Clinuvel Pharmaceuticals

CLINUVEL PHARMACEUTICALS LTD 
A.B.N. 88 089 644 119 
1. 
Reporting period: 
1 July 2023 to 30 June 2024. 
 
Previous corresponding period: 
1 July 2022 to 30 June 2023. 
2. 
Results for announcement to the market. 
Percentage change to 2024 
 
Amount (A$) 
2.1 Revenues from ordinary activities. 
Increased 13% 
To 
88,178,308 
2.2 Profit from ordinary activities before tax attributable to members. 
Profit has increased 11% 
To 
50,678,978 
2.3 Net profit for the period attributable to members. 
Profit has increased 16% 
To 
35,636,359 
2.4 A fully franked final dividend of $0.05 per ordinary share has been declared.  
2.5 Record date for determining entitlements for the final dividend: 6 September 2024. 
2.6 The CLINUVEL PHARMACEUTICALS LTD audited Annual Report for the year ended 30 June 2024 accompanies this announcement.  
            Additional Appendix 4E disclosure requirements, including the Operating and Financial Review for an explanation of the figures   
            reported above, are in the Directors’ Report of the attached Annual Report. Where applicable, the Annual Report includes  
            information per items 3 to 14 below: 
3. 
Refer to the Attachment to Appendix 4E for the Statement of Profit and Other Comprehensive Income together with notes to  
the statement. 
4. 
Refer to the Attachment to Appendix 4E for the Statement of Financial Position together with notes to the statement. 
5. 
Refer to the Attachment to Appendix 4E for the Statement of Cash Flows together with notes to the statement. 
6.  Refer to the Attachment to Appendix 4E for the Statement of Changes in Equity together with notes to the statement. 
7. 
The Directors have declared a fully franked final dividend of $0.05 per ordinary share to be paid on 20 September 2024. 
8. 
No dividend reinvestment plan. 
9. 
Net Tangible Assets per Security for Year Ended 
Net Tangible Assets per Security for Year Ended  
 
30 June 2024: $4.015 
30 June 2023: $3.290 
10. The control of entities which had control gained or lost: N/A 
11. Associates and joint venture entities: N/A 
12. No other significant information. 
13. Foreign entities: Australian Accounting Standards used. 
 
CLINUVEL, INC. (USA),  CLINUVEL (UK) LTD (UK), CLINUVEL AG (Switzerland), CLINUVEL SINGAPORE PTE LTD (Singapore), VALLAURIX PTE 
LTD (Singapore), CLINUVEL EUROPE LIMITED (Ireland), VALLAURIX MC SARL (Monaco). 
14. COMMENTARY OF RESULTS:  
 
Commentary in respect of the financial results is provided in the Operating and Financial Review of the attached Annual Report. 
 
 

P H A R M A C E U T I C A L S  LTD
ANNUAL REPORT 2024

“When we build, let us  
think that we build forever.”
John Ruskin    

Plans 2025 and beyond
Financials
Advocacy
Chair’s letter
Vision
Mission
Values
Investor Relations Program
Management
Board
Managing 
Director’s 
letter
The role of melanocortins
Pharmaceutical products
Photocosmetic products
Operational overview
CONTENTS 
Mission, Vision & Values ……………………………………… 6
The Role of Melanocortins in Human Biology ……………
10
Key Achievements …………………………………………
14
Advocacy of Key Opinion Leaders …………………………
16
Financial Highlights…………………………………………
18
Sustainability ………………………………………………
20
Chair's Letter…………………………………………………
26
Management and Board ……………………………………
30
Managing Director's Letter …………………………………
42
Operating & Financial Review………………………………
50
1.	Distribution of SCENESSE®
2.	Pharmaceutical Product  
Development and Clinical Programs
3.	PhotoCosmetic Products
4.	Financial Review
Plans 2025 and Beyond ……………………………………
66
Investor Relations Program  ………………………………
72
The Photomedicine Foundation……………………………
76
Directors’ Report ……………………………………………
79
Remuneration Report ………………………………………
87
Statement of Profit and Other Comprehensive Income … 116
Statement of Financial Position…………………………… 117
Statement of Cash Flows…………………………………… 118
Statement of Changes in Equity…………………………… 119
Notes to and Forming Part of the Financial Statements… 120
Consolidated Entity Disclosure Statement  ……………… 146
Directors’ Declaration ……………………………………… 147
Independent Auditor's Report …………………………… 148
Auditor's Independence Declaration……………………… 151
Shareholder Information…………………………………… 152
Market Performance………………………………………… 156
Glossary……………………………………………………… 158
BUILDING A  
MELANOCORTIN 
HOUSE
CLINUVEL's mission is to translate 
its accumulated technology and 
expertise on the melanocortin family 
of hormones to wider audiences 
with unmet needs through the 
development of solutions for 
conditions of skin and brain. We are 
building a melanocortin house and 
employing an integrated business 
model to add incremental value to the 
Company and become a sustainable, 
diversified pharmaceutical group of 
international significance. 
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
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4

MISSION
D EL IVERIN G  I NNOVAT I V E  SO LU T I O NS  
FOR U N M E T  PAT I E NT  A ND  
HEA LT H C A R E  NE E DS.
VISION
TH E  CLIN UVE L GROUP WORKS TO 
TRA N SL ATE  SCIE N TIFIC CON CE PTS A N D 
BRE A KTH ROUGH S IN TO COM M E RCIA L 
PROD UCTS TO PRE VE N T OR TRE AT ACUTE 
A N D  CH RON IC M E D ICA L CON D ITION S 
WH E RE  N O A LTE RN ATIVE S E XIST.
WE  A RE  D E TE RM IN E D  IN  OUR D E SIRE  
TO E XCE L IN  SCIE N TIFIC RE SE A RCH  A ND 
D E VE LOPM E N T, BUILD IN G ON  OUR GLOBAL 
E XPE RTISE  TO D E LIVE R LON GITUD IN AL 
CA RE  A N D  N OVE L PROD UCTS  
FOR PATIE N TS A N D  CON SUM E RS.
TH E  CLIN UVE L GROUP PUTS ITS PE OPL E 
A N D  E N VIRON M E N T A S CE N TRA L TO  
TH E  GROUP'S WORKIN G PRACTICE .  
CLIN UVE L FOCUSE S ITS RE SE A RCH  
A N D  D E VE LOPM E N T ON  H E A LTH CA RE 
PROBLE M S N OT YE T A D D RE SSE D , A IM ING  
TO D E LIVE R IN N OVATIVE  M E D ICA L  
A N D  H E A LTH CA RE  SOLUTION S.
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
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7

VALUES
T HE CL IN UVE L  G R O U P PL E DG E S TO 
AD HERE TO A PR I NC I PA L  SE T  O F VA LU E S 
W HICH REF L ECT  H OW  W E  O PE RAT E  A ND 
IN T ERACT  W I T H  E AC H  OT H E R  W H I L E 
EXPAN D I NG  O U R  B USI NE SS.
People & Environment
We work for those who have no  
alternatives: patients, physicians, and 
individuals at-risk. We are selective with 
whom we work, and invest time in the 
talent we employ. We aspire to create 
an environment where professionals 
are able to develop and grow. We aim  
to present skilled talent with early  
opportunities, responsibilities, and  
accountability as part of training the 
next generation. We strive to build 
international teams and operate on  
the basis of gender and ethnic equality.  
We wish to set an example of  
excellence in our industry.
Approach
We aim to be innovative in our approach 
and find solutions for unique, complex and 
previously neglected healthcare problems. 
We are determined to remain leaders in 
our fields of expertise and be creative 
and diligent in our endeavours. We admit 
errors, recognise our shortfalls, evaluate, 
analyse and learn to implement new 
findings. In improving ourselves we strive 
to enhance the lives and quality of life of 
those we serve. We aim not to become 
complacent and recognise that success 
can only come from the identification and 
mastering of obstacles. Our staff embrace 
optimism and retain focus.
Technology
We create, develop, advance, and 
offer pharmaceutical and healthcare 
products which are driven by medical 
need, consumer demand, and a lack of 
available solutions. Our technologies 
aim to add value beyond existing 
offerings. We acknowledge that new 
technologies require regulatory 
environments to be primed and 
markets to be prepared for achieving 
widespread acceptance and adoption.
Knowledge Building & Sharing
Our expertise spans the fields of optical 
physics, the interaction of light and 
human biology, and the potential 
of melanocortin drugs in acute care 
and life-threatening conditions. We 
specialise in skin and brain disorders. 
We are proficient in our understanding 
of acute, rare, and complex disorders. 
We advance our ideas and concepts 
and translate them into effective and 
practical solutions. We aim to grow our 
know-how continuously and establish a 
learned community. Collaboratively we 
seek to excel in a multifaceted field to 
arrive at scientific breakthroughs.
Respect & Appreciation
We are conscious of the privilege to 
be productive during our professional 
lives. We appreciate the significance 
of being able to function in good 
health and we value this gift every 
day. We aim to be sincere in our 
approach and represent data and 
facts. We act respectfully and do not 
harm others. We value our colleagues 
and co-workers and cherish diversity, 
equality, respect and harmony. We are 
passionate towards our objectives and 
share empathy and compassion for all 
those we work to serve. 
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
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9

What are melanocortins?
Melanocortins are a group of small 
protein hormones derived from 
proopiomelanocortin (POMC). These 
hormones modulate physiological 
activity in the body by binding with 
specific melanocortin receptors (MCRs) 
on cells across the body. Five MCRs 
have been identified: MC1R—MC5R.
POMC, the precursor molecule to all 
naturally occurring melanocortins, is 
widely expressed throughout the human 
body, although has very little biological 
THE ROLE OF  
MELANOCORTINS  
IN HUMAN BIOLOGY
Proopiomelanocortin (POMC) 
241 Amino Acids
ACTH 
24 / 39 Amino Acids
ꞵ-lipotropin 
91 Amino Acids
 MSH
13  Amino Acids

14  Amino Acids
 ɣlipotropin
58  Amino Acids
ꞵ-endorphin
31  Amino Acids
 
13  Amino Acids
ꞵ-MSH
22  Amino Acids
ɣMSH 
11  Amino Acids
activity. Cleaving POMC into smaller 
peptides produces melanocortins which 
are able to bind to receptors on cells and 
exert their effects. Since these peptides 
are tissue specific, the body can control 
the release of specific melanocortins 
from specific tissues to generate a 
biologically relevant effect. 
The key POMC-derived peptides are 
α-MSH, beta-MSH, gamma-MSH and 
ACTH. All share a key sequence of four 
amino acids (-HFRW-) which allow them 
to bind to the various melanocortin 
receptors. α-MSH – the natural hormone 
of which afamelanotide is an analogue 
– is formed from the cleaving of ACTH 
and known to play a role in cells across 
the human body. Perhaps best known in 
humans is the role of α-MSH in dermal 
pigmentation: epidermal keratinocytes 
produce and release α-MSH in response 
to UV radiation exposure, with α-MSH 
then binding to MC1R on melanocytes 
to activate the synthesise of melanin. 
This process is known as melanogenesis. 
α-MSH is involved in a wide range of 
other functions in the body, including 
Melanocortin peptides, ACTH and α- β- γ-MSH derive from post-translational processing of POMC, which is also the 
precursor for opioid peptides and CLIP (corticotropin-like intermediate lobe peptide)
PITUITARY GLAND
HYPOTHALAMUS
MCRs 1/4/5
MCRs 1/3/4/5
VASCULAR SYSTEM
MCRs 1/4
HEART
MCRs 1/4
LIVER
MCRs 1/4
INTESTINES
MCRs 1/3/4/5  
GONADS
MCRs
FEMALE 4
MALE 1/4/5  
ADRENAL GLANDS
MCRs 1/4/5
KIDNEYS
MCRs 1/3/4
M C 1R
TISSUE EXPRESSION
ANTI-INFLAMMATORY CELLS
HAIR FOLLICLE
MELANOMA CELLS
MELANOCYTES
PERIAQUEDUCTAL GREY
PITUITARY
SKIN GLANDS
TESTES
FUNCTION
INFLAMMATION
PIGMENTATION
AGONIST
α-MSH
M C 2R
TISSUE EXPRESSION
ADIPOCYTES
ADRENAL CORTEX
SKIN
FUNCTION
STEROIDOGENESIS
AGONIST
ACTH
M C 3R
TISSUE EXPRESSION
BRAIN
GUT
HEART
PLACENTA
TESTES
FUNCTION
ENERGY HOMEOSTASIS
SEXUAL BEHAVIOUR
AGONIST
α- β-  AND γ-MSH 
M C 4R
TISSUE EXPRESSION
ADIPOCYTES
BRAIN
FUNCTION
APPETITE REGULATION
AGONIST
α- AND β-MSH, ACTH
M C 5R
TISSUE EXPRESSION
ADIPOSE TISSUE
ADRENAL GLANDS
BRAIN
EXOCRINE TISSUES
KIDNEYS
LEUCOCYTES
LUNG
LYMPH NODES
MAMMARY GLANDS
MUSCLES
OVARIES
SKELETAL
TESTES
UTERUS
FUNCTION
EXOCRINE FUNCTION
AGONIST
α-MSH, ACTH
M ELA N OCO RT IN  FAM ILY
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
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10

MC5R 
MC5R functions are still being 
researched, although evidence 
suggests that MC5R plays a key role 
in governing immune reaction and 
DNA repair, immunomodulation, 
anti‑inflammation, energy homeostasis, 
reproductive system functions, and 
exocrine gland secretion.
ACTH is the primary effector 
hormone mediating the HPA 
(hypothalamo‑pituitary-adreno) 
axis, which regulates a wide range of 
biological systems to meet day‑to‑day 
metabolic needs of the body. Released 
from the anterior pituitary gland, 
ACTH binds to MC2R on the adrenal 
glands, leading to release of the 
glucocorticoid cortisol. ACTH also 
binds to, and activates, all five known 
human melanocortin receptors, 
regulating immunomodulatory and 
neuroprotective activity.
β-MSH and γ-MSH are cleaved from 
the C-terminal and N-terminal ends of 
POMC, respectively. In humans β-MSH 
is thought to play a critical role in the 
regulation of body weight in humans via 
ERYTHROPOIETIC  
PROTOPORPHYRIA (EPP)
A rare metabolic disorder 
of the haem biosynthesis 
pathway that causes severe, 
phototoxic reactions to 
visible and UV light.
SCENESSE®,  
afamelanotide – MC1R
Stimulates the production 
of eumelanin to provide 
systemic photoprotection 
from exposure to light and 
resulting protoporphyrin 
IX (PPIX) photoexcitation. 
This prevents phototoxicity 
in EPP, which is a result of 
a deficiency of the enzyme 
ferrochelatase (FECH) which 
causes PPIX accumulation in 
the body and skin.
VARIEGATE  
PORPHYRIA (VP)
A rare metabolic disorder of the 
haem biosynthesis pathway 
that causes both phototoxicity 
and acute attacks.
SCENESSE®,  
afamelanotide – MC1R
Stimulates the production 
of eumelanin to provide 
systemic photoprotection 
from exposure to light and 
resulting PPIX photoexcitation. 
This prevents phototoxicity 
in VP, which is a result of 
defects in the enzyme 
protoporphyrinogen 
oxidase (PPOX), which cause 
protoporphyrinogen IX 
accumulation (then oxidised 
to PPIX) in the body and skin.
VITILIGO
A skin condition (believed to 
be auto-immune) resulting  
in a loss of pigment in the 
skin, causing profound 
psychological and social 
impact.
SCENESSE®,  
afamelanotide – MC1R
Stimulates melanocytes to 
produce eumelanin, which 
in conjunction with NB‑UVB 
results in melanocyte 
stem cell maturation and 
migration into vitiligo 
lesions, resulting in lesion 
repigmentation.
XERODERMA  
PIGMENTOSUM (XP)
A rare genetic disorder which 
impairs the body's ability 
to repair DNA damaged by 
exposure to light; leads to 
extreme risk of skin cancer.
SCENESSE®,  
afamelanotide – MC1R
Protects the skin from UV 
damage via multiple  
mechanisms, including the 
direct effects of increased 
melanin levels in the skin, 
antioxidative pathways 
and enhanced UV radiation 
repair mechanisms.
INFANTILE  SPASMS (IS)
A rare and serious seizure 
disorder in infants and young 
children, which can lead to 
developmental delay and 
epilepsy in later life.
NEURACTHEL®,  
ACTH – MC2R, MC3R, MC4R
Exerts antiepileptic 
properties through a 
combination of MC2R-
activated steroidogenesis 
and MC3R/MC4R-mediated 
anti-inflammation in the 
central nervous system.
ARTERIAL ISCHAEMIC 
STROKE (AIS)
An acute life-threatening 
neurological dysfunction 
following a blockage of 
arterial blood flow.
PRÉNUMBRA®,  
afamelanotide – MC1R, 
MC3R, MC4R
Thought and evaluated on 
its supportive role in the 
reperfusion of brain tissue 
via vasodilatory effects, 
in addition to exerting 
anti-inflammatory effects 
and anti-oxidative effects 
within tissue affected by the 
stroke, potentially improving 
post‑stroke recovery.
MULTIPLE SCLEROSIS (MS)
An auto-immune condition 
of the central nervous system 
which leads to impaired 
neurological function, 
including motor function.
NEURACTHEL®, ACTH 
Exerts immunomodulation  
by inhibiting the 
inflammatory effects 
of immune cells in the 
central nervous system, 
and generates an anti-
inflammatory effect by 
reducing production of 
pro-inflammatory cytokines 
and inhibiting the activation 
of nuclear factor (NF)‑κB, 
the master driver of 
inflammation.
PARKINSON'S DISEASE (PD)
A progressive 
neurodegenerative condition 
characterised by the death of 
dopaminergic neurons in the 
substantia nigra, accompanied 
by accumulation of alpha-
synuclein (Lewy bodies).
PRÉNUMBRA®,  
afamelanotide – MC1R
Generates neuroprotective 
effects via attenuation 
of α-synuclein-induced 
dopaminergic neurotoxicity, 
as well as upregulating anti-
inflammatory, anti-oxidative, 
and DNA repair pathways 
in a way which could slow 
disease progression.
CLI N UVE L'S  FOCUS  ON  CO N DI T I O N S  O F  S K I N  A N D B RA I N
CLINUVEL's areas of interest are summarised below, highlighting the melanocortin technology applied for each condition,  
the target MCR, and the mode of action that provides the therapeutic treatment of the condition.
its effect on the hypothalamus, while 
γ-MSH is thought to regulate sodium 
balance and blood pressure through 
action on MC3R in the brain and kidneys.
Melanocortin Receptors
MCRs are found on cells across the 
body. Their known distribution and 
functions are illustrated on page 11.
MC1R
MC1R is well-known for mediating 
adaptive tanning in human skin, 
although its activation also leads to 
regulation of a range of other effects, 
including anti-inflammation, DNA repair 
and immunomodulation. In addition to 
melanocytes and keratinocytes in the 
skin, MC1R is present on cells across 
wide range of tissues including the liver, 
brain and adrenal gland.
MC2R 
MC2R, uniquely for the MCR group, 
can be bound to and activated only by 
ACTH. MC2R is predominantly found 
in the adrenal glands where its action 
leads to cortisol release as part of the 
HPA axis, although like MC1R it is also 
present in a wide range of tissues, 
including skin, adipocytes, and bone.
MC3R
MC3R functions include regulation 
of energy homeostasis, autonomic 
functions, feeding behaviours, and 
anti-inflammation. MC3R is normally 
expressed in the brain, immune cells, 
placenta, heart, thymus, gut and the eye.
MC4R
MC4R has a broad range of functions 
that include energy homeostasis, 
feeding behaviour, thermogenesis, 
sexual function, cardiovascular 
function, anti-inflammatory, 
neuroprotection and pigmentation. 
MC4R is normally expressed in the 
brain, autonomic nervous system, 
spinal cord, immune cells, and the eye.
ɑ-MSH
afamelanotide
[Nle4, D-Phe7]-ɑ-MSH
Ac-SER
TYR
SER
MET
GLU
HIS
L-PHE
ARG
TRP
GLY
LYS
PRO
VAL-NH2
Ac-SER
TYR
SER
NLE
GLU
HIS
D-PHE
ARG
TRP
GLY
LYS
PRO
VAL-NH2
1
2
3
4
5
6
7
8
9
10
11
12
13
Afamelanotide is an analogue of the naturally occuring α-MSH. Amino acids 4 and 7 in the chain are replaced, enhancing 
the MCR1 binding and signalling mechanisms.
The peer review articles relevant to this feature are 
listed at https://www.clinuvel.com/refs-melano-ar24/
inflammatory response, regulation of 
sexual behaviour, thermoregulation, 
and exocrine secretion. MC5R is 
expressed ubiquitously in peripheral 
tissues including adrenal glands, liver, 
kidney, lung, lymph nodes, thymus, 
spleen, mammary glands, testis, ovary, 
uterus, skin, and exocrine glands. 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
12
13

KEY 
ACHIEVEMENTS
CLIN UVEL  CON T IN U ED  ITS  A DVA NC E  TOW A R D S 
A  DIV ERSIF IED  B IOP HARM AC E U T I C A L  
IN  THE J U N E 20 24  F IN AN C I A L  Y E A R
F IN AN C IAL  
PE R FO R M AN C E
•	 Growth in revenues
•	 Controlled increase in expenses
•	 Eighth consecutive annual profit
•	 Seventh consecutive annual dividend declared
•	 Continued increase in cash reserves 
M E LAN O CO RT IN  
PR O D U CT  PO RT FO L IO
•	 PRÉNUMBRA® in use in clinic for stroke patients
•	 NEURACTHEL® development continued
ST E ADY  PR O G R E SS  
S C E N E SS E ®  ACC E SS  
IN  E PP 
•	 Increased patients, treatment centres and frequency  
of dosage
•	 Partnership commenced with Valentech Pharma  
in Latin America
•	 Adolescent study CUV052 expanded and underway
AFAM E LAN OTI DE  
IN  T HE  C L IN IC
•	 VP – Phase II study CUV040 completed; European Orphan 
Drug Designation (ODD) granted
•	 DNA Repair – CUV151 in healthy volunteers completed; 
CUV152 and CUV156 continue; European ODD granted  
for XP
•	 Vitiligo – recruitment Phase III study CUV105 commenced
•	 AIS – Phase II study CUV803 underway
•	 Parkinson's – clinical program CUV901 announced
PHOTO CO S M ETI CS
•	 Continued formulation work at the Singapore Research,  
Development & Innovation Centre
•	 Increased awareness of audiences of the need for  
photoprotection
•	 Prelaunch of CYACÊLLE Radiant
R E AC HIN G  M ORE 
IN V E STO RS  A N D  
N E W  AU D IE N C ES 
•	 Broadening of communications
•	 Novel use of social media
•	 Informative investor briefings
•	 Increased analyst coverage 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
14
15

Day 134 – 7 implants, 39 NB-UVB sessions
Day 0 – baseline  
Case study on use of afamelodtide in vitiligo - presented to American Academy of Dermatology, March 2024.
ADVOCACY OF 
KEY OPINION 
LEADERS
K EY OPIN ION  L EAD ERS  S P E A K  A B O U T  
T HE BE N EF ITS  OF  AFAM EL A NOT I D E
“Afamelanotide is a convincing 
enriching, sometimes off‑label, 
treatment option that  
physicians should take  
advantage of, however in  
diseases beyond EPP the  
further studies on a larger group  
of patients with long‑term  
efficacy evaluation  
should be considered.”
“This study highlights a dramatic clinical benefit of afamelanotide  
in relation to light tolerance and QoL in protoporphyria”
“…afamelanotide was safe,  
well tolerated and showed  
possible reduction in infarct core 
volume in our safety and feasibility 
study involving small sample of  
AIS patients. Potent MSH analogues 
such as afamelanotide have  
high therapeutic potential in AIS.  
Further large, randomized  
studies are required.”
“Afamelanotide has revolutionized my life.  
With whispers of this treatment in the pipeline for so long,  
I am delighted that it has been made available in my lifetime.”
Polańska, A., Wegner, J., Nutbohm, P., Staubach, P., Żaba, R., Dańczak-Pazdrowska, A., & Jenerowicz, D. (2024).  
Afamelanotide in protoporphyria and other skin diseases: A review. Advances in Dermatology and Allergology, 41(2), 149–154. 
Leaf, R. K. (2004). Afamelanotide for Treatment of the Protoporphyrias: Impact on Quality of Life and Laboratory Parameters in a US Cohort. Life, 14(6), 689. 
Stanislaus, V., Kam, A., Murphy, L., Wolgen, P., Walker, G., Bilbao, P., & Cloud, G. C. 
(2023). A feasibility and safety study of afamelanotide in acute stroke patients—An 
open label, proof of concept, phase IIa clinical trial. BMC Neurology, 23(1), 281. 
 O’Reilly, M., McGuire, V. A., & Dawe, R. S. (2024).  
Erythropoietic protoporphyria and afamelanotide: A patient's perspective.  
Clinical and Experimental Dermatology, 49(2), 186–187.
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
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FINANCIAL  
HIGHLIGHTS 
ST RO N G P ERFORM AN CE CO NT I NU E D:  E I G H T H  CO NSE CU T I V E 
ANN UA L P ROF IT  W IT H G ROW T H  I N R E V E NU E S A ND  
CA S H RES ER VES 
A$0.72
E AR NI NG S  PER S HA R E
A$0.05
D IV ID E N D  PE R  S HAR E
18%
R ET U R N  ON  EQU I TY
NIL
D E BT
Total Expenses
Total Revenues, Interest and Other income
48.5
2021
22.7
67
2022
32.7
83
2023
37.4
95.3
44.6
33.9
2020
22.4
2024
RE VE NUES  & EX PEN S ES  (A$m)
Growth of revenues 
and expenses were 
15% and 19%, 
respectively in 
FY2024. 
Over the eight 
years since 
commencement 
of commercial 
operations, the 
compound annual 
growth rate for 
revenues is 38%  
and 20% for 
expenses.
Before Tax
After Tax
2023
45.6
30.6
2022
34.3
20.9
2021
25.7
24.7
2020
11.5
15.1
2024
50.7
35.6
NE T P ROFIT  (A$m)
The Company continued to maintain a range of  
key indicators of high performance in FY2024
Net profit  
increased before 
tax and after tax 
by 11% to A$50.7 
million and 16% 
to A$35.6 million, 
respectively.
FY2024 marks the 
eighth consecutive 
year of profit.
2020
9.5
81.5
2021
9.8
108.6
2022
18.4
143.9
2023
29.1
193.7
Assets
Liabilities
2024
28.1
231.1
ASS E TS  &  L IAB IL IT IE S  (A$m)
The balance sheet 
strengthened 
again in FY2024, 
with an increase 
of 23% in net 
assets.
2023
156.8
2024
183.9
2022
121.5
2021
82.7
2020
66.7
C AS H R E S E RV E S  (A$m)
Cash reserves 
increased strongly 
by 17% to A$183.9 
million which 
enables the self-
financing of the 
Group's expansion 
initiatives with 
a buffer to 
absorb adverse 
fluctuations in 
the operating 
environment.
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
18
19

ENVIRONMENTAL
CONSCIOUS OF OUR WORLD
SOCIAL
FAIRNESS 
AND EQUITY
GOVERNANCE
RESPONSIBILITY AND COMPLIANCE
CLINUVEL
VALUES
Recognise climate change
Energy management
Safe and responsible materials handling
No adverse impact on global objectives
Supplier standards
Honesty and integrity
Corporate governance
Compliance
Ethics
Supplier standards
Human rights
Freedom of association
Equal opportunity
Value diversity
Work-life balance
Training and education
Supplier standards
E S G  F RAM E WO R K
SUSTAINABILITY
SUSTA INAB IL ITY  EN CAPS U L AT E S C L I NUV E L'S  
RE S PON S IB L E AP P ROACH TO  T H E  M A NAG E M E NT 
OF EN VIRON M EN TAL ,  S OC I A L  A ND  G OV E R NA NC E 
( E S G)  RIS KS . B U IL D IN G  ON T H E  DE TA I L E D  E SG 
STAT EMEN T  CON TAIN ED  IN T H E  2 0 2 3  A NNUA L 
RE PORT, W E S U M M ARIS E H E R E ,  C L I NUV E L'S 
A PPROAC H AN D  P RACT ICE S,  A ND  
HOW  WE M EAS U RE T HE P R O G R E SS  
ACHIEVED  IN  F Y 2 02 4.
CLI NUVEL'S ESG A P PROACH  & PRACTI CES
GENERAL
DETAIL
Responsible corporate citizenship
The ESG Framework covers  environmental, social and governance practices  
and policies, underpinned by the Company's values
Adhere to the United Nations (UN) 
Global Compact ten principles  
of sustainability
The ten principles cover human rights (2), labour (4), environment (3) and 
anti‑corruption (1) (see diagram and tables on pages 22–25)
We assess our activities have low 
direct environmental impact
A range of qualitative policies support minimisation of resource use and waste 
(refer to page 23)
Aligned with UN Sustainable 
Development Goals
The Company distributes a quality-assured product with a positive safety  
record assisting the quality of life of patients with no other treatment options
Social practices and policies  
consistent with the tenets of the  
UN Global Compact
We champion equal opportunity, diversity, inclusion and people development - 
refer to social measures on page 24
Active management by Executives  
and governance by the Board
Executives accountable to report monthly to the Board on ESG issues in their area 
of responsibility
Reviews of key suppliers undertaken 
on their ESG practices
Initiated 1 July 2023; reviews completed to date are acceptable to the Company
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
20
21

ANTI-CORRUPTION
10
Businesses should work 
against corruption in 
all its forms, including 
extortion and bribery
HUMAN RIGHTS
1  
Businesses should 
support and respect 
the protection of 
internationally 
proclaimed 
human rights
2 
Make sure that 
they are not 
complicit in 
human rights 
abuses
ENVIRONMENT
7
Businesses 
should support 
a precautionary 
approach to 
environmental 
challenges
8 
Undertake 
initiatives to 
promote greater 
environmental 
responsibility
9
Encourage the 
development 
and diffusion of 
environmentally 
friendly 
technologies
LABOUR STANDARDS
3
Businesses should 
uphold the freedom 
of association and the 
effective recognition 
of the right to 
collective bargaining
4 
The elimination 
of all forms 
of forced and 
compulsory 
labour
5
The 
effective 
abolition 
of child 
labour
6
The elimination 
of discrimination 
in respect of 
employment 
and occupation
The Ten Principles of the UN Global Compact are derived from the Universal Declaration of 
Human Rights, the International Labour Organization’s Declaration on Fundamental Principles 
and Rights at Work, the Rio Declaration on Environment and Development, and the 
United Nations Convention Against Corruption.   
UN  GLO B A L  CO M PACT
TEN P RINCIP LE S  OF S USTA I N A BI LI TY
ENVI R O NMENT
KEY AREAS
HOW WE MEASURE PROGRESS
Conscious of the human impact   
on the environment
Follow UN Global Compact definition of sustainability
We assess the Company's direct 
environmental impact as low
•	 Less than 100 employees as of 30 June 2024
•	 Product manufacturing outsourced
A range of qualitative measures are  
in place to minimise resource use  
and waste
•	 Responsible product packaging
•	 Responsible waste management and materials handling in the laboratory
•	 Electronic over paper files – Investor Relations use QR codes for presentations
•	 Split home / office working week
•	 Executive approval required for travel
Environmental and climate targets  
not set
Targets will be appropriate as the scale of activities increase and planned 
regulatory reporting applies
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
23
22

GOVER NA NCE
SOCI AL
KEY AREAS
HOW WE MEASURE PROGRESS
Responsible corporate citizenship
•	 Safety record of SCENESSE® (afamelanotide 16mg) in over 16,000 
administrations to EPP patients
•	 Regular pharmacovigilance reporting of patient experience to regulators
Clinical testing involving humans, as 
required to obtain regulatory approval 
of pharmaceutical products
•	 Adhere to OECD Testing Guidelines and principles of Good Laboratory  
Practices
•	 Privacy of study participants maintained
•	 Ethics committees approve studies
•	 PhotoCosmetic products tested on humans only
Clinical testing involving non-humans 
•	 Adhere to OECD Replacement, Reduction and Refinement Principles
•	 Laboratories used meet international standards and certifications
Facilitate a safe working environment
•	 CLINUVEL's premsies are high quality and designed to enable active  
interation and collaboration
Facilitate a positive working  
environment
•	 Competitive performance-based remuneration and employment benefits
•	 HR policies support employee well-being, with leave for illness, including 
stress and post-menopausal care, maternity, paternity and family care
Respect human rights
•	 Support freedom of association and binary / non-binary designation
Equal opportunity and  
people development
•	 Policy of no tolerance in relation to discrimination 
•	 Focus on career development through Individual Development Plans (all  
employees) and advanced development through the CLINUVEL Academy
Leader in diversity – refer FY2024 
metrics
•	 Gender: Female / Male quotient (%): All employees (69/31%); Executives (Top 
seven excluding MD 57/43%); and Board (including MD 60/40%)
•	 Nationalities: 30
•	 Linguistics: 63% of employees speak more than one language
•	 Age: Generation Z (born 1997-2012) 19%; Generation Y, Millennials (1981-
1996) 58%; Generation X (1965-1980) 19%; Baby Boomers (1946-1964) 4%
•	 Tenure: % of total employees; Up to 2 years 59%; +2 and up to 5 years 25%; 
+5 and up to 10 years 8%; Over 10 years 8%
KEY AREAS
HOW WE MEASURE PROGRESS
General Board oversight
Diligence actively maintained
Monthly reporting to Board
Achieved FY2024
HR Policies
Govern behaviours and have supported positive, productive relationships in FY2024
Code of Conduct and Corporate Values
Emphasise honesty and integrity; Nil breaches reported FY2024
Bribery & Corruption Policy prohibits 
illicit behaviour
No instances of identified corruption in FY2024
Whistleblower Policy
No reports or need to protect against reprisals in FY2024
Public disclosure of payments  
to health professionals
Practised in all jurisdictions; signatory of Disclosure UK
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
24
25

•	 In the US, we extended 
reimbursement of the cost of 
treatment to US veterans and 
their families and continued the 
expansion of Specialty Centers from 
over 50 to 85, as we head towards 
120 centers by the end of 2025. This 
network is being put in place to treat 
both EPP and vitiligo patients, ahead 
of the completion of clinical studies 
on vitiligo. 
•	 In vitiligo, we formed an expert 
medical panel, commenced the 
recruitment of patients for the Phase 
III study CUV105 in October 2023, 
and in March 2024 saw positive 
results experienced by a new patient 
presented at the American Academy 
of Dermatology. 
•	 In DNA Repair, we provided readouts 
for CUV151 showing afamelanotide 
reduced DNA damage in a healthy 
population and continued the 
studies on XP.
•	 The CUV803 study looking to 
address arterial ischaemic stroke  
is also ongoing.
•	 We announced Parkinson's disease 
in June as a new indication 
with a Phase IIa study, CUV901 
commencing later this calendar year, 
involving 6 patients receiving 11 
doses of afamelanotide over a study 
period of 56 days.  
•	 In June we initiated a soft launch 
of CYACÊLLE Radiant, a new 
polychromatic product providing 
photoprotection that paves the 
way for the melanocortin product 
Dear Shareholders
Focus on the Mission
I was pleased to assume the role of 
Chair of the CLINUVEL Group mid-
way through the 2024 financial year, 
a year marked by our ongoing focus 
to advance a range of initiatives to 
build a house of melanocortin based 
treatments for long-term sustainability. 
Our expertise in targeted receptor 
melanocortins is being applied to 
conditions of the skin and brain which 
have unmet medical needs. We are 
also translating this technology into 
PhotoCosmetic products for people 
in the general population to benefit 
from photoprotection, DNA repair and 
re-pigmentation (bronzing).
Achievements FY2024 
Let's review the year and the advances 
made across the range of initiatives: 
•	 The distribution of SCENESSE® for EPP 
continued to grow in terms of number 
of patients, prescribing doctors, and 
centres administering treatment.
•	 We commenced a partnership with 
Valentech, enabling important 
access to treat EPP patients in Latin 
America, but ceased our partnership 
in China, until greater certainty over 
IP protection prevails.
•	 We expanded the CUV052 study 
to n=28, covering adolescent and 
adult patients >50 kg in weight to 
support the submission for the 
label expansion of SCENESSE® for 
adolescent EPP patients.
range under development for the 
preservation and bronzing of the skin.
Our strong financial performance 
continued with increased revenues, 
profit, and net cash inflow achieved for 
the eighth consecutive financial year. 
We are pleased with the 15% growth 
in revenues and ongoing prudent 
management of expenses achieved in 
FY2024. Cash reserves* accumulated 
further this year from $156.8 million to 
$183.9 million and enable us to finance 
organic expansion, the share buy-back 
program, and the flexibility to manage 
external events and circumstances.  
The Board was proud to declare a  
A$95.3m
REV ENUES  & I N COM E
18%
R O E
A$0.72
EPS
A$35.6m
P R OFI T
A$183.9m
CASH RESERVES*
CHAIR'S LETTER
Vitiligo case study presented to the 
American Academy of Dermatology
CYACÊLLE Radiant
*Cash reserves as stated in a non-IFRS measure
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
26
27

seventh consecutive annual dividend to 
shareholders, which will be paid to 
shareholders in September. 
People
We have thoughtfully increased 
staff numbers in recent years to 
support the expansion of the Group. 
We are fortunate to have attracted 
well-credentialed professionals in 
a highly competitive international 
labour market to advance CLINUVEL's 
objectives over the past years. 
The Executive management team has 
changed and expanded in FY2024. We 
were pleased to re-engage Dr Emilie 
Rodenburger in the position of Director, 
Global Clinical Affairs in April. As of 
1 July 2024, Mr Peter Vaughan took 
over as Chief Financial Officer (CFO) 
from Mr Darren Keamy, CLINUVEL's 
leading finance executive for 19 years. 
We thank Darren very much for his 
dedicated service to the Company 
and wish him well as he takes a well-
earned sabbatical. In August 2024, we 
appointed Ms Claire Newstead-Sinclair 
as Company Secretary (CS). Previously 
this role was undertaken by Mr Keamy, 
but the Board decided that the CFO 
and CS roles should be separate, 
particularly as the complexity and 
breadth of the business has increased. 
Reflecting this, the CS role will assume 
responsibility for the risk management 
of environmental, social and governance 
risks as part of the Company's drive to 
responsible sustainability. We welcome 
Dr Rodenburger and Mr Vaughan to  
the Executive management team  
to help collectively advance our  
strategic initiatives.
I am also pleased that we secured a 
one-year extension to the services of 
Dr Wolgen as Managing Director (MD) 
and Chief Executive Officer (CEO) to 
30 June 2026, providing the assurance 
of the continuity and advancement of 
our wide-ranging initiatives under his 
leadership. This now enables the Board 
to follow a process of putting longer-
term succession in place.
Board
We acknowledge the service of Mr 
Willem Blijdorp, who served just over 
four years as Chair. 
As the new Chair, I instigated a full 
Governance Review and Board 
Strategy Review guided by experienced 
external consultants. These have been 
completed and have been valuable in 
the Board's operations.
Since my appointment as Chair 
on 1 January, I have been actively 
overseeing the recruitment of new Non-
Executive Directors to the Board.
We aim to formalise the recruitment of 
two to three Non-Executive Directors 
to the Board in the coming months, 
following an international search.
There have been no adverse issues 
from a governance perspective over the 
past year, further extending CLINUVEL's 
record of operating at the highest 
ethical and professional standard. 
I am sincerely grateful to my fellow 
Board members for their support and 
effort over the past year and thank all 
CLINUVELLIANS for their steadfast focus 
on the objectives of the Company.
Shareholders
We actively engage shareholders on 
their views of the Company and take 
them into account in our decisions and 
communications. Let me provide you a 
few examples:
•	 Last October, ex-Chair Willem 
Blijdorp together with investor 
relations spoke to shareholders 
in Australia, New Zealand, Europe 
and the USA and their feedback 
is reflected in the extension of 
the CEO's contract to June 2026, 
mentioned above.
•	 The Capital Markets Briefing in May 
in Sydney was a good opportunity for 
me as a newly elected Chair to talk 
to institutional investors and I was 
pleased with their understanding of 
the depth and promise of the pipeline.
•	 I have also received correspondence 
from many shareholders and 
exchanged views on the Company 
and its progress.
Despite the strong financial 
performance of the Company, the 
commercial progress of SCENESSE® 
and the potential of the pipeline, 
CLINUVEL's market value was lower 
in the past year. This is below what 
we regard as fair value, and given 
the sufficiency of cash reserves, 
we implemented a share buy-
back program in March to provide 
some support to the share price. 
Many shareholders expressed their 
appreciation of this initiative.
It is important that the Company's 
course remains steady and focused 
on our objectives. At this year's 
Annual General Meeting, I am 
looking for shareholders to support 
the uninterrupted direction of the 
Company to execute our diversification 
initiatives. The risk of disruption will 
not be in the interests of shareholders. 
Outlook
Looking to the future, we are actively 
executing our vision of a strategic house 
of melanocortins, maintaining focus 
on the commercial efforts in EPP, and 
investing to drive pipeline initiatives. 
These encompass the drug products, 
PRÉNUMBRA® and NEURACTHEL®, 
clinical programs in vitiligo, variegate 
porphyria, DNA Repair, stroke and 
Parkinson's, and the development of a 
range of PhotoCosmetic products.
CLINUVEL is on the path to transform 
its operating and financial profile 
through expanded product offerings for 
unmet needs. All stakeholders can see 
the incremental value being built. For 
example, the first few years of treatment 
of vitiligo has the potential to generate 
significant revenues. This is also the case 
for the distribution of NEURACTHEL® and 
shareholders have also recognised the 
potential of our PhotoCosmetic product 
range. For investors, the rationale 
for their investment in CLINUVEL is 
compelling as we strive to advance the 
strategic priorities to fruition over the 
coming years. 
I wish all stakeholders good health 
and look forward with you to the 
advancement of our objectives in the 
2025 financial year and beyond. 
Professor Jeffrey Rosenfeld 
Chair 
CLINUVEL Group
CORPORATE GOVERNANCE
CLINUVEL PHARMACEUTICALS LTD and its Board are committed to establishing and achieving the highest standards of corporate govern-
ance. The Company's Corporate Governance Statement for the year ending 30 June 2024, based on the Australian Securities Exchange 
Corporate Governance Council's (ASXCGC) Corporate Governance Principles and Recommendations, 4th Edition, can be found on our 
website at https://www.clinuvel.com/clinuvel/company-overview/corporate-governance.
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
28
29

MANAGEMENT
TEN  E XECU T IVES , IN CLU D I NG  T H E  M A NAG I NG  
DIRECTOR, CON ST IT U T E T H E  E X E CU T I V E  
MA NAGEM EN T  T EAM  OF  CL I NUV E L .
Malcolm Bull
Head of Australian Operations  
and Investor Relations
Joined 2019
BEc (Hons, University of Adelaide)
MEc (Monash University)
Mr Malcolm Bull joined CLINUVEL in January 2019 and 
initially built out the Company's investor relations program 
with a focus on analyst and Australian institutional 
engagement. Recognising the need for greater operational 
support in Australia amidst the COVID-19 pandemic, Mr Bull's 
role with CLINUVEL evolved in 2021 to the remit of Head of 
Australian Operations and Investor Relations. Previously 
an economist within the Australian Federal Government 
and private sector, Mr Bull then spent more than two 
decades in banking across credit, business development 
and strategy, and relationship management, working with 
Commonwealth Bank of Australia, Bank of Western Australia, 
National Australia Bank, and ANZ. This included time in 
general management for ANZ in the Philippines and as part 
of the Victorian state management team for CBA Corporate. 
Mr Bull has managed to attract six sell-side analysts since his 
arrival and increased institutional ownership of CLINUVEL 
from 25% to 35% of issued capital.
Antonella Colucci
VP, Commercial Affairs
Joined 2011
MA (European Studies and Global Affairs, Catholic University 
of the Sacred Heart)
MA (Modern Languages, IULM Milan)
Mrs Antonella Colucci is responsible for commercial matters 
ex-North America while working closely with the US team 
to ensure continuity of business. Having spent many years 
working within the medical industry in Italy, Mrs Colucci was 
instrumental in the expansion of CLINUVEL's Italian 648/96 
program and subsequent Swiss special access scheme.  
These two programs – which facilitated subsidised 
reimbursement of the drug prior to its marketing 
authorisation – provided CLINUVEL with commercial  
proof-of-concept for SCENESSE® and laid the foundations 
for Mrs Colucci to lead the Company's successful commercial 
activities since 2016. With responsibilities across pricing, 
compliance, and distribution, Mrs Colucci is currently  
focused on expanding the Company's commercial reach  
in both new and existing regions.
“The investor relations team 
loves telling CLINUVEL's 
dynamic story to stakeholders, 
particularly assisting new 
shareholders to discover the 
long-term incremental value 
being built.”
“The positive impact  
of SCENESSE ® on the 
lives of EPP patients 
spurs my team every day 
to work to extend its use  
to new patients.”
As Managing Director, Dr Wolgen sees his role as the 
conductor of the orchestra – keeping rhythm and discipline 
while ensuring the best possible ensemble is in place to 
do justice to the ‘score’. As the complexity of the business 
increases, it is imperative to have the right people in place 
for the multitude of tasks ahead, and the executive team 
is expected to grow accordingly. The executive team has 
and will become more visible as they communicate their 
activities and outcomes to stakeholders.
ANNUAL REPORT 2024 
CLINUVEL PHARMACEUTICALS LTD
31
30

Darren Keamy
CFO & Company Secretary
Joined 2005 – to 1 July 2024
BComm (Accounting, La Trobe University)
CPA
GradDip Applied Corporate Governance  
(Governance Institute of Australia)
Mr Keamy held the dual role of Chief Financial Officer and 
Company Secretary from 2005 to 1 July 2024. For 19 years, he 
ensured the Company operated with a high level of financial 
discipline while maintaining a strong focus on governance 
and compliance. From early in his time with CLINUVEL, Mr 
Keamy was responsible for maintaining strict controls to 
enable the Company to achieve profitability and reinvest 
in long-term growth. As the business evolved, Mr Keamy 
oversaw the addition of new entities and structures to both 
enable commercial sales as well as maintain tax efficiencies. 
Mr Keamy provided counsel to the Board across his role as 
well as maintaining corporate governance structures for the 
Group and leading global compliance. A qualified CPA, Mr 
Keamy previously held roles with global packaging specialists 
Amcor in Australia, as well as Salomon Smith Barney (now 
part of Citigroup) and Superdrug Stores in the UK. 
Reflecting the complexities of the business, the Chief 
Financial Officer and Company Secretary roles have now 
been separated.
Dr Rose Quadbeck-Diel
Snr VP Regulatory Affairs
Joined 2012
BSc (Nutrition, Justus Liebig-Universität)
PhD (Biochemistry, Johann-Wolfgang Goethe-University)
Having spent over 30 years in global regulatory affairs and 
quality assurance in large and mid-sized pharmaceutical 
entities in Germany and Switzerland – including Baxter 
Oncology, Asta Medica, and Mundipharma – Dr Rose 
Quadbeck-Diel ensures CLINUVEL is compliant with, and 
able to adapt to, a changing regulatory landscape. In her 
time with CLINUVEL this has included navigating marketing 
authorisation filings and compliance, shaping the Company's 
Brexit response, and implementing new European regulatory 
initiatives such as the falsified medicines regulations. 
In recent years Dr Quadbeck-Diel has worked to expand 
CLINUVEL's regulatory team to prepare long-term regulatory 
projects and new marketing filings.
“I am proud to have played a 
leading role as CFO and  
Company Secretary, in  
CLINUVEL's progression from 
an R&D based enterprise to a 
profitable commercial operation, 
expanding for the future.”
“It is satisfying to meet  
the challenge to gain  
marketing authorisations  
and subsequently, to meet  
all of the regulatory re-
porting requirements  
to maintain them.”
Lachlan Hay
Chief Operations Officer
Joined 2007
BA (Media Comms, University of Melbourne)
MA (International Relations, Freie Universität Berlin)
As Director of Global Operations, Mr Lachlan Hay supports 
the executive and senior management teams as well as 
maintaining responsibility for the delivery of key business 
objectives. Having joined the business in a corporate 
communications role in Australia, Mr Hay then assumed  
roles in Europe and Asia. He was the first General Manager  
of the UK business, overseeing the introduction of 
SCENESSE® into European markets since 2016, and  
assumed a broader operational position in response to  
the needs of the business. On 1 July 2024, Mr Hay assumed 
the position of Chief Operations Officer, providing him more 
responsibilities. He is also completing his law degree (LLM).
Dr Azza Hamila
Head of Quality Assurance and Drug Safety
Joined 2015
BPharm (University Claude Bernard)
MPharm (University Paris Descartes)
Dr Azza Hamila has played a central role in CLINUVEL's 
commercial scale-up, establishing new internal standards 
in GxP, with a focus on manufacturing, distribution, and 
pharmacovigilance. Her work has enabled the Company to 
achieve long-standing compliance, giving authorities comfort 
that CLINUVEL conforms to strict international regulations 
and can maintain the licences necessary to perform critical 
manufacturing and distribution functions in-house. Dr 
Hamila's position encompasses both Responsible Person 
and Qualified Person roles in various jurisdictions within the 
quality management system, as well as being responsible for 
supplier management and patient safety. She has previously 
held quality assurance roles with Orphan Europe (Recordati), 
Sanofi Aventis, and Roche before joining CLINUVEL in 2015.
“We pride ourselves on 
vigilance to quality and 
the standards that are 
essential to ensure the 
smooth performance of the 
business.”
“Managing the strate-
gic expansion and daily 
operations of this interna-
tional biopharmaceutical 
group provides our teams 
an ongoing professional 
challenge.”
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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33

Dr Dennis Wright
Chief Scientific Officer
Joined 2005
BPharm (University of Sydney)
MSc (University of Sydney)
PhD (University of Sydney)
GradCert Health Economics (Monash University)
Dr Dennis Wright has been at the core of the Company's 
clinical program and regulatory affairs for nearly two decades 
in the role of Chief Scientific Officer. A pharmacist with a PhD 
in xenobiotic metabolism, Dr Wright has a pharmaceutical 
career spanning more than 40 years with Nicholas Kiwi, 
Faulding/Mayne, CSL and CLINUVEL.  
During this time, he worked across basic and clinical  
research, regulatory affairs, pharmacovigilance, business  
development, in-licensing, and marketing. It is from this 
diverse background that he has led CLINUVEL's late-stage 
clinical development program for EPP as well as steering  
successful regulatory filings for SCENESSE® in Europe, the 
USA, Australia, and Israel. His role has extended in recent 
years to facilitate new clinical programs for afamelanotide  
as well as overseeing new product development and  
scientific affairs. 
Peter Vaughan
Chief Financial Officer
Joined April 2024 
BBus (Acc) (Swinburne University)
Snr. Exec. MBA (Melbourne University – Business School)
Member, Institute of Chartered Accountants ANZ
GAICD, AGIA
Cert. Climate Change: Financial Risks and Opportunities 
(Imperial College, London)
Mr Peter Vaughan joined CLINUVEL in April 2024 and 
assumed the Chief Financial Officer role on 1 July 2024.  
Mr Vaughan has over 20 years of experience in listed and  
unlisted companies in Australia, the USA, Europe, and Asia. 
Most recently with Toys “R” Us ANZ Limited as a strategic 
financial advisor, he has previously held CFO and Company 
Secretary roles at Titomic (ASX:TTT), Immuron (ASX:IMC, 
NASDAQ:IMRN), Amaero (ASX:A3D) and Respiri (ASX:RSH), 
among others. He has led capital raisings, M&A and licensing 
deals within life science companies, as well as the dual 
listing of two Australian companies on the Nasdaq (Immuron 
Limited and Prima Biomed Limited (now Immutep)). Mr 
Vaughan is a Chartered Accountant, with a BBus (Accounting) 
from the Swinburne University of Technology and a Senior 
Executive MBA from Melbourne Business School. He is also 
a member of Australian Institute of Company Directors and 
Governance Institute of Australia.
“Applying melanocortin 
products to treat indications 
of the skin and brain with 
unmet needs is exciting. This 
mission underlies everything 
we do in the clinical and  
scientific area of the business.”
“I’m excited to join the high 
performing CLINUVEL  
team, and lead the disciplined 
financial stewardship as 
we build the foundations of 
new revenue streams for 
future growth.”
Dr Linda Teng
Director of North American Operations
Joined 2007
BPharm (National Taiwan University)
Doctor of Health Administration (Medical University of  
South Carolina)
As Director of North American Operations, Dr Linda Teng has 
established the Company's commercial presence, building 
a network of Specialty Centers and commercial programs 
enabling EPP patients to receive treatment in both the USA 
and Canada. With a background in clinical pharmacy and 
clinical pharmaceutical development – at BioMarin and 
for more than 16 years at CLINUVEL – Dr Teng also heads 
the vitiligo program in North America. The US team has 
grown quickly over the past 18 months to incorporate new 
functions, including patient support and in-house counsel, 
adding complexity but greater bandwidth to the operations 
under Dr Teng's purview.
Dr Emilie Rodenburger
Director, Global Clinical Affairs 
Joined April 2024 
PharmD (Paris Descartes University, France)
MSc (Paris-Sud University, France)
Dr Emilie Rodenburger rejoined CLINUVEL in April 2024 as 
Director Clinical Affairs. Returning to CLINUVEL after four 
years with Roche in senior clinical roles, Dr Rodenburger  
oversees CLINUVEL's global clinical program, evaluating  
melanocortin based drugs for a range of disorders of the  
skin and brain. Her immediate focus will be to ensure full  
enrolment and analyses of the CUV105 study of SCENESSE® 
in vitiligo (loss of pigmentation). A pharmacist (PharmD)  
with a master's degree in cancer biology, Dr Rodenburger  
previously worked with the CLINUVEL Group for over a  
decade in clinical development roles in Australia, the USA 
and Europe. During this time, she led the Company's first 
vitiligo trials as well as being one of two clinical managers 
completing the EPP program resulting in the successful  
approval and commercialisation of SCENESSE® as the first 
systemic photoprotective therapy.
“I am thrilled to re-join 
CLINUVEL and advance 
its expanded clinical  
programs, particularly  
in vitiligo.”
“Since April 2020, we’ve 
built a strong foundation 
with EPP in the US. Now, 
we’re excited to expand our 
treatment to vitiligo and 
other unmet needs.”
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BOARD
SU MMMARIES  OF  T HE S KIL LS A ND  E X PE R I E NC E  O F 
THE CLINUVEL  B OARD 
Background
Prof Rosenfeld is an internationally recognised neurosurgeon 
with extensive experience in senior healthcare and medical 
research executive roles and a distinguished and decorated 
career in the Australian Army. He is a retired Major General 
and a former Surgeon General, Australian Defence Force-
Reserves. He has served on eight deployments to Rwanda, 
Iraq, Solomon Islands, Bougainville and East Timor. He was 
the Founding Director of Monash University Institute of 
Medical Engineering (MIME)-Melbourne. He is developing 
a bionic vision device to restore vision in people without 
eyesight, and he is also a leader in brain injury research. 
Prof Rosenfeld was Director of Neurosurgery at the Alfred 
Hospital for fifteen years, concurrently holding Professor and 
Head of the Department of Surgery at Monash University 
for nine years. Prof Rosenfeld is active in many community 
organisations and champions various charitable causes. Prof 
Rosenfeld has been an active volunteer for the Australian-Aid 
funded Pacific Islands Project which transfers clinical skills 
and knowledge to healthcare professionals in Papua New 
Guinea, Fiji and the Solomon Islands.
In 2018, Prof Rosenfeld was awarded the Companion of the 
Order of Australia, which is Australia's highest civilian honour, 
the Meritorious Service Medal of the United States of America 
in 2017 and Officer in the Order of the British Empire in 2013. 
Prof Rosenfeld became an Emeritus Professor at Monash 
University in January 2021.
Non-Executive Director,  
AC, OBE, MBBS, MS, MD, FRACS
Appointed 26 November 2019,  
Chair since 1 January 2024
Relevant Skills
•	 lifetime experience in providing 
healthcare
•	 clinical research and development
•	 board and committee oversight  
and governance
•	 leadership and management
J E F F R E Y  R O S E N F E L D  AC , OBE
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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Background
Mrs Shanahan is a pioneer in the Australian finance 
community. The first female stockbroker, Mrs Shanahan  
has also spent more than two decades working and investing 
in medical R&D and commercialisation. She is currently a 
non-executive director of Phoslock Water Solutions Ltd. 
Mrs Shanahan is also a non-executive director of DMP 
Asset Management Ltd and SG Hiscock Ltd, a director of 
the Kimberly Foundation of Australia Ltd, and Chair of the 
Aikenhead Centre for Medical Discovery in Melbourne. In 
2021, Mrs Shanahan was recognised as an Officer in the 
General Division of the Order of Australia. Previously Mrs 
Shanahan was a member of the Australian Stock Exchange 
and an executive director of a stockbroking firm, a fund 
management company and an actuarial company. Until  
2017, she was Chair of St Vincent's Medical Research 
Institute. Mrs Shanahan was formerly Chair of Challenger 
Listed Investments Ltd, the reporting entity for four ASX 
listed firms and formerly a non-executive director of Bell 
Financial Group (ASX: BFG) and Challenger Limited (ASX: 
CGF). Mrs Shanahan has also served and Chaired various 
Audit and Risk Committees throughout her career, including 
Challenger Financial Services Group Ltd, Bell Financial Group, 
Victoria University, JM Financial Group Ltd, SA Water, AWB 
International Ltd, BT Financial Group and V/Line Passenger. 
Mrs Shanahan joined CLINUVEL in 2007 and was Non-
Executive Chair of the Board from late 2007 until July 2010. 
Her depth of experience across global markets and medical 
research provides significant value to the current Board  
and Group.
Non-Executive Director,  
BComm, FAICD, ASIA
Appointed 6 February 2007
Relevant Skills
•	 research & development in life 
sciences
•	 capital market understanding
•	 executive management
•	 experienced in listed company 
directorships
Background
Under Dr Wolgen's leadership, a long-term strategy for 
CLINUVEL was devised. The lead product SCENESSE® was 
reformulated, its medical application identified, European 
marketing authorisation was obtained in 2014 and systems 
were established to self-distribute the prescriptive product 
in the European Economic Area from June 2016. Dr Wolgen 
oversaw the submission of the scientific dossier to the US Food 
& Drug Administration (FDA) under a New Drug Application, 
which was approved in October 2019. First treatment of 
US patients commenced in April 2020 through a controlled 
distribution system set up by the Company. SCENESSE® is the 
world's first systemic photoprotective drug to have completed a 
clinical trial program and obtain marketing authorisation in two 
major markets. 
Dr Wolgen has been instrumental in the Company's 
corporate turnaround, rebuilding a share register of 
long-term professional and institutional investors. He 
led CLINUVEL to attract more than AU$110 million in 
investments, and his international contacts and network 
contribute to the strategic support CLINUVEL enjoys globally. 
Under his tenure a business model was adopted to develop 
and launch SCENESSE®, guiding the Group through a complex 
pharmaceutical product development program. His overall 
business execution and exact financial management is 
viewed as exemplary within the life sciences industry and 
the funding strategy he led is considered different and 
unique within the sector. He is currently leading the Group's 
expansion, both based on organic and inorganic strategies. 
His focus has been to establish a professional management 
team executing corporate objectives of establishing a 
sustainable, and profitable group diversified from its core 
pharmaceutical base, to cosmetics and other services within 
an integrated model. 
Dr Wolgen's long track record speaks to a strongly focussed, 
competitive and conscientious professional who is known 
to persevere in meeting challenging business objectives. 
He holds an MBA from Columbia University, NY. Trained as 
a craniofacial surgeon, Dr Wolgen obtained his MD from the 
University of Utrecht, the Netherlands.
Chief Executive Officer,  
MBA, MD
Appointed to Board 1 October 2005, 
appointed Chief Executive Officer 28 
November 2005
Relevant Skills
•	 pharmaceutical R&D, 
commercialisation
•	 clinical expertise
•	 commercial & entrepreneurial 
outlook
•	 executive management, corporate 
turnarounds
•	 finance and capital markets
•	 experienced in listed company 
directorships
B R E N DA S HAN AHAN  AO
P HI L I PP E WOLG EN
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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Background
Mrs Smith manages an established consultancy business, 
providing advisory services to a range of healthcare 
organisations, investors and boards of directors. She has  
led a distinguished career, serving for 14 years as Chief 
Executive Officer of The Princess Grace Hospital, London, 
and 11 years as the Chief Executive Officer of The Portland 
Hospital for Women and Children, London. Mrs Smith's 
specific expertise is in the implementation of operational 
strategies within complex and acute care environments, 
and in the interaction with healthcare authorities and UK 
regulators. Her most recent role was as the Chief Executive 
Officer of the Independent Doctors Federation, a membership 
organisation representing practising physicians within the UK 
independent healthcare sector. 
Her past experience Is now successfully translating into a 
diverse portfolio with non-executive director appointments. 
She is currently Board Chair of The Evewell Group Ltd which 
operates fully integrated medical centres of excellence 
dedicated to caring for, and protecting, all aspects of  
fertility and gynaecological health. Mrs Smith is also a 
Director of HCA Hope Fund UK, a charity providing financial 
aid and resources to its healthcare worker members to 
help them start rebuilding after an extended illness, injury, 
environmental disasters, or other extraordinary situations.  
In the face of the ever-changing healthcare market  
Mrs Smith fosters first class relationships with a wide  
range of healthcare stakeholders to provide care of 
excellence to patients. 
Non-Executive Director,  
Dipl ClinRisk
Appointed 23 September 2019
Relevant Skills
•	 executive healthcare management
•	 leadership and strategy setting in 
complex environments
•	 risk management and governance
•	 customer relations
Background
Dr Agersborg is a clinical endocrinologist with diverse and 
extensive practice experience in Pennsylvania and New 
Jersey, USA. She is Board Certified in both Internal Medicine 
and Endocrinology, Diabetes & Metabolism and holds specific 
expertise on the class of melanocortins. 
Her career has included inpatient, outpatient, and hospitalist 
positions across a number of prominent medical institutions. 
She is an Associate Professor of Medicine, teaching medical 
students and residents in endocrinology. Dr Agersborg  
had an extensive career in managing commercial sales  
& distribution at Wyeth Pharmaceuticals (formerly  
Ayerst Laboratories). 
Dr Agersborg has played an integral role in setting the 
CLINUVEL Group's US regulatory and commercial strategy, 
resulting in the US FDA's approval of SCENESSE® in October 
2019 and the subsequent market launch in 2020. 
Non-Executive Director, 
MD
Appointed 29 January 2018
Relevant Skills
•	 pharmaceutical research & 
development, commercialisation
•	 relevant knowledge on 
melanocortins, clinical expertise
•	 commercial knowhow in US 
pharmaceuticals
•	 general management
•	 experience in private company 
directorships
S US AN  ( S U E )  S M IT H
KAR E N AG ERS BORG
CLINUVEL PHARMACEUTICALS LTD
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increased the pace of development 
of treatments for vitiligo, DNA repair, 
stroke, porphyrias, Parkinson’s disease 
and other healthcare products. We have 
achieved our primary goal, which was 
ensuring that both patients and early 
investors benefit from these actions. 
Now we find ourselves in the secondary 
stage of financing this project, as this 
letter explains. I will share the rationale 
behind our approach to finance, 
development and expansion over the 
last 12 months. 
Unexpectedly, this period has been 
overshadowed by the tragic loss in 
August of our esteemed colleague and 
a dedicated supporter of CLINUVEL, 
Professor Marcus Maurer, Chair of the 
Dermatology Department at Berlin’s 
renowned Charité University Hospital. 
I would like to pay tribute to Marcus, 
taking the moment to express my 
longstanding admiration for a person 
who was larger-than-life, optimistic, 
light-hearted and always stood above 
the matter. I only wish I had done this 
during his lifetime. 
Dear Shareholders,
Success in biopharmaceuticals involves 
exploring unchartered territories while 
working out an attitude to risk. It is 
a balancing act that requires a team 
with a certain disposition who have a 
clear philosophy to follow. Our core 
technology has been fined-tuned 
over the space of 43 years. To put 
our industry in context, in that time 
three companies have abandoned 
their attempts to clinically develop 
melanocortin technology. 
That is to say, our scientists, physicians 
and managers have faced daunting 
challenges in their efforts to turn 
chemical novelty into economic reality. 
And yet, they have achieved that goal. 
Today, CLINUVEL is comprised of a 
global team that works cohesively across 
seven locations. These individuals 
devote their time and energy to build a 
profitable group that solves healthcare 
problems, while striving to become a 
global brand. That is the mission we 
have set ourselves and which we have an 
unwavering commitment to fulfil. Now 
to the future: how and when to propel 
the Company towards the next phase of 
growth and valuation?
One of our core beliefs is that many 
minds working together will solve 
problems related to melanocortin 
technologies more quickly. Technology 
is subordinate to the calibre of staff. 
My main priority has been to position 
CLINUVEL among the handful of 
biopharmaceutical companies that 
are financially independent. Less 
than 9% of such firms make money 
and we are one of them. Unfettered 
by fundraising constraints, we have 
Marcus was one of the first physicians 
I contacted back in 2004, as part of 
lengthy diligence on CLINUVEL (at the 
time, Epitan). Marcus immediately 
understood the potential of 
SCENESSE® in treating EPP and various 
photodermatoses. He accompanied 
our managers to Germany’s BfArM, 
the European Medicines Agency, and 
reimbursement authorities (GBA, 
GKV), and spoke about afamelanotide 
at numerous conferences. Not only 
was Marcus one of the most ethical 
professionals one could meet, but 
he also radiated charisma and 
demonstrated an innate compassion for 
patients and staff alike. He was, he is, a 
luminous being. 
One very occasionally meets someone 
who makes an immediate impact, 
leaves an indelible impression and 
whose energy makes collaborating 
joyful and exciting. Marcus was this very 
person. He leaves behind his partner 
and three children, and his departure 
from this world leaves us with an 
ineffable void. Our clinical research 
with Charité must continue in his name, 
that is the way Marcus had wanted 
it. CLINUVEL’s work will stand on his 
shoulders, a giant in dermatology. 
Risk Management & Efficiencies
The past year reminded us once again 
of the steep development and financial 
risks posed by the relatively high number 
of Complete Response Letters issued by 
the FDA, as well as the many drugs that 
leading insurance companies rejected, 
owing to concerns about new molecular 
entities (NMEs). It is worth noting that 
developing and commercialising novel 
hormones for untreated diseases—as 
CLINUVEL has chosen to do—is a 
MANAGING  
DIRECTOR'S 
LETTER
In memory of  
Professor Marcus Maurer 
“a revolutionary thinker in 
dermatology, an inspiration  
and statue of optimism for  
all who had met Marcus”
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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positions to suit the brightest 
individuals. To increase retention 
and incentives for long careers at 
the Company, we established the 
CLINUVEL Academy in 2024. The 
initiative offers eligible managers a 
structured training program, post-
graduate education, and advanced 
learning opportunities, in return for 
long-term service.
The Next Phase of Growth: 2024–2026 
For the last decade, our financial 
planning has been centred around 
establishing a Group that remains 
at the vanguard of pharmaceutical 
development, giving shape to the next 
set of melanocortin technologies. 
To make this a reality, we came up 
with a business model in which 
longer-term development would 
be self-financed. Now with our 
melanocortin portfolio (SCENESSE®, 
PRÉNUMBRA®, NEURACTHEL®) and the 
PhotoCosmetics ranges (CYACÊLLE® 
and CYACÊLLE® RADIANT), we are 
on the cusp of translating peptide 
technologies to help a host of rare 
or untreated diseases; realising a 
future of new delivery methods; and 
reformulating our technology to suit 
consumer healthcare. 
by diversifying its pipeline early on, 
would have left CLINUVEL dependent 
on equity investors or debt financing. 
We estimate this would have diluted 
shareholders’ ownership of CLINUVEL 
by more than 1,600% (assuming we 
would have secured funding at all). 
So, we took a different path. 
Once management and majority 
shareholders agreed to aim for 
economic sovereignty, we focused our 
resources on limiting drug development 
and set out to self-distribute our lead 
product, SCENESSE®. Thanks to this 
strategy, CLINUVEL’s financial metrics 
have strengthened year-on-year. Our 
robust balance-sheet has enabled us to 
seize promising growth opportunities 
by developing our portfolio of 
melanocortin technologies and pursing 
new ventures which will result in new 
revenue streams.
In parallel to our attention to risk, we 
have sought operational efficiencies. 
We first set annual agendas, 
aligning all parts of the business 
and establishing key performance 
indicators for staff. These included 
working in cross-functional teams to 
cross-pollinate expertise; assigning 
To combat this trend, we are on 
a perpetual search for the next 
generation of technical and business 
talent. The Group continually 
conducts interviews to identify 
promising candidates and shape 
much riskier endeavour than it is for 
biosimilars, radiopharmaceuticals, 
generics, diagnostics, devices and 
managed care. 
All medical technologies and services 
developed by listed life-science 
companies will eventually be collated 
in a life-science index. On closer 
inspection however, these distinct 
businesses are incomparable in such 
a pared-back format, owing to their 
differing objectives and risk profiles. 
Dotmatics, an analysis firm that 
aggregates biochemical and clinical 
data, recently revealed that the costs 
of drug development have surpassed 
US$1.5 billion over the last decade. 
Meanwhile regulatory and commercial 
success rates remain steady, at less 
than 10%. Higher spending does not 
guarantee fixed results. 
I felt strongly that CLINUVEL, as a 
leading specialist in developing 
NMEs, needed to be insulated 
from operational and financial 
risks, particularly given increased 
volatility in global markets. Managing 
the Company’s development in 
a conventional manner, with less 
focus to funding requirements and 
We are embracing novel thinking 
on financial systems, distribution 
networks, artificial intelligence, 
branding activities, social 
media, broader ambassadors’ 
communication and ERP, distribution, 
and market access. We are preparing 
the Company to integrate new skills 
in engineering, bio-analytics, and 
formulation development, while also 
diversifying our offering and markets 
by targeting both pharmaceutical and 
consumer healthcare.
Over the last year, we have increased 
the number of trained and accredited 
North American Specialty Centres 
from 67 to 87 (with two now active in 
Canada), in anticipation of entering the 
North American vitiligo market. We aim 
to add another 33 such centres by the 
end of 2025. These centres will prescribe 
SCENESSE®, according to the conditions 
of the drug’s use for vitiligo patients who 
have lost pigmentation in their skin, and 
in many cases, their identity. 
Dr Linda Teng has done a remarkable 
job of converting sceptical physicians 
in North America into keen followers 
and long-term prescribers, thanks 
to years of persistence by her team. 
regional responsibilities; and 
integrating research & development 
and innovation output. Over the last 
year, we rolled out a multi-weighted 
model to guide clinical and regulatory 
decision-making. The aim was to 
provide our managers with a blueprint 
to secure efficacy and commercial 
viability of new drug candidates. The 
model aims to save considerable 
sums by avoiding costly clinical and 
regulatory programmes which do not 
meet the commercial criteria down 
the line. New systems will be added in 
2025 too. ERP¹, CRM² systems, eQMS³ 
and intelligence platforms will ensure 
that data and information are readily 
available across the Group.
At CLINUVEL, we all understand the 
need to deliver results and meet 
deadlines. Those who embrace the 
Group culture, being enthusiastic 
and motivated to solve problems, 
build a meaningful career. At the 
same time, we are swimming against 
tides in the post-pandemic labour 
market. Recruitment agencies such as 
Randstad report up to a 30% turnover 
in pharmaceuticals, a number that 
raises concerns about the retention of 
key knowledge. 
15% 
GROW TH YOY
SCEN ESSE®
P R É N U M BRA ®
N E U RACT HE L ®
CYAC Ê L L E ®
M 1
M 2
CLINUVEL PHARMACEUTICALS LTD
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Against these achievements, how do 
we measure the eighth consecutive 
year of growth in earnings, a continuum 
carefully planned to facilitate our 
ambitions? We have built up a hefty 
vault of cash—currently A$183.9m in 
cash reserves, an increase of 17% the 
past financial year—and an annual 
compounded growth rate over seven 
years of 34%. This enables us to 
more rapidly able to integrate new 
technologies and companies. We are 
always on the lookout for acquisition 
opportunities when the time is right 
and when we can sufficiently mitigate 
integration risk. This would continue 
the Group’s expansion and subsequent 
growth of the management team. 
Investor & Public Relations, 
Communications
New Australian institutions have 
purchased over 3% in aggregate of 
CLINUVEL’s shares (CUV) over the last 12 
months. Existing institutional investors 
also increased their holdings over 
the same period, taking institutional 
ownership of CUV to 35% of issued 
capital. Retail stakeholders (including 
high-net-worth individuals and family 
offices) also expanded their stake, to 
Across the Atlantic, Mrs Antonella 
Colucci has successfully headed 
European and Swiss market 
access, distribution, and logistics. 
Over 90% of patients continue 
treatment with SCENESSE® and 
the therapy is in demand. Patients 
express high levels of satisfaction 
and report an improved quality of 
life, as two new papers illustrate: 
“Afamelanotide for Treatment of the 
Protoporphyrias: Impact on Quality 
of Life and Laboratory Parameters 
in a US Cohort” from Massachusetts 
General Hospital; and “Association 
of quality of life measures with 
afamelanotide treatment in patients 
with erythropoietic protoporphyria 
and x-linked protoporphyria: A 
retrospective cohort study”, from Henry 
Ford Hospital in Detroit. 
Our patient registry makes these 
studies possible. It contains 
uninterrupted follow-up data on 
patients worldwide which in turn, fuels 
the growth in the number of centres, 
prescribers, patients and treatments 
administered. This makes more doctors 
and patients aware of the therapy’s 
long-term benefits.
40% of issued capital. We are buoyed 
by our supporters’ optimism. One 
high-net-worth investor in the United 
States recently grew their holdings to 
one million shares, or 2% of issued 
capital. Given the ebullient interest in 
North America, we have recruited our 
first investor relations manager for this 
market, Mr Myles Clouston, who is an 
experienced analytics expert in the life 
sciences sector. 
In October 2023 we welcomed Bell 
Potter, one of Australia’s largest 
financial advisory firms, commencing 
research on the Company for their 
client base which spans individuals, 
institutions and corporations. This 
was followed by Morgans Financial 
and Morningstar initiating coverage 
a month later. Mr Malcolm Bull, who 
leads our Investor Relations (IR) efforts, 
has attracted six sell-side analysts and 
acts as the point of liaison with our new 
Australian institutional investors. 
Our consumer-facing communications 
have also progressed in leaps and 
bounds. This year we made a first low-
cost foray into social media, engaging 
specialised ambassadors with their 
We are focusing on raising brand 
awareness ahead of the launch of the 
M1 and M2 lines in 2026, transdermal 
formulations containing melanocortins. 
These will be a world first. The Annual 
Meeting of the American Academy of 
Dermatology in Orlando next spring 
presents another opportunity to 
promote the Company’s industry-
defining technologies and bold moves 
into consumer skincare. We look 
forward to seeing you there. 
One of the year’s digital highlights  
was the event in February hosted by  
Ms Stefani Germanotta (whom you may 
know as Lady Gaga) and Mr Michael 
Polansky at their home in Los Angeles. 
At this star-studded, intimate evening 
we presented CLINUVEL’s pioneering 
technology and future ambitions  
to Silicon Valley’s investor  
community and professionals  
in the entertainment industry. 
The night yielded dazzling results. 
Content from the evening reached 
3.4m people in the days following the 
event, boosted by Ms Germanotta’s 
influential profile and mega-influencers 
own histories of solar damage and skin 
cancers to raise awareness of the first 
PhotoCosmetic product CYACÊLLE®. 
We also recruited our first professional 
writer, a journalist formerly of The 
Economist, to create content and 
opinion pieces for targeted online 
audiences. A strategic goal remains to 
deliver articles and engaging, relevant 
content in digital formats. In the next 24 
months, we intend to identify additional 
influential ambassadors (CUVAs) who 
can share the CLINUVEL story.
We started the CUVIPs program, 
engaging intriguing personalities with 
a public profile and communicating 
our story with their “followers” in 
both the virtual and digital worlds. 
Bringing novel healthcare products 
to a consumer market requires a 
long runway. Time and patience 
are key. Two aims drive our global 
branding campaign: first, a desire to 
achieve household name recognition 
within the next two years. Second, 
to make CLINUVEL known as a brand 
synonymous with world-leading 
innovation in both photomedicine  
and PhotoCosmetics. 
such as Ms Dylan Mulvaney. It was 
proof that a combination of high-
profile events, curated social-media 
campaigns and broader exposure 
outside pharmaceutical circles will 
launch CLINUVEL into new, valuable 
conversations. From here onwards, it 
is about repetition of messages and 
having a presence at key global events. 
Collaboration Post-pandemic 
By now, the world has endured seven 
million deaths from COVID-19 and a 
total of 776 million confirmed cases 
(refer World Health Organisation), with 
many more undocumented. Among 
other things, the pandemic created 
seismic shifts in working habits. By Q1 
2023 we were well adapted to a new 
reality of Zoom calls at kitchen tables. 
After this new-found freedom, it was 
clear that we would not revert to the 
pre-pandemic norm of five days in the 
office per week. We posed ourselves two 
questions: how to maintain productivity 
and where would work suffer without 
daily interactions? A year on, we have 
settled into a new rhythm. Teams 
working in offices tend to come in two 
or three times a week, in line with the 
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global average for the post-pandemic 
workplace. CLINUVEL staff who require 
a physical laboratory have no option 
other than to attend full time, however. 
I believe that tempting professionals 
back the office will require employers to 
rethink their offer to workers. This will 
entail disrupting the former notion of 
“office” and presenting an entirely novel 
concept to staff. Flexibility is essential: 
commuting outside peak traffic; state-
of-the-art facilities that include wellness 
and meditation rooms; a nursery for 
children; and cooking facilities. In sum, 
creating an environment of privilege 
may incentivise valued staff back to the 
office. In Britain, we took advantage 
of a depressed commercial real-estate 
market to purchase a highly-valued 
office close to London. Once the refit of 
our premises is complete, we anticipate 
that the Britain-based team will 
reevaluate the inconvenience of leaving 
home, considering the benefits offered 
at the new facilities.
Research & Development, Innovation
Direct investment in research, 
development and innovation amounts 
to more than 40% of our net profits. Our 
Board and senior personnel are acutely 
aware of the risks associated with 
innovating melanocortins. And yet, we 
are confident that it is a gamble worth 
taking. It would pay off handsomely, in 
the shape of the competitive position 
that CLINUVEL would attain at the end 
of successfully developing a drug for 
untreated diseases. A case-in-point is 
the market for porphyria, a new venture 
that has generated returns on equity 
of more than 24% on average since we 
started commercialising. 
We have invested resources into 
the VALLAURIX Singapore team this 
year, adding new skills, new capital 
expenditures and new analytical 
methods with an eye to advancing 
three pharmaceutical products and 
the three PhotoCosmetic lines. We are 
continuously evaluating whether these 
investments in melanocortin-based 
technologies increase long-term value, 
or whether the funds would be more 
usefully spent elsewhere. Time versus 
output remains a critical metric of how 
we assess resource allocation. Thus far, 
we are compelled to develop the next 
melanocortin products, serving unmet, 
lucrative markets. 
Finally, in February this year we 
launched the Photomedicine 
Foundation, an important, worthy 
initiative which donates the fruits of 
R&D to underprivileged communities. 
African patients with xeroderma 
pigmentosum will receive treatment 
and skin-protecting PhotoCosmetics 
funded by the Foundation. We will focus 
on patients with darker skin, children 
and those handicapped by light.
Board and Management Composition
We acknowledge the contributions of 
Willem Blijdorp, who served nine years 
as a Board member and four years as 
Chairman. He gave commercial input 
at critical moments in CLINUVEL’s 
history. His business acumen and wider 
commercial views are missed. I also 
wish to thank Andrew Likierman for 
serving during an interim period, and 
for kindly providing his financial views 
when they were needed. As this letter 
goes to print, we are poised to welcome 
new members who will bring diverse 
skills to the Board.
Across the Group, our priority is building 
a team with complementary experience 
and skills. We are also committed to 
achieving gender parity and increasing 
ethnic diversity. Our current ratio of 
female to male employees is 69:31. We 
are striving to maintain a minimum 
of 40% female representation on the 
Board (the current make-up is 60:40 
female:male). Other measures of 
diversity are detailed in the feature on 
Sustainability in this Annual Report. 
At the same time, we are establishing 
a skills-based organisation where we 
employ and develop professionals 
who can meet both current and future 
objectives. These range from R&D to 
clinical, analytics, commercial, consumer 
health, branding and communications. 
In the meantime, succession planning 
for the executive team is progressing 
well. In July Mr Peter Vaughan replaced 
Mr Darren Keamy as Chief Financial 
Officer after 19 years at the Group; 
and new executives are being added 
to the team of ten, with Mr Lachlan 
Hay stepping up to the role of Chief 
Operations Officer on 1 July. The aim is 
to appoint a new Chief Executive Officer 
prior to my departure in June 2026, 
giving sufficient time for an orderly 
handover. The Company will continue 
its trajectory with new management in 
place by 2026. That presses us to realise 
all ambitions in less than 24 months. 
Summary
This past year has been defined by 
exciting advances, supported by 
activities to consolidate and realise 
these strides forwards. CLINUVEL ranks 
among the few financially independent 
biopharmaceuticals on a solid growth 
trajectory. This has attracted numerous 
new investors to CLINUVEL, drawn by 
our fundamentals, long-term approach 
and risk management. To our delight, 
retail investors in Germany reached 
more than 1,900 in the past 12 months 
and their interest in the Company 
was warmly received during an over-
subscribed meeting in Düsseldorf last 
March. German-speaking countries 
will receive further investor relations 
attention in the year ahead.
We are bullish on the outlook for 
SCENESSE®. The market for the 
therapy is expanding year-on-year 
and insurers have already started to 
reimburse teenagers aged 15 and 
older. Eventually, we will add the 
adolescent population to our total pool 
of patients—a true milestone. With the 
new talent and specific skills that have 
entered the Company, we have also 
begun gearing up to enter the North 
American vitiligo market. This will  
reap significant rewards. 
The bold combination of 
pharmaceuticals and healthcare is 
already lending the Company global 
exposure. We have laid the foundations 
for developing, manufacturing and 
distributing the first PhotoCosmetic 
products, while preparing for the 
flagship M-lines. Of course, we remain 
aware that two distinct businesses 
compound risks. Yet we possess the 
funds to take calculated risks, and we 
are confident in our ability to succeed. 
Our leadership continues to evolve, 
protecting CLINUVEL’s core identity as 
we innovate. Of the executive team of 
ten, eight have been with the Company 
for more than 15 years, and we 
welcome a new tier of talented senior 
managers. We have seen the addition 
of Mr Benson Chao (Legal Counsel), Ms 
Claire Newstead-Sinclair (Company 
Secretary), Mr Vaughan (CFO), and 
the return of Dr Emilie Rodenburger 
(Director, Global Clinical Affairs). We 
are pleased to have Mr Clouston join us 
to build an IR program in the US; and 
Ms Marga Arrom-Bibiloni to lead the 
branding activities for the consumer 
healthcare branch of the business. 
There are many new prodigies and 
emerging stars within the Group. 
Our task is to design programmes for 
individuals destined to have a long and 
rewarding career with us, under the 
umbrella of the CLINUVEL Academy. 
I am convinced these investments 
are worthwhile and that they will pay 
off in the long-term. I look back at a 
year where a valuable team carried 
out quality and pharmacovigilance; 
regulatory; R&DI; clinical; finance and 
compliance; investor relations; public 
relations; a CBM team performed  
with creative talent; and strong  
general management.  
The avid reader and biopharma 
investor will also know that CLINUVEL 
only discloses a fraction of our 
activities, as it is not in our interest 
to feed competitors with valuable 
knowledge. With the bulk of our work 
below the surface, we look forward 
to the days when we can reveal our 
value accretive technologies to enter 
new markets, protected by intellectual 
property patents. 
The key objective for me now is to 
fulfil a life’s ambition: to leave behind 
a prosperous biopharmaceutical 
company, which houses unique 
individuals, talents and personalities 
collectively doing good for those who 
benefit from our medical innovations. 
The journey to realising this goal has 
brought with it humility, shared by all 
who are associated with CLINUVEL 
from new Board members to our 
experienced executive team. This  
is a robust foundation which we  
can build upon.
That only leaves me to thank the 
CLINUVEL team for delivering great 
financials and you, for staying with us.
Philippe Wolgen
Managing Director
CLINUVEL Group
1. Enterprise Resource Planning; 2. Customer Relationship Management; 3. Electronic Quality Management System
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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49

OPERATING &  
FINANCIAL REVIEW
IN-HOUSE COMMERCIAL TEAM
DIRECT DISTRIBUTION
2019–2024
5% new institutional investors attracted   
15%  
5% 
5% 
R&D Pipeline Development 
Vitiligo CUV105 - 75% Recruitment  
DNA repair – Full Recruitment of XP CUV152-156  
Stroke – Full Results in CUV803  
New indication announced  
20% 
0% 
0% 
0% 
5% 
General Management Initiatives 
Recruit Key Personnel in R&D  
Recruit Key Personnel in Operations  
Initiatives to expand/add value to Clinuvel  
10%  
2.5% 
2.5% 
2.5% 
TOTAL 
 
100% 
60% 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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v) Long-term retention  
KMP (except the MD) and all other employees are eligible to receive LTI in the form of PRs awarded for long-term service to 
the Group. The vesting period of the long-term service PRs is three years from grant date whereby risk of forfeiture exists until 
the last day of employment at the end of the 36 months. 
During the FY2024 financial year, only the Group’s CFO was eligible to receive retention awards, payable in cash and 
conditional to having remained employed at the last day of the respective employment terms. The Group CFO, Mr Darren 
Keamy, received a long-term retention award of $28,198 during the FY2024 financial period. 
i Long-term Incentives (PRs, equity awards) to KMP (excluding MD) 
KMP receive periodically receive equity awards in the form of PRs every four years assessed upon value-generating performance 
conditions. The most recent PRs were awarded to KMP in November 2019 and vested or expired in November 2023. 
As of 1 January 2024, newly employed KMP are annually awarded PRs on tenure of service set to secure retention for time 
served. In contrast, existing KMP were eligible to receive PRs with a vesting period of four years. 
For the CFO (Darren Keamy resigned 1 July 2024) and CSO, the relative percentage of LTIs are highlighted in the table below: 
Executive KMP 
# Performance Rights 
on Issue 1 July 2023 
# Performance Rights 
Vested and Exercises 
# Performance Rights 
Lapsed and Expired 
Deemed Achieved at 
Vesting Date 
CSO 
75,813 
31,938 
43,875 
42% 
CFO 
339,875 
184,302 
155,575 
54.2% 
During the financial year ended 30 June 2024, a total of 216,240 of the potential 415,688 PRs issued to KMP in the 30 June 
2022 financial year were deemed to have been achieved by 20 November 2023 and were subsequently converted to shares on 
27 November 2023. No PRs were issued to KMP during the financial year ended 30 June 2024.  
ii Long-term incentives (PRs, equity awards) to MD 
PRs were last awarded to the MD in 2019 where at the 2019 AGM, shareholders approved the grant of 1,513,750 PR to the MD and 
these PRs were offered and granted to the MD, who accepted the offer on 26 August 2020. These PRs had a vesting period of up to 
four years from date of shareholder approval. Several of the performance conditions were deemed to have been achieved which 
amounted to an issuance of 301,125 shares (20%) with the remaining performance conditions not achieved by 20 November 
2023 amounting to 1,212,625 PRs (80%) being forfeited and lapsed. As at 30 June 2024, the MD has no PRs outstanding. 
Whilst the employment agreement of the MD has been extended by one further year to 30 June 2026 (refer ASX 
announcement 28 June 2024), following advice from external remuneration consultants, proxy advisors, and counsel, the 
Remuneration Committee has deemed to not award the MD any new PRs or equity incentives beyond the expiry of the 
existing PRs in November 2023. Accordingly, the MD has not received any equity incentives in FY2024 and will currently not 
receive PRs in either of the next two financial years, FY2025 and FY2026.  
To secure the ongoing services of Dr Wolgen as MD for the extension period to 30 June 2026, the Committee implemented a 
Retention Payment, subject to Dr Wolgen remaining with the business through until 30 June 2026, may entitle him to receive 
a Retention Payment equivalent to 200% of FBR, subject to the executive satisfying certain conditions. Dr Wolgen will forfeit 
any entitlement to a Retention Payment where he resigns (for reasons other than fundamental change) or is terminated for 
cause but will retain the entitlement if his employment is terminated without cause or he resigns for fundamental change. 
3) Benefits 
The Board strives to offer the Group’s employees competitive benefits comparable to pay scales within the country and 
region of residence.  
The total incentive package of an employee may include pension contributions, health insurance contributions, healthcare 
plans or private healthcare insurance, telephone and IT contributions as well as a laptop and professional software licenses, 
or other such benefits. 
Total incentive packages may differ between regions and market conditions at the time of entering an employment agreement. 
4) Claw back provisions 
The Remuneration Committee adheres to a process of retaining the right to claw back and seek recovery of benefits paid to 
KMP if adverse activities or events have occurred which were detrimental to the Group resulting in financial loss or value. The 
 
Remuneration Committee may elect to claw back a previously provided retention award and / or LTI. The Board of Directors, 
in its discretionary capacity, may elect to reduce, cancel in part or in full, or pursue a claw process for incentives previously 
provided to any employee, including any former employees, where misconduct or adverse activities have occurred. 
If an employee of the Group has acted dishonestly or failed to act in a way that one would expect according to CLINUVEL’s 
Code of Conduct and corporate governance, the Board may decide to claw back and retrieve part or total of the retention 
award or equity provisions from the employee. 
E. EQUITY BASED AWARDS 
1) Performance Rights: 
The Group has an ownership-based scheme not only for Directors and other executive KMP but also for employees and select 
consultants of the Company, which is designed to provide long-term incentives to deliver long-term value.  
All PRs that have been issued fall under two Performance Rights plans:  
a) the CLINUVEL Conditional Performance Rights Scheme (2009); and  
b) the CLINUVEL Performance Rights Plan (2014). 
i) Conditional Performance Rights Scheme (2009) 
The Conditional Performance Rights Scheme (2009) has been available to eligible employees of the Company. Any issue of rights to 
Directors requires shareholder approval in accordance with ASX Listing Rules. All rights are issued for nil consideration, have no 
voting rights, are not listed on the ASX and are non-tradeable (other than with prior written Board consent). They can be converted 
to ordinary shares at any time once all vesting conditions attached to the rights have been achieved. The Company may, at the sole 
discretion of the Board, determine that any shares exercised from vested PRs be acquired by a Plan Trustee and then, from time to 
time, transferred to participants to the Performance Rights Plan. Unless the PRs are granted with a shorter vesting period, PRs under 
this plan lapse after seven years from grant date.  It is no longer intended to issue PRs under the 2009 Plan. 
As at 30 June 2024, 29,082 PRs issued under the 2009 Scheme remain unvested. 
ii) Performance Rights Plan (2014) 
The Performance Rights Plan (2014) is available to eligible persons of the Company. Any issue of rights to Directors requires 
shareholder approval in accordance with ASX Listing Rules. Any issue of rights to Directors requires shareholder approval in 
accordance with ASX Listing Rules by since 2020, the Company policy is for NED to not receive PRs or other equity securities in the 
Company. All rights are issued for nil consideration, have no voting rights, are not listed on the ASX and are non-tradeable (other 
than with prior written Board consent). They can be converted to ordinary shares at any time once all vesting conditions attached to 
the rights have been achieved. The Company may, at the sole discretion of the Board, determine that any shares exercised from 
vested PRs be acquired by a Plan Trustee and then, from time to time, transferred to participants to the Performance Rights Plan. 
Unless the PRs are granted with a shorter vesting period, PRs under this plan lapse after seven years from grant date. 
PRs are valued for financial reporting purposes only, using either a Monte Carlo simulation pricing model or a probability-
adjusted binomial valuation pricing model and are represented as accounting values only in the financial statements. 
Holders of PRs may or may not receive a benefit from these amounts, either in the current or future reporting periods. The 
value of all PRs granted, exercised, and lapsed during the financial year is detailed in tables within this Remuneration Report. 
Of the 2,591,860 Performance Rights on issue on 1 July 2023 which had been previously issued under the 2014 Performance 
Rights Plan to both KMP and non-KMP employees, 716,932 (27.7%) PRs were deemed to have achieved the performance 
conditions by the 20 November 2023 vesting date and were exercised. 1,637,678 (63.2%) performance rights were deemed to 
have not achieved the performance criteria by the vesting date and lapsed. It indicates how the Committee has set 
performance conditions at maximum stretch. 
At the Company’s Annual General Meeting held on 31st October 2023, shareholders approved the renewal of the 2014 
Performance Rights Plan for a further 3 years. Under the renewed plan, up to a maximum of 2.25% of the Company’s issued 
share capital may be issued as new PRs, though this maximum number is not intended to be a prediction of the actual 
number of securities to be issued by the Company under the Plan, as assessed from past conditions met. 
As at 30 June 2024, 237,250 PRs issued under the 2014 Performance Right Plan remain outstanding, of which an estimated 
200,854 of the PRs (85%) are likely to achieve the underlying performance condition but will not vest until the end of their 
respective vesting dates if the employee is still employed at that time by the Company. 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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F. REMUNERATION COMPONENTS BENCHMARKED 
Benchmarking the remuneration packages of KMP and management occurs annually through the selection of comparable 
international peer companies according to the selection criteria outlined below. In conjunction with remuneration 
consultants, external counsel, and taking into account feedback from proxy advisors, the Remuneration Committee arrives at 
a selection of comparable companies in setting the FBR and total incentive package for KMP, including the MD. 
A number of critical components underpin the remuneration practices of the Group whereby the benchmarking of its FBR and 
STI is compared against the pay scales of peer companies. It is considered critical for the Company’s remuneration structure 
to remain competitive against international benchmarks to attract and retain existing executive talent at the highest 
managerial calibre. The Board firmly acknowledges that it cannot limit its benchmarking and consequent setting of the level 
and structure of its executive remuneration against local Australian peer companies only. 
International publicly listed companies with the same or similar R&D and commercial risks, have been deemed the most 
appropriate comparable peer group measure given the Group generates all its revenues from Europe, North America and the 
Middle-East. In addition, over 82% of the total employees of the Group reside and are employed outside Australia. 
Accordingly, any remuneration benchmarking should also be compared against international pay-scales and practices. 
The selection criteria for these companies are broadly based on comparison of businesses and sectors:  
a) of similar complexity and innovative nature; 
b) of similar scope and scale; 
c) requiring highly technical and specialised skills;  
d) of similar value, reflected in market capitalisation; 
e) which have demonstrated similar progress in achieving business outcomes; and  
f) with a comparable risk profile. 
Selection criteria 
Commentary 
Bio-pharmaceuticals 
Bio-pharmaceutical development is regarded as comprising 
the highest R&D, clinical, regulatory, and commercial risk. 
Peers are selected internationally on comparable 
technologies.  
Platform technologies 
Preference is to select those companies which have 
translational technology, and or ability to utilise technology 
in multiple indications, and formulations. 
NME/NCE¹ 
New molecular, chemical entities bear the highest risk due 
to the novelty and lack of prior art. Peers are identified on 
the basis of comparable NME/NCE strategies. 
Revenue generating 
Comparison is drawn with independently operating and 
mature bio-pharmaceutical companies, which are debt free 
and not dependent on equity funding. 
Profitable 
Selected are the peers which are profitable and demonstrate 
a CAGR. 
Annual Growth 
Identified are bio-pharmaceutical companies which 
illustrate annual growth in pipeline and activities through 
self-funding. 
Longevity, tenure 
Benchmarked against executive management with a 
minimum tenure of 3 years, with a proven track record in the 
industry. 
Qualification, background 
Selection and benchmarking of management with dual or 
multiple academic qualifications, with a background in life 
sciences and proven track of operating in capital markets. 
Responsibility, risks 
Benchmarked against peer companies, where management 
bears executive responsibility and proven to manage 
operational, clinical, regulatory and financial risks longer 
term. 
¹ New molecular or new chemical entity, indicating complexity and length of R&D 
 
During the year, the MD’s remuneration was benchmarked against 12 Australian and 22 US life science peer companies with 
different profiles, since there are few profitable bio-technology companies globally serving as a benchmark, (except for the 
mix of medical device, human and animal health prescriptive and over-the-counter pharmaceutical products, healthcare 
solutions and diagnostic focused companies) using the following criteria: 
The financial performance of the Company measured against this peer group ranks strongly on TSR, EPS and revenues 
growth, and ROE criteria. The Company ranks: 
• 10th amongst its peers for TSR performance over 7 years; 
• 8th among its peers for growth in earnings per share over 5 years;  
• 5th among its peers in the compound annual growth of total revenues over 7 years; and  
• 6th amongst its peers for ROE performance. 
Benchmarking Criteria 
Australian Companies 
US Companies 
Market Capitalisation: 
Between A$450 million and A$2.7 billion 
Between US$500 million and US$1.7 billion 
Industry Segment: 
Pharmaceutical, Biotech, Medical companies 
Biopharma companies 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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In comparing FY2024 KMP remuneration to the peer group remuneration for FY2023, the MD’s FBR was found to be positioned  
above the median level, whereas the overall remuneration package was below the median level. The Board considers the 
level of FBR to be appropriate, considering the long-term outperformance of the Company, the relatively unusually long-term 
tenure of the MD to lead the restructure of the Company since 2005, building a profitable and sustainable business, his deep 
knowledge of the targeted technologies, whilst delivering high shareholder returns.  
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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G. RELATIONSHIP BETWEEN REMUNERATION AND PERFORMANCE 
The Group has dedicated its resources to the ongoing research, development, and commercialisation of its unique and 
medically beneficial technology. The remuneration and incentive framework, which has been put in place by the Committee, 
has ensured executive personnel are remunerated such that they are focussed on both maximising short-term operating 
performance and long-term strategic growth leading to shareholder value. A mix of metrics are used to assess achievement of 
regulatory, development, commercial and operational outcomes, where financial metrics in isolation are not necessarily an 
appropriate measure of executive performance.  
Specifically, the Committee looks at relations between overall performance, strategic targets and progress of the Group, and 
overall shareholder returns. 
The table shows the development progress made during the year: 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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Analysis of CLINUVEL’s share price performance against main life science indices shows an equally positive outcome over the 
long-term (the past seven years). However, the Board is cognisant that there may not be a relation between CLINUVEL’s 
volume weighted average share price (VWAP) and performance of the Company, as has been frequently seen. This was the 
case in FY2024 as CLINUVEL’s share price declined by 14.5%, whilst the Company has grown and some recovery was evident 
in key biotech indices.  
The graphs below show the share price over the past year and seven years compared to key indices and the share price over  
the longer term with some of the key milestones that have been achieved.  
 
The Board believes the remuneration mix aligns the other executive KMP and MD to shareholder interest. The remuneration 
mix for 2023/24 is demonstrated in the table below. 
The Board intends to award PR, or LTIs, to the KMP (except the current MD) in the coming financial year. The current CFO is 
eligible to receive PRs at the end of the vesting period.  
H. NON-EXECUTIVE REMUNERATION  
The Board seeks an appropriate combination of skills, diversity, experience, attitude, and specific attributes to steward the 
Company’s success. The Remuneration Committee recommends to the Board individual NED fee levels to attract and retain 
those with the forementioned attributes, having regard to global employment market conditions and consultation with 
specialist remuneration consultants with experience in the healthcare and biotechnology industries.  
1) Non-Executive Director Fees 
NED fees consist of base fees and committee fees and are inclusive of superannuation and all other contributions.  
There are no further retirement benefits. The fees are outlined in the table below: 
Annual NED fees (inclusive of superannuation): 
 
Board Fees 
Audit & Risk 
Committee 
Remuneration 
Committee 
Nomination 
Committee 
Chair 
115,000 
- 
- 
- 
Non-Executive Director 
70,000 
- 
- 
- 
Committee Chair 
- 
15,000 
15,000 
- 
Committee Member 
- 
5,000 
5,000 
- 
* The Chair of the Board is a member of all Committees but does not receive any additional Committee fees in addition to the base fee. 
** The CEO does not receive Board fees for his membership as director. 
Under the Company’s Constitution, the maximum aggregate remuneration available for division among the NEDs is to be 
determined by the shareholders in a General Meeting and was set at $700,000 at the 2019 AGM. This amount (or some part of 
it) is to be allocated to NEDs as determined by the Board. The aggregate amount paid to NEDs for the year ended 30 June 
2024 was $437,084 (2023: $495,000). 
2) Non-Executive Director Long-Term Incentive – Equity Compensation 
Long-term equity remuneration was formerly provided to NEDs via the CLINUVEL Conditional Rights Plan and the 
Performance Rights Plan. Any issue of PRs to NEDs requires shareholder approval. It is not planned for NEDs to participate in 
long-term equity compensation plans. No NED holds PRs as of 30 June 2024.  
 
 
Position 
Fixed Remuneration 
STI Cash 
LTI Cash1 
LTI Equity 
Managing Director 
100% 
46% of Base Salary 
None 
None 
Other Executive KMP 
CFO 
100% 
7% of Base Salary 
None 
None 
CSO 
100% 
7% of Base Salary 
None 
None 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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I. SERVICE AGREEMENTS  
Remuneration and other terms of employment for the MD and KMP are formalised by a service agreement determined by the 
Remuneration Committee and accepted by the Board of Directors. The agreement provides for FBR, STI, LTI, other benefits, 
and participation, when eligible, in the Group’s Performance Rights Plan.  
The MD makes recommendations to the Remuneration Committee on the service agreements entered into with other KMP, 
providing for base salary, incentives, other benefits and participation, when eligible, in the Group’s Performance Rights Plan. 
On appointment to the Board, all NEDs enter into a service agreement with the Company in the form of a letter of 
appointment which outlines the Board’s policies, the Director’s responsibilities, and compensation for holding office.  
On 28 June 2024, the service agreement for the MD, Dr Wolgen, was extended for one further year to 30 June 2026. 
Due to the resignation of Mr Keamy, effective from 1 July 2024, his service agreement for the roles of Company Secretary and 
CFO were not renewed beyond the 1 July 2024 expiration date. 
The details of the service agreements to the MD and KMP are: 
 
 
 
Name 
Dr Philippe Wolgen 
Dr Dennis Wright 
Duration of contract 
24 months (terminating 30 
June 2026)  
No fixed term 
Notice Period (from Company) 
12 months 
3 months 
Notice Period (from Managing Director) 
12 months 
- 
Notice Period (from Executive KMP) 
- 
3 months 
Termination Payment without Cause 
12 months 
3 months 
Termination Payment with Cause 
None 
None 
Contract End Date 
30 June 2026 
not applicable 
 
J. DETAILS OF REMUNERATION  
1) KMP remuneration of the Company for the years ended 30 June 2024 and 30 June 2023 – 
Cash Based Benefits 
Year 
Gross  
Salary ³ 
Short Term 
Incentive 
Retention 
Award 
Other¹ 
Superannuati
on/ Pension 
Fund 
Total  
(Excluding Share-
Based Payments) 
 
  
$ 
$ 
$ 
$ 
$ 
$ 
Dr. P. J. Wolgen2 
2024 
1,765,068 
941,046 
- 
283,454 
- 
2,989,568 
2023 
1,593,117 
898,244 
- 
286,314 
- 
2,777,675 
Mrs. B. M. Shanahan 
2024 
76,577 
- 
- 
- 
8,424 
85,001 
2023 
76,923 
- 
- 
- 
8,077 
85,000 
Mr. W. A. Blijdorp 
2024 
82,083 
- 
- 
- 
- 
82,083 
2023 
115,000 
- 
- 
- 
- 
115,000 
Dr. K. A. Agersborg 
2024 
75,000 
- 
- 
- 
- 
75,000 
2023 
75,000 
- 
- 
- 
- 
75,000 
Mrs. S. E. Smith 
2024 
80,000 
- 
- 
- 
- 
80,000 
2023 
75,000 
- 
- 
- 
- 
75,000 
Prof. J. V. Rosenfeld 
2024 
82,583 
- 
- 
- 
9,084 
91,667 
2023 
67,874 
- 
- 
- 
7,126 
75,000 
Prof J. A. Likierman  
2024 
23,333 
- 
- 
- 
- 
23,333 
2023 
70,000 
- 
- 
- 
- 
70,000 
Dr. D. J. Wright 
2024 
305,086 
21,966 
- 
- 
27,399 
354,451 
2023 
289,182 
26,026 
- 
- 
25,292 
340,500 
Mr. D. M. Keamy 
2024 
361,594 
26,035 
30,736 
- 
27,399 
445,764 
2023 
331,737 
58,054 
- 
- 
25,292 
415,083 
Total  
2024 
2,851,324 
989,047 
30,736 
283,454 
72,305 
4,226,867 
2023 
2,693,833 
982,324 
- 
286,314 
65,787 
4,028,258 
1. ‘Other’ includes health insurance, housing and other allowances that may be subject to fringe benefits tax. 
2. Dr Wolgen’s salary is paid in Euro currency. 
3. Does not include movement in annual leave and long service leave provisions. 
For Mr Keamy and Dr Wright, the movement in their annual leave and long service leave entitlements was $22,519 accretive and $28,447 accretive respectively (year ending 30 June 2023: 
$11,206 accretive and $24,693 reduction respectively). 
For Dr Wolgen, the movement in his aggregate annual leave and long service leave entitlements for year ending 30 June 2024 decreased by $11,787 (2023: $232,054). 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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3) KMP remuneration of the Company for the years ended 30 June 2024 and 30 June 2023 – 
Non-Cash Benefits 
Share-based payments (accounting charge only)¹ 
 
Year 
Total  
(Excluding Share-
Based Payments) 
Performance 
Rights 
(for accounting 
purposes only) 
Total  
(Including Share-
Based Payments, 
for accounting 
purposes only) 
Performance-
based 
 
  
$ 
$ 
$ 
% 
Dr. P. J. Wolgen 
2024 
2,989,568 
752,844² 
3,742,412 
20% 
2023 
2,777,675 
3,612,426 
6,390,101 
57% 
Mrs. B. M. Shanahan 
2024 
85,001 
- 
85,001 
- 
2023 
85,000 
- 
85,000 
- 
Mr. W. A. Blijdorp 
2024 
82,083 
- 
82,083 
- 
2023 
115,000 
- 
115,000 
- 
Dr. K. A. Agersborg 
2024 
75,000 
- 
75,000 
- 
2023 
75,000 
- 
75,000 
- 
Mrs. S. E. Smith 
2024 
80,000 
- 
80,000 
- 
2023 
75,000 
- 
75,000 
- 
Prof. J. V. Rosenfeld 
2024 
91,667 
- 
91,667 
- 
2023 
75,000 
- 
75,000 
- 
Prof J. A. Likierman 
2024 
23,333 
- 
23,333 
- 
2023 
70,000 
- 
70,000 
- 
Dr. D. J. Wright 
2024 
354,451 
428,162 
782,613 
55% 
2023 
340,500 
296,352  
636,852 
47% 
Mr. D. M. Keamy 
2024 
445,764 
2,218,120 
2,663,884 
83% 
2023 
415,083 
 2,674,581  
3,089,664 
87% 
Total  
2024 
4,226,867 
3,399,126 
7,625,993 
- 
2023 
4,028,258 
6,583,359 
10,611,617 
- 
¹As these values represent accounting values the KMP may or may not actually receive any benefit from these amounts, either in the current or future reporting periods. Any benefit 
obtained by the KMP is contingent upon the Company achieving certain performance conditions and the employee remaining in employment to a fixed date. The value of all PRs and 
share options granted, exercised and lapsed during the financial year is detailed in the following tables within the Remuneration Report. PRs were priced using either the Monte Carlo 
simulation pricing model or a binomial pricing model. The amount expensed each reporting period includes adjustments to the life-to-date expense of the grants based on the 
reassessed estimate of achieving non-market performance criteria. 
² The value of the PRs assigned to the MD, as awarded on achieving 20% of the PRs granted at the AGM 2019. Dr Wolgen is no longer eligible for PR or any form of equity. 
 
 
 
 
4) Remuneration Performance Rights holdings of KMP – 2024 
 
Balance at 
Start of Year 
Issued as 
Compensation 
Exercised* 
Lapsed and 
Expired 
Balance at 
End of Year 
Perform Condition met, 
not exercisable until end 
Vesting Period* 
Directors 
 
 
 
 
 
 
Dr. P. J. Wolgen 
1,513,750* 
- 
(301,125) 
(1,212,625) 
- 
- 
Mrs. B. M. Shanahan 
- 
- 
- 
- 
- 
- 
Mr. W. A. Blijdorp 
- 
- 
- 
- 
- 
- 
Dr. K. A. Agersborg 
- 
- 
- 
- 
- 
- 
Mrs. S. E. Smith 
- 
- 
- 
- 
- 
- 
Prof. J. V. Rosenfeld 
- 
- 
- 
- 
- 
- 
Prof. J. A. Likierman 
- 
- 
- 
- 
- 
- 
Other KMP 
 
 
 
 
 
 
Dr. D. J. Wright 
93,938 
- 
(31,938) 
(43,875) 
18,125 
- 
Mr. D.M. Keamy 
347,235 
- 
(184,302) 
(155,575) 
7,358 
- 
* A listing of the Performance Conditions for the Performance Rights vested and exercised are shown at section XXX. 
5) Shares held by KMP  
The number of ordinary shares in the Company during the 2023/24 reporting period held by each of the Group’s KMP, 
including their related parties, is set out below: 
Year Ended 30 June 2024 
Personnel 
Balance at  
Start of Year 
Granted as 
Remuneration 
Received  
on Exercise 
Other Changes 
Held at the End of 
Reporting Period 
Dr. P. J. Wolgen 
3,122,247 
- 
301,125 
1,850 
3,425,222 
Mrs. B. M. Shanahan  
196,577 
- 
- 
- 
196,577 
Mr. W. A. Blijdorp 
1,743,118 
- 
- 
- 
1,743,118 
Dr. K. A. Agersborg 
5,500 
- 
- 
- 
5,500 
Mrs. S. E. Smith 
420 
- 
- 
- 
420 
Prof. J. V. Rosenfeld 
3,148 
- 
- 
- 
3,148 
Prof. J. A. Likierman 
1,000 
- 
- 
(1,000) 
- 
Other KMP 
 
 
 
 
 
Dr. D. J. Wright 
156,874 
- 
31,938 
- 
188,812 
Mr. D. M. Keamy 
178,588 
- 
184,302 
- 
362,890 
6) Terms and conditions of each grant of rights affecting remuneration in the current or future 
reporting periods 
For each STI incentive and right(s) granted, the percentage of the available grant or STI that was paid or vested in the 
financial year, and the percentage forfeited due to unmet milestones (including service length), is set out below. STIs are paid 
in the year following the period of performance. 
Entity 
Number  
of Rights 
Granted 
Value per 
Right on 
Grant Date 
Class 
Grant Date 
Issue date 
Expiry Date 
Perform Condition met, 
not exercisable until  
end Vesting Period 
Exercisable  
Date 
CLINUVEL 
7,500 
$12.87 
Ordinary 
05/05/2022 
05/05/2022 
20/12/2024 
- 
20/12/2024 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
110
111

 
 
7) Remuneration details of Equity Incentives (Performance Rights) 
8) Remuneration details of cash incentives  
Loans to Directors and Executives 
No loans were granted to Directors or executives for the years ended 30 June 2024 and 30 June 2023. 
Signed in accordance with a resolution of the Board of Directors pursuant to s.298(2) of The Corporations Act 2001. 
 
 
Equity Incentives (Performance Rights) 
Name 
Year Granted 
Latest Year of Vesting 
Vested in Year 
Lapsed & 
Forfeited in Year 
Max Value of Right at  
Grant Date Yet to Vest 
Dr. P. J. Wolgen 
- 
- 
 
- 
- 
Mrs. B. M. Shanahan 
- 
- 
- 
- 
- 
Mr. W. A. Blijdorp 
- 
- 
- 
- 
- 
Dr. K. A. Agersborg 
- 
- 
- 
- 
- 
Mrs. S. E. Smith 
- 
- 
- 
- 
- 
Prof. J. V. Rosenfeld 
- 
- 
- 
- 
- 
Prof J. A. Likierman  
- 
- 
- 
- 
- 
Other KMP 
 
 
 
 
 
Dr. D. J. Wright 
2011/12 
no limitation 
- 
- 
$12,853 
Mr. D. M. Keamy 
2011/12 
no limitation 
- 
- 
$5,219 
On exercise, each PR entitles the KMP to one fully paid ordinary share in the Company. The share price of the Company at the time of exercise is not known. The minimum value of 
unvested PRs is $Nil. The exercise price for the PRs granted between in 2010/11 was $Nil. 
Cash Incentives 
Name 
Max Potential Opportunity (%) 
STI Awarded (%)* 
STI Forfeited (%) 
Total Granted ($) 
Dr. P. J. Wolgen 
100% 
53% 
47% 
941,046 
Dr. D. J. Wright 
9% 
80% 
20% 
21,966 
Mr. D. M. Keamy 
20.5% 
35% 
65% 
26,035 
* For the MD, the STI Awarded in the functional currency on his base salary was 60.0% 
 
K. DETAILS OF PERFORMANCE RIGHTS  
1) Managing Director Performance Rights Vested on 20 November 2023 
Details of Performance Rights issued to Managing Director 
Performance 
Condition Met 
Number of Rights 
Vested 
PC1 
Performance Rights granted to Managing Director – 450,000 
 
 
Executive management and staff succeeding in steering the Company to a: 
 
 
(i) Market capitalisation of a minimum A$1,700,000,000 - as measured by a minimum of 15 trading days 
during the vesting period - 10% of the performance rights under PC1 shall vest, 
 
45,000 
(ii) Market capitalisation of a minimum A$2,100,000,000 - as measured by a minimum of 15 trading days 
during the vesting period - 15% of the performance rights under PC1 shall vest, 
X 
- 
(iii) Market capitalisation of a minimum A$2,700,000,000 - as measured by a minimum of 15 trading days 
during the vesting period - 25% of the performance rights under PC1 shall vest, 
X 
- 
(iv) Market capitalisation of a minimum A$5,000,000,000 - as measured by a minimum of 15 trading days 
during the vesting period - 25% of the performance rights under PC1 shall vest, 
X 
- 
(v) Market capitalisation of a minimum A$7,500,000,000 - as measured by a minimum of 15 trading days 
during the vesting period - 25% of the performance rights under PC1 shall vest.  
X 
- 
Only in case of a recession in the country of the Company’s primary market exchange (recession defined by a contraction of gross domestic product for 2 consecutive quarters) when 
the Company’s market capitalisation may be adversely impacted by conditions outside management control, that the market capitalisation targets defined in PC1 (i) to (v) above will 
be replaced by the following performance targets:  
(i) The Company’s growth in share price outperforms either the Nasdaq Biotech Index or ASX Healthcare Index for 1 quarter - after the country has entered a 
recession - by more than 3.0%, 10% of the performance rights under PC1 shall vest, 
(ii) The Company’s growth in share price outperforms either the Nasdaq Biotech Index or ASX Healthcare Index for 1 quarter - after the country has entered a 
recession - by more than 4.0%, 15% of the performance rights under PC1 shall vest, 
(iii) The Company’s growth in share price outperforms either the Nasdaq Biotech Index or ASX Healthcare Index for 1 quarter - after the country has entered a 
recession - by more than 5.0%, 25% of the performance rights under PC1 shall vest, 
(iv) The Company’s growth in share price outperforms either the Nasdaq Biotech Index or ASX Healthcare Index for 1 quarter - after the country has entered a 
recession - by more than 7.0%, 25% of the performance rights   under PC1 shall vest, 
(v) The Company’s growth in share price outperforms either the Nasdaq Biotech Index or ASX Healthcare Index for 1 quarter - after the country has entered a 
recession - by more than 9.0%, 25% of the performance rights under PC1 shall vest. 
When the country of the Company’s primary market exchange is no longer in recession, this performance condition reverts back to the original market capitalisation conditions.  
PC2 Performance Rights granted to Managing Director – 105,000 
 
(i) Upon quarterly reporting of A$60 million in cash and cash equivalents* held for 2 consecutive quarters, 
15% of PC2 shall vest,  
 
15,750 
(ii) Upon quarterly reporting of A$70 million in cash and cash equivalents* held for 2 consecutive quarters, 
a further 20% of PC2 shall vest, 
 
21,000 
(iii) Upon quarterly reporting of A$80 million in cash and cash equivalents* held for 2 consecutive 
quarters, a further 30% of PC2 shall vest, 
 
31,500 
(iv) Upon quarterly reporting of more than A$150 million in cash and cash equivalents* held for 2 
consecutive quarters, a further 35% of PC2 will be achieved. 
 
36,750 
* The Board ad Remuneration Committee deemed Cash and Cash Equivalents to pertain to cash assets of the business held in Cash and Cash Equivalents together with Cash Held in Term 
Deposits. 
Dividends paid out during the vesting period shall be added back to the calculation of the cash reserves. At any time during the vesting period, the ratio between cash and cash 
equivalents internally generated from the Company’s operations and any debt and/or equity financing which increases cash and cash equivalents must be at minimum 2:3 ratio for any 
of the 5 performance targets under PC2 to be achieved. 
PC3 Performance Rights granted to Managing Director – 105,000 
 
Successful acquisition of a business entity, defined by:  
 
 
(i) The acquired entity must have generated sales revenue within 6 months of transaction, 50% of PC3 
shall vest, 
X 
- 
(ii) CUV Group becomes or remains profitable within 3 years (plus variability of one year) of transaction as 
measured by two successive quarters reporting profitability of the two or more combined entities, 50% of 
PC3 shall vest.  
X 
- 
For PC3 to be achieved, the acquisition must be considered synergistic to the Company’s business operations at the time of acquisition. 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
112
113

 
 
PC4 Performance Rights granted to Managing Director – 87,500 
 
 
(i) Upon receipt of first US revenues under the US post-marketing authorization for SCENESSE®, 34% of 
PC4 shall vest, 
 
29,750 
(ii) US revenues in year 3 to exceed revenues by a minimum of 10% in year 2, a further 33% of PC4 shall vest, 
 
28,875 
(iii) US revenues greater than US$10,000,000 in a 12-month period leads to vesting of 33% of PC4. 
 
28,875 
PC5 Performance Rights granted to Managing Director – 175,000 
 
 
(i) Market launch of first non-pharmaceutical (‘OTC’) product(s) line developed by the VALLAURIX 
subsidiary entity, 15% of PC5 shall vest,  
X 
- 
(ii) Total revenues from OTC product lines developed by the VALLAURIX subsidiary entity achieving 
greater than A$250,000 in accumulated gross sales, a further 30% of PC5 shall vest, 
X 
- 
(iii) First topical melanogenic formulation to be used either in animal or in human testing, a further 25% 
of PC5 shall vest,  
X 
- 
(iv) Upon the completion of the first clinical study of a SCENESSE® paediatric formulation (being the 
completion of a final clinical study report), a further 30% of PC5 shall vest. 
X 
- 
PC6  Performance Rights granted to Managing Director – 262,500 
 
 
(i) Upon start (being the closure of recruitment period) of a Phase IIb vitiligo study in North America, 20% 
of PC6 shall vest, 
 
5,500 
(10.5% of full target) 
(ii) Upon disclosure to the securities exchange of the results to the Phase IIb vitiligo study in North 
America, 20% of PC6 shall vest,  
X 
- 
(iii) After the completion of the Phase IIb vitiligo study in North America and prior to the subsequent 
Phase IIb/III study, upon holding a Type-C meeting (FDA) and acceptance of study protocol for the Phase 
IIb/III vitiligo study in North America, a further 20% of PC6 shall vest,  
X 
- 
(iv) Upon start (being the closure of recruitment period) of the subsequent Phase IIb/III vitiligo study in 
North America, a further 20% of PC6 shall vest,  
X 
- 
(v) Upon disclosure to the securities exchange of the results to the subsequent Phase IIb/III vitiligo study 
in North America, 20% of PC6 shall vest. 
X 
- 
PC7 Performance Rights granted to Managing Director – 212,500 
 
 
(i) Upon the regulatory submission to either of EMA, FDA, TGA, PMDA and Swissmedic to approve 
SCENESSE® or any other molecule or product enhancing the pharmaceutical product line-only offerings 
of the Company, 25% of PC7 shall vest,  
X 
- 
(i) Upon the regulatory approval by either of EMA, FDA, TGA, PMDA and Swissmedic of SCENESSE® or any 
other molecule constituting a successful evaluation of a scientific dossier, a further 75% of PC7 shall vest. 
X 
- 
PC8 Performance Rights granted to Managing Director – 116,250 
 
 
(i) The Board to use its discretion to award performance rights depending on the extraordinary nature of 
the corporate event(s) achieved and the significant impact on the Company's value. It is not certain that 
these performance rights will be issued during the fixed term of the Conditional Rights Plan, and hence 
these need to be regarded as a reserve pool enabling the Company to grant in the event of exceptional 
and unexpected performances which was unanticipated at the time of business planning. 
 
58,125 
(50% of full target) 
These corporate events shall include, but are not limited to, business generation in new markets without the Company 
engaging in merger and acquisition activity. 
 
 
Total Performance Rights Vested and Exercised by Managing Director 
 
301,125 
–  END OF AUDITED REMUNERATION REPORT  – 
 
 
 
Shares Provided Upon Exercise of Rights 
Details of Shares issued during the financial year as a result of exercise of rights 
Unissued shares under option 
Auditor’s Independence Declaration 
The auditor’s independence declaration as required by s.307C of the Corporations Act 2001 is included on page 151 of this 
Annual Report, and forms part of this Directors’ Report. 
Proceedings On Behalf Of the Company 
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to 
which the Company is party for the purpose of taking responsibility on behalf of the Company for all or any part of those 
proceedings. 
The Company was not party to any such proceedings during the year.  
 
Dr. Philippe Wolgen, MBA, MD 
Director 
Dated this 29th day of August, 2024 
 
Entity 
Number of shares issued 
Issue Price for Shares 
Class 
CLINUVEL PHARMACEUTICALS LTD 
716,932 
Nil$ 
Ordinary 
Entity 
Number of Shares 
under Rights 
Exercise Price 
Class 
Expiry Date 
CLINUVEL PHARMACEUTICALS LTD 
266,332 
Nil$ 
Ordinary 
Upon achievement of specific 
performance and time-based 
milestones or upon cessation of 
employment 
Total as at date of Directors Report  
266,332 
 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
114
115

Statement of Profit and Other Comprehensive Income 
for the year ended 30 June 2024 
 
 
 
 
 
Consolidated Entity 
 
 
2024 
2023 
 
 
$ 
$ 
Revenues 
 
 
 
Commercial sales of goods 
19 
 81,218,146   
 72,179,047   
Sales reimbursements  
19 
 6,960,162   
 6,142,271   
Total revenues 
 
 88,178,308   
 78,321,318   
Interest income 
 
 7,324,871   
 3,905,856   
Total interest income 
 
 7,324,871   
 3,905,856   
Other income 
 
 
 
Unrealised (loss)/gain on restating foreign currency balances and currencies held 
 
 (745,764) 
 659,901   
Government grants and other income 
 
 562,936   
 23,817   
Realised foreign currency (loss)/ gain on transactions 
 
 (14,614) 
 79,364   
Total other income (loss) 
 
 (197,442) 
 763,082   
Total revenues, interest and other income 
 
95,305,737  
82,990,256  
Expenses 
 
 
 
Personnel-related 
 
 18,917,924   
 13,576,951   
Share-based payments 
 
 6,107,272   
 8,989,788   
Materials and related expenses 
 
 5,201,364   
 12,063,281   
Finance, corporate and general 
 
 4,454,292   
 3,192,713   
Commercial distribution 
 
 3,638,897   
 3,145,355   
Clinical and non-clinical development 
 
 2,348,296   
 1,268,456   
Communication, branding and marketing 
 
 2,180,489   
 749,769   
Legal, insurance and IP 
 
 1,743,050   
 1,323,383   
Depreciation and amortisation 
 
 1,142,326   
 789,408   
Changes in inventories of raw materials, work in progress and finished goods 
 
 (1,107,151) 
 (7,687,571) 
Total expenses 
 
 44,626,759   
 37,411,533   
Profit before income tax 
 
 50,678,978   
 45,578,723   
Income tax 
 
 
 
Current 
3(a) 
 15,532,461   
 16,382,733   
Deferred 
3(a) 
 (489,842) 
 (1,408,576) 
Income tax expense 
3(a) 
 15,042,619   
 14,974,157   
Operating profit after income tax 
15(b) 
 35,636,359   
 30,604,566   
Net profit for the year 
 
 35,636,359   
 30,604,566   
Other comprehensive income 
 
 
 
Items that may be re-classified subsequently to profit or loss  
 
 
 
Exchange differences of foreign exchange translation of foreign operations 
 
 138,945   
 (1,454,160) 
Other comprehensive loss for the period, net of income tax  
 
 138,945   
 (1,454,160) 
Total comprehensive income for the period  
 
 35,775,304   
 29,150,406   
Basic earnings per share - cents per share 
14 
71.5 
61.9 
Diluted earnings per share - cents per share 
14 
69.8 
59.1 
The accompanying notes form part of these financial statements. 
 
 
 
Statement of Financial Position as at 30 June 2024 
 
 
 
 
 
Consolidated Entity 
 
Note 
2024 
2023 Restated 
 
 
$ 
$ 
Current assets 
 
 
 
Cash and cash equivalents 
1(e) and 15(a) 
 35,200,751   
 31,893,021   
Cash held in term deposits 
1(f) 
 148,667,720   
 124,920,516   
Trade and other receivables 
4 
 26,238,297   
 22,214,646   
Inventories 
5 
 10,626,613   
 9,519,462   
Other current assets 
 
 1,330,461   
 1,070,153   
Total current assets 
 
 222,063,842   
 189,617,798   
Non-current assets 
 
 
 
Property, plant and equipment 
6 
 6,982,337   
 2,017,861   
Right-Of-Use assets 
7 
 737,788   
 833,326   
Intangible asset 
 
 185,030   
 185,030   
Deferred tax assets 
3(c) 
 1,020,344   
 1,059,541   
Lease bonds 
 
 134,208   
 -   
Total non-current assets 
 
 9,059,707   
 4,095,758   
Total assets 
 
 231,123,549   
 193,713,556   
Current liabilities 
 
 
 
Trade and other payables 
9 
 7,109,053   
 7,649,572   
Income tax payables 
 
 15,851,385   
 16,094,178   
Provisions 
10 
 1,881,898   
 1,450,120   
Lease liabilities 
7 
 369,861   
 300,843   
Total current liabilities 
 
 25,212,197  
 25,494,713   
Non-current liabilities 
 
 
 
Deferred tax liabilities 
3(d) 
 2,226,104   
 2,757,516   
Lease liabilities 
7 
 509,923   
 699,022   
Provisions 
10 
 163,959   
 131,162   
Total non-current liabilities 
 
 2,899,986   
 3,587,700   
Total liabilities 
 
 28,112,183   
 29,082,413   
Net assets 
 
 203,011,366   
 164,631,143   
Equity 
 
 
 
Contributed equity 
11 
 168,802,368   
 151,849,375   
Reserves 
12 
 4,245,371   
 22,556,044   
Retained earnings/(accumulated losses) 
 
 29,963,627   
 (9,774,276) 
Total equity 
 
 203,011,366   
 164,631,143   
The accompanying notes form part of these financial statements. 
 
 
 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
116
117

Statement of Cash Flows for the Year Ended 30 June 2024 
 
Consolidated Entity 
 
Note 
2024 
2023 Restated 
 
 
$ 
$ 
Cash flows from operating activities 
 
 
 
Receipts from customers 
 
 84,020,937   
 74,877,720   
Payments to suppliers and employees 
 
 (39,749,125) 
 (33,230,793) 
Income taxes paid 
 
 (15,648,111) 
 (7,744,922) 
Interest received 
 
 7,633,046  
 2,727,126   
Government grants 
 
 344,394   
 22,009   
GST and VAT refunds 
 
 244,147   
 260,923   
Proceeds from insurance claims 
 
 208,594   
 -   
Net cash provided by operating activities 
15(b) 
 37,053,882   
 36,912,063   
Cash flows from investing activities 
 
 
 
Investments in cash held in term deposits 
 
 (23,457,711) 
 (30,820,516) 
Payments for property, plant and equipment 
 
 (5,576,215) 
 (1,027,532) 
Net cash used in investing activities 
 
 (29,033,926) 
 (31,848,048) 
Cash flows from financing activities 
 
 
 
Issuance of shares related to employee share schemes 
 
 4,155,010   
 -   
Payments related to employee share schemes 
 
 (4,155,010) 
 -   
Dividends paid 
 
 (2,470,227) 
 (1,976,414) 
Payments for share buy back 
 
 (754,236) 
 -   
Payments of lease liabilities 
 
 (347,344) 
 (263,718) 
Net cash used in financing activities 
 
 (3,571,807) 
 (2,240,132) 
Net increase in cash held 
 
 4,448,149   
 2,823,883   
Cash and cash equivalents at beginning of the year 
 
 31,893,021   
 27,409,282   
Effects of exchange rate changes on foreign currency held 
 
 (1,140,419) 
 1,659,856   
Cash and cash equivalents at end of the year 
15(a) 
 35,200,751   
 31,893,021   
The accompanying notes form part of these financial statements. 
 
 
 
Statement of Changes in Equity for the Year Ended 30 June 2024 
 
Share 
Capital 
Performance 
Rights 
Reserve 
Foreign 
Currency 
Translation 
Reserve 
Retained 
Earnings/ 
(Accumulated 
Losses) 
Total Equity 
 
$ 
$ 
$ 
$ 
$ 
Balance at 30 June 2022 
151,849,375   
 10,380,258   
 1,731,838   
 (38,402,428) 
 125,559,043   
Employee share-based payment options 
 -   
8,989,788 
 -   
-   
8,989,788 
Dividends paid 
 -   
 -   
 -   
(1,976,414) 
(1,976,414) 
Exercise of performance rights  
under share-based payment 
 -   
 -   
 -   
 -   
 -   
Transactions with owners 
151,849,375 
 19,370,046   
 1,731,838   
(40,378,842) 
132,572,417 
Profit for the year 
 -   
 -   
 -   
30,604,566 
30,604,566 
Other comprehensive income: 
 
 
 
 
 
Exchange differences of foreign exchange 
translation of foreign operations 
 -   
 -   
 1,454,160   
 -   
 1,454,160   
Total other comprehensive income 
 -   
 -   
 1,454,160   
 -   
 1,454,160   
Balance at 30 June 2023 
151,849,375   
 19,370,046   
 3,185,998   
 (9,774,276) 
 164,631,143   
Exercise of performance rights  
under share-based payment 
 17,707,229   
 (17,707,229) 
 -   
 -   
 -   
Lapsed, forfeited rights 
-   
(6,571,771) 
 -   
 6,571,771   
 -   
Employee share-based payment options 
 -   
6,107,272 
 -   
 -   
6,107,272 
Share buy back 
 (754,236) 
 -   
 -   
 -   
(754,236) 
Dividends paid 
 -   
 -   
 -   
(2,470,227) 
(2,470,227) 
Transactions with owners 
168,802,368 
 1,198,318   
 3,185,998   
(5,672,732) 
167,513,952 
Profit for the year 
 
 
 
35,636,359 
35,636,359 
Other comprehensive income: 
 
 
 
 
 
Exchange differences of foreign exchange 
translation of foreign operations 
 -   
 -   
(138,945) 
 -   
(138,945) 
Total other comprehensive income 
 -   
 -   
 (138,945) 
 -   
(138,945) 
Balance at 30 June 2024 
168,802,368 
 1,198,318   
 3,047,053   
 29,963,627   
 203,011,366   
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
118
119

Notes To And Forming Part Of The Financial Statements For 
The Year Ended 30 June 2024 
1. Summary Of Other Potentially Material Accounting Policies 
This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated 
financial statements to the extent they have not already been disclosed in the other notes below. These policies have been 
consistently applied to all the years presented, unless otherwise stated. The financial statements are for the group consisting 
of CLINUVEL PHARMACEUTICALS LTD and its subsidiaries.  
a) Basis Of Preparation 
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting 
Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 
2001. Compliance with Australian Accounting Standards ensures the consolidated financial statements and notes of the 
consolidated entity complies with International Financial Reporting Standards (“IFRS”). CLINUVEL PHARMACEUTICALS LTD is 
a for-profit entity for the purposes of reporting under Australian Accounting Standards.  
The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account 
changing money values or, except where stated, current valuations of financial assets. Cost is based on the fair values of the 
consideration given in exchange for assets. The material accounting policies have been consistently applied, unless 
otherwise stated. 
Both the functional and presentation currency of the Group and its Australian controlled entities is Australian dollars. The 
functional currency of certain non-Australian controlled entities is not Australian dollars. As a result, the results of these 
entities are translated to Australian dollars for presentation in the CLINUVEL PHARMACEUTICALS LTD financial report.  
In applying Australian Accounting Standards management must make judgements regarding carrying values of assets and 
liabilities that are not readily apparent from other sources. Assumptions and estimates are based on historical experience 
and any other factors that are believed reasonable in light of the relevant circumstances. These estimates are reviewed on an 
ongoing basis and revised in those periods to which the revision directly affects. 
All material accounting policies are chosen to ensure the resulting financial information satisfies the concepts of relevance 
and reliability.  
b) Principles Of Consolidation 
The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise 
the consolidated entity, being the Company (the parent entity) and its subsidiaries as defined in Australian Accounting 
Standard Board (AASB) 10. Consistent material accounting policies are employed in the preparation and presentation of the 
consolidated financial statements. 
The consolidated financial statements include the information and results of each subsidiary from the date on which the 
Company obtains control and until such time as the Company ceases to control such entity. In preparing the consolidated 
financial statements, all intercompany balances and transactions, and unrealised profits arising within the consolidated 
entity are eliminated in full. 
All the Group’s subsidiaries are wholly-owned. There are no longer non-controlling interests with ownership interests in any 
of the Group’s subsidiaries. 
c) Going Concern 
The financial statements of the consolidated entity have been prepared on a going concern basis. The consolidated entity’s 
operations are subject to risk factors that could materially impact the financial performance and position of the consolidated 
entity. 
 
d) Income Tax 
Current Tax 
Current tax is calculated by reference to the amount of income tax payable or recoverable in respect of the taxable profit or 
loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantially enacted by reporting 
date. Current tax for current and prior periods is recognised as a liability to the extent it is unpaid. 
Deferred Tax 
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary differences 
arising from differences between the carrying amount of assets and liabilities in the financial statements and corresponding 
tax base of those items. 
In principle, deferred tax liabilities are recognised on all taxable differences. Deferred tax assets are recognised for deductible 
temporary differences and unused tax losses to the extent that it is probable that sufficient unused tax losses and tax offsets 
can be utilised by future taxable profits. However, deferred tax assets and liabilities are not recognised if the temporary 
differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business 
combination) which affect neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not 
recognised in relation to taxable temporary differences arising from goodwill. 
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where 
the consolidated entity is able to control the reversal of the temporary differences and it is probable that the temporary 
differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences 
associated with these investments and interests are only recognised to the extent that it is probable that there will be 
sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in 
the foreseeable future. 
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and 
liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantially 
enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would 
follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying 
amount of its assets and liabilities. 
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the 
Company/consolidated entity intends to settle its current tax assets and liabilities on a net basis. 
Tax Consolidation 
The Company and its wholly-owned Australian entities are part of a tax-consolidation group under Australian taxation law. 
CLINUVEL PHARMACEUTICALS LTD is the head entity of the tax-consolidation group. 
Current And Deferred Tax For The Period 
Current and deferred tax is recognised as an expense or income in the Statement of Profit or Loss and Other Comprehensive 
Income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also 
recognised directly in equity, or where it arises from the initial accounting for a business combination, in which case it is 
taken into account in the determination of goodwill or discount on acquisition. 
A deferred tax asset has been recognised as at 30 June 2024 and 30 June 2023 after management judgement was applied to 
assess whether its unused tax losses and tax offsets could be utilised by future taxable profits.   
It was determined: 
• The consolidated entity has experienced consecutive years of profitability and revenue growth; 
• An increase to consolidated entity revenues are expected in the near term from making SCENESSE® available in the USA 
and UK;  
• Whilst internal targets continue to expect ongoing profitability in the near term, there is uncertainty around expected 
future taxable income in the longer term as part of the business strategy to expand the Company. 
Private Tax Ruling 
During the 2024 financial year, Clinuvel applied for, and received, a Private Tax Ruling from the Australian Taxation Office 
(ATO) to affirm its entitlement to deduct an amount under section 8-1 of the Income Tax Assessment Act 1997 (Cth) (ITAA 
1997) for irretrievable cash contributions it makes to CPU Share Plans Pty Limited (the Trustee) of the Clinuvel 
Pharmaceuticals Limited Employee Share Plan Warehouse Trust (the Trust) to fund the subscription for, or acquisition on-
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market of, fully paid ordinary shares in the Company (Shares), to satisfy employee share scheme (ESS) interests issued 
pursuant to the 2014 Performance Rights Plan as updated in September 2023 and renewed by the Company’s shareholders at 
the 2023 Annual General Meeting. 
e) Cash and Cash Equivalents 
Cash and cash equivalents comprise of cash on hand and at call deposits held with banks or financial institutions. The cash at 
bank amounts earns floating rates based on daily bank account interest rates. The carrying amounts of cash and cash 
equivalents represent fair value.  Cash equivalents are held for the purpose of meeting short-term cash commitments rather 
than for investment or other purposes. 
f) Cash Held in Term Deposits 
Cash held in term deposits include cash in term deposits with banks or financial institutions. The Company’s policy is to place 
surplus cash in term deposits to earn competitive interest income while maintaining liquidity. As of 30 June 2024, the term 
deposits are readily convertible to cash upon Clinuvel providing 31 days’ prior notice to the institution following which a 
market-related rate reduction to the interest payable for the early withdrawal is applied. 
The average effective interest rate on cash held in term deposits was 5.28% (2023: 3.33%). These deposits have an average 
maturity date of 251 days (2023: 252 days). 
Reclassification of comparative amounts 
The Group has restated its consolidated Statement of Financial Position as at 30 June 2023 to reclassify cash term deposits 
with maturity dates beyond 90 days from their acquisition date, from cash and cash equivalents to cash held in term deposits. 
This is after a review of its accounting policy and how it is applied to term deposits considered readily convertible to a known 
amount of cash and subject to an insignificant risk of changes in value. 
The accounting treatment has been changed by reclassifying each of the affected financial statement line items for the prior 
period as follows: 
Statement of Financial Position (extract) 
30 June 2023 
Increase/(Decrease)  
30 June 2023 (Restated) 
Cash and cash equivalents 
156,813,537 
(124,920,516) 
31,893,021 
Cash held in term deposits 
- 
124,920,516 
124,920,516 
Total assets 
193,713,556 
- 
193,713,556 
The comparative amount for the consolidated Statement of Cash Flows for the year ended 30 June 2023 has been restated to 
present the movement of cash into cash in term deposits as a net cash flow from investing activity.  
The treatment has been changed by reclassifying each of the affected financial statement line items for the prior period as 
follows: 
Statement of Cash Flows (extract) 
30 June 2023 
Increase/ (Decrease)  
30 June 2023 
(Restated) 
Investments in cash held in term deposits 
 -   
 (30,820,516) 
 (30,820,516) 
Net cash used in investing activities 
 (1,027,532) 
 (30,820,516) 
 (31,848,048) 
Net increase in cash held 
 33,644,399   
 (30,820,516) 
 2,823,883   
Cash and cash equivalents at beginning of the year 
 121,509,282   
 (94,100,000) 
 27,409,282   
Effects of exchange rate changes on foreign currency held 
 1,659,856   
 -   
 1,659,856   
Cash and cash equivalents at end of the year 
 156,813,537   
 (124,920,516) 
 31,893,021   
g) Inventories 
Raw materials, work in progress and finished goods are stated at the lower of cost or net realisable value. Cost comprises, 
direct material and labour. Costs are assigned to individual items of inventory on the basis of weighted average costs. Net 
realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and 
the estimated costs necessary to make the sale. 
h) Property, Plant and Equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Cost includes expenditure 
that is directly attributable to the acquisition of the item. In the event that settlement of all or part of the purchase 
consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the 
date of acquisition. 
Building is depreciated using the straight-line method over the estimated useful lives of assets up to 50 years. Land is not 
depreciated. 
Plant and equipment depreciation is calculated on diminishing value so as to write off the net cost of each asset over its 
expected useful life to its estimated residual value. The estimated useful lives, residual values and depreciation method are 
reviewed at the end of each annual reporting period and adjusted if appropriate. An asset’s carrying amount is written off 
immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. 
The following percentages are used in the calculation of depreciation: 
• Computers and software: 40% 
• Leasehold improvement: 40% 
• All other assets: 7.5% to 33.3% 
Gains and losses on disposal of assets are determined by comparing proceeds upon disposal with the asset’s carrying 
amount. These are included in the Profit or Loss. 
i) Leases 
The Group considers whether a contract is, or contains, a lease. A lease is defined as ‘a contract, or part of a contract, that 
conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this 
definition, the Group assesses whether the contract meets three key evaluations which are whether: 
• the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by 
being identified at the time the asset is made available to the Group; 
• the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout 
the period of use, considering its rights within the defined scope of the contract; or 
• the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether 
it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. 
At lease commencement date, the Group recognises right-of-use assets and lease liabilities on the balance sheet. The right-
of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs 
incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease 
payments made in advance of the lease commencement date (net of any incentives received). 
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the 
end of the useful life of the right-of-use assets or the end of the lease term which is currently between two to six years. Instead 
of performing an impairment review on the right-of-use assets at the date of initial application, the Group has relied on its 
historic assessment as to whether leases were onerous immediately before the date of initial application of AASB 16. The 
Group also assesses the right-of-use assets for impairment when such indicators exist. 
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance 
fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and 
payments arising from options reasonably certain to be exercised. 
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is 
remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. 
The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead 
of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit 
or loss on a straight-line basis over the lease term. 
j) Investments And Other Financial Assets 
Recognition And Derecognition  
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the 
financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair 
value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and 
financial liabilities are described below.  
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the 
financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is 
extinguished, discharged, cancelled or expired. 
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Classification And Initial Measurement Of Financial Assets  
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction 
price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where 
applicable). 
Financial Assets At Amortised Cost  
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):  
• they are held within a business model whose objective is to hold the financial assets and collect its contractual cash 
flows; and  
• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on 
the principal amount outstanding.  
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted 
where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall 
into this category of financial instruments. 
Impairment Of Financial Assets  - Trade And Other Receivables 
The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance 
at the amount equal to the expected lifetime credit losses. In using this practical expedient, the Group uses its historical 
experience, external indicators and forward-looking information to calculate the expected credit losses.  
The Group assess impairment of trade receivables on a collective basis as they possess credit risk characteristics based on the 
days past due. 
Classification And Measurement of Financial Liabilities  
The Group’s financial liabilities include trade and other payables. 
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group 
designated a financial liability at fair value through profit or loss. 
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives 
and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in 
profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).  
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are 
included within finance costs or finance income. 
k) Impairment Of Assets 
At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible 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 that are independent from other assets, the consolidated entity estimates the recoverable 
amount of the cash-generating unit to which the asset belongs. 
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually 
and whenever there is an indication 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 of money and the risk specified 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 recoverable amount.  An impairment loss is recognised in the 
Profit or Loss immediately. 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) 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 impairment loss is recognised in the Profit or Loss immediately. 
l) Payables 
Trade payables and other accounts payable are recognised when the consolidated entity becomes obliged to make future 
payments resulting from the purchase of goods and services, incurred prior to the end of the financial year. 
m) Employee Benefits 
Provision is made for benefits accruing to employees in respect of wages and salaries, retention payment, annual leave and 
long service leave when it is probable that settlement will be required and they are capable of being measured reliably. 
Provisions made in respect of employee benefits expected to be settled within 12 months, are measured at their nominal 
values using the remuneration rate expected to apply at the time of settlement. 
Provisions made in respect of employee benefits which are not expected to be settled within 12 months are measured as the 
present value of the estimated future cash outflows to be made by the consolidated entity in respect of services provided by 
employees up to reporting date. The discount rate used to estimate future cash flows is per the Australian high quality 
corporate bond rates. 
n) Provisions 
Provisions are recognised when a present obligation to the future sacrifice of economic benefits becomes probable, and the 
amount of the provision can be measured reliably. 
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at 
reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured 
using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. 
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the 
receivable is recognised as an asset if it is virtually certain that recovery will be received, and the amount of the receivable 
can be measured reliably. 
o) Share Capital 
Ordinary share capital is recognised at the fair value of the consideration received by the Company. 
Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share 
proceeds received. 
p) Earnings Per Share 
Basic Earnings Per Share 
Basic earnings per share is determined by dividing net profit after income tax attributable to members 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 year. 
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 income 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. 
q) Revenue And Other Income 
Revenue Arises From The Sale Of SCENESSE® Implants 
The Group’s revenue from contracts with customers arise from the commercial sales of goods and sales reimbursements. 
Commercial sales of goods are the commercial sales of SCENESSE® implants in Europe and USA. Sales reimbursements are 
the distribution of SCENESSE® under special access reimbursement schemes. The special access reimbursement scheme 
provides for the import and supply of an unapproved therapeutic good to patients, often on a case-by-case basis. 
To determine whether to recognise revenue, the Group follows a five-step process:  
a) Identifying supply conditions laid down in a contract with a customer;  
b) identifying the performance obligations; 
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c) determining the transaction price; 
d) allocating the transaction price to the performance obligations; and 
e) recognising revenue when/as performance obligation(s) are satisfied. 
Based on the above revenue recognition process and the nature of all revenue streams from contracts with customers, the 
Group recognises revenues as earned from commercial sales of goods and sales reimbursements (constrained by variable 
considerations, which include return and rebates) when performance obligations are satisfied at a point in time, which is 
when control of the goods passes to the customer or generally upon receipt of shipment, at an amount that reflects the 
consideration to which the Group expects to be entitled in exchange for the goods. 
Due to patients seeking treatment in the spring, summer and autumn months, there remains a seasonal demand for 
SCENESSE®. As such, fluctuations caused by seasonal demand impact the cash flows to the Group’s operations. 
Note 19 provides additional disclosures disaggregating revenue by geographical markets. 
Interest 
Interest income is recognised on a proportional basis that takes into account the effective yield on the financial asset. 
Government R&D Tax Incentive 
The Company formerly received other income through a refundable tax offset as part of the Australian government R&D tax 
incentive program. Other income would be recognised when it has been established that the conditions of the tax incentive 
have been met and that the expected amount of tax incentive can be reliably measured.   
Government Grant 
Government grants represent the Research Incentive Scheme for Companies provided by the Singapore Economic 
Development Board, along with the Job Growth Incentive and Progressive Wage Credit Scheme Payout from Singaporean 
government. Government grants are recognised in the financial statements at their fair values when there is a reasonable 
assurance that the Consolidated Entity will comply with the requirements and that the grant will be received. 
r) Research And Development Expenditure 
Expenditure on research activities is recognised as an expense in the period in which it is incurred. Where no internally 
generated intangible asset can be recognised, development expenditure is recognised as an expense in the period as 
incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognised 
if, and only if, all of the following is demonstrated: 
• the technical feasibility of completing the intangible asset so that it will be available for use or sale; 
• the intention to complete the intangible asset and use or sell it; 
• the ability to use or sell the intangible asset; 
• how the intangible asset will generate probable future economic benefits; 
• the availability of adequate technical, financial and other resources to complete the development and to use or sell the 
intangible asset; and 
• the ability to measure reliably the expenditure attributable to the intangible asset during its development. 
The consolidated entity uses its critical judgement in continually assessing whether development expenditures meet the 
recognition criteria of an intangible asset. 
Whilst at the end of the financial year the consolidated entity had received European and US regulatory approval and 
launched a European and US product the above criteria have not been fully satisfied to support the recognition and 
generation of an internally generated intangible asset.  
s) Comparatives 
Where necessary, comparatives have been reclassified and repositioned for consistency with current year disclosure. 
t) Foreign Currency Transactions And Balances 
All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date 
of the transaction.  Foreign currency monetary items at reporting date are translated at the exchange rate existing at 
reporting date.  Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are 
translated at the rates prevailing at the date when the fair value was determined.  Exchange differences are recognised in 
profit or loss in the period in which they arise as defined in AASB 121. 
Foreign subsidiaries that have a functional currency different from the presentation currency are translated into the 
presentation currency as follows: 
• At the spot rate at reporting date for assets and liabilities; and 
• At average monthly exchange rates for income and expenses. 
Resulting differences are recognised within equity in a foreign currency translation reserve. 
u) Share-Based Payment Transactions  
Benefits are provided to employees of the Group in the form of share-based payment transactions, whereby employees 
render services in exchange for shares or rights over shares (“equity-settled transactions”).  
The cost of these equity-settled transactions with employees is measured by reference to the fair value at the date at which 
they are granted. The fair value of conditional performance rights is measured by a Monte Carlo simulation pricing model for 
those performance rights with market capitalisation hurdles and either a binomial or a trinomial model for those 
performance rights not linked to the price of the shares of CLINUVEL PHARMACEUTICALS LTD (“non-market vesting 
conditions”). It is determined at grant date and expensed on a straight-line basis over the vesting period. In valuing equity-
settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the 
shares of CLINUVEL PHARMACEUTICALS LTD (“market conditions”).  
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in 
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to 
the award (“vesting date").  
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the 
extent to which the vesting period has expired and (ii) the number of awards that, in the opinion of the Directors of the Group, 
will ultimately vest.  This opinion is formed based on the best available information at reporting date.  No adjustment is made 
for the likelihood of market performance conditions being met as the effect of these conditions is included in the 
determination of fair value at grant date.  
Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not 
been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the 
modification, as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had 
vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately.  
However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is 
granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the 
previous paragraph.  
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per 
share.  
v) Critical Accounting Estimates And Judgement 
The Directors evaluate estimates and judgements incorporated into the financial report based on historical knowledge and 
best available current information. Estimates assume a reasonable expectation of future events and are based on current 
trends and economic data, obtained both externally and within the Group.  
Key Estimates – Share-Based Payments Transactions  
The Group 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 granted. The fair value is determined using either a Monte Carlo simulation pricing 
model for market conditions, or a Binomial Options Valuation pricing model for non-market conditions, using the 
assumptions detailed in Note 21. The total expense is brought to account over the vesting period which for some instruments 
requires the group to form judgements associated with the timing and probability of vesting conditions. 
Key Judgements – Trade Debtors 
In applying the Group’s accounting policy to trade debtors, significant judgement is involved in assessing the expected credit 
loss of trade debtors amounts. The Group uses ageing of trade debtors and use judgement to assess the expected credit loss 
of trade debtors taking into account historical loss experience and other forward-looking factors specific to the debtors and 
the economic environment. The value of trade debtors is included in Note 4. 
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Key Judgements – Tax Losses  
Given the Company’s and each individual entity’s history of losses, the Group has recognised a deferred tax asset with regard 
to unused tax losses and other temporary differences. The Directors have determined the Group will generate sufficient 
taxable income against which the unused tax losses and other temporary differences can be utilised.  The value of tax losses 
both recognised and not recognised is included in Note 3. 
Uncertainty Over Income Tax Treatments 
The Group assesses whether it is ‘probable’ that a taxation authority will accept an uncertain tax treatment. This assessment 
takes into account that, for certain jurisdictions in which the Group operates, a local tax authority may seek to open a group’s 
books as far back as inception of the group. Where it is probable, the Group has determined tax balances consistently with 
the tax treatment used or planned to be used in its income tax filings. Where the Group has determined that it is not probable 
that the taxation authority will accept an uncertain tax treatment, the most likely amount or the expected value has been 
used in determining taxable balances (depending on which method is expected to better predict the resolution of the 
uncertainty). 
w) Segment Reporting 
A segment is a component of the consolidated entity that earns revenues or incurs expenses whose results are regularly 
reviewed by the chief operating decision makers and for which discrete financial information is prepared.  
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Chief 
Executive Officer (the Chief Operating Decision Maker) in assessing performance and in determining the allocation of 
resources. The consolidated entity has formed four Divisions – Pharmaceuticals, Healthcare Solutions, Communications 
Branding & Marketing, and Manufacturing but operates in a single operating segment, being the biopharmaceutical sector, 
and the majority of its activities continue to be concentrated on researching, developing and commercialising a sole asset in 
the biopharmaceutical sector, being its leading drug candidate. Accordingly, the consolidated entity has one operating 
segment within the definition of AASB 8. The Group’s consolidated total assets are the total reportable assets of the operating 
segment.  
The Group has established entities in more than one geographical area. The non-current assets that are not held within 
Australia are immaterial to the Group. The revenues earned from external customers by geographical location is detailed in 
Note 19. The Group has one operating segment within the definition of AASB 8 Operating Segments. 
x) New Australian Accounting Standards Issued But Not Yet Effective 
The Group has not adopted any new accounting standards or interpretations that are issued but not yet effective. The Group 
is yet to undertake a detailed assessment of the impact of any new accounting standards or interpretation. However, based 
on the Group’s preliminary assessment, new accounting standards or interpretations are not expected to have a material 
impact on the transactions and balances recognised in the consolidated financial statements for the year ended 30 June 
2024.  
2. Profit/(Loss) From Continuing Operations 
 
 
 
 
Consolidated Entity 
Profit/(loss) before income tax includes the following specific expenses 
2024  
2023  
Employee benefits expense 
 17,861,812   
 12,960,543   
Depreciation on property, plant & equipment 
 753,184   
 397,260   
Operating lease expense – minimum lease payments 
 339,011   
 306,830   
Amortisation of right-of-use assets 
 331,932   
 343,642   
Bank charges 
 41,562   
 38,671   
 
 
3. Income Tax Expense 
 
  
Consolidated Entity  
 
2024 
2023 
 
 
 
$ 
$ 
(a) Income tax expense 
 
 
Current 
 15,532,461  
 16,382,733  
Deferred 
 (489,842) 
 (1,408,576) 
Income tax expense 
 15,042,619  
 14,974,157 
Deferred tax included in income tax benefit comprises: 
 
 
Decrease/(Increase) in deferred tax assets 
 (110,542) 
 497,571  
Increase/(Decrease) in deferred tax liabilities 
 (379,300) 
 911,005  
 
 (489,842) 
 1,408,576  
(b) Numerical 
 
 
 
 
Profit before income tax expense 
 50,678,977  
 45,578,723   
Tax at the statutory tax rates of 30% in 2023 and 2022 
 15,203,693  
 13,673,617   
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: 
 
 
Other non-deductible (deductible) expenses for tax purposes 
 (161,074) 
 71,075   
Non-deductible share-based payments 
 -   
 1,229,465   
Income tax expense 
 15,042,619  
 14,974,157   
Tax losses not recognised 
 
 
Unused tax losses for which no deferred tax asset has been recognised 
 18,301,957  
 18,899,558   
(c) Deferred tax assets 
Carry forward tax losses 
 856,768   
 1,011,871   
Intangibles 
 572,581   
 553,282   
Provisions 
 256,668   
 233,280   
Accrued Expenses 
 225,869   
 61,700   
Lease liabilities 
 71,804   
 10,642   
 
 1,983,690   
 1,870,775   
Reconciliation to the Statement of Financial Position 
 
 
Total deferred tax assets 
 1,983,690   
 1,870,775   
Set-off of deferred tax liabilities that are expected to reverse in the same period 
 (963,346) 
 (811,234) 
 
 
 
 1,020,344   
 1,059,541   
Movements 
 
 
Opening balance 
 1,870,775   
 1,346,074   
Carry forward tax losses 
 (155,103) 
 630,821   
Intangibles 
 19,299   
 39,813   
Lease liabilities 
 61,162   
 (23,314) 
Accrued Expenses 
 164,169   
 (84,030) 
Provisions 
 23,388   
 (38,589) 
 
 1,983,690   
 1,870,775   
(d) Deferred tax liabilities 
 
 
Unrealised foreign exchange gains 
 (2,744,331) 
 (3,142,445) 
Accrued income 
 (339,133) 
 (420,888) 
Right-of-use assets 
 (124,435) 
 (10,108) 
Intangibles 
 18,449   
 4,691   
 
 (3,189,450) 
 (3,568,750) 
Reconciliation to the Statement of Financial Position 
 
 
Total deferred tax liabilities 
 (3,189,450) 
(3,568,750) 
Set-off of deferred tax assets that are expected to reverse in the same period 
 963,346   
 811,234   
 
 
 
 (2,226,104) 
 (2,757,516) 
Movements 
 
 
Opening balance 
 (3,568,750) 
 (4,479,755) 
Unrealised foreign exchange gains 
 398,113   
 1,096,011   
Right-of-use assets 
 (114,327) 
 23,167   
Accrued income 
 81,756   
 (202,247) 
Intangibles 
 13,758   
 (5,926) 
 
 (3,189,450) 
 (3,568,750) 
Deferred tax assets include US deferred tax assets that cannot be offset with Australian deferred tax liabilities.The tax rates used in this report are the Australian corporate tax rate of 30% 
in 2024 and 2023, income tax rate of 21% for US entity in 2024 and 2023 and income tax rate of 25% for UK entity in 2024 and  2023. 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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129

4. Trade and Other Receivables 
 
 
 
 
 
 
Consolidated Entity   
 
 
 
 
 
2024 
2023 
 
 
 
 
 
$ 
$ 
Current 
 
 
Trade debtors 
 25,162,556   
 20,807,909   
Interest receivables 
 1,130,444   
 1,438,696   
Sundry debtors 
 94,803   
 134,199   
Expected credit losses 
 
 
 
 
 (149,506) 
 (166,158) 
Total  
 
 
 
 
 26,238,297   
 22,214,646   
Trade debtors are recognised initially at the amount of consideration that is unconditional, when they are recognised at fair value. They are subsequently measured at amortised cost 
using the effective interest method and due to their short-term nature their carrying amount is considered to be the same as their fair value.  A provision for expected credit losses (ECL) 
is recognised based on the difference between the contractual cashflows due in accordance with the contract and all the cash flows that the Group expects to receive. The Group applies 
a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting 
date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic 
environment.  As at 30 June 2024, the Group had a provision for expected credit loss of $149,506 (2023 $166,158) 
 
 
 
 
 
 
 
Consolidated Entity   
 
 
 
 
 
2024 
2023 
 
 
 
 
 
$ 
$ 
Opening balance as at 1 July 
 (166,158) 
 -   
Reversal of/(provision for) expected credit losses 
 16,652   
 (166,158) 
Closing balance as at 30 June 2024 
 
 
 
 
 (149,506) 
 (166,158) 
5. Inventories 
Consolidated Entity   
 
2024 
2023  
 
$ 
$ 
Current  
 
 
Raw materials – at cost 
 571,169   
 514,812   
Provision for obsolescence – raw materials 
 -     
 (51,655)  
Work in progress – at cost 
 7,026,835   
 7,466,396   
Finished goods – at cost 
 3,028,609   
 1,589,909   
Total 
 10,626,613   
 9,519,462   
A provision for obsolescence of $51,655 was written off in 2024 (2023 : $108,057) 
 
 
6. Property, Plant and Equipment 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Land 
 347,744   
 -   
Building 
 
 
At cost 
 4,620,025   
 -   
Less: accumulated depreciation 
 (76,327) 
 -   
Sub-total 
 4,543,698   
 -   
Plant and equipment 
 
 
At cost 
 1,849,823   
 1,487,388   
Less: accumulated depreciation 
 (758,157) 
 (490,012) 
Sub-total 
 1,091,666   
 997,376   
Furniture and fittings 
 
 
At cost 
 92,293   
 45,603   
Less: accumulated depreciation 
 (35,639) 
 (26,387) 
Sub-total 
 56,654   
 19,216   
Leasehold improvements 
 
 
At cost 
 1,987,000   
 1,888,048   
Less: accumulated amortisation 
 (1,044,425) 
 (886,779) 
Sub-total 
 942,575   
 1,001,269   
Total property, plant and equipment 
 6,982,337   
 2,017,861   
Movements in Carrying Amounts – Property, Plant and Equipment 
Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of 
the financial year. 
 
Consolidated Entity   
 
Land 
Building 
Plant And 
Equipment 
Furniture And 
Fittings 
Leasehold 
Improvements 
Total 
 
 
 
$ 
$ 
$ 
$ 
Carrying amount at 30 June 2022 
 -   
 -   
 946,245   
 19,360   
 575,097   
 1,540,702   
Additions 
 -   
 -   
 197,898   
 3,668   
 634,675   
 836,241   
Disposals 
 -   
 -   
 -   
 -   
 -   
 -   
Depreciation written back on disposals 
 -   
 -   
 -   
 -   
 -   
 -   
Depreciations expense 
 -   
 -   
 (146,767) 
 (3,812) 
 (208,503) 
 (359,082)  
Carrying amount at 30 June 2023 
 -   
 -   
 997,376   
 19,216   
 1,001,269   
 2,017,861   
Additions 
347,744 
4,620,025 
 379,071   
 46,690   
 98,951   
 5,492,481   
Disposals 
 -   
 -   
 (16,635) 
 -   
 -   
 (16,635)  
Depreciation written back on disposals 
 -   
 -   
 14,133   
 -   
 -   
 14,133   
Depreciations expense 
 -   
 (76,327) 
 (282,279) 
 (9,252) 
 (157,645) 
 (525,503) 
Carrying amount at 30 June 2024 
 347,744   4,543,698   
 1,091,666   
 56,654   
 942,575   
 6,982,337   
 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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131

7. Right-of-Use Assets and Lease Liabilities 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Right-of-use assets 
 
 
At cost 
 1,762,660   
 1,782,946   
Less: accumulated depreciation 
 (1,024,872) 
 (949,620) 
Total right-of-use assets 
 737,788   
 833,326   
Movements in Carrying Amounts – Right-Of-Use Assets 
Movements in the carrying amounts for right-of-use assets between the beginning and the end of the financial year. 
Consolidated Entity   
 
Right-of-use Assets 
 
$ 
Carrying amount at 30 June 2022 
 1,159,642   
Additions 
 7,052   
Amortisation 
(343,642) 
Currency translation differences 
10,274 
Carrying amount at 30 June 2023 
 833,326   
Additions 
 284,945   
Disposals 
 (52,682) 
Amortisation 
 (331,932) 
Currency translation differences 
 4,131   
Carrying amount at 30 June 2024 
 737,788   
 
 
 
 
Consolidated Entity      
 
2024 
2023 
 
$ 
$ 
Lease liabilities 
 
 
Lease liabilities - Current 
 369,861   
 300,843   
Lease liabilities - Non-current 
 509,923   
 699,022   
Total lease liabilities 
 879,784   
 999,865   
Lease liability is measured at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the 
Group’s incremental average borrowing rate of 6.26 % in 2024 and 6.4% in 2023. 
 
 
 
8. Interests in Subsidiaries 
 
Name of Entity 
Type of Entity 
 
Ownership Interest 
 
Country of Incorporation 
 
 
 
2024 
2023 
 
 
Parent entity 
 
 
 
 
 
 
CLINUVEL PHARMACEUTICALS LTD Body Corporate 
 
- 
- 
 
Australia 
Controlled entities 
 
 
 
 
 
 
A.C.N. 108 768 896 PTY LTD 
Body Corporate 
 
100% 
100% 
 
Australia 
CLINUVEL (UK) LTD 
Body Corporate 
 
100% 
100% 
 
United Kingdom 
CLINUVEL, INC. 
Body Corporate 
 
100% 
100% 
 
United States of America 
CLINUVEL AG 
Body Corporate 
 
100% 
100% 
 
Switzerland 
CLINUVEL SINGAPORE PTE LTD 
Body Corporate 
 
100% 
100% 
 
Singapore 
VALLAURIX PTE LTD  
Body Corporate 
 
100% 
100% 
 
Singapore 
CLINUVEL EUROPE LIMITED 
Body Corporate 
 
100% 
100% 
 
Ireland 
VALLAURIX MC SARL 
Body Corporate 
 
100% 
100% 
 
Monaco 
9. Trade and Other Payables 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Current 
 
 
Unsecured trade creditors 
2,345,436 
2,791,672 
Sundry creditors and accrued expenses 
4,763,617 
4,857,900 
Total 
7,109,053 
7,649,572 
(a)  Aggregate amounts payable to: 
 
 
Directors and Director-related entities 
952,653 
910,574 
(b)  Australian dollar equivalents of amounts payable in foreign currencies not effectively hedged and included in Trade and Sundry 
creditors: 
British Pounds 
85,880 
- 
Canadian dollars 
3,750 
16,791 
Other 
603 
- 
Total 
 90,233 
 16,791   
For an analysis of the sensitivity of trade and other payables to foreign currency risk refer to Note 20. (c) Terms and conditions: Trade and sundry creditors are non-interest bearing and 
normally settled on 30 day terms. 
 
10. Provisions 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Current 
 
 
Employee benefits 
 1,881,898   
 1,450,120   
Total 
 1,881,898   
 1,450,120   
Non-current 
 
 
Employee benefits 
 84,721   
 56,573   
Other provisions  
 79,238   
 74,589   
Total 
 163,959   
 131,162   
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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133

11. Contributed Equity 
(a) Issued And Paid Up Capital 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
50,077,780 fully paid ordinary shares (2023: 49,410,338) 
168,802,368 
151,849,375 
Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in 
proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. The 
Company does not have a limited amount of authorised capital and issued shares do not have a par value. 
(b) Movements In Ordinary Share Capital 
Consolidated Entity   
 
2024 
2023 
 
No. 
$ 
No. 
$ 
At the beginning of the financial year 
49,410,338   
 151,849,375   49,410,338   151,849,375   
Issued during the year 
 -   
 -   
 -   
 -   
Conditional rights issues and transferred from conditional rights reserve  
 716,932   
 17,707,229   
 -   
 -   
Share buy back1 
 (49,490) 
 (754,236) 
 -   
 -   
Less: transaction costs 
 -   
 -   
 -   
 -   
Balance at the end of the financial year 
50,077,780   
 168,802,368   49,410,338   151,849,375   
1 During the year ended 30 June 2024, shares purchased under the share buy back program were cancelled. 
(c) Conditional Performance Rights 
During the year the following conditional performance rights were exercised, resulting in the issue of fully paid ordinary shares: 
Expiry date 
Exercise Price 
Number of Securities 
Upon achievement of various performance milestones 
Nil$ 
 716,932   
As at 30 June 2023, the year the following conditional performance rights existed which if exercised, resulting in the issue of fully 
paid ordinary shares: 
Expiry date 
Exercise Price 
Number of Conditional Rights 
Upon achievement of various performance milestones 
Nil$ 
 266,332   
 
 
12. Reserves 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Conditional Performance Rights reserve: 
 
 
Balance at the beginning of period 
 19,370,046   
 10,380,258   
Share-based payment 
 6,107,272   
 8,989,788   
Transfer to share capital 
 (17,707,229) 
 -   
Lapsed, forfeited rights 
 (6,571,771) 
 -   
Balance at the end of period 
 1,198,318   
 19,370,046   
The Conditional Performance Rights reserve arises on the grant of conditional performance rights to eligible employees under the Conditional Performance Rights Plan. Amounts are 
transferred out of the reserve and into issued capital when the rights are exercised and to retained earnings when rights lapse. 
Foreign currency translation reserve: 
 
 
Balance at the beginning of period 
 3,185,998   
 1,731,838   
Translating foreign subsidiary to current rate at reporting date 
 (138,945) 
 1,454,160   
Balance at the end of period 
 3,047,053   
 3,185,998   
Total reserves 
 4,245,371   
 22,556,044   
13. Short-Term Lease Commitments 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Operating lease commitments 
 
 
Non-cancellable operating leases contracted for but not capitalised under AASB 16 as 
they are short-term and are payable as follows: 
 
 
not later than 1 year 
66,942 
43,207   
later than 1 year but not later than 5 years 
 -   
1,350   
Total 
 66,942 
 44,557   
Operating leases comprises commitments for limited license agreement of furnished office accommodation and office equipment 
The limited license agreement has no contingent rental clauses and contains renewal options. 
14. Earnings Per Share (EPS) 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
(a) Basic earnings per share (cents per share) 
 71.5   
 61.9   
(a) Diluted earnings per share (cents per share) 
 69.8   
 59.1   
(b) The Weighted Average Number of Ordinary Shares (WANOS) used in the 
calculation of basic earnings per share 
 49,834,035   
 49,410,338   
(b) Weighted average number of performance rights on issue in respect of share 
based payments during the year 
 1,192,679   
 2,405,659   
(b) The Weighted Average Number of Ordinary Shares (WANOS) used in the 
calculation of diluted earnings per share 
 51,026,713   
 51,815,997   
(c) The numerator used in the calculation of basic earnings per share ($) 
 35,636,359   
 30,604,566   
There have been no other transactions involving ordinary shares or potential ordinary shares that would significantly change the number of ordinary shares outstanding between the 
reporting date and the date of the completion of this financial report. 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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135

15. Cash Flow Information 
Consolidated Entity   
 
2024 
2023 Restated 
 
$ 
$ 
(a) Reconciliation of cash 
Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled  
to the related items in the Statement of Financial Position as follows: 
Cash at bank 
 18,102,718   
 22,883,205   
Cash on hand 
 1,818   
 774   
Deposits on call 
 16,874,047   
 617,759   
Term deposits 
 -   
 8,025,800   
Security bonds 
 222,168   
 365,483   
Total cash and cash equivalents 
 35,200,751   
 31,893,021   
(b) Reconciliation of cash flows from operating activities with operating profit (loss) 
Operating profit after income tax 
35,636,359 
30,604,566 
Non cash flows in operating profit after income tax: 
 
 
Executive share option expense 
 6,107,272   
 8,989,788   
Exchange rate effect on foreign currencies held 
 808,148   
 (1,659,855) 
Depreciation expense on property, plant & equipment 
 753,184   
 397,260   
Amortisation expense on right-of-use assets 
 331,932   
 343,642   
Unrealised loss (gain) on foreign exchange translation 
 (138,945) 
 1,454,160   
Changes in assets and liabilities: 
 
 
(Increase)/decrease in receivables 
 (4,023,652) 
(6,012,709) 
(Increase)/decrease in inventories 
 (1,107,151) 
 (7,687,571) 
(Increase)/decrease in other current assets 
 (260,308) 
(30,700) 
(Increase)/decrease in deferred tax assets 
 39,197   
 (577,941) 
(Increase)/decrease in lease bonds 
 (134,208) 
 -   
Increase/(decrease) in payables 
 (648,316) 
 4,514,552   
Increase/(decrease) in income tax payables 
 (242,793) 
 8,814,729   
Increase/(decrease) in provisions 
 464,574   
 (1,380,093) 
Increase/(decrease) in deferred tax liabilities 
 (531,411) 
 (857,765) 
Net cash used in operating activities 
 37,053,882   
 36,912,063   
Cash at bank earns floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value. 
 
16. Key Management Personnel 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Short-term employee benefits 
 4,123,825   
 3,962,471   
Post-employment benefits 
 72,306   
 65,787   
Long-term benefits 
 30,736   
 -   
Share-based payments 
3,399,126   
 6,583,359   
Total 
7,625,993   
 10,611,617   
No loans or other transactions existed with key management personnel.  
 
17. Auditor’s Remuneration 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Amounts received or due and receivable by Grant Thornton Audit Pty Ltd for: 
 
 
Audit services and review 
 249,126   
 246,154   
Total 
 249,126   
 246,154   
18. Related Party Disclosures 
Wholly-Owned Group Transactions 
Loans 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from A.C.N. 108 768 896 Pty Ltd is non-interest bearing. A provision 
for non-recovery has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists 
in A.C.N. 108 768 896 Pty Ltd. On 1 July 2022, CLINUVEL PHARMACEUTICALS LTD issued a Deed of Loan Forgiveness to A.C.N. 
108 768 896 Pty Ltd. The loan to A.C.N. 108 768 896 Pty Ltd as at 30 June 2024 is $Nil (2023: $Nil). 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from CLINUVEL, INC. is interest bearing at average of 5.81% in 2024 
and was 4.6% in 2023. Repayment of the loan has commenced upon commercialisation of the Company’s drug candidate. A 
provision for non-recovery has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net 
assets exists in CLINUVEL, INC. The loan to CLINUVEL, INC. as at 30 June 2024 is $20,499,042 (2023: $21,681,805). 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from CLINUVEL AG is non-interest bearing. Repayment of the loan 
will commence upon commercialisation of the Company’s drug candidate. A provision for non-recovery has been raised in 
the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists in CLINUVEL AG. During the 2023 
financial year, CLINUVEL PHARMACEUTICALS LTD entered into a Deed of Loan Forgiveness to CLINUVEL AG effective 1 July 
2022. The loan to CLINUVEL AG as at 30 June 2024 is $91,828 (2023: $188,531). 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from CLINUVEL SINGAPORE PTE LTD is non-interest bearing. 
Repayment of the loan will commence upon commercialisation of the Company’s drug candidate. A provision for non-recovery 
has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists in CLINUVEL 
SINGAPORE PTE LTD. The loan to CLINUVEL SINGAPORE PTE LTD as at 30 June 2024 is $503,705 (2023: $625,133). 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from CLINUVEL (UK) is interest bearing at average of 5.81% in 2024 
and was 4.6% in 2023. Repayment of the loan will commence upon commercialisation of the Company’s drug candidate. A 
provision for non-recovery has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net 
assets exists in CLINUVEL (UK) LTD. The loan to CLINUVEL (UK) LTD as at 30 June 2024 is $3,753,911 (2023: $2,053,783). 
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from VALLAURIX PTE LTD is non-interest bearing. Repayment of the 
loan will commence upon commercialisation of VALLAURIX PTE LTD’s product(s). A provision for non-recovery has been 
raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists in VALLAURIX PTE LTD. The 
loan to VALLAURIX PTE LTD as at 30 June 2024 is $13,333,126 (2023: $10,475,621). 
The loan receivable by (payable by) CLINUVEL PHARMACEUTICALS LTD from VALLAURIX MC SARL is non-interest bearing. 
Repayment of the loan will commence upon commercialisation of the Company’s drug candidate. A provision for non-
recovery has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists in 
VALLAURIX MC SARL. The loan to VALLAURIX MC SARL as at 30 June 2024 is $5,208,319 (2023: $6,339,501).  
The loan receivable by CLINUVEL PHARMACEUTICALS LTD from CLINUVEL EUROPE LIMITED is non-interest bearing. 
Repayment of the loan will commence upon commercialisation of CLINUVEL EUROPE LIMITED’s product(s). A provision for 
non-recovery has been raised in the accounts of CLINUVEL PHARMACEUTICALS LTD where a deficiency in net assets exists in 
CLINUVEL EUROPE LIMITED. The loan to CLINUVEL EUROPE LIMITED as at 30 June 2024 is $9,205,322 (2023: $9,675,165).  
Foundation 
The Photomedicine Foundation (Foundation), a Not For Profit entity, was incorporated on 7 February 2024 under the State of 
California USA. The purpose of the Foundation is to support individuals affected by ultraviolet and visible light through access 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
136
137

to equipment, medical care, treatments or other means to improve the individual’s health. The Foundation is currently 
dormant and not actively engaged in any activities. 
Director Related And Key Management Personnel Transactions And Entities: 
There are no loan transactions and relationships in existence as at 30 June 2024 between Directors and the Company and its 
related entities. 
19. Segment Information 
A segment is a component of the Group that earns revenues or incurs expenses whose results are regularly reviewed by the 
chief operating decision makers and for which discrete financial information is prepared.  
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Chief 
Executive Officer (the chief operating decision maker) in assessing performance and in determining the allocation of 
resources. The Group operates in a single operating segment, being the biopharmaceutical sector, and the majority of its 
activities are concentrated on researching, developing and commercialising a sole asset, being its leading drug candidate. 
Accordingly, the Group’s consolidated total assets are the total reportable assets of the operating segment. 
The Group has established entities in more than one geographical area. The non-current assets that are not held within 
Australia are immaterial to the Group. The revenues earned from external customers by geographical location is detailed 
above. The Group has one operating segment within the definition of AASB 8 Operating Segments.  
The Group’s revenue disaggregated by primary geographical markets is as follows: 
FY2024 
 
FY2023 
 
Europe & USA 
Switzerland, 
Others 
Total 
 
Europe & USA 
Switzerland, 
Others 
Total 
 
($’000) 
($’000) 
($’000) 
 
($’000) 
($’000) 
($’000) 
Commercial sales of goods 
81,218 
 -   
81,218 
 
72,179 
-  
72,179 
Sales reimbursements 
 265   
6,695 
6,960 
 
 104   
6,038 
6,142 
Total revenues 
81,483 
6,695 
88,178 
 
72,283 
6,038 
78,321 
Total expenses 
 
 
 (44,627) 
 
 
 
 (37,412) 
Net profit before tax 
 
 
 50,679   
 
 
 
 45,579  
Income tax  
 
 
 (15,043) 
 
 
 
 (14,974) 
Net profit after tax 
 
 
 35,636   
 
 
 
30,605  
Total asset 
 
 
 231,124   
 
 
 
193,714  
Total liability 
 
 
 28,112   
 
 
 
 29,082  
 
The Group has a number of customers to which it provides its leading drug candidate. Two customers each comprise 12% of 
external total revenue (2023: Two customers each comprise 15% and 13% of external total revenue). 
20. Financial Instruments 
CLINUVEL PHARMACEUTICALS LTD and consolidated entities have exposure to the following risks from its use in financial 
instruments: 
• Market Risk 
• Credit Risk 
• Liquidity Risk 
The Board of Directors oversees and reviews the effectiveness of the risk management systems implemented by 
management. The Board has assigned responsibility to the Audit and Risk committee to review and report back to the Board 
in relation to the Company’s risk management systems. 
a) Market Risk 
Market risk is the risk of changes to market prices of foreign exchange purchases, interest rates and/or equity prices resulting 
in a change in value of the financial instruments held by the consolidated entity. The objective to manage market risk is to 
ensure exposures are contained within acceptable parameters, to minimise costs and to stabilise existing assets. 
Foreign Currency Risk 
The consolidated entity is exposed to foreign currency risk on future commercial transactions and recognised assets and 
liabilities that are denominated in a currency other than the functional currency of each of the Group’s entities, primarily US 
dollars (USD), Euros (EUR), Swiss francs (CHF), Singapore dollars (SGD) and Great British pounds (GBP). The parent entity is 
exposed to the risk of its cash flows being adversely affected by movements in exchange rates that will increase the Australian 
dollar value of foreign currency payables. It is also exposed to the risk of movements in foreign currency exchange rates for 
those currencies which sales and reimbursement receipts are received.  
The consolidated entity’s policy of managing foreign currency risk is to hold foreign currencies equivalent to the cash outflow 
projected over minimum 30 days by the placement of market orders or have in place forward exchange contracts to achieve a 
target rate of exchange, with protection floors in the event of a depreciating Australian dollar exchange rate, to run for the 
time between recognising the exposure and the time of payment. In the event of an appreciating Australian dollar, the 
amount of foreign currency held is minimised at a level to only meet short-term obligations in order to maximise gains in an 
appreciating Australian currency. CLINUVEL does not engage in speculative transactions in its management of foreign 
currency risk. No forward exchange contracts had been entered into as at 30 June 2024 and as at 30 June 2023. 
The Consolidated Entities Exposure To Foreign Currency Risk At 30 June 2024 
Consolidated Entity 
 
2024 
2023 Restated 
 
Cash and Cash 
Equivalents 
Cash Held 
In Term 
Deposits 
Trade 
Debtors 
and Other 
Assets 
Trade, Other 
Payables and 
Provisions 
TOTAL 
Cash and 
Cash 
Equivalents 
Cash Held 
In Term 
Deposits 
Trade 
Debtors 
and Other 
Assets 
Trade, 
Other 
Payables 
and 
Provisions 
TOTAL 
USD 
 1,600,443  
20,000,000  
9,213,442  
 (1,588,919) 
29,224,966  
 3,516,211  
8,500,000  
7,719,647  
(2,249,199) 
17,486,659  
EUR 
 4,907,251  
 -   
6,755,698  
 (2,458,873) 
9,204,076  
 7,658,588  
2,000,000  
5,157,824  
(2,403,905) 
12,412,507  
SEK 
 -   
 -   
 971,172  
 -   
 971,172  
 -   
 -   
 -   
 -   
 -   
CHF 
 1,016,656  
 -   
 28,451  
 (122,923) 
 922,184  
 1,406,750  
 -   
 -   
 (93,231) 
 1,313,519  
SGD 
 527,674  
 -   
 155,324  
 (272,159) 
 410,839  
 558,588  
 -   
 -   
 (241,557) 
 317,031  
GBP 
 376,258  
 -   
 211,781  
 (574,237) 
 13,802  
 1,184,729  
 -   
 -   
 (396,064) 
 788,665  
CAD 
 -   
 -   
 -   
 (3,433) 
 (3,433) 
 -   
 -   
 -   
 (14,744) 
 (14,744) 
BRL 
 -   
 -   
 -   
 (2,114) 
 (2,114) 
 -   
 -   
 -   
 -   
 -   
ILS 
 -   
 -   
 -   
 (89) 
 (89) 
 -   
 -   
 -   
 -   
 -   
Sensitivity Analysis 
During the financial year the Company had a principal foreign currency transaction risk exposure to the Euro currency. 
Assuming all other variables remain constant, a depreciation in the Australian dollar is advantageous to the consolidated 
entity as sales receipts received in Euro foreign currency allows for conversion to a higher amount of Australian dollars. 
For the consolidated entity, a 2.2% appreciation of the Australian dollar against the Euro currency would have decreased 
profit and loss and equity by $622,563 for the year ended 30 June 2024 (2023: $2,147,985 decrease), on the basis that all other 
variables remain constant. 2.2 % is considered representative of the market volatility in the Australian dollar/Euro rate for the 
period. 
For the consolidated entity, a depreciation of the Australian dollar against the Euro currency would have an equal but 
opposite effect to the above, on the basis that all other variables remain constant. 
The Group’s exposure to other foreign currency movements is not considered as material. 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
138
139

Interest Rate Risk 
The consolidated entity holds fixed interest-bearing assets therefore exposure to interest rate risk exists. It does not hold 
interest bearing liabilities. 
The consolidated entity currently finances its operations through reserves of cash and liquid resources and does not have a 
borrowing requirement. In order to be protected from, and to take advantage of, interest rate movements it is the 
consolidated entity’s policy to place cash into term deposits and other financial assets at both fixed and variable (floating) 
rates. The Board monitors the movements in interest rates in combination with current cash requirements to ensure the mix 
and level of fixed and floating returns is in the best interests of the consolidated entity. 
Sensitivity Analysis 
For the consolidated entity, at 30 June 2024, if interest rates had changed by +/- 325 basis points from the year-end rates (a 
movement considered reflective of the level of interest rate movements throughout the course of the financial year), with 
effect from the beginning of the year, profit and equity would be $5,234,216 higher/lower (2023: $4,564,433 higher/lower). 
This analysis assumes all other variables are held constant. 
Price Risk 
CLINUVEL PHARMACEUTICALS LTD and its consolidated entities was formerly exposed to price risk in its investments in 
income securities classified in the Statement of Financial Position as held for trading.  Neither the consolidated entity nor the 
parent is exposed to commodity price risk. 
b) Credit Risk 
Credit risk arises from the potential failure of counterparties to meet their contractual obligations, resulting in a loss to the 
consolidated entity. 
Credit risk in relation to the consolidated entity is the cash and cash equivalents deposited with banks, trade and other 
receivables. Exposure to credit risk in trade debtors is limited to over forty counterparties across German, Italian, Swiss, 
Dutch, US and other medical institutions who are reimbursed by government or private insurance payors. 
The maximum credit exposure is the carrying value of the cash and cash equivalents deposited with banks, trade and other 
debtors and foreign, wholly-owned subsidiaries. 
c) Liquidity Risk 
Liquidity risk is the risk the consolidated entity will not be able to meets its financial obligations when they fall due. It is the 
policy of the consolidated entity to ensure there is sufficient liquidity to meet is liabilities when due without incurring 
unnecessary loss or damage. The consolidated entity holds cash and cash equivalents in liquid markets. It does not hold 
financing facilities, overdrafts or borrowings. 
Fair Value Estimation 
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement for disclosure 
purposes. 
The fair value of financial instruments traded in active markets is based on quoted market prices at reporting date. The 
quoted market price for the consolidated entity is the bid price. For longer-term debt instruments held by the consolidated 
entity, dealer quotes are used to determine fair value. The consolidated entity formerly held investments in income securities 
classified in the Statement of Financial Position as held for trading. These financial instruments were traded in active markets 
and based on quoted market prices.   
The carrying value of trade payables is assumed to approximate their fair values due to their short-term nature. 
The consolidated entity manages its liquidity needs by carefully identifying expected operational expenses by month and 
ensuring sufficient cash is on hand, across appropriate currencies, in the day-to-day bank accounts for a minimum 30-day 
period. When further liquidity is required, the consolidated entity draws down on its cash under management to service 
future liquidity needs.  
 
 
Contractual Maturities Of Financial Liabilities As At 30 June 2024 
Consolidated Entity   
 
2024 
2023 
 
$ 
$ 
Trade and other payables 
 
 
Carrying amount 
 7,109,053   
 7,649,572   
6 months or less 
 7,082,494   
 7,645,178   
Greater than 6 months 
 26,559   
 4,394   
Total 
 7,109,053   
 7,649,572   
Lease liabilities 
 
 
Carrying amount 
 879,784   
999,865 
6 months or less 
 178,694   
 161,018   
Greater than 6 months 
 701,090   
 838,847   
Total 
 879,784   
 999,865   
 
Capital Risk Management  
The consolidated entity’s equity is limited to shareholder contributions, supported by the cash inflows received from 
providing SCENESSE® to EPP patients under both the full cost special access reimbursement programs such as in Switzerland 
and Canada and from commercial sales currently in the European Economic Area and USA. Its capital management objectives 
are limited to ensuring the equity available to the Company will allow it to continue as a going concern and to realise 
adequate shareholder return by progressing in its developmental research of SCENESSE®, to file for successful marketing 
authorisation in new jurisdictions and achieving a status whereby revenues will consistently exceed expenditure. 
Contractual Maturities Of Financial Assets As At 30 June 2024 
Consolidated Entity   
 
2024 
2023 Restated 
 
$ 
$ 
Cash and cash equivalents 
 
 
Carrying amount 
 35,200,751   
 31,893,021   
6 months or less 
 35,200,751   
 31,893,021   
Total 
 35,200,751   
 31,893,021   
Cash held in term deposits 
 
 
Carrying amount 
 148,667,720   
 124,920,516   
6 months or less 
 65,125,316   
 77,320,516   
Greater than 6 months 
 83,542,404   
 47,600,000   
Total 
 148,667,720   
 124,920,516   
Other financial assets (includes trade and other receivables) 
 
 
Carrying amount 
 26,238,297   
 22,214,646   
6 months or less 
 25,799,352   
 20,959,240   
Greater than 6 months 
 438,945   
 1,255,406   
Total 
 26,238,297   
 22,214,646   
Cash at bank and cash held in term deposits earns floating rates based on daily bank deposit rates. The carrying amounts of 
cash and cash equivalents represent fair value. Cash equivalents are held for the purpose of meeting short-term cash 
commitments rather than for investment or other purposes. 
21. Share-Based Payments 
The consolidated entity has two conditional performance rights schemes which are ownership based for key management 
personnel and select consultants (including Directors) of the Company. The number of rights granted is subject to approval 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
140
141

by the Remuneration Committee. Rights currently have specific terms and conditions, being the achievement of performance 
and time-based milestones set by the Directors of the consolidated entity. 
Conditional Performance Rights Plan (2009) 
The Conditional Performance Rights Plan (2009) was available to eligible employees of the Company. Any issue of rights to 
executive Directors requires shareholder approval in accordance with ASX Listing Rules. All rights convert to one ordinary 
share of the consolidated entity are issued for nil consideration, have no voting rights, are non-transferable and are not listed 
on the ASX. They can be converted to ordinary shares at any time once the vesting conditions attached to the rights have 
been achieved, whereby they will be held by a Scheme Trustee on behalf of the eligible employee for up to seven years. The 
eligible employee can request for shares to be transferred from the Scheme Trust after seven years or at an earlier date if the 
eligible employee is no longer employed by the Company or all transfer restrictions are satisfied or waived by the Board in its 
discretion.   
The Company does not intend to issue further performance rights under the 2009 Plan. 
Performance Rights Plan (2014) 
The Performance Rights Plan (2014) is available to eligible persons of the Company. Any issue of rights to Directors requires 
shareholder approval in accordance with ASX Listing Rules. Any issue of rights to Directors requires shareholder approval in 
accordance with ASX Listing Rules. Since 2020, the Company policy is for NED to not receive PRs or other equity securities in 
the Company. All rights are issued for nil consideration, have no voting rights, are not listed on the ASX and are non-tradeable 
(other than with prior written Board consent). They can be converted to ordinary shares at any time once all vesting 
conditions attached to the rights have been achieved. The Company may, at the sole discretion of the Board, determine that 
any shares exercised from vested PRs be acquired by a Plan Trustee and then, from time to time, transferred to participants 
to the Performance Rights Plan. Unless the PRs are granted with a shorter vesting period, PRs under this plan lapse after 
seven years from grant date. 
PRs are valued for financial reporting purposes only, using either a Monte Carlo simulation pricing model or a probability-
adjusted binomial valuation pricing model and are represented as accounting values only in the financial statements. 
Holders of PRs may or may not receive a benefit from these amounts, either in the current or future reporting periods. The 
value of all PRs granted, exercised and lapsed during the financial year is detailed in tables within this Remuneration Report. 
Of the 2,591,860 Performance Rights on issue on 1 July 2023 which had been previously issued under the 2014 Performance 
Rights Plan to both KMP and non-KMP employees, 716,932 (27.6%) PRs were deemed to have achieved the performance 
conditions by the 20 November 2023 vesting date and were exercised. 1,611,678 (72.4%) performance rights were deemed to 
have not achieved the performance criteria by the vesting date and lapsed. 
At the Company’s Annual General Meeting held on 31st October 2023, shareholder approved the renewal of the 2014 
Performance Rights Plan for a further 3 years. Under the renewed plan, up to a maximum of 2.25% of the Company’s issued 
share capital may be issued as new Performance Rights, though this maximum number is not intended to be a prediction of 
the actual number of securities to be issued by the Company under the Plan. 
As at 30 June 2024, 237,250 performance rights issued under the 2014 Performance Right Plan remain outstanding, of which 
and estimated 200,854 of the PRs (85%) are likely to achieve the underlying performance condition but will not vest until the 
end of their respecting vesting dates if the employee is still employed at that time by the Company. 
The Company, via its wholly owned subsidiary A.C.N. 108 768 896 Pty Ltd, previously acted as trustee for the 2009 Scheme 
Trust and the 2014 Plan Trust. The entity currently holds NIL shares (2023: NIL shares). 
 
 
The Following Share-Based Payment Arrangements Were In Existence At 30 June 2024 
Performance Rights Series 
Number 
Grant date 
Expiry Date 
Exercise 
Price 
Fair Value at Grant Date 
Issued 
16/09/2011 
29,082 
16/09/2011 
The earlier of achievement of 
specific performance milestones 
and cessation of employment/ 
directorship 
$ Nil 
Between $0.55 and $0.72 
Issued 
5/05/2022 
7,500 
5/05/2022 
20/12/2024 
$ Nil 
$12.87  
Issued 
29/06/2023 
94,500 
29/06/2023 
30/06/2025 
$ Nil 
Between $9.16 & $14.26 * 
Issued 
29/06/2023 
135,250 
29/06/2023 
30/06/2026 
$ Nil 
Between $9.16 & $14.26 * 
* these performance rights are a mixture of market and non-market conditions, the fair values applied to those performance rights expected to vest from the time of grant 
Holdings Of All Issued Conditional Performance Rights – 2024 
Performance 
Rights Series 
Balance at 
Start of Year 
Granted as 
Compensation 
Exercised 
Expired  
& Lapsed 
Balance at 
End of Year 
Performance Condition 
Met, not exercisable 
until end Vest Period 
Performance Condition 
Not Met, not 
exercisable until end 
Vest Period 
Issued 16/09/2011 
 38,333   
- 
 -   
 (9,251) 
 29,082   
- 
 29,082   
Issued 26/08/2020 
 1,513,750   
 -   
 (301,125) 
 (1,212,625) 
 -   
 -   
 -   
Issued 24/12/2020 
 132,500   
 -   
 (61,146) 
 (71,354) 
 -   
 -   
 -   
Issued 26/08/2021 
 682,360   
 -   
 (354,661) 
 (327,699) 
 -   
 -   
 -   
Issued 05/05/2022 
 7,500   
 -   
 -   
 -   
 7,500   
 1,250   
 6,250   
Issued 29/06/2023 
 255,750   
 -   
 -   
 (26,000) 
 229,750   
 184,271   
 45,479   
Total 
 2,630,193   
 -   
 (716,932) 
 (1,646,929) 
 266,332   
 185,521   
 80,811   
Weighted average  
exercise price 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
For Performance Rights issued in 2011 Performance Rights were priced using either a binomial or trinomial pricing model. There is no limitation on the life of the right. Expected 
volatility of each right is based on the historical share price for the approximate length of time for the expected life of the rights. It is assumed that the consolidated entity will not pay any 
dividends during the life of the option, and the risk free rate used in the pricing model is assumed to be the yield on ranging from 1 year to 10 year Government bonds. The exercise 
conditions are non-marketable and a discount for lack of marketability was applied to the pricing model. 
For Performance Rights Issued in 2020 to 2023 Performance Rights were priced using either a Monte Carlo simulation pricing model for market conditions, or a Binomial Options 
Valuation pricing model for non-market conditions, taking into account factors specific to the Performance Rights Plan, such as the vesting period. For non-market conditions, the value 
of each performance right is multiplied by the number of performance rights expected to vest to arrive at a valuation.  The performance rights expire the earlier of 7 years from date of 
grant of rights or at a pre-defined date.  Expected volatility of each right is based on the historical share price for the approximate length of time for the expected life of the rights. The 
exercise conditions are non-marketable. For the Performance Rights issued on and after 24 December 2020, an illiquidity discount was applied to the pricing model. 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
142
143

Holdings Of All Issued Conditional Performance Rights – 2023 
Performance 
Rights Series 
Balance at 
Start of Year 
Granted as 
Compensation 
Exercised 
Expired  
& Lapsed 
Balance at 
End of Year 
Performance Condition 
Met, not exercisable 
until end Vest Period 
Performance Condition 
Not Met, not exercisable 
until end Vest Period 
Issued 16/09/2011 
38,333 
- 
- 
- 
 38,333 
- 
 38,333 
Issued 26/08/2020 
1,513,750 
- 
- 
- 
 1,513,750 
227,000 
1,286,750 
Issued 24/12/2020 
132,500 
- 
- 
- 
 132,500 
35,341 
97,159 
Issued 26/08/2021 
731,924 
- 
- 
(49,564) 
682,360 
156,090 
526,270 
Issued 05/05/2022 
22,500 
- 
- 
 (15,000) 
7,500 
 - 
7,500 
Issued 29/06/2023 
- 
255,750 
- 
- 
255,750 
 - 
255,750 
Total 
2,439,007 
255,750 
 - 
 (64,564) 
 2,630,193 
 418,431 
 2,211,762 
Weighted average 
exercise price 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
$Nil 
For Performance Rights issued in 2011 Performance Rights were priced using either a binomial or trinomial pricing model. There is no limitation on the life of the right. Expected volatility 
of each right is based on the historical share price for the approximate length of time for the expected life of the rights. It is assumed that the consolidated entity will not pay any dividends 
during the life of the option, and the risk free rate used in the pricing model is assumed to be the yield on ranging from 1 year to 10 year Government bonds. The exercise conditions are 
non-marketable and a discount for lack of marketability was applied to the pricing model. 
For Performance Rights Issued in 2020 to 2023 Performance Rights were priced using either a Monte Carlo simulation pricing model for market conditions, or a Binomial Options 
Valuation pricing model for non-market conditions, taking into account factors specific to the Performance Rights Plan, such as the vesting period. For non-market conditions, the value of 
each performance right is multiplied by the number of performance rights expected to vest to arrive at a valuation.  The performance rights expire the earlier of 7 years from date of grant 
of rights or at a pre-defined date.  Expected volatility of each right is based on the historical share price for the approximate length of time for the expected life of the rights. The exercise 
conditions are non-marketable. For the Performance Rights issued on and after 24 December 2020, an illiquidity discount was applied to the pricing model. 
22. CLINUVEL PHARMACEUTICALS LTD 
Parent Company Information 
 
 
CLINUVEL PHARMACEUTICALS LTD 
 
 
2024 
2023 
 
 
$ 
$ 
Assets 
 
 
 
Current assets 
 
 184,283,878   
 152,351,411   
Non-current assets 
 
 55,207,108   
 47,683,856   
Total assets 
 
 239,490,986   
 200,035,267   
Liabilities 
 
 
 
Current liabilities 
 
 18,960,091   
 19,899,692   
Non-current liabilities 
 
2,420,996   
 2,785,053   
Total liabilities 
 
 21,381,087   
 22,684,745   
Equity 
 
 
 
Issued equity 
 
 168,802,380   
 151,849,375   
Share–based payments reserve 
 
 1,198,628   
 19,370,046   
Accumulated losses 
 
 48,108,891   
 6,131,101   
Total equity 
 
 218,109,899   
 177,350,522   
Financial performance 
 
 
 
Net profit for the year 
 
 39,507,563   
 32,720,668   
Total comprehensive income 
 
 39,507,563   
 32,720,668   
a) Guarantees Entered Into By The Parent Entity 
The Parent entity provides certain financial guarantees to its subsidiaries. No liability is recognised in relation to this 
guarantee as the fair value of the guarantee is considered immaterial. These guarantees are related to the subsidiaries’ 
abilities to meet their obligations to their employees.  
The Parent entity provides financial commitments for certain subsidiaries for the amount necessary to enable those entities 
to meet their obligations as and when they fall due. 
b) Contingent Liability 
The Parent entity did not have any material contingent liabilities as at 30 June 2024 and 2023.  
c) Contractual Commitments For The Acquisition Of Property, Plant And Equipment 
The Parent entity did not have any material contractual commitments for the acquisition of property, plant and equipment as 
at 30 June 2024 and 2023.  
23. Subsequent Events 
There have not been any matters financial in nature, other than reference to the financial statements that has arisen since the 
end of the financial year that has affected or could significantly affect the operations of the consolidated entity, other than: 
• On 28th August 2024, the Board of Directors declared a fully franked dividend of $0.05 per ordinary share; and 
24. Additional Company Information 
CLINUVEL PHARMACEUTICALS LTD is a listed public company incorporated and operating in Australia. 
The Registered office is: 
Level 22, 535 Bourke Street 
Melbourne VIC 3000 
Ph: (03) 9660 4900 
 
 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
144
145

Consolidated Entity Disclosure Statement as at 30 June 2024 
The Australian Government passed a Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and 
Transparency) Act 2024 such that the Corporations Act now requires Australian public companies to disclose the following 
information regarding each of its subsidiary entities in the annual financial reports for financial year commencing on or after 
1 July 2023: 
Name of Entity 
Type of Entity 
Trustee 
Partner  
or Participant  
in JV 
% of Share 
Capital 
Place of business/ 
Country of 
incorporation 
Australian 
resident or foreign 
resident 
Foreign 
jurisdiction(s) of 
foreign residents  
Parent entity 
 
 
 
 
 
 
CLINUVEL PHARMACEUTICALS LTD 
Body Corporate 
- 
100% 
Australia 
Australia 
Australia 
Controlled entities 
 
 
 
 
 
 
A.C.N. 108 768 896 PTY LTD 
Body Corporate 
- 
100% 
Australia 
Australia 
Australia 
CLINUVEL (UK) LTD 
Body Corporate 
- 
100% 
United Kingdom 
Foreign 
United Kingdom 
CLINUVEL, INC. 
Body Corporate 
- 
100% 
United States  
of America 
Foreign 
United States  
of America 
CLINUVEL AG 
Body Corporate 
- 
100% 
Switzerland 
Foreign 
Switzerland 
CLINUVEL SINGAPORE PTE LTD 
Body Corporate 
- 
100% 
Singapore 
Foreign 
Singapore 
VALLAURIX PTE LTD  
Body Corporate 
- 
100% 
Singapore 
Foreign 
Singapore 
CLINUVEL EUROPE LIMITED 
Body Corporate 
- 
100% 
Ireland 
Foreign 
Ireland 
VALLAURIX MC SARL 
Body Corporate 
- 
100% 
Monaco 
Foreign 
Monaco 
Consolidated Entity Disclosure Statement – Basis of preparation 
Basis of Preparation 
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and 
includes required information for each entity that was part of the consolidated entity as at the end of the financial year. 
Consolidated entity 
This CEDS includes only those entities consolidated as at the end of the financial year in accordance with AASB 10 
Consolidated Financial Statements (AASB10). 
Determination of Tax Residency 
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 
1997. The determination of tax residency involves judgment as there are currently several different interpretations that could 
be adopted, and which could give rise to a different conclusion on residency. 
In determining tax residency, the consolidated entity has applied the following interpretations: 
• Australian tax residency 
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax 
Commisioner’s public guidance. 
• Foreign tax residency 
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its 
determination of tax residency to ensure applicable foreign tax legislation has been complied with. 
 
 
DIRECTORS’ DECLARATION 
In the opinion of the Directors: 
1) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001, including: 
a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its performance for 
the year ended on that date;  
b) complying with Accounting Standards; and 
c) complying with International Financial Reporting Standards as disclosed in Note 1. 
2) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and 
payable. 
3) the audited remuneration disclosures set out in pages 87 to 114 of the Directors’ Report comply with Section 300A of the 
Corporations Act 2001. 
4) this declaration is made in accordance with a resolution of the Board of Directors. The Directors have been given the 
declarations by the Chief Executive Officer and Chief Financial Officer required by Section 295A of the Corporations Act 
2001. 
5) the consolidated entity disclosure statement on page 146 is true and correct. 
 
The Company was not party to any such proceedings during the year.  
 
Dr. Philippe Wolgen, MBA, MD 
Director 
Dated this 29th day of August, 2024 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
146
147

Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
www.grantthornton.com.au
ACN-130 913 594
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. 
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or 
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). 
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member 
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one 
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards 
Legislation. 
Independent Auditor’s Report
To the Members of Clinuvel Pharmaceuticals Limited
Report on the audit of the financial report
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 thereon, and we do not provide a separate opinion on these
matters.
Opinion
We have audited the financial report of Clinuvel Pharmaceuticals Limited (the Company) and its subsidiaries 
(the Group), which comprises the consolidated statement of financial position as at 30 June 2024, the 
consolidated statement of profit or loss and other comprehensive income, consolidated statement of 
changes in equity and consolidated statement of cash flows for the year then ended, and notes to the 
consolidated financial statements, including material accounting policy information, the consolidated entity 
disclosure statement and the directors’ declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 
2001, including:
a
giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance 
for the year ended on that date; and 
b
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 under those 
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section 
of our report. We are independent of the Group in accordance with the auditor independence requirements 
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence 
Standards) (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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion.
Grant Thornton Audit Pty Ltd
Key audit matter
How our audit addressed the key audit matter
Share-Based Payments (Note 21)
The Group has material share-based payment 
arrangements in place for key management and 
employees, with the expense for the year being 
$6,107,272 (2023: $8,989,788).
These arrangements include a combination of both 
market and non-market conditions, with the expense 
being incurred during the year being heavily impacted 
by the probabilities determined by management of the 
specific performance milestones being met, which 
contain a high degree of judgement. 
Under AASB 2 Share-Based Payments, management 
are required to value the performance rights and 
assess the expected vesting date for achievements of 
the milestones. 
This area is a key audit matter due to the degree of 
judgement required in valuing the performance rights, 
as well as determining estimates of the vesting dates, 
relating to both the probability and likely timing of 
achieving specific non-market conditions.
Our procedures included, amongst others:
For newly issued performance rights:
•
Reviewing the relevant agreements to obtain
an understanding of the contractual nature of
the share-based payment arrangements;
•
Obtaining management's option valuations and
associated share-based payment support;
•
Utilising our internal valuation specialist to
review the valuation performed by
management’s expert;
•
Reviewing management’s determination of fair
value of the share-based payments issued,
considering the appropriateness of the
valuation model used and assessing the
valuation inputs; and
•
Holding discussions with management to
understand the share-based payment
arrangements in place.
For both newly issued and existing performance rights:
•
Evaluating management’s assessment of the
likelihood of meeting the performance
conditions attached to the share-based
payments;
•
Assessing the allocation of the share-based
payment expense over the relevant vesting
period (and the appropriateness of the vesting
period);
•
Evaluating management’s forecasts to validate
consistency of vesting dates for performance
milestones;
•
Determining whether performance rights
cancelled or lapsed during the year have been
correctly accounted for; and
•
Assessing the adequacy of the disclosures in
the financial report.
Information other than the financial report and auditor’s report thereon
The Directors are responsible for the other information. The other information comprises the information included 
in the Group’s annual report for the year ended 30 June 2024 but does not include the financial report and our 
auditor’s report thereon. 
Our opinion on the financial report does not cover the other information and we do not express any form of 
assurance conclusion thereon. 
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing 
so, consider whether the other information is materially inconsistent with the financial report, or our knowledge 
obtained in the audit or otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
148
149

Grant Thornton Audit Pty Ltd
Responsibilities of the Directors for the financial report 
The directors of the Company are responsible for the preparation of: 
a) the financial report that gives a true and fair view in accordance with Australian Accounting Standards
and the Corporations Act 2001 (other than the consolidated entity disclosure statement); and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of: 
i. the financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error; and
ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a 
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic 
alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole, is free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance 
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. 
A further description of our responsibilities for the audit of the financial report is located at the Auditing and 
Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar1_2020.pdf.This
description forms part of our auditor’s report.
Report on the remuneration report
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report 
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the 
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. 
Grant Thornton Audit Pty Ltd
Chartered Accountants
M A Cunningham
Partner – Audit & Assurance
Melbourne, 29 August 2024
Opinion on the remuneration report 
We have audited the Remuneration Report included in pages 87 to 114 of the Directors’ report for the year
ended 30 June 2024.
In our opinion, the Remuneration Report of Clinuvel Pharmaceuticals Limited, for the year 30 June 2024 
complies with section 300A of the Corporations Act 2001.
    
Grant Thornton Audit Pty Ltd
Level 22 Tower 5
Collins Square
727 Collins Street
Melbourne VIC 3008
GPO Box 4736
Melbourne VIC 3001
T +61 3 8320 2222
www.grantthornton.com.au
ACN-130 913 594
 
 
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. 
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or 
refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). 
GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member 
firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one 
another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 
556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards 
Legislation. 
 
Auditor’s Independence Declaration 
To the Directors of Clinuvel Pharmaceuticals Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit 
of Clinuvel Pharmaceuticals Limited for the year ended 30 June 2024, I declare that, to the best of my knowledge 
and belief, there have been:
a
no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the 
audit; and
b
no contraventions of any applicable code of professional conduct in relation to the audit.
Grant Thornton Audit Pty Ltd
Chartered Accountants
M A Cunningham
Partner – Audit & Assurance
Melbourne, 29 August 2024
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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151

SHAREHOLDER  
INFORMATION
AS AT 15  AU G UST  20 24
Additional information as at 15 August 2024 required by the Australian Securities 
Exchange not shown elsewhere in this report is as follows:
1 – SHA REHOLDIN G
a.	DISTRIBUTION OF SHAREHOLDER NUMBERS
Ordinary fully paid shares
Category (size of holding)
Total holders
Units
% Of issued capital
1-1,000
4,282
1,273,323
2.54
1,001-5,000
1,024
2,336,641
4.67
5,001-10,000
160
1,188,167
2.37
10,001-100,000
170
4,316,697
8.62
100,001 & Over
26
40,962,952
81.80
Total
5,662
50,077,780
100.00
b.	SHAREHOLDINGS HELD IN LESS THAN MARKETABLE PARCELS
Total
Minimum parcel size
Holders
Units
Minimum $500.00 parcel at $13.96 per unit
36
627
11,049
c.	SUBSTANTIAL SHAREHOLDINGS
Name
No. Ordinary shares & American Depository Receipts
The Bank of New York Mellon Corporation1
4,296,472
Dr Philippe Wolgen2
3,425,222
Ender 1 LLC3
2,340,824
1.	 As disclosed in substantial holder notice dated 24 May 2022.
2.	 As disclosed in director's interest notice dated 27 November 2023. Actual shareholding on 15 August 2024 is 3,425,222.
3.	 As disclosed in substantial holder notice dated 16 September 2013. Actual shareholding on 15 August 2024 is 2,590,824.
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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153

2 – COM PA N Y SECRETA RY
The name of the Company Secretary is: 
Claire Newstead-Sinclair
3 – REGISTERED OFFICE
The principle registered office in Australia is: 
Level 22, 535 Bourke Street
Melbourne, VIC 3000, Australia
Telephone: +61 3 9660 4900
Fax: +61 3 9660 4999
Email: mail@clinuvel.com
Website: https://www.clinuvel.com
4 – REGISTER OF SECU RITIES
Computershare Investor Services Pty Ltd
Yarra Falls, 453 Johnston St, Abbotsford, 
VIC 3067, Australia
Telephone: +61 3 9415 4000
5 –	AUSTRA LIA N  SECU RITIES  
	
EXCHA N GE LIMITED
Quotation has been granted for all the ordinary shares 
on all Member Exchanges of the Australian Securities 
Exchange Limited (ASX): 
•	 ASX: CUV.
The Company's shares are also traded on:
•	 Börse Frankfurt, Germany, under the code UR9; and
•	 Over-the-Counter Market, USA, as a Level 1, American 
Depositary Receipt (ADR), under the code CLVLY. Each ADR 
of the Company is equivalent to one ordinary share of the 
Company, as traded on the ASX. The Bank of New York 
Mellon is the depositary bank.
6 – RESTRICTED SECU RITIES
Restricted securities on issue at 30 June, 2024: 
Nil.
7 – DIRECTORY
Non-Executive Chair
Prof. Jeffrey Rosenfeld.
Non-Executive Directors
Brenda Shanahan, Dr Karen Agersborg, Susan Smith.
Managing Director And Chief Executive Officer
Dr Philippe Wolgen.
Chief Scientific Officer
Dr Dennis Wright.
Chief Financial Officer
Peter Vaughan.
Auditor
Grant Thornton Audit Pty Ltd
Collins Square, Tower 5, Level 22,  
727 Collins Street, Melbourne,
VIC 3008, Australia
Bankers
National Australia Bank (NAB)
Western Branch, 460 Collins St,  
Melbourne, VIC 3000, Australia
J. P. Morgan Chase & Co. (JPM)
85 Castlereagh Street, Sydney,  
NSW 2000, Australia
Legal Counsel
Arnold Bloch Leibler
Level 21, 333 Collins St, Melbourne,  
VIC 3000, Australia
Sidley Austin LLP
Woolgate Exchange, 25 Basinghall Street,  
London, EC2V 5HA, United Kingdom   
IP Lawyer
Dipl.-Ing Peter Farago
Baadestr 3, Munich 80, Germany
8 – A N N UA L GEN ERA L  MEET IN G
CLINUVEL PHARMACEUTICALS LTD (“Company”) provides 
notice for its 2024 Annual General Meeting (AGM) of 
shareholders, which is scheduled to take place on 
Wednesday 16 October 2024 commencing at 10.00 am 
(AEDT).
The Notice of Meeting will be lodged with the ASX no later 
than Friday 13 September 2024.  Details in relation to the 
AGM, including shareholder participation, will be included in 
the Notice of Meeting and accompanying materials.
In accordance with ASX Listing Rule 3.13.1, the Closing Date for 
receipt of Director nominations is Thursday 5 September 2024.
d.	VOTING RIGHTS
The voting rights attaching to each class of equity securities are set out below:
Ordinary shares: Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Performance rights: Performance Rights have no voting rights.
e.	 LARGEST SHAREHOLDERS
Position
Name
Number of ordinary 
fully paid shares held
% held of issued 
ordinary capital
1.
HSBC Custody Nominees (Australia) Ltd 
10,225,972
20.42
2.
BNP Paribas Nominees Pty Ltd ACF (Clearstream)
5,685,193
11.35
3.
BNP Paribas Nominees Pty Ltd
4,988,645
9.96
4.
J P Morgan Nominees Australia Pty Limited  
3,629,550
7.25
5.
Dr Philippe Jacques Wolgen 
3,425,222
6.84
6.
Citicorp Nominees Pty Limited
3,416,310
6.82
7.
Ender 1 LLC
2,590,824
5.17
8.
BNP Paribas Nominees Pty Ltd (IB AU Noms Retail Client)
2,207,904
4.41
9.
HSBC Custody Nominees (Australia) Ltd A/C2
922,480
1.84
10.
Emilino Group Pty Ltd (Emilino Super Fund)
601,447
1.20
11.
National Nominees Limited 
548,778
1.10
12.
Mr Darren Michael Keamy
362,890
0.72
13.
Dr Mark Edwin Badcock
346,772
0.69
14.
Mr David William Trevorrow
229,600
0.46
15.
BNP Paribas Nominees Pty Ltd (Agency Lending A/C)
229,044
0.46
16.
Dr Dennis Wright 
188,812
0.38
17.
Mr David John Lewis
185,000
0.37
18.
Mr Trent Sheldon Redding
177,370
0.35
19.
Rusty Hammer Pty Ltd (Archipelago Holdings SF A/C)
150,722
0.30
20.
Mr Simon John Bown
146,000
0.29
Totals: Top 20 holders of ordinary fully paid shares (total)
40,258,535
80.39
Total remaining holders balance
9,819,245
19.61
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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155

2023
2024
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
5
10
15
20
25
30
ASX:CUV – Share Price (A$)
200,000
300,000
400,000
600,000
500,000
2023
2024
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
ASX:CUV – Daily Trading Volume (No.)
MARKET  
PERFORMANCE
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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Subcutaneous
Underneath the skin.
Sustained release/controlled-release
Process whereby a drug is released 
from a formulation over a period 
of time.
Therapeutic Goods Administration 
(TGA)
Australia's regulatory agency for 
medicinal products and devices.
Ultraviolet (UV) radiation
Part of the electromagnetic spectrum 
at wavelengths below 400 nanometers, 
also called the invisible portion of 
light. There are three sub-types of UV: 
UVC <280 nm; UVB 280–320 nm; UVA 
320–400 nm.
GLOSSARY
Alpha-melanocyte stimulating 
hormone (α-MSH)
A peptide hormone which activates 
or stimulates the production and 
release of (eu)melanin in the skin 
(melanogenesis).
Dermatocosmetics
Specially formulated products 
designed to assist skin health 
with a focus on anti-ageing, and 
repair and regeneration of the 
skin. Dermatocosmetics combine a 
dermatological action to treat the 
skin and a cosmetic action to cleanse, 
moisturise, and alter the appearance of 
an individual's skin.
European Medicines Agency (EMA)
The decentralised body of the 
European Union regulating medical 
drugs and devices.
Eumelanin
A black or brown pigment mainly 
concerned with the protection of 
the skin by absorbing incoming UV 
radiation. This protective ability 
warrants melanin to be termed a 
photoprotectant (a substance capable 
of providing protection against 
radiation from the sun). α-msh acts 
specifically to stimulate (eu)melanin 
synthesis.
Food and Drug Administration (FDA)
The USA's regulatory agency for  
food, tobacco, medicines, and  
medical devices.
High Energy Visible (HEV) light
A particularly high-frequency, high-
energy light in the blue/violet band, 
ranging from 400 nm to 480 nm in the 
visible light spectrum. HEV generates 
oxidative stress, accelerates skin ageing 
and increases hyperpigmentation.
Melanin
The dark pigment synthesised by 
melanocytes; responsible for skin 
pigmentation.
Melanocortins
Melanocortins are a group of 
peptide hormones, consisting of 
adrenocorticotropin hormone (ACTH), 
α-melanocyte stimulating hormone 
(α-MSH), beta-melanocyte-stimulating 
hormone (β-MSH), and gamma-
melanocyte-stimulating hormone 
(γ-MSH) which are derived from 
proopiomelanocortin (POMC) in the 
pituitary gland.
Melanocortin receptors
Melanocortins exert their effects by 
binding to and activating melanocortin 
receptors, a family of five (MC1R to 
MC5R) seven-transmembrane g-protein 
coupled receptors (GPCRS) that affect 
different body functions. The receptors 
are widespread throughout the body, 
exhibiting myriad ligand affinities, 
tissue and cell distribution, and 
downstream effects.
Melanogenesis
The process whereby melanin is 
produced in the body.
Narrowband Ultraviolet B (NB-UVB) 
phototherapy
Therapy which utilises an ultraviolet 
B light source to activate melanin in 
vitiliginous lesions of the skin.
Phase I
The first trials of a new drug candidate 
in humans, phase I trials are designed 
to evaluate how a new drug candidate 
should be administered, to identify the 
highest tolerable dose and to evaluate 
the way the body absorbs, metabolises 
and eliminates the drug.
Phase II
A phase II trial is designed to continue 
to test the safety of the drug candidate, 
and begins to evaluate whether, and 
how well, the new drug candidate 
works (efficacy). Phase II trials often 
involve larger numbers of patients.
Phase IIb/phase III
Advanced-stage clinical trials that 
should conclusively demonstrate 
how well a therapy based on a drug 
candidate works. Phase III trials can 
be longer and typically much larger 
than phase II trials, and frequently 
involve multiple test sites. The goal 
is statistically determining whether a 
therapy clinically improves the health 
of patients undergoing treatment while 
remaining safe and well tolerated.
Pharmacodynamics
The study of the time course of a drug's 
actions in the body.
Pharmacokinetics
The part of pharmacology that studies 
the release and availability of a 
molecule and drug in the human body.
PhotoCosmetics
CLINUVEL's product range  
of dermatocosmetics.
Photodermatoses
Photodermatoses are a variety of skin 
conditions that develop as a result of 
exposure to ultraviolet radiation or 
visible light.
Photoprotection
Protection from light and ultraviolet 
radiation. Melanin provides natural 
photoprotection to skin, whilst 
sunscreens provide artificial 
photoprotection.
CLINUVEL PHARMACEUTICALS LTD
ANNUAL REPORT 2024 
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159

“Each new situation requires 
a new architecture.”
Jean Nouvel   
CLINUVEL PHARMACEUTICALS LTD
160

CLIN UV EL. COM
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