeds from disposal of investm

222、entsProceeds from release of security depositsNet cash from/(used in)investing activitiesCash flows from financing activitiesProceeds from issue of sharesProceeds from borrowingsRepayment of lease liabilitiesShare issue transaction costsRepayment of borrowingsNet cash from/(used in)financing activit

223、iesNet increase/(decrease)in cash and cash equivalentsCash and cash equivalents at the beginning of the financial yearEffects of exchange rate changes on cash and cash equivalentsCash and cash equivalents at the end of the financial year4,806,980(18,411,597)25,198 3,365,518(139,065)(10,352,966)(83,3

224、04)-404(82,900)16,573,392 2,775,177(612,357)(1,124,188)(2,801,564)14,810,460 4,374,594 9,063,044(2,876)13,434,762 5,704,078(18,265,329)44,727 3,375,726(126,735)(9,267,533)(28,609)(405)1,775,910-1,746,896-(656,944)-(67,834)(724,778)(8,245,415)13,434,762 1,684 5,191,031311382031203192022$2021$Note31NO

225、TES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 1 SI GNI FI CANT ACCOUNTI NG POLI CI ES The pri nci pal accounti ng pol i ci es adopted i n the preparati on of the financi al statements are set out ei ther i n the respecti ve notes or bel ow.These pol i ci es have been consi s

226、tentl y appl i ed to al l the years presented,unl ess otherwi se stated.New or amended Accounting Standards and I nterpretations adopted The Consol i dated Enti ty has adopted al l of the new or amended Accounti ng Standards and I nterpretati ons i ssued by the Austral i an Accounti ng Standards Boa

227、rd(AASB)that are mandatory for the current reporti ng peri od.Any new or amended Accounti ng Standards or I nterpretati ons that are not yet mandatory have not been earl y adopted.Going concern For the year ended 30 June 2022,the consol i dated enti ty i ncurred a l oss of$7,228,814 after i ncome ta

228、x(2021:$12,402,829 net l oss)and net cash outflows from operati ng acti vi ti es of$9,267,533(2021:$10,352,966 net cash outflows).The abi l i ty of the consol i dated enti ty to conti nue as a goi ng concern i s pri nci pal l y dependent upon rai si ng addi ti onal capi tal or securi ng other forms

229、of financi ng,as and when necessary to meet the l evel s of expendi ture requi red for the consol i dated enti ty to conti nue to meet the consol i dated enti tys worki ng capi tal requi rements.These condi ti ons gi ve ri se to a materi al uncertai nty,whi ch may cast si gni ficant doubt over the c

230、onsol i dated enti tys abi l i ty to conti nue as a goi ng concern.The Di rectors have concl uded that the goi ng concern basi s of preparati on of the financi al statements i s appropri ate and any uncertai nty regardi ng goi ng concern i s mi ti gated by the fol l owi ng:The Company recentl y conv

231、ened an EGM(28 Jul y 2022),where approval was provi ded by sharehol ders for the i ssue of up to 4,000,000 shares i n connecti on wi th a US Nasdaq I PO.The Company i s i n negoti ati ons for future l i cenci ng agreements.The Company i s expecti ng to recei ve i n excess of$3.5 mi l l i on i n Sept

232、ember/October 2022 for the FY 2022 R&D Tax I ncenti ve Program.The Company wi l l consi der any other equi ty/debt fundi ng arrangements,deemed necessary.As announced on 3 November 2021,the Company has recei ved an Advance and Overseas Fi ndi ng for NanaBi s devel opment(part of R&D Tax I ncenti ve

233、Program)for approxi matel y$27 mi l l i on i n expendi ture.The Board of Di rectors are confident of successful l y rai si ng capi tal when requi red.Based on the above,the Di rectors are of the opi ni on that at the date of si gnature of the financi al report there are reasonabl e and supportabl e

234、grounds to bel i eve that the consol i dated enti ty wi l l be abl e to meet i ts l i abi l i ti es from i ts assets i n the ordi nary course of busi ness,for a peri od of not l ess than 12 months from the date of thi s financi al report and has accordi ngl y prepared the financi al report on a goi

235、ng concern basi s.Shoul d the consol i dated enti ty be unabl e to conti nue as a goi ng concern,i t may be requi red to real i se i ts assets and l i abi l i ti es other than i n the ordi nary course of busi ness,and at amounts that di ffer from those stated i n the financi al statements.The financ

236、i al statements do not i ncl ude any adj ustments rel ati ng to the recoverabi l i ty and cl assi ficati on of recorded asset amounts,or to the amount and cl assi ficati on of l i abi l i ti es that mi ght be requi red shoul d the consol i dated enti ty not be abl e to conti nue as a goi ng concern.

237、Basis of preparation These general purpose financi al statements have been prepared i n accordance wi th Austral i an Accounti ng Standards and I nterpretati ons i ssued by the Austral i an Accounti ng Standards Board(AASB)and the Corporati ons Act 2001,as appropri ate for for-profit ori ented enti

238、ti es.These financi al statements al so compl y wi th I nternati onal Fi nanci al Reporti ng Standards as i ssued by the I nternati onal Accounti ng Standards Board(I ASB).Historical cost convention The financi al statements have been prepared under the hi stori cal cost conventi on,except for,where

239、 appl i cabl e,the reval uati on of financi al assets and l i abi l i ti es at fai r val ue through profit or l oss,financi al assets at fai r val ue through other comprehensi ve i ncome,i nvestment properti es,certai n cl asses of property,pl ant and equi pment and deri vati ve financi al i nstrume

240、nts.Critical accounting estimates The preparati on of the financi al statements requi res the use of certai n cri ti cal accounti ng esti mates.I t al so requi res management to exerci se i ts j udgement i n the process of appl yi ng the Consol i dated Enti tys accounti ng pol i ci es.The areas i nv

241、ol vi ng a hi gher degree of j udgement or compl exi ty,or areas where assumpti ons and esti mates are si gni ficant to the financi al statements,are di scl osed i n note 2.32NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 1 SI GNI FI CANT ACCOUNTI NG POLI CI ES(CONTI NUED)P

242、arent entity information I n accordance wi th the Corporati ons Act 2001,these financi al statements present the resul ts of the Consol i dated Enti ty onl y.Suppl ementary i nformati on about the parent enti ty i s di scl osed i n note 28.Principles of consolidation The consol i dated financi al st

243、atements i ncorporate the assets and l i abi l i ti es of al l subsi di ari es of Medl ab Cl i ni cal Li mi ted(Company or parent enti ty)as at 30 June 2022 and the resul ts of al l subsi di ari es for the year then ended.Medl ab Cl i ni cal Li mi ted and i ts subsi di ari es together are referred t

244、o i n these financi al statements as the Consol i dated Enti ty.Subsi di ari es are al l those enti ti es over whi ch the Consol i dated Enti ty has control.The Consol i dated Enti ty control s an enti ty when the Consol i dated Enti ty i s exposed to,or has ri ghts to,vari abl e returns from i ts i

245、 nvol vement wi th the enti ty and has the abi l i ty to affect those returns through i ts power to di rect the acti vi ti es of the enti ty.Subsi di ari es are ful l y consol i dated from the date on whi ch control i s transferred to the Consol i dated Enti ty.They are de-consol i dated from the da

246、te that control ceases.I ntercompany transacti ons,bal ances and unreal i sed gai ns on transacti ons between enti ti es i n the Consol i dated Enti ty are el i mi nated.Unreal i sed l osses are al so el i mi nated unl ess the transacti on provi des evi dence of the i mpai rment of the asset transfe

247、rred.Accounti ng pol i ci es of subsi di ari es have been changed where necessary to ensure consi stency wi th the pol i ci es adopted by the Consol i dated Enti ty.The acqui si ti on of subsi di ari es i s accounted for usi ng the acqui si ti on method of accounti ng.A change i n ownershi p i ntere

248、st,wi thout the l oss of control,i s accounted for as an equi ty transacti on,where the di fference between the consi derati on transferred and the book val ue of the share of the non-control l i ng i nterest acqui red i s recogni sed di rectl y i n equi ty attri butabl e to the parent.Non-control l

249、 i ng i nterest i n the resul ts and equi ty of subsi di ari es are shown separatel y i n the statement of profit or l oss and other comprehensi ve i ncome,statement of financi al posi ti on and statement of changes i n equi ty of the Consol i dated Enti ty.Losses i ncurred by the Consol i dated Ent

250、i ty are attri buted to the non-control l i ng i nterest i n ful l,even i f that resul ts i n a defici t bal ance.Where the Consol i dated Enti ty l oses control over a subsi di ary,i t derecogni ses the assets i ncl udi ng goodwi l l,l i abi l i ti es and non-control l i ng i nterest i n the subsi

251、di ary together wi th any cumul ati ve transl ati on di fferences recogni sed i n equi ty.The Consol i dated Enti ty recogni ses the fai r val ue of the consi derati on recei ved and the fai r val ue of any i nvestment retai ned together wi th any gai n or l oss i n profit or l oss.Foreign currency

252、translation The financi al statements are presented i n Austral i an dol l ars,whi ch i s Medl ab Cl i ni cal Li mi teds functi onal and presentati on currency.Foreign currency transactions Forei gn currency transacti ons are transl ated i nto Austral i an dol l ars usi ng the exchange rates prevai

253、l i ng at the dates of the transacti ons.Forei gn exchange gai ns and l osses resul ti ng from the settl ement of such transacti ons and from the transl ati on at financi al year-end exchange rates of monetary assets and l i abi l i ti es denomi nated i n forei gn currenci es are recogni sed i n pro

254、fit or l oss.Foreign operations The assets and l i abi l i ti es of forei gn operati ons are transl ated i nto Austral i an dol l ars usi ng the exchange rates at the reporti ng date.The revenues and expenses of forei gn operati ons are transl ated i nto Austral i an dol l ars usi ng the average exc

255、hange rates,whi ch approxi mate the rates at the dates of the transacti ons,for the peri od.Al l resul ti ng forei gn exchange di fferences are recogni sed i n other comprehensi ve i ncome through the forei gn currency reserve i n equi ty.The forei gn currency reserve i s recogni sed i n profit or l

256、 oss when the forei gn operati on or net i nvestment i s di sposed of.33NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 1 SI GNI FI CANT ACCOUNTI NG POLI CI ES(CONTI NUED)I ncome tax The i ncome tax expense or benefit for the peri od i s the tax payabl e on that peri ods tax

257、abl e i ncome based on the appl i cabl e i ncome tax rate for each j uri sdi cti on,adj usted by the changes i n deferred tax assets and l i abi l i ti es attri butabl e to temporary di fferences,unused tax l osses and the adj ustment recogni sed for pri or peri ods,where appl i cabl e.Deferred tax

258、assets and l i abi l i ti es are recogni sed for temporary di fferences at the tax rates expected to be appl i ed when the assets are recovered or l i abi l i ti es are settl ed,based on those tax rates that are enacted or substanti vel y enacted,except for:When the deferred i ncome tax asset or l i

259、 abi l i ty ari ses from the i ni ti al recogni ti on of goodwi l l or an asset or l i abi l i ty i n a transacti on that i s not a busi ness combi nati on and that,at the ti me of the transacti on,affects nei ther the accounti ng nor taxabl e profits;or When the taxabl e temporary di fference i s a

260、ssoci ated wi th i nterests i n subsi di ari es,associ ates or j oi nt ventures,and the ti mi ng of the reversal can be control l ed and i t i s probabl e that the temporary di fference wi l l not reverse i n the foreseeabl e future.Deferred tax assets are recogni sed for deducti bl e temporary di f

261、ferences and unused tax l osses onl y i f i t i s probabl e that future taxabl e amounts wi l l be avai l abl e to uti l i se those temporary di fferences and l osses.The carryi ng amount of recogni sed and unrecogni sed deferred tax assets are revi ewed at each reporti ng date.Deferred tax assets r

262、ecogni sed are reduced to the extent that i t i s no l onger probabl e that future taxabl e profits wi l l be avai l abl e for the carryi ng amount to be recovered.Previ ousl y unrecogni sed deferred tax assets are recogni sed to the extent that i t i s probabl e that there are future taxabl e profi

263、ts avai l abl e to recover the asset.Deferred tax assets and l i abi l i ti es are offset onl y where there i s a l egal l y enforceabl e ri ght to offset current tax assets agai nst current tax l i abi l i ti es and deferred tax assets agai nst deferred tax l i abi l i ti es;and they rel ate to the

264、 same taxabl e authori ty on ei ther the same taxabl e enti ty or di fferent taxabl e enti ti es whi ch i ntend to settl e si mul taneousl y.Current and non-current classification Assets and l i abi l i ti es are presented i n the statement of financi al posi ti on based on current and non-current c

265、l assi ficati on.An asset i s cl assi fied as current when:i t i s ei ther expected to be real i sed or i ntended to be sol d or consumed i n the Consol i dated Enti tys normal operati ng cycl e;i t i s hel d pri mari l y for the purpose of tradi ng;i t i s expected to be real i sed wi thi n 12 mont

266、hs after the reporti ng peri od;or the asset i s cash or cash equi val ent unl ess restri cted from bei ng exchanged or used to settl e a l i abi l i ty for at l east 12 months after the reporti ng peri od.Al l other assets are cl assi fied as non-current.A l i abi l i ty i s cl assi fied as current

267、 when:i t i s ei ther expected to be settl ed i n the Consol i dated Enti tys normal operati ng cycl e;i t i s hel d pri mari l y for the purpose of tradi ng;i t i s due to be settl ed wi thi n 12 months after the reporti ng peri od;or there i s no uncondi ti onal ri ght to defer the settl ement of

268、the l i abi l i ty for at l east 12 months after the reporti ng peri od.Al l other l i abi l i ti es are cl assi fied as non-current.Deferred tax assets and l i abi l i ti es are al ways cl assi fied as non-current.I nvestments and other financial assets I nvestments and other financi al assets are

269、i ni ti al l y measured at fai r val ue.Transacti on costs are i ncl uded as part of the i ni ti al measurement,except for financi al assets at fai r val ue through profit or l oss.Such assets are subsequentl y measured at ei ther amorti sed cost or fai r val ue dependi ng on thei r cl assi ficati o

270、n.Cl assi ficati on i s determi ned based on both the busi ness model wi thi n whi ch such assets are hel d and the contractual cash flow characteri sti cs of the financi al asset unl ess an accounti ng mi smatch i s bei ng avoi ded.Fi nanci al assets are derecogni sed when the ri ghts to recei ve c

271、ash flows have expi red or have been transferred and the Consol i dated Enti ty has transferred substanti al l y al l the ri sks and rewards of ownershi p.When there i s no reasonabl e expectati on of recoveri ng part or al l of a financi al asset,i ts carryi ng val ue i s wri tten off.Financial ass

272、ets at amortised cost A financi al asset i s measured at amorti sed cost onl y i f both of the fol l owi ng condi ti ons are met:(i)i t i s hel d wi thi n a busi ness model whose obj ecti ve i s to hol d assets i n order to col l ect contractual cash flows;and(i i)the contractual terms of the financ

273、i al asset represent contractual cash flows that are sol el y payments of pri nci pal and i nterest.34NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 1 SI GNI FI CANT ACCOUNTI NG POLI CI ES(CONTI NUED)Impairment of financial assets The Consol i dated Enti ty recogni ses a l

274、oss al l owance for expected credi t l osses on financi al assets whi ch are ei ther measured at amorti sed cost or fai r val ue through other comprehensi ve i ncome.The measurement of the l oss al l owance depends upon the Consol i dated Enti tys assessment at the end of each reporti ng peri od as

275、to whether the financi al i nstruments credi t ri sk has i ncreased si gni ficantl y si nce i ni ti al recogni ti on,based on reasonabl e and supportabl e i nformati on that i s avai l abl e,wi thout undue cost or effort to obtai n.Where there has not been a si gni ficant i ncrease i n exposure to c

276、redi t ri sk si nce i ni ti al recogni ti on,a 12-month expected credi t l oss al l owance i s esti mated.Thi s represents a porti on of the assets l i feti me expected credi t l osses that i s attri butabl e to a defaul t event that i s possi bl e wi thi n the next 12 months.Where a financi al asse

277、t has become credi t i mpai red or where i t i s determi ned that credi t ri sk has i ncreased si gni ficantl y,the l oss al l owance i s based on the assets l i feti me expected credi t l osses.The amount of expected credi t l oss recogni sed i s measured on the basi s of the probabi l i ty wei ght

278、ed present val ue of anti ci pated cash shortfal l s over the l i fe of the i nstrument di scounted at the ori gi nal effecti ve i nterest rate.For financi al assets mandatori l y measured at fai r val ue through other comprehensi ve i ncome,the l oss al l owance i s recogni sed i n other comprehens

279、i ve i ncome wi th a correspondi ng expense through profit or l oss.I n al l other cases,the l oss al l owance reduces the assets carryi ng val ue wi th a correspondi ng expense through profit or l oss.Expenses Special Access Scheme(SAS)Any i nventory purchased to be suppl i ed under the Governments

280、 SAS or other approved tri al s are expensed when i ncurred.Research and devel opment Research and devel opment costs are expensed i n the peri od i n whi ch they are i ncurred.Patents and trademarks Costs associ ated wi th patents and trademarks are expensed i n the peri od i n whi ch they are i nc

281、urred.I mpairment of non-financial assets Non-financi al assets are revi ewed for i mpai rment whenever events or changes i n ci rcumstances i ndi cate that the carryi ng amount may not be recoverabl e.An i mpai rment l oss i s recogni sed for the amount by whi ch the assets carryi ng amount exceeds

282、 i ts recoverabl e amount.Recoverabl e amount i s the hi gher of an assets fai r val ue l ess costs of di sposal and val ue-i n-use.The val ue-i n-use i s the present val ue of the esti mated future cash flows rel ati ng to the asset usi ng a pre-tax di scount rate speci fic to the asset or cash-gen

283、erati ng uni t to whi ch the asset bel ongs.Assets that do not have i ndependent cash flows are grouped together to form a cash-generati ng uni t.Finance costs Fi nance costs attri butabl e to qual i fyi ng assets are capi tal i sed as part of the asset.Al l other finance costs are expensed i n the

284、peri od i n whi ch they are i ncurred.Goods and Services Tax(GST)and other similar taxes Revenues,expenses and assets are recogni sed net of the amount of associ ated GST,unl ess the GST i ncurred i s not recoverabl e from the tax authori ty.I n thi s case i t i s recogni sed as part of the cost of

285、the acqui si ti on of the asset or as part of the expense.Recei vabl es and payabl es are stated i ncl usi ve of the amount of GST recei vabl e or payabl e.The net amount of GST recoverabl e from,or payabl e to,the tax authori ty i s i ncl uded i n other recei vabl es or other payabl es i n the stat

286、ement of financi al posi ti on.Cash flows are presented on a gross basi s.The GST components of cash flows ari si ng from i nvesti ng or financi ng acti vi ti es whi ch are recoverabl e from,or payabl e to the tax authori ty,are presented as operati ng cash flows.Commi tments and conti ngenci es are

287、 di scl osed net of the amount of GST recoverabl e from,or payabl e to,the tax authori ty.New Accounting Standards and I nterpretations not yet mandatory or early adopted Austral i an Accounti ng Standards and I nterpretati ons that have recentl y been i ssued or amended but are not yet mandatory,ha

288、ve not been earl y adopted by the Consol i dated Enti ty for the annual reporti ng peri od ended 30 June 2022.The Consol i dated Enti ty has not yet assessed the i mpact of these new or amended Accounti ng Standards and I nterpretati ons.35NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JU

289、NE 2022 NOTE 2 CRI TI CAL ACCOUNTI NG JUDGEMENTS,ESTI MATES AND ASSUMPTI ONS The preparati on of the financi al statements requi res management to make j udgements,esti mates and assumpti ons that affect the reported amounts i n the financi al statements.Management conti nual l y eval uates i ts j u

290、dgements and esti mates i n rel ati on to assets,l i abi l i ti es,conti ngent l i abi l i ti es,revenue and expenses.Management bases i ts j udgements,esti mates and assumpti ons on hi stori cal experi ence and on other vari ous factors,i ncl udi ng expectati ons of future events,management bel i e

291、ves to be reasonabl e under the ci rcumstances.The resul ti ng accounti ng j udgements and esti mates wi l l sel dom equal the rel ated actual resul ts.The j udgements,esti mates and assumpti ons that have a si gni ficant ri sk of causi ng a materi al adj ustment to the carryi ng amounts of assets a

292、nd l i abi l i ti es(refer to the respecti ve notes)wi thi n the next financi al year are di scussed bel ow.Coronavirus(COVID-19)pandemic Judgement has been exerci sed i n consi deri ng the i mpacts that the Coronavi rus(COVI D-19)pandemi c has had,or may have,on the Consol i dated Enti ty based on

293、known i nformati on.Thi s consi derati on extends to the nature of the products and servi ces offered,customers,suppl y chai n,staffing and geographi c regi ons i n whi ch the Consol i dated Enti ty operates.Al l owance for expected credit l osses The al l owance for expected credi t l osses assessm

294、ent requi res a degree of esti mati on and j udgement.I t i s based on the l i feti me expected credi t l oss,grouped based on days overdue,and makes assumpti ons to al l ocate an overal l expected credi t l oss rate for each group.These assumpti ons i ncl ude recent sal es experi ence and hi stori

295、cal col l ecti on rates,the i mpact of the Coronavi rus(COVI D-19)pandemi c and forward-l ooki ng i nformati on that i s avai l abl e.Provision for impairment of inventories The provi si on for i mpai rment of i nventori es assessment requi res a degree of esti mati on and j udgement.The l evel of t

296、he provi si on i s assessed by taki ng i nto account the recent sal es experi ence,the agei ng of i nventori es and other factors that affect i nventory obsol escence.Estimation of useful l ives of assets The Consol i dated Enti ty determi nes the esti mated useful l i ves and rel ated depreci ati o

297、n and amorti sati on charges for i ts property,pl ant and equi pment and fini te l i fe i ntangi bl e assets.The useful l i ves coul d change si gni ficantl y as a resul t of techni cal i nnovati ons or some other event.The depreci ati on and amorti sati on charge wi l l i ncrease where the useful l

298、 i ves are l ess than previ ousl y esti mated l i ves,or techni cal l y obsol ete or non-strategi c assets that have been abandoned or sol d wi l l be wri tten off or wri tten down.Lease term The l ease term i s a si gni ficant component i n the measurement of both the ri ght-of-use asset and l ease

299、 l i abi l i ty.Judgement i s exerci sed i n determi ni ng whether there i s reasonabl e certai nty that an opti on to extend the l ease or purchase the underl yi ng asset wi l l be exerci sed,or an opti on to termi nate the l ease wi l l not be exerci sed,when ascertai ni ng the peri ods to be i nc

300、l uded i n the l ease term.I n determi ni ng the l ease term,al l facts and ci rcumstances that create an economi cal i ncenti ve to exerci se an extensi on opti on,or not to exerci se a termi nati on opti on,are consi dered at the l ease commencement date.Factors consi dered may i ncl ude the i mpo

301、rtance of the asset to the Consol i dated Enti tys operati ons;compari son of terms and condi ti ons to prevai l i ng market rates;i ncurrence of si gni ficant penal ti es;exi stence of si gni ficant l easehol d i mprovements;and the costs and di srupti on to repl ace the asset.The Consol i dated En

302、ti ty reassesses whether i t i s reasonabl y certai n to exerci se an extensi on opti on,or not exerci se a termi nati on opti on,i f there i s a si gni ficant event or si gni ficant change i n ci rcumstances.36NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 2 CRI TI CAL ACC

303、OUNTI NG JUDGEMENTS,ESTI MATES AND ASSUMPTI ONS(CONTI NUED)Incremental borrowing rate Where the i nterest rate i mpl i ci t i n a l ease cannot be readi l y determi ned,an i ncremental borrowi ng rate i s esti mated to di scount future l ease payments to measure the present val ue of the l ease l i

304、abi l i ty at the l ease commencement date.Such a rate i s based on what the Consol i dated Enti ty esti mates i t woul d have to pay a thi rd party to borrow the funds necessary to obtai n an asset of a si mi l ar val ue to the ri ght-of-use asset,wi th si mi l ar terms,securi ty and economi c envi

305、 ronment.Empl oyee benefits provision As di scussed i n note 18,the l i abi l i ty for empl oyee benefits expected to be settl ed more than 12 months from the reporti ng date are recogni sed and measured at the present val ue of the esti mated future cash flows to be made i n respect of al l empl oy

306、ees at the reporti ng date.I n determi ni ng the present val ue of the l i abi l i ty,esti mates of attri ti on rates and pay i ncreases through promoti on and i nflati on have been taken i nto account.Lease make good provision A provi si on has been made for the present val ue of anti ci pated cost

307、s for future restorati on of l eased premi ses.The provi si on i ncl udes future cost esti mates associ ated wi th cl osure of the premi ses.The cal cul ati on of thi s provi si on requi res assumpti ons such as appl i cati on of cl osure dates and cost esti mates.The provi si on recogni sed for eac

308、h si te i s peri odi cal l y revi ewed and updated based on the facts and ci rcumstances avai l abl e at the ti me.Changes to the esti mated future costs for si tes are recogni sed i n the statement of financi al posi ti on by adj usti ng the asset and the provi si on.Reducti ons i n the provi si on

309、 that exceed the carryi ng amount of the asset wi l l be recogni sed i n profit or l oss.R&D tax incentive The R&D tax i ncenti ve i s recogni sed when there i s reasonabl e assurance that the i ncenti ve wi l l be recei ved and al l attached condi ti ons wi l l be compl i ed wi th.The recei vabl e

310、for R&D tax i ncenti ve i s cal cul ated based on actual R&D expenses i ncurred,and knowl edge of hi stori cal tax recei vabl e i n the past for si mi l ar proj ects that have been approved.Promotional and other rebates Recogni ti on of rebate accrual s at bal ance date requi res management to exerc

311、i se si gni ficant j udgement wi th respect to the amount of requi red accrual s whi ch are based on customers sal es vol umes for the peri od as wel l as other contri buti ons towards the promoti onal acti vi ti es of customers.Provision for sal es returns The provi si on for sal es returns requi r

312、es a degree of esti mati on and j udgement.The l evel of the provi si on i s assessed by taki ng i nto account the recent sal es experi ence,the agei ng and quanti ty of i nventori es at maj or cl i ents.NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 3 OPERATI NG SEGMENTS I

313、dentification of reportabl e operating segments The Consol i dated Enti ty i s organi sed i nto two operati ng segments based on pharmaceuti cal research and nutraceuti cal sal es.These operati ng segments are based on the i nternal reports that are revi ewed and used by the Board of Di rectors(who

314、are i denti fied as the Chi ef Operati ng Deci si on Makers(CODM)i n assessi ng performance and i n determi ni ng the al l ocati on of resources.There i s no aggregati on of operati ng segments.The CODM revi ews EBI TDA(earni ngs before i nterest,tax,depreci ati on and amorti sati on).The accounti n

315、g pol i ci es adopted for i nternal reporti ng to the CODM are consi stent wi th those adopted i n the financi al statements.The i nformati on reported to the CODM i s on a monthl y basi s.The pri nci pal products and servi ces of each of these operati ng segments are as fol l ows:Nutraceuti cal The

316、 suppl y of Medl abs sel f-branded nutraceuti cal range,predomi nantl y i n Austral i a(now di sconti nued)Pharmaceuti cal Vari ous research acti vi ti es(depressi on and oncol ogy)and the suppl y of cannabi s-based medi ci nes Intersegment transactions There are no i ntersegment transacti ons.Inter

317、segment receivabl es,payabl es and l oans I ntersegment l oans are i ni ti al l y recogni sed at the consi derati on recei ved.I ntersegment l oans recei vabl e and l oans payabl e that earn or i ncur non-market i nterest are not adj usted to fai r val ue based on market i nterest rates.I ntersegmen

318、t l oans are el i mi nated on consol i dati on.Major customers Duri ng the year ended 30 June 2022,there was no customer who contri buted more than 10%of the Consol i dated Enti tys external revenue.Duri ng the year ended 30 June 2021,approxi matel y 49%of the Consol i dated Enti tys external revenu

319、e was deri ved from sal es to two maj or di stri butors i n the Nutraceuti cal s busi ness.Operating segment informationTotal$Corporate/Other$Nutraceutical$Consolidated 2022RevenueSales to external customersProvision for sales returns,promotional costs and other rebatesTotal sales revenueInterest re

320、venueTotal revenueEBITDADepreciation and amortisationLoss on disposal of discontinued operationInterest revenueFinance costsLoss before income tax expenseIncome tax expenseLoss after income tax expenseAssetsSegment assetsTotal assetsTotal assets includes:Acquisition of non-current assetsLiabilitiesS

321、egment liabilitiesTotal liabilities3,900,501(96,760)3,803,74144,7273,848,468(7,516,131)(851,310)1,195,81644,727(101,916)(7,228,814)-(7,228,814)11,366,60311,366,60328,6093,617,4663,617,466-44,72744,727-5,673,972-2,618,067(96,760)2,521,307-2,521,307(48,214)-470,635-1,282,434-1,282,434-1,282,434(7,467,

322、917)-5,221,99628,6093,617,466PharmaceuticalResearch$38NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 3 OPERATI NG SEGMENTS(CONTI NUED)Geographical information For the financi al year ended 30 June 2022 and 30 June 2021,there was no revenue from external customers attri bute

323、d to forei gn countri es.Accounting pol icy for operating segments Operati ng segments are presented usi ng the management approach,where the i nformati on presented i s on the same basi s as the i nternal reports provi ded to the Chi ef Operati ng Deci si on Makers(CODM).The CODM i s responsi bl e

324、for the al l ocati on of resources to operati ng segments and assessi ng thei r performance.Total$Corporate/Other$Nutraceutical$Consolidated 2021RevenueSales to external customersProvision for sales returns,promotional costs and other rebatesTotal sales revenueInterest revenueTotal revenueEBITDADepr

325、eciation and amortisationInterest revenueFinance costsLoss before income tax expenseIncome tax expenseLoss after income tax expenseAssetsSegment assetsTotal assetsTotal assets includes:Acquisition of non-current assetsLiabilitiesSegment liabilitiesTotal liabilities5,248,980(849,568)4,399,41225,1984,

326、424,610(11,415,464)(873,498)25,198(139,065)(12,402,829)-(12,402,829)20,646,30620,646,30683,3045,740,4535,740,453-11-13,917,298-67,8334,516,253(849,568)3,666,68510,1773,676,862(9,106,449)-5,690,96712,7784,351,304732,727-732,72715,020747,747(2,309,015)-1,038,04170,5261,321,316PharmaceuticalResearch$39

327、NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NOTE 4 REVENUE Disaggregation of revenue The di saggregati on of revenue from contracts wi th customers i s as fol l ows:I ncl uded i n the fol l owi ng tabl es are reconci l i ati ons of the di saggregated revenue wi th the consol

328、i dated enti tys reportabl e segments(refer note 3).Accounting pol icy for revenue recognition The Consol i dated Enti ty recogni ses revenue as fol l ows:Revenue from contracts with customers Revenue i s recogni sed at an amount that reflects the consi derati on to whi ch the Consol i dated Enti ty

329、 i s expected to be enti tl ed i n exchange for transferri ng goods or servi ces to a customer.For each contract wi th a customer,the Consol i dated Enti ty:i denti fies the contract wi th a customer;i denti fies the performance obl i gati ons i n the contract;determi nes the transacti on pri ce whi

330、 ch takes i nto account esti mates of vari abl e consi derati on and the ti me val ue of money;al l ocates the transacti on pri ce to the separate performance obl i gati ons on the basi s of the rel ati ve stand-al one sel l i ng pri ce of each di sti nct good or servi ce to be del i vered;and recog

331、ni ses revenue when or as each performance obl i gati on i s sati sfied i n a manner that depi cts the transfer to the customer of the goods or servi ces promi sed.From continuing operationsSale of goods(net discounts)Sales returnsProvision for sale returnsRevenue from contimuing operations2021$2022

332、$1,379,195(96,761)-1,282,434990,811(208,084)(50,000)732,727ConsolidatedConsolidatedMajor product linesPharmaceuticalsTiming of revenue recognitionGoods transferred at a point in time2021$2022$1,282,434 1,282,434732,727 732,727Continuing operationsPharmaceuticalDiscontinuing operationsNutraceuticalTo

333、tal segment revenueTotal$Pharmaceutical$1,282,434-1,282,4341,282,4342,521,3073,803,74130 June 2022Nutraceutical$-2,521,3072,521,307Continuing operationsPharmaceuticalDiscontinuing operationsNutraceuticalTotal segment revenueTotal$Pharmaceutical$732,727-732,727732,7273,666,6854,399,41230 June 2021Nutraceutical$-3,666,6853,666,685NOTES TO THE FI NANCI AL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 NO