1、Argenica Therapeutics Limited Appendix 4E Final report 1.Company details Name of entity:Argenica Therapeutics Limited ABN:78 637 578 753 Reporting period:For the year ended 30 June 2024 Previous period:For the year ended 30 June 2023 2.Results for announcement to the market$Revenues from ordinary ac
2、tivities up 54%to 2,790,022 Loss from ordinary activities after tax attributable to the owners of Argenica Therapeutics Limited up 14%to (5,479,488)Loss for the year attributable to the owners of Argenica Therapeutics Limited up 14%to (5,479,488)Dividends Amount per security Franked amount per secur
3、ity Cents Cents Final dividend for the year ended 30 June 2024 0.0 0.0 Interim dividend for the year ended 30 June 2024 0.0 0.0 No dividend has been declared.Comments The loss for the company after providing for income tax amounted to$5,479,488(30 June 2023:$4,090,752).Revenue recognised during the
4、financial year included a$2,089,308(30 June 2023:$1,377,917)R&D tax incentive rebate,$32,000(30 June 2023:$350,000)in non-dilutive contributions from donors to fund research activities,government grant income of$476,629(30 June 2023:$21,982)and interest income of$192,085(30 June 2023:$60,997).Operat
5、ing expenses during the financial year principally related to research and developments costs of a neuroprotective therapeutic drug,employee and corporate and administration expenses and non-cash share-based payments.Research and development costs increased during the period to$6,016,753(30 June 202
6、3:$4,308,080)with the commencement of a Phase 2 trial of ARG-007 in ischaemic stroke patients.Share-based payments consist of the expensing of options issued to employees and contractors.Net operating cash outflows for the financial year were$5,060,561(30 June 2023:$3,300,316)with an increase in pay
7、ments to suppliers and employees following the commencement of a Phase 2 trial of ARG-007 in ischaemic stroke patient.Non-dilutive cash funding was received from the companys R&D Tax incentive claim for the year ended 30 June 2023 of$2,089,308(30 June 2023:$1,377,917),contributions from the donors i
8、nclusive of GST of$35,200(30 June 2023:$350,000)and government grants received inclusive of GST of$573,649(30 June 2023:$721,104).The Australian Commonwealth Governments R&D Tax incentive program provides a cash refund on eligible research and development activities performed by Australian companies
9、.Net financing cash inflows for the period were$11,634,065(30 June 2023:$3,725,005)including a placement to professional and sophisticated investors in April 2024 of 23,076,924 shares at an issue price of$0.52 per share raising$12,000,000(before transaction costs)and proceeds from the exercise of op
10、tions$417,000(30 June 2023:$Nil)The company had a net asset position at 30 June 2024 of$13,950,835(30 June 2023:$7,666,440).The net asset position included$15,912,660 of cash and cash equivalents(30 June 2023:$9,289,156)and deferred income of$704,347(30 June 2023:$659,069)being the unearned portion
11、of government grants received by the company.Argenica Therapeutics Limited Appendix 4E Final report As an early-stage company,the companys business model is highly dependent on the achievement of continued pre-clinical and clinical development success,future funding,regulatory approvals,customer eng
12、agement and general financial and economic factors.3.Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 11.28 9.47 4.Control gained over entities Not applicable.5.Loss of control over entities Not applicable.6.Details of associates and joint ve
13、nture entities Not applicable.7.Audit qualification or review The financial statements have been audited and an unqualified opinion has been issued.8.Attachments The Annual Report of Argenica Therapeutics Limited for the year ended 30 June 2024 is attached.9.Signed Signed _ Date:28 August 2024 Diann
14、e Angus Director Argenica Therapeutics Limited ABN 78 637 578 753 Annual Report 30 June 2024 Argenica Therapeutics Limited Corporate directory 30 June 2024 1 Directors Ms Dianne Angus Dr Liz Dallimore Ms Liddy McCall Mr Terry Budge Company secretary Ms Emma Waldon Registered office Unit 4,117 Broadw
15、ay Nedlands WA 6009 Principal place of business Unit 4,117 Broadway Nedlands WA 6009 Share register Link Administration Services Pty Limited QV1 Building,Level 12,250 St Georges Terrace Perth WA 6000 Auditor RSM Australia Partners Level 32,2 The Esplanade Perth WA 6000 Solicitors Hamilton Locke Leve
16、l 48,152-158 St Georges Terrace Perth WA 6000 Bankers Commonwealth Bank Level 15,300 Murray Street Perth WA 6000 Stock exchange listing Argenica Therapeutics Limited shares are listed on the Australian Securities Exchange(ASX code:AGN)Website .au Corporate Governance Statement https:/.au/investors/#
17、corporate-governance Argenica Therapeutics Limited Chair and Managing Directors Letter 30 June 2024 2 On behalf of the Board,we are pleased to present the 2024 Annual Report to shareholders.Argenica Therapeutics Limited(ASX:AGN)(“Argenica”or the“company”)is a biotechnology company developing novel t
18、herapeutics to reduce brain tissue death after stroke,and other types of brain injury.In late March 2024,Argenica dosed the first patient in its Phase 2 clinical trial in acute ischaemic stroke(AIS)patients.The trial is being conducted in 10 hospitals across Australia that have dedicated stroke care
19、 units capable of performing endovascular thrombectomy,with this procedure being a key inclusion criterion in the trial.The primary objective of the trial is to test the safety of ARG-007 in AIS patients presenting to emergency departments.Demonstrating the safety of ARG-007 in this patient populati
20、on represents a significant milestone in neurology drug development and will be required by the FDA to proceed to a larger,pivotal trial of ARG-007 in AIS patients.The Phase 2 trial is also exploring the drugs effect on a number of predefined efficacy measures,specifically the impact on infarct,or b
21、rain injury,volume.This data will help inform the design of a larger clinical trial in AIS patients.Commencement of the trial involved a significant amount preparation including drug manufacturing and initiation of trial sites nationwide.We are very appreciative of the support of all our partners to
22、 enable this to happen.Patient recruitment is progressing well,and the study remains on track to complete dosing of all 92 patients well before the recruitment target end date,being the end of calendar year 2025.Globally,stroke is one of the leading causes of mortality and disability and there are s
23、ubstantial economic costs for post-stroke care.However,despite considerable and ongoing research,there are currently no universally marketed treatments capable of protecting the brain from damage following stroke.The search for effective neuroprotective agents that can be easily administered remains
24、 urgent and Argenica is driving ARG-007 to address this critical unmet clinical need and to realize the large commercial opportunity in offering an effective treatment.We were also pleased to secure additional funding in 2024 via a$12.0 million placement.Following the placement,the company is fully
25、funded to complete its Phase 2 trial of ARG-007 in AIS patients,as well as progress studies in other neurological indications.We were thrilled with the support for the placement from many of our existing shareholders and welcomed a number of new highly credentialed investors to the register.In paral
26、lel with undertaking our Phase 2 clinical trial of ARG-007 in AIS patients,Argenica is also actively undertaking preclinical and nonclinical studies to generate data that will be required to progress ARG-007 into clinical development for other important neurological conditions where ARG-007 may have
27、 a therapeutic benefit.These studies are also supported with over$4 million in non-dilutive grants and philanthropic funding.We appreciate the ongoing support of all our shareholders,the dedication of our employees,research and clinical collaborators,and look forward to updating you on our progress
28、in the coming year.Yours faithfully Dianne Angus Liz Dallimore Chair Managing Director and Chief Executive Officer Argenica Therapeutics Limited Argenica Therapeutics Limited Argenica Therapeutics Limited Directors Report 30 June 2024 3 The directors present their report,together with the financial
29、statements,of Argenica Therapeutics Limited(referred to hereafter as the company)for the year ended 30 June 2024.Directors The following persons were directors of Argenica Therapeutics Limited during the whole of the financial year and up to the date of this report,unless otherwise stated:Ms Dianne
30、Angus(appointed 1 December 2023)Dr Liz Dallimore Mr Geoff Pocock(resigned 5 June 2024)Ms Liddy McCall Mr Terry Budge Dr Sam South(resigned 30 November 2023)Principal activities During the period the principal continuing activities of the company consisted of research and development of a neuroprotec
31、tive therapeutic drug.Dividends There were no dividends paid during the financial year ended 30 June 2024(30 June 2023:nil).Review of operations The loss for the company after providing for income tax amounted to$5,479,488(30 June 2023:$4,090,752).Revenue recognised during the financial year include
32、d a$2,089,308(30 June 2023:$1,377,917)R&D tax incentive rebate,$32,000(30 June 2023:$350,000)in non-dilutive contributions from donors to fund research activities,government grant income of$476,629(30 June 2023:$21,982)and interest income of$192,085(30 June 2023:$60,997).Operating expenses during th
33、e financial year principally related to research and developments costs of a neuroprotective therapeutic drug,employee and corporate and administration expenses and non-cash share-based payments.Research and development costs increased during the period to$6,016,753(30 June 2023:$4,308,080)with the
34、commencement of a Phase 2 trial of ARG-007 in ischaemic stroke patients.Share-based payments consist of the expensing of options issued to employees and contractors.Net operating cash outflows for the financial year were$5,060,561(30 June 2023:$3,300,316)with an increase in payments to suppliers and
35、 employees following the commencement of a Phase 2 trial of ARG-007 in ischaemic stroke patient.Non-dilutive cash funding was received from the companys R&D Tax incentive claim for the year ended 30 June 2023 of$2,089,308(30 June 2023:$1,377,917),contributions from the donors inclusive of GST of$35,
36、200(30 June 2023:$350,000)and government grants received inclusive of GST of$573,649(30 June 2023:$721,104).The Australian Commonwealth Governments R&D Tax incentive program provides a cash refund on eligible research and development activities performed by Australian companies.Net financing cash in
37、flows for the period were$11,634,065(30 June 2023:$3,725,005)including a placement to professional and sophisticated investors in April 2024 of 23,076,924 shares at an issue price of$0.52 per share raising$12,000,000(before transaction costs)and proceeds from the exercise of options$417,000(30 June
38、2023:$Nil)The company had a net asset position at 30 June 2024 of$13,950,835(30 June 2023:$7,666,440).The net asset position included$15,912,660 of cash and cash equivalents(30 June 2023:$9,289,156)and deferred income of$704,347(30 June 2023:$659,069)being the unearned portion of government grants r
39、eceived by the company.As an early-stage company,the companys business model is highly dependent on the achievement of continued pre-clinical,non-clinical and clinical development success,future funding,regulatory approvals,customer engagement and general financial and economic factors.Argenica Ther
40、apeutics Limited Directors report 30 June 2024 4 Significant changes in the state of affairs There were no other significant changes in the state of affairs of the company during the financial year.Matters subsequent to the end of the financial year On 8 August 2024,3,181,819 ordinary shares were is
41、sued on the exercise 5,000,000 options over ordinary shares.These options were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash.The total exercise premium due to be paid on these options was$1,500,000 and 1,818
42、,181 options were given up on exercise,calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options($0.825).On 8 August 2024,250,000 ordinary shares were issued on the exercise of options over ordinary shares with an exercise price of$0.30,raising
43、cash exercise proceeds of$75,000.On 14 August 2024,500,000 options over ordinary shares were issued with an exercise price of$0.93 and expiry date of 31 May 2027 to Director Dianne Angus.No matter or circumstance has arisen since 30 June 2024 that has significantly affected,or may significantly affe
44、ct the companys operations,the results of those operations,or the companys state of affairs in future financial years.Likely developments and expected results of operations Information on likely developments in the operations of the company and the expected results of operations have not been includ
45、ed in this report because the directors believe it would be likely to result in unreasonable prejudice to the company.Environmental regulation The company is not subject to any significant environmental regulation under Australian Commonwealth or State law.Information on directors Name:Ms Dianne Ang
46、us Title:Non-Executive Director Qualifications:B.Sc.(Hons),MBiotech,MAICD Experience and expertise:Ms Dianne Angus has extensive executive managerial and company director experience in the biotechnology,biopharmaceutical,agritech and healthcare industries.She has long been involved in path to market
47、 asset development and commercialisation in these industries,notably including the clinical validation of drug therapeutics to create asset valuation uplift.Ms Angus has held Director roles in a number of ASX and NASDAQ-listed companies and is currently a council member of Deakin University.She is a
48、 registered patent attorney and a member of Australian Institute of Company Directors(AICD).Other current directorships:Neuren Pharmaceuticals(ASX:NEU)and Cyclopharm(ASX:CYC)Former directorships(last 3 years):Imagion Biosystems(ASX:IBX)Special responsibilities:Chair of the Board,Member of Audit&Risk
49、 Committee and Nomination&Remuneration Committee Interests in shares:-Interests in options:500,000 Contractual rights to shares:None Argenica Therapeutics Limited Directors report 30 June 2024 5 Name:Dr Liz Dallimore Title:Managing Director and Chief Executive Officer Qualifications:B.Sc.(Hons),MBA,
50、PhD Experience and expertise:Dr Liz Dallimore is a research&development,innovation and commercialsation specialist with over 20 years experience across Australia and the UK.Prior to joining Argenica Therapeutics,Dr Dallimore was the Director of the WA Data Science Innovation Hub,tasked with working
51、across WA businesses to establish innovative data science projects.Dr Dallimore has also held senior roles in management consulting across Australia,most recently as KPMGs National Director of Research Engagement and Commercialisation.Prior to this she held senior roles with Ernst&Young and Pricewat
52、erhouseCoopers.Dr Dallimore is a co-founder of medical device company Inspiring Holdings,sits on the AusBiotech WA Committee and is a non-executive Director of NERA,a Federal Government Growth Centre.Dr Dallimore has a PhD in Neuroscience jointly completed at Oxford University and the University of
53、Western Australia and has worked as a neuroscientist at the Australian Neuromuscular Research Institute(now Perron Institute).In 2020,Dr Dallimore was recognised at one of Western Australias Top Women in Tech.Other current directorships:None Former directorships(last 3 years):None Special responsibi
54、lities:None Interests in shares:1,640,909 Interests in options:2,000,000 Contractual rights to shares:None Name:Ms Liddy McCall Title:Non-Executive Director Qualifications:LLB.,B.Juris,B.Com(Hons),GDipApFin(SIA),GAICD Experience and expertise:Liddy is co-founder of 3 biotechnology companies successf
55、ully achieving 3 FDA drug registrations and 1 FDA/CE Mark medical device approval.She is an inventor on patents granted in major jurisdictions translating novel G-protein coupled pharmacology into a therapeutic drug treatment currently in Phase 3 clinical trials.Liddy cofounded IIF venture capital f
56、und,Yuuwa Capital LP.Liddy has over 25 years of experience in senior Board and management roles including Adalta Ltd(ASX:1AD),Agworld Pty Ltd(acquired),iCeutica Inc group(acquired),Dimerix Limited(ASX:DXB)and iCetana Limited(ASX:ICE).Liddy was an Associate Director in the Corporate Advisory Group of
57、 Macquarie Bank and prior to that worked as a lawyer with a leading Australian law firm.Liddy has extensive Board and hands-on experience in a diverse industries including biotechnology,agritech,funds management/finance,data/software-as-a-service(SAAS)and fast moving consumer goods(FMCG).Other curre
58、nt directorships:None Former directorships(last 3 years):Adalta Ltd(ASX:1AD)Special responsibilities:Chair of Nomination&Remuneration Committee and Member of Audit&Risk Committee Interests in shares:443,182 Interests in options:-Contractual rights to shares:None Argenica Therapeutics Limited Directo
59、rs report 30 June 2024 6 Name:Mr Terry Budge Title:Non-Executive Director Qualifications:B.Ecs,FAICD Experience and expertise:Terry has significant experience in senior management and board roles.A long term banker he spent 25 years with National Australia Bank in senior executive roles before servi
60、ng as Managing Director of Bankwest from 1997 to 2004.Since then he has had many non-executive director roles including Chancellor of Murdoch University from 2006 to 2013(appointed to Senate 1 June 2004).Terry was an independent director for Westoz Investment Company Limited(ASX:WIC)until its acquis
61、ition by WAM Capital Ltd in 2024.Terry is a Graduate of the Advanced Management Program from Harvard Business School,a Graduate and Fellow of the Australian Institute of Company Directors(AICD)and a Senior Fellow of FINSIA.Other current directorships:None Former directorships(last 3 years):Westoz In
62、vestment Company Limited(ASX:WIC)Special responsibilities:Chair of Audit&Risk Committee and Member of Nomination&Remuneration Committee Interests in shares:805,702 Interests in options:-Contractual rights to shares:None Other current directorships quoted above are current directorships for listed en
63、tities only and excludes directorships of all other types of entities,unless otherwise stated.Former directorships(last 3 years)quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.Company s
64、ecretary Emma Waldon has held the role of Company Secretary since 20 November 2019.Emma has diverse corporate advisory,capital markets and corporate governance experience having held roles in accounting and debt and equity capital markets in Australia and the United Kingdom.Emma Waldon qualified as
65、a Chartered Accountant with Ernst&Young in Perth,worked as an Equities Analyst with Euroz Securities and spent 9 years in London with Bank of Scotland and Lloyds Bank originating and re-structuring debt finance for private equity leveraged buy-outs of businesses across Europe.Emma is currently Compa
66、ny Secretary of EMVision Medical Devices Ltd(ASX:EMV)and previously Company Secretary of Hazer Group Limited(ASX:HZR).Emma Waldon completed a Bachelor of Commerce at UWA,a Post Graduate Diploma in Applied Finance and Investment from Securities Institute of Australia and is a member of the Institute
67、of Chartered Accountants of Australia and a Certificated Member of the Governance Institute of Australia Meetings of directors The number of meetings of the companys Board of Directors(the Board)and of each Board committee held during the year ended 30 June 2024,and the number of meetings attended b
68、y each director were:Full board Nomination and Remuneration Committee Audit and Risk Committee Attended Held Attended Held Attended Held Dianne Angus 4 4 3 3 1 1 Liz Dallimore 6 6 -Geoff Pocock 4 5 3 3 1 1 Liddy McCall 6 6 3 3 2 2 Terry Budge 5 6 3 3 2 2 Sam South 2 2 -Held:represents the number of
69、meetings held during the time the director held office or was a member of the relevant committee.Argenica Therapeutics Limited Directors report 30 June 2024 7 Remuneration report(audited)The remuneration report details the key management personnel remuneration arrangements for the company,in accorda
70、nce with the requirements of the Corporations Act 2001 and its Regulations.Key management personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the company,directly or indirectly,including all directors.The remuneration report is set
71、 out under the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnel Principles used to determine the nature and
72、 amount of remuneration The objective of the companys executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders,
73、and it is considered to conform to the market best practice for the delivery of reward.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness acceptability to shareholders performance
74、 linkage/alignment of executive compensation transparency The Nomination and Remuneration Committee is responsible for determining and reviewing remuneration arrangements for its directors and executives.The performance of the company depends on the quality of its directors and executives.The remune
75、ration philosophy is to attract,motivate and retain high performance and high quality personnel.The company has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the company.The reward framework is designed to align executive reward
76、 to shareholders interests.The Board has considered that it should seek to enhance shareholders interests by:having value creation and capital growth in advance of economic profit as a core component of plan design;focusing on sustained growth in shareholder wealth,consisting of growth in share pric
77、e and eventually dividends,and delivering constant or increasing return on assets as well as focusing on key non-financial drivers of value;and attracting and retaining high calibre executives Additionally,the reward framework should seek to enhance executives interests by:rewarding capability and e
78、xperience;reflecting competitive reward for contribution to growth in shareholder wealth;and providing a clear structure for earning rewards In accordance with best practice corporate governance,the structure of non-executive director and executive director remuneration is separate.Non-executive dir
79、ectors remuneration Fees and payments to non-executive directors reflect the demands and responsibilities of their role.Non-executive directors fees and payments are reviewed annually by the Nomination and Remuneration Committee.The Nomination and Remuneration Committee may,from time to time,receive
80、 advice from independent remuneration consultants to ensure non-executive directors fees and payments are appropriate and in line with the market.Non-executive directors do not receive any retirement benefits,other than statutory superannuation.ASX listing rules require the aggregate non-executive d
81、irectors remuneration be determined periodically by a general meeting.The most recent determination was via a resolution of all shareholders at a meeting held on 6 November 2020,where shareholders approved that the aggregate fixed remuneration for all non-executive directors as determined by the Boa
82、rd is not to exceed$500,000 per annum.Directors fees cover all main board and committee activities.Argenica Therapeutics Limited Directors report 30 June 2024 8 The level of non-executive director fixed fees as at the reporting date are as follows:Dianne Angus$95,000 plus statutory superannuation pe
83、r annum Liddy McCall$50,000 plus statutory superannuation per annum Terry Budge$50,000 plus statutory superannuation per annum Non-executive directors may also receive performance related compensation via options following receipt of shareholder approval.The issue of share-based payments as part of
84、non-executive director remuneration ensures that director remuneration is competitive with market standards as well as providing an incentive to pursue longer term success for the company.It also reduces the demand on the cash resources of the company and assists in ensuring the continuity of servic
85、e of directors who have extensive knowledge of the company,its business activities and assets and the industry in which it operates.Details of share-based compensation are contained in this report.Executive remuneration The company aims to reward executives based on their position and responsibility
86、,with a level and mix of remuneration which has both fixed and variable components.The executive remuneration and reward framework has four components:base pay and non-monetary benefits short-term performance incentives share-based payments other remuneration such as superannuation and long service
87、leave The combination of these comprises the executives total remuneration.Fixed remuneration,consisting of base salary,superannuation and non-monetary benefits,are reviewed at least annually based on individual performance,the overall performance of the company and comparable market remunerations.E
88、xecutives may receive their fixed remuneration in the form of cash or other fringe benefits(for example motor vehicle benefits)where it does not create any additional costs to the company and provides additional value to the executive.Performance based short-term incentives(STI)may be provided to ex
89、ecutives to align the targets of the business with the targets of those executives responsible for meeting those targets.The long-term incentives(LTI)include long service leave and share-based payments.Shares and options may be awarded to executives based on long-term incentive measures including in
90、creasing shareholder value.Share-based LTIs issued to Directors are subject to shareholder approval.Details of share-based compensation are contained in this report.Use of remuneration consultants During the financial year ended 30 June 2024,the company engaged Bio 101,remuneration consultants,to re
91、view the remuneration of the Managing Director and Chief Executive Officer and the Non-Executive Directors against suitable comparable companies.This resulted in an increase in the Base Salary of the Managing Director and Chief Executive Officer and Non-Executive Director fees during the financial y
92、ear.No remuneration recommendations,as defined by the Corporations Act 2001,were provided by the consultant.Voting and comments made at the companys Annual General Meeting(AGM)The company received 99.22%“for”votes on its Remuneration Report for the year ended 30 June 2023.Details of remuneration Amo
93、unts of remuneration Details of the remuneration of key management personnel of the company are set out in the following tables.Argenica Therapeutics Limited Directors report 30 June 2024 9 The key management personnel of the company consisted of the following directors and management of Argenica Th
94、erapeutics Limited:Dianne Angus Non-Executive Chair(appointed 1 December 2023)Geoff Pocock Non-Executive Chair(resigned 5 June 2024)Sam South-Executive Director(resigned as a Director 30 November 2023)Liddy McCall Non-Executive Director Terry Budge-Non-Executive Director Liz Dallimore Managing Direc
95、tor and Chief Executive Officer Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super-Long service Equity-settled Equity-settled and fees bonus leave annuation leave shares options Total 2024$Non-Executive Directors:Dianne Angus1 55,417 -6
96、,096 -41,065 102,578 Geoff Pocock2 56,833 -6,252 -63,085 Liddy McCall 40,000 -4,400 -44,400 Terry Budge 40,000 -4,400 -44,400 Executive Directors:Liz Dallimore 287,500 -4,500 32,120 -100,126 424,246 Sam South3 75,000 -8,250 -83,250 554,750 -4,500 61,518 -141,191 761,959 1 Appointed 1 December 2023.2
97、 Resigned 5 June 2024.3 Resigned as a Director on 30 November 2023,remuneration is up to the date of Director resignation when ceased to be key management personnel.Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super-Long service Equity-
98、settled Equity-settled and fees bonus leave annuation leave shares options Total 2023$Non-Executive Directors:Geoff Pocock 72,000 -7,560 -3,748 83,308 Liddy McCall 30,000 -3,150 -3,748 36,898 Terry Budge 30,000 -3,150 -3,748 36,898 Executive Directors:Liz Dallimore 250,000 -26,250 -398,705 674,955 S
99、am South 180,000 -18,900 -7,497 206,397 562,000 -59,010 -417,446 1,038,456 Argenica Therapeutics Limited Directors report 30 June 2024 10 The proportion of remuneration linked to performance and the fixed proportion are as follows:Fixed remuneration At risk-STI At risk-LTI Name 2024 2023 2024 2023 2
100、024 2023 Non-Executive Directors:Dianne Angus 60%N/A -40%N/A Geoff Pocock 100%96%-4%Liddy McCall 100%90%-10%Terry Budge 100%90%-10%Executive Director:Liz Dallimore 76%41%-24%59%Sam South 100%96%-4%Service agreements Remuneration and other terms of employment for key management personnel are formalis
101、ed in service agreements.Details of these agreements are as follows:Name:Liz Dallimore Title:Managing Director and Chief Executive Officer Agreement commenced:21 March 2021 Term of agreement:Open Details:Under the agreement,Liz Dallimore is entitled to receive an annual base salary of$325,000 plus s
102、tatutory superannuation.The agreement is for an indefinite term,continuing until terminated by either the company or Liz Dallimore,giving not less than 3 months written notice of termination(or shorter periods in limited circumstances).Key management personnel have no entitlement to termination paym
103、ents in the event of removal for misconduct.Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2024.Argenica Therapeutics Limited Directors report 30 June 2024 11 Options The terms
104、 and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows:Number of Fair value options Vesting date and per option Name granted Grant date exercisable date Expir
105、y date Exercise price at grant date Geoff Pocock 250,000 14/04/2021 9/12/2021 30/09/2024$0.30$0.0523 Liddy McCall 250,000 14/04/2021 9/12/2021 30/09/2024$0.30$0.0523 Terry Budge 250,000 14/04/2021 9/12/2021 30/09/2024$0.30$0.0523 Sam South 500,000 14/04/2021 9/12/2021 30/09/2024$0.30$0.0523 Liz Dall
106、imore 1,250,000 14/04/2021 9/12/2021 30/09/2024$0.30$0.0523 Geoff Pocock 250,000 14/04/2021 9/12/2022 30/09/2024$0.30$0.0559 Liddy McCall 250,000 14/04/2021 9/12/2022 30/09/2024$0.30$0.0559 Terry Budge 250,000 14/04/2021 9/12/2022 30/09/2024$0.30$0.0559 Sam South 500,000 14/04/2021 9/12/2022 30/09/2
107、024$0.30$0.0559 Liz Dallimore 1,250,000 14/04/2021 9/12/2022 30/09/2024$0.30$0.0559 Liz Dallimore 1,000,000 24/11/2022 3/03/2023 03/06/2025$0.65$0.2400 Liz Dallimore 1,000,000 24/11/2022 3/12/2023 03/06/2025$0.65$0.2400 Dianne Angus 250,0001 14/08/2024 30/11/2024 31/05/2027$0.93$0.3406 Dianne Angus
108、250,0001 14/08/2024 30/11/2025 31/05/2027$0.93$0.3537 1 These options were awarded to Dianne Angus(Non-Executive Chair),on 12 April 2024 subject to shareholder approval.The grant date for accounting purposes is the date shareholder approval was obtained at the companys general meeting on 14 August 2
109、024.The options are expensed over the service period commencing from 12 April 2024.The options have the following vesting conditions:250,000 options will vest upon Dianne Angus being engaged as a Director for a continuous period up to 30 November 2024;and 250,000 options will vest upon Dianne Angus
110、being engaged as a Director for a continuous period up to 30 November 2025.Options granted carry no dividend or voting rights.All options were granted over unissued fully paid ordinary shares in the company.Options are exercisable by the holder as from the vesting date.There has not been any alterat
111、ion to the terms or conditions of the grant since the grant date.There are no amounts paid or payable by the recipient in relation to the granting of such options other than their potential exercise.Values of options over ordinary shares granted,exercised and lapsed for directors and other key manag
112、ement personnel as part of compensation during the year ended 30 June 2024 are set out below:Value of Value of Value of Value of Remuneration options options options options consisting of granted expensed exercised lapsed options during the during the during the during the for the year year year yea
113、r Year Name$%Dianne Angus-41,065 -40%Geoff Pocock-27,050 -Liddy McCall-Terry Budge-Sam South-Liz Dallimore-100,126 -24%-141,191 27,050 -Argenica Therapeutics Limited Directors report 30 June 2024 12 Additional information The earnings of the company for the five years to 30 June 2024 are summarised
114、below:2024 2023 2022 2021 2020$Revenue 2,790,022 1,810,896 261,602 296,277 249 EBITDA (5,671,205)(4,874,991)(4,093,256)(1,029,501)(383,403)EBIT (5,671,205)(4,874,991)(4,093,256)(1,029,501)(383,403)Loss after income tax (5,479,488)(4,815,044)(4,090,752)(1,029,501)(383,403)The factors that are conside
115、red to affect total shareholders return(TSR)are summarised below:2024 2023 2022 2021 2020 Share price at financial year end($)0.7825 0.375 0.43 0.20 N/A Total dividends declared(cents per share)-N/A Basic earnings per share(cents per share)(5.3)(5.5)(5.5)(2.9)(2.3)N/A Not applicable as Argenica Ther
116、apeutics Limited was admitted to the Official List of ASX on 9 June 2021 and commenced trading on the ASX on 11 June 2021.Additional disclosures relating to key management personnel Shareholding The number of shares in the company held during the financial year by each director and other members of
117、key management personnel of the company,including their personally related parties,is set out below:Balance at Received Balance at the start of as part of Exercise of Disposals/the end of Ordinary shares the year remuneration Options other the year/resignation Dianne Angus -Geoff Pocock 4,436,690 -2
118、94,239 -4,730,9291 Sam South 2,000,000 -2,000,0002 Liddy McCall 125,000 -125,000 Terry Budge 487,520 -487,520 Liz Dallimore 50,000 -50,000 7,099,210 -294,239 -7,393,449 1 Resigned as a Director on 5 June 2024,final holdings are as at date of resignation.2 Resigned as a Director on 30 November 2023,f
119、inal holdings are as at date of resignation.Option holding The number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the company,including their personally related parties,is set out below:Balance at Exp
120、ired/Balance at the start of forfeited/the end of Options over ordinary shares the year Granted Exercised other the year/resignation Dianne Angus -Geoff Pocock 500,000 -(294,239)(205,761)3 -1 Sam South 1,000,000 -1,000,0002 Liddy McCall 500,000 -500,000 Terry Budge 500,000 -500,000 Liz Dallimore 4,5
121、00,000 -4,500,000 7,000,000 -(294,239)(205,761)6,500,000 Argenica Therapeutics Limited Directors report 30 June 2024 13 1 Resigned as a Director on 5 June 2024,final holdings are as at the date of resignation.2 Resigned as a Director on 30 November 2023,final holdings are as at the date of resignati
122、on.3 Options were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash.The total exercise premium due to be paid on these options was$150,000 and 205,761 options were given up on exercise,calculated using the volum
123、e weighted average share price on the 15 trading days prior to exercise of the options($0.729)Other transactions with key management personnel and their related parties There were no other transactions with key management personnel and their related parties.(2023:$Nil)This concludes the remuneration
124、 report,which has been audited.Shares under option Unissued ordinary shares of Argenica Therapeutics Limited under option at the date of this report are as follows:Grant date Expiry date Exercise Number price under option 09/06/2021 30/09/2024$0.30 960,000 02/01/2022 01/04/2025$1.10 300,000 06/07/20
125、22 06/07/2025$0.65 125,000 24/11/2022 03/06/2025$0.65 2,000,000 09/06/2023 09/06/2026$0.65 1,000,000 14/08/2024 31/05/2027$0.93 500,000 4,885,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other b
126、ody corporate.Shares issued on the exercise of options The following ordinary shares were issued during the year ended 30 June 2024 and up to the date of this report on the exercise of options granted:Grant date Expiry date Exercise Number of price shares issued 14/04/2021 30/09/2024$0.30 1,233,280
127、09/06/2021 30/09/2024$0.30 240,000 14/04/2021 30/09/2024$0.30 3,431,819 Indemnity and insurance of officers The company has indemnified the directors and executives of the company for costs incurred,in their capacity as a director or executive,for which they may be held personally liable,except wher
128、e there is a lack of good faith.During the financial year,the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of
129、 the liability and the amount of the premium.Indemnity and insurance of auditor The company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor.During the financial year,
130、the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity.Argenica Therapeutics Limited Directors report 30 June 2024 14 Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001
131、 for leave to bring proceedings on behalf of the company,or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.Non-audit services There were no non-audit services provided during the f
132、inancial year by the auditor.Officers of the company who are former partners of RSM Australia Partners There are no officers of the company who are former partners of RSM Australia Partners.Rounding of amounts The company is of a kind referred to in Corporations Instrument 2016/191,issued by the Aus
133、tralian Securities and Investments Commission,relating to rounding-off.Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar.Auditor RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.Thi
134、s report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directors _ Dianne Angus Director 28 August 2024 Perth Auditors independence declaration A copy of the auditors independence declaration as required under section
135、307C of the Corporations Act 2001 is set out immediately after this directors report.RSM Australia Partners is a member of the RSM network and trades as RSM.RSM is the trading name used by the members of the RSM network.Each member of the RSM network is an independent accounting and consulting firm
136、which practices in its own right.The RSM network is not itself a separate legal entity in any jurisdiction.RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower,2 The Esplanade Perth WA
137、 6000 GPO Box R1253 Perth WA 6844 T+61(0)8 9261 9100 .au AUDITORS INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Argenica Therapeutics Limited for the year ended 30 June 2024,I declare that,to the best of my knowledge and belief,there have been no contraventions of
138、:(i)the auditor independence requirements of the Corporations Act 2001 in relation to the audit;and (ii)any applicable code of professional conduct in relation to the audit.RSM AUSTRALIA Perth,WA TUTU PHONG Dated:28 August 2024 Partner Argenica Therapeutics Limited Contents 30 June 2024 16 Statement
139、 of profit or loss and other comprehensive income 17 Statement of financial position 18 Statement of changes in equity 19 Statement of cash flows 20 Notes to the financial statements 21 Directors declaration 40 Independent auditors report to the members of Argenica Therapeutics Limited 41 Shareholde
140、r information 44 General information The financial statements cover Argenica Therapeutics Limited.The financial statements are presented in Australian dollars,which is Argenica Therapeutics Limited functional and presentation currency.Argenica Therapeutics Limited is a listed public company limited
141、by shares,incorporated and domiciled in Australia.Its registered office and principal place of business are:Registered office Principal place of business Unit 4,117 Broadway Unit 4,117 Broadway Nedlands,WA 6009 Nedlands,WA 6009 A description of the nature of the companys operations and its principal
142、 activities are included in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 28 August 2024.The directors have the power to amend and reissue the financial statements.Argenica Therape
143、utics Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2024 Note 2024 2023$The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 17 Income Other income 4 2,597,937 1,749,899 Interest
144、 income 192,085 60,997 Total income 2,790,022 1,810,896 Expenses Administration and corporate expenses 5 (847,935)(825,869)Employee and contractor expenses 6 (1,263,262)(1,030,591)Research and development costs (6,016,753)(4,308,080)Finance costs (369)(1,050)Share based payments 26 (141,191)(460,350
145、)Total expenses (8,269,510)(6,625,940)Loss before income tax expense (5,479,488)(4,815,044)Income tax expense -Loss after income tax expense for the year (5,479,488)(4,815,044)Other comprehensive income for the year,net of tax -Total comprehensive loss for the year (5,479,488)(4,815,044)Cents Cents
146、Basic earnings per share 27 (5.3)(5.5)Diluted earnings per share 27 (5.3)(5.5)Argenica Therapeutics Limited Statement of financial position As at 30 June 2024 Note 2024 2023$The above statement of financial position should be read in conjunction with the accompanying notes 18 Assets Current assets C
147、ash and cash equivalents 8 15,912,660 9,289,156 Other receivables 9 372,076 152,362 Other current assets 10 91,819 98,346 Total current assets 16,376,555 9,539,864 Non-current assets Intangibles 11 1,000 1,000 Total non-current assets 1,000 1,000 Total assets 16,377,555 9,540,864 Liabilities Current
148、 liabilities Trade and other payables 12 1,672,503 1,182,924 Deferred income 13 704,347 659,069 Employee benefits 14 49,870 32,431 Total current liabilities 2,426,720 1,874,424 Total liabilities 2,426,720 1,874,424 Net assets 13,950,835 7,666,440 Equity Issued capital 15 28,428,742 16,618,266 Reserv
149、es 16 1,208,147 1,366,874 Accumulated losses 17 (15,686,054)(10,318,700)Total equity 13,950,835 7,666,440 Argenica Therapeutics Limited Statement of changes in equity For the year ended 30 June 2024 The above statement of changes in equity should be read in conjunction with the accompanying notes 19
150、 Note Issued Accumulated Total equity capital Reserves Losses$Balance at 1 July 2022 13,065,033 746,114 (5,503,656)8,307,491 Loss after income tax expense for the year -(4,815,044)(4,815,044)Other comprehensive income for the year,net of tax -Total comprehensive loss for the year -(4,815,044)(4,815,
151、044)Transactions with owners in their capacity as owners:Contributions of equity,net of transaction costs 15 3,553,233 10 -3,553,243 Share based payments 26 -620,750 -620,750 Balance at 30 June 2023 16,618,266 1,366,874 (10,318,700)7,666,440 Issued Accumulated Total equity capital Reserves losses$Ba
152、lance at 1 July 2023 16,618,266 1,366,874 (10,318,700)7,666,440 Loss after income tax expense for the year -(5,479,488)(5,479,488)Other comprehensive income for the year,net of tax -Total comprehensive loss for the year -(5,479,488)(5,479,488)Transactions with owners in their capacity as owners:Cont
153、ributions of equity,net of transaction costs 15 11,622,692 -11,622,692 Share based payments 26 -141,191 -141,191 Transfer fair value from options reserve to issued capital on exercise of options 16 187,784 (187,784)-Transfer fair value from options reserve to accumulated losses on lapse of share opt
154、ions 16 -(112,134)112,134 -Balance at 30 June 2024 28,428,742 1,208,147 (15,686,054)13,950,835 Argenica Therapeutics Limited Statement of cash flows For the year ended 30 June 2024 Note 2024 2023$The above statement of cash flows should be read in conjunction with the accompanying notes 20 Cash flow
155、s from operating activities Government grant income received(inclusive of GST)573,649 721,104 Research and development contributions received(inclusive of GST)35,200 350,000 Payments to suppliers and employees(inclusive of GST)(7,851,396)(5,809,284)(7,242,547)(4,738,180)Interest received 93,047 60,9
156、97 Interest and other finance costs paid(369)(1,050)Research and development tax rebate received 4 2,089,308 1,377,917 Net cash used in operating activities 25(5,060,561)(3,300,316)Cash flows from investing activities Placement of term deposits-(50,000)Withdrawal of term deposits 50,000-Net cash pro
157、vided by/(used in)investing activities 50,000(50,000)Cash flows from financing activities Proceeds from issue of shares,net of share issue costs 11,228,663 3,725,005 Proceeds from exercise of options,net of share issue costs 405,402-Proceeds from issue of options,net of share issue costs-10Net cash
158、provided by financing activities 11,634,065 3,725,015 Net increase in cash and cash equivalents 6,623,504 374,699 Cash and cash equivalents at the beginning of the financial year 9,289,156 8,914,457 Cash and cash equivalents at the end of the financial year 8 15,912,660 9,289,156 Argenica Therapeuti
159、cs Limited Notes to the financial statements 30 June 2024 21 Note 1.Material accounting policy information The accounting policies that are material to the company are set out below.These policies have been consistently applied to all the years presented,unless otherwise stated.Consolidated Entity D
160、isclosure Statement as at 30 June 2024 The company has no controlled entities and,therefore,is not required by the Australian Accounting Standards to prepare consolidated financial statements.As a result,section 295(3A)(a)of the Corporations Act 2001 does not apply to the company.New or amended Acco
161、unting Standards and Interpretations adopted The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or amended Accounting Standards or Interpretati
162、ons that are not yet mandatory have not been early adopted.Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,
163、as appropriate for for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost convention The financial statements have been prepared under the historical cost con
164、vention,except for,where applicable,the revaluation of financial assets and liabilities at fair value through profit or loss,financial assets at fair value through other comprehensive income,investment properties,certain classes of property,plant and equipment and derivative financial instruments.Cr
165、itical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the companys accounting policies.The areas involving a higher degree of judgement or comp
166、lexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 2.Operating segments Operating segments are presented using the management approach,where the information presented is on the same basis as the internal reports provided to the Chief Ope
167、rating Decision Makers(CODM).The CODM is responsible for the allocation of resources to operating segments and assessing their performance.Foreign currency translation The financial statements are presented in Australian dollars,which is Argenica Therapeutics Limiteds functional and presentation cur
168、rency.Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial yea
169、r-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.Revenue recognition The company recognises revenue as follows:Interest income Interest income is recognised as interest accrues using the effective interest method.This is a met
170、hod of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount
171、 of the financial asset.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 Note 1.Material accounting policy information(continued)22 Other income Other income is recognised when it is received or when the right to receive payment is established.Government grants Government
172、 grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate.Impairment of other tangible and intangible assets At each reporting date,the company reviews the carrying amounts of its tangible and i
173、ntangible assets to determine whether there is any indication that those assets have suffered an impairment loss.If any such indication exists,the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss(if any).Where the asset does not generate cash flows
174、 that are independent from other assets,the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Where a reasonable and consistent basis of allocation can be identified,corporate assets are also allocated to individual cash-generating units,or otherwise the
175、y are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually and whenever there is an indicatio
176、n that the asset may be impaired.Recoverable amount is the higher of fair value less costs to sell and value in use.In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
177、 of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset(or cash-generating unit)is estimated to be less than its carrying amount,the carrying amount of the asset(cash generating unit)is reduced to its rec
178、overable amount.An impairment loss is recognised in profit or loss immediately,unless the relevant asset is carried at fair value,in which case the impairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses,the carrying amount of the asset(cash-generating uni
179、t)is increased to the revised estimate of its recoverable amount,but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset(cash-generating unit)in prior years.A reversal of an imp
180、airment loss is recognised in profit or loss immediately,unless the relevant asset is carried at fair value,in which case the reversal of the impairment loss is treated as a revaluation increase.Income tax The income tax expense or benefit for the period is the tax payable on that periods taxable in
181、come based on the applicable income tax rate for each jurisdiction,adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax assets and liabilities are recognise
182、d for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill o
183、r an asset or liability in a transaction that is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of
184、the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise tho
185、se temporary differences and losses.The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount
186、to be recovered.Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 Note 1.Material accounting policy information
187、(continued)23 Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable
188、entity or different taxable entities which intend to settle simultaneously.Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification.An asset is classified as current when:it is either expected t
189、o be realised or intended to be sold or consumed in the companys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivalent unless restricted from being exchanged or used to
190、settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the companys normal operating cycle;it is held primarily for the purpose of trading;it is due to be set
191、tled within 12 months after the reporting period;or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.All other liabilities are classified as non-current.Deferred tax assets and liabilities are always classified as non-current.
192、Cash and cash equivalents Cash and cash equivalents includes cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an in
193、significant risk of changes in value.For the statement of cash flows presentation purposes,cash and cash equivalents also includes bank overdrafts,which are shown within borrowings in current liabilities on the statement of financial position.Trade and other receivables Trade receivables are initial
194、ly recognised at fair value and subsequently measured at amortised cost using the effective interest method,less any allowance for expected credit losses.Trade receivables are generally due for settlement within 30 days.The company has applied the simplified approach to measuring expected credit los
195、ses,which uses a lifetime expected loss allowance.To measure the expected credit losses,trade receivables have been grouped based on days overdue.Other receivables are recognised at amortised cost,less any allowance for expected credit losses.Trade and other payables These amounts represent liabilit
196、ies for goods and services provided to the company prior to the end of the financial year and which are unpaid.Due to their short-term nature they are measured at amortised cost and are not discounted.The amounts are unsecured and are usually paid within 30 days of recognition.Employee benefits Shor
197、t-term employee benefits Liabilities for wages and salaries,including non-monetary benefits,annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.Other long-term employ
198、ee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit
199、credit method.Consideration is given to expected future wage and salary levels,experience of employee departures and periods of service.Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that match,as closely as po
200、ssible,the estimated future cash outflows.Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 Note 1.Material accounti
201、ng policy information(continued)24 Share-based payments Equity-settled share-based compensation benefits are provided to employees.Equity-settled transactions are awards of shares,or options over shares,that are provided to employees in exchange for the rendering of services.Cash-settled transaction
202、s are awards of cash for the exchange of services,where the amount of cash is determined by reference to the share price.The cost of equity-settled transactions are measured at fair value on grant date.Fair value is independently determined using either the Binomial or Black-Scholes option pricing m
203、odel that takes into account the exercise price,the term of the option,the impact of dilution,the share price at grant date and expected price volatility of the underlying share,the expected dividend yield and the risk free interest rate for the term of the option,together with non-vesting condition
204、s that do not determine whether the company receives the services that entitle the employees to receive payment.No account is taken of any other vesting conditions.The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period.The
205、 cumulative charge to profit or loss is calculated based on the grant date fair value of the award,the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period.The amount recognised in profit or loss for the period is the cumulative amount calculate
206、d at each reporting date less amounts already recognised in previous periods.The cost of cash-settled transactions is initially,and at each reporting date until vested,determined by applying either the Binomial or Black-Scholes option pricing model,taking into consideration the terms and conditions
207、on which the award was granted.The cumulative charge to profit or loss until settlement of the liability is calculated as follows:during the vesting period,the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.from th
208、e end of the vesting period until settlement of the award,the liability is the full fair value of the liability at the reporting date.All changes in the liability are recognised in profit or loss.The ultimate cost of cash-settled transactions is the cash paid to settle the liability.Market condition
209、s are taken into consideration in determining fair value.Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met,provided all other conditions are satisfied.If equity-settled awards are modified,as a minimum an expens
210、e is recognised as if the modification has not been made.An additional expense is recognised,over the remaining vesting period,for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.If the non-vesting condition is within the co
211、ntrol of the company or employee,the failure to satisfy the condition is treated as a cancellation.If the condition is not within the control of the company or employee and is not satisfied during the vesting period,any remaining expense for the award is recognised over the remaining vesting period,
212、unless the award is forfeited.If equity-settled awards are cancelled,it is treated as if it has vested on the date of cancellation,and any remaining expense is recognised immediately.If a new replacement award is substituted for the cancelled award,the cancelled and new award is treated as if they w
213、ere a modification.Issued capital Ordinary shares are classified as equity.Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,net of tax,from the proceeds.Earnings per share Basic earnings per share Basic earnings per share is calculated
214、by dividing the profit attributable to the owners of the company,excluding any costs of servicing equity other than ordinary shares,by the weighted average number of ordinary shares outstanding during the financial year,adjusted for bonus elements in ordinary shares issued during the financial year.
215、Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 Note 1.Material accounting policy information(continued)25 Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after incom
216、e tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.Goods and Services Tax(GST)and other similar taxes Revenu
217、es,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax authority.In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the
218、 amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax authority is included in other receivables or other payables in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash flows arising from investing or f
219、inancing activities which are recoverable from,or payable to the tax authority,are presented as operating cash flows.Commitments and contingencies are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.Intangible assets Intangible assets acquired as part of a busines
220、s combination,other than goodwill,are initially measured at their fair value at the date of the acquisition.Intangible assets acquired separately are initially recognised at cost.Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment.Finite life
221、 intangible assets are subsequently measured at cost less amortisation and any impairment.The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset.
222、The method and useful lives of finite life intangible assets are reviewed annually.Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.Research and development Research costs are expensed in the period in which t
223、hey are incurred.Development costs are capitalised when it is probable that the project will be successful considering its commercial and technical feasibility;the company is able to use or sell the asset;the company has sufficient resources;and intent to complete the development and its costs can b
224、e measured reliably.Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit.New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or ame
225、nded but are not yet mandatory,have not been early adopted by the company for the annual reporting period ended 30 June 2024.The company has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.Note 2.Critical accounting judgements,estimates and assumptions Th
226、e preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management continually evaluates its judgements and estimates in relation to assets,liabilities,contingent liabilities,revenue and e
227、xpenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,management believes to be reasonable under the circumstances.The resulting accounting judgements and estimates will seldom equal the related
228、 actual results.The judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities(refer to the respective notes)within the next financial year are discussed below.Argenica Therapeutics Limited Notes to the financi
229、al statements 30 June 2024 Note 2.Critical accounting judgements,estimates and assumptions(continued)26 Share-based payment transactions The company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are
230、granted.The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted.The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying
231、amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 27 Note 3.Operating segments The company has considered the requirements of AASB 8 Operating Segments and ha
232、s identified its operating segments based on the internal reports that are reviewed and used by the board of directors(chief operating decision makers)in assessing performance and determining the allocation of resources.The company operates as a single segment being research and development of a neu
233、roprotective therapeutic drug.The board of directors review the earnings before tax and net assets of the company.There is no difference between the audited financial report and the internal reports generated for review.The company is domiciled in Australia and is currently in the development phase
234、and hence has not begun to generate revenue from operations.All the assets are located in Australia.Note 4.Other income 2024 2023$Other income Research and development tax rebate 2,089,308 1,377,917 Government grants 476,629 21,982 Research and development contributions received 32,000 350,000 2,597
235、,937 1,749,899 Note 5.Expenses-administration and corporate expenses 2024 2023$Listing and compliance costs 71,031 67,003 Accounting,audit and tax fees 62,891 67,340 Legal fees and patent costs 118,308 136,008 Investor relations and marketing 250,400 178,482 Insurance 70,084 87,003 General administr
236、ation costs 275,221 290,033 847,935 825,869 Note 6.Expenses employee and contractor expenses 2024 2023$Wages and salaries 961,637 743,730 Superannuation 101,929 84,861 Contractors 187,233 202,000 Payroll tax 12,463 -1,263,262 1,030,591 Argenica Therapeutics Limited Notes to the financial statements
237、30 June 2024 28 Note 10.Current assets-others 2024 2023$Prepayments 91,819 48,346 Term deposits -50,000 91,819 98,346 Note 7.Income tax expense The prima facie tax receivable on loss before income tax is reconciled to the income tax expense as follows:2024 2023$Prima facie benefit on operating loss
238、at 25.0%(2023:25.0%)1,367,467 1,203,761 Tax effect amounts which are not deductible in calculating taxable income (1,045,596)(842,133)Tax losses not brought to account (321,871)(361,628)Income tax benefit attributable to operating loss -A potential deferred tax asset,attributable to tax losses carri
239、ed forward,amounts to approximately$1,147,209(30 June 2023:$797,600)and has not been brought to account at reporting date because the directors do not believe it is appropriate to regard realisation of the deferred tax asset as probable at this point in time.This benefit will only be obtained if:the
240、 company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss and research and development expenditure to be realised;the company continues to comply with the conditions for deductibility imposed by law;and no changes in tax
241、legislation adversely affect the company in realising the benefit from the deductions for the loss and research and development expenditure.Note 8.Current assets-cash and cash equivalents 2024 2023$Cash at bank 3,861,480 9,289,156 Cash on deposit 12,051,180 -15,912,660 9,289,156 Note 9.Current asset
242、s-other receivables 2024 2023$GST receivable 273,038 152,362 Interest receivable 99,038 -372,076 152,362 Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 29 Note 12.Current liabilities-trade and other payables 2024 2023$Trade payables 1,403,027 1,141,345 Accrued expenses
243、246,117 22,140 PAYG payable 23,359 19,439 1,672,503 1,182,924 Refer to note 18 for further information on financial instruments.Note 13.Deferred income 2024 2023$Government grants 704,347 659,069 704,347 659,069 Note 11.Non-current assets-intangibles 2024 2023$Patents At Cost 1,000 1,000 Less:Accumu
244、lated Amortisation -Closing balance 1,000 1,000 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial period are set out below:Patents Total$Balance at 1 July 2022 1,000 1,000 Additions -Impairment of assets -Amortisation expense -Balance at 30
245、June 2023 1,000 1,000 Patents Total$Balance at 1 July 2023 1,000 1,000 Additions -Impairment of assets -Amortisation expense -Balance at 30 June 2024 1,000 1,000 Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 30 Reconciliation Reconciliation of deferred income values at
246、 the beginning and end of the current financial period are set out below:2024 2023$Balance at beginning of financial year 659,069 -Grant income received 517,407 681,051 Recognised as income during financial year (472,129)(21,982)Balance at end of financial year 704,347 659,069 During the financial y
247、ear,the company received$308,000(30 June 2023:$681,051)of grant funds under a Commonwealth Standard Grant Agreement with the Department of Industry,Science and Resources for the Cooperative Research Centre Projects(CRC-P)program.Revenue recognised in the financial year for this grant amounted to$393
248、,676(30 June 2023:$21,982).The remaining$573,392(30 June 2023:$659,069)of grant funds received have been recognised as deferred income due to unfulfilled conditions relating to the spending requirements under the grant agreement.During the financial year,the company received$209,408(30 June 2023:$Ni
249、l)of grant funds under a Grant Funding Agreement with the Government of Western Australia Department of Health for the Innovation Seed Fund program.Revenue recognised in the financial year for this grant amounted to$78,453(30 June 2023:$Nil).The remaining$130,955(30 June 2023:$Nil)of grant funds rec
250、eived have been recognised as deferred income due to unfulfilled conditions relating to the spending requirements under the grant agreement.Note 14.Current liabilities-employee benefits 2024 2023$Employee benefits 49,870 32,431 49,870 32,431 Amounts not expected to be settled within the next 12 mont
251、hs The current provision for employee benefits includes all unconditional entitlements where employees have completed the required period of service and also those where employees are entitled to pro-rata payments in certain circumstances.The entire amount is presented as current,since the company d
252、oes not have an unconditional right to defer settlement.However,based on past experience,the company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 31 Not
253、e 15.Equity-issued capital 2024 2023 2024 2023 Shares Shares$Ordinary shares-fully paid 123,701,026 98,350,822 28,428,742 16,618,266 Movements in ordinary share capital Details Date Shares Issue price$Opening balance at 1 July 2022 86,922,250 13,065,033 Issue of shares placement 9 June 2024 11,428,5
254、72$0.35 4,000,000 Share issue transaction costs,net of tax -(446,767)Closing balance at 30 June 2023 98,350,822 16,618,266 Opening balance at 1 July 2023 98,350,822 16,618,266 Issue of shares exercise of options 3 August 2023 800,000$0.30 240,000 Issue of shares exercise of options 2 February 2024 3
255、50,000$0.30 105,000 Issue of shares exercise of options 16 February 2024 100,000$0.30 30,000 Issue of shares exercise of options 17 March 2024 140,000$0.30 42,000 Issue of shares placement 22 April 2024 23,076,924$0.52 12,000,000 Issue of shares exercise of options1 5 June 2024 294,239$0.00 -Issue o
256、f shares exercise of options2 14 June 2024 589,041$0.00 -Transfer of fair value from options reserve to issued capital -187,784 Share issue transaction costs,net of tax -(794,308)Closing balance at 30 June 2024 123,701,026 28,428,742 1 500,000 options issued under the companys Employee Incentive Pla
257、n were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash.The total exercise premium due to be paid on these options was$150,000 and 205,761 options were given up on exercise,calculated using the volume weighted
258、average share price on the 15 trading days prior to exercise of the options($0.729).2 1,000,000 options issued under the companys Employee Incentive Plan were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash.Th
259、e total exercise premium due to be paid on these options was$300,000 and 410,959 options were given up on exercise,calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options($0.730).Ordinary shares Ordinary shares entitle the holder to participat
260、e in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held.The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.On a show of hands every member present at a meeti
261、ng in person or by proxy shall have one vote and upon a poll each share shall have one vote.Share buy-back There is no current on-market share buy-back.Capital risk management The companys objectives when managing capital is to safeguard its ability to continue as a going concern,so that it can prov
262、ide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 32 In order to maintain or adjust the capital structure,the company may adjust the
263、amount of dividends paid to shareholders,return capital to shareholders,issue new shares or sell assets to reduce debt.The company would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current companys share price at the time of t
264、he investment.The company is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.Note 16.Equity reserves 2024 2023$Options reserve 1,208,147 1,366,874 1,208,147 1,366,874 Movements in option reser
265、ve Number Total$Balance at 1 July 2022 10,000,000 746,114 Grant of share options during the year 3,125,000 569,398 Grant of share options in prior periods vesting over multiple periods -51,352 Proceeds from issue of options -10 Balance at 30 June 2023 13,125,000 1,366,874 Grant of share options duri
266、ng the year 500,000 41,065 Grant of share options in prior periods vesting over multiple periods -100,126 Transfer fair value from options reserve to issued capital on exercise of options (2,890,000)(187,784)Transfer from options reserve to accumulated losses on lapse of share options (600,000)(112,
267、134)Balance at 30 June 2024 10,135,000 1,208,147 Options reserve The option reserve records value of options expensed during the period.Refer note 26 for further details on share-based payments.Note 17.Equity accumulated losses 2024 2023$Accumulated losses at the beginning of the financial year (10,
268、318,700)(5,503,656)Loss after income tax expense for the year (5,479,488)(4,815,044)Transfer fair value from options reserve to accumulated losses on lapse of share options 112,134 -Accumulated losses at the end of the financial year (15,686,054)(10,318,700)Argenica Therapeutics Limited Notes to the
269、 financial statements 30 June 2024 33 Note 18.Financial risk management objectives and policies The companys principal financial instruments comprise cash and short-term deposits.The company manages its exposure to a variety of financial risks:market risk(including foreign currency risk,price risk a
270、nd interest rate risk),credit risk and liquidity risk,in accordance with its financial risk management policy.The objective of the policy is to support the delivery of its financial targets whilst protecting future financial security.The company uses different methods to measure and manage different
271、 types of risks to which it is exposed.These include monitoring levels of exposure to interest rate risk and assessments of market forecast for interest rates.Liquidity risk is monitored through the development of future rolling cash flow forecasts.Primary responsibility for identification and contr
272、ol of financial risks rests with the Board.The Board reviews and agrees policies for managing each of the risks identified below.Market risk Foreign currency risk The company is not exposed to significant foreign currency risk as its operations are based in Australia,with no major suppliers subject
273、to foreign exchange rates.Price risk The company is not exposed to any significant price risk.Interest rate risk The company has a policy of minimising its exposure to interest payable on debt.The company has no debt that requires the payment of interest.At reporting date,the company had$15,912,660(
274、30 June 2023:$9,289,156)in cash and cash equivalents exposed to interest rate risk.The companys exposure to market interest rates relates primarily to cash and short-term deposits.At reporting date,if interest rates had moved,as illustrated in the table below,with all other variables held constant,n
275、et loss and retained earnings would have been affected as follows:Net loss Equity Higher/(lower)Higher/(lower)2024 2023 2024 2023$+0.5%(50 basis points)79,563 46,446 79,563 46,446 -0.5%(50 basis points)(79,563)(46,446)(79,563)(46,446)The movements are due to higher/lower interest revenue from cash b
276、alances.Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company.The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount,net of any provisions for impa
277、irment of those assets,as disclosed in the statement of financial position and notes to the financial statements.The company does not hold any collateral.Liquidity risk Liquidity risk is managed through the companys objective to maintain adequate funding to meet its needs,currently represented by ca
278、sh and short-term deposits sufficient to meet the current cash requirements.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 34 Capital management The primary objective of the companys capital management is to ensure that it maintains a strong credit rating and healthy ca
279、pital rations in order to support its business and maximise shareholder value.The company manages its capital structure and makes adjustments to it,in light of changes in economic conditions.To maintain or adjust the capital structure,the company may return capital to shareholders or issue new share
280、s.No changes were made in the objectives,policies or processes during the years ended 30 June 2024 and 30 June 2023.The company monitors capital with reference to the net debt position.The companys current policy is to keep the net debt position negative,such that cash and cash equivalents exceed de
281、bt.Remaining contractual maturities The following tables detail the companys remaining contractual maturity for its financial instrument liabilities.The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabiliti
282、es are required to be paid.The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.Weighted average interest rate 1 year or less Between 1 and 2 yea
283、rs Between 2 and 5 years Over 5 years Remaining contractual maturities 2024%$Non-interest bearing Trade payables -1,403,027 -1,403,027 Other payables -269,476 -269,476 Total 1,672,503 -1,672,503 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Re
284、maining contractual maturities 2023%$Non-interest bearing Trade payables -1,141,345 -1,141,345 Other payables -41,579 -41,579 Total 1,182,924 -1,182,924 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.Fair value of fina
285、ncial instruments Unless otherwise stated,the carrying amounts of financial instruments reflect their fair value.Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 35 Note 19.Key management personnel disclosures Compensation The aggregate compensation made to directors and
286、other members of key management personnel of the company is set out below:2024 2023$Short-term employee benefits 559,250 562,000 Post-employment benefits 61,518 59,010 Share-based payments 141,191 417,446 761,959 1,038,456 Note 20.Remuneration of auditors During the financial year the following fees
287、 were paid or payable for services provided by RSM Australia Partners,the auditor of the company,its network firms and unrelated firms:2024 2023$Audit services RSM Australia Partners Audit or review of the financial statements 34,250 31,140 34,250 31,140 Note 21.Contingent assets and liabilities The
288、 company has the following contingent assets at 30 June 2024(30 June 2023:none):-Under the Commonwealth Standard Grant Agreement with the Department of Industry,Science and Resources for the Cooperative Research Centre Projects(CRC-P)program,the company is due to receive$210,949(30 June 2023:$518,97
289、9)in grant funds to support the project“A novel therapeutic for the treatment of traumatic brain injury”,subject to delivery of project milestones and deliverables in future periods within one year;and-Under the Grant Funding Agreement with the Government of Western Australia Department of Health fo
290、r the Innovation Seed Fund program,the company is due to receive$209,408(30 June 2023:$Nil)in grant funds to support the project“A novel therapeutic for the treatment of traumatic brain injury”,subject to delivery of project milestones and deliverables in future periods within one year.The company d
291、oes not have any contingent liabilities at 30 June 2024(30 June 2023:none).Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 36 Note 22.Commitments 2024 2023$Corporate advisory services commitments Committed at the reporting date but not recognised as liabilities,payable:W
292、ithin one year 40,000 14,000 40,000 14,000 Note 23.Related party transactions Key management personnel Disclosures relating to key management personnel are set out in note 19 and the remuneration report included in the directors report.Transactions with related parties There were no transactions wit
293、h related parties during the current and previous financial year.Receivables from and payables to related parties There were no receivables from or payables to related parties at the current and previous reporting date.Loans to/from related parties There were no loans to or from related parties at t
294、he current and previous reporting date.Note 24.Events after the reporting period On 8 August 2024,3,181,819 ordinary shares were issued on the exercise 5,000,000 options over ordinary.These options were exercised using a cashless exercise mechanism whereby options to the value of the exercise premiu
295、m due are given up in lieu of paying cash.The total exercise premium due to be paid on these options was$1,500,000 and 1,818,181 options were given up on exercise,calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options($0.825).On 8 August 2024
296、,250,000 ordinary shares were issued on the exercise of options over ordinary shares with an exercise price of$0.30,raising cash exercise proceeds of$75,000.On 14 August 2024,500,000 options over ordinary shares were issued with an exercise price of$0.93 and expiry date of 31 May 2027 to Director Di
297、anne Angus.No other matter or circumstance has arisen since 30 June 2024 that has significantly affected,or may significantly affect the companys operations,the results of those operations,or the companys state of affairs in future financial years.Argenica Therapeutics Limited Notes to the financial
298、 statements 30 June 2024 37 Note 26.Share based payments Total share-based payment transactions recognised during the year were as follows:2024 2023$Options issued to key management personnel 141,191 417,447 Options issued to employees/consultants -42,903 Options issued to lead manager -160,400 141,
299、191 620,750 Represented by:Share-based payment expense 141,191 460,350 Share issue costs -160,400 141,191 620,750 Options:Set out below are the summaries of options granted as share based payments in current year:Grant Date Expiry Date Exercise Price Balance 1/07/2023 Granted during the year Exercis
300、ed during the year Expired/Forfeited Balance 30/06/2024 Vested 30/06/2024 Not Vested 30/06/2024 14/04/2021 30/09/2024$0.30 7,100,000 -(1,233,280)(616,720)5,250,000 5,250,000-09/06/2021 30/09/2024$0.30 1,200,000 -(240,000)-960,000 960,000-03/08/2021 06/08/2023$0.30 800,000-(800,000)-02/01/2022 01/04/
301、2025$1.10 300,000-300,000 300,000-03/06/2022 10/06/2023$0.65 600,000-(600,000)-05/07/2022 06/07/2025$0.65 125,000-125,000 125,000-24/11/2022 03/06/2025$0.65 2,000,000-2,000,000 2,000,000-09/06/2023 09/06/2026$0.65 1,000,000-1,000,000 1,000,000-14/08/20231 31/05/2027$0.93-500,000-500,000-500,000 13,1
302、25,000 500,000 (2,273,280)(1,216,720)10,135,000 9,635,000 500,000 Note 25.Reconciliation of loss after income tax to net cash used in operating activities 2024 2023$Loss after income tax expense for the year (5,479,488)(4,815,044)Adjustments for:Share based payments(note 26)141,191 460,350 Change in
303、 operating assets and liabilities:-Increase in other receivables and other current assets (230,836)(72,765)-Increase in trade and other payables 445,854 460,543-Increase in employee benefits 17,439 7,531-Increase in deferred income 45,279 659,069 Net cash used in operating activities (5,060,561)(3,3
304、00,316)Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 38 During the current financial year,the following options were granted:1 These options were awarded to Dianne Angus(Director),on 12 April 2024 subject to shareholder approval.The grant date for accounting purposes i
305、s the date shareholder approval was obtained at the companys general meeting on 14 August 2024 and are expensed over their service period commencing 12 April 2024.The options have the following vesting conditions:250,000 options will vest upon being engaged as a Director for a continuous period up t
306、o 30 November 2024;and 250,000 options will vest upon being engaged as a Director for a continuous period up to 30 November 2025.Set out below are the summaries of options granted as share based payments in the previous financial year:Grant Date Expiry Date Exercise Price Balance 1/07/2022 Granted d
307、uring the year Exercised during the year Expired/Forfeited Balance 30/06/2023 Vested 30/06/2023 Not Vested 30/06/2023 14/04/2021 30/09/2024$0.30 7,100,000 -7,100,000 7,100,000 -09/06/2021 30/09/2024$0.30 1,200,000 -1,200,000 1,200,000-03/08/2021 06/08/2023$0.30 800,000-800,000 800,000-02/01/2022 01/
308、04/2025$1.10 300,000-300,000 300,000-03/06/2022 10/06/2023$0.65 600,000-600,000 600,000-05/07/20221 06/07/2025$0.65-125,000-125,000 65,000 60,000 24/11/20222 03/06/2025$0.65-2,000,000-2,000,000 1,000,000 1,000,000 09/06/20233 09/06/2026$0.65-1,000,000-1,000,000 1,000,000-10,000,000 3,125,000 -13,125
309、,000 12,065,000 1,060,000 During the previous financial year,the following options were issued:1 These options were issued under employment contract.The options have the following vesting conditions:65,000 options vested on 5 January 2023 after continuous service from grant date;and 60,000 options w
310、ill vest on 5 January 2024 after continuous service from grant date.2 These options were awarded to Liz Dallimore(Managing Director and Chief Executive Officer),on 3 June 2022 subject to shareholder approval.The grant date for accounting purposes is the date shareholder approval was obtained at the
311、companys annual general meeting on 24 November 2022.The options have the following vesting conditions:1,000,000 options vested on 3 March 2023 after continuous service from issue date;and 1,000,000 options will vest on 3 December 2023 after continuous service from issue date.3 These options were iss
312、ued to Euroz Hartleys Limited as lead manager of the June 2023 placement.These options vested immediately on 9 June 2023.For the options granted during the current financial year,the fair value was determined by using the Trinomial Lattice Option Pricing valuation model.The valuation model inputs us
313、ed to determine the fair value at the grant date,are as follows:Number Granted Grant Date Exercise price Share price at grant date Expected volatility Dividend yield Risk-free interest rate Fair value per option at grant date 250,000 14-Aug-2024$0.93$0.825 71.1%0%3.62%$0.3406 250,000 14-Aug-2024$0.9
314、3$0.825 71.1%0%3.62%$0.3537 Argenica Therapeutics Limited Notes to the financial statements 30 June 2024 39 For the options granted during the previous financial year,the fair value was determined by using the Hoadley ESO2 and Black Scholes valuation model.The valuation model inputs used to determin
315、e the fair value at the grant date,are as follows:Number Granted Grant Date Exercise price Share price at grant date Expected volatility Dividend yield Risk-free interest rate Fair value per option at grant date 125,000 05-Jul-2022$0.65$0.495 79%0%2.98%$0.2323 2,000,000 24-Nov-2023$0.65$0.540 80%0%3
316、.24%$0.2400 1,000,000 09-Jun-2023$0.65$0.390 85%0%3.43%$0.1604 9,635,000 options were exercisable at the end of the financial year(30 June 2023:12,065,000 options).The weighted average share price during the financial year was$0.58(30 June 2023:$0.47).The weighted average exercise price of options o
317、utstanding at the end of the financial year was$0.55(30 June 2023:$0.40).The weighted average remaining contractual life of options outstanding at the end of the financial year was 0.74 years(30 June 2023:1.38 years).Note 27.Earnings per share 2024 2023$Loss after income tax (5,479,488)(4,815,044)Lo
318、ss after income tax attributable to the owners of Argenica Therapeutics Limited (5,479,488)(4,815,044)Number Number Weighted average number of ordinary shares used in calculating basic earnings per share and diluted earnings per share 103,707,092 73,925,675 Cents Cents Basic earnings per share (5.3)
319、(5.5)Diluted earnings per share (5.3)(5.5)Argenica Therapeutics Limited Directors declaration 30 June 2024 40 In the directors opinion:the attached financial statements and notes comply with the Corporations Act 2001,the Accounting Standards,the Corporations Regulations 2001 and other mandatory prof
320、essional reporting requirements;the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements;the attached financial statements and notes give a true and
321、 fair view of the companys financial position as at 30 June 2024 and of its performance for the financial year ended on that date;and there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.The directors have been given the decla
322、rations required by section 295A of the Corporations Act 2001.Signed in accordance with a resolution of directors made pursuant to section 295(5)(a)of the Corporations Act 2001.On behalf of the directors _ Dianne Angus Director 28 August 2024 Perth RSM Australia Partners is a member of the RSM netwo
323、rk and trades as RSM.RSM is the trading name used by the members of the RSM network.Each member of the RSM network is an independent accounting and consulting firm which practices in its own right.The RSM network is not itself a separate legal entity in any jurisdiction.RSM Australia Partners ABN 36
324、 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower,2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T+61(0)8 9261 9100 .au INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ARGENICA THERAPEUTICS LIMITED Opi
325、nion We have audited the financial report of Argenica Therapeutics Limited(the Company),which comprises the statement of financial position as at 30 June 2024,the statement of profit or loss and other comprehensive income,the statement of changes in equity and the statement of cash flows for the yea
326、r then ended,and notes to the financial statements,including material accounting policy information and the directors declaration.In our opinion,the accompanying financial report of the Company is in accordance with the Corporations Act 2001,including:(i)Giving a true and fair view of the Companys f
327、inancial position as at 30 June 2024 and of its financial performance for the year then ended;and (ii)Complying with Australian Accounting Standards and the Corporations Regulations 2001.Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards.Our responsibilities un
328、der those standards are further described in the Auditors Responsibilities for the Audit of the Financial Report section of our report.We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accountin
329、g Professional and Ethical Standards Boards APES 110 Code of Ethics for Professional Accountants(the Code)that are relevant to our audit of the financial report in Australia.We have also fulfilled our other ethical responsibilities in accordance with the Code.We confirm that the independence declara
330、tion required by the Corporations Act 2001,which has been given to the directors of the Company,would be in the same terms if given to the directors as at the time of this auditors report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opi
331、nion.Key Audit Matters Key audit matters are those matters that,in our professional judgement,were of most significance in our audit of the financial report of the current period.These matters were addressed in the context of our audit of the financial report as a whole,and in forming our opinion th
332、ereon,and we do not provide a separate opinion on these matters.Key Audit Matter How our audit addressed this matter Grant revenue Refer to Note 4 in the financial statements During the year,the Company received government grants,which have been accounted in accordance with AASB 120 Accounting for G
333、overnment Grants and Disclosure of Government Assistance.We have considered this to be a key audit matter because:Management judgement is required to determine the basis of recognising grant revenue;and The recognition of grant revenue is based on managements assessment on whether the conditions attached to the grant have been met.Our audit procedures included:Obtaining an understanding of the ter
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