Annual Report
2022-23
Directors’ Report .................................................... 6
Auditor’s Independence Declaration .............. 18
Consolidated Statement
of Profit or Loss and
Other Comprehensive Income .......................... 19
Consolidated Statement
of Financial Position ........................................... 20
Consolidated Statement
of Changes in Equity ........................................... 21
Consolidated Statement
of Cash Flows ........................................................ 22
Notes to the Financial Statements .................. 23
Directors’ Declaration ......................................... 41
Independent Auditor’s Report ........................ 42
Corporate Governance Statement ................. 46
ASX Additional Information .............................. 47
Corporate Directory ............................................... iii
Contents
CORPORATE
HIGHLIGHTS
PAGE 1
CHAIRMAN’S
LETTER
PAGE 2
iiii
INVEX THERAPEUTICS LTD.
INVEX THERAPEUTICS LTD. 2023 Corporate Highlights
$22.5m
$1.1m
15.3
Cash
$6.9m
Operating Cash Burn
$7.7m
Net Loss after Tax
Annual Corporate
overhead
(excluding R&D and
share-based compensation)
Impact factor of the
Brain Journal where Invex
Phase II ‘Pressure’ Trial
published
$0.46m
Cash received from
Invex’s wholly owned UK
subsidiary from the UK
government for eligible
R&D expenditures
$7.4m
Investment into R&D
18%
Directors and
Management share
ownership
1
ANNUAL REPORT 2023 Chairman’s letter
Dear Shareholders,
On behalf of the Board of Invex
Therapeutics Ltd (Invex, the
Company) and its controlled
entity (Group), we hereby present
the Invex Annual Report to
shareholders for the year ended
30 June 2023 (FY23). During the
year, we focused our efforts and
expenditure on our Phase III trial for
Idiopathic Intracranial Hypertension
(IIH) called IIH EVOLVE.
By way of background, IIH is a
chronic condition that develops
predominately in obese women
of child bearing age, where
intracranial pressure (ICP) in
the brain elevates significantly,
resulting in disabling daily
headaches and in some cases
permanent vision loss. There are
currently no European Medicines
Agency (EMA) and US Food
and Drug Administration (FDA)
treatments approved for IIH.
Hence, there is an urgent need to
develop new drug treatments for
these patients, who suffer from
significant quality of life effects
with IIH patients often requiring
multiple hospital admissions,
representing a large cost to the
healthcare system.
IIH EVOLVE is a placebo-
controlled, double-blind trial that
in FY23 commenced randomising
240 patients with newly
diagnosed IIH to determine the
efficacy and safety of Presendin™
(sustained release Exenatide)
versus placebo, administered
once weekly over 24 weeks. The
primary endpoint of the trial is the
change in intracranial pressure
from baseline with key secondary
endpoints related to vision and
headache outcome measures.
Invex intends to open up to 40
clinical sites globally. Information
on the trial is available at
clinicaltrials.gov under Identifier
NCT05347147.
FY23 started with a great deal
of enthusiasm as we received a
significant number of regulatory
approvals to commence our
IIH EVOLVE Phase III clinical
trial in the United States,
United Kingdom, Australia
and New Zealand during the
first half and then recruited
our first patient in November
2022 in Adelaide, Australia. The
second half reflected the strong
regulatory success once more
in France, Germany and Israel.
In addition, we qualified almost
all of the 40 sites we anticipated
activating for patient recruitment
during the period. Unfortunately,
the time difference between
receiving these approvals
and qualifying these sites to
then activate them for patient
recruitment and recruitment itself
has proved much slower than
anticipated.
On 28 June 2023, the Group
provided an update to the market
following a comprehensive review
of the reasons behind the slower
than expected patient enrolment
into the IIH EVOLVE Phase III
clinical trial. As of 26 June 2023,
the Company had enrolled
13 patients into the IIH EVOLVE
trial with a total of 12 sites
activated out of the target sites of
40 globally, behind expectations.
The Company noted a high
number of patients who had been
screened (n=25) had failed to be
enrolled and over 50 additional
IIH patients had been pre-
screened and not progressed
to screening.
2
The main factors negatively
impacting enrolment were a
Perimetric Mean Deviation (PMD)
score outside of the inclusion
criteria in approximately 60% of
IIH patients screened and the
majority of pre-screen patients
having a diagnostic lumbar
puncture to assess their ICP
falling outside of the 4 week
period immediately prior to
formal screening.
The Board, having consulted
extensively with its regulatory
and clinical experts, decided to
significantly amend the current
protocol for the IIH EVOLVE trial
and intends to seek requisite
authorities’ feedback and ethics
committee approvals for a
revised protocol.
The primary endpoint will
remain unchanged, with the
Group assessing the change in
ICP from baseline at 24 weeks
in the Presendin™ arm versus
placebo in newly diagnosed
IIH patients who have received
a diagnostic lumbar puncture
within 6 months of enrolment
into the trial (previously 4 weeks).
The protocol changes will focus
on reordering of the secondary
endpoints by replacing PMD as
the key secondary endpoint with
the more robust Quality of Life
Short Form 36 (SF-36) Physical
component score (PCS).
INVEX THERAPEUTICS LTD. Overall, 57,000 TBI-related
deaths and 1.5 million
hospitalisations occur every
year in the European Union.
Management of ICP elevation
is considered critical in patients
with moderate to severe TBI,
however, at present, there are no
EMA or FDA approved therapies
specifically for the treatment of
intracranial hypertension in this
patient population.
In late Q4 of FY23 the Group
filed an additional ODD for
the US Market for moderate to
severe TBI, which if granted in
2H CY2023 will provide seven
years market exclusivity for
Exenatide, certain tax credits and
a waiver from the Prescription
Drug User Fee Act (PDUFA)
fees, which were approximately
US$3.1 million in 2022. A proof of
concept clinical trial for Exenatide
to lower ICP in moderate to
severe TBI is under consideration.
Following receipt of the report in
mid Q3 CY 2023, the Board will
be in a position to fully assess the
market opportunity for Presendin™
in IIH in light of these new
GLP-1RAs including Ozempic®
and Wegovy®, their pricing
structures and clinician attitudes
to prescribing them to treat the
obesity associated with IIH.
Orphan Drug Designation
in Europe for Exenatide in
Moderate to Severe Traumatic
Brain Injury
On 23 June 2023, Invex
announced the granting of
orphan drug designation (ODD)
from the EMA for Exenatide in the
treatment of moderate to severe
Traumatic Brain Injury (TBI). This
is the second ODD for Exenatide
in Europe, with Invex receiving an
ODD for IIH in 2017, alongside an
ODD from the US FDA.
The EMA provides a range
of incentives in the European
Union (EU) for medicines that
have been granted an orphan
designation, including ten years
market exclusivity from the
date of approval, clinical trial
protocol assistance, access to
the centralised authorisation
procedure in Europe, and certain
fee reductions.
Independent Assessment – IIH
Market Opportunity
On 28 June 2023 the Group
announced it had engaged a
specialised global healthcare
intelligence group to undertake
an analysis on the potential
future risks to the addressable
market for Presendin™ for IIH.
This independent assessment was
initiated following evidence of the
growing use of approved GLP-1
receptor agonists (GLP-1RA) for
obesity management, specifically
semaglutide, currently sold under
the brand names Ozempic®,
Wegovy® and Rybelsus®.
Although these drugs have not
been impacting recruitment
of the IIH EVOLVE clinical trial,
due to supply constraints of the
approved GLP-1RAs in Europe,
this is expected to normalise
over time as capacity grows
and supply increases. The link
between obesity and IIH is well
established. Patients with IIH are
typically female, and more than
90% of these sufferers are obese.
The Group considers the use of
these agents in the management
of obesity particularly as a
key potential future risk to the
acceptability of Presendin™ as an
orphan treatment in IIH noting
this link. Weight loss is considered
an effective treatment option
for IIH sufferers as it lowers ICP.
However, sustainable weight
loss is challenging in IIH and
across the obesity spectrum.
Orphan drug developers like the
Group typically rely on a higher
priced intervention to recoup
the significant costs associated
with treating the small number
of patients eligible for treatment
with a rare disorder (such as IIH).
3
ANNUAL REPORT 2023 On behalf of the
Board, we would
like to express our
sincere thanks to
Dr Loveridge and
Professor Sinclair for
their tireless efforts
in moving our
Exenatide program
in IIH into a Phase III
clinical trial.
Although the recent period
has been a difficult one for the
Company as we transition to
a new trial design, both Jason
and Alex, as co-founders of the
Company, have been passionate
advocates for Invex and the
research we undertake to find
treatments for patients with
raised intracranial pressure,
including IIH. We wish them
all the very best in their
future endeavours.
Chairman’s letter continued
Financials
The Group recorded a net loss
after tax of $7.732 million for
the year ended 30 June 2023
(FY23), an increase of 80% on
the prior corresponding period
(pcp), this was largely due to
higher R&D costs of $7.40 million
(FY22: $2.962 million), reflecting
the necessary regulatory and
clinical expenditure required to
commence the IIH EVOLVE study,
along with product manufacturing
costs of $0.744 million (FY22:
$0.327 million) associated with
the purchase of drug product
(Presendin™) and placebo from
Peptron. In addition share-
based payment expenses
of $0.481 million (FY22:
$0.352 million) and corporate
and administrations costs of
$1.125 million (FY22: $0.9 million)
were recorded.
The Group is structured utilising
a global virtual business model,
with a small number of highly
experienced executives and
employees based in the UK
utilising additional expertise
from clinical, regulatory and
manufacturing consultants, as
required, to progress our clinical
program in Australia, the UK,
Europe and the United States.
The Group remains in a strong
financial position with cash and
cash equivalents of $22.47 million
as at 30 June 2023
(FY22: $29.339 million).
Corporate Governance &
Diversity
There were no changes to the
Board composition during the
year. However, shortly after the
end of the year, on 3 July 2023
we announced the resignations
of Dr Jason Loveridge, Non-
Executive Chairman and Professor
Alexandra Sinclair, Executive
Director and Chief Scientific
Officer, effective 10 July 2023.
The resignations of Dr Loveridge
and Professor Sinclair was in
response to discussions with
major shareholders who indicated
to the Company that, following
the ASX release on 28 June 2023,
they no longer supported their
positions as Directors of the
Company. Consequently, both
Directors felt it was in the best
interests of all shareholders to
tender their resignations.
Dr Loveridge has been Chairman
of Invex since March 2019 and
Professor Sinclair an Executive
Director since June 2019.
Both have made considerable
contributions to the Company,
including an IPO on ASX and
material development of the
Company’s therapeutic assets.
I was afforded the opportunity
to serve the Company as the
Interim Non-Executive Chairman
of the Company, effective
10 July 2023. Professor Sinclair
and Dr Loveridge will cease
their engagement with the
Company, consistent with their
contractual commitments in the
months ahead.
4
INVEX THERAPEUTICS LTD. In parallel, the Company awaits
the outcome of the market
assessment in IIH in mid Q3
CY2023, which will assist the
Board in determining whether to
continue with the revised protocol
change for the IIH EVOLVE Phase
III clinical trial.
We look forward to an improved
2024 financial year as we
continue the development of
Presendin™ in neurological
disorders associated with raised
intracranial pressure and carefully
manage our cash position in light
of market conditions.
Diversity in the workplace
encompasses a wide range
of perspectives, experiences,
and backgrounds. Invex makes
a significant commitment to
diversity, which the Group sees
as crucial for effective decision-
making and ensuring equitable
representation. Our small team
has demonstrated an exceptional
willingness to collaborate,
engage and execute. Female
representation at the Board
level was 40%. Excluding the
Executive Directors, 100% of Invex
employees are female.
Concluding Remarks
The 2023 financial year has
proven a difficult one for the
Company, given the need to
re-design the IIH EVOLVE Phase
III clinical trial in light of poor
recruitment achieved since the
first patient was enrolled in
November 2022. The IIH EVOLVE
trial has been re-designed to
accelerate patient recruitment.
Although the changes are
expected to be cash neutral
relative to the original design,
to re-start the trial under the
revised protocol is expected
to take a number of months
as the Company seeks the
requisite regulatory and ethics
committee approvals.
Mr David McAuliffe
Interim Non-Executive Chairman
5
ANNUAL REPORT 2023
Your Directors present their report together with the consolidated financial statements of Invex
Therapeutics Ltd (Invex or Company) and its controlled entity (Group) for the financial year ended
30 June 2023.
DIRECTORS
The name of the Directors in office for the year ended 30 June 2023 until the date of this report are as
follows. All Directors were in office for the entire year unless otherwise stated.
Dr Thomas Duthy
Executive Director
Appointed 1 October 2020
Dr Duthy has over 18 years of direct financial market and executive-level/Board experience with ASX
listed companies. He is a Director and Founder of Nemean Group, which provides corporate advisory and
investor relations (IR) services in the Life Sciences and Technology sectors. This included an IR/Corporate
Development consultancy role with Nova Eye Medical (ASX:EYE), during which time a $100 million all-cash
sale of their Lasers & Ultrasound business to Lumibird Group was completed (2020). He has also provided
IR advisory services to Limeade (ASX:LME), which announced a $112 million all cash takeover by WebMD
Health Services in June 2023, representing a 325% premium to the prevailing market price.
Prior to establishing Nemean Group in October 2018, Dr Duthy was the Global Head of Investor Relations &
Corporate Development at Sirtex Medical Limited (ASX:SRX), which was sold to CDH Investments in
September 2018 for A$1.9 billion and remains the largest medical device transaction in Australian corporate
history. Prior to Sirtex, Tom spent ten years as a leading sell-side Healthcare & Biotechnology analyst at
Taylor Collison Limited, focused mainly on small cap companies. He is a Member of the Australian Institute
of Company Directors (MAICD).
Current directorships – Neurotech International Limited and Arovella Therapeutics Limited.
Former directorships held in last three years – Respiri Limited - resigned 19 April 2022
Interests in shares and options – 106,923 shares and 1,800,000 unlisted options.
Mr David McAuliffe
Interim Non-executive Chairman
Appointed 8 March 2019
Mr McAuliffe is an experienced company director and entrepreneur who has had over 24 years experience,
mostly in the international biotechnology field. During that time, he was involved in numerous capital
raisings and in-licensing of technologies. He is a founder of several companies in Australia, France and the
United Kingdom, many of which have become public companies. Mr McAuliffe has an Honours degree in
Law, a Bachelor of Pharmacy degree and is the President of the Dyslexia – Speld Foundation WA (Inc).
Mr McAuliffe is considered an independent Director.
Current directorships – 4DS Memory Limited.
Former directorships held in last three years – None.
Interests in shares and options – 3,350,001 shares and 200,000 unlisted options.
Dr Megan Baldwin
Non-executive Director
Appointed 16 February 2021
Dr Baldwin is CEO and Managing Director of Opthea Limited (ASX:OPT; NASDAQ:OPT), a late-stage
biopharmaceutical company developing a novel therapy, OPT-302, to address the unmet need in the
treatment of retinal eye diseases, including wet age-related macular degeneration (wet AMD). Under
Dr Baldwin’s leadership, Opthea has rapidly advanced its ophthalmology program through Phase I
and Phase II clinical development and in October 2020 completed a $180 million IPO and listing
6
INVEX THERAPEUTICS LTD.Directors’ Report on the US NASDAQ exchange to progress two pivotal Phase III studies in wet AMD. Dr Baldwin is
currently over-seeing the expansion of the company’s management team in the U.S. and preparing for
commercialization of OPT-302.
Dr Baldwin is an experienced biotechnology executive, having over 20 years’ experience working on
therapeutic drug development programs for cancer and ophthalmic indications. Prior to Opthea, Dr Baldwin
was employed at Genentech (now Roche) as a postdoctoral researcher before moving to Genentech’s
commercial division. Dr Baldwin also serves on the Board of Ausbiotech as Deputy Chair. Dr Baldwin is
considered an independent Director.
Current directorships – Opthea Limited, Ausbiotech.
Former directorships held in last three years – None
Interests in shares and options – 600,000 unlisted options.
Dr Jason Loveridge
Non-executive Chairman
Appointed 8 March 2019, resigned 10 July 2023
Dr Loveridge is a founder of Invex and also CEO of 4SC AG, a German publicly listed oncology company. He
has more than 30 years of international experience across Europe, Asia and the US in senior management
positions in life sciences companies and as an investment professional dealing in both privately held
and publicly traded companies. Additionally, he has substantial transactional experience in the sale and
partnering of biotechnology assets.
Dr Loveridge graduated in Biochemistry and Microbiology from the University of New South Wales,
Australia, and holds a Ph.D. in Biochemistry from the University of Adelaide, Australia. He is also a fellow of
the Royal Society of Medicine. Dr Loveridge is not considered an independent Director.
Current Directorships – Member of the Management Board of 4SC AG.
Former Directorships in last three years – None
Interests in shares and options – 3,374,462 shares and 2,080,000 unlisted options.
Professor Alexandra Sinclair
Executive Director – Chief Scientific Officer
Appointed 28 June 2019, resigned 10 July 2023
Prof Alexandra Sinclair is a founder of Invex Therapeutics and a Clinician Scientist and practicing
Neurology Consultant running the Translational Brain Science Group at the Institute of Metabolism and
Systems Research, College of Medical and Dental Sciences, University of Birmingham, UK. She runs the
Headache Service and Idiopathic Intracranial Hypertension Service at University Hospital Birmingham
NHS Foundation Trust.
Prof Sinclair pioneered the pre-clinical work identifying GLP-1RA’s as a novel therapeutic approach
to reduce brain pressure which she then progressed into a successful phase 2 clinical trial. She runs a
translational research group focussed on developing novel therapeutics with forward translation to improve
patient care. She is a member of the British Medical Association, UK, the Association of British Neurologists
(ABN), UK and a Fellow of the Royal College of Physicians, London,. Prof Sinclair is a member of the
board for the European Headache Federation and is on the scientific committees for the North American
Neuro-Ophthalmology Society (NANOS). She is also a council member for the British Association for the
Study of Headache (BASH). Prof Sinclair has served on the MRC Neuroscience and Mental Health Board and
the Midland Neuroscience Teaching and Research Fund Board, as well as being Chair of the Brain Research
UK Scientific Advisory Board. Previously, she was an elected board member of the IHS. She was on the
research committee for the Association for British Neurologists and was also the previous patron of the
patient charity IIH UK.
Current directorships – None.
Former directorships held in last three years – None.
Interests in shares and options – 2,500,000 shares and 1,920,000 unlisted options.
7
ANNUAL REPORT 2023 Ms Narelle Warren
Company Secretary
Ms Warren is a Chartered Accountant with over twenty years of corporate advisory, financial management
and company secretarial experience. Ms Warren has coordinated and assisted in numerous corporate
transactions, including acquisitions, divestments and raising funds via private and public equity markets.
She holds both a Bachelor of Laws and Bachelor of Commerce.
PRINCIPAL ACTIVITY
Invex is a biopharmaceutical Group focused on the repurposing of an already approved drug, Exenatide,
for efficacious treatment of neurological conditions derived from or involving raised intracranial pressure
(ICP). The Group’s primary focus is Idiopathic Intracranial Hypertension (IIH), a severe condition of
predominately overweight women of childbearing age, which can lead to disabling headaches and in some
patients, permanent vision loss. The Group’s lead program is the development of Presendin™ for IIH, which
is currently at Phase III clinical stage.
Presendin™ is a once per week, subcutaneous, sustained-release (SR) Exenatide microsphere formulation
originally developed by Peptron, Inc. (KOSDAQ: 087010). Invex completed a Phase II trial in 2020 and
commenced a single, Phase III clinical trial (“IIH EVOLVE”) designed to meet the requirements for market
approval of Presendin™ for the treatment of IIH in the European Union (EU), United Kingdom (UK) and
Australia in November 2022.
Presendin™ is the Group’s filed (and granted) trademark name for reformulated Exenatide.
The principal activity of the Group during the year has been to manage the Phase III IIH EVOLVE clinical
trial and explore new potential applications for Exenatide in Traumatic Brain Injury and other neurological
disorders with raised ICP, consistent with the Group’s patents.
OPERATING RESULTS
The result of the Group for the year ended 30 Jun 2023 was a loss of $7,731,713 (2022: $3,950,183 loss). The
net loss of the Group predominantly related to Research & Development costs of $7.40 million associated
with the Phase III clinical trial, intellectual property prosecution, manufacturing costs and regulatory advice,
administration and corporate costs of $1.125 million and non-cash items; notably share-based payments of
$0.481 million.
REVIEW OF OPERATIONS
The Group is well funded to meet its medium-term objectives, including the completion of a Phase III trial
for Presendin™ in IIH, with the associated drug manufacture and supply for the Phase III trial. In addition, the
Group may consider the commencement of a small Phase II study for Presendin™ in a second patient group,
likely to be moderate to severe TBI.
FY23 highlights include:
• Regulatory approvals and Human Research Ethics Committee clearance to commence IIH EVOLVE in
Australia, New Zealand, Germany, France, Israel, the UK and the US
• First patient recruited into IIH EVOLVE
• Paediatric Committee (PDCO) of the European Medicines Agency (EMA) approval of the Paediatric
Investigation Plan (PIP) for paediatric development of Presendin™ in IIH
• Publication of the Invex Phase II ‘Pressure’ clinical trial in the Journal Brain, which provided initial safety
and efficacy of Exenatide in IIH patients
• Orphan drug designation (ODD) from the EMA for Exenatide in the treatment of moderate to severe TBI
8
INVEX THERAPEUTICS LTD.Directors’ Report continued LIKELY DEVELOPMENTS
The Group has undertaken a significant amount of clinical and regulatory preparative work during FY23 and
has commenced patient recruitment in the Phase III IIH EVOLVE clinical trial across a number of countries.
Due to slower than anticipated patient recruitment the Group has re-designed the IIH EVOLVE clinical trial
to accelerate recruitment. However, the implementation of the revised clinical trial is contingent on the
findings from an independent assessment and report on the potential future risks to the addressable market
for Presendin™ for IIH by a specialised global healthcare intelligence group.
DIVIDENDS
No dividends were paid or recommended by the Directors since the commencement of the year.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
Other than as outlined above, there were no significant changes in the Group’s state of affairs during the
year.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 10 July 2023 Dr Jason Loveridge and Professor Alexandra Sinclair resigned as Directors of the Company.
No other significant events occurred after balance date which may affect either the Group’s operations or
results of those operations or the Group’s state of affairs.
MEETINGS OF DIRECTORS
During the year the following Director meetings were held.
Director
Dr Thomas Duthy
Mr David McAuliffe
Dr Megan Baldwin
Dr Jason Loveridge
Prof Alexandra Sinclair
Board Meetings
Number Eligible
to Attend Number Attended
7
7
7
7
7
7
7
6
7
6
ENVIRONMENTAL REGULATIONS
The Group is not subject to significant environmental regulation in respect of its research and development
activities.
UNISSUED SHARES UNDER OPTION
Unissued ordinary shares of Invex Therapeutics Ltd under option at the date of this report are as follows:
Date Options Granted
Expiry Date
Exercise Price
22 November 2019
22 November 2023
20 October 2020
20 October 2023
18 November 2020
18 November 2023
8 April 2021
22 November 2022
1 December 2022
Total
8 April 2024
1 December 2026
1 December 2026
$0.60
$1.30
$1.30
$1.10
$0.87
$0.87
Number Under
Option
2,200,000
400,000
800,000
400,000
3,600,000
1,792,000
9,192,000
9
ANNUAL REPORT 2023 INSURANCE OF OFFICERS AND INDEMNITIES
Invex paid a premium to insure the Directors and Secretary of the Group.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that
may be brought against the officers in their capacity as officers of entities in the Group, and any other
payments arising from liabilities incurred by the officers in connection with such proceedings. This does
not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the
improper use by the officers of their position or of information to gain advantage for them or someone else
or to cause detriment to the Group. It is not possible to apportion the premium between amounts relating
to the insurance against legal costs and those relating to other liabilities.
PROCEEDINGS ON BEHALF OF THE GROUP
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring
proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party, for
the purpose of taking responsibility on behalf of the Group for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under
section 237 of the Corporations Act 2001.
NON-AUDIT SERVICES
The Group may decide to employ its auditor on assignments additional to their statutory audit duties where
the auditor’s expertise and experience with the Group is important.
During the year, other services were performed in addition to their statutory duties. The details of the
amount paid are disclosed in Note 20 of the consolidated financial report.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor's independence declaration as required under section 307C of the Corporations
Act 2001 is set out on the page following this Directors’ Report.
REMUNERATION REPORT - AUDITED
The remuneration report outlines the remuneration arrangements which were in place during the year and
remain in place as at the date of this report, for the Directors and Key Management Personnel of the Group.
The information provided in this remuneration report has been audited as required by section 308(3C) of
the Corporations Act 2001.
KEY MANAGEMENT PERSONNEL
Key Management Personnel are those persons who are responsible for directing and controlling the
activities of the Group. The Board has determined that the key management personnel of the Group are
the Non-executive Directors and Executives of Invex, whose details are set out below. The following Key
Management Personnel during the period unless otherwise stated:
Director
Date of appointment/resignation
Role
Dr Jason Loveridge
Prof Alexandra Sinclair
Appointed 8 March 2019/
Resigned 10 July 2023
Appointed 28 June 2019/
Resigned 10 July 2023
Non-executive Chair
Executive Director
Dr Thomas Duthy
Dr Megan Baldwin
David McAuliffe
Narelle Warren
Carol Parish
10
Appointed 1 October 2020
Executive Director
Appointed 16 February 2021
Non-executive Director
Appointed 8 March 2019
Appointed 8 March 2019
Appointed 1 July 2022
Non-executive Director
CFO & Company Secretary
Chief Operating Officer
INVEX THERAPEUTICS LTD.Directors’ Report continued REMUNERATION POLICIES
The Board has not elected to establish a remuneration committee. Given the size of the current Board
remuneration matters will be considered and approved by the full Board.
The following items will be considered and discussed as deemed necessary at the Board meetings:
• recommend the terms and conditions of employment for the Executive Directors and Senior Officers;
• undertake a review of the Executive Directors’ performance, at least annually, including setting the
Executive Directors goals for the coming year and reviewing progress in achieving those goals;
• consider and report on the recommendations of the Executive Directors on the remuneration of all direct
reports; and
• develop and facilitate a process for Board and Director evaluation.
Non-executive Director’s remuneration
The compensation of Non-executive Directors is based on market practice, Director’s duties and the level of
accountability. The compensation policy is designed to attract and retain competent and suitably qualified
Non-executive Directors and aims to align Director’s interests with interests of shareholders. Non-executive
Directors are paid a set fee plus statutory superannuation where appropriate, and are reimbursed for out-
of-pocket expenses
The Chair’s fees are determined independently to the fees of Non-executive Directors based on
comparative roles in the external market.
The base fees are reviewed annually and were last reviewed at a recent Board meeting. Non-executive
Directors’ fees are determined within an aggregate directors’ fee pool limit, which is periodically
recommended for approval by shareholders. The current limit stands at $400,000 per annum and was
approved by shareholders at its Annual General Meeting of shareholders in November 2021.
A Director may also be paid fees or other amounts as the Directors determine if a Director performs special
duties or otherwise performs services outside the scope of the ordinary duties of a Director.
Executive remuneration
In determining executive remuneration, the Board aims to ensure that remuneration practices are:
• competitive and reasonable, enabling the Company to attract and retain key talent;
• aligned to the Company’s strategic and business objectives and the creation of shareholder value;
• transparent; and
• acceptable to shareholders.
The executive remuneration framework has three components:
•
fixed annual compensation comprising salary or fees and benefits, including superannuation;
• short-term performance incentives; and
•
long-term incentives through participation in the Invex Employee Share Option Plan.
Fixed annual compensation
Executives receive their base salary/fees and benefits structured as a total employment cost (TEC) package
which may be delivered as a combination of cash and prescribed non-financial benefits at the executives’
discretion.
Executives are offered a competitive base pay that comprises the fixed component of pay and rewards.
Independent remuneration consultants provide analysis and advice to ensure base pay is set to reflect the
market for a comparable role.
Base pay for executives is reviewed annually to ensure the executive’s pay is competitive with the market.
An executive’s pay is also reviewed on promotion.
11
ANNUAL REPORT 2023 There are no guaranteed base pay increases included in any executives’ contracts.
There are no short-term incentives outstanding.
No benefits other than noted above are paid to Directors or management except as incurred in normal
operations of the business.
Short term incentives
No benefits other than remuneration disclosed in the remuneration report are paid to Directors or
management except as incurred in normal operations of the business.
Long term incentives
The Group’s current Employee Share Incentive Plan (ESIP) is designed to provide medium and long term
incentives for all employees (including Non-executive and Executive Directors) and to attract and retain
experienced Employees, Board Members and Executive Officers and provide motivation to make the Group
more successful.
As incentive securities granted to Directors and Employees are considered to represent the value of the
services received over the vesting period of the incentive security, the assessed value of the options are
recognised and expensed over the vesting period. Incentive securities vesting during the period of issue are
fully expensed under the accounting standards.
Other than incentive securities disclosed in the remuneration report there have been no options issued to
Directors at the date of this financial report.
Voting and comments made at the Company's 2022 Annual General Meeting (AGM)
At the 2022 AGM, 93.9% of the votes received supported the adoption of the remuneration report for the
year ended 30 June 2022. The Company did not receive any specific feedback at the AGM regarding its
remuneration practices.
Remuneration consultants
The Group did not engage any remuneration consultants during the year.
The Group may engage independent remuneration consultants should it look to make any changes to
director fee levels to ensure they are in line with market conditions and any decisions are made free from
undue influence from members of the Group’s Key Management Personnel (KMP’s).
Service agreements
The details of the key terms of the revised agreements are set out below:
Name
Executive Directors
Term of
agreement
Prof Alexandra Sinclair Open
Remuneration
Termination benefit
£145,000
plus statutory
pension duties
Relevant notice periods apply, being
1 months’ notice with reason or
3 months without reason.
Dr Thomas Duthy
Open
$180,000
Relevant notice periods apply, being
1 months’ notice with reason or
3 months without reason.
12
INVEX THERAPEUTICS LTD.Directors’ Report continued The relative proportions of remuneration that are linked to performance and those that are fixed are as
follows:
Name
Executive Directors
Prof Alexandra Sinclair
Dr Thomas Duthy
Non-executive Directors
Fixed
remuneration
2023
Performance
based
remuneration (%)
2023
$299,420
$180,000
22.17
35.88
On appointment to the Board, all Non-executive Directors enter into a service agreement with the Company
in the form of a letter of appointment. The letter summarises the Board’s policies and terms, including
compensation, relevant to the director, and among other things:
• the terms of the directors appointment, including governance, compliance with the Company’s
Constitution, committee appointments, and re-election;
• the directors duties, including disclosure obligations, exercising powers, use of office, attendance at
meetings and commitment levels;
• the fees payable, in line with shareholder approval, any other terms, timing of payments and
entitlements to reimbursements;
•
insurance and indemnity;
• disclosure obligations; and
• confidentiality.
The Non-executive Director fees paid during the year:
Name
Non-Executive Directors
Dr Jason Loveridge –
Consultancy
Dr Jason Loveridge –
Non-executive
Chairman fee
Term of
agreement
Remuneration
Termination benefit
Open
£110,000
Relevant notice periods apply, being
3 months’ notice without reason.
Shareholder
Approval by rotation
$60,000
Nil
Dr Megan Baldwin –
Non-executive fee
Shareholder
Approval by rotation
David McAuliffe –
Non-executive fee
Shareholder
Approval by rotation
$50,000
$50,000
Nil
Nil
13
ANNUAL REPORT 2023 -
t
s
o
P
e
c
n
a
m
r
o
f
r
e
P
d
e
s
a
b
-
e
r
a
h
S
t
n
e
m
y
o
p
m
e
l
e
v
a
e
L
d
e
s
a
b
l
a
t
o
T
s
t
n
e
m
y
a
p
s
t
i
f
e
n
e
b
s
e
c
n
a
w
o
l
l
a
l
s
t
i
f
e
n
e
b
e
e
y
o
p
m
e
m
r
e
t
-
t
r
o
h
S
:
l
w
o
e
b
d
n
u
o
f
e
r
a
p
u
o
r
G
e
h
t
’
f
o
s
P
M
K
e
h
t
d
n
a
s
r
o
t
c
e
r
i
D
e
h
t
f
o
n
o
i
t
a
r
e
n
u
m
e
r
e
h
t
f
o
s
l
i
a
t
e
D
l
e
n
n
o
s
r
e
P
t
n
e
m
e
g
a
n
a
M
y
e
K
f
o
n
o
i
t
a
r
e
n
u
m
e
R
14
d
n
a
l
a
u
n
n
A
g
n
i
t
l
u
s
n
o
C
&
y
r
a
l
a
s
h
s
a
C
s
u
n
o
b
h
s
a
C
s
e
e
f
3
2
0
2
%
—
8
3
7
2
.
.
2
9
4
4
$
4
6
9
5
5
3
,
0
8
7
0
9
,
0
0
0
0
5
,
s
n
o
i
t
p
O
$
—
0
7
4
7
9
,
0
8
7
0
4
,
3
8
7
2
.
,
4
4
7
6
9
4
0
5
2
8
3
1
,
4
2
.
1
2
7
1
.
2
2
8
8
5
3
.
0
6
4
2
.
0
9
5
2
.
6
4
6
2
.
d
n
a
n
e
r
r
a
W
e
l
l
8
0
4
,
1
7
1
6
0
7
4
8
3
,
,
1
2
7
0
8
2
9
5
3
3
1
4
,
8
0
4
6
3
,
6
8
2
5
8
,
,
1
2
7
0
0
1
3
7
6
,
1
0
1
4
9
1
,
0
5
2
,
1
8
8
0
4
2
3
,
,
8
3
9
6
4
7
,
1
,
8
3
3
2
6
4
$
—
—
—
—
—
—
1
6
5
5
,
7
7
4
9
4
,
8
3
0
5
5
,
8
3
0
5
5
,
-
r
e
p
u
S
s
n
o
i
s
n
e
P
n
o
i
t
a
u
n
n
a
$
—
—
—
—
—
—
—
—
—
—
L
S
L
—
—
$
e
e
f
3
4
9
4
8
9
1
,
4
9
4
8
9
1
,
—
—
—
—
—
4
9
4
8
9
1
,
$
—
—
—
—
—
—
—
—
—
—
$
0
0
0
0
6
,
0
0
0
0
5
,
0
0
0
0
5
,
0
0
0
0
6
1
,
1
0
0
0
5
3
1
,
s
r
o
t
c
e
r
i
D
e
v
i
t
u
c
e
x
e
-
n
o
N
e
g
d
i
r
e
v
o
L
n
o
s
a
J
r
D
e
v
i
t
u
c
e
x
e
-
n
o
N
l
a
t
o
T
e
f
f
i
l
u
A
c
M
d
v
a
D
i
n
e
r
r
a
W
e
l
l
e
r
a
N
s
e
v
i
t
u
c
e
x
E
s
r
o
t
c
e
r
i
D
i
l
n
w
d
a
B
n
a
g
e
M
r
D
9
5
8
3
9
2
,
i
l
r
i
a
c
n
S
a
r
d
n
a
x
e
A
l
f
o
r
P
2
0
0
0
0
8
1
,
9
0
2
2
6
2
,
8
6
0
,
1
7
8
8
6
0
,
1
3
0
,
1
s
M
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
1
y
h
t
u
D
s
a
m
o
h
T
r
D
s
e
v
i
t
u
c
e
x
E
l
a
t
o
T
h
s
i
r
a
P
l
o
r
a
C
l
a
t
o
T
i
e
r
a
N
h
c
h
w
y
t
i
t
n
e
n
a
d
t
L
y
t
P
h
c
e
t
o
B
t
p
e
c
n
o
C
o
t
i
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
l
w
e
o
r
d
n
a
e
c
n
a
n
F
i
,
y
r
a
t
e
r
c
e
S
y
n
a
p
m
o
C
s
n
e
r
r
a
W
’
.
d
t
L
y
t
P
p
u
o
r
G
n
a
e
m
e
N
o
t
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
w
e
o
r
l
’
r
o
t
c
e
r
i
D
e
v
i
t
u
c
e
x
E
s
y
h
t
u
D
r
D
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
2
.
d
t
L
i
b
m
a
r
a
W
o
t
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
i
w
s
e
c
v
r
e
s
g
n
i
t
l
u
s
n
o
c
’
s
e
g
d
i
r
e
v
o
L
r
D
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
3
.
s
r
o
t
c
e
r
i
d
d
n
a
l
s
r
e
d
o
h
e
r
a
h
s
e
r
a
e
f
f
i
l
u
A
c
M
d
v
a
D
i
INVEX THERAPEUTICS LTD.Directors’ Report continued
-
t
s
o
P
e
c
n
a
m
r
o
f
r
e
P
d
e
s
a
b
-
e
r
a
h
S
t
n
e
m
y
o
p
m
e
l
e
v
a
e
L
d
e
s
a
b
l
a
t
o
T
s
t
n
e
m
y
a
p
s
t
i
f
e
n
e
b
s
e
c
n
a
w
o
l
l
a
l
s
t
i
f
e
n
e
b
e
e
y
o
p
m
e
m
r
e
t
-
t
r
o
h
S
%
8
4
8
.
.
3
7
2
6
8
5
.
1
1
$
9
6
1
,
4
3
1
9
4
5
6
5
,
5
0
0
9
0
3
,
$
3
9
1
,
6
2
9
6
1
,
4
8
9
4
5
6
,
s
n
o
i
t
p
O
0
4
3
2
.
,
3
2
7
9
9
4
1
1
9
6
1
1
,
5
1
.
9
7
6
7
.
2
4
7
4
.
6
9
.
1
2
.
0
2
2
d
n
a
n
e
r
r
a
W
e
l
l
7
9
0
3
4
1
,
6
6
5
,
1
4
3
4
6
8
3
6
2
,
,
7
2
5
8
4
7
7
9
0
3
1
,
3
9
1
,
6
2
4
1
1
,
5
2
1
4
0
4
4
6
1
,
,
0
5
2
8
4
2
,
1
5
1
3
,
1
8
2
$
—
—
—
—
—
—
7
6
4
7
6
4
7
6
4
-
r
e
p
u
S
s
n
o
i
s
n
e
P
n
o
i
t
a
u
n
n
a
$
—
—
—
—
—
—
—
—
—
L
S
L
—
—
$
e
e
f
3
2
1
8
2
2
2
,
,
2
1
8
2
2
2
—
—
8
0
2
9
1
1
,
8
0
2
9
1
1
,
0
2
0
2
4
3
,
$
—
—
—
—
—
—
—
—
—
$
0
0
0
0
6
,
0
0
0
0
5
,
0
0
0
0
5
,
0
0
0
0
6
1
,
1
0
0
0
0
3
1
,
s
r
o
t
c
e
r
i
D
e
v
i
t
u
c
e
x
e
-
n
o
N
e
g
d
i
r
e
v
o
L
n
o
s
a
J
r
D
e
v
i
t
u
c
e
x
e
-
n
o
N
l
a
t
o
T
e
f
f
i
l
u
A
c
M
d
v
a
D
i
n
e
r
r
a
W
e
l
l
e
r
a
N
s
e
v
i
t
u
c
e
x
E
s
r
o
t
c
e
r
i
D
i
l
n
w
d
a
B
n
a
g
e
M
r
D
8
9
6
5
9
1
,
l
i
r
i
a
c
n
S
a
r
d
n
a
x
e
A
l
f
o
r
P
2
0
5
7
8
3
1
,
,
8
4
4
4
6
4
8
4
4
4
2
6
,
s
M
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
1
y
h
t
u
D
s
a
m
o
h
T
r
D
s
e
v
i
t
u
c
e
x
E
l
a
t
o
T
l
a
t
o
T
d
n
a
l
a
u
n
n
A
g
n
i
t
l
u
s
n
o
C
&
y
r
a
l
a
s
h
s
a
C
s
u
n
o
b
h
s
a
C
s
e
e
f
2
2
0
2
i
e
r
a
N
h
c
h
w
y
t
i
t
n
e
n
a
d
t
L
y
t
P
h
c
e
t
o
B
t
p
e
c
n
o
C
o
t
i
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
l
w
e
o
r
d
n
a
e
c
n
a
n
F
i
,
y
r
a
t
e
r
c
e
S
y
n
a
p
m
o
C
s
n
e
r
r
a
W
’
.
d
t
L
y
t
P
p
u
o
r
G
n
a
e
m
e
N
o
t
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
w
e
o
r
l
’
r
o
t
c
e
r
i
D
e
v
i
t
u
c
e
x
E
s
y
h
t
u
D
r
D
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
2
.
s
r
o
t
c
e
r
i
d
d
n
a
l
s
r
e
d
o
h
e
r
a
h
s
e
r
a
e
f
f
i
l
u
A
c
M
d
v
a
D
i
.
d
t
L
i
b
m
a
r
a
W
o
t
y
n
a
p
m
o
C
e
h
t
i
y
b
d
a
p
d
n
a
y
n
a
p
m
o
C
e
h
t
h
t
i
i
w
s
e
c
v
r
e
s
g
n
i
t
l
u
s
n
o
c
’
s
e
g
d
i
r
e
v
o
L
r
D
o
t
n
o
i
t
a
e
r
n
l
i
s
i
t
n
u
o
m
a
s
i
h
T
.
3
15
ANNUAL REPORT 2023
SHARE-BASED COMPENSATION
Incentive Securities
The Company’s current Employee Incentive Plan (ESIP) was approved by Shareholders on 25 November
2021 and the previous Employee Incentive Option Plan (ESOP) was approved by the Board of Directors
on 20 May 2019. The Incentive Plans are designed to provide medium and long term incentives for all
employees (including Non-executive and Executive Directors) and to attract and retain experienced
employees, board members and executive officers and provide motivation to make the Company more
successful.
Under the ESIP, participants have not yet been granted incentive securities. Incentive securities only vest
if certain milestones are met. Participation in the plan is at the Board’s discretion and no individual has a
contractual right to participate in the plan or to receive any guaranteed benefit.
Any option may only be exercised after the option has vested and other conditions imposed by the Board
have been satisfied. Options were granted under the ESOP for no consideration. Options granted under
the ESOP carry no dividend or voting rights. When exercisable, shares allotted pursuant to the exercise of
options will be allotted following receipt of relevant documentation and payments will rank equally with all
other shares.
As options granted to employees are considered to represent the value of the services received over
the vesting period of the options, the assessed value of the options is recognised and expensed over
the vesting period. Options vesting during the period of issue are fully expensed under the accounting
standards.
During the year 30 June 2023 there were 5,448,000 unlisted options granted, no options were cancelled
and 810,000 options were forfeited.
Details of the share-based component issued during the year included in the remuneration are set out
below.
EQUITY INSTRUMENTS HELD BY KEY MANAGEMENT PERSONNEL
Shareholdings
The numbers of shares in the Company held during the year by each director or key management personnel
of Invex, including their personally related parties are set out below. There were no shares granted during
the reporting year as compensation.
Capital
Raising
shares
subscribed
for
On Market
Purchases/
On
appointment
Balance at
the end of
the year
Disposals
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,374,426
2,500,000
106,923
3,350,001
—
200,000
—
9,531,350
Balance at
the start of
the year
3,374,426
2,500,000
106,923
3,350,001
—
200,000
—
9,531,350
2023
Name
Directors
Dr Jason Loveridge
Prof. Alexandra Sinclair
Dr Thomas Duthy
David McAuliffe
Dr Megan Baldwin
Narelle Warren
Carol Parish
Total
16
INVEX THERAPEUTICS LTD.Directors’ Report continued 2023
Name
Directors and
KMP’s
Dr Jason
Loveridge
Prof Alexandra
Sinclair
Dr Thomas
Duthy
David
McAuliffe
Dr Megan
Baldwin
Option holdings
The number of options over ordinary shares in the Company held during the year by each director and KMP
of Invex Therapeutics Ltd, including their personally related parties, are set out below.
Balance at
the start of
the year
Granted as
compensation
Exercised/
Expired
Balance at
end of the
year
Vested and
exercisable Un-vested
Fair value
at grant
date
800,000
1,280,000
— 2,080,000
800,000 1,280,000 $0.42/$0.21
800,000
1,120,000
— 1,920,000
800,000 1,120,000 $0.42/$0.21
800,000
1,000,000
— 1,800,000
800,000 1,000,000 $0.32/$0.21
200,000
—
Narelle Warren
400,000
400,000
200,000
448,000
—
—
—
200,000
200,000
—
$0.42
600,000
200,000
400,000 $0.33/$0.21
848,000
400,000
448,000 $0.42/$0.23
Carol Parish
400,000
1,120,000
1,520,000
400,000 1,120,000 $0.35/$0.23
Total
3,800,000
5,168,000
— 8,968,000 3,600,000 5,368,000
LOANS WITH KEY MANAGEMENT PERSONNEL
There were no loans to or from key management personnel during the year ended 30 June 2023.
OTHER TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL
There were no other services provided with key management personnel which are not disclosed.
This is the end of the Remuneration Report.
Signed in accordance with a resolution of the Board of Directors.
David McAuliffe
Interim Non-executive Chairman
Perth, Western Australia, 17 August 2023
17
ANNUAL REPORT 2023 Auditors’ Independence Declaration
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF INVEX THERAPEUTICS
LTD
As lead auditor of Invex Therapeutics Ltd for the year ended 30 June 2023, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Invex Therapeutics Ltd and the entity it controlled during the period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth
17 August 2023
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
18
INVEX THERAPEUTICS LTD. Consolidated Statement
of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2023
Other income
Research and development expenditure
Finance, compliance and administration expenses
Share-based payment expenses
Loss before income tax from continuing operations
Income tax expense/benefit
Note
2023
$
2022
$
4
5
5
17
6
1,256,168
262,132
(7,400,491)
(2,962,596)
(1,124,992)
(900,286)
(480,541)
(352,390)
(7,749,856)
(3,953,140)
—
—
Loss for the year from continuing operations
(7,749,856)
(3,953,140)
Other comprehensive income for the year, net of tax
Items that may be reclassified subsequently to profit or loss
—
—
Exchange differences on translation of foreign operations,
net of tax
Total other comprehensive income for the year, net of tax
attributable to members of the Group
10
18,143
2,957
(7,731,713)
(3,950,183)
Loss for the year is attributable to:
Owners of Invex Therapeutics Ltd
(7,731,713)
(3,950,183)
Total comprehensive income for the year is attributable to:
Owners of Invex Therapeutics Ltd
(7,731,713)
(3,950,183)
Loss per share (cents)
11
(10.31)
(5.26)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
19
ANNUAL REPORT 2023 Consolidated Statement
of Financial Position
AS AT 30 JUNE 2023
ASSETS
Current Assets
Cash and cash equivalents
7
22,470,243
29,339,382
Note
2023
$
2022
$
Other receivables
Total Current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Trade and other payables
Total Current Liabilities
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
333,565
145,715
22,803,808
29,485,097
22,803,808
29,485,097
8
1,572,370
1,004,214
1,572,370
1,004,214
1,572,370
1,004,214
21,231,438
28,480,883
9
10
12
36,413,432
36,413,432
2,397,314
1,896,903
(17,579,308)
(9,829,452)
21,231,438
28,480,883
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
20
INVEX THERAPEUTICS LTD. Consolidated Statement
of Changes in Equity
For the year ended 30 June 2023
Contributed
Equity
$
Accumulated
Losses
$
Reserves
$
Total
Equity
$
Balance as at 1 July 2022
36,413,432
(9,829,452)
1,896,903
28,480,883
(Loss) for the year
Other comprehensive income for the year
Total comprehensive (loss) for the year
Fx reserve movement
Share-based payment reserve movement
Transactions with owners in their capacity as
owners:
Issue of share capital, net of transaction costs
—
—
—
—
—
—
(7,749,856)
—
(7,749,856)
—
—
—
—
—
—
—
19,870
480,541
—
—
(7,749,856)
—
(7,749,856)
19,870
480,541
—
—
Balance as at 30 June 2023
36,413,432
(17,579,308)
2,397,314
21,231,438
Contributed
Equity
$
Accumulated
Losses
$
Reserves
$
Total
Equity
$
Balance as at 1 July 2021
36,413,432
(5,876,312)
1,541,556
32,078,676
(Loss) for the year
Other comprehensive income for the year
Total comprehensive (loss) for the year
Fx reserve movement
Share-based payment reserve movement
Transactions with owners in their capacity as
owners:
Issue of share capital, net of transaction costs
—
—
—
—
—
—
(3,953,140)
—
(3,953,140)
—
—
—
—
—
—
—
(3,953,140)
—
(3,953,140)
2,957
2,957
352,390
352,390
—
—
—
—
Balance as at 30 June 2022
36,413,432
(9,829,452)
1,896,903
28,480,883
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.
21
ANNUAL REPORT 2023 Consolidated Statement
of Cash Flows
For the year ended 30 June 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees
R&D Tax rebate
Interest received
Net cash outflow from operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Subscription proceeds received for ordinary shares
Placement capital raising costs
Net cash inflow from financing activities
Note
2023
$
2022
$
(8,125,307)
(3,638,841)
459,085
797,083
182,251
79,881
(6,869,139)
(3,376,709)
—
—
—
—
—
—
Net decrease in cash and cash equivalents held
Cash and cash equivalents at the beginning of the year
(6,869,139)
(3,376,709)
29,339,382
32,716,091
Cash and cash equivalents at end of financial year
7
22,470,243
29,339,382
The above Consolidated Statement of Cash Flows should be read in conjunction with accompanying
the notes.
22
INVEX THERAPEUTICS LTD. 1. BASIS OF PREPARATION
The financial report is a general purpose financial report that has been prepared in accordance
with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative
pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Invex Therapeutics Limited is a listed public company, incorporated and domiciled in Australia and is the
parent entity. Invex Therapeutics Limited is a for-profit entity for the purpose of preparing the financial
statements.
These consolidated financial statements comprise the Company and its controlled entity at the end of,
or during the year (together referred to as ‘the Group’) and were authorised for issue by the Board of
Directors.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in
a financial report containing relevant and reliable information about transactions, events and conditions.
Compliance with Australian Accounting Standards ensures that the financial statements and notes also
comply with International Financial Reporting Standards as issued by the IASB. Material accounting policies
adopted in the preparation of this financial report are presented below and have been consistently applied
unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets and
financial liabilities.
2. NEW AND AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting
period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
3. SUMMARY OF ACCOUNTING POLICIES
The following material accounting policies adopted by the Group in the preparation of the financial report,
have been consistently applied unless otherwise stated.
(a) Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the
consolidated entity only. Supplementary information about the parent entity is disclosed in note 19.
(b) Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Invex
Therapeutics Ltd (Company or Invex) as at 30 June 2023 and the results of all subsidiaries for the year then
ended. Invex Therapeutics Ltd and its subsidiary together are referred to in these financial statements as
the 'consolidated entity’.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity
controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to
the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the
consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting.
23
ANNUAL REPORT 2023Notes to the Consolidated Financial Statements (c) Foreign currency translation
The financial statements are presented in Australian dollars, which is Invex's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates
at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars
using the average exchange rates, which approximate the rates at the dates of the transactions, for the
period. All resulting foreign exchange differences are recognised in other comprehensive income through
the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is
disposed of.
(d) Operating segments
Operating segments are presented using the 'management approach', where the information presented is
on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The
CODM is responsible for the allocation of resources to operating segments and assessing their performance.
(e) Revenue recognition
Revenue is recognised when or as the Group transfers control of goods or services to a customer at the
amount at which the Group expects to be entitled. The following specific recognition criteria must also be
met before revenue is recognised:
Interest income
Revenue is recognised as the interest accrues (using the effective interest method), which is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial instrument to the
net carrying amount of the financial asset.
(f) Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market and are stated at amortised cost using the effective interest rate method.
At each reporting date, the Group assesses whether there is objective evidence that a financial instrument
has been impaired.
(g) Cash and Cash Equivalents
Cash and short-term deposits in the Statement of Financial Position comprise cash at bank and on hand
and short-term deposits.
(h) Right-of-use asset
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date net of any lease incentives received, any initial direct
costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be
incurred for dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
24
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability
for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on
these assets are expensed to profit or loss as incurred.
(i) Lease liability
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made over the term of the lease, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's
incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives
receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under
residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably
certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend
on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts
are remeasured if there is a change in the following: future lease payments arising from a change in an index
or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties.
When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to
profit or loss if the carrying amount of the right-of-use asset is fully written down.
(j) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the
statement of financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of
investing and financing activities, which are disclosed as operating cash flows.
(k) Trade and Other Receivables
Trade receivables, which generally have 30-90 day terms, are recognised and initially at fair value and
subsequently measured at amortised cost using the effective interest rate method, less loss allowance.
The Group applies the AASB 9 simplified approach to measure expected credit losses which uses lifetime
expected loss allowance for trade receivables. Bad debts are written off when identified.
(l) Trade and other Payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the
period end and which are unpaid. These amounts are unsecured, have 30-60 day payment terms and are
measured at amortised cost.
(m) Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of
services, where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using either the Binomial or Black-Scholes option pricing model that takes into account the
exercise price, the term of the option, the impact of dilution, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the
term of the option, together with non-vesting conditions that do not determine whether the consolidated
entity receives the services that entitle the employees to receive payment. No account is taken of any other
vesting conditions.
25
ANNUAL REPORT 2023 The cost of equity-settled transactions are recognised as an expense with a corresponding increase in
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date
fair value of the award, the best estimate of the number of awards that are likely to vest and the expired
portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative
amount calculated at each reporting date less amounts already recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by
applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and
conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the
liability is calculated as follows:
• during the vesting period, the liability at each reporting date is the fair value of the award at that date
multiplied by the expired portion of the vesting period.
•
from the end of the vesting period until settlement of the award, the liability is the full fair value of the
liability at the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is
the cash paid to settle the liability.
(n) Equity, reserves and dividend payments
Share capital represents the fair value of shares that have been issued. Any transaction costs associated
with the issuing of shares are deducted from share capital, net of any related income tax benefits.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a General Meeting prior to the reporting date.
All transactions with owners of the parent are recorded separately within equity.
(o) Research and Development
Research expenditure is recognised as an expense is incurred.
Costs incurred on developments projects (relating to the development and testing of new or improved
products) are recognised as intangible assets when it is probable that the project will, after considering
its commercial and technical feasibility, be completed and generate future economic benefits and its costs
can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including
costs of materials, services, direct labour and an appropriate proportion of overheads. Other development
expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs
previously recognised as an expense are not recognized as an asset in a subsequent period. Capitalised
development costs are recorded as intangible assets and amortised from the point at which the asset is
ready for use.
(p) Income Tax
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised
in other comprehensive income or directly in equity.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, the Australian
Taxation Office (ATO) and other fiscal authorities relating to the current or prior reporting periods that are
unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the
financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or
substantively enacted by the end of the reporting period.
Deferred income taxes are calculated using the full liability method on temporary differences between
the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided
on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related
transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary
differences associated with investments in subsidiaries and joint ventures is not provided if reversal of these
temporary differences can be controlled by the Group and it is probable that reversal will not occur in the
foreseeable future.
26
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to
apply to their respective period of realisation, provided they are enacted or substantively enacted by the
end of the reporting period.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised
against future taxable income, based on the Group’s forecast of future operating results which is adjusted
for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or
credit. Deferred tax liabilities are always provided for in full.
Deferred tax assets and liabilities are offset only when the Group has a right and intention to set off current
tax assets and liabilities from the same taxation authority.
Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in
profit or loss, except where they relate to items that are recognised in other comprehensive income (such as
the revaluation of land) or directly in equity, in which case the related deferred tax is also recognised in
other comprehensive income or equity, respectively.
(q) Impairment of assets
Non-financial assets
At the end of each reporting period, non-financial assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. The
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax
discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not
have independent cash flows are grouped together to form a cash-generating unit.
Financial assets
At the end of each reporting period, the Group assesses whether there is objective evidence that a financial
asset has been impaired. For financial assets measured at fair value, gains or losses will be recorded in profit
or loss, or through Other Comprehensive Income (OCI) if the Group has made an irrevocable election at the
time of initial recognition to account for equity instruments through OCI.
(r) Critical Accounting Estimates and Judgments Required
The Directors evaluate estimates and judgments incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future
events and are based on current trends and economic data, obtained both externally and within the Group.
Research and development expenditure
Distinguishing the research and development phases of a new customized project and determining whether
the recognition requirements for the capitalization of development costs are met requires judgement.
The Group has expensed all costs relating to research and development expenditure to date on the basis
that the capitalisation requirements have not been met.
The Group’s consideration of whether its internal projects to develop drugs are in a research phase or
development phase involves significant judgement.
27
ANNUAL REPORT 2023 The Group considers a project to be in a development phase when the following can be demonstrated:
• The technical feasibility of completing the intangible asset so that it will be available for use or sale;
• There is intention to complete the project;
• The existence of a market to be able to sell output resulting from the project;
• How the intangible asset will generate probable future economic benefits;
• There is adequate technical, financial and other resources available to complete the development and to
use or sell the intangible asset; and
• Expenditure attributable to the project can be reliably measured.
Share-based payment transactions
The Group measures the cost of equity-settled transactions by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined using a Black-Scholes model.
28
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued 4. OTHER INCOME
R&D Tax rebate
Interest income
2023
$
459,085
797,083
1,256,168
2022
$
182,251
79,881
262,132
5. LOSS FOR THE YEAR
The loss for the year before income tax includes the following specific expenses:
(a) Research and development expenses
Manufacturing expenses
Phase III Clinical Trial
Employee costs
Regulatory advice
Consultants
Scientific Advisory Board/Committees
COO costs
CSO - Executive director fees
Patent expenses
Total
(b) Administration expenses
Accounting and company secretarial fees
ASX, ASIC and bank fees
Executive Directors fees
Non-executive Directors fees
Legal fees
Rent and office expenses
Audit, corporate advice and tax fees
Travel and entertainment
Insurance
Investor relations and PR expenses
Share registry and shareholder meetings
Other general expenses
Fx (gain)/losses
Website and IT expenses
Total
2023
$
2022
$
743,560
3,847,049
292,842
—
1,789,049
—
311,687
299,421
116,883
326,498
762,449
509,892
189,548
714,836
1,094
—
315,373
142,907
7,400,491
2,962,596
148,227
52,623
180,000
160,000
30,769
28,238
60,914
102,913
176,597
112,368
23,536
10,247
26,738
11,822
1,124,992
131,759
69,597
138,750
160,000
109,120
20,980
68,100
30,891
92,004
51,116
20,122
13,703
(26,408)
20,432
900,286
29
ANNUAL REPORT 2023 6. INCOME TAX
(a) The components of tax expense comprise:
Current tax
Deferred tax expense
Total income tax expense from continuing operations
Deferred income tax expense included in income tax expense
comprises:
Decrease/(increase) in deferred tax assets
Decrease/(increase) in deferred tax liabilities
(b) The prima facie tax on profit from ordinary activities before
income tax is reconciliation of income tax expense to prima
facie tax payable:
2023
$
2022
$
—
—
—
—
—
—
—
—
—
—
Loss before income tax
(7,749,856)
(3,953,140)
Prima facie tax benefit on loss from ordinary activities before
income tax at 30% (2022: 30%)
(2,324,957)
(1,185,942)
Tax effect of:
– share-based payments
– intellectual property costs
– entertainment
– R&D consultants
– tax differential rate
Tax losses and temporary differences not recognised
Income tax expense/(benefit)
The applicable weighted average effective tax rate are as
follows:
(c) Amounts recognised directly in equity
Aggregate current and deferred tax arising in the reporting
period and not recognised in net loss or other comprehensive
income but directly debited or credited to equity.
Current tax
Net deferred tax
30
144,162
134,661
3,651
99,597
703,698
1,239,188
—
0%
105,717
42,872
587
—
232,932
804,374
—
0%
—
—
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued (d) Deferred tax assets
Patents
Accruals
Business related costs
Australian tax losses
Unrealised fx losses
Foreign tax losses
Capital raising costs in equity
7. CASH AND CASH EQUIVALENTS
Cash at bank and on hand
8. TRADE AND OTHER PAYABLES
Trade payables
Accruals and other payables
2023
$
2022
$
29,197
10,200
12,679
1,935,421
12,401
2,126,555
120,643
34,576
7,500
28,112
1,748,686
(7,922)
207,379
264,422
4,247,096
2,282,753
2023
$
2022
$
22,470,243
29,339,382
22,470,243
29,339,382
2023
$
1,142,947
429,423
1,572,370
2022
$
138,778
865,436
1,004,214
Trade payables are non-interest bearing and are normally settled on 30-day terms.
9. CONTRIBUTED EQUITY
2023
$
2023
Number
of shares
2022
$
2022
Number
of shares
Ordinary shares on issue – fully paid
36,413,432
75,153,848
36,413,432
75,153,848
36,413,432
75,153,848
36,413,432
75,153,848
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled
to one vote per share at shareholders meetings. In the event of winding up of the Company ordinary
shareholders rank after creditors and are fully entitled to any proceeds of liquidation in proportion to the
number and amount paid on the shares held.
Movement in fully paid ordinary
shares on issue
Balance at beginning of financial
period
2023
$
2023
Number
of shares
2022
$
2022
Number
of shares
36,413,432
75,153,848
36,413,432
75,153,848
Balance at end of financial year
36,413,432
75,153,848
36,413,432
75,153,848
31
ANNUAL REPORT 2023 10. RESERVES
Share-based payment reserve
Foreign currency translation reserve
Nature and Purpose of Reserve
2023
$
2,379,171
18,143
2022
$
1,898,630
(1,727)
2,397,314
1,896,903
The share-based payment reserve records the value of options, performance rights and performance shares
issued to the Group’s directors, employees, and third parties. The value of the amount disclosed during the
period reflects the value of options, performance rights and performance shares issued by the Group.
The Foreign currency translation reserve records exchange differences arising on translation of foreign
controlled entities.
Options outstanding at 30 June 2023
The following options over ordinary shares of the Company were granted at reporting date:
Grant Date
Expiry Date
Exercise
Price
Balance
at start of
year
Granted
during the
year
Exercised
during the
year
Forfeited
during the
year
Balance at
year end
Vested and
exercisable
at year end
22 Nov 2019 22 Nov 2023
$0.60 2,200,000
21 Jan 2020 21 Jan 2023
$1.00 750,000
9 April 2020 9 April 2023
$0.60
60,000
20 Oct 2020 20 Oct 2023
$1.30 400,000
18 Nov 2020 18 Nov 2023
$1.30 800,000
8 April 2021 8 April 2024
$1.10 400,000
—
—
—
—
—
—
22 Nov 2022 1 Dec 2026
1 Dec 2022
1 Dec 2026
$0.87
$0.87
— 3,600,000
— 1,792,000
—
— 2,200,000 2,200,000
— 750,000
60,000
—
—
—
—
— 400,000
400,000
— 800,000
800,000
— 400,000
400,000
— 3,600,000
— 1,792,000
—
—
—
—
—
—
—
—
4,610,000 5,392,000
— 810,000 9,192,000 3,800,000
Reconciliation of movement in Share-based payment reserve:
Opening Balance - 1 July 2022
Share-based payment expense in respect to employee options on issue at
30 June 2023
Share-based payment expense in respect to director options on issue at
30 June 2023
Share-based payment expense in respect to Director options on issue at
30 June 2023
Number of
Options
Value
$
1,898,630
400,000
10,654
400,000
25,550
800,000
24,573
Share-based payment expense in respect to employee options on issue at
30 June 2023
1,792,000
145,631
Share-based payment expense in respect to Director options on issue at
30 June 2023
Closing Balance – 30 June 2023
3,600,000
274,134
6,992,000
2,379,172
32
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued 11. LOSS PER SHARE
Basic and Diluted (Loss) per Share – cents
Total basic and diluted loss per share – cents
2023
$
(10.31)
2022
$
(5.26)
Basic and diluted loss per share is calculated by dividing the loss for the year attributable to ordinary equity
holders of the parent by the weighted average number of ordinary shares outstanding during the year.
The following table reflects the loss and share data used in the basic and diluted loss per share:
Net loss attributable to members of the Group
(7,749,856)
(3,953,140)
Earnings used in calculating basic and diluted earnings per share
from continuing operations
(7,749,856)
(3,953,140)
2023
$
2022
$
2023
Number of
shares
2022
Number of
shares
Weighted average number of Ordinary Shares used in calculating
basic and diluted earnings per share
75,153,848
75,153,848
Dilutive Potential Ordinary Shares
As at balance date, there were no dilutive options on issue.
Conversions, Calls, Subscriptions or Issues after 30 June 2023
Subsequent to year end there have not been any conversions, calls, subscriptions or issues of securities.
12. ACCUMULATED LOSSES
Accumulated losses at the beginning of the financial period
Net loss attributable to members of the Group
2023
$
2022
$
(9,829,452)
(7,749,856)
(5,876,312)
(3,953,140)
Accumulated losses at the end of the financial year
(17,579,308)
(9,829,452)
33
ANNUAL REPORT 2023 13. RECONCILIATION OF NET CASH FLOWS OPERATING ACTIVITIES TO
OPERATING (LOSS) AFTER TAX
Loss (after income tax) for the year
Non-cash items included in profit or loss:
Share-based payment expenses
Unrealised fx reserve movements
Net changes in working capital:
Increase in trade and other receivables
Increase in trade and other payables
Net cash used in operating activities
2023
$
2022
$
(7,749,856)
(3,953,140)
480,541
19,870
352,390
2,957
(187,852)
568,158
(124,517)
345,601
(6,869,139)
(3,376,709)
Non-cash investing and financing activities disclosed in other notes are:
Share-based payment expense (refer Note 17).
FX reserve movements (refer Note 10).
14. FINANCIAL RISK MANAGEMENT
The Group’s principal financial instruments comprise cash, short-term deposits and trade payables.
The Group does not have any derivative instruments at 30 June 2023 and does not speculate in any
financial instruments.
Financial Risks
The activities of the Group expose it primarily to the financial risks of interest rate risk, liquidity risk, foreign
exchange risk and credit risk. The Board of Directors is responsible for monitoring and managing the
financial risks of the Group. The Company Secretary/CFO monitors these risks by the review and analysis of
monthly management accounts and other financial data.
Interest Rate Risk
The Group’s main interest rate risk arises from cash held on deposit by Australian Financial Institutions.
Cash held in term deposits is subject to prevailing variable interest rates and expose the Group to cash flow
interest rate risk.
The following table summarises interest rate risk for the Group.
2023
Interest-bearing financial instruments
Cash and cash equivalents
Fixed Interest
Rate Maturing
Floating
Interest
Rate
$
1 Year or
Less
$
1 to 5 Years
$
Non-
Interest
Bearing
$
Total
$
22,470,243
22,470,243
—
—
—
—
— 22,470,243
— 22,470,243
34
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued 2022
Interest-bearing financial instruments
Cash and cash equivalents
Fixed Interest
Rate Maturing
Floating
Interest
Rate
$
1 Year or
Less
$
1 to 5 Years
$
Non-
Interest
Bearing
$
Total
$
29,339,382
29,339,382
—
—
—
—
— 29, 339,382
— 29,339,382
The Group does not rely on the generation of interest on cash at bank to provide working capital and does
not consider the exposure to be material to the Group and have therefore not undertaken any further
analysis of exposure.
Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Board of Directors manage liquidity risk by continually monitoring cash reserves and cashflow forecasts to
ensure that financial commitments can be met as and when they fall due.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use
of equity funding.
The following table details the expected contractual maturity for its non-derivative financial liabilities.
2023
Financial liabilities due
Trade and other payables
2022
Financial liabilities due
Trade and other payables
Credit Risk Exposure
Total
$
1 year or
less
$
1 – 5 years
$
5+ years
$
1,142,947
1,142,947
1,142,947
1,142,947
—
—
—
—
Total
$
1 year or
less
$
1 – 5 years
$
5+ years
$
138,778
138,778
138,778
138,778
—
—
—
—
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its contractual obligations and arises principally from the Group’s cash at bank. The carrying
amount of the financial assets on the Statement of Financial Position represents the maximum credit
exposure.
All cash and cash equivalents are held with large reputable financial institutions within Australia and
therefore credit risk is considered minimal.
Cash and cash equivalents:
AA rated
2023
$
2022
$
22,470,243 29,339,382
35
ANNUAL REPORT 2023 Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to
foreign currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and
financial liabilities denominated in a currency that is not the entity's functional currency. The risk is
measured using sensitivity analysis and cash flow forecasting.
15. RELATED PARTY TRANSACTIONS
Key Management Personnel
There were no key management personnel, other than the directors and the CFO/Company Secretary,
during the year ended 30 June 2023.
The names of each person holding the position of director of the Company during the financial year are set
out below:
• Dr Jason Loveridge (resigned 10 July 2023)
• Prof. Alexandra Sinclair (resigned 10 July 2023)
• Dr Thomas Duthy
• Dr Megan Baldwin
• Mr David McAuliffe
• Ms Narelle Warren
• Ms Carol Parish
Transactions with key management personnel
(i) Total key management personnel remuneration is as follows:
Short Term Benefits
Other non-cash Benefits
Post-Employment Benefits
Share-based payments
2023
$
2022
$
1,229,562
966,468
—
55,038
—
467
462,338
281,315
1,746,938
1,248,250
(ii) Nil loans were payable to or receivable from KMPs during or at the end of the financial year.
Unless otherwise stated, none of the transactions incorporate special terms and conditions and no
guarantees were given or received.
16. INTERESTS IN SUBSIDIARY
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-
owned subsidiary in accordance with the accounting policy described in note 3:
Name
Principal place of business /
Country of incorporation
Invex Therapeutics Ltd
United Kingdom
Ownership interest
2023
%
100
2022
%
100
36
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued 17. SHARE-BASED PAYMENTS
Share-based payments made during the year ended 30 June 2023 are summarised below.
Recognised Share-based payment expense
Options granted to Directors as incentive
Options granted to Employees as incentive
2023
$
324,256
156,285
2022
$
281,315
71,075
480,541
352,390
Options granted to Directors and Employees for services
The Group’s current Employee Share Option Plan (ESOP) was approved by Shareholders on 25 November
2021. The previous Employee Share Option Plan (ESOP) was approved by the Board of Directors on 20 May
2019 (“Incentive Plans”). The Incentive Plans are designed to provide medium and long term incentives
for all employees (including Non-executive and Executive Directors) and to attract and retain experienced
Employees, Board Members and Executive Officers and provide motivation to make the Group more
successful.
Under the previous ESOP, participants have been granted options which only vest if certain milestones
are met. Participation in the plan is at the Board’s discretion and no individual has a contractual right to
participate in the plan or to receive any guaranteed benefit.
Any option may only be exercised after the option has vested and other conditions imposed by the board
have been satisfied. Options are granted under the ESOP for no consideration. Options granted under the
ESOP carry no dividend or voting rights. When exercisable, shares allotted pursuant to the exercise of
options will be allotted following receipt of relevant documentation and payments will rank equally with all
other shares.
As options granted to employees and directors are considered to represent the value of the services
received over the vesting period of the options, the assessed value of the options are recognised and
expensed over the vesting period. Options vesting during the year of issue are fully expensed under the
accounting standards. There were no new incentive securities granted during the financial year. The total
Directors and Employee Options expense for the period is outlined below.
Valuation
Tranche
Date Expiry Date
Exercise
Price
Balance at
start of year
Granted
during the
year
Vested at
year end
Total
Share-based
payment
expense for
the year
1
2
3
4
5
6
Total
22 Nov 2019 22 Nov 2023
$0.60
2,200,000
— 2,200,000
20 Oct 2020 20 Oct 2023
18 Nov 2020 18 Nov 2023
8 April 2021 8 April 2024
22 Nov 2022
1 Dec 2026
1 Dec 2022
1 Dec 2026
$1.30
$1.30
$1.10
$0.87
$0.87
400,000
800,000
400,000
—
—
—
400,000
800,000
400,000
— 3,600,000
—
1,792,000
—
—
—
10,654
24,573
25,550
274,133
145,631
3,800,000
5,392,000
3,800,000
480,541
37
ANNUAL REPORT 2023 Appropriate values for the options using the Black Scholes Model applying the following inputs.
Tranche
1
Exercise price
$0.60
Expected volatility
Expiry date (years)
Expected dividends
Risk free rate
Value per option
75%
4.00
Nil
0.77%
$0.42
2
$1.30
80%
3.00
Nil
0.77%
$0.35
3
$1.30
80%
3.00
Nil
0.87%
$0.32
4
$1.10
80%
3.00
Nil
0.77%
$0.33
5
$1.10
80%
3.00
Nil
0.77%
$0.33
6
7
$0.87
$0.87
60%
4.18
Nil
3.86%
$0.21
60%
4.00
Nil
3.86%
$0.23
The vesting conditions attached to the Tranche 1, 2, 3, 4 and 5 Director and Employee Options are as
follows:
• 50% of the Options will vest and become exercisable upon completion of 12 months continuous service
from date of issue; and
• 50% of the Options vest and become exercisable upon completion of 24 months continuous service
from date of issue.
The vesting conditions attached to the Tranche 6 and 7 Director and Employee Options are as follows:
• 25% of the Options will vest and become exercisable upon completion of 12 months continuous service
from date of issue; and
• 25% of the Options vest and become exercisable upon completion of 24 months continuous service from
date of issue.
• 25% of the Options vest and become exercisable completion of recruitment for Phase III clinical trial.
• 25% of the Options vest upon completion at the phase 3 clinical trial read out.
The weighted average remaining contractual life of options outstanding at the end of the year was 1.51
years.
18. MATTERS SUBSEQUENT TO END OF FINANCIAL YEAR
On the 10 July 2023 Dr Jason Loveridge and Professor Alexandra Sinclair resigned as Directors of the
Company.
Other than as disclosed above, no matters or events have arisen since the end of the financial period
which significantly affected or may significantly affect the operations of the company, the results of those
operations or the state of affairs of the Company in subsequent financial periods.
38
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued 19. PARENT ENTITY INFORMATION
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Loss after income tax
Total comprehensive income
Statement of financial position
Total current assets
Total non-current assets
Total current liabilities
Total liabilities
Equity
Issued capital
Reserves
Accumulated losses
Total equity
20. AUDITOR’S REMUNERATION
Amounts paid or payable to BDO for:
Audit services
– an audit or review of the financial report of the entity
Total audit services
Corporate advisory services
Taxation services
Total other services
Parent
2023
$
2022
$
(7,160,991)
(4,692,091)
(7,160,991)
(4,692,091)
Parent
2023
$
2022
$
22,367,406
29,225,668
—
—
446,203
642,157
446,203
642,157
36,413,432
36,413,432
2,397,313
1,898,630
(16,889,542)
(9,728,551)
21,921,203
28,583,511
2023
$
2022
$
42,414
42,414
2,500
4,000
6,500
37,376
37,376
2,000
5,658
7,658
39
ANNUAL REPORT 2023 21. DIVIDENDS
There are no dividends paid or payable at 30 June 2023.
22. COMMITMENTS
There are no other commitments which require disclosure as at 30 June 2023 (30 June 2022: nil).
23. SEGMENT REPORTING
The Group has identified its operating segments based on the internal reports that are reviewed and used
by the Board of Directors in assessing performance and determining the allocation of resources.
The Group is managed primarily on the basis of its research and development activities. Operating
segments are therefore determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are
considered to have similar economic characteristics.
The Group operated in one segment which is research and development activities within Australia. The
Company is domiciled in Australia.
24. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Directors are not aware of any contingent liabilities or contingent assets which require disclosure as at
30 June 2023 (30 June 2022 : nil).
40
INVEX THERAPEUTICS LTD.Notes to the Consolidated Financial Statements continued Directors’ Declaration
In the Directors’ opinion:
(a) the financial statements and notes are in accordance with the Corporations Act 2001, and:
(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements; and
(ii) give a true and fair view of the financial position as at 30 June 2023 and of the performance for the
year ended on that date of the Group.
(iii) are in accordance with International Financial Reporting Standards issued by the International
Accounting Standards Board, as stated in note 1 to the financial statements; and
(b) 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; and
(c) The Directors have been given the declarations by the Executive Director as required by section 295A, of
the Corporations Act 2001.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on
behalf of the Directors by;
David McAuliffe
Interim Non-executive Chairman
Perth, Western Australia, 17 August 2023
41
ANNUAL REPORT 2023 Independent Auditor’s Report
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Invex Therapeutics Ltd
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Invex Therapeutics Ltd (the Company) and its subsidiary (the
Group), which comprises the consolidated statement of financial position as at 30 June 2023, 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 financial report, 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 2023 and of its
financial performance for the year ended on that date; 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 Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We 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.
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.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
42
INVEX THERAPEUTICS LTD.
Valuation of Share-Based Payments
Key Audit Matter
How the matter was addressed in our audit
During the year ended 30 June 2023, the
Company issued options to key management
personnel (“KMP”) and employees.
As a result of the risk identified, for all share-
based payment arrangements during the year we
performed the following:
These instruments constitute share-based
payments in accordance with AASB 2 and
accordingly are required to be recognised at
their fair value and expensed over the
respective vesting (performance) period. In
addition, arrangements from prior financial
periods continue to vest and impact the current
year financial statements.
Refer to notes 1(m), 1(r) and 17 of the financial
report for a description of the accounting
policy and key assumptions and inputs applied
to determine the valuation of these options.
Given the complexities and significant
judgements involved under the applicable
accounting standard we consider the
accounting for the share-based payment
expense to be a key audit matter.
•
•
•
•
•
•
Reviewed the relevant agreements to
obtain an understanding of the contractual
nature and terms and conditions of the
share-based payment arrangements;
Reviewed management’s determination of
the fair value of the share-based payments
granted, considering the appropriateness
of the valuation models used and assessing
the valuation inputs;
Engaged our valuation specialists to assess
the reasonableness of management’s
valuation inputs, specifically the volatility
rate adopted;
Verified the share-based payment expense
has been recognised appropriately over
the relevant vesting period;
Reviewed the reasonableness of
management’s probability assessments
applied to the non-market based
performance conditions compared to
relevant internal and external factors; and
Reviewed the adequacy of the financial
report disclosures, including the
Remuneration Report and related party
disclosures.
43
ANNUAL REPORT 2023
Independent Auditor’s Report continued
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2023, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or 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.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of
our auditor’s report.
44
INVEX THERAPEUTICS LTD.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 10 to 17 of the directors’ report for the
year ended 30 June 2023.
In our opinion, the Remuneration Report of Invex Therapeutics Ltd, for the year ended 30 June 2023,
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.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth
17 August 2023
45
ANNUAL REPORT 2023
Corporate Governance Statement
In fulfilling its obligations and responsibilities to its various stakeholders, the Board is a strong advocate
of corporate governance. This statement outlines the principal corporate governance procedures of Invex
Therapeutics Ltd (Group). The Board of Directors (Board) supports a system of corporate governance to
ensure that the management of Invex Therapeutics Ltd is conducted to maximise shareholder wealth in a
proper and ethical manner.
ASX CORPORATE GOVERNANCE COUNCIL RECOMMENDATIONS
The Board has adopted corporate governance policies and practices consistent with the ASX Corporate
Governance Council's Principles of Good Corporate Governance and Best Practice Recommendations ("ASX
Principles and Recommendations 4th Edition") where considered appropriate for Invex Therapeutics Ltd
size and nature. Such policies include, but are not limited to the Board Charter, Board Committee Charters,
Code of Conduct, Trading in Securities, Continuous Disclosure, Shareholder Communication and Risk
Management Policies.
Further details in respect to the Group’s corporate governance practises and copies of Group’s corporate
governance policies and the 2023 Corporate Governance Statement, approved by the Board and applicable
as at 30 June 2023 are available of the Group’s website:
https://invextherapeutics.com/corporate-governance/
46
INVEX THERAPEUTICS LTD. ASX Additional Information
Additional information required by the ASX Limited Listing Rules not disclosed elsewhere in this Annual
Report is set out below.
1. SHAREHOLDINGS
The issued capital of the Company as at 1 August 2023 is 75,153,848 ordinary fully paid shares. All issued
ordinary fully paid shares carry one vote per share.
Ordinary Shares
Shares Range
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
100,001 and above
Total
Unmarketable parcels
Holders
Units
208
478
237
461
101
124,047
1,324,037
1,888,313
17,128,540
54,688,911
%
0.17
1.76
2.51
22.79
72.77
1,485
75,153,848
100.00
There were 479 holders of less than a marketable parcel of ordinary shares representing a total of
626,704 shares.
2. TOP 20 SHAREHOLDERS AS AT 1 AUGUST 2023
Name
1 TATTARANG
2 TISIA NOMINEES PTY LTD
3 MR JASON LOVERIDGE
4 MR DAVID JERIMIAH MCAULIFFE
5 JK NOMINEES PTY LTD
6 PROF ALEXANDRA JEAN SINCLAIR
7 MRS KATHRYN SALKIlLD
8 THE UNIVERSITY OF BIRMINGHAM
Number of
shares
8,846,154
3,725,000
3,374,462
3,350,001
3,000,000
2,500,000
2,293,000
2,000,000
9 BANNABY INVESTMENTS PTY LIMITED
1,625,000
10 SUNSET CAPITAL MANAGEMENT PTY LTD
11 ANTHONY GRIST
12 CITYSCAPE ASSET PTY LTD
13 CABLETIME PTY LTD
14 SANDHURST TRUSTEES LTD
15 PALLA NOMINEES PTY LTD
16 ARDROY SECURITIES PTY LTD
17 ENDLESS SUMMER (WA) PTY LTD
18 MS SOPHIE ALICE LOVERIDGE
19 PETER KYROS PTY LTD
20 WEBINVEST PTY LTD
TOP 20 TOTAL
TOTAL REMAINING HOLDERS BALANCE
TOTAL
1,448,175
1,338,518
1,150,000
1,120,000
1,081,924
580,000
550,407
550,000
493,000
470,075
375,000
%
11.77
4.96
4.49
4.46
3.99
3.33
3.05
2.66
2.16
1.93
1.78
1.53
1.49
1.44
0.77
0.73
0.73
0.66
0.63
0.50
39,870,716
53.05
35,283,132
46.95
75,153,848
100.00
47
ANNUAL REPORT 2023 3. UNQUOTED SECURITIES
The unlisted options over shares in the Company as at 1 August 2023 are as follows:
Holder
DR JASON LOVERIDGE
ALEXANDRA JEAN SINCLAIR
CIPA INVESTMENTS PTY LTD
DR MEGAN BALDWIN
CAROL PARISH
PHILUCHNA PTY LTD
DAVID JERIMIAH MCAULIFFE
EMMA HILTON
Total
4. VOTING RIGHTS
See note 12 of the financial statements.
5. SUBSTANTIAL SHAREHOLDERS AS AT 1 AUGUST 2023
Holder
TATTARANG
Number of
options held
% of issued
capital held
2,080,000
1,920,000
1,800,000
600,000
1,520,000
848,000
200,000
224,000
22.63
20.89
19.58
6.53
16.53
9.23
2.17
2.44
9,192,000
100.00
Number of
shares held
% of issued
capital held
8,846,154
11.77
6. RESTRICTED SECURITIES SUBJECT TO ESCROW PERIOD
There are no restricted securities.
7. ON-MARKET BUYBACK
There is currently no on-market buyback program for any of Invex’s listed securities.
8. COMPANY CASH AND ASSETS
In accordance with Listing Rule 4.10.19, the Company confirms that it has been using the cash and assets it
had acquired at the time of admission and for the year ended 30 June 2023 in a way that is consistent with
its business objective and strategy.
48
INVEX THERAPEUTICS LTD. Corporate Directory
This financial report includes the consolidated
financial statements and notes of the Group
consisting of Invex Therapeutics Ltd and its
controlled entity (Invex Therapeutics UK).
The Group’s functional and presentation currency
is Australian Dollars ($).
A description of the Group’s operations and
principal activity is included in the review of
operations and activities in the Directors’ report
on pages 6 to 18. The Directors’ Report is not part
of the Consolidated Financial Report.
Directors:
Dr Thomas Duthy
Dr Megan Baldwin
Mr David McAuliffe
Dr Jason Loveridge (resigned 10 July 2023)
Professor Alexandra Sinclair (resigned 10 July 2023)
Company Secretary:
Ms Narelle Warren
Registered Office & Principal Place of Business:
Level 2, 38 Rowland St
Perth WA 6008
Tel: + 61 8 6382 0137
Website: www.invextherapeutics.com
Auditors:
BDO Audit (WA) Pty Ltd
Level 9
Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Bankers:
Westpac Banking Corporation
Level 4 Tower 2 Brookfield Place
123 St Georges Terrace
Perth WA 6000
Solicitors:
Steinepreis Paganin
Level 4, The Read Buildings
16 Milligan St
Perth WA 6000
Share Registry:
Automic Registry Services
Telephone: 1300 288 664
International: +61 2 9698 5414
Website: www.automicgroup.com.au
ASX code: IXC
ideate
Co.
iii
ANNUAL REPORT 2023