Cynata Therapeutics Limited
Office: L3 100 Cubitt St, Cremorne, VIC 3121, Australia
T: +61 3 7067 6940 W: www.cynata.com
ABN 98 104 037 372
Appendix 4E
Annual financial report for the year ended 30 June 2025
1.
Details of reporting period
Name of entity
Cynata Therapeutics Limited (the Company)
ABN
98 104 037 372
Reporting Period
Year ended 30 June 2025
Previous Corresponding Period
Year ended 30 June 2024
Presentation Currency
Australian Dollars ($)
2.
Results for announcement to the market
Key information
30 June 2025
$
30 June 2023
$
Increase/
(decrease)
%
Amount
change
$
Revenues from ordinary activities
2,112,839
2,733,353
(22.70%)
(620,514)
Loss from ordinary activities after tax
attributable to members
9,390,586
9,744,709
(3.63%)
(354,123)
Net loss for the period attributable to
members
9,390,586
9,744,709
(3.63%)
(354,123)
Net tangible asset per share
0.018
0.030
-
-
3.
Consolidated statement of profit or loss and other comprehensive income
Refer to attached consolidated financial statements.
4.
Consolidated statement of financial position
Refer to attached consolidated financial statements.
5.
Consolidated statement of cash flows
Refer to attached consolidated financial statements.
6.
Consolidated statement of changes in equity
Refer to attached consolidated financial statements.
7.
Dividends/Distributions
No dividends declared in current or prior year.
8.
Details of dividend reinvestment plans
Not applicable.
9.
Details of entities over which control has been gained or lost during the period
Not applicable.
10. Details of associate and joint venture entities
Not applicable.
11. Any other significant information needed by an investor to make an informed
assessment of the Company’s financial performance and financial position
Refer to attached consolidated financial statements.
12. Foreign entities
Refer to attached consolidated financial statements.
13. Commentary on results for period and explanatory information
Cynata Therapeutics Limited (“Cynata” or the “Company”) and its controlled entities (“the Group”) incurred a
net loss from operations for the financial year ended 30 June 2025 of $9,390,586 (2024: $9,774,709) after
accounting for an R&D refund of $1,885,140 (2024: $2,315,643). At 30 June 2025, the Group had a cash balance
of $5,049,744 (2024: $6,205,418) and net assets of $5,981,735 (2024: $7,217,235). The net cash outflow from
operating activities for the financial year was $8,720,335 (2024: $9,960,561). Cynata is in a phase of significant
momentum, with one clinical trial completed during the 2025 financial year and three more progressing towards
results in the 2026 financial year. The Phase 1 clinical trial in DFU is complete with CYP-006TK demonstrated to
be safe and well tolerated, and positive efficacy data indicating substantially improved wound healing compared
to the standard of care control group. The Phase 2 trial in aGvHD is ~85% enrolled with patient recruitment
progressing and primary results anticipated during H1 2026. The fully enrolled, 321-patient Phase 3 trial in
Osteoarthritis is nearing completion with top-line results anticipated between February and April 2026. Cohort
1 of the Phase 1/2 kidney transplant trial has completed treatment, with DMSB review results expected in Q4
2025. The Company remains well-capitalised with funding runway through mid-2026, covering all key clinical
readouts.
For more information, refer to the attached consolidated financial statements.
14. Audit
This report is based on accounts which have been audited. The Auditor’s Report contains an unqualified
audit opinion with an ‘Emphasis of Matter’ paragraph drawing attention to a material uncertainty that
may cast a significant doubt about the Group’s ability to continue as a going concern. The attached
consolidated financial statements have been prepared on a going concern basis. Please refer to note 3.
Dr Kilian Kelly
Managing Director & Chief Executive Officer
28 August 2025
Annual Report
2024/2025
Cynata Therapeutics Limited
ACN 104 037 372
Corporate Directory
Board of Directors
Dr Geoff Brooke
Non-Executive Chair
Dr Kilian Kelly
Managing Director &
Chief Executive Officer
Dr Darryl Maher
Non-Executive Director
Dr Paul Wotton
Non-Executive Director
Ms Janine Rolfe
Non-Executive Director
Company Secretary
Mr Peter Webse
Registered Office and
Principal Place of Business
Level 3, 100 Cubitt Street
Cremorne, Victoria 3121
Tel:
+61 3 7067 6940
Email: info@cynata.com
Website
www.cynata.com
Auditors
Stantons
Level 2, 40 Kings Park Road
West Perth, Western Australia 6005
Share Registry
Automic Registry Services
Level 5, 191 St Georges Terrace
Perth, Western Australia 6000
Tel:
1300 288 664 (within Australia)
+61 2 9698 5414 (outside Australia)
Fax:
+61 8 9321 2337
Email: hello@automic.com.au
Web: www.automic.com.au
Stock Exchange
Australian Securities Exchange
Level 50, South Tower, Rialto
525 Collins Street
Melbourne, Victoria 3000
ASX Code
CYP – fully paid ordinary shares
Annual report for the
financial year ended
30 June 2025
1
1
Contents
Key Highlights 2024-2025
3
Chair’s Letter
4
CEO’s Letter
6
Directors’ Report
8
Operating and Financial Review
18
Remuneration Report (audited)
24
Auditor’s Independence Declaration
38
Independent Auditor’s Report
39
Directors’ Declaration
43
Financial Statements
46
Notes
52
Consolidated Entity Disclosure Statement
80
ASX Additional Information
82
2
Cynata Therapeutics Annual Report 2024/2025
3
Key Highlights 2024-2025
Key Highlights 2024-2025
Cynata is in a phase of
significant momentum, with
one clinical trial completed
during the 2025 financial year,
and three more progressing
towards results in the 2026
financial year
The Phase 2 trial in aGvHD is
~85% enrolled, with patient
recruitment progressing and
primary results anticipated
during H1 2026
Scientific paper underlining
strengths of Cymerus™
platform relative to
conventional manufacturing
methods published in leading
peer-reviewed journal
The Company remains well-
capitalised with funding
runway through mid-2026,
covering all key clinical
readouts
The Phase 1 clinical trial
in DFU is complete, with
CYP-006TK demonstrated to
be safe and well tolerated,
and positive efficacy data
indicating substantially
improved wound healing
compared to the standard
of care control group
Upcoming clinical milestones
have the potential to
represent inflection points for
valuation, partnering, and
product approval pathways
The fully enrolled, 321-patient
Phase 3 trial in Osteoarthritis
is nearing completion in the
coming months, with top-line
results anticipated between
February and April 2026
Cohort 1 of the Phase 1/2
kidney transplant trial has
completed treatment, with
review results expected in
Q4 2025
Positive efficacy results
in preclinical models of
pulmonary fibrosis and
ischaemic heart disease,
supporting potential
expansion into large
additional markets
TM
4
Cynata Therapeutics Annual Report 2024/2025
Chair’s Letter
Dear Shareholders,
Cynata is entering what I believe will be the most pivotal year in our
history. Within the next 12 months, we expect results from three
clinical trials — each with the potential to transform treatment in
large, high-need markets and significantly enhance the Company’s
value.
Our strategy is to develop multiple
advanced cell-based therapies for
serious diseases with limited or no
effective treatment options. These
are produced using our globally
unique and highly scalable Cymerus
manufacturing platform, which creates
mesenchymal stem cells (MSCs)
from induced pluripotent stem cells
(iPSCs). This approach overcomes
the manufacturing and consistency
challenges that have constrained the
industry for decades.
The market for scalable regenerative
medicine solutions is growing rapidly,
supported by powerful tailwinds:
the global maturation of MSC clinical
trials, increasing regulatory support
through Fast Track and Orphan
Drug pathways, and rising demand
driven by ageing populations and the
burden of chronic disease. Cynata is
exceptionally well placed to lead in this
environment.
Over the 2025 financial year, the team
made strong progress across our
pipeline. We reported encouraging
results from our Phase 1 diabetic foot
ulcer trial and advanced three further
clinical programs towards readouts
in the coming year. For a company
of our size, to be on the verge of
delivering results from three separate
trials — in acute graft versus host
disease, osteoarthritis, and kidney
transplantation — is a remarkable
achievement. We also advanced our
preclinical programs, opening the door
to future opportunities in additional
major indications.
The market for
scalable regenerative
medicine solutions
is growing rapidly,
supported by
powerful tailwinds
5
Chair’s Letter
We believe the true value of our platform and
programs will be increasingly recognised as these
milestones are achieved. Each program holds promise
not only for patients living with these challenging
conditions but also for the long-term growth and
success of the Company.
On behalf of the Board, I thank our shareholders for
their continued support and the entire Cynata team
for their commitment to delivering on our vision. The
year ahead will be a defining one — and together,
we are poised to translate years of innovation into
breakthrough results for patients and enduring value
for our investors.
Yours sincerely,
Dr Geoff Brooke
Chair
6
Cynata Therapeutics Annual Report 2024/2025
Dear Shareholders,
The 2025 financial year was defined by disciplined execution and
significant progress across our portfolio, positioning Cynata for a
pivotal year ahead. We advanced every one of our active clinical
programs, strengthened our preclinical pipeline, and ensured the
financial capacity to deliver on our next set of major milestones.
We successfully completed our Phase
1 clinical trial of CYP-006TK in diabetic
foot ulcers. The trial met its primary
safety objective and generated strong
efficacy data, with substantially
greater wound healing than the
standard of care, particularly in larger
wounds where treatment options are
limited. These results have initiated
engagement with potential commercial
partners and informed our planning for
the next stage of development.
Our global Phase 2 trial of CYP-001
in newly diagnosed, high-risk acute
graft versus host disease is now
approximately 85% enrolled. This
program builds on a highly successful
Phase 1 trial published in Nature
Medicine and is on track to deliver
its primary results in the first half
of calendar 2026. Meanwhile, the
University of Sydney-led Phase 3 trial
of CYP-004 in osteoarthritis of the knee
completed enrolment of 321 patients.
Follow-up is progressing as planned,
with final results expected between
February and April 2026.
In Europe, the first cohort in our Phase
1/2 kidney transplantation trial at
Leiden University Medical Center
has completed treatment, with an
independent safety review scheduled
for the fourth quarter of 2025. This
study aims to demonstrate the
potential of CYP-001 to reduce the
need for long-term immunosuppressive
therapy following transplant.
We also advanced our preclinical
programs, generating positive efficacy
The year ahead will
see three major trial
results — kidney
transplantation in
Q4 2025, aGvHD
in H1 2026, and
osteoarthritis in
early 2026 —
each representing
a significant
opportunity to drive
value creation.
CEO’s Letter
7
CEO’s Letter
results in models of pulmonary fibrosis and heart
attack, and publishing peer-reviewed data confirming
that our Cymerus iPSC-derived MSCs are less variable
and have functional advantages over MSCs from
other sources. These outcomes further strengthen our
scientific and manufacturing position.
Financially, we remain well-capitalised, having
secured a $1.88 million R&D Tax Incentive rebate and
completed an $8.10 million institutional placement
during the year. With a cash balance of $5 million
at year-end and the 2025 rebate expected shortly,
we have a funding runway through to mid-2026 —
comfortably covering all upcoming clinical readouts.
Furthermore, the At-The-Market subscription
agreement announced subsequent to the year end
provides the Company with up to $7.5 million of
standby equity capital over the next five years, which
provides us with additional flexibility. Importantly, two
of our late-stage trials are externally funded, allowing
us to concentrate our resources on programs with the
greatest strategic value.
The year ahead will see three major trial results —
kidney transplantation in Q4 2025, aGvHD in H1 2026,
and osteoarthritis in early 2026 — each representing
a significant opportunity to drive value creation. Our
operational focus remains squarely on delivering these
milestones on schedule and positioning Cynata to
capitalise on positive outcomes.
Thank you for your continued support as we work to
translate our innovations into tangible benefits for
patients and lasting value for our shareholders.
Yours sincerely,
Dr Kilian Kelly
Chief Executive Officer & Managing Director
8
Cynata Therapeutics Annual Report 2024/2025
Directors’ Report
The directors of Cynata Therapeutics Limited (“Cynata”
or “the Company”) and its controlled entities (“the Group”)
submit herewith the annual report of the Group for the
financial year ended 30 June 2025.
In order to comply with the provisions of the
Corporations Act 2001, the directors report as follows:
9
Directors’ Report
Board of Directors
The names and particulars of the directors of the Group during or since the end of
the financial year are:
Dr Geoff Brooke
MBBS, MBA
Independent Chair, joined the Board
in May 2019 as Non-Executive
Director and appointed Chair on 18
August 2020. Dr Brooke co-founded
GBS Venture Partners in 1996 and
has more than 30 years’ venture
capital experience. He was formerly
President of Medvest Inc., a US-based
early-stage venture capital group he
founded with Johnson & Johnson. Dr
Brooke’s experience includes company
formation and acquisitions as well as
public listings on NYSE, NASDAQ and
ASX exchanges. He is a non-executive
director of Acrux Limited (ASX: ACR)
and Chair of Actinogen Medical Limited
(ASX: ACW) and has been a founder,
executive and director of private and
public companies. From 2009 until
2015, Dr Brooke was an independent
director of the Victoria Workcover
Authority. He also works with a
number of other entities, including as a
consultant to BioScience Managers. Dr
Brooke holds a Bachelor of Medicine/
Surgery from Melbourne University and
a Masters of Business Administration
from IMEDE (now IMD) in Switzerland.
Dr Kilian Kelly
MPharm, PhD, GAICD
Managing Director & Chief Executive
Officer as from 1 July 2023. Dr Kelly
was appointed as Vice President,
Product Development in January 2014
and has since then been a member
of Cynata’s executive management
team. Dr Kelly has served as Senior
Director, Drug Development at
Biota Pharmaceuticals Inc. Prior to
joining Biota, he was Vice President,
Regulatory and Clinical at Mesoblast
Ltd. Dr Kelly has also held a variety of
regulatory and project management
positions with Kendle International,
Amgen and AstraZeneca. He holds
a Masters in Pharmacy from Robert
Gordon University, Aberdeen and a
PhD in Pharmaceutical Sciences from
Strathclyde University, Glasgow. He
is a registered pharmacist and a
member of the Royal Pharmaceutical
Society, a graduate and member of
the Australian Institute of Company
Directors (AICD), a member of the
International Society for Cell and Gene
Therapy (ISCT) and the International
Society for Stem Cell Research (ISSCR).
He also currently serves on the ISCT
Asia-Pacific Industry Committee,
the ISSCR Best Practices Regulatory
Working Group and the Industry
Interface Committee of the Centre for
Commercialisation of Regenerative
Medicine (CCRM) Australia.
10
Cynata Therapeutics Annual Report 2024/2025
Dr Darryl Maher
MBBS, PhD
Independent Non-Executive Director,
joined the Board in June 2020. Dr Maher
adds global biopharmaceutical and
commercialisation capability to the
Cynata board, with over 23 years’
experience with CSL Limited. CSL is
one of the world’s most successful
developers of biologic pharmaceutical
products and has a market
capitalisation of ~A$130 billion.
Dr Maher has had a long successful
career in pharmaceutical product
development, most recently as the
former Vice President of R&D and
Medical Affairs at CSL Behring
Australia where he was responsible for
the development of multiple successful
drug products from initiation through
to clinical development and ultimately
to commercialisation. Dr Maher
undertook medical training, qualified
as a specialist haematologist and
completed a PhD before commencing
his career in the pharmaceutical
industry.
Dr Paul Wotton
MBA, PhD
Independent Non-Executive Director,
joined the Board in June 2016. He is
the Executive Chairman of the Biotech
LaunchPad at Rice University, Houston.
He was President and CEO of Obsidian
Therapeutics, Founding CEO of Sigilon
Therapeutics (acquired by Lilly) and
President and CEO of Ocata
Therapeutics, Inc. (NASDAQ: OCAT)
which was acquired by Astellas in
2016. Prior to Ocata, Dr Wotton had
served as President and CEO of
Antares Pharma Inc. (NASDAQ: ATRS).
Prior to joining Antares, Dr Wotton was
the CEO of Topigen Pharmaceuticals.
Earlier in his career, he held senior level
executive positions at SkyePharma plc,
Eurand International BV, Penwest
Pharmaceuticals, Abbott Laboratories
and Merck, Sharp and Dohme.
Dr Wotton is a member of the board of
Vericel Corporation (NASDAQ: VCEL),
Chairman of Dimension Inx., and
Chairman of Kytopen Inc. Dr Wotton
received his Ph.D. in pharmaceutical
sciences from the University of
Nottingham. In 2014, he was named EY
Entrepreneur of the Year (NJ) in Life
Sciences.
Directors’ Report (cont’d)
11
Directors’ Report
Ms Janine Rolfe
BEc, LLB (Hons), GAICD
Independent Non-Executive Director,
joined the Board in September
2022. Ms Rolfe brings more than
two decades of legal, governance
and management experience across
multiple sectors, including highly
regulated industries and complex
global businesses. Ms Rolfe is a
professional non-executive director
and currently sits on the boards of
Ambertech Limited (ASX: AMO) and
Cloudwerx Holdings Pty Ltd.
Ms Rolfe is also a commissioner for the
NSW Independent Casino Commission,
a statutory authority. Previously, Ms
Rolfe was General Counsel & Company
Secretary of Link Group. Prior to that,
Ms Rolfe founded the governance
consultancy, Company Matters, and
worked both as in-house counsel
at Qantas and in private practice at
Mallesons Stephen Jaques (now King &
Wood Mallesons).
12
Cynata Therapeutics Annual Report 2024/2025
12
Directors’ Report (cont’d)
Directorships of other listed companies
Directorships of other listed companies held by directors in the 3 years immediately before the end of the financial
year are as follows:
Name
Company
Period of directorship
Geoff Brooke
Acrux Limited
Since Jun 2016
Actinogen Medical Limited
Since Mar 2017
Paul Wotton
Vericel Corporation
Since 2015
Janine Rolfe
Ambertech Limited
Since Sept 2023
Directors’ shareholdings
The following table sets out each director’s relevant interest in shares, rights or options in shares or debentures of
the Company or a related body corporate as at the date of this report:
Fully paid ordinary shares
Share options
Directors
No.
No.
Geoff Brooke
312,898
2,500,000
Kilian Kelly
797,428
2,750,000
Darryl Maher
116,666
520,000
Paul Wotton
585,076
520,000
Janine Rolfe
255,167
520,000
Remuneration of key management
personnel
Information about the remuneration of key
management personnel (“KMP”) is set out in the
remuneration report section of this directors’ report.
The term ‘key management personnel’ refers to
those persons having authority and responsibility for
planning, directing and controlling the activities of
the Group, directly or indirectly, including any director
(whether executive or otherwise) of the Group.
Options granted to directors and
senior management
No options were granted to directors and key
management personnel during and since the end of
the financial year (2024: 4,210,000).
13
Directors’ Report
13
Company Secretary
Mr Peter Webse held the position of company
secretary of Cynata Therapeutics Limited at the end
of the financial year. He joined Cynata in April 2012.
Mr Webse is a director of Governance Corporate Pty
Ltd, a company specialising in providing company
secretarial, corporate governance and corporate
advisory services. Mr Webse acts as Company
Secretary for a number of ASX listed biotech and
technology companies.
Dividends
No dividends have been paid or declared since the
start of the financial year and the directors have not
recommended the payment of a dividend in respect of
the financial year.
Shares under option or issued on exercise of options
Details of unissued shares or interests under option as at the date of this report are:
Issuing entity
Grant date
Number of
shares under
option
Class of shares
Exercise price
of option
Expiry date of
options
Cynata Therapeutics Limited1
24 Nov 2020
4,500,000
Ordinary
$0.970
29 Nov 2025
Cynata Therapeutics Limited2
11 Oct 2021
1,000,000
Ordinary
$0.890
11 Oct 2025
Cynata Therapeutics Limited3
22 Nov 2022
300,000
Ordinary
$0.510
23 Nov 2027
Cynata Therapeutics Limited4
30 Jun 2023
2,033,333
Ordinary
$0.176
30 Jun 2028
Cynata Therapeutics Limited5
13 Nov 2023
1,910,000
Ordinary
$0.185
20 Nov 2028
Cynata Therapeutics Limited6
16 Jan 2024
975,000
Ordinary
$0.195
16 Jan 2029
Cynata Therapeutics Limited7
17 Apr 2024
1,800,000
Ordinary
$0.290
17 Apr 2029
Cynata Therapeutics Limited8
13 Sept 2024
1,000,000
Ordinary
$0.280
12 Sept 2028
Cynata Therapeutics Limited9
1 Oct 2024
1,000,000
Ordinary
$0.300
2 Apr 2026
Cynata Therapeutics Limited9
1 Oct 2024
1,000,000
Ordinary
$0.400
2 Apr 2026
Cynata Therapeutics Limited9
1 Oct 2024
1,000,000
Ordinary
$0.500
2 Apr 2026
Cynata Therapeutics Limited10
10 Jun 2025
500,000
Ordinary
$0.400
10 Sept 2026
Cynata Therapeutics Limited10
10 Jun 2025
750,000
Ordinary
$0.500
10 Sept 2026
Cynata Therapeutics Limited10
10 Jun 2025
1,750,000
Ordinary
$0.600
10 Sept 2026
1
Unlisted options issued to Dr Brooke (2,000,000),
Dr Macdonald (1,500,000), Dr Washer (300,000), Dr Wotton
(300,000), Dr Maher (300,000) and Mr Webse (100,000) on 30
November 2020 pursuant to an Employee Option Acquisition
Plan. Dr Macdonald retired from the Board on 30 June 2023
and Dr Washer ceased to be a director on 1 July 2023.
2
Unlisted options issued to Dr Airey on 11 October 2021
pursuant to an Employee Option Acquisition Plan.
3
Unlisted options issued to Ms Rolfe on 23 November 2022
in consideration of her agreeing to join the Board and to
reward her expected future commitment and contribution as a
director.
14
Cynata Therapeutics Annual Report 2024/2025
14
Directors’ Report (cont’d)
4
Unlisted options issued to Dr Kelly (2,000,000) pursuant to the
terms of his appointment on 1 July 2023 as Managing Director
& CEO following the retirement of Dr Ross Macdonald. Dr
Kelly was previously the Chief Operating Officer of Cynata.
Dr Atkins resigned on 13 November 2023 and as a result,
266,667 options were cancelled on his resignation.
5
Unlisted options issued to Dr Brooke (500,000), Dr Kelly
(750,000), Dr Maher (220,000), Ms Rolfe (220,000) and Dr
Wotton (220,000) to ensure alignment with shareholders’
interests and to maximise Company value.
6
Unlisted options issued to Dr Airey (500,000), Mr Webse
(125,000) and other employees of the Company (350,000)
pursuant to an Employee Option Acquisition Plan.
7
Unlisted options issued to Dr Kroll pursuant to an Employee
Option Acquisition Plan.
8
Unlisted options issued to an external consultant under
Cynata Equity Incentive Plan in lieu of payment of fees.
9
Unlisted options issued to the lead broker of the Institutional
Placement pursuant to a Corporate Advisory Mandate. These
options were issued for $0.00001 per option and Cynata
received $30 cash for these options.
10 Unlisted options issued to the lead broker of the Institutional
Placement pursuant to a Corporate Advisory Mandate. These
options were issued for $0.00001 per option and Cynata
received $30 cash for these options.
The holders of these options do not have the right, by
virtue of the option, to participate in any share issue
or interest issue of the Company or of any other body
corporate or registered scheme.
Details of shares or interests issued during or since the end of the financial year as a result of the exercise of an
option are set out in the table below (2024: 3,150):
Issuing entity
Number of
shares issued
Class of shares
Amount paid
for shares
Amount unpaid
on shares
Cynata Therapeutics Limited
72,917
Ordinary
$0.300
$nil
Directors’ meetings
The following table sets out the number of directors’ meetings held during the financial year and the number of
meetings attended by each director. During the financial year, 7 board meetings were held.
Board of Directors
Directors
Held
Attended
Geoff Brooke
7
7
Kilian Kelly
7
7
Paul Wotton
7
7
Darryl Maher
7
7
Janine Rolfe
7
7
15
Directors’ Report
15
Indemnification of officers and
auditors
The Company indemnifies each of its Directors,
Officers and Company Secretary. The Company
indemnifies each Director or officer to the maximum
extent permitted by the Corporations Act 2001 from
liability to third parties, except where the liability
arises out of conduct involving lack of good faith and
in defending legal and administrative proceedings and
applications for such proceedings.
The Company must use its best endeavours to insure
a Director or Officer against any liability, which does
not arise out of conduct constituting a wilful breach of
duty or a contravention of the Corporations Act 2001.
The Company must also use its best endeavours to
insure a Director of Officer against liability for costs
and expenses incurred in defending proceedings
whether civil or criminal.
The Company has not entered into any agreement
with its current auditors indemnifying them against
any claims by third parties arising from their provision
of audit services.
Insurance premiums
During the year, the Company paid insurance
premiums to insure directors and officers against
certain liabilities arising out of their conduct while
acting as an officer of the Group. Under the terms
and conditions of the insurance contract, the nature
of the liabilities insured against and the premium paid
cannot be disclosed.
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 a party for
the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings.
Changes in state of affairs
There was no significant change in the state of affairs
of the Group during the financial year.
Subsequent events
On 22 August 2025, the Company entered into an
At-the-Market Subscription Agreement (“ATM”) with
Acuity Capital. The ATM provides Cynata with up to
$7,500,000 of standby equity capital over the coming
five years, to 31 July 2030. Cynata has full discretion
as to whether or not to utilise the ATM, the maximum
number of shares to be issued, the minimum issue
price of shares and the timing of each subscription
(if any). Cynata may terminate the ATM at any time,
without cost or penalty. As security, the Company has
issued 11,500,000 fully paid ordinary shares in the
Company at nil cash consideration.
Other than the above, there has not been any matter
or circumstance occurring subsequent to the end of
the financial year that has significantly affected, or
may significantly affect, the operations of the Group,
the results of those operations, or state of affairs of
the Group in future financial years.
Corporate governance
Cynata Therapeutics Limited and the board support
and adhere to the principles of corporate governance
and are committed to achieving and demonstrating
the highest standards of corporate governance.
Cynata has reviewed its corporate governance
practices against the Corporate Governance Principles
and Recommendations (4th edition) published by
the ASX Corporate Governance Council. The 2025
Corporate Governance Statement is dated 28 August
2025 and reflects the corporate governance practices
in place throughout the 2025 financial year. The 2025
Corporate Governance Statement was approved by
the board on 28 August 2025. A description of the
Group’s current corporate governance practices is set
out in the Group’s Corporate Governance Statement
which can be viewed at www.cynata.com/corporate-
governance.
16
Cynata Therapeutics Annual Report 2024/2025
16
Directors’ Report (cont’d)
Environmental regulations
The Group’s operations are not subject to significant
environmental regulation under the Australian
Commonwealth or State law.
Non-audit services
The auditor did not perform any non-audit services
during the financial year.
Auditor’s independence declaration
The auditor’s independence declaration for the
financial year ended 30 June 2025 has been received
and is included on page 40 of this annual report.
17
18
Cynata Therapeutics Annual Report 2024/2025
18
Principal activities
The Group’s principal activities throughout the
financial year continued to be the development and
commercialisation of a proprietary induced pluripotent
stem cell (iPSC)-based platform technology, Cymerus.
Operating results
The consolidated loss of the Group for the financial
year, after accounting for an R&D refund of
$1,885,140 (2024: $2,315,643) and providing
for income tax, amounted to $9,390,586 (2024:
$9,744,709). Further discussion on the Group’s
operations is provided below:
Operational update
Diabetic Foot Ulcer (DFU) – Phase 1 Trial Complete
with Positive Results
Due to reduced blood flow, patients with diabetes are
at risk of developing non-healing wounds on the feet/
lower limbs, which are also known as diabetic foot
ulcers or DFU. In addition to causing severe pain and
discomfort, DFU pose a significant risk of infection,
and if treatment is unsuccessful, amputation may be
necessary.
CYP-006TK is Cynata’s Cymerus iPSC-derived
MSC topical wound dressing product candidate,
which comprises MSCs seeded onto a novel silicone
dressing. This product was investigated as a potential
treatment to promote wound healing in patients with
DFU in a Phase 1 clinical trial, which was completed
during the year.
The trial met its primary objective, with CYP-006TK
found to be safe and well-tolerated – no participants
withdrew from the trial due to adverse events, and
there were no suspected serious adverse reactions
reported.
Importantly, the trial also generated positive
efficacy data, indicating improved wound healing
for CYP‑006TK compared to the standard of care
control group. After 12 weeks, there was a mean
(average) decrease in wound surface area of 64.6%
in the CYP-006TK group compared to a decrease of
22.0% in the standard of care control group. After
24 weeks, there was a mean decrease of 83.6% in the
CYP‑006TK group compared to a decrease of 47.8%
in the standard of care control group. The results also
indicated that larger wounds in particular healed to a
greater extent in the CYP-006TK group compared to
the standard of care control group.
Given the high unmet need in DFU and the strength
of these results, Cynata is actively engaging potential
commercial partners and planning further clinical
development.
Operating and Financial Review
19
Operating and Financial Review
19
Acute Graft versus Host Disease (aGvHD) – Phase 2
Trial ~85% enrolled; Results Expected H1 2026
aGvHD is a serious and often life-threatening
complication of bone marrow transplantation and
similar procedures (also known as haematopoietic
stem cell transplantation [HSCT] or blood stem cell
transplantation). aGvHD arises when immune cells
in the transplant (the graft) recognise the recipient’s
tissues (the host) as “foreign”. It affects up to 50% of
HSCT patients. Standard first-line treatment is with
corticosteroids, but around half of all cases do not
respond, and the historical two-year survival rate in
steroid-resistant patients is less than 20%.1
CYP-001 is Cynata’s Cymerus off-the-shelf iPSC-
derived MSC product for intravenous infusion. It
is designed to modulate the immune system and
improve both response rates and survival outcomes
in aGvHD. The US FDA has granted Orphan Drug
Designation2 to CYP-001 for the treatment of aGvHD,
potentially providing several commercially significant
incentives and decreased time to commercialisation.
In a successful Phase 1 trial in patients with steroid-
resistant aGvHD, after treatment with CYP-001, 87%
of patients improved by at least one grade, 53%
showed no signs of aGvHD, and 60% were alive at
two years. Importantly, there were no serious adverse
events related to treatment, and the results were
published in the prestigious journal Nature Medicine.3,4
Cynata is now conducting a global Phase 2 trial at
centres in the USA, Europe and Australia, enrolling
approximately 60 patients with high-risk newly-
diagnosed aGvHD. Patients are randomised to receive
either standard steroid therapy plus CYP-001, or
steroids plus placebo. The primary endpoint is overall
response at Day 28. Patient enrolment progressed
very well during the year, and at the time of writing
1 Westin JR et al. Adv Hematol. 2011:601953 (2011)
2 Orphan Drug Designation qualifies Cynata for incentives
including extended marketing exclusivity, tax credits and fee
waivers.
3 Bloor AJC et al. Nat Med. 26:1720–1725 (2020).
4 Kelly K et al. Nat Med. 30:1556–1558 (2024).
Review of operations
Key Highlights
Cynata is in a phase of significant
momentum, with one clinical trial completed
during the 2025 financial year, and three
more progressing towards results in the
2026 financial year
The Phase 1 clinical trial in DFU is complete,
with CYP-006TK demonstrated to be safe
and well tolerated, and positive efficacy data
indicating substantially improved wound
healing compared to the standard of care
control group
The Phase 2 trial in aGvHD is ~85% enrolled,
with patient recruitment progressing and
primary results anticipated during H1 2026
The fully enrolled, 321-patient Phase 3 trial
in Osteoarthritis is nearing completion in
the coming months, with top-line results
anticipated between February and April 2026
Cohort 1 of the Phase 1/2 kidney transplant
trial has completed treatment, with review
results expected in Q4 2025
Positive efficacy results in preclinical models
of pulmonary fibrosis and ischaemic heart
disease, supporting potential expansion into
large additional markets
Scientific paper underlining strengths of
Cymerus platform relative to conventional
manufacturing methods published in leading
peer-reviewed journal
Upcoming clinical milestones have the
potential to represent inflection points for
valuation, partnering, and product approval
pathways
The Company remains well-capitalised with
funding runway through mid-2026, covering
all key clinical readouts
20
Cynata Therapeutics Annual Report 2024/2025
20
Operating and Financial Review (cont’d)
is now ~85% complete. The Company anticipates
completing enrolment in the coming months and
releasing the primary results during H1 2026.
Osteoarthritis – Phase 3 Trial Recruitment Complete;
Results Expected Feb-Apr 2026
Osteoarthritis is a degenerative joint condition
affecting over 500 million people globally.
Current treatment options are limited to symptom
management or invasive surgery, with no therapies
available that address cartilage loss and inflammation
at the source.
CYP-004 is Cynata’s Cymerus off-the-shelf iPSC-
derived MSC product for intra-articular injection
(injection into a joint). The ongoing Phase 3 trial of
CYP-004 in patients with osteoarthritis of the knee,
known as the SCUlpTOR5 trial, is being conducted
by the University of Sydney and funded through an
NHMRC project grant. The trial completed enrolment
of 321 patients in November 2023, with all patients
now having received their study treatments. Follow-
up is ongoing, with final 24-month results anticipated
between February and April 2026. The trial has
co-primary outcome measures, which aim to show
the effects of CYP-004 on both symptoms (pain) and
disease progression (cartilage thickness as measured
by MRI6). If successful, this could be the first ever
disease-modifying treatment for osteoarthritis.
Additionally, during the year, the Company held an
advisory meeting with the Australian Therapeutic
Goods Administration (TGA), and based on the advice
received, Cynata is optimistic that positive results from
this trial could support marketing approval of CYP-004
in Australia.
Renal Transplantation – First Cohort Complete;
Results of DSMB Review Expected Q4 2025
Patients undergoing kidney transplantation typically
require lifelong immunosuppressive therapy with
calcineurin inhibitor drugs to prevent rejection of the
5 SCUlpTOR = Stem Cells as a symptom- and strUcture-modifying Treatment for medial tibiofemoral OsteoaRthritis
6 MRI = magnetic resonance imaging
transplanted organ. Calcineurin inhibitors are quite
effective at preventing rejection, but they come with
serious long-term toxicity and health risks.
This investigator-led 16 patient trial, conducted
at Leiden University Medical Centre (LUMC) in the
Netherlands, is assessing whether CYP-001 can
reduce reliance on calcineurin inhibitors, potentially
offering patients safer long-term immune modulation.
The enrolment and treatment of the three patients in
Cohort 1 is now complete. Once the third and final
patient treated in this cohort is followed up for six
weeks, the study’s independent Data and Safety
Monitoring Board (DSMB) will review the data from
this Cohort. The results of this review are anticipated
by Q4 2025.
Finance
The net assets of the Group have decreased by
$1,235,500 to $5,981,735 in 2025 (2024: $7,217,235).
During the year, Cynata received a Research and
Development Tax Incentive rebate of $1.88m from
the Australian Federal Government and further
strengthened its balance sheet with an $8.10m (before
costs) institutional placement in December 2024.
Notably, the Company is now only funding one ongoing
clinical trial (its Phase 2 aGvHD trial). The other ongoing
trials (in kidney transplantation and osteoarthritis) are
being conducted by partners and funded externally.
Furthermore, the Company anticipates receiving its
2025 Research and Development Tax Incentive rebate
in the coming months.
The Company anticipates its cash runway to extend
into mid calendar year 2026, beyond the anticipated
renal transplantation, aGvHD and osteoarthritis
clinical trial readouts.
21
Operating and Financial Review
21
Outlook
Cynata is entering one of the most important phases
in its history — a 12-month window in which three
clinical trials will deliver results.
Before the end of 2025, we expect to report
safety review results from our Phase 1/2 kidney
transplantation trial, which could demonstrate a
pathway to reducing long-term immunosuppressive
therapy in transplant patients.
In the first half of 2026, we anticipate primary results
from our global Phase 2 trial in acute graft versus
host disease, building on world-class data from our
earlier study and targeting a high-value, high-need
market. Shortly after, between February and April
2026, we look forward to the final results of the
University of Sydney-led Phase 3 osteoarthritis trial,
which, if successful, could position CYP-004 as the
first disease-modifying treatment for one of the most
common joint diseases in the world. Clinical validation
in these late-stage clinical trials will soon also spark
parallel development in more diseases with high
unmet medical need.
We aim to unlock the full potential of the Cymerus
technology through our advanced clinical and
preclinical pipelines and partnered development.
We have deliberately focused on markets where
demand is proven, competition is limited, and our
manufacturing advantages can set a new global
standard. Very few companies of our size have the
potential to deliver this breadth of high-impact data
in such a short period of time. With the support of our
shareholders, Cynata is excited to convert years of
innovation into transformative products for patients —
and lasting growth and value for our investors.
Material risks
There is a small number of material risks that, either
individually or in combination, may materially and
adversely affect the future operating and financial
performance and prospects of Cynata and the value
of its shares. Some of these risks may be mitigated
by Cynata’s internal controls and processes but
some are outside the control of Cynata, its directors
and management. The material risks identified by
management are described below:
(a) Clinical development risk
The nature of clinical drug development is inherently
risky, with many drug candidates failing to be
successfully developed into marketable products.
The Company is currently undertaking clinical trials
with certain of its products and plans to undertake
trials with additional products in its pipeline. Clinical
trials have many associated risks which may impact
the Company’s commercial potential and therefore
its future prospects and profitability. Clinical trials
may fail to recruit patients, be terminated for safety
reasons, or fail to be completed within acceptable
timeframes as a result of delay. Clinical trials may
reveal drug candidates to be unsafe, poorly tolerated
or non-effective. Any of these outcomes will likely
have a significant adverse effect on the Company,
the value of its securities and the future commercial
development of its drug candidates. Clinical trials
might also potentially expose the Company to product
liability claims in the event its products in development
have unexpected effects on clinical subjects.
Mitigation measures employed by the Company
include: ensuring that clinical trials are strongly
supported by preclinical safety and efficacy data;
careful clinical trial design to minimise the changes
of potentially spurious outcomes; use of independent
data and safety monitoring boards; engagement of
leading contract research organisations to manage
the trials and drive recruitment; engagement of
well-qualified clinical sites experienced in clinical trial
execution and in the relevant therapeutic areas.
22
Cynata Therapeutics Annual Report 2024/2025
22
Operating and Financial Review (cont’d)
(b) Regulatory risk
The research, development, manufacture, marketing
and sale of products developed by the Company are
subject to extensive regulation by multiple government
authorities and institutional bodies in Australia and
overseas. Pharmaceutical products must undergo a
comprehensive and highly regulated development,
trial and review process before receiving approval for
marketing. The process includes a requirement for
approval to conduct clinical trials, and the provision of
data relating to the quality, safety and efficacy of the
products for their proposed use. There is no guarantee
that regulatory approvals to conduct clinical trials
and/or to manufacture and market the Company’s
products will be granted.
If a product is approved, it may also be submitted for
cost reimbursement approval to relevant agencies. The
availability and timing of that reimbursement approval
may have an impact upon the uptake and profitability
of products in some jurisdictions. If the Company is
unable to secure necessary approvals from regulatory
agencies and institutional bodies to undertake its
planned trials, market its products and obtain cost
reimbursements for its products its future prospects
and profitability is likely to be materially and adversely
affected.
Mitigation measures employed by the Company
include: engagement of suitably qualified and
experienced persons with expertise in the regulation
of biological/cellular therapies; regular review of
evolving regulatory requirements and analysis of the
Company’s activities and plans against regulatory
expectations in key jurisdictions; and ensuring that the
expectations and uncertainties related to regulatory
approvals, and the timing of such approvals, are
included in business plans.
(c) Risks associated with partnership model
The Company is pursuing a license partnership
model, which typically involves entering into
commercial arrangements with other companies
by which Cynata licenses its Cymerus technology
to the partner in one or more indications and/or
geographies and the partner assumes responsibility
for progressing, and paying for, the clinical trials and
eventual commercialisation in that indication. This
strategy involves the risk that the Company will lose
control of the development timetable of its products
to its commercial partner, which may give rise to
an unanticipated delay in any commercial returns.
Further, the Company may be unable to enter into
arrangements with suitable commercial partners
in respect of relevant indications. If either of these
outcomes occurred, the Company’s business and
operations may be adversely affected.
Mitigation measures employed by the Company
include: performing rigorous due diligence on potential
partners; ensuring that the commercial terms
negotiated are fair and utilising expert legal advice to
ensure that appropriate warranties and commitments
are included in contracts, and that the contracts reflect
the agreed commercial position, and the creation of
the Chief Business Officer position with executive
responsibility for the Company’s partnerships.
(d) Reliance on in-licensed assets
The Company relies on patents and intellectual
property that is in-licensed from Wisconsin Alumni
Research Foundation (WARF) and Cellular Dynamics
International, Inc (now an affiliate of Fujifilm
Corporation). These assets are not owned outright
by Cynata. The license arrangements contain terms
and conditions, including obligations to make certain
milestone and royalty payments.
In the event that the Company breaches any of the
licence terms and conditions and cannot rectify the
breach within an appropriate time, there is a risk that
the licence may be terminated and the Company could
lose control of its assets. This would have a significant
adverse impact on the Company.
Mitigation measures employed by the Company
include: utilising expert professional advice in respect
of all of the Company’s commercial arrangements;
actively monitoring licence terms and obligations;
implementing product development strategies to
achieve milestones; financial management to ensure
that the Company can meet all financial obligations to
licensors.
23
Operating and Financial Review
23
(e) Manufacturing risk
The Company’s products are manufactured using a
unique, novel and highly specialised manufacturing
process. The Company relies on supply and
manufacturing relationships with third party contract
manufacturing organisations to manufacture its
products. An inability of these third-party contract
manufacturing organisations to continue to
manufacture the Company’s products in a timely,
economical and/or consistent manner, including any
scale up of manufacturing processes, or to maintain
legally compliant manufacturing to maintain product
supply, could adversely impact on the progress of the
Company’s development programs and potentially on
the financial performance of the Company.
Mitigation measures employed by the Company
include: performing rigorous due diligence on contract
manufacturers; engaging contract manufacturers with
strong track records and sufficient capability to meet
the Company’s foreseeable needs; and employing
a senior manager responsible for managing and
monitoring the performance of third parties including
contract manufacturers.
24
Cynata Therapeutics Annual Report 2024/2025
24
This remuneration report, which forms part
of the directors’ report, sets out information
about the remuneration of Cynata
Therapeutics Limited’s key management
personnel (“KMP”) for the financial year
ended 30 June 2025.
The term ‘key management personnel’ refers to
those persons having authority and responsibility for
planning, directing and controlling the activities of
the Group, directly or indirectly, including any director
(whether executive or otherwise) of the Group.
Remuneration Report (audited)
Contents
The prescribed details for each person
covered by this report are detailed below
under the following headings:
1. Key management personnel
2. Remuneration policy
(a) Non-executive director remuneration
(b) Executive director remuneration
(c) Equity settled compensation
3. Relationship between the remuneration
policy and Company performance
4. Remuneration of key management
personnel
(a) Bonus and share-based payments
granted as compensation for the
current financial year
(i) Bonuses
(ii) Incentive share-based payment
arrangements
5. Key terms of employment contracts
6. Key management personnel equity
holdings
25
Remuneration Report (audited)
25
1. Key management personnel
The directors and other KMP of the Group during or since the end of the financial year were:
Non-executive directors
Position
Dr Geoff Brooke
Independent Non-Executive Chair
Dr Darryl Maher
Independent Non-Executive Director
Dr Paul Wotton
Independent Non-Executive Director
Ms Janine Rolfe
Independent Non-Executive Director
Executive directors
Position
Dr Kilian Kelly
Managing Director & Chief Executive Officer
Other key management personnel
Position
Dr Jolanta Airey
Chief Medical Officer
Dr Mathias Kroll
Chief Business Officer
The above-named persons held their current position for the whole of the financial year and since the end of the
financial year.
26
Cynata Therapeutics Annual Report 2024/2025
26
Remuneration Report (cont’d)
2. Remuneration policy
Cynata’s remuneration policy was developed by
the Board and has been designed to facilitate the
alignment of shareholder, director and executive
interests by:
z
Providing levels of fixed remuneration and ‘at
risk’ remuneration sufficient to attract and retain
individuals with the skills and experience required
to build on and execute the Company’s business
strategy.
z
Ensuring ‘at risk’ remuneration is contingent on
outcomes that grow shareholder value.
z
Ensuring a suitable proportion of remuneration
is received as a share-based payment so that
rewards are realised through the performance of
the Company over the longer term.
Remuneration consists of:
z
Fixed remuneration
z
Short-term incentives (‘STI’)
z
Long-term incentives (‘LTI’)
z
Benefits (e.g., car parking, telephone, etc.)
The fixed remuneration component is determined
regarding market conditions, so that the Company can
recruit and retain the best available talent.
The Board’s policy regarding short- and long-term
incentives includes cash bonuses (STI) and the
granting of options under the Company’s Employee
Option Acquisition Plan (EOAP) (LTI). Options are
granted with an exercise price at a premium to the
underlying market value of shares at the time of
grant and vest over time subject to continuity of
employment. The term of options is set to ensure that
there is a reasonable expectation that the strategies
and actions of the recipients will, if successful,
produce above-market Company performance. This
policy aligns the interests of executives with those
of shareholders and creates a direct relationship
between individual remuneration outcomes and
Company performance.
As at the date of this report, the Company has one
executive – the Chief Executive Officer, four non-
executive directors, one Chief Medical Officer and
one Chief Business Officer. As set out below, total
remuneration costs for the 2025 financial year were
$1,801,531 up from $1,446,293 for the previous
financial year.
(a) Non-executive Director Remuneration
Non-executive directors are remunerated by way of
fees, in the form of cash, superannuation contributions
(if paid via the Company’s payroll), the award of
options on appointment and during their tenure from
time-to-time or salary sacrifice into equity (both
of which are subject shareholder approval). Fees
(including the award of options) for non-executive
directors are not linked to the performance of
the Company. To align directors’ interests with
shareholder interests, the directors are encouraged to
hold shares in the Company and do not participate in
schemes designed for the remuneration of executives.
If paid via the Company’s payroll, non-executive
directors receive a superannuation guarantee
contribution required by the government, which was
11.5% in the 2024/2025 financial year and do not
receive any other retirement benefits. Individuals
may choose to sacrifice part of their fees to increase
payments towards superannuation.
The Board’s policy is to remunerate non-executive
directors at market rates for comparable companies
for time, commitment and responsibilities. The Board
determines, subject to a fee pool as approved by
shareholders, payments to non-executive directors
and reviews their remuneration annually, based on
market practice, duties and accountability.
(b) Executive Director Remuneration
Executive directors receive fixed remuneration, based
upon performance, professional qualifications and
experience and superannuation benefits and under
certain circumstances, options and performance
incentives.
27
Remuneration Report (audited)
27
Executive Remuneration Objectives
An appropriate balance
of ‘fixed’ and ‘at-risk’
components.
Attract, motivate, and
retain executive talent.
The creation of reward
differentiation to drive
performance and
behaviours.
Shareholder value
creation through EOAP.
Total Remuneration
Fixed Remuneration
Short-Term Incentives
Long-Term Incentives
Set based on relevant market
relativities, performance,
qualifications, experience, and
location.
Set by reference to Company and
individual stretch performance
targets relevant to the specific
executive position.
Realisation dependent upon total
shareholder return.
Delivery
Base salary including
superannuation.
Payable in cash following review
of performance against Key
Performance Indicators (KPIs) and
subject to Board discretion.
Eligible executives may participate
in the Company’s equity-based
incentive scheme subject to Board
discretion. Equity options are issued
under the Company’s EOAP at a
premium to the underlying market
value of shares and typically vest
over a 3-year period.
Strategic Intent
Generally guided by the median
compared to relevant market-based
data taking into consideration
expertise and performance in roles.
Directed at achieving short-term
KPIs. Fixed Remuneration plus
STI to be positioned competitively
when compared to groups of
similar companies.
LTI is intended to align executive
performance with the Company’s
long-term strategy and
shareholders’ interests.
Overall remuneration policies are subject to the
discretion of the Board and can be changed to reflect
competitive and business conditions where it is in the
interests of the Company and shareholders to do so.
Executive remuneration and other terms of
employment are reviewed annually by the Board with
reference to the Company’s performance, individual
executive performance, comparable information from
industry sectors and other listed companies in similar
industries and where required, expert advice.
The Board has not formally engaged the services of a
remuneration consultant to provide recommendations
when setting the specific remuneration received by
directors or other key management personnel during
the financial year ended 30 June 2025.
28
Cynata Therapeutics Annual Report 2024/2025
28
Performance Measurement
The performance of executives is measured against
criteria agreed annually with each executive and
is based upon the achievement of the strategic
objectives to secure shareholder value.
All incentive bonuses must be linked to predetermined
performance criteria. Key performance indicators
(KPIs) are set annually by the Board on the following
basis:
z
are specifically tailored to the responsibility areas
in which the executive is directly involved.
z
target areas that the Board believe hold greater
potential for business expansion and shareholder
value.
z
cover financial and non-financial as well as short
and long-term goals.
z
represent stretch targets to encourage
extraordinary performance.
KPIs for key management personnel are focused
on the areas of operational excellence, investor/
stakeholder relations and corporate partnering and
alliances.
Performance in relation to KPIs is assessed annually
with incentives awarded depending on the number
and difficulty of the KPIs achieved. Following
this assessment, KPIs are reviewed by the Board
considering their desired and actual outcomes and
whether behaviours are reflective of responsible risk
management and sustainable business practices.
The efficacy of the KPIs is assessed in relation to the
Company’s goals and shareholder wealth, before the
KPIs are set for the following year.
The Board may, however, exercise its discretion in
relation to approving incentives, bonuses, and options,
and can decide on changes. Any change must be
justified by reference to measurable performance
criteria.
(c) Equity Settled Compensation
The fair value of the equity which executives and
employees are granted is measured at grant date and
recognised as an expense over the vesting period, with
a corresponding increase to an equity account. The
fair value of shares is ascertained as the market bid
price. The fair value of options is ascertained using
a Black–Scholes pricing model which incorporates all
market vesting conditions. The number of shares and
options expected to vest is reviewed and adjusted at
each reporting date such that the amount recognised
for services received as consideration for the equity
instruments granted shall be based on the number of
equity instruments that eventually vest.
Remuneration Report (cont’d)
29
Remuneration Report (audited)
29
3. Relationship between the Remuneration Policy and
Company Performance
The Board considers at this time, evaluation of
the Group’s financial performance using generally
accepted measures such as profitability, total
shareholder return or per company comparison are
either not relevant or difficult to objectively quantify as
the Group is pre-revenue and at an early stage in the
implementation of a commercialisation strategy that
includes the development of a novel life sciences (i.e.
therapeutic stem cell) technology and the identification
and execution of business opportunities as outlined in
the directors’ report.
The table below sets out summary information about
the Group’s earnings and movements in shareholder
wealth for the five (5) years to 30 June 2025:
30 June 2025
30 June 2024
30 June 2023
30 June 2022
30 June 2021
$
$
$
$
$
Other income
2,112,839
2,733,353
2,007,179
7,835,174
1,688,351
Net loss before tax
9,390,586
9,744,709
14,277,495
5,445,172
7,689,683
Net loss after tax
9,390,586
9,744,709
14,277,495
5,445,172
7,689,683
Share price at start of year
0.295
0.125
0.360
0.505
0.610
Share price at end of year
0.150
0.295
0.125
0.360
0.505
Basic/diluted loss per share (cents)
4.58
5.42
9.84
3.80
5.90
30
Cynata Therapeutics Annual Report 2024/2025
30
4. Remuneration of key management personnel
Short-term employee benefits
Post-
employment
benefits
Share-based
payment
Value of
options as
proportion of
remuneration
Salary &
fees
Cash
bonus
Other
Super-
annuation
Options
Total
2025
$
$
$
$
$
$
%
Directors
G. Brooke
123,732
-
-
-
14,062
137,794
10.20%
K. Kelly 1
404,788
47,602
28,792
27,653
21,093
529,928
3.98%
P. Wotton
61,866
-
-
-
6,187
68,053
9.09%
D. Maher
55,485
-
-
6,381
6,187
68,053
9.09%
J. Rolfe
61,866
-
-
-
19,677
81,543
24.13%
Other KMP
J. Airey 2
311,912
24,955
13,526
29,932
18,562
398,887
4.65%
M. Kroll 3
320,068
31,938
11,133
27,438
126,696
517,273
24.49%
Total
1,339,717
104,495
53,451
91,404
212,464
1,801,531
11.79%
1
The amount of $47,602 under ‘Cash bonus’ represent
potential bonus accrued for the financial year 2025.
Amounts in ‘Other’ represent annual leave and long
service leave accrued in accordance with AASB 119
Employee Benefits.
2
The amount of $24,955 under ‘Cash bonus’ represent
potential bonus accrued for the financial year 2025.
Amounts in ‘Other’ represent annual leave accrued in
accordance with AASB 119 Employee Benefits.
3
The amount of $31,938 under ‘Cash bonus’ represent
potential bonus accrued for the financial year 2025.
Amounts in ‘Other’ represent annual leave accrued in
accordance with AASB 119 Employee Benefits.
Remuneration Report (cont’d)
31
Remuneration Report (audited)
31
Short-term employee benefits
Post-
employment
benefits
Share-based
payment
Value of
options as
proportion of
remuneration
Salary &
fees
Cash
bonus
Other
Super-
annuation
Options
Total
2024
$
$
$
$
$
$
%
Directors
G. Brooke
118,973
-
-
-
19,796
138,769
14.27%
K. Kelly1
390,601
67,716
29,417
27,399
29,694
544,827
5.45%
P. Wotton
59,487
-
-
-
8,710
68,197
12.77%
D. Maher
53,592
-
-
5,895
8,710
68,197
12.77%
J. Rolfe
59,487
-
-
-
22,200
81,687
27.18%
D. Atkins2
21,977
-
-
-
-
21,977
-
Other KMP
J. Airey3
299,915
13,496
21,006
27,399
36,908
398,724
9.26%
M. Kroll4
65,987
-
4,982
6,850
46,096
123,915
37.20%
Total
1,070,019
81,212
55,405
67,543
172,114
1,446,293
11.90%
1
The amount of $67,716 under ‘Cash bonus’ represents
potential bonus accrued for the financial year 2024.
Amounts in ‘Other’ represent annual leave and long
service leave accrued in accordance with AASB 119
Employee Benefits.
2
Appointed 1 July 2023, resigned 13 November 2023.
3
The amount of $13,496 under ‘Cash bonus’ represents
potential bonus accrued for the financial year 2024.
Amounts in ‘Other’ represent annual leave accrued in
accordance with AASB 119 Employee Benefits.
4
Appointed Chief Business Officer on 17 April 2023.
Amounts in ‘Other’ represent annual leave accrued in
accordance with AASB 119 Employee Benefits.
32
Cynata Therapeutics Annual Report 2024/2025
32
(a) Bonuses and share-based payments granted as
compensation for the current financial year
(i) Bonuses
An STI payable as cash of $67,716 to Dr Kelly
and $13,496 to Dr Airey was accrued in the 2024
accounts. These were paid in August 2024. A
potential STI of $47,602 for Dr Kelly, $24,955 for
Dr Airey and $31,938 for Dr Kroll were accrued in
the 2025 accounts. These amounts are payable
subsequent to 30 June 2025.
Allocation of STIs is determined by attainment of
short and medium term KPIs, which are considered to
be important drivers of value and typical within the
biotechnology industry for a company at Cynata’s
stage of development. In respect of financial year
2025, the following assessment was made in respect
of key management personnel KPIs:
KPI
Dr Kelly
Dr Airey
Dr Kroll
Patient enrolment in clinical trials
Partially met
Partially met
Partially met
Manufacturing and process development
Met
Met
Met
Regulatory affairs
Met
Met
Met
Finance
Partially met
Partially met
Partially met
Business development
Not met
Not met
Not met
Share price target
Not met
Not met
Not met
No other STIs were granted to key management personnel during 2025.
(ii) Employee share option plan
Cynata Therapeutics Limited operates an ownership-
based scheme for executives and senior employees
of the Group. In accordance with the provisions of
the plan, as approved by shareholders at a previous
annual general meeting, executives and senior
employees may be granted options to purchase
parcels of ordinary shares.
Each employee share option converts to one ordinary
share of Cynata Therapeutics Limited on exercise.
No amounts are paid or payable by the recipient
on receipt of the option. The options carry neither
rights to dividends nor voting rights. Options may be
exercised at any time from the date of vesting to the
date of their expiry.
Remuneration Report (cont’d)
33
Remuneration Report (audited)
33
Terms and conditions of share-based payment arrangements affecting remuneration of key management
personnel in the current financial year or future financial years:
Option
series
Number
Grant date
Expiry date
Exercise price
Grant date
fair value
Vesting date
CYPAB1
4,400,000
24 Nov 2020
29 Nov 2025
$0.970
$0.493
Vested
CYPAD2
1,000,000
11 Oct 2021
11 Oct 2025
$0.890
$0.156
Various
CYPAR3
300,000
22 Nov 2022
23 Nov 2027
$0.510
$0.135
Various
CYPAS4
2,000,000
30 Jun 2023
30 Jun 2028
$0.176
$0.075
Various
CYPAE5
1,910,000
13 Nov 2023
20 Nov 2028
$0.185
$0.079
Various
CYPAF6
500,000
16 Jan 2024
16 Jan 2029
$0.195
$0.084
Various
CYPAT7
1,800,000
17 Apr 2024
17 Apr 2029
$0.290
$0.144
Various
1
Unlisted options issued to Directors and former Directors
pursuant to an Employee Option Acquisition Plan.
2
Unlisted options issued to Dr Airey pursuant to an
Employee Option Acquisition Plan.
3
Unlisted options issued to Ms Rolfe pursuant to the
terms of her appointment as non-executive director.
4
Unlisted options issued to Dr Kelly pursuant to the terms
of his appointment as Managing Director & CEO.
5
Unlisted options issued to Directors pursuant to an
Employee Option Acquisition Plan.
6
Unlisted options issued to Dr Airey pursuant to an
Employee Option Acquisition Plan.
7
Unlisted options issued to Dr Kroll pursuant to an
Employee Option Acquisition Plan.
There were no share-based payments granted as
compensation to key management personnel during
the current financial year (2024: 4,210,000 options).
No share options granted as part of their
compensation were exercised by key management
personnel during the year (2024: nil)
The following table summarises the number of options
that lapsed during the financial year, in relation to
options granted to key management personnel as part
of their remuneration:
Name
Financial year in
which the options
were granted
No. of options
lapsed during the
current year
K. Kelly
2020
1,000,000
34
Cynata Therapeutics Annual Report 2024/2025
34
5. Key terms of employment contracts
The non-executive chair, Dr Geoff Brooke, was paid a
fee of $123,732 (excluding GST) for the period 1 July
2024 – 30 June 2025. Effective 1 July 2025, Dr Brooke
will be a paid an annual fee of $128,063 (excluding
GST).
The other non-executive directors, Dr Paul Wotton,
Dr Darryl Maher and Ms Janine Rolfe were each paid a
fee of $61,866 (including superannuation or excluding
GST as the case may be) for the period 1 July 2024
– 30 June 2025. Effective 1 July 2025, these non-
executive directors will be paid an annual fee of
$64,031 (including superannuation or excluding GST
as the case may be).
The award of options as part of the fees to all non-
executive directors are separately disclosed in this
Report and are not linked to the performance of the
Company. It is not customary for non-executive
directors to have notice periods. The appointment of
any of the non-executive directors may be terminated
if the director gives notice of resignation and the
appointment may be terminated immediately if the
director becomes disqualified or prohibited by law
from being or acting as a director or from being
involved in the management of a company.
The key terms of employment for the executive KMP
are set out in the following table:
Employee
Remuneration / Fees*
Performance-based
remuneration criteria
Notice period
Dr Kilian Kelly
Effective 1 July 2025, a salary of
$449,935 per annum including
superannuation. For financial year
2025, a salary of $434,720 per
annum including superannuation.
An incentive payment of up to 30%
of the annual salary and based on
attainment of agreed KPIs.
The Company may (but is not bound
to) pay additional performance-
based remuneration.
The contract may
be terminated by
either party providing
3 months’ notice.
The Company may also
terminate employment
immediately and without
further payment where
the employee commits
serious misconduct and
on other similar grounds.
Any termination
payments are paid
within applicable
legislative requirements.
Dr Jolanta Airey
Effective 1 Jul 2025, a salary of
$352,829 per annum inclusive of
statutory superannuation. Dr Airey
is employed on a part-time (0.8
FTE) basis.
An incentive payment of up to 20%
of the annual salary and based on
attainment of agreed KPIs.
Dr Mathias Kroll
Effective 1 July 2025, a salary of
$362,250 per annum including
superannuation.
An incentive payment of up to 25%
of the annual salary and based on
attainment of agreed KPIs.
* In addition, all KMP are eligible to, and have participated, in the Company’s equity-based incentive scheme. The award of
options under this scheme to KMP are separately disclosed in this Report.
Remuneration Report (cont’d)
35
Remuneration Report (audited)
35
6. Key management personnel equity holdings
Fully paid ordinary shares of Cynata Therapeutics Limited
Balance at
1 July 2024
Received on
exercise of
options
Shares
acquired
Shares
disposed
Balance at
resignation
Balance at
30 June 2025
2025
No.
No.
No. 1
No.
No.
No.
G. Brooke
257,343
-
55,555
-
-
312,898
K. Kelly
619,651
-
177,777
-
-
797,428
P. Wotton
315,309
69,767
200,000
-
-
585,076
D. Maher
50,000
-
66,666
-
-
116,666
J. Rolfe
116,279
-
138,888
-
-
255,167
J. Airey
-
-
-
-
-
-
M. Kroll
-
-
-
-
-
-
1
Represents shares acquired pursuant to participation in
a Placement.
Balance at
1 July 2023
Received on
exercise of
options
Shares
acquired
Shares
disposed
Balance at
resignation
Balance at
30 June 2024
2024
No.
No.
No.
No.
No.
No.
G. Brooke
257,343
-
-
-
-
257,343
K. Kelly
525,508
-
94,143
-
-
619,651
P. Wotton
315,309
-
-
-
-
315,309
D. Maher
50,000
-
-
-
-
50,000
J. Rolfe
116,279
-
-
-
-
116,279
J. Airey
-
-
-
-
-
-
M. Kroll 1
-
-
-
-
-
-
D. Atkins 2
-
-
-
-
-
-
S. Washer 3
2,364,390
-
-
-
(2,364,390)
-
1
Appointed Chief Business Officer on 17 April 2024.
2
Appointed 1 July 2023; resigned 13 Nov 2023.
3
Resigned 1 July 2023.
36
Cynata Therapeutics Annual Report 2024/2025
36
Remuneration Report (cont’d)
Share options of Cynata Therapeutics Limited
Balance
at 1 July
2024
Granted
Lapsed
Exercised
Balance
at 30 June
2025
Balance
vested at
30 June
2025
Vested and
exercisable
Options
vested
during year
2025
No.
No.
No.
No.
No.
No.
No.
No.
G. Brooke
2,569,767
-
(69,767)
-
2,500,000
2,263,889
2,263,889
133,333
K. Kelly
3,765,748
-
(1,015,748)
-
2,750,000
1,729,153
1,729,153
713,405
P. Wotton
589,767
-
-
(69,767)
520,000
416,111
416,111
73,333
D. Maher
545,000
-
(25,000)
-
520,000
416,111
416,111
73,333
J. Rolfe
578,140
-
(58,140)
-
520,000
374,434
374,434
173,329
J. Airey
1,500,000
-
-
-
1,500,000
1,236,111
1,236,111
276,653
M. Kroll
1,800,000
-
-
-
1,800,000
583,333
583,333
500,000
Balance
at 1 July
2023
Granted
Lapsed
Exer-
cised
Balance on
resignation
Balance
at 30 June
2024
Balance
vested at
30 June
2024
Vested
and
exercis-
able
Options
vested
during
year
2024
No.
No.
No.
No.
No.
No.
No.
No.
No.
G. Brooke
2,369,767
500,000
(300,000)
-
-
2,569,767
2,466,989
2,466,989
375,017
K. Kelly
3,015,748
750,000
-
-
3,765,748
1,828,241
1,828,241
840,271
P. Wotton
369,767
220,000
-
-
-
589,767
412,545
412,545
88,455
D. Maher
325,000
220,000
-
-
-
545,000
367,778
367,778
84,455
J. Rolfe
358,140
220,000
-
-
-
578,140
259,245
259,245
142,774
J. Airey
1,000,000
500,000
-
-
-
1,500,000
969,458
959,458
459,452
M. Kroll 1
-
1,800,000
-
-
-
1,800,000
83,333
83,333
83,333
D. Atkins 2
-
-
-
-
-
-
-
-
-
S. Washer 3
369,767
-
-
-
(369,767)
-
-
-
-
1
Appointed Chief Business Officer on 17 April 2024.
2
Appointed 1 July 2023; resigned 13 November 2023.
3
Resigned 1 July 2023.
All share options issued to key management personnel
were made in accordance with the provisions of the
Employee Option Acquisition Plan.
Further details of the Employee Option Acquisition
Plan and share options are contained in note 18 to the
financial statements.
37
Remuneration Report (audited)
37
This is the end of the audited remuneration report
This directors’ report is signed in accordance with a
resolution of directors made pursuant to s.298(2) of
the Corporations Act 2001.
On behalf of the directors,
Dr Kilian Kelly
Managing Director & Chief Executive Officer
Melbourne,
28 August 2025
38
Cynata Therapeutics Annual Report 2024/2025
Auditor’s Independence
Declaration
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
28 August 2025
Board of Directors
Cynata Therapeutics Limited
Level 3, 100 Cubitt Street
Cremorne, Victoria 3121
Dear Directors
RE:
CYNATA THERAPEUTICS LIMITED
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the directors of Cynata Therapeutics Limited.
As Audit Director for the audit of the financial statements of Cynata Therapeutics Limited for the year
ended 30 June 2025, I declare that to the best of my knowledge and belief, there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
Yours sincerely
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
Martin Michalik
Director
39
Independent Auditor’s Report
39
Independent Auditor’s Report
Liability limited by a scheme approved under Professional Standards Legislation
PO Box 1908
West Perth WA 6872
Australia
Level 2, 40 Kings Park Road
West Perth WA 6005
Australia
Tel: +61 8 9481 3188
Fax: +61 8 9321 1204
ABN: 84 144 581 519
www.stantons.com.au
Stantons Is a member of the Russell
Bedford International network of firms
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
CYNATA THERAPEUTICS LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Cynata Therapeutics Limited (the Company) and its subsidiaries (collectively,
the “Group”), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its financial performance
for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities 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 (the Code) that are relevant to our audit of the financial report in Australia. We have also
fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 3.1 to the financial statements, which indicates that the financial statements have been
prepared on a going concern basis. At 30 June 2025 the Group had cash and cash equivalents totalling $5,049,744,
cash outflow from operating activities of $8,720,335, and has incurred a loss before tax from continuing operations for
the year of $9,390,586. These amounts indicate that a material uncertainty exists that may cast significant doubt on
the Group’s ability to continue as a going concern. The Group’s ability to continue operations is dependent upon
directors raising additional funding either through the issue of equity or debt or through the sale of assets, entering into
corporate partnerships and by curtailing discretionary research and development spending.
Our opinion is not modified in respect of this matter.
40
Cynata Therapeutics Annual Report 2024/2025
40
Independent Auditor’s Report (cont’d)
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. In addition
to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters
described below to be Key Audit Matters to be communicated in our report.
Key Audit Matter
How the matter was addressed in the audit
Carrying value of intangible assets, amortisation
and impairment
At 30 June 2025, the carrying amount of the Group’s
Intangible assets (patents) amounted to $1,848,904
(2024: $1,851,868) as disclosed in Note 12 to the
consolidated financial statements.
Intangible assets are considered a key audit matter as
they represent 31% of the net assets of the Group and
require a level of judgement from management in
assessing their recoverable amounts.
Our audit procedures included, inter alia, the
following:
i.
Reviewed ASX announcements and minutes of
the Board of Directors meetings to obtain an
understanding
of
the
significant
activities
undertaken by the Group during the year;
ii. Checked the validity of title to patents and
ensured that any patents that have expired are
written off;
iii. Reviewed management’s assessment of the
carrying value of the patents and assessed the
appropriateness and relevance of the information
provided to justify the carrying value of the
patents;
iv. Checked the amortisation charge to ensure that
the patents are being amortised over the 20-year
patents’ life; and
v. Evaluated the adequacy of the disclosures in the
consolidated financial assets.
Key Audit Matters
How the matters were addressed in the audit
Measurement of Share-based Payments
The Group had recorded a number of share-based
payment transactions for the financial year ended 30
June 2025, including the issue of a total of 6,000,000
unlisted options to lead brokers and a further
1,000,000 unlisted options to an external consultant.
During the financial year ended 30 June 2025, the
Company recognised a share-based payment expense
of $229,237.
Measurement of share-based payments was a key audit
matter due to the complex and judgmental estimates
used in determining the fair value of the share-based
payments.
Inter alia, our audit procedures included the
following:
i.
Reviewing the relevant agreements to obtain an
understanding of the contractual nature and
terms and conditions of the share-based
payment arrangements;
ii. Assessing the assumptions used in the Group’s
valuation of share options being the share price
of the underlying equity, interest rate, volatility,
dividend yield, time to maturity (expected life)
and grant date;
iii. Assessing the allocation of the share-based
payment expense over the relevant vesting
period; and
iv. Assessing the appropriateness of the disclosures
in Note 18 to the consolidated financial
statements.
41
Auditor’s Independence Declaration
41
Independent Auditor’s Report (cont’d)
Other Information
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 2025 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 accordingly 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.
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 from misstatement
whether due to fraud and error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group 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 has 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.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial report.
The procedures selected depend on the auditor's judgement, including the assessment of the risks of material
misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.
We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
42
Cynata Therapeutics Annual Report 2024/2025
42
Auditor’s Independence Declaration (cont’d)
required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and
performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in Internal control that we identify during our audit.
The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. We
also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance in the
audit of the financial report of the current period and are therefore key audit matters. We describe these matters in our
auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included on pages 24 to 36 in the directors’ report for the year ended 30
June 2025.
In our opinion, the Remuneration Report of Cynata Therapeutics Limited for the year ended 30 June 2025 complies
with section 300A of the Corporations Act 2001.
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.
STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD
(An Authorised Audit Company)
Martin Michalik
Director
West Perth, Western Australia
28 August 2025
43
Directors’ Declaration
43
The directors declare that:
(a) in the directors’ opinion, there are reasonable
grounds to believe that the Group will be able to
pay its debts as and when they become due and
payable;
(b) in the directors’ opinion, the attached financial
statements are in compliance with International
Financial Reporting Standards, as stated in note 1
to the financial statements;
(c) in the directors’ opinion, the attached financial
statements and notes thereto are in accordance
with the Corporations Act 2001, including
compliance with accounting standards and giving
a true and fair view of the financial position and
performance of the Group; and
(d) the directors have been given the declarations
required by s.295A of the Corporations Act 2001;
and
(e) the information contained in the consolidated
entity disclosure statement is true and correct.
Signed in accordance with a resolution of the directors
made pursuant to s.295(5) of the Corporations Act
2001.
On behalf of the directors,
Dr Kilian Kelly
Managing Director & Chief Executive Officer
Melbourne,
28 August 2025
Directors’ Declaration
46
Cynata Therapeutics Annual Report 2024/2025
Financial Statements
47
Financial Statements
47
Consolidated statement of profit or loss
and other comprehensive income
for the year ended 30 June 2025
Year ended
30 June 2025
30 June 2024
Note
$
$
Interest income
6
227,699
417,710
Other income
6
1,885,140
2,315,643
Total revenue and other income
2,112,839
2,733,353
Product development costs
7
(7,398,004)
(8,681,364)
Employee benefits expenses
8
(2,067,760)
(1,933,007)
Amortisation expenses
12
(282,964)
(280,732)
Share based payment expenses
8,18
(260,415)
(228,463)
Other expenses
8
(1,494,282)
(1,354,496)
(Loss) before income tax
(9,390,586)
(9,744,709)
Income tax expense
9
-
-
(Loss) for the year
(9,390,586)
(9,744,709)
Other comprehensive income, net of income tax
Items that will not be reclassified subsequently to profit or loss
-
-
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
-
-
Other comprehensive income for the year, net of income tax
-
-
Total comprehensive loss for the year
(9,390,586)
(9,744,709)
(Loss) for the year attributable to:
Owners of Cynata Therapeutics Limited
(9,390,586)
(9,744,709)
Total comprehensive loss for the year attributable:
Owners of Cynata Therapeutics Limited
(9,390,586)
(9,744,709)
(Loss) per share:
Basic and diluted (cents per share)
10
(4.58)
(5.42)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
48
Cynata Therapeutics Annual Report 2024/2025
48
Consolidated statement of financial position
as at 30 June 2025
30 June 2025
30 June 2024
Note
$
$
Current assets
Cash and cash equivalents
21
5,049,744
6,205,418
Trade and other receivables
11
104,650
113,184
Prepayments
194,618
217,820
Total current assets
5,349,012
6,536,422
Non-current assets
Intangibles
12
1,848,904
1,851,868
Total non-current assets
1,848,904
1,851,868
Total assets
7,197,916
8,388,290
Current liabilities
Trade and other payables
13
941,058
950,627
Provisions
14
275,123
220,428
Total current liabilities
1,216,181
1,171,055
Total liabilities
1,216,181
1,171,055
Net assets
5,981,735
7,217,235
Equity
Issued capital
15
89,519,207
81,624,596
Option reserves
16.1
8,166,905
7,906,430
Foreign currency translation reserve
16.2
4,724
4,724
Accumulated losses
(91,709,101)
(82,318,515)
Total equity
5,981,735
7,217,235
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
49
Financial Statements
49
Consolidated statement of changes in equity
for the year ended 30 June 2025
Issued
Capital
Option
Reserve
Foreign
currency
translation
reserve
Accum-
ulated
losses
Total
$
$
$
$
$
Balance at 1 July 2023
81,624,596
7,677,967
4,724
(72,573,806)
16,733,481
Loss for the year
-
-
-
(9,744,709)
(9,744,709)
Other comprehensive income for the year, net
of tax
-
-
-
-
-
Total comprehensive income/(loss) for the year
-
-
-
(9,744,709)
(9,744,709)
Issue of ordinary shares (refer to note 15)
-
-
-
-
-
Share issue costs
-
-
-
-
-
Share based payments (refer to note 16.1)
-
228,463
-
-
228,463
Balance at 30 June 2024
81,624,596
7,906,430
4,724
(82,318,515)
7,217,235
$
$
$
$
$
Balance at 1 July 2024
81,624,596
7,906,430
4,724
(82,318,515)
7,217,235
Loss for the year
-
-
-
(9,390,586)
(9,390,586)
Other comprehensive income for the year, net
of tax
-
-
-
-
-
Total comprehensive income/(loss) for the year
-
-
-
(9,390,586)
(9,390,586)
Issue of ordinary shares
8,416,875
-
-
-
8,416,875
Share issue costs
(522,264)
-
-
-
(522,264)
Share based payments (refer to note 16.1)
-
260,475
-
-
260,475
Balance at 30 June 2025
89,519,207
8,166,905
4,724
(91,709,101)
5,981,735
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
50
Cynata Therapeutics Annual Report 2024/2025
50
Consolidated statement of cash flows
for the year ended 30 June 2025
Year ended
30 June 2025
30 June 2024
Note
$
$
Cash flows from operating activities
Payments to suppliers and employees
(3,560,896)
(3,246,008)
Interest received
253,852
446,284
Research and development tax refund received
1,885,140
2,315,643
Other income (refund of office deposit)
-
21,960
Development costs paid
(7,298,431)
(9,498,440)
Net cash (used in) operating activities
21.1
(8,720,335)
(9,960,561)
Cash flows from investing activities
Payments to acquire intellectual property
(50,000)
-
Net cash (used in) investing activities
(50,000)
-
Cash flows from financing activities
Proceeds from issue of equity instruments of the Company
15
8,136,935
-
Payment for share issue costs
(522,264)
-
Net cash provided by financing activities
7,614,671
-
Net (decrease) in cash and cash equivalents
(1,155,664)
(9,960,561)
Cash and cash equivalents at the beginning of the year
6,205,418
16,167,356
Effects of exchange rate changes on the balance of cash held in foreign
currencies
(10)
(1,377)
Cash and cash equivalents at the end of the year
21
5,049,744
6,205,418
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
51
Financial Statements
52
Cynata Therapeutics Annual Report 2024/2025
52
1. General information
Statement of compliance
Cynata Therapeutics Limited (“the Company”) is a
listed public company incorporated in Australia. The
addresses of its registered office and principal place of
business are disclosed in the corporate directory to the
annual report.
The principal activities of the Company and its
controlled subsidiaries (“the Group”) are described in
the directors’ report.
These financial statements are general purpose
financial statements which have been prepared
in accordance with the Corporations Act 2001,
Accounting Standards and Interpretations and comply
with other requirements of the law.
The financial statements comprise the consolidated
financial statements of the Group. For the purposes of
preparing the consolidated financial statements, the
Company is a for-profit entity.
Accounting Standards include Australian Accounting
Standards. Compliance with Australian Accounting
Standards ensures that the financial statements and
notes of the Company and the Group comply with
International Financial Reporting Standards (‘IFRS’).
The financial statements were authorised for issue by
the directors on 28 August 2025.
2. Application of new and revised
Accounting Standards
2.1 Amendments to Accounting Standards and
new Interpretations that are mandatorily
effective for the current year
The Group has adopted all of the new and revised
Standards and Interpretations issued by the
Australian Accounting Standards Board (the AASB)
that are relevant to its operations and effective for an
accounting period that begins on or after 1 July 2024.
Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have not
been early adopted.
3. Material accounting policy
information
3.1 Basis of preparation
The consolidated financial statements have been
prepared on the basis of historical cost, except for
certain financial instruments that are measured at
revalued amounts or fair values at the end of each
reporting period, as explained in the accounting
policies below. Historical cost is generally based on
the fair values of the consideration given in exchange
for goods and services. All amounts are presented in
Australian dollars (“$”), unless otherwise noted.
Notes
Notes to the consolidated financial statements for the year
ended 30 June 2025
53
Notes
53
Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date, regardless of whether that price
is directly observable or estimated using another
valuation technique. In estimating the fair value of
an asset or liability, the Group takes into account
the characteristics of the asset or liability at the
measurement date. Fair value for measurement and/
or disclosure purposes in these consolidated financial
statements is determined on such a basis, except for
share-based payment transactions that are within
the scope of AASB 2 Share-based Payment, leasing
transactions that are within the scope of AASB 16
Leases, and measurements that have some similarities
to fair value but are not fair value, such as net
realisable value in AASB 102 Inventories or value in
use in AASB 136 Impairment of Assets.
In addition, for financial reporting purposes, fair value
measurements are categorised into Level 1, 2 or 3
based on the degree to which inputs to the fair value
measurements are observable and the significance of
the inputs to the fair value measurement in its entirety,
which are described as follows:
z
Level 1 inputs are quoted prices (unadjusted) in
active markets for identical assets or liabilities that
the entity can access at the measurement date;
z
Level 2 inputs are inputs, other than quoted prices
included in Level 1, that are observable for the
asset or liability, either directly or indirectly; and
z
Level 3 inputs are unobservable inputs for the
asset or liability.
Going concern
The financial report has been prepared on a going
concern basis, which contemplates the continuity of
normal business activity and the realisation of assets
and the settlement of liabilities in the ordinary course
of business.
As at 30 June 2025, the Group had net assets of
$5,981,735 (2024: $7,217,235) and positive working
capital of $4,132,831 (2024: $5,365,367) and in
the year then ended incurred a loss after tax of
$9,390,586 (2024: $9,744,709) and net operating cash
outflows of $8,720,335 (2024: $9,960,561). As at 30
June 2025, the Group had cash and cash equivalents
of $5,049,744 (2024: $6,205,418).
As the Group continues to develop and commercialise
its proprietary induced pluripotent stem cell (iPSC)-
based platform technology Cymerus™, the Group may
require additional working capital that may be funded
through cash flows from existing assets (e.g. corporate
partnerships) and/or additional capital raisings. The
directors consider the Group can manage its cash flow
to ensure sufficient funds are available to meet its
financial responsibilities. Based on this, the directors
consider it appropriate that the financial report be
prepared on a going concern basis.
In the event that the Group is unable to obtain
sufficient funding for on-going operational and capital
requirements, there is material uncertainty that may
cast significant doubt as to whether the Group will
continue as a going concern and therefore proceed
with realising its assets and discharging its liabilities in
the normal course of business at the amounts stated
in the financial report.
The ability of the Group to continue as a going concern
and meet its operational and other commitments is
dependent upon the Group developing its business,
commercialising its iPSC-based platform technology,
revenue growth and obtaining additional working
capital that may be funded through cash flows from
existing assets (e.g. corporate partnerships) and/
or additional capital raisings. The directors have
reviewed the business outlook and cashflow forecasts
and are the of opinion that the use of the going
concern basis of accounting is appropriate as they
believe the Group will continue to be successful in
doing so.
The consolidated financial statements do not include
any adjustments relating to the recoverability or
classification of recorded asset amounts or to the
amounts or classification of liabilities that may be
necessary should the Group not be able to continue as
a going concern.
54
Cynata Therapeutics Annual Report 2024/2025
54
3.2 Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and entities
controlled by the Company and its subsidiaries.
Control is achieved when the Company:
z
has power over the investee;
z
is exposed, or has rights, to variable returns from
its involvement with the investee; and
z
has the ability to use its power to affect its
returns.
The Company reassesses whether or not it controls an
investee if facts and circumstances indicate that there
are changes to one or more of the three elements of
control listed above.
Consolidation of a subsidiary begins when the
Company obtains control over the subsidiary and
ceases when the Company loses control of the
subsidiary. Specifically, income and expenses of a
subsidiary acquired or disposed of during the year
are included in the consolidated statement of profit or
loss and other comprehensive income from the date
the Company gains control until the date when the
Company ceases to control the subsidiary.
Profit or loss and each component of other
comprehensive income are attributed to the owners
of the Company and to the non-controlling interests.
Total comprehensive income of subsidiaries is
attributed to the owners of the Company and to the
non-controlling interests even if this results in the non-
controlling interests having a deficit balance.
When necessary, adjustments are made to the
financial statements of subsidiaries to bring their
accounting policies into line with the Group’s
accounting policies. All intragroup assets and
liabilities, equity, income, expenses and cash flows
relating to transactions between members of the
Group are eliminated in full on consolidation.
3.3 Business combinations
Acquisitions of businesses are accounted for using
the acquisition method. The consideration transferred
in a business combination is measured at fair value
which is calculated as the sum of the acquisition-
date fair values of assets transferred by the Group,
liabilities incurred by the Group to the former owners
of the acquiree and the equity instruments issued by
the Group in exchange for control of the acquiree.
Acquisition-related costs are recognised in profit or
loss as incurred.
At the acquisition date, the identifiable assets
acquired and the liabilities assumed are recognised at
their fair value, except that:
z
deferred tax assets or liabilities and assets
or liabilities related to employee benefit
arrangements are recognised and measured in
accordance with AASB 112 Income Taxes and
AASB 119 Employee Benefits respectively;
z
liabilities or equity instruments related to share-
based payment arrangements of the acquiree
or share-based payment arrangements of the
Group entered into to replace share-based
payment arrangements of the acquiree are
measured in accordance with AASB 2 Share-
based Payment at the acquisition date; and
z
assets (or disposal groups) that are classified as
held for sale in accordance with AASB 5 Non-
current Assets Held for Sale and Discontinued
Operations are measured in accordance with that
Standard.
Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value
of the acquirer’s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date
amounts of the identifiable assets acquired and the
liabilities assumed. If, after reassessment, the net of
the acquisition-date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum
of the consideration transferred, the amount of any
non-controlling interests in the acquiree and the fair
value of the acquirer’s previously held interest in the
acquiree (if any), the excess is recognised immediately
in profit or loss as a bargain purchase gain.
Non-controlling interests that are present ownership
interests and entitle their holders to a proportionate
share of the entity’s net assets in the event of
Material accounting policy information (cont’d)
55
Notes
55
liquidation may be initially measured either at fair
value or at the non-controlling interests’ proportionate
share of the recognised amounts of the acquiree’s
identifiable net assets. The choice of measurement
basis is made on a transaction-by-transaction basis.
Other types of non-controlling interests are measured
at fair value or, when applicable, on the basis specified
in another Standard.
Where the consideration transferred by the Group
in a business combination includes assets or
liabilities resulting from a contingent consideration
arrangement, the contingent consideration is
measured at its acquisition-date fair value. Changes
in the fair value of the contingent consideration
that qualify as measurement period adjustments
are adjusted retrospectively, with corresponding
adjustments against goodwill. Measurement
period adjustments are adjustments that arise
from additional information obtained during the
‘measurement period’ (which cannot exceed one
year from the acquisition date) about facts and
circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair
value of contingent consideration that do not qualify
as measurement period adjustments depends on
how the contingent consideration is classified.
Contingent consideration that is classified as equity
is not remeasured at subsequent reporting dates and
its subsequent settlement is accounted for within
equity. Contingent consideration that is classified
as an asset or liability is remeasured at subsequent
reporting dates in accordance with AASB 9 Financial
Instruments, or AASB 137 Provisions, Contingent
Liabilities and Contingent Assets as appropriate, with
the corresponding gain or loss being recognised in
profit or loss.
Where a business combination is achieved in
stages, the Group’s previously held equity interest
in the acquiree is remeasured to its acquisition date
fair value and the resulting gain or loss, if any, is
recognised in profit or loss. Amounts arising from
interests in the acquiree prior to the acquisition
date that have previously been recognised in other
comprehensive income are reclassified to profit or loss
where such treatment would be appropriate if that
interest were disposed of.
If the initial accounting for a business combination is
incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional
amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted
during the measurement period (see above), or
additional assets or liabilities are recognised, to
reflect new information obtained about facts and
circumstances that existed as of the acquisition date
that, if known, would have affected the amounts
recognised as of that date.
3.4 Goodwill
Goodwill arising on an acquisition of a business
is carried at cost as established at the date of the
acquisition of the business (see 3.3 above) less
accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is
allocated to each of the Groups’ cash-generating units
(or groups of cash-generating units) that is expected
to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit
may be impaired. If the recoverable amount of the
cash-generating unit is less than its carrying amount,
the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the unit
and then to the other assets of the unit pro rata based
on the carrying amount of each asset in the unit. Any
impairment loss for goodwill is recognised directly
in profit or loss. An impairment loss recognised for
goodwill is not reversed in subsequent periods. On
disposal of the relevant cash-generating unit, the
attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
3.5 Revenue recognition
The Group has applied AASB 15 Revenue from
Contracts with Customers using the cumulative
effective method. The Group does not have any
revenue from contracts with customers.
56
Cynata Therapeutics Annual Report 2024/2025
56
3.5.1 Interest income
Interest income from a financial asset is recognised
when it is probable that the economic benefits will
flow to the Group and the amount of revenue can be
measured reliably. Interest income is accrued on a
time basis, by reference to the principal outstanding
and at the effective interest rate applicable, which
is the rate that exactly discounts estimated future
cash receipts though the expected life of the financial
asset to that asset’s net carrying amount on initial
recognition.
3.5.2 Other income
Other income is generally income earned from
transactions outside the course of the Group’s ordinary
activities. Other income is recognised in profit or loss
when received.
3.6 Foreign currencies
The individual financial statements of each group
entity are presented in the currency of the primary
economic environment in which the entity operates
(its functional currency). For the purpose of the
consolidated financial statements, the results and
financial position of each group entity are expressed
in Australian dollars (“$”), which is the functional
currency of the Company and the presentation
currency for the consolidated financial statements.
In preparing the financial statements of each
individual group entity, transactions in currencies
other than the entity’s functional currency (foreign
currencies) are recognised at the rates of exchange
prevailing at the dates of the transactions. At the end
of each reporting period, monetary items denominated
in foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items 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. Non-monetary items
that are measured in terms of historical cost in a
foreign currency are not retranslated.
For the purpose of presenting these consolidated
financial statements, the assets and liabilities
of the Group’s foreign operations are translated
into Australian dollars using the exchange rates
prevailing at the end of the reporting period. Income
and expense items are translated at the average
exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in
which case the exchange rates at the dates of the
transactions are used. Exchange differences arising,
if any, are recognised in other comprehensive income
and accumulated in equity (and attributed to non-
controlling interests as appropriate).
Goodwill and fair value adjustments to identifiable
assets acquired and liabilities assumed through
acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated
at the rate of exchange prevailing at the end of each
reporting period. Exchange differences arising are
recognised in other comprehensive income.
3.7 Government grants
Government grants are not recognised until there is
reasonable assurance that the Group will comply with
the conditions attaching to them and that the grants
will be received.
Government grants are recognised in profit or loss on
a systematic basis over the periods in which the Group
recognises as expenses the related costs for which
the grants are intended to compensate. Specifically,
government grants whose primary condition is that
the Group should purchase, construct or otherwise
acquire non-current assets are recognised as
deferred revenue in the consolidated statement of
financial position and transferred to profit or loss on a
systematic and rational basis over the useful lives of
the related assets.
Government grants that are receivable as
compensation for expenses or losses already incurred
or for the purpose of giving immediate financial
support to the Group with no future related costs are
recognised in profit or loss in the period in which they
become receivable.
Material accounting policy information (cont’d)
57
Notes
57
3.8 Employee benefits
Short-term and long-term employee benefits
A liability is recognised for benefits accrued to
employees in respect of wages and salaries and
annual leave when it is probable that settlement will
be required and they are capable of being measured
reliably.
Liabilities recognised in respect of short-term
employee benefits are measured at their nominal
values using the remuneration rate expected to apply
at the time of settlement.
Liabilities recognised in respect of long-term employee
benefits are measured as the present value of the
estimated future cash outflows to be made by the
Group in respect of services provided by employees up
to reporting date.
3.9 Share-based payment arrangements
Equity-settled share-based payments to employees
and others providing similar services are measured at
the fair value of the equity instruments at the grant
date. Details regarding the determination of the fair
value of equity-settled share-based transactions are
set out in note 18.
The fair value determined at the grant date of the
equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based
on the Group’s estimate of equity instruments that
will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the
Group revises its estimate of the number of equity
instruments expected to vest. The impact of the
revision of the original estimates, if any, is recognised
in profit or loss such that the cumulative expense
reflects the revised estimate, with a corresponding
adjustment to the equity-settled employee benefits
reserve.
Equity-settled share-based payment transactions with
parties other than employees are measured at the fair
value of the goods or services received, except where
that fair value cannot be estimated reliably, in which
case they are measured at the fair value of the equity
instruments granted, measured at the date the entity
obtains the goods or the counterparty renders the
service.
For cash-settled share-based payments, liability
is recognised for the goods or services acquired,
measured initially at the fair value of the liability. At
the end of each reporting period until the liability is
settled, and at the date of settlement, the fair value
of the liability is remeasured, with any changes in fair
value recognised in profit or loss for the year.
3.10 Taxation
Income tax expense represents the sum of the tax
currently payable and deferred tax.
3.10.1 Current tax
The tax currently payable is based on taxable profit for
the year. Taxable profit differs from profit before tax as
reported in the consolidated statement of profit or loss
and other comprehensive income because of items
of income or expense that are taxable or deductible
in other years and items that are never taxable or
deductible. The Group’s current tax is calculated using
the tax rates that have been enacted or substantively
enacted by the end of the reporting period.
R&D rebates are accounted for on a cash basis and
included under other income.
3.10.2 Deferred tax
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the consolidated financial statements and the
corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that
it is probable that taxable profits will be available
against which those deductible temporary differences
can be utilised. Such deferred tax assets and liabilities
are not recognised if the temporary difference arises
from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction
that affects neither the taxable profit nor the
58
Cynata Therapeutics Annual Report 2024/2025
58
accounting profit. In addition, deferred tax liabilities
are not recognised if the temporary difference arises
from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable
temporary differences associated with investments
in subsidiaries and associates, and interests in joint
ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the
foreseeable future. Deferred tax assets arising from
deductible temporary differences associated with such
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.
The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all
or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the
reporting period. The measurement of deferred tax
liabilities and assets reflects the tax consequences
that would follow from the manner in which the
Group expects, at the end of the reporting period, to
recover or settle the carrying amount of its assets and
liabilities.
Deferred tax liabilities and assets are offset when
there is a legally enforceable right to set off current
tax assets against current tax liabilities and when they
relate to income taxes levied by the same authority
and the Group intends to settle its current tax assets
and liabilities on a net basis.
3.10.3 Current and deferred tax for the year
Current and deferred tax are recognised in profit
or loss, except when they relate to items that are
recognised in other comprehensive income or directly
in equity, in which case the current and deferred tax
are also recognised in other comprehensive income
or directly in equity, respectively. Where current tax
or deferred tax arises from the initial accounting for a
business combination, the tax effect is included in the
accounting for the business combination.
3.11 Intangible assets
3.11.1 Intangible assets acquired in a business
combination
Intangible assets acquired in a business combination
and recognised separately from goodwill are initially
recognised at their fair value at the acquisition date
(which is regarded as their cost).
Intangibles have been identified as all granted patents
and patent applications. They have a finite useful life
and are carried at cost less accumulated amortisation.
Amortisation is calculated using the straight-line
method over the expected life of the assets, which is
no more than 20 years.
3.11.2 Intangible assets acquired separately
Intangible assets with finite useful lives that
are acquired separately are carried at cost less
accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives
which is no more than 20 years. The estimated
useful life and amortisation method are reviewed at
the end of each reporting period, with the effect of
any changes in estimate being accounted for on a
prospective basis.
3.11.3 Derecognition of intangible assets
An intangible asset is derecognised on disposal,
or when no future economic benefits are expected
from use or disposal. Gains or losses arising from
derecognition of an intangible asset, measured as the
difference between the net disposal proceeds and the
carrying amount of the asset are recognised in profit
or loss when the asset is derecognised.
Material accounting policy information (cont’d)
59
Notes
59
3.12 Impairment of tangible and intangible assets
other than goodwill
At the end of each reporting period, the Group 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). When it is not possible
to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of
the cash-generating unit to which the asset belongs.
When a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated
to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation
basis can be identified.
Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested
for impairment at least annually, and whenever there
is an indication that the asset may be impaired.
Recoverable amount is the higher of fair values 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 risks specific to the asset for which
the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the
asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised
immediately in profit or loss, unless the relevant asset
is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease.
When an impairment loss subsequently reverses, the
carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of its recoverable
amount, but so 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 (or cash-generating unit)
in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss, unless the
relevant asset is carried at a revalued amount, in
which case the reversal of the impairment loss is
treated as a revaluation increase.
3.13 Provisions
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result
of a past event, it is probable that the Group will
be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation. When 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 (where the effect of the time
value of money is material).
When some or all of the economic benefits required to
settle a provision are expected to be recovered from a
third party, a receivable is recognised as an asset if it
is virtually certain that reimbursement will be received
and the amount of the receivable can be measured
reliably.
3.14 Financial instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised
when the Group becomes a party to the contractual
provisions of the financial instrument. Financial
instruments (except for trade receivables) are
measured initially at fair value adjusted by transaction
costs, except for those carried at ‘fair value through
profit or loss’, in which case transaction costs are
expensed to profit or loss. Where available, quoted
prices in an active market are used to determine the
fair value. In other circumstances, valuation techniques
are adopted. Subsequent measurement of financial
assets and financial liabilities are described below.
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Trade receivables are initially measured at the
transaction price if the receivables do not contain a
significant financing component in accordance with
AASB 15.
Financial assets are derecognised when the
contractual rights to the cash flows from the
financial asset expire, or when the financial asset
and all substantial risks and rewards are transferred.
A financial liability is derecognised when it is
extinguished, discharged, cancelled or expired.
Classification and measurement
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).
For the purpose of subsequent measurement, financial
assets other than those designated and effective as
hedging instruments are classified into the following
categories upon initial recognition:
z
amortised cost;
z
fair value through other comprehensive income
(FVOCI); and
z
fair value through profit or loss (FVPL).
Classifications are determined by both:
z
the contractual cash flow characteristics of the
financial assets; and
z
the Group’s business model for managing the
financial asset.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the
assets meet with the following conditions (and are not
designated as FVPL);
z
they are held within a business model whose
objective is to hold the financial assets and
collect its contractual cash flows; and
z
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.
Financial assets at fair value through other
comprehensive income (Equity instruments)
The Group measures debt instruments at fair value
through OCI if both of the following conditions are met:
z
the contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding; and
z
the financial asset is held within a business
model with the objective of both holding to collect
contractual cash flows and selling the financial
asset.
For debt instruments at fair value through OCI, interest
income, foreign exchange revaluation and impairment
losses or reversals are recognised in the statement of
profit or loss and computed in the same manner as
for financial assets measured at amortised cost. The
remaining fair value changes are recognised in OCI.
Upon initial recognition, the Group can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
when they meet the definition of equity under AASB
132 Financial Instruments: Presentation and are not
held for trading.
Financial assets at fair value through profit or loss
(FVPL)
Financial assets at fair value through profit or loss
include financial assets held for trading, financial
assets designated upon initial recognition at fair value
through profit or loss or financial assets mandatorily
required to be measured at fair value. Financial assets
are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near
term.
Material accounting policy information (cont’d)
61
Notes
61
FINANCIAL LIABILITIES
Financial liabilities
Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit or
loss, loans and borrowings, payables or as derivatives
designated as hedging instruments in an effective
hedge, as appropriate.
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.
All interest-related charges and, if applicable, gains
and losses arising on changes in fair value are
recognised in profit or loss.
IMPAIRMENT
The Group assesses on a forward-looking basis
the expected credit loss associated with its debt
instruments carried at amortised cost and FVOCI. The
impairment methodology applied depends on whether
there has been a significant increase in credit risk. For
trade receivables, the Group applies the simplified
approach permitted by AASB 9, which requires
expected lifetime losses to be recognised from initial
recognition of the receivables.
3.15 Leases
The Group as a lessee
At inception of a contract, the Group assesses if the
contract contains characteristics of or is a lease. If
there is a lease present, a right-of-use asset and a
corresponding liability are recognised by the Group
where the Group is a lessee. However, all contracts
that are classified as short-term leases (i.e., leases
with a remaining lease term of 12 months or less)
and leases of low-value assets are recognised as an
operating expense on a straight-line basis over the
term of the lease.
Initially, the lease liability is measured at the present
value of the lease payments still to be paid at the
commencement date. The lease payments are
discounted at the interest rate implicit in the lease. If
this rate cannot be readily determined, the Group uses
incremental borrowing rate.
Lease payments included in the measurement of the
lease liability are as follows:
z
fixed lease payments less any lease incentives;
z
variable lease payments that depend on the
index of the rate, initially measured using the
index or rate at the commencement date;
z
the amount expected to be payable by the lessee
under residual value guarantees;
z
the exercise price of purchase options if the lessee
if reasonably certain to exercise the options;
z
lease payments under extension profits, if the
lessee is reasonably certain to exercise the
options; and
z
payments of penalties for terminating the lease,
if the lease term reflects the exercise of options to
terminate the lease.
The right-of-use assets comprise the initial
measurement of the corresponding lease liability, any
lease payments made at or before the commencement
date and initial direct costs. The subsequent
measurement of the right-of-use asset is at cost less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease
term or useful life of the underlying asset, whichever is
the shortest.
Where a lease transfers ownership of the underlying
asset or the costs of the right-of-use asset reflects
that the Group anticipates exercising a purchase
option, the specific asset is depreciated over the useful
life of the underlying asset.
The Group does not currently have any leases that
would require recognition of a right-of-use asset in the
current reporting period.
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62
3.16 Comparative amounts
When current period balances have been classified
differently within current period disclosures when
compared to prior periods, comparative disclosures
have been restated to ensure consistency of
presentation between periods.
4. Critical accounting judgements
and key sources of estimation
uncertainty
In the application of the Group’s accounting policies,
which are described in note 3, the directors of the
Company are required to make judgements, estimates
and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent
from other sources. The estimates and associated
assumptions are based on historical experience and
other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period on which the
estimate is revised if the revision affects only that
period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
4.1 Key sources of estimation uncertainty
4.1.1 Recoverability of intangible assets acquired in
a business combination and acquired separately
During the year, the directors reconsidered the
recoverability of the Group’s intangible assets arising
from the acquisition of Cynata Incorporated as well
as the intellectual property rights acquired from
TekCyte Limited in July 2024, which is included in the
consolidated statement of financial position at 30
June 2025 with a carrying value of $1,848,904 (2024:
$1,851,868) after accounting for amortisation.
The directors have allocated the carrying value
of the intangibles (before amortisation) to the
different categories of the research based on their
estimates. The resulting allocation has given rise to
an amortisation expense of $2,282,964 for the year
ended 30 June 2025 (2024: $280,732).
The directors performed an assessment of impairment
indicators and concluded that no impairment of the
intangible assets is required for the year (2024: nil).
4.1.2 Share-based payment transactions
The Group accounts for all equity-settled share-
based payments based on the fair value of the
award on grant date. Under the fair value-based
method, compensation cost attributable to options
granted is measured at fair value at the grant date
and amortised over the vesting period. The amount
recognised as an expense is adjusted to reflect any
changes in the Group’s estimate of the options that
will eventually vest and the effect of any non-market
vesting conditions.
Share-based payment arrangements in which the
Group receives good or services as consideration
are measured at the fair value of the good or service
received, unless that fair value cannot be reliably
estimated.
5. Segment information
The Group operates in one business segment, namely
the development and commercialisation of therapeutic
products. For management purposes, the Group is
organised into one main operating segment which
involves the development and commercialisation
of therapeutic products. All of the Group’s activities
are interrelated and discrete financial information
is reported to the Board (Chief Operating Decision
Maker) as a single segment.
Accordingly, all significant operating decisions are
based upon analysis of the Group as one segment.
The financial results from this segment are equivalent
to the financial statements of the Group as a whole.
63
Notes
63
6. Interest income and other income
2025
2024
Interest income
$
$
Interest income
227,699
417,710
2025
2024
Other income
$
$
R&D rebate
1,885,140
2,315,643
7. Product development costs
2025
2024
$
$
Research and development expenses
6,565,975
8,156,550
Consultants
362,913
354,742
Travel and accommodation expenses
284,002
119,091
License fees
137,774
23,398
Patent costs
47,340
27,583
7,398,004
8,681,364
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Cynata Therapeutics Annual Report 2024/2025
64
8. Loss for the year
2025
2024
$
$
Loss for the year has been arrived at after charging the following items of expenses:
Employee benefits expenses
Wages and salaries
1,848,717
1,689,277
Superannuation expenses
164,349
143,450
Leave entitlements
54,694
100,280
Total employee benefits expenses (i)
2,067,760
1,933,007
Share-based payment expenses
260,415
228,463
Other expenses
Share registry fees
43,370
26,741
Directors’ fees
309,331
319,410
Legal costs
329,043
336,438
Investor/public relations
101,014
80,666
Corporate advisors
42,600
15,000
Other administrative expenses
661,521
643,991
Effect of foreign exchange
7,403
(67,750)
Total other expenses
1,494,282
1,354,496
(i)
Excludes amounts charged to product development costs.
65
Notes
65
9. Income taxes relating to continuing operations
9.1 Income tax recognised in profit or loss
2025
2024
$
$
Current tax
-
-
Deferred tax
-
-
-
-
The income tax expense for the year can be reconciled to the accounting
loss as follows:
2025
2024
$
$
Loss before tax from continuing operations
(9,390,586)
(9,744,709)
Income tax expense calculated at 25% (2024: 25%)
(2,347,646)
(2,436,177)
Tax effect of R&D rebate received
(471,285)
(578,911)
Effect of expenses that are not deductible in determining taxable income
1,972,966
2,189,948
Effect of unused tax losses not recognised as deferred tax assets
845,965
825,140
-
-
The tax rate used for the 2025 reconciliations above is the corporate tax rate of 25% (2024: 25%) payable by
Australian corporate entities on taxable profits under Australian tax law.
9.2 Income tax recognised directly in equity
2025
2024
$
$
Current tax
Share issue costs
-
-
Deferred tax
Arising on transactions with owners:
Share issue costs deductible over 5 years
-
-
-
-
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66
9.3 Unrecognised deferred tax assets in relation to:
2025
2024
$
$
Unused tax losses (revenue) for which no deferred tax assets
have been recognised (i)
13,601,065
11,537,359
Other
174,655
151,712
13,775,690
11,689,071
9.4 Unrecognised deferred tax (liabilities) in relation to:
2025
2024
$
$
Intangibles
(462,226)
(462,967)
Other
(55,485)
(67,824)
(517,711)
(530,791)
Net deferred tax assets
13,257,979
11,158,280
(i)
All unused tax losses were incurred by Australian
entities. The figure also includes unused carried
forward tax losses of Cynata Australia Pty Ltd (“Cynata
Australia”). Cynata Australia is the wholly owned
subsidiary of Cynata Inc and Cynata Inc is the wholly
owned subsidiary of Cynata Therapeutics Limited.
This benefit for tax losses will only be obtained if
the specific entity carrying forward the tax losses
derives future assessable income of a nature and
of an amount sufficient to enable the benefit from
the deductions for the losses to be realised, and the
Company complies with the conditions for deductibility
imposed by tax legislation.
10. Loss per share
2025
2024
¢ / share
¢ / share
Basic and diluted loss per share
(4.58)
(5.42)
10.1 Basic and diluted loss per share
The loss and weighted average number of ordinary shares used in the calculation of basic earnings per share are
as follows:
2025
2024
$
$
Loss for the year attributable to owners of the Company
(9,390,586)
(9,744,709)
2025
2024
$
$
Weighted average number of ordinary shares for the purposes of calculating basic
and diluted loss per share
204,950,877
179,631,786
Income taxes relating to continuing operations (cont’d)
67
Notes
67
11. Trade and other receivables
2025
2024
$
$
Deposits made
3,568
3,568
Other receivables
101,082
109,616
104,650
113,184
At the reporting date, none of the receivables were past due/impaired. There are no expected credit losses.
12. Intangibles
2025
2024
$
$
Carrying value at beginning of year (i)
1,851,868
2,132,600
Additions (ii)
280,000
-
Amortisation (iii)
(282,964)
(280,732)
Net book value of research and development at end of year
1,848,904
1,851,868
(i)
The carrying value at beginning of year represents
the fair value attributable to interests in research and
development of stem cells is due to, and in recognition
of, the successful development activities and data
generated by Cynata Incorporated as at the acquisition
date (1 December 2013), representing progress
toward the eventual commercialisation of the relevant
technology less accumulated amortisation.
(ii) On 31 July 2024, Cynata issued 916,335 fully paid
ordinary shares at a price of $0.251 each for a value
of $230,000 to acquire wound dressing technology
developed by TekCyte Limited. This technology is a core
component of Cynata’s Cymerus iPSC-derived MSC
topical wound dressing product candidate, CYP-006TK.
Cynata also paid $50,000 cash in addition to the issue of
the shares, as a milestone payment in accordance with
the licence agreement signed in July 2021.
(ii) An amortisation expense of $282,964 has been
recognised in profit or loss (2024: $280,732). Refer
to note 3.12 for more information on the Group’s
accounting policy on intangibles and amortisation.
Cost
2025
2024
$
$
Balance at 1 July
4,821,799
4,821,799
Additions (refer to note 12 above)
280,000
-
Disposals
-
-
Balance at 30 June
5,101,799
4,821,799
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68
Accumulated amortisation
2025
2024
$
$
Balance at 1 July
2,969,931
2,689,199
Amortisation expense
282,964
280,732
Balance at 30 June
3,252,895
2,969,931
13. Trade and other payables
2025
2024
$
$
Trade payables
393,895
431,893
Accrued expenses
547,163
518,734
941,058
950,627
14. Provisions
2025
2024
$
$
Provisions for employee entitlements
275,123
220,428
15. Issued capital
2025
2024
$
$
225,954,369 fully paid ordinary shares (2024: 179,631,786)
89,519,207
81,624,596
Fully paid ordinary shares
30 June 2025
30 June 2024
No.
$
No.
$
Balance at beginning of year
179,631,786
81,624,596
179,631,786
81,624,596
Issue of shares (i)
3,150
945
-
-
Issue of shares (ii)
916,335
230,000
-
-
Issue of shares (iii)
125,000
25,000
-
-
Issue of shares (iv)
125,000
25,000
-
-
Placement (v)
44,444,445
8,000,000
-
-
Issue of shares (vi)
638,886
115,000
-
-
Issue of shares (vii)
69,767
20,930
-
-
Share issue costs
-
(522,264)
-
-
Balance at end of the year
225,954,369
89,519,207
179,631,786
81,624,596
Intangibles (cont’d)
69
Notes
69
(i)
Exercise of listed 1 April 2025 options at $0.30 each on
19 July 2024.
(ii) Issue of shares on 31 July 2024 pursuant to a Deed of
Assignment of Intellectual Property Rights. Refer to note
12 for more information.
(iii) Issue of shares on 2 September 2024 in consideration for
the first instalment for the provision of investor relations
services.
(iv) Issue of shares on 8 November 2024 in consideration for
the first instalment for the provision of investor relations
services.
(v) Issue of shares on 16 December 2024 pursuant to an
Institutional Placement at $0.18 per share.
(vi) Issue of Director shares on 23 January 2025 pursuant to
a participation of Directors in the Institutional Placement
at $0.18 per share.
(vii) Exercise of listed 1 April 2025 options at $0.30 each on
20 February 2025.
16. Reserves
16.1 Share-based payments
2025
2024
$
$
Balance at beginning of year
7,906,430
7,677,967
Recognition of share-based payments (i)
260,415
228,463
Issue of unlisted options (ii)
60
-
Balance at end of year
8,166,905
7,906,430
(i)
Total expenses arising from share-based payment
transactions as a result of vesting of unlisted options
to executives, employees and contractors recognised
during the year ended 30 June 2025 was $260,415
(2024: $228,463).
(ii) Cash received from the issue of 6,000,000 unlisted
options at $0.00001 per option to the lead broker of
the Institutional Placement pursuant to a Corporate
Advisory Mandate.
Further information about share-based payments is set out in note 18.
16.2 Foreign currency translation reserve
2025
2024
$
$
Balance at beginning of year
4,724
4,724
Exchange differences arising on translating the foreign operations
-
-
Balance at end of year
4,724
4,724
Exchange differences relating to the translation
of results and net assets of the Group’s foreign
operations from their functional currencies to the
Group’s presentation currency (i.e., Australian dollars)
are recognised directly in other comprehensive income
and accumulated in the foreign currency translation
reserve.
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70
17. Financial instruments
17.1 Capital management
The Group’s objective when managing capital is to
safeguard its ability to continue as a going concern so
that it can continue to provide returns for shareholders
and benefits to other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid, return
capital to shareholders, issue new shares or sell assets
to reduce debt.
Given the nature of the business, the Group monitors
capital on the basis of current business operations and
cash flow requirements. There were no changes in the
Group’s approach to capital management during the
year.
17.2 Categories of financial instruments
2025
2024
$
$
Financial assets
Cash and cash equivalents
5,049,744
6,205,418
Trade and other receivables
104,650
113,184
5,154,394
6,318,602
Financial liabilities
Trade and other payables
941,058
950,627
941,058
950,627
Net financial assets
4,213,336
5,367,975
The fair value of the above financial instruments approximates their carrying values.
17.3 Financial risk management objectives
In common with all other businesses, the Group is
exposed to risks that arise from its use of financial
instruments. This note describes the Group’s
objectives, policies and processes for managing those
risks and the methods used to measure them. Further
quantitative information in respect of those risks is
presented throughout these financial statements.
There have been no substantive changes in the
Group’s exposure to financial instrument risks, its
objectives, policies and processes for managing those
risks or the methods used to measure them from
previous periods unless otherwise stated in this note.
The board has overall responsibility for the
determination of the Group’s risk management
objectives and policies and, whilst retaining ultimate
responsibility for them, it has delegated the authority
for designing and operating processes that ensure
the effective implementation of the objectives and
policies to the Group’s finance function. The Group’s
risk management policies and objectives are therefore
designed to minimise the potential impacts of these
risks on the Group where such impacts may be
material. The board receives monthly financial reports
through which it reviews the effectiveness of the
processes put in place and the appropriateness of the
objectives and policies it sets. The overall objective of
the board is to set policies that seek to reduce risk as
far as possible without unduly affecting the Group’s
competitiveness and flexibility.
71
Notes
71
17.4 Market risk
Market risk for the Group arises from the use of
interest-bearing financial instruments. It is the risk
that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in
interest rate (see 17.5 below).
17.5 Interest rate risk management
Interest rate risk arises on cash and cash equivalents
and receivables from related parties. The Group does
not enter into any derivative instruments to mitigate
this risk. As this is not considered a significant risk for
the Group, no policies are in place to formally mitigate
this risk.
Interest rate sensitivity analysis
The sensitivity analyses below have been determined
based on the exposure to interest rates for both
derivatives and non-derivative instruments at the end
on the reporting period.
If interest rates had been 100 basis points higher/
lower and all other variables were held constant, the
Group’s loss for the year ended 30 June 2025 would
(decrease)/increase by $50,497 (2024: $62,054)
17.6 Foreign currency risk management
The Group undertakes transactions denominated
in foreign currencies; consequently, exposures to
exchange rate fluctuations arise. At 30 June 2025,
the Company had cash denominated in US dollars
US$349 (2024: US$211,770). The A$ equivalent at 30
June 2025 is $533 (2024: $317,651). A 5% movement
in foreign exchange rates would increase or (decrease)
the Group’s loss before tax by approximately $27
(2024: $15,833). Exchange rate exposures are
managed within approved policy parameters utilising
forward foreign exchange contracts. As at 30 June
2025, the Group has not entered in any forward
foreign exchange contracts.
17.7 Credit risk management
Credit risk refers to the risk that a counterparty will
default on its contractual obligations resulting in
financial loss to the Group. The Group has adopted
a policy of dealing with creditworthy counterparties
and obtaining sufficient collateral, where appropriate,
as a means of mitigating the risk of financial loss
from defaults. The Group only transacts with
entities that are rated the equivalent of investment
grade and above. This information is supplied by
independent rating agencies where available and, if
not available, the Group uses other publicly available
financial information and its own trading records
to rate its major customers. The Group’s exposure
and the credit ratings of its counterparties are
continuously monitored and the aggregate value of
transactions concluded is spread amongst approved
counterparties.
The credit risk on liquid funds is limited because the
counterparties are banks with high credit-ratings
assigned by international credit-rating agencies.
17.8 Liquidity risk management
Ultimate responsibility for liquidity risk management
rests with the board of directors, which has
established an appropriate liquidity risk management
framework for the management of the Group’s
short-, medium- and long-term funding and liquidity
management requirements. The Group manages
liquidity by maintaining adequate banking facilities,
by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of
financial assets and liabilities.
72
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72
Contractual cash flows
Carrying
Amount
Less than 1
month
1-3 months
3-12
months
1 year to 5
years
Total
contractual
cash flows
$
$
$
$
$
$
2025
Trade and other payables
941,058
941,058
-
-
-
941,058
2024
Trade and other payables
950,627
950,627
-
-
-
950,627
18. Share-based payments
Options may be issued to external consultants or non-
related parties without shareholders’ approval, where
the annual 15% capacity pursuant to ASX Listing Rule
7.1 has not been exceeded. Options cannot be offered
to a director or an associate of a director except where
approval is given by shareholders at a general meeting.
Each option converts into one ordinary share of Cynata
Therapeutics Limited on exercise. The options carry
neither right to dividends nor voting rights. Options may
be exercised at any time from the date of vesting to the
date of their expiry.
The following share-based payment arrangements
were in existence at balance date (30 June 2025):
Option series
Number
Grant date
Grant date
fair value
Exercise price
Expiry date
Vesting date
CYPAB (i)
4,500,000
24 Nov 2020
$0.493
$0.970
29 Nov 2025
Vested
CYPAD (ii)
1,000,000
11 Oct 2021
$0.156
$0.89
11 Oct 2025
Various
CYPAR (iii)
300,000
22 Nov 2022
$0.135
$0.51
23 Nov 2027
Various
CYPAS (iv)
2,033,333
30 Jun 2023
$0.075
$0.176
30 Jun 2028
Various
CYPAE (v)
1,910,000
13 Nov 2023
$0.079
$0.185
20 Nov 2028
Various
CYPAF (vi)
975,000
16 Jan 2024
$0.084
$0.195
16 Jan 2029
Various
CYPAT (vii)
1,800,000
17 Apr 2024
$0.144
$0.290
17 Apr 2029
Various
CYPAU (viii)
1,000,000
13 Sep 2024
$0.190
$0.280
12 Sep 2028
Various
CYPAG (ix)
1,000,000
1 Oct 2024
n/a
$0.300
2 Apr 2026
Vested
CYPAH (ix)
1,000,000
1 Oct 2024
n/a
$0.400
2 Apr 2026
Vested
CYPAL (ix)
1,000,000
1 Oct 2024
n/a
$0.500
2 Apr 2026
Vested
CYPAV (x)
500,000
10 Jun 2025
n/a
$0.400
10 Sep 2026
Vested
CYPAW (x)
750,000
10 Jun 2025
n/a
$0.500
10 Sep 2026
Vested
CYPAX (x)
1,750,000
10 Jun 2025
n/a
$0.600
10 Sep 2026
Vested
(i)
Unlisted options issued to Directors and former Directors
pursuant to an Employee Option Acquisition Plan.
(ii) Unlisted options issued to Dr Airey pursuant to an
Employee Option Acquisition Plan.
(iii) Unlisted options issued to Ms Rolfe pursuant to the
terms of her appointment as non-executive director.
(iv) Unlisted options issued to Dr Kelly (2,000,000) pursuant
to the terms of his appointment as Managing Director &
CEO and to a former Director.
Financial instruments (cont’d)
73
Notes
73
(v) Unlisted options issued to Dr Brooke (500,000), Dr Kelly
(750,000), Dr Maher (220,000), Ms Rolfe (220,000)
and Dr Wotton (220,000) to ensure alignment with
shareholders’ interests and to maximise Company value.
(vi) Unlisted options issued to Dr Airey (500,000), Mr Webse
(125,000) and other employees of the Company (350,000)
pursuant to an Employee Option Acquisition Plan.
(vii) Unlisted options issued to Dr Kroll pursuant to an
Employee Option Acquisition Plan.
(viii) Unlisted options issued to an external consultant under
Cynata Equity Incentive Plan in lieu of payment of fees.
(ix) Unlisted options issued to the lead broker of the
Institutional Placement pursuant to a Corporate
Advisory Mandate. These options were issued for
$0.00001 per option and the Company received $30
cash consideration.
(x) Unlisted options issued to the lead broker of the
Institutional Placement pursuant to a Corporate
Advisory Mandate. These options were issued for
$0.00001 per option and the Company received $30
cash consideration.
There has been no alteration to the terms and
conditions of the above options arrangements since
the grant date.
18.1 Fair value of share options
Options were priced using the Black-Scholes pricing
model. Expected volatility is based on the historical
share price volatility over the past 12 months from
grant date.
Unlisted options issued to the lead broker (ix) and
(x) have been recorded using the cash consideration
received. A Black-Scholes pricing model has been
used as a comparison under AASB2 which include the
following inputs (a) Exercise price $0.40, $0.50 & $0.60
(b) Grant date fair value $0.215 & $0.172, (c) Volatility
70% (d) Risk-free rate 3.27%. The fair value using B&S
for the options issued was not considered materially
different to the cash consideration received.
Where relevant, the fair value of the options has been
adjusted based on management’s best estimate for
the effects of non-transferability of the options.
The weighted average exercise price of options
granted during the year is $0.444 (2024: $0.227).
The inputs to the Black-Scholes pricing model were as
follows:
Inputs
CYPAU
Number of options
1,000,000
Grant date
13 Sept 2024
Grant date fair value
$0.19
Exercise price
$0.28
Expected volatility
93%
Implied option life (years)
4.0
Expected dividend yield
n/a
Risk-free rate
3.50%
74
Cynata Therapeutics Annual Report 2024/2025
74
18.2 Movements in share options during the year
The following reconciles the share options outstanding at the beginning and end of the year:
2025
2024
Number of
options
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
No.
$
No.
$
Balance at beginning of the year
31,895,970
0.423
27,777,637
0.471
Granted during the year
7,000,000
0.444
4,685,000
0.227
Forfeited during the year
-
-
-
-
Exercised during the year
(72,917)
0.300
-
-
Expired during the year
(19,304,720)
0.343
(566,667)
1.200
Balance at end of year
19,518,333
0.509
31,895,970
0.423
Exercisable at end of year
7,332,826
0.856
7,648,960
0.990
18.3 Share options exercised during the year
The following share options were exercised during the year (2024: nil):
Option series
Number exercised
Exercise date
Share price at exercise date
CYPOA
3,150
19 Jul 2024
$0.26
CYPOA
69,767
20 Feb 2025
$0.24
18.4 Share options outstanding at the end of the year
Share options outstanding at the end of the year
had a weighted average exercise price of $0.509
(2024: $0.423) and a weighted average remaining
contractual life of 651 days (2024: 597 days).
Share-based payments (cont’d)
75
Notes
75
19. Key management personnel
The aggregate compensation made to directors and other members of key management personnel of the Group
is set out below:
2025
2024
$
$
Short-term employee benefits
1,497,663
1,151,231
Post-employment benefits
91,404
122,948
Share-based payments
212,464
172,114
1,801,531
1,446,293
Short-term employee benefits
These amounts include fees paid to non-executive
directors, accrued bonuses, salary and paid leave
benefits awarded to executive directors and key
management personnel and fees paid to entities
controlled by the directors.
Post-employment benefits
These amounts are superannuation contributions
made during the year.
Share-based payments
These amounts represent the expense related to the
participation of key management personnel in equity
-settled benefit schemes as measured by the fair value
of the options granted on grant date.
Further information in relation to key management
personnel remuneration can be found in the
remuneration report contained in the directors’ report.
20. Related party transactions
20.1 Entities under the control of the Group
The Group consists of the parent entity, Cynata
Therapeutics Limited and its wholly-owned Ireland-
based subsidiary Cynata Therapeutics Ireland Limited
and US-based subsidiary Cynata Incorporated, which
in turns controls 100% of Cynata Australia Pty Ltd, the
non-operating entity of Cynata Incorporated.
Balances and transactions between the parent entity
and its subsidiaries, which are related parties of the
entity, have been eliminated on consolidation and are
not disclosed in this note.
20.2 Key management personnel
Any person(s) having authority and responsibility for
planning, directing and controlling the activities of
the entity, directly or indirectly, including any director
(whether executive or otherwise) of that entity, are
considered key management personnel.
For details of disclosures relating to key management
personnel, refer to the remuneration report contained
in the directors’ report, note 18 and note 19.
Transactions with related parties are on normal
commercial terms and conditions no more favourable
than those available to other parties unless otherwise
stated.
76
Cynata Therapeutics Annual Report 2024/2025
76
21. Cash and cash equivalents
Cash and cash equivalents at the end of the reporting
period as shown in the consolidated statement of
cash flows can be reconciled to the related items in
the consolidated statement of financial position as
follows:
2025
2024
$
$
Cash and bank balances
5,049,744
6,205,418
21.1 Reconciliation of loss for the year to net cash flows from operating activities
2025
2024
$
$
Cash flow from operating activities
Loss for the year
(9,390,586)
(9,744,709)
Adjustments for:
Share-based payments
260,415
228,463
Amortisation expenses
282,964
280,732
Effects of exchange rate changes
10
1,377
Movements in working capital
Decrease in trade and other receivables and prepayments
31,735
362,807
Increase/(decrease) in trade and other payables
40,432
(1,116,766)
Increase in annual leave provisions
54,695
27,535
Net cash outflows from operating activities
(8,720,335)
(9,960,561)
22. Contingent liabilities and contingent assets
The directors are not aware of any significant
contingencies at balance date other than a
requirement for the payment of royalties pursuant to
certain license agreements should future revenues
exceed predetermined thresholds.
77
Notes
77
23. Commitments for expenditure
The Group has entered into several agreements
related to research and development activities. As at
30 June 2025, under these agreements, the Company
is committed to making payments over future periods,
as follows:
$
During the period 1 July 2025 – 30 June 2026
3,345,195
During the period 1 July 2026 – 30 June 2027
2,106,753
During the period 1 July 2027 – 30 June 2028
1,496,502
Where commitments are denominated in foreign
currencies, the amounts have been converted to
Australian dollars based on exchange rates prevailing
as at 30 June 2025. The Company has the right to
terminate the relevant agreements with notice periods
that vary between agreements. The committed
payments listed above could be materially reduced
if the Company chooses to terminate some or all the
relevant agreements.
24. Remuneration of auditors
Auditor of the Group
2025
2024
$
$
Audit and review of the financial statements
59,507
56,036
The auditor of the Group is Stantons.
78
Cynata Therapeutics Annual Report 2024/2025
78
25. Parent entity information
The accounting policies of the parent entity, which
have been applied in determining the financial
information shown below, are the same as those
applied in the consolidated financial statements.
Refer to note 3 for a summary of significant
accounting policies relating to the Group.
Financial position
2025
2024
$
$
Assets
Current assets
5,349,013
6,536,422
Non-current assets
258,447
-
Total assets
5,607,460
6,536,422
Liabilities
Current liabilities
941,058
950,627
Provisions
275,123
220,428
Total liabilities
1,216,181
1,171,055
Net assets
4,391,279
5,365,367
Equity
Issued capital
89,519,207
81,624,596
Reserves
8,166,906
7,906,430
Accumulated losses
(93,294,834)
(84,165,659)
Total equity
4,391,279
5,365,367
Financial performance
Loss for the year
(9,129,175)
(9,463,976)
Commitments and contingencies
There were no material commitments or contingencies
at the reporting date for the parent company except
for those mentioned in note 22 and note 23 above.
79
Notes
79
26. Events after the reporting period
On 22 August 2025, the Company entered into an
At-the-Market Subscription Agreement (“ATM”) with
Acuity Capital. The ATM provides Cynata with up to
$7,500,000 of standby equity capital over the coming
five years, to 31 July 2030. Cynata has full discretion
as to whether or not to utilise the ATM, the maximum
number of shares to be issued, the minimum issue
price of shares and the timing of each subscription
(if any). Cynata may terminate the ATM at any time,
without cost or penalty. As security, the Company has
issued 11,500,000 fully paid ordinary shares in the
Company at nil cash consideration.
Other than the above, there has not been any matter
or circumstance occurring subsequent to the end of
the financial year that has significantly affected, or
may significantly affect, the operations of the Group,
the results of those operations, or state of affairs of
the Group in future financial years.
27. Approval of financial statements
The financial statements were approved by the board
of directors and authorised for issue on 28 August
2025.
80
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80
Consolidated Entity Disclosure Statement
Entity name
Entity type
Country of
incorporation
Ownership
interest
Tax residency
Cynata Incorporated
Company
United States of
America
100%
United States of
America
Cynata Therapeutics Ireland Limited
Company
Ireland
100%
Ireland
Cynata Australia Pty Ltd
Proprietary limited
Australia
100%
Australia
Basis of preparation
Key assumptions and judgements
Determination of Tax Residency
Section 295 (3A) of the Corporation Acts 2001
requires that the tax residency of each entity which
is included in the Consolidated Entity Disclosure
Statement (CEDS) be disclosed. For the purposes of
this section, an entity is an Australian resident at the
end of a financial year if the entity is:
a)
an Australian resident (within the meaning of the
Income Tax Assessment Act 1997) at that time;
or
b)
a partnership, with at least one partner being an
Australian resident (within the meaning of the
Income Tax Assessment Act 1997) at that time;
or
c)
a resident trust estate (within the meaning
of Division 6 of Part III of the Income Tax
Assessment Act 1936) in relation to the year of
income (within the meaning of that Act) that
corresponds to the financial year.
The determination of tax residency involves judgment
as the determination of tax residency is highly fact
dependent and 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:
z
Australian tax residency
The consolidated entity has applied current
legislation and judicial precedent, including
having regard to the Commissioner of Taxation’s
public guidance in Tax Ruling TR 2018/5.
z
Foreign tax residency
The consolidated entity has applied current
legislation and where available judicial precedent
in the determination of 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.
81
Notes
81
82
Cynata Therapeutics Annual Report 2024/2025
82
Substantial Shareholders
The names of the substantial shareholders as at
22 August 2025 are:
Name
Shares Held
Issued Capital
No.
%
Phillip Asset Management Ltd atf BioScience Managers Translation Fund I
23,588,040
9.93
FIL Investment Management (Hong Kong) Limited
20,967,806
8.83
Distribution of Ordinary Shares
Category
Holders
Ordinary Shares
Issued Capital
No.
No.
%
1 – 1,000
568
331,734
0.14
1,001 – 5,000
907
2,520,509
1.06
5,001 – 10,000
386
3,057,133
1.29
10,001 – 100,000
928
34,724,351
14.62
100,001 and over
275
196,820,642
82.89
3,094
237,454,369
100.00
ASX Additional Information
As at 22 August 2025
83
ASX Additional Information
83
Voting Rights
(a)
at meetings of members each member entitled to
vote may vote in person or by proxy or attorney;
(b)
on a show of hands each person present who is a
member has one vote, and on a poll each person
present in person or by proxy or by attorney has
one vote for each ordinary share held; and
(c)
no voting rights attach to listed and unlisted
options.
Number of Holders of Unlisted Options
z
4,500,000 unlisted Options exercisable at $0.97
and expiring 29/11/2025 held by 6 holders.
Holders holding more than 20% being 2,000,000
held in the name of Dr Geoffrey Brooke (44.44%)
and 1,500,000 held in the name of Dr Ross
Macdonald (33.33%).
z
1,000,000 unlisted Options issued under
the Employee Share Option Acquisition Plan
exercisable at $0.89 Options and expiring
11/10/2025 held by 1 holder.
z
1,000,000 unlisted Options exercisable at $0.30
and expiring 2/04/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
1,000,000 unlisted Options exercisable at $0.40
and expiring 2/04/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
1,000,000 unlisted Options exercisable at $0.50
and expiring 2/04/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
500,000 unlisted Options exercisable at $0.40
and expiring 10/09/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
750,000 unlisted Options exercisable at $0.50
and expiring 10/09/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
1,750,000 unlisted Options exercisable at $0.60
and expiring 10/09/2026 held by 1 holder, Zenix
Nominees Pty Ltd.
z
300,000 unlisted Options exercisable at $0.51
and expiring 23/11/2027 held by 1 holder, Ms
Janine Rolfe.
z
2,033,333 unlisted Options exercisable at $0.176
and expiring 30/06/2028, held by 2 holders.
Holder holding more than 20% being 2,000,000
in the name of Dr Kilian Kelly (98.36%).
z
1,000,000 unlisted Options issued under the
Equity Incentive Plan exercisable at $0.28 and
expiring 12/9/2028, held by 1 holder.
z
1,910,000 unlisted Options exercisable at $0.185
and expiring 20/11/2028 held by 5 holders.
Holders holding more than 20% being 750,000
held in the name of Mrs Tamara Kelly (39.27%)
and 500,000 being held in the name of Dalhigh
Pty Ltd (26.18%).
z
975,000 unlisted Options issued under the
Employee Share Option Acquisition Plan
exercisable at $0.195 Options and expiring
16/01/2029, held by 5 holders.
z
1,800,000 unlisted Options issued under
the Employee Share Option Acquisition Plan
exercisable at $0.29 Options and expiring
17/04/2029, held by 1 holder.
84
Cynata Therapeutics Annual Report 2024/2025
84
ASX Additional Information (cont’d)
20 Largest Shareholders
Name
Shares Held
Issued Capital
No.
%
Phillip Asset Management Limited
23,588,040
9.93
HSBC Custody Nominees (Australia) Limited
18,773,698
7.91
Acuity Capital Investment Management Pty Ltd
11,500,000
4.84
Citicorp Nominees Pty Limited
10,616,446
4.47
Fujifilm Corporation
8,088,403
3.41
National Nominees Limited
7,446,576
3.14
BNP Paribas Nominees Pty Ltd
4,832,757
2.04
J P Morgan Nominees Australia Pty Limited
4,288,146
1.81
Mr Craig Lawrence Darby
4,213,853
1.77
BNP Paribas Nominees Pty Ltd
4,103,770
1.73
Kenneth Adrian Raymond Wilson
3,549,905
1.50
Agati Pty Ltd
2,803,862
1.18
Dr Ross Alexander Macdonald
2,000,000
0.84
Mrs Aily Lamb
1,950,000
0.82
Mr David Charles Prodrick
1,700,138
0.72
BNP Paribas Noms Pty Ltd
1,664,747
0.70
Mr Patrick Anthony Walsh
1,594,610
0.67
Mal Washer Nominees Pty Ltd
1,559,534
0.66
Mr Pawel Rej & Mrs Miroslawa Rej
1,543,036
0.65
Crosswind Trustee Company Limited
1,520,000
0.64
117,337,521
49.41
Restricted Securities
There are no ASX restricted securities on issue.
On-Market Buy-Back
There is no current on-market buy back.
Unmarketable Parcels
The number of shareholders holding less than a
marketable parcel is 1,069.
Registered and
Principal Office
Level 3, 100 Cubitt Street
Cremorne, Victoria 3121
AUSTRALIA
Tel:
+61 3 7067 6940
Email: info@cynata.com
Website
www.cynata.com