2022
Annual Report
OncoSil Medical Ltd • 30 June 2022
Contents
Corporate directory
Introduction
Chairman’s letter
CEO’s Report
Looking to the future
An interview with Dr. Natalie Phillips
FY22 highlights
Directors’ report
Auditor’s independence declaration
Statement of profit or loss and other comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors’ declaration
Independent auditor’s report to the members of OncoSil Medical Ltd
Shareholder information
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Corporate directory
Directors
Mr Otto Buttula – Chairman
Mr Nigel Lange
Dr Martin Cross
Prof. Ricky Sharma
Company secretary
Mr Karl Pechmann
Notice of annual general meeting
The details of the annual general meeting of OncoSil Medical Ltd are:
12pm on Tuesday 25 October 2022
Registered office
Suite 503, Level 5
and principal place of business
15 Blue Street
North Sydney NSW 2060
Phone: +61 2 9223 3344
Share register
Boardroom Pty Limited
Auditor
Solicitors
Level 12
225 George Street
Sydney NSW 2000
Phone: +61 2 9290 9600
Crowe Sydney
Level 15
1 O’Connell Street
Sydney NSW 2000
K&L Gates
Level 25, South Tower
525 Collins Street
Melbourne VIC 3000
Bankers
Westpac Banking Corporation
341 George Street
Sydney NSW 2000
Stock exchange listing
OncoSil Medical Ltd shares are listed on the Australian Securities Exchange
Website
(ASX code: OSL)
www.oncosil.com
Corporate Governance Statement
OncoSil Medical Ltd and the Board of Directors are committed to achieving
and demonstrating the highest standards of corporate governance.
OncoSil Medical Ltd has reviewed its corporate governance practices against
the Corporate Governance Principles and Recommendations (4th Edition)
published by the ASX Corporate Governance Council.
Details of the corporate governance report is available on the Group website at:
https://www.oncosil.com/investors
2
Introduction
OncoSil Medical Ltd is a publicly traded medical
device company (ASX: OSL) with a global footprint.
OncoSil™ is our brachytherapy device, which
delivers a targeted intratumoural placement of
Phosphorous-32 (32P) in the treatment of locally
advanced pancreatic cancer in combination with
gemcitabine-based chemotherapy.
Led by CEO and Managing Director Nigel Lange,
OncoSil Medical operates in a number of
markets across Europe and Asia Pacific and is
headquartered in Sydney, Australia.
We believe in our technology and its ability
to have a truly positive impact in Oncology.
3
Chairman’s Letter
Dear Fellow Shareholders,
On behalf of the Board, I welcome all new and existing shareholders to OncoSil Medical’s 2021-2022 Annual Report.
Despite being adversely impacted by COVID-19 headwinds during the year, the team has advanced local regulatory and ethics
approvals for the OSPREY patient registry, as well as training numerous hospital sites in the use of the OncoSil™ device.
The business has achieved numerous commercial milestones throughout the year. These include:
Innovation Funding (NUB): whereby hospitals throughout Germany will be provided with additional funding for a
new device which is not covered through existing federal hospital funding. Continuing in Germany, The Federal Joint
Committee (G-BA) approved a fully-funded trial in Germany, in which OncoSil will receive sales revenue for
the provision of the OncoSil™ device.
The first commercial treatment of the OncoSil™ device implantation in Europe, with the procedure being
performed at The Hospital Universitario de Fuenlabrada (THUF), located in Madrid, Spain. This was accompanied
by the signing of a commercial agreement with the same hospital to treat further patients. We are most pleased
to report that the second patient treated has been successfully resected. Thank-you to the practitioners and more
importantly we wish patients well.
After several changes to the management team in the prior year, Ricky Sharma and myself have joined the Board as
a part of its renewal. I bring a number of years of business operating experience, and Ricky has extensive experience
in radiotherapy. I’d also like to acknowledge Dr Roger Aston, Mr Mike Bassett and Dr Chris Roberts, who have all
voluntarily stepped down from the Board and I thank them for their contribution to the Company.
We are excited to be working to develop further clinical pathways to support universal public coverage and
reimbursement initiatives, health insurance coverage and treatment adoption, all critical to OncoSil’s long-term growth
plans. Many of these programs we are undertaking should expand our label coverage and deliver further relief to
patients and greater revenues to OncoSil.
Finally, on behalf of the Board, I would like to take this opportunity to thank our Chief Executive Officer, Nigel Lange,
my fellow Board directors and the entire OncoSil management team for their commitment to assisting LAPC patients.
Whilst we respect the patience of shareholders, we believe we are on the right path and look forward to the coming
year of advancement in the successful application of this device against this insidious disease.
We have a committed team and believe we will not only improve the quality of a patient’s experience with LAPC, but
more importantly we expect to save further lives!
Sincerely
Mr Otto Buttula
Chairman – OncoSil Medical Limited
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CEO’s Report
CEO’s Report
In 2022, OncoSil Medical Limited continued with commercialisation plans for our lead product, the OncoSil™ device.
Our progress was marked by several key milestones that has enabled your Company to continue to build upon the
commercialisation of the OncoSil™ device.
Commercialisation
In February 2022, the German Institute for the Hospital Remuneration System (InEK) granted the OncoSil™ device a “Positive
Status 1” recognition under the Innovation Funding (NUB) program. This provides hospitals with additional funding for a
new device which is not covered through existing federal hospital funding. This was followed in March 2022 with the Federal
Joint Committee (G-BA) approving a fully funded clinical trial in Germany. The Company will receive sales revenue for the
provision of the OncoSil™ device over the course of the clinical trial, and a successful outcome of this trial will enable the
company to receive public funding under the German DRG system for the treatment of patients within this market.
In April 2022, OncoSil achieved the first commercial treatment with the OncoSil™ device in Europe. Following this successful
treatment, a commercial agreement worth €374K (~A$553k) was signed with the same hospital to treat further patients afflicted
with locally advanced pancreatic cancer (LAPC). The sales team is currently working with other trained hospitals in Spain to
facilitate tenders that will enable greater patient access to the OncoSil™ device in the various regions throughout the country.
Therefore, despite a slow start, negatively impacted by COVID-19, revenues have continued to build during the year. In late
March, face-to-face meetings were largely approved and accordingly, our team were able to re-engage with targeted sites.
Projects include local regulatory approvals and ethics approvals for the OSPREY patient registry.
In July 2022, Bupa UK Insurance became the first health insurance company to provide reimbursement for the OncoSil™
device in the private payer market in the UK for treatments at The London Clinic. The OncoSil team will be working with
other insurers to expand reimbursement for patient access to treatments at The London Clinic and other private institutions
in the UK.
Clinical and Regulatory Affairs
During the year the team has continued to develop and execute on its strategic objectives related to the further clinical
development of the technology. This will allow for advancement of the commercial objectives as it serves to develop a body
of evidence in support of market access and public reimbursement in major targeted markets.
Significant preparations have been made for the upcoming TRIPP-FFX clinical trial to expand the label for the treatment of
OncoSil with FOLFIRINOX-based chemotherapy. Expanding the label will increase the opportunity for commercial success in
approved markets.
The Company has also continued to work on several initiatives in preparation for market access, health insurance coverage
and reimbursement applications in various European countries.
During the year, updated data was submitted to the US Food and Drug Administration (FDA) for the Humanitarian Device
Exemption (HDE) for the use of the OncoSil™ device in the treatment of distal cholangiocarcinoma (bile duct cancer).
OncoSil continues to have ongoing dialogue with the FDA regarding this application.
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5
CEO’s Report
Financial Position
As at 30 June 2022, OncoSil had a cash balance of approximately $11.3 million. Over the year, the Company's net cash used
in operations was $10.1 million, with $2.3 million invested in R&D activities.
During the year we also completed a $10m capital raising, consisting of a $4m placement to existing and new sophisticated
and professional investors, and a non-renounceable entitlement offer to existing shareholders. Approximately $3.2 million
was raised from the non-renounceable entitlement offer and the shortfall of approximately $2.7 million was placed with
various sophisticated and professional investors. I thank all new and existing investors for supporting the recent capital
raising which will enable OncoSil to achieve further commercial success in 2023.
Finally, I would like to thank all our shareholders for their continued support of our Company. I look forward to building
upon our achievements of 2022 and entering an exciting new stage for growth in 2023 as we continue to work towards
broader European commercialisation of our device and ultimately achieving our goal of improving patient outcomes in the
area of pancreatic cancer.
Looking to the future
Pancreatic cancer incidence by region
25.2%
2.7%
United States
United Kingdom
8.4%
Japan
Sincerely,
Nigel Lange
Chief Executive Officer
OncoSil Medical Limited
6
16.8%
Rest of the world
30%
Europe
16.9%
Urban China
Projected net increase in
incidence rates (% 2021-2029)
Where we have approvals
Urban China
USA
Spain
UK
France
Italy
Japan
41.7%
17.8%
16.4%
13.39%
11.6%
10%
9%
8%
EU
UK
NZ
European
Union
United
Kingdom
New
Zealand
HK
SG
SW
Hong Kong
Singapore
Switzerland
TR
IS
MY
Germany
Turkey
Israel
Malaysia
* Data taken from GlobalData 2020 Pancreatic Cancer: Opportunity Analysis and Forecasts to 2029
Looking to the future
Pancreatic cancer incidence by region
25.2%
2.7%
United States
United Kingdom
8.4%
Japan
16.8%
Rest of the world
30%
Europe
16.9%
Urban China
Projected net increase in
incidence rates (% 2021-2029)
Where we have approvals
Urban China
USA
Spain
UK
France
Italy
Japan
Germany
41.7%
17.8%
16.4%
13.39%
11.6%
10%
9%
8%
EU
UK
NZ
European
Union
United
Kingdom
New
Zealand
HK
SG
SW
Hong Kong
Singapore
Switzerland
TR
IS
MY
Turkey
Israel
Malaysia
* Data taken from GlobalData 2020 Pancreatic Cancer: Opportunity Analysis and Forecasts to 2029
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An interview with Dr. Natalie Phillips
Consultant Gastroenterologist and Hepatobiliary Specialist
at Hammersmith Hospital Imperial Trust
FY22 highlights
A year of transition from clinical
Development to commercialisation
Clinical data
Commercial expansion
Regulatory approvals
Q: Minimally invasive treatments in cancer care are
Q: With the PanCo Study now published, what could this
mean for patients in the future?
A: The PanCo study was very exciting and interesting
to read. Most importantly, it has shown that the
administration of OncoSil is safe and that has to be the
most important outcome from that study. The results
of the PanCo study were very encouraging including
the ability to convert people with locally advanced
pancreatic cancer towards resection with 33 percent
being potentially resectable and 24 percent going
through with resections that may have been due to
comorbidities or patient choice. I think overall the
PanCo study is a very promising and encouraging study
to read for patients with pancreatic cancer.
Q: Since there are now two leading insurance providers
that has agreed to reimburse OncoSil™ therapy for
patients with appropriate cover, how do you think
this will impact the utilisation of this treatment in the
patient pathway?
A: I think it’s fantastic that the insurers are behind the
OncoSil treatment. We now have two insurers that are
providing this treatment in the UK. This can only be a
good thing for a cancer that has such a poor prognosis
and very limited treatment options at present.
dramatically changing the treatment pathways and
outcomes for patients. Do you see these types of
treatments having a greater role and impact for
patients with pancreatic cancer?
A: Sadly, in the UK approximately 10,000 patients are
diagnosed with pancreatic cancer every year, and
despite available treatment options to date, the
prognosis has still remained one of the lowest of
any other cancers with approximately five percent of
patients reaching 5-year survival. Anything we can do
to improve that survival must be a good thing. Patients
who have non-resectable pancreatic cancer would be
treated with chemotherapy or chemoradiotherapy
traditionally. New developments have been based on
other cancer care developments such as for prostate
cancer, endometrial cancer including other therapies
such as nanoknife and in the case of brachytherapy
for pancreatic cancer, the OncoSil treatment and all of
these developments are very promising and exciting
opportunities for treatment for a cancer that up until
now has such a poor prognosis.
Q: Endoscopy involves diagnostic work, as well as
providing symptom relief through stenting etc. Would
you say that Endoscopists are increasingly taking on a
more interventional role in cancer care? For example,
when delivering OncoSil™ treatment. What does this
look like in the future?
A: ERCP (Endoscopic Retrograde Cholangiopancreatogram)
is an interventional procedure performed by
endoscopists and has been used for several years to
help with relief of symptoms from pancreatic cancer
and occasionally diagnosing pancreatic cancer as
well. EUS (Endoscopic Ultrasound) therapy has really
transformed the way that we can diagnose, stage and
treat now pancreatic cancer, and is a very exciting area
for development. EUS therapy is used for diagnoses,
we can take tissue samples, we can look at staging the
cancer and the advent of brachytherapy in terms of
OncoSil, we can now deliver treatment directly to the
tumour itself.
We’re learning more and more about the tools that
we can use endoscopic therapy for using EUS and it’s
a very exciting area for development which I think will
only increase in the coming years.
8
Jul
Mr Otto Buttula joins the
OncoSil Medical Board
Updated data submitted
to the FDA for the HDE
in dCCA
PanCO Clinical Study on
OncoSil™ Published in
ESMO Open
First Commercial Pancreas
Cancer Treatment With
The OncoSil™ Device
In Spain
€374k Commercial
Agreement signed with
Hospital Universitario de
Fuenlabrada in Spain
Dr. Jon Bell joins
OncoSil Medical as
Oct
Dec
Apr
Nov
Mar
Jun
Prof. Ricky Sharma joins the
OncoSil Medical Board
OncoSil approved for
Innovation Funding (NUB)
and Central Ethics
for all hospitals in Germany
Federal Joint Committee (G-BA)
approved a fully-funded trial
in Germany
OncoSil completes $10m
Capital Raising
OncoSil PanCO Clinical Trial
Presented at ESMO World
Congress on Gastrointestinal
Cancer (WCGIC)
FY22 highlights
A year of transition from clinical
Development to commercialisation
Clinical data
Commercial expansion
Regulatory approvals
Jul
Mr Otto Buttula joins the
OncoSil Medical Board
Updated data submitted
to the FDA for the HDE
in dCCA
PanCO Clinical Study on
OncoSil™ Published in
ESMO Open
First Commercial Pancreas
Cancer Treatment With
The OncoSil™ Device
In Spain
€374k Commercial
Agreement signed with
Hospital Universitario de
Fuenlabrada in Spain
Dr. Jon Bell joins
OncoSil Medical as
Oct
Dec
Apr
Nov
Mar
Jun
Prof. Ricky Sharma joins the
OncoSil Medical Board
OncoSil approved for
Innovation Funding (NUB)
and Central Ethics
for all hospitals in Germany
Federal Joint Committee (G-BA)
approved a fully-funded trial
in Germany
OncoSil completes $10m
Capital Raising
OncoSil PanCO Clinical Trial
Presented at ESMO World
Congress on Gastrointestinal
Cancer (WCGIC)
9
9
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the ‘Group’) consisting of OncoSil Medical Ltd (referred to hereafter as the ‘Company’ or ‘parent entity’) and the entities it
controlled at the end of, or during, the year ended 30 June 2022.
Directors
The following persons were directors of OncoSil Medical Ltd during the whole of the financial year and up to the date of this
report, unless otherwise stated:
Mr Otto Buttula - Non-Executive Chairman (appointed on 20 July 2021)
Mr Nigel Lange - Chief Executive Officer and Managing Director
Dr Martin Cross - Non-Executive Director
Prof. Ricky Sharma - Non-Executive Director (appointed on 1 November 2021)
Dr Chris Roberts AO - Non-Executive Chairman (resigned on 19 October 2021)
Dr Roger Aston - Non-Executive Director (resigned on 19 October 2021)
Mr Michael Bassett - Non-Executive Director (resigned on 19 October 2021)
Information on directors
Name:
Title:
Mr Otto Buttula
Chairman – OncoSil Medical Limited
Qualifications:
B. Ec. Grad Dip. SIA, FAICD
Experience and expertise:
Mr Buttula has had extensive experience and success in investment research,
funds management, information and bio-technologies and has held directorships
in a number of public companies. Mr Buttula’s executive experience includes
co-founder and CEO and Managing Director of IWL Ltd, an online financial
services company that listed on the ASX in 1999. The company grew from a market
capitalisation of $48 million at listing before a takeover in 2007 by Commonwealth
Bank of Australia for $373 million. Mr Buttula also founded and was Managing
Director of Investors Mutual, prior to which he was a co-founder and director
of Lonsdale Securities Limited. Following his completion of executive duties, Mr
Buttula was Non-Executive Chairman of platform and stockbroking provider
Investorfirst Ltd and led the acquisition of HUB24 Limited (ASX: HUB). More
recently, he served on the Board as a Non-Executive Director and Head of Audit
and Risk at Imugene Ltd (ASX: IMU) between 2014 and 2016 and currently is the
Executive Chairman of Rhythm Biosciences Ltd (ASX: RHY) and Non-Executive
Chairman of HITIQ Ltd (ASX:HIQ).
Other current directorships:
Executive Chairman of Rhythm Biosciences Ltd (ASX: RHY) and Non-Executive
Chairman of HITIQ Ltd (ASX: HIQ)
Former directorships (last 3 years):
None
Special responsibilities:
Member of the Nomination and Remuneration Committee and member of Audit
Interests in shares:
34,615,387 ordinary shares
and Risk Committee
10
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Name:
Title:
Mr Nigel Lange
Chief Executive Officer and Managing Director
Qualifications:
BA, B.Comm
Experience and expertise:
Nigel joined the Company in May 2020 as Europe, Middle East and Africa (‘EMEA’)
President and brings with him over 30 years of experience in the medical devices
industry. Since 2003, Nigel has held various leadership roles with Sirtex Medical,
a global leader in brachytherapy treatment for liver cancer. From 2003, Nigel
served as Chief Executive Officer of Sirtex’s European business, responsible for
establishing their brachytherapy device in over 300 centres across Europe and the
Middle East. Since 2017, Nigel served as Group Chief Commercial Officer where he
was responsible for all commercial aspects of the global business. During this time,
Nigel has also held interim roles including Interim Group CEO and Interim CEO of
Asia Pacific.
Other current directorships:
None
Former directorships (last 3 years):
None
Special responsibilities:
Member of the Nomination and Remuneration Committee and member of Audit
and Risk Committee
Interests in shares:
6,218,303 ordinary shares
Interests in rights:
2,841,633 performance rights
Name:
Title:
Dr Martin Cross
Non-Executive Director
Qualifications:
B.SC (Hons) and Ph.D. (Aberdeen) FAICD
Experience and expertise:
Dr Cross is a highly regarded pharmaceutical executive with nearly 40 years’
experience including corporate and industry leadership roles directly influencing
healthcare policy and government legislation in Australia and global business
management, marketing and sales roles. From 2013 to 2015, Dr Cross was
Chairman of Medicines Australia, the country’s peak body representing the
research based pharmaceutical industry in Australia. Prior to leading Medicines
Australia, from 2010 to 2013 Dr Cross was Chairman of both the Generics Medicine
Industry Association and Pharmaceutical Industry Council. During this time, Dr
Cross was also Managing Director of Alphapharm (now Viatris) in Australia and
New Zealand, with responsibility for 750 employees and sales of over US $500m
per annum. From 2003 to 2008, Dr Cross was Country Head and Managing Director
of Novartis Australia and New Zealand, and Head of Global Marketing and Sales
Capabilities from 2001 to 2003, based in Switzerland.
Other current directorships:
Non-Executive Director Anagenics Limited (ASX: AN1)
Former directorships (last 3 years):
None
Special responsibilities:
Chairman of the Nomination and Remuneration Committee and member of the
Interests in shares:
3,461,538 ordinary shares
Audit and Risk Committee
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Name:
Title:
Prof Ricky Sharma
Non-Executive Director
Qualifications:
M.A. (Cantab), M.B. B.Chir. (Cantab), F.R.C.P, F.R.C.R., Ph.D, S.F.F.M.L.M.
Experience and expertise:
Professor Sharma is an international authority on the multi-modality treatment
of cancer with precision therapies. He is currently Vice President Clinical Affairs at
Varian, a Siemens Healthineers company. Professor Sharma is also an honorary
consultant in clinical oncology at University College London Hospitals, where he
has a clinical practice in radiotherapy and chemotherapy. Professor Sharma was
previously an associate professor at the University of Oxford, and an honorary
consultant in clinical oncology at Oxford University Hospitals. He has over 200
publications in peer-reviewed scientific journals, including Lancet and Nature
journals. Professor Sharma has previously been the chair of radiation oncology at
University College London and a scientific group leader at the UCL Cancer Institute
and he was a former chair of working groups for NHS/NICE evaluations of novel
radiotherapy treatments. He is a Fellow of the Royal College of Physicians and
the Royal College of Radiologists, and a Senior Fellow of the Faculty of Medical
Leadership and Management.
Other current directorships:
None
Former directorships (last 3 years):
None
Special responsibilities:
Member of the Nomination and Remuneration Committee and member of Audit
Interests in shares:
None
and Risk Committee
‘Other current directorships’ quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
‘Former directorships (last 3 years)’ quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Company secretary
Mr Karl Pechmann is the current company secretary.
Mr Pechmann was CFO and company secretary of a regulatory technology company, Kyckr Ltd (ASX: KYK). His previous roles
include Finance Director with ASX listed biotech company, Immutep Ltd (ASX: IMM) and has held senior finance roles at both
ASX-listed and multinational organisations.
Principal activities
The principal activities of the Group during the financial year focused on the development and commercialisation of its lead
product candidate, the OncoSil™ localised radiation therapy for the treatment of pancreatic and distal cholangiocarcinoma.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
12
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Review of operations
The loss for the Group after providing for income tax amounted to $10,726,703 (30 June 2021: $10,433,523).
The COVID-19 pandemic has resulted in a delay of full commercial launch this financial year ended 30 June 2022. It is difficult to
estimate the precise impact that the pandemic will have on the business moving forward, nevertheless positive progress has
been evident over more recent months.
OncoSil Medical is an ASX-listed medical device company which has developed a breakthrough implantable radiation
(brachytherapy) device for patients with pancreatic and distal cholangiocarcinoma (dCCA). The OncoSilTM device has CE Marking
approval for the treatment of locally advanced pancreatic cancer in combination with gemcitabine-based chemotherapy.
Commercialisation
Face-to-face meetings were enabled as COVID-19 restrictions were relaxed in the second half of the financial year ended 30 June
2022 and accordingly, our team were able to re-engage with targeted sites. The team continued to concentrate on assisting with
local regulatory approvals and ethics approvals for the OSPREY patient registry. The OncoSil team continued to engage in site
training, with 17 hospital sites across Europe and 22 sites globally now fully trained to administer the treatment of the OncoSilTM
device.
During the year OncoSil achieved the first commercial treatment with the OncoSilTM device in Europe. The procedure was
performed at The Hospital Universitario de Fuenlabrada, in Madrid, Spain.
A commercial agreement for €374,000 (~A$553,000) was signed with the same hospital to treat further patients afflicted with
locally advanced pancreatic cancer (LAPC). The sales team continues to work with other trained hospitals in Spain to facilitate
commercial uptake and further agreements to facilitate greater patient access to OncoSilTM treatments in the various regions
throughout the country.
In Germany, the German Institute for the Hospital Remuneration System (InEK) granted the OncoSil™ device with a “Positive
Status 1” status under the Innovation Funding (NUB) program. This provides hospitals with additional funding for a new device
which is not covered through the existing Federal hospital DRG system.
Following the NUB status, the Federal Joint Committee (G-BA) approved a fully funded clinical trial in Germany. The Company will
receive sales revenue for the provision of the OncoSilTM device over the course of the clinical trial. A successful outcome of this
trial would enable the Company to receive public funding from statutory health insurers under the German DRG system for the
treatment of patients within this market.
Clinical and regulatory affairs
During the year the team has continued to develop and execute on its strategic objectives related to the further clinical
development of the technology.
Additional data was submitted for OncoSil’s Humanitarian Device Exemption (HDE) application to the US Food and Drug
Administration (FDA) with respect to the treatment of distal cholangiocarcinoma (bile duct cancer). The Company is currently
in discussions with the FDA regarding the application and further progress will be made in the FY 2023 financial year. The HDE
would mark an important milestone in the Company’s commercialisation strategy if approved.
The PanCO Clinical Study was published in European Society for Medical Oncology (‘ESMO’) Open. This publication stated that
the addition of OncoSilTM to standard-of-care chemotherapy is safe and effective and that 23.8% of patients proceeded to
surgical resection with curative intent.
The PanCO Clinical Trial data was presented at the ESMO World Congress on Gastrointestinal Cancer, comparing the resected
vs non-resected patients who received the OncoSil device. This showed that resected patients had a substantial response to
treatment compared to non-resected patients, particularly a decrease in tumour volume.
13
Corporate
Mr Otto Buttula was appointed to the Board of Directors. Mr Buttula brings sectorial experience in finance, technology and
biotechnology which is expected to assist in driving the Company’s commercial agenda moving forward.
Professor Ricky Sharma was also appointed to the Board of Directors and brings a wealth of experience in the area of
radiotherapies and oncology.
OncoSil also welcomed Dr Jon Bell as Chief Medical Officer. Dr Bell is an internationally recognised expert in Interventional
Oncology and has had many years of experience working with companies in the industry to provide medical oversight
and strategy.
The Company also completed a $10m capital raising consisting of a placement to sophisticated and professional investors and
a non-renounceable entitlement offer.
Financial position and performance
OncoSil had a cash balance of $11,279,841 as at 30 June 2022. During the year, OncoSil earned modest revenue from the sale
of the OncoSilTM device of $231,789 compared to $213,070 in 2021.
Recognised revenue from the Research and Development tax incentive in 2022 was $831,598 compared to $1,077,202 in 2021,
reflecting lower Research and Development expenses and a higher proportion of activities being directed towards
commercial activities.
Employee benefits expenses decreased to $5,266,026 in 2022 compared to $5,294,509 in 2021 as OncoSil invested in sales,
reimbursement and clinical resources to assist in commercialisation.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the financial year.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the Group’s
operations, the results of those operations, or the Group’s state of affairs in future financial years.
Likely developments and expected results of operations
The Company is currently progressing its manufacturing capabilities, supply chain and sales and marketing infrastructure to
achieve commercial sales in the European Union and the United Kingdom, as well as seeking to obtain marketing approval in
markets which recognise the CE Mark. The CE Marking approval requires the Company to conduct a post marketing surveillance
program which requires approvals at hospital sites and at a country level. The Company has a Humanitarian Device Exemption
(HDE) submission pending with the United States Food and Drug Administration (FDA) for the use of the OncoSil™ device
for the treatment of distal cholangiocarcinoma (bile duct cancer). A Global Pivotal Clinical Study will be undertaken, aimed at
supporting a pre-marketing application in the United States in future years for pancreatic cancer. There can be no guarantees
that in the future we will achieve these regulatory approvals, or on the basis sought by the Company, and there are no
guarantees of the rate of enrolment of the Pivotal Clinical Study or the outcome of clinical results.
Business risks
The following is a summary of material business risks that could adversely affect our financial performance and growth
potential in future years and how we propose to mitigate such risks.
14
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Research and Development
The Group’s future levels of success will be influenced by the performance of the Group’s product in future clinical trials.
Expanded usage of the Company’s device requires additional research and development, including ongoing clinical evaluation
of safety and efficacy in clinical trials and regulatory approval prior to marketing authorisation. Medical device development
generally is often associated with a high failure rate and until the Company is able to provide further clinical evidence of the
ability of the Group’s product to improve outcomes in patients, the future success of the product in development remains
speculative. Research and development risks include uncertainty of the outcome of results, difficulties or delays in development
and the uncertainty around that surrounds scientific development of novel medical devices generally.
Future potential sales
Despite obtaining CE Mark regulatory approval, the Group’s products/technologies may not gain market acceptance among
physicians, patients and the medical community. The degree of market acceptance of the Group’s approved products will
depend on a variety of factors including:
• Timing of market introduction, number and clinical profile of competitive products;
• The Group’s ability to provide acceptable evidence of the safety and efficacy and its ability to secure the support of key
clinicians and physicians for its products;
• Cost-effectiveness compared to existing and new treatments;
• Inclusion in national treatment guidelines;
• Ability for coverage, market access, reimbursement and adequate payment from government bodies,
health maintenance organisations and other third-party payers;
• Prevalence and severity of adverse side effects; and
• Other advances over other treatment methods.
Physicians, patients, payers or the medical community may be unwilling to accept, use or recommend the Group’s products
which would adversely affect its potential reviews and future profitability.
Regulatory risk
The Group and the development / commercialisation of its proposed products/technologies are subject to extensive laws and
regulations including but not limited to the regulation of human medical device products. Additionally, human clinical trials are
very expensive and difficult to design and implement, in part because they are subject to rigorous regulatory requirements. A
risk exists that the Group’s technology may not satisfy regulatory requirements in markets in which we are seeking approval
and ultimately may not gain approval, or that the approval process may take much longer than expected. As a result, the Group
may fail to commercialise or out-license any products. If the Group fails to remain compliant with these various regulatory
requirements, there is a risk that the Group’s financial performance could be adversely affected.
COVID-19
The Group continued to respond promptly and strategically to the ongoing and rapidly changing impact of COVID-19 related
risks. The Group is equipped to quickly adapt to changing public health regulations and has developed better ways to continue
operating in a COVID-safe manner including online sales. The winding back of Government stimulus across the economy may
impact future results.
Reliance on key personnel
The Group currently employs a number of key management and scientific personnel, and the Group’s future depends on
retaining and attracting suitably qualified personnel. The Group has included in its employment with key personnel provisions
aimed at providing incentives and assisting in the recruitment and retention of such personnel. It has also, as far as legally
possible, established contractual mechanisms through employment and consultancy contracts to limit the ability of key
personnel to join a competitor or compete directly with the Group. Despite these measures, however, there is no guarantee that
the Group will be able to attract and retain suitably qualified personnel, and a failure to do so could materially and adversely
affect the value of the Group’s technology.
15
Environmental regulation
The Group is not subject to any significant environmental regulation under Australian Commonwealth or State law.
Meetings of directors
The number of meetings of the Company’s Board of Directors (‘the Board’) and of each Board committee held during the year
ended 30 June 2022, and the number of meetings attended by each director were:
Full Board
Nomination and
Audit and
Remuneration Committee
Risk Committee
Attended
Held
Attended
Held
Attended
Held
6
7
7
4
3
3
3
6
7
7
4
3
3
3
1
-
1
1
-
-
-
1
-
1
1
-
-
-
-
1
1
-
1
1
-
-
1
1
-
1
1
-
Mr Otto Buttula
Mr Nigel Lange
Dr Martin Cross
Prof. Ricky Sharma
Dr Chris Roberts AO
Dr Roger Aston
Mr Michael Bassett
Held: represents the number of meetings held during the time the director held office or was a member of the relevant committee.
Remuneration report (audited)
The remuneration report, which has been audited, details the key management personnel (‘KMP’) remuneration arrangements
for the Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the entity,
directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
• Principles used to determine the nature and amount of remuneration
• Details of remuneration
• Service agreements
• Share-based compensation
• Additional information
• Additional disclosures relating to KMP
Principles used to determine the nature and amount of remuneration
The objective of the Group’s executive reward framework is to ensure the remuneration package properly reflects each person’s
duties and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest
quality. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for
shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors (‘the
Board’) ensures that executive reward satisfies the following key criteria for good reward governance practices:
• competitiveness and reasonableness;
• acceptability to shareholders;
16
Directors’ reportOncoSil Medical Ltd • 30 June 2022 • performance linkage / alignment of executive compensation; and
• transparency.
The Nomination and Remuneration Committee (‘NRC’) is responsible for determining and reviewing remuneration
arrangements for its directors and executives. The performance of the Group depends on the quality of its directors and
executives. The remuneration philosophy is to attract, motivate and retain high performance and high-quality personnel.
The NRC has structured an executive remuneration framework that is market competitive and complementary to the reward
strategy of the Group.
The Board has considered that the reward framework is designed to align to shareholders’ interests by:
• having economic profit as a core component of plan design;
• focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering
constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value; and
• attracting and retaining high calibre executives.
Additionally, the reward framework should seek to enhance executives’ interests by:
• rewarding executives for Group and individual performance against targets set by reference to appropriate benchmarks;
• aligning the interests of executives with those of shareholders;
• linking reward with the strategic goals and performance of the Group; and
• ensuring total remuneration is competitive by market standards.
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Non-executive directors’ remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive directors’
fees and payments are reviewed annually by the NRC. The NRC may, from time to time, receive advice from independent
remuneration consultants to ensure non-executive directors’ fees and payments are appropriate and in line with the market.
The chairman’s fees are determined independently to the fees of other non-executive directors based on comparative roles in
the external market. The chairman is not present at any discussions relating to the determination of his own remuneration.
Non-executive directors are also entitled to government statutory superannuation guarantee contribution. They may also be
granted shares, aligning their interests with those of the shareholders.
ASX listing rules require the aggregate non-executive directors’ remuneration be determined periodically by a general meeting.
The most recent determination was at the Annual General Meeting held on 26 November 2015, where the shareholders
approved a maximum annual aggregate director’s fees payable to non-executive directors of $500,000.
Executive remuneration
The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration which has
both fixed and variable components.
The executive remuneration and reward framework has four components:
• base pay and non-monetary benefits;
• short-term performance incentives;
• share-based payments; and
• other remuneration such as superannuation and long service leave.
The combination of these comprises the executive’s total remuneration.
17
Structure
Executive directors are contracted to the Group either on a consultancy basis with remuneration and terms stipulated in
individual consultancy arrangements or pursuant to an employment contract with remuneration and terms stipulated in
individual employment agreements.
Fixed remuneration, consisting of base salary, superannuation and non-monetary benefits, are reviewed annually by the
NRC based on individual and business unit performance, the overall performance of the Group and comparable market
remuneration.
Executives are given the opportunity to receive their base emolument in a variety of forms including cash and fringe benefits
such as motor vehicles and expense payment plans. It is intended that the manner of payment chosen will be optimal for the
recipient without creating undue cost for the Group.
The short-term incentives (‘STI’) program is designed to align the targets of the business units with the performance hurdle
of executives. STI payments are granted to executives based on specific annual targets and key performance indicators
(‘KPI’s’) being achieved. In particular, all executive directors and other KMP may be entitled to annual bonuses payable upon
the achievement of annual corporate or profitability measures. The Group seeks to emphasise payment for results through
providing various cash bonus reward schemes, specifically the incorporation of incentive payments based on achievement of
approved targets.
The long-term incentives (‘LTI’) include long service leave and share-based payments. Currently limited recourse loans are
awarded to executives in order for the executive to subscribe for ordinary shares in the Company under the OncoSil Employee
Share Plan. These performance dependent loan shares will vest upon achieving of long-term KPI’s as agreed with the executive,
measured over terms varying from three to five years. These KPI’s include, but are not limited to, an increase in shareholders’
value, revenue targets or meeting regulatory and clinical measures. The NRC reviewed the long-term equity-linked performance
incentives specifically for executives during the year ended 30 June 2022.
Group performance and link to remuneration
Remuneration for certain individuals is directly linked to the performance of the Group. A portion of cash bonus and incentive
payments are dependent on defined earnings per share targets being met. The remaining portion of the cash bonus and
incentive payments are at the discretion of the NRC. Refer to the section ‘Additional information’ below for details of the
earnings and total shareholders return for the last five years.
Use of remuneration consultants
The Group did not engage the use of a remuneration consultant during the financial year ended 30 June 2022.
Voting and actions following the Company’s 2021 Annual General Meeting (‘AGM’)
At the 2021 AGM, only 50% of the votes received supported the adoption of the remuneration report for the year ended 30 June
2021. As this is the second time more than 25% of the eligible votes were cast against the Remuneration Report the Company
received a “second strike”. Following the AGM, the Board took the shareholder concerns seriously and proactively engaged and
received feedback from many shareholders to understand their concerns.
The Company’s Long Term Incentive scheme has been structured to align KMP interests with shareholders by having all vesting
conditions subject to Total Shareholder Return hurdle rates. In the year ended 30 June 2022, the Company issued performance
rights instead of performance dependent loan shares to increase the transparency of equity instruments held by KMP which are
subject to vesting conditions.
Whilst listening and acknowledging the feedback from shareholders, the Board must also consider how to balance the need for
remuneration plans to engage and fairly reward Executive KMP for their contribution to the business’s long-term success and
driving shareholder value.
18
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Details of remuneration
Amounts of remuneration
The KMP of the Group consisted of the directors of OncoSil Medical Ltd and the following persons:
• Mr Karl Pechmann – Chief Financial Officer and Company Secretary
Details of the remuneration of KMP of the Group are set out in the following tables.
Short-term benefits
employment
Post-
Long-
term
Share-based payments
benefits
benefits
Cash salary
Cash
Non-
Super-
and fees
bonus
monetary
annuation
2022
$
$
$
$
Long
service
leave
$
Equity-
settled
options
$
Equity-
settled
shares
$
Non-Executive Directors:
Mr Otto Buttula
(chairman)
Dr Martin Cross
Prof. Ricky Sharma *
Dr Chris Roberts AO
(previous chairman) * **
81,769
72,727
53,178
30,163
Dr Roger Aston **
24,242
Mr Michael Bassett * **
24,086
Executive Directors:
Mr Nigel Lange
388,199
Other KMP:
Mr Karl Pechmann
267,800
942,164
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,177
7,273
-
-
2,424
-
-
26,780
44,654
-
-
-
-
-
-
-
-
-
Total
$
89,946
80,000
53,178
30,163
26,666
24,086
-
-
-
-
-
-
-
-
-
-
-
-
25,868
194,422
608,489
10,813
22,608
328,001
36,681
217,030 1,240,529
* The remuneration payments to Prof. Ricky Sharma, Dr Chris Roberts AO and Mr Michael Bassett were made to their director-
related entities, Professor Sharma Consultancy Limited, Robertsplan Pty Ltd and Market Connect Australia Pty Ltd, respectively.
** Represents remuneration for the period from 1 July 2021 to date of resignation 19 October 2021.
19
Short-term benefits
employment
benefits
Post-
Long-term
benefits
Share-based payments
Cash salary
Cash
Non-
Super-
and fees
bonus
monetary
annuation
2021
$
$
$
$
Long
service
leave
$
Equity-
settled
options
$
Equity-
settled
shares
$
Total
$
Non-Executive Directors:
Dr Chris Roberts AO
80,000
(chairman) *
Dr Roger Aston
Dr Martin Cross
Mr Michael Bassett*
Executive Directors:
73,059
73,059
80,000
Mr Daniel Kenny ***
542,558
-
-
-
-
-
Mr Nigel Lange **
359,038
32,109
Other KMP:
Mr Karl Pechmann
255,000
16,000
1,462,714
48,109
-
-
-
-
-
-
-
-
-
6,941
6,941
-
13,344
-
25,745
52,971
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
80,000
(53,000)
27,000
-
-
80,000
80,000
(460,922)
94,980
126,241
517,388
14,679
311,424
(373,002) 1,190,792
* The remuneration payments to Dr Chris Roberts AO and Mr Michael Bassett were made to their director-related entities,
Robertsplan Pty Ltd and Market Connect Australia Pty Ltd, respectively.
** Represents remuneration for the whole financial year, including the period before his appointment as CEO on 21 January
2021.
*** Represents remuneration for the period from 1 July 2020 to date of resignation 18 December 2020.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
2022
2021
2022
2021
2022
2021
Fixed remuneration
At risk – STI
At risk – LTI
Non-Executive Directors:
Mr Otto Buttula
Dr Martin Cross
Prof. Ricky Sharma
Dr Chris Roberts AO
Dr Roger Aston
Mr Michael Bassett
Executive Directors:
Mr Nigel Lange
Mr Daniel Kenny
Other KMP:
100%
100%
100%
100%
100%
100%
64%
-
-
100%
-
100%
100%
100%
70%
100%
Mr Karl Pechmann
90%
90%
20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6%
-
5%
-
-
-
-
-
-
-
-
-
-
-
-
36%
-
24%
-
10%
5%
Directors’ reportOncoSil Medical Ltd • 30 June 2022 The proportion of the cash bonus paid/payable or forfeited is as follows:
Name
2022
2021
2022
2021
Cash bonus paid/payable
Cash bonus forfeited
Executive Directors:
Mr Nigel Lange
Other KMP:
Mr Karl Pechmann
Service agreements
-
-
25%
100%
75%
25%
100%
75%
Remuneration and other terms of employment for KMP are formalised in service agreements. Details of these agreements are
as follows:
Name:
Title:
Mr Nigel Lange
Chief Executive Officer and Managing Director
Agreement commenced:
21 January 2021
Term of agreement:
Ongoing until terminated by OncoSil or Mr Lange
Details:
Base salary of €250,000 per annum. Additional benefits of motor vehicle, medical insurance and
statutory pension entitlements (value approximately €25,000 per annum). Cash bonus up to 35%
of base salary subject to achievement of KPI’s as agreed with the Board. Mr Lange is eligible to
participate in the long-term incentive plan up to 35% of base salary. Either party may terminate
the contract by providing six months’ written notice.
Name:
Title:
Karl Pechmann
Chief Financial Officer and Company Secretary
Agreement commenced:
31 March 2020
Term of agreement:
No fixed term
Details:
Base salary for the year ended 30 June 2022 of $267,800 plus superannuation, to be reviewed
annually by the NRC, three months termination notice by either party, cash bonus up to 25% of
salary subject to achievement of KPIs as set by the Board. There is a restraint period of six months
ending on the date of termination of employment. He is eligible to participate in the long-term
incentive plan as approved by shareholders.
KMP have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of shares
There were no shares issued to directors and other KMP as part of compensation during the year ended 30 June 2022 other than
those issued under the Employee Share Plan below.
21
Employee Share Plan (‘ESP’)
Certain employees have been issued limited recourse loans to acquire shares in the Company. In accordance with the Australian
Accounting Standards, these performance dependent loan shares are accounted for in a similar manner as options.
Terms and conditions of share-based payment arrangements affecting the remuneration of KMP in the current financial year
are set out below:
Number of
Name
performance dependent
Grant date
Expiry date
loan shares granted
Exercise
price
Fair value of performance
dependent loan per
share at grant date
Mr Nigel Lange
5,718,303
05/11/2020
05/11/2025
$0.13
Mr Karl Pechmann
664,926
05/11/2020
05/11/2025
$0.13
$0.102
$0.102
The shares cannot be traded by the holder until their related loan has been settled and the shares released.
For performance dependent loan shares issued on 5 November 2020, shares vest automatically if and when the OncoSil Total
Shareholder Return (TSR) achieves a compound annual growth rate (CAGR) based on the following table:
TSR CAGR Performance
Loan Funded Shares that Vest (%)
<15%
15% (threshold performance)
> 15% and < 25%
25% or more (stretch)
0%
50%
Straight-line vesting between 50% and 100%
100%
Performance rights
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of directors and
other KMP in this financial year or future reporting years are as follows:
Name
Number of
rights granted
Grant date
Vesting
date and
exercisable
date
Share price
Fair value
Expiry date
hurdle for
per right at
vesting
grant date
Mr Nigel Lange
2,841,633
20/10/2021
20/10/2024
20/10/2025
$0.00
Mr Karl Pechmann
1,187,823
20/10/2021
20/10/2024
20/10/2025
$0.00
$0.039
$0.039
Performance rights granted carry no dividend or voting rights.
For the performance rights issued on 20 October 2021, performance rights vest automatically if and when the OncoSil Total
Shareholder Return (TSR) achieves a compound annual growth rate (CAGR) based on the following table:
TSR CAGR Performance
30-day VWAP share price hurdle
on 30 June 2024
Performance rights that Vest (%)
< 20%
20% (threshold performance)
< $0.1105
$0.1105
0%
50%
> 20% and < 40%
Between $0.1105 and $0.1755
Straight-line vesting between 50% and 100%
40% or more (stretch)
> $0.1755
100%
22
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Other than the above, there were no performance dependent loan shares or performance rights over ordinary shares granted
to or vested in directors and other KMP as part of compensation during the year ended 30 June 2022.
Additional information
The earnings of the Group for the five years to 30 June 2022 are summarised below:
2022
$
2021
$
2020
$
2019
$
2018
$
Revenue/income
1,073,518
1,497,941
2,958,779
3,845,045
4,549,584
Loss after income tax
(10,726,703)
(10,433,523)
(4,261,895)
(8,566,731)
(8,539,542)
The factors that are considered to affect total shareholders return (‘TSR’) are summarised below:
2022
0.04
2021
0.05
2020
0.12
2019
0.05
2018
0.23
(1.32)
(1.28)
(0.65)
(1.36)
(1.66)
Share price at financial
year end ($)
Basic earnings per share
(cents per share)
Additional disclosures relating to KMP
Shareholding
The number of shares in the Company held during the financial year by each director and other members of KMP of the Group
including their personally related parties (including those held under an Employee Share Plan), is set out below:
Balance at
the start of
Received
as part of
the year
remuneration
Additions
Disposals/
other
Balance at
the end of
the year
Ordinary shares
Mr Otto Buttula **
30,000,001
Mr Nigel Lange
Dr Martin Cross
Dr Chris Roberts AO *
5,718,303
2,905,000
5,681,819
Dr Roger Aston *
12,654,416
Mr Michael Bassett *
Mr Karl Pechmann
1,116,000
850,381
58,925,920
-
-
-
-
-
-
-
-
4,615,386
500,000
556,538
-
-
-
34,615,387
6,218,303
3,461,538
-
-
-
(5,681,819)
(12,654,416)
(1,116,000)
-
-
-
1,034,184
-
1,884,565
6,706,108
(19,452,235)
46,179,793
* other represents ordinary shares held on date of resignation
** opening balance represents 30,000,001 shares privately held on the date of appointment as a director
23
Loan shares holding
The number of performance dependent loan shares over ordinary shares in the Company held during the financial year by each
director and other members of KMP of the Group, is set out below:
Loan shares over ordinary shares *
Mr Nigel Lange
Mr Karl Pechmann
Balance at
the start of
the year
5,718,303
664,926
6,383,229
Granted
Exercised
Forfeited
Balance at
the end of
the year
-
-
-
-
-
-
-
-
-
5,718,303
664,926
6,383,229
*None of the performance dependent loan shares over ordinary shares have vested at the end of the year since the related
loans haven’t been repaid.
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each director and
other members of key management personnel of the Group, including their personally related parties, is set out below:
Balance at
the start of
the year
Granted
Vested
Expired/
forfeited/
other
Balance at
the end of
the year
Performance rights over ordinary shares
Mr Nigel Lange
Mr Karl Pechmann
-
-
-
2,841,633
1,187,823
4,029,456
-
-
-
-
-
-
2,841,633
1,187,823
4,029,456
Other transactions with KMP and their related parties
Payment of Director’s fees to Dr Chris Roberts AO, were made to his director-related entity, Robertsplan Pty Ltd during the
financial year of $30,163 (2021: $80,000).
Payment of Director’s fees to Mr Michael Bassett, were made to his director-related entity, Market Connect Australia Pty Ltd
during the financial year of $24,086 (2021: $80,000).
Payment of Director’s fees to Prof. Ricky Sharma, were made to his director-related entity, Professor Sharma Consultancy
Limited during the financial year of $53,178 (2021: $Nil).
This concludes the remuneration report, which has been audited.
Shares under option
There were no unissued ordinary shares of OncoSil Medical Ltd under option outstanding at the date of this report.
24
Directors’ reportOncoSil Medical Ltd • 30 June 2022 Shares under performance dependent loan shares
There were no unissued ordinary shares of OncoSil Medical Limited under performance dependent loan shares outstanding at
the date of this report.
Shares under performance rights
Unissued ordinary shares of OncoSil Medical Ltd under performance rights outstanding at the date of this report are as follows:
Grant date
Expiry date
Exercise price
Number under rights
20/10/2021
20/10/2025
$0.00
10,987,347
Shares issued on the exercise of options
There were no ordinary shares of OncoSil Medical Ltd issued on the exercise of options during the year ended 30 June 2022 and
up to the date of this report.
Shares issued on the exercise of performance dependent loan shares
There were no ordinary shares of OncoSil Medical Ltd issued on the exercise of performance dependent loan shares during the
year ended 30 June 2022 and up to the date of this report.
Shares issued on the exercise of performance rights
There were no ordinary shares of OncoSil Medical Ltd issued on the exercise of performance rights during the year ended 30
June 2022 and up to the date of this report.
Indemnity and insurance of officers
The Company has indemnified the directors and executives for costs incurred, in their capacity as a director or executive, for
which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the
Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure
of the nature of the liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or
any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on
behalf of the Company for all or part of those proceedings.
25
Non-audit services
There were no non-audit services provided during the financial year by the auditor.
Officers of the Company who are former partners of Crowe Sydney
There are no officers of the Company who are former partners of Crowe Sydney.
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
immediately after this directors’ report.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
Signed __________________________________________________
Date: 31 August 2022
Mr Otto Buttula
Chairman – OncoSil Medical Limited
Sydney
26
Directors’ reportOncoSil Medical Ltd • 30 June 2022
Auditor’s independence declaration
Crowe Sydney
ABN 97 896 683 573
Level 24, 1 O’Connell Street
Sydney NSW 2000
Australia
Tel +61 (02) 9262 2155
Fax +61 (02) 9262 2190
www.crowe.com.au
31 August 2022
The Board of Directors
OncoSil Medical Ltd
Suite 503, Level 5
15 Blue Street
North Sydney NSW 2060
Dear Board Members
OncoSil Medical Ltd
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following
declaration of independence to the Directors of OncoSil Medical Ltd.
As lead audit partner for the audit of the financial report of OncoSil Medical Ltd for the financial year
ended 30 June 2022, I declare that to the best of my knowledge and belief, that there have been no
contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.
Yours sincerely,
Crowe Sydney
Barbara Richmond
Partner
The title ‘Partner’ conveys that the person is a senior member within their respective division, and is among the group of persons who hold an
equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership
is the Crowe Australasia external audit division. All other professional services offered by Findex Group Limited are conducted by a privately
owned organisation and/or its subsidiaries.
Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a
separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe
Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or
partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Sydney, an affiliate of Findex (Aust) Pty Ltd. Liability limited by a
scheme approved under Professional Standards Legislation.
© 2022 Findex (Aust) Pty Ltd.
27
Statement of profit or loss and other
comprehensive income
For the year ended 30 June 2022
Revenue
Other income
Interest revenue calculated using the effective interest method
Expenses
Raw materials and consumables used
Employee benefits expense
Research and development expenses
Marketing expense
Occupancy expenses
Consulting, finance and legal expenses
Net foreign exchange loss
Consolidated
Note
2022
$
2021
$
5
6
7
7
231,789
213,070
831,598
1,231,255
10,131
82,483
(972,474)
(961,023)
(5,266,026)
(5,294,509)
(2,376,474)
(2,887,721)
(370,212)
(684,769)
(57,853)
(147,955)
(1,122,080)
(1,339,913)
(139,488)
(104,367)
Share-based payments/(reversal)
17
(593,305)
140,801
Other administrative expenses
Finance costs
Loss before income tax expense
Income tax expense
Loss after income tax expense for the year attributable
to the owners of OncoSil Medical Ltd
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive income for the year, net of tax
Total comprehensive income for the year attributable to the
owners of OncoSil Medical Ltd
Basic earnings per share
Diluted earnings per share
(882,685)
(665,128)
(19,624)
(15,747)
(10,726,703)
(10,433,523)
-
-
(10,726,703)
(10,433,523)
87,372
87,372
109,454
109,454
(10,639,331)
(10,324,069)
Cents
(1.32)
(1.32)
Cents
(1.28)
(1.28)
7
8
28
28
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
2828
OncoSil Medical Ltd • 30 June 2022 Statement of financial position
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other assets
Total current assets
Non-current assets
Plant and equipment
Right-of-use assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Lease liabilities
Employee benefits
Total current liabilities
Non-current liabilities
Lease liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
Consolidated
Note
2022
$
2021
$
9
10
11
11,279,841
12,239,836
907,742
1,181,448
556,976
198,407
12,744,559
13,619,691
54,133
77,443
12
270,799
453,342
324,932
530,785
13,069,491
14,150,476
13
14
1,460,800
1,731,275
165,375
163,240
141,652
238,398
1,767,827
2,132,913
15
138,839
321,125
138,839
321,125
1,906,666
2,454,038
11,162,825
11,696,438
16
17
79,909,727
70,397,314
4,277,709
3,597,032
(73,024,611)
(62,297,908)
11,162,825
11,696,438
The above statement of financial position should be read in conjunction with the accompanying notes
29
Statement of changes in equity
For the year ended 30 June 2022
Consolidated
Issued
capital
$
Accumulated
Reserves
losses
Total equity
$
$
$
Balance at 1 July 2020
70,137,314
3,628,379
(51,864,385)
21,901,308
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
-
-
-
-
(10,433,523)
(10,433,523)
109,454
-
109,454
109,454
(10,433,523)
(10,324,069)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 16)
260,000
-
Share-based payments (note 15)
-
(140,801)
-
-
260,000
(140,801)
Balance at 30 June 2021
70,397,314
3,597,032
(62,297,908)
11,696,438
Consolidated
Issued
capital
$
Accumulated
Reserves
losses
Total equity
$
$
$
Balance at 1 July 2021
70,397,314
3,597,032
(62,297,908)
11,696,438
Loss after income tax expense for the year
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
-
-
-
-
(10,726,703)
(10,726,703)
87,372
-
87,372
87,372
(10,726,703)
(10,639,331)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 16)
9,512,413
-
Share-based payments (note 17)
-
593,305
-
-
9,512,413
593,305
Balance at 30 June 2022
79,909,727
4,277,709
(73,024,611)
11,162,825
The above statement of changes in equity should be read in conjunction with the accompanying notes
3030
OncoSil Medical Ltd • 30 June 2022 Statement of cash flows
For the year ended 30 June 2022
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest received
Interest and other finance costs paid
Research and development tax incentive
Government grants received
Note
2022
$
2021
$
267,159
210,941
(11,199,442)
(12,002,553)
10,131
82,483
(19,624)
(15,747)
831,598
2,763,475
-
146,000
Net cash used in operating activities
26
(10,110,178)
(8,815,401)
Cash flows from investing activities
Payments for property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Repayment of borrowings
Repayment of lease liabilities
Net cash from financing activities
(5,832)
(5,832)
(54,000)
(54,000)
16
9,316,244
260,000
-
(26,564)
(160,229)
(122,184)
9,156,015
111,252
Net decrease in cash and cash equivalents
(959,995)
(8,758,149)
Cash and cash equivalents at the beginning of the financial year
12,239,836
20,997,985
Cash and cash equivalents at the end of the financial year
9
11,279,841
12,239,836
The above statement of cash flows should be read in conjunction with the accompanying notes
31
Note 1. General information
The financial statements cover OncoSil Medical Ltd as a Group consisting of OncoSil Medical Ltd (the ‘Company’ or ‘parent
entity’) and the entities it controlled at the end of, or during, the year (the ‘Group’). The financial statements are presented in
Australian dollars, which is OncoSil Medical Ltd’s functional and presentation currency.
OncoSil Medical Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is:
Suite 503, Level 5
15 Blue Street
North Sydney NSW 2060
A description of the nature of the Group’s operations and its principal activities are included in the directors’ report, which is not
part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 31 August 2022. The
directors have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out either in the respective
notes or below. These policies have been consistently applied to all the years presented, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The Group 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.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for
for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board (‘IASB’).
Historical cost convention
The financial statements have been prepared under the historical cost convention. The financial statements have also been
prepared on a going concern basis.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are
disclosed in note 3.
Going concern
During the financial year ended 30 June 2022 the Group has reported a loss after tax of $10,726,703 (2021: $10,433,523) and a
decline in cash flows from operating activities of $10,110,178. COVID-19 has impacted on the Group’s ability to grow its revenue
base during the year. As at 30 June 2022, the Group holds cash and cash equivalents of $11,279,841.
32
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 2. Significant accounting policies (continued)
The directors have assessed the financial and operating implications of the above matters, including the expected net cash
outflows over the next 12 months. Should forecasted revenue not be achieved, the Group can flexibly manage cash outflows by
reducing discretionary expenditure. Based on this consideration, the directors are of the view that the Group will be able to pay its
debts as and when they fall due for at least 12 months following the date of these financial statements and that it is appropriate for
the financial statements to be prepared on the going concern basis.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary
information about the parent entity is disclosed in note 24.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of OncoSil Medical Ltd as at 30 June
2022 and the results of all subsidiaries for the year then ended. OncoSil Medical Ltd and its subsidiaries together are referred to in
these financial statements as the ‘Group’.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group 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 Group.
They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group 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
Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred
and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling
interest in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair
value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.
Foreign currency translation
The financial statements are presented in Australian dollars, which is OncoSil Medical Ltd’s functional and presentation currency.
Foreign currency transactions
Foreign currency transactions are translated into the Company’s functional currency 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.
33
Note 2. Significant accounting policies (continued)
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group’s
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group’s normal operating cycle; it is held
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment over
their expected useful lives as follows:
Office equipment
3-15 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Research and development costs
Research costs are expensed in the period in which they are incurred. Development costs will be capitalised if and when: it is
probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or sell
the asset; the Group has sufficient resources and intent to complete the development; and its costs can be measured reliably.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are
subsequently measured at amortised cost using the effective interest method.
Employee benefits
Short-term employee benefits
Liabilities for wages and salaries and other employee benefits expected to be settled wholly within 12 months of the reporting
date are measured at the amounts expected to be paid when the liabilities are settled.
34
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 2. Significant accounting policies (continued)
Long-term employee benefits
Employee benefits not expected to be settled within 12 months of the reporting data are measured as the present value of
expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is
given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and
currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Goods and Services Tax (‘GST’) and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable
from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable
from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
Comparatives
Comparatives have been realigned where necessary, to be consistent with current year presentation. There was no effect on
profit, net assets or equity.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the Group for the annual reporting period ended 30 June 2022. The Group’s assessment of the
impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group, are set out below.
Amending accounting standards issued are not considered to have a significant impact on the financial statements of the
Group as their amendments provide either clarification of existing accounting treatment or editorial amendments.
AASB 2020-1 Classification of liabilities as current or non-current
AASB 2020-1 was issued in March 2020 and is applicable to annual periods beginning on or after 1 January 2023, as extended
by AASB 2020-6. Early adoption is permitted. This standard amends AASB 101 ‘Presentation of Financial Statements’ to clarify
requirements for the presentation of liabilities in the statement of financial position as current or non-current. The amendments
clarify that a liability is classified as non-current if an entity has the right at the end of the reporting period to defer settlement
of the liability for at least 12 months after the reporting period. If the deferral right is conditional, the right only exists if, at the
end of the reporting period, those conditions have been complied with. Classification of a liability as non-current is unaffected
by the likelihood that the entity will exercise its right to defer settlement of the liability for at least 12 months after the reporting
date or even if the entity settles the liability prior to issue of the financial statements. The meaning of settlement of a liability is
also clarified.
35
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation
to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions
on historical experience and on other various factors, including expectations of future events, management believes to be
reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual
results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.
COVID-19
Judgement has been exercised in considering the impacts that COVID-19 has had, or may have, on the Group based on known
information. This consideration extends to the nature of the products and services offered, customers, supply chain, staffing
and geographic regions in which the Group operates. Whilst the impact of COVID-19 has not materially impacted the Group up
to 30 June 2022, it is not practicable to estimate the potential impact, after the reporting date.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. The fair value is determined by using the Monte-Carlo model taking into
account the terms and conditions upon which the instruments were granted during the last 2 years (Black-Scholes model has
been used before). The accounting estimates and assumptions relating to equity-settled share-based payments would have no
impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss
and equity.
Research and development tax incentive
The Group measures the research and development tax incentive (‘RDTI’) based on the preparation of the income tax return for
the year therefore assumptions and judgement are involved to determine whether some costs are appropriated to RDTI.
Recovery of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is
exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying
asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included
in the lease term. In determining the lease term, all facts and circumstances that create an economical incentive to exercise an
extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered
may include the importance of the asset to the Group’s operations; comparison of terms and conditions to prevailing market
rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to
replace the asset. The Group reassesses whether it is reasonably certain to exercise an extension option, or not exercise a
termination option, if there is a significant event or significant change in circumstances.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount
future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based
on what the Group estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar
value to the right-of-use asset, with similar terms, security and economic environment.
36
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 4. Operating segments
Identification of reportable operating segments
The Group operates in one segment being the device development for new medical treatments. This is based on the internal
reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers
(‘CODM’)) in assessing performance and in determining the allocation of resources. There is no aggregation of operating
segments.
The information reported to the CODM is on at least a monthly basis. The financial information presented in these financial
statements are the same as that presented to the CODM.
The Group currently derives revenue in the Australia and New Zealand region. Information of revenue from products is included
in note 5.
Major customers
During the year ended 30 June 2022 there were no major customers. A customer is considered major if its revenues are 10% or
more of the Group’s revenue.
Note 5. Revenue
Sales revenue
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Major product lines
OncoSil device
Geographical regions
APAC (Australia and New Zealand)
Timing of revenue recognition
Goods transferred at a point in time
Consolidated
2022
$
2021
$
231,789
213,070
Consolidated
2022
$
2021
$
231,789
213,070
231,789
213,070
231,789
213,070
37
Note 5. Revenue (continued)
Accounting policy for revenue recognition
The Group recognises revenue as follows:
Sale of goods
Revenue from the sale of goods is recognised when the performance obligation is satisfied, which is at the point in time the
customer obtains control of the goods at the time of delivery.
Note 6. Other income
Government grants *
Research and development tax incentive
Other income
Other income
Consolidated
2022
$
2021
$
-
146,000
831,598
1,077,202
-
8,053
831,598
1,231,255
*During the year the Company did not receive any payments from the Australian Government in response to COVID-19. During
the previous financial year ending 30 June 2021 the Company received payments of $50,000 and $96,000 as part of the Australian
Government’s ‘Boosting Cash Flow for Employers’ and ‘JobKeeper’ schemes, respectively. These non-tax amounts have been
recognised as government grants and recognised as income once there is reasonable assurance that the Company will comply
with any conditions attached.
Accounting policy for:
Government grants
Grants from the government are recognised at their fair value when there is reasonable assurance that the grant will be
received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and
recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate.
Research and development tax incentive
The research and development tax incentive (‘RDTI’) represents a refundable tax offset that is available on eligible research
and development expenditure incurred by the Group. The RDTI is considered to be a form of government assistance and the
accounting policy adopted is analogous to accounting for government grants.
The RDTI is recognised at fair value where there is a reasonable assurance that the incentive will be received and the Group will
comply with all attached conditions.
The RDTI relating to expenses is recognised as incurred at the point of time in profit or loss.
38
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 6. Other income (continued)
Other income
Other income is recognised when it is received or when the right to receive payment is established.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net
carrying amount of the financial asset.
Note 7. Expenses
Loss before income tax includes the following specific expenses
Consolidated
Cost of sales
Cost of sales
Depreciation
Office equipment
Buildings right-of-use assets
Total depreciation
Employee benefits (excluding share-based payments)
Employee benefits
Defined contribution superannuation expense
Total employee benefits expense
Finance costs
Interest and finance charges paid/payable on borrowings
Interest and finance charges paid/payable on lease liabilities
Finance costs expensed
Leases
Short-term lease payments
2022
$
2021
$
972,474
961,023
29,142
97,766
33,159
114,379
126,908
147,538
5,115,259
5,097,404
150,767
197,105
5,266,026
5,294,509
-
19,624
19,624
1,081
14,666
15,747
57,854
136,850
39
Note 8. Income tax
Consolidated
2022
$
2021
$
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
Tax at the statutory tax rate of 25% (2021: 26%)
(10,726,703)
(10,433,523)
(2,681,676)
(2,712,716)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income
Research and development – write back
Share-based payments
Others
250,701
348,348
148,326
(36,608)
(21,228)
(42,126)
Future income tax benefit not brought to account
2,303,877
2,443,102
Income tax expense
-
-
Tax losses not recognised
Unused tax losses for which no deferred tax asset has been recognised
25,670,669
19,227,295
Potential tax benefit @ 25%
6,417,667
4,806,824
The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses
can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.
The corporate tax rate applicable to base rate entities reduces from 27.5% to 26% for the 2020-21 income year and further
reduces to 25% prospectively from the 2021-22 income year. The Company qualifies as a base rate entity as it has a turnover of
less than $50 million and less than 80% of its assessable income is derived from base rate entity passive income. The Company
has remeasured its deferred tax balances, and any unrecognised potential tax benefits arising from carried forward tax
losses, based on the effective tax rate that is expected to apply in the year the temporary differences are expected to reverse
or benefits from tax losses realised. The impact of the change in tax rate on deferred tax balances has been recognised as
tax expense in profit or loss or as an adjustment to equity to the extent to which the deferred tax relates to items previously
recognised outside profit or loss.
Accounting policy for income tax
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
• when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
• when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing
of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
40
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 8. Income tax (continued
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
Note 9. Current assets – cash and cash equivalents
Cash at bank
Cash on deposit
Consolidated
2022
$
2021
$
11,162,548
12,122,736
117,293
117,100
11,279,841
12,239,836
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities between three and six months that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
Note 10. Current assets – trade and other receivables
Trade receivables
Other receivables
Research and development tax incentive receivable
Consolidated
2022
$
2021
$
16,500
28,691
59,643
75,555
831,599
1,077,202
891,242
1,152,757
907,742
1,181,448
41
Note 10. Current assets – trade and other receivables (continued)
Accounting policy for trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest
method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by
reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence
that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the
impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash
flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the
effect of discounting is immaterial.
Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
Note 11. Current assets – other assets
Prepayments
Other deposits
Note 12. Non-current assets – right-of-use assets
Buildings – right-of-use
Less: Accumulated depreciation
Motor vehicles - right-of-use
Less: Accumulated depreciation
Consolidated
2022
$
2021
$
467,705
107,873
89,271
90,534
556,976
198,407
Consolidated
2022
$
2021
$
317,748
317,742
(130,362)
(32,590)
187,386
285,152
172,823
205,430
(89,410)
(37,240)
83,413
168,190
270,799
453,342
The Group leases buildings for its offices under agreements of between 3 to 5 years with, in some cases, options to extend.
The leases have various escalation clauses. On renewal, the terms of the leases are renegotiated. The Group also leases motor
vehicles under agreements of between 3 to 5 years.
42
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 12. Non-current assets – right-of-use assets (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2020
Additions
Depreciation expense
Balance at 30 June 2021
Disposals
Depreciation expense
Balance at 30 June 2022
Buildings
Motor vehicles
$
81,789
$
-
81,789
Total
$
317,742
205,430
523,172
(114,379)
(37,240)
(151,619)
285,152
168,190
453,342
-
(19,922)
(19,922)
(97,766)
(64,855)
(162,621)
187,386
83,413
270,799
For other lease disclosures, refer to:
• note 7 for depreciation, interest and other expenses on right-of-use assets;
• note 14 and note 15 for lease liabilities; and
• consolidated statement of cash flows for repayment of lease liabilities.
Accounting policy for right-of-use assets
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 Group 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.
The Group 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.
43
Note 13. Current liabilities – trade and other payables
Trade payables
Payroll liabilities
Other payables
Consolidated
2022
$
2021
$
931,041
1,226,950
201,266
272,087
328,493
232,238
1,460,800
1,731,275
Refer to note 19 for further information on financial instruments.
Accounting policy for trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted.
The amounts are unsecured, non-interest bearing and are usually paid within 60 days of recognition.
Note 14. Current liabilities – lease liabilities
Lease liability
Refer to note 19 for information on the maturity analysis of lease liabilities.
Note 15. Non-current liabilities – lease liabilities
Lease liability
Refer to note 19 for information on the maturity analysis of lease liabilities.
Accounting policy for lease liabilities
Consolidated
2022
$
2021
$
165,375
163,240
Consolidated
2022
$
2021
$
138,839
321,125
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 Group’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.
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.
44
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022
Note 16. Equity – issued capital
Ordinary shares – fully paid
991,242,262
797,343,294
79,909,727
70,397,314
Consolidated
2022
Shares
2021
Shares
2022
$
2021
$
Movements in ordinary share capital
Details
Balance
Date
Shares
Issue price
$
1 July 2020
828,600,898
Employee loan shares issued
5 November 2020
10,862,730
Loan funded employee shares repaid
30 November 2020
-
Cancellation of employee loan shares
18 December 2020
(23,581,872)
Cancellation of employee loan shares
28 January 2021
(8,538,462)
Cancellation of employee loan shares
10 May 2021
(10,000,000)
Balance
30 June 2021
797,343,294
Cancellation of employee loan shares
11 August 2021
(5,000,000)
Placement issue of shares
9 May 2022
80,000,000
Rights issue
10 June 2022
65,390,030
Placement issue of shares
14 June 2022
53,508,938
Transaction costs
$0.13
$0.00
$0.00
$0.00
$0.00
$0.05
$0.05
$0.05
70,137,314
-
260,000
-
-
-
70,397,314
-
4,000,000
3,269,502
2,675,447
(432,536)
Balance
30 June 2022
991,242,262
79,909,727
Ordinary shares
Ordinary shares entitle the holder to participate in any dividends declared and any proceeds attributable to shareholders should
the Company be wound up, in proportions that consider both the number of shares held and the extent to which those shares
are paid up. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised
capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
Share buy-back
There is no current on-market share buy-back.
45
Note 16. Equity – issued capital (continued)
Capital risk management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Given the state of the Group’s development there are no formal targets set for
return of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
The Group is not subject to any financing arrangements covenants or externally imposed capital requirements.
The capital risk management policy has not changed during the year.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from
the proceeds.
Note 17. Equity – reserves
Foreign currency reserve
Share-based payments reserve
Foreign currency reserve
Consolidated
2022
$
2021
$
34,432
(52,940)
4,243,277
3,649,972
4,277,709
3,597,032
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations
to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to: employees and directors as part of their remuneration
under an Employee Share Plan; directors on terms determined by the Board and approved by shareholders; and other parties as
part of their compensation for services.
46
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Consolidated
Balance at 1 July 2020
Foreign currency translation
Share-based payments
Balance at 30 June 2021
Foreign currency translation
Share-based payments
Foreign
currency
$
Share-based
payments
$
Total
$
(162,394)
3,790,773
3,628,379
109,454
-
109,454
-
(140,801)
(140,801)
(52,940)
3,649,972
3,597,032
87,372
-
87,372
-
593,305
593,305
Balance at 30 June 2022
34,432
4,243,277
4,277,709
Note 18. Equity – dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 19. Financial instruments
Financial risk management objectives
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest
rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different
methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of
interest rate risk and ageing analysis for credit risk.
Risk management is carried out by senior finance executives (‘finance’) under policies approved by the Board of Directors
(‘the Board’). These policies include identification and analysis of the risk exposure of the Group and appropriate procedures,
controls and risk limits. Finance identifies and evaluates financial risks within the Group’s operating units. Finance reports to the
Board on a monthly basis.
Market risk
Foreign currency risk
The Group is not exposed to significant foreign currency risk.
Price risk
The Group is not exposed to any significant price risk.
Interest rate risk
The Group’s main interest rate risk arises from cash at bank and short-term deposits. The policy is to maintain a mix of fixed and
floating rate deposits.
47
Note 19. Financial instruments (continued)
The carrying value of the Group’s cash and cash equivalents at the reporting date, subject to interest rate risk. The effect a 100
(2021: 100) basis point interest rate change is detailed below. The method used to arrive at the possible change in basis points
was based on the analysis of the average change of the Reserve Bank of Australia (‘RBA’) monthly issued cash rate over the past
five years.
Basis points increase
Basis points decrease
Basis
points
change
Effect
Effect on
Basis points
Effect
Effect on
on profit
before tax
equity
change
on profit
before tax
equity
Consolidated – 2022
Cash and cash equivalents
100
112,798
84,599
(100)
(112,798)
(84,599)
Basis points increase
Basis points decrease
Basis
points
change
Effect
Effect on
Basis points
Effect
Effect on
on profit
before tax
equity
change
on profit
before tax
equity
Consolidated – 2021
Cash and cash equivalents
100
122,398
90,575
(100)
(122,398)
(90,575)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting
appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure to
credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of
those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold
any collateral.
The credit risk on liquid funds is limited because the counter party is a bank with high credit rating.
Liquidity risk
Vigilant liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) to
be able to pay debts as and when they become due and payable.
The Group manages liquidity risk by maintaining adequate cash reserves by continuously monitoring actual and forecast cash
flows and matching the maturity profiles of financial assets and liabilities.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of finance leases
and equity funding.
48
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 19. Financial instruments (continued)
Remaining contractual maturities
The following tables detail the Group’s remaining contractual maturity for its financial instrument liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial
liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual
maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Weighted
Remaining
average
1 year or
Between 1
Between 2
Over 5
contractual
interest rate
%
less
$
and 2 years
and 5 years
years
maturities
$
$
$
$
-
-
-
931,041
201,266
328,493
-
-
-
-
-
-
-
-
-
-
-
-
-
931,041
201,266
328,493
304,214
1,765,014
Interest-bearing – variable
Lease liability
5.00%
165,375
138,839
Total non-derivatives
1,626,175
138,839
Weighted
Remaining
average
1 year or
Between 1
Between 2
Over 5
contractual
interest rate
%
less
$
and 2 years
and 5 years
years
maturities
$
$
$
$
Consolidated – 2022
Non-derivatives
Non-interest bearing
Trade payables
Payroll liabilities
Other payables
Consolidated – 2021
Non-derivatives
Non-interest bearing
Trade payables
Payroll liabilities
Other payables
Interest-bearing – variable
-
-
-
1,226,950
272,087
232,238
-
-
-
-
-
-
-
-
-
-
-
1,226,950
272,087
232,238
484,365
2,215,640
Lease liability
5.00%
163,240
176,508
144,617
Total non-derivatives
1,894,515
176,508
144,617
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
49
Note 20. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of KMP of the Group is set out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
Consolidated
2022
$
942,164
44,654
253,711
1,240,529
2021
$
1,510,823
52,971
(373,002)
1,190,792
Note 21. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by Crowe Sydney, the auditor of the Company:
Consolidated
2022
$
2021
$
Audit services – Crowe Sydney
Audit or review of the financial statements
60,450
57,500
Note 22. Contingent liabilities
There has been no change in the status of contingent liabilities since 30 June 2021.
On 16 April 2013, OncoSil Medical Ltd settled the acquisition of OncoSil Medical (UK) Limited (formerly Enigma Therapeutics
Limited “OncoSil UK”). OncoSil UK holds a licence to commercialise OncoSil™ (formerly BrachySil™), a targeted brachytherapy
product for the treatment of cancer (‘the Product’) under a licence agreement from pSiMedica.
pSiMedica has granted to OncoSil UK an exclusive world-wide royalty-bearing license for the term of the pSiMedica Transaction
(with limited rights to sub-license) under the Licensed Patents solely to make, use, sell, offer to sell and import the Product in
the field of therapy in human neoplastic disease (cancer). Key terms of the license agreement have been summarised below:
• OncoSil UK is required to make a payment of up to US$100,000 to pSiMedica annually to support existing patents; and
• OncoSil UK is required to make the following payments for patents and subject to the Product completing positive clinical
trials and becoming registered for sale.
i. During the term of the licence, 8% of future net sales (future sales which cannot be guaranteed) of the Product or any
other product protected by the rights arising from the Assigned Patents (if sold by OncoSil UK or its affiliates) and services
performed using the Product or such other products, on a product-by-product and country-by-country basis. Only half of
this payment must be made whenever approved generic competitor products derived from the Product maintain at least
a 20% world-wide market share of sales, on a country-by-country and product-by-product basis.
50
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 22. Contingent liabilities (continued)
ii. 20% of any form of consideration, payments, royalties, third-party net sales income and other payments received from
third party licensing deals and various other agreements with third parties in relation to the Product or any other product
protected by the rights arising from the Assigned Patents, for the term of the pSiMedica licence, on a product-by-product
and country-by-country basis.
iii. Potential milestone payments based only upon the Product being a commercial success, which cannot be guaranteed now
or in the future (ranging from US$1,000,000 to US$5,000,000) upon:
• OncoSil UK, its affiliates and any of OncoSil UK’s third-party transferees together potentially achieving US$5,000,000
aggregate net sales of the Product and any other product protected by the rights arising from the Assigned Patents, for
(i) an indication and (ii) a second indication;
• aggregate net sales of the Product and any other product protected by the rights arising from the Assigned Patents,
paid to OncoSil UK, its affiliates and third-party transferees in a calendar year of US$20,000,000 or more; and
• aggregate net sales of the Product and any other product protected by the rights arising from the Assigned Patents,
paid to OncoSil UK, its affiliates and third-party transferees in a calendar year of US$100,000,000 or more.
Termination of licence agreement
Unless terminated early for reasons such as a material breach, or by pSiMedica due to a patent challenge being brought against
pSiMedica in certain circumstances (including by OncoSil UK), the term of the licence for the Licensed Patents and OncoSil UK’s
rights to exploit the product and any other products arising from the Assigned Patents, remain in effect on a country-by-country
and product-by-product basis, until the later to occur of:
• the date on which the product or any other product protected by the rights arising from the Assigned Patents in such country
is no longer covered or protected by a potential claim of the Licensed Patents or the Assigned Patents in such country; and
• ten years from the date of first commercial sale of a product or any other product protected by the rights arising from the
Assigned Patents in such country.
In addition, if OncoSil UK reasonably forms the view that it is not capable of commercialising OncoSil™, OncoSil UK shall have the
right to terminate the license agreement by giving 60 days prior written notice to pSiMedica.
The directors are not aware of any other commitments or contingencies as at 30 June 2022.
Note 23. Related party transactions
Parent entity
OncoSil Medical Ltd is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 25.
Key management personnel
Disclosures relating to key management personnel are set out in note 20 and the remuneration report included in the directors’ report.
Transactions with related parties
Payment of Director’s fees to Dr Chris Roberts AO, were made to his director-related entity, Robertsplan Pty Ltd during the
financial year of $30,163 (2021: $80,000).
Payment of Director’s fees to Mr Michael Bassett, were made to his director-related entity, Market Connect Australia Pty Ltd
during the financial year of $24,086 (2021: $80,000).
Payment of Director’s fees to Prof. Ricky Sharma, were made to his director-related entity, Professor Sharma Consultancy
Limited during the financial year of $53,178 (2021: $Nil).
51
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 24. 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 assets
Total current liabilities
Total liabilities
Equity
Issued capital
Share-based payments reserve
Accumulated losses
Total equity
Parent
2022
$
2021
$
(6,199,711)
(7,842,014)
(6,199,711)
(7,842,014)
Parent
2022
$
2021
$
21,863,313
18,152,267
21,898,506
18,406,467
1,412,660
1,825,607
1,412,660
1,825,607
79,908,706
70,397,314
4,243,277
3,649,972
(63,666,137)
(57,466,426)
20,485,846
16,580,860
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2022 and 30 June 2021.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2022 and 30 June 2021.
52
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Capital commitments – Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2022 and 30 June 2021.
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for the following:
• Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
• Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator
of an impairment of the investment.
Note 25. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance
with the accounting policy described in note 2:
Name
Principal place of business /
Country of incorporation
OncoSil Medical UK Limited
United Kingdom
OncoSil Medical Europe GmbH
OncoSil Medical US Inc.
OncoSil Medical NZ Limited
OncoSil Medical Singapore Pte. Ltd
OncoSil Medical España SL*
Germany
United States
New Zealand
Singapore
Spain
* The company was registered on 8 October 2021.
Ownership interest
2022
%
100%
100%
100%
100%
100%
100%
2021
%
100%
100%
100%
100%
100%
-
53
Note 26. Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax expense for the year
(10,726,703)
(10,433,523)
Consolidated
2022
$
2021
$
Adjustments for:
Depreciation and amortisation
Share-based payments
Foreign exchange differences
Change in operating assets and liabilities:
Increase in trade receivables
Decrease in other operating assets
Increase/(decrease) in trade and other payables
Increase/(decrease) in employee benefits
191,763
184,778
593,305
(140,801)
87,372
109,435
273,706
(28,691)
(358,569)
1,572,345
(74,306)
(49,317)
(96,746)
(29,627)
Net cash used in operating activities
(10,110,178)
(8,815,401)
Note 27. Changes in liabilities arising from financing activities
Consolidated
Balance at 1 July 2020
Borrowings
Lease liability
$
Total
$
$
26,564
83,377
109,941
Net cash used in financing activities
(26,564)
(122,184)
(148,748)
Acquisition of buildings - right-of-use by means of leases
Balance at 30 June 2021
Net cash used in financing activities
Release of lease assets
Balance at 30 June 2022
-
-
-
-
-
523,172
523,172
484,365
484,365
(160,229)
(160,229)
(19,922)
(19,922)
304,214
304,214
The borrowings the Group had during the year corresponded to loans for insurance premium funding arrangements.
54
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 28. Earnings per share
Consolidated
2022
$
2021
$
Loss after income tax attributable to the owners of OncoSil Medical Ltd
(10,726,703)
(10,433,523)
Weighted average number of ordinary shares used in calculating basic earnings per share
810,775,740
818,087,077
Weighted average number of ordinary shares used in calculating diluted earnings per share
810,775,740
818,087,077
Number
Number
Basic earnings per share
Diluted earnings per share
Cents
(1.32)
(1.32)
Cents
(1.28)
(1.28)
17,170,382 performance dependent loan shares and 10,987,347 performance rights under the Group’s Employee Share Plan
have not been included in the diluted earnings per share calculation as they are anti-dilutive.
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of OncoSil Medical Ltd, excluding any
costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the
after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of additional ordinary shares that would have been outstanding assuming conversion of all dilutive potential
ordinary shares.
Note 29. Share-based payments
Grant of performance dependent loan shares
The Group’s Employee Share Plan (‘ESP’) is designed as an incentive for senior managers and above. Under the plan,
participants are granted performance dependent loan shares which only vest if certain performance standards are met. The
issue price is fully financed by a limited recourse loan provided by the Group. Dividends are for the benefit of the employee.
Employees are not permitted to deal in the shares until the limited recourse loan has been repaid. Performance dependent loan
shares issued under the ESP are accounted for in a similar manner as options. There are no cash settlement alternatives.
55
Note 29. Share-based payments (continued)
The following unvested performance dependent loan shares were on issue under the ESP at reporting date and held as security
against limited recourse loan arrangements:
2022
Grant date
Expiry date
Exercise
price
Balance at
Expired/
Balance at
the start of
Granted
Vested
forfeited/
the end of
the year
other *
the year
12/08/2016
11/08/2021
$0.22
4,000,000
11/12/2017
11/12/2022
$0.22
769,231
02/03/2018
02/03/2023
$0.22
4,230,769
02/03/2018
11/08/2021
$0.22
1,000,000
31/10/2018
31/10/2023
$0.18
975,000
31/10/2018
31/10/2023
$0.18
975,000
25/03/2020
25/03/2025
$0.10
1,069,763
25/03/2020
25/03/2025
$0.10
1,069,761
05/11/2020
05/11/2025
$0.13
8,080,858
22,170,382
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,000,000)
-
-
-
769,231
4,230,769
(1,000,000)
-
-
-
-
-
-
975,000
975,000
1,069,763
1,069,761
8,080,858
(5,000,000)
17,170,382
Weighted average exercise price
$0.17
$0.00
$0.00
$0.22
$0.15
*During the year 5,000,000 performance dependent loan shares were forfeited due to vesting conditions not being met.
56
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 Note 29. Share-based payments (continued)
The following unvested performance dependent loan shares were on issue under the ESP as at 30 June 2021 and were being
held as security against limited recourse loan arrangements:
2021
Grant date
Expiry date
Exercise
price
Balance at
Expired/
Balance at
the start of
Granted
Vested
forfeited/
the end of
the year
other *
the year
13/01/2016
13/01/2021
$0.13
2,500,000
10/05/2016
10/05/2021
$0.22
24,000,000
12/08/2016
11/08/2021
$0.22
4,000,000
11/12/2017
11/12/2022
$0.22
769,231
02/03/2018
02/03/2023
$0.22
4,230,769
02/03/2018
11/08/2021
$0.22
1,000,000
31/10/2018
31/10/2023
$0.18
2,625,000
31/10/2018
31/10/2023
$0.18
2,625,000
25/03/2020
25/03/2025
$0.10
1,069,763
25/03/2020
25/03/2025
$0.10
1,069,763
-
-
-
-
-
-
-
-
-
-
05/11/2020
05/11/2025
$0.13
-
10,862,730
43,889,524
10,862,730
-
-
-
-
-
-
-
-
-
-
-
-
(2,500,000)
(24,000,000)
-
-
-
-
-
-
4,000,000
769,231
4,230,769
1,000,000
(1,650,000)
975,000
(1,650,000)
975,000
-
-
1,069,763
1,069,761
(2,781,872)
8,080,858
(32,581,872)
22,170,382
Weighted average exercise price
$0.20
$0.13
$0.00
$0.19
$0.17
* During the year ended 30 June 2021 32,581,872 performance dependent loan shares were forfeited due to vesting conditions
not being met.
For performance dependent loan shares issued on 5 November 2020, shares vest automatically if and when the OncoSil Total
Shareholder Return (TSR) achieves a compound annual growth rate (CAGR) based on the following table:
TSR CAGR Performance
Loan Funded Shares that Vest (%)
<15%
15% (threshold performance)
0%
50%
> 15% and < 25%
Straight-line vesting between 50% and 100%
25% or more (stretch)
100%
57
Note 29. Share-based payments (continued)
Terms of limited recourse loan arrangement
The loans issued are limited recourse such that on the repayment date the repayment obligation under the loan will be limited
to the lesser of:
• (a) the outstanding balance of the loan; and
• (b) the market value of the loan shares on that date.
In addition, where the participant has elected for the performance dependent loan shares to be provided to the Company in full
satisfaction of the loan, the Company must accept the loan shares as full settlement of the repayment obligation under the loan.
The total value of loans outstanding under the Employee Share Plan at reporting date was $2,733,834 (2021: $3,833,834).
The weighted average remaining contractual life of loan shares outstanding at the end of the financial year was 27 months (2021:
31 months).
Grant of performance rights
At the 2021 Annual General Meeting held on 19 October 2021, shareholders approved the Group’s Omnibus Incentive Plan and
is designed as an incentive for senior managers and above. Under the plan, various equity instruments can be granted and will
only vest if certain performance standards are met.
Set out below are summaries of performance rights granted under the plan:
2022
Grant date
Expiry date
Exercise
price
Balance at
Expired/
Balance at
the start of
Granted
Exercised
forfeited/
the end of
the year
other
the year
20/10/2021
20/10/2025
$0.00
-
-
10,987,347
10,987,347
-
-
-
-
10,987,347
10,987,347
For the performance rights granted during the current financial year, the valuation model inputs used to determine the fair
value at the grant date, are as follows:
Grant date
Expiry date
price at
grant date
Share
Exercise
Expected
Dividend
Risk free
Fair value at
price
volatilty
yield
inetrest rate
grant date
20/10/2021
20/10/2025
$0.05
$0.00
104.00%
-
0.66%
$0.039
58
Notes to the financial statementsOncoSil Medical Ltd • 30 June 2022 For the performance rights issued on 20 October 2021, performance rights vest automatically if and when the OncoSil Total
Shareholder Return (TSR) achieves a compound annual growth rate (CAGR) based on the following table:
TSR CAGR Performance
30-day VWAP share price hurdle
on 30 June 2024
Performance rights that Vest (%)
< 20%
20% (threshold performance)
< $0.1105
$0.1105
0%
50%
> 20% and < 40%
Between $0.1105 and $0.1755
Straight-line vesting between 50% and 100%
40% or more (stretch)
> $0.1755
100%
There are no exercisable performance dependant loan shares and performance rights as at 30 June 2022 and 2021, as they have
not vested.
Accounting policy for share-based payments
Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares,
or options over shares, that are provided to employees in exchange for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
the Monte-Carlo option pricing model that takes into account the exercise price, the term of the option, the share price at grant
date and expected price volatility of the underlying share and the risk-free interest rate for the term of the option during the
last 2 years (Black-Scholes model has been used before).
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.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are
considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made.
An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value
of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a
cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period,
any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, they are treated as if they had vested on the date of cancellation, and any remaining
expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new
award is treated as if they were a modification.
Note 30. Events after the reporting period
No matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the Group’s
operations, the results of those operations, or the Group’s state of affairs in future financial years.
59
Directors’ declaration
In the directors’ opinion:
• the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
• the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
• the attached financial statements and notes give a true and fair view of the Group’s financial position as at 30 June 2022 and
of its performance for the financial year ended on that date; and
• there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and
payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
Signed __________________________________________________
Date: 31 August 2022
Mr Otto Buttula
Chairman – OncoSil Medical Limited
Sydney
60
OncoSil Medical Ltd • 30 June 2022
Independent auditor’s report to the members
of OncoSil Medical Ltd
Crowe Sydney
ABN 97 895 683 573
Level 24 1 O’Connell Street
Sydney NSW 2000
Australia
Tel +61 2 9262 2155
Fax +61 2 9262 2190
www.crowe.com.au
Independent Auditor’s Report to the Members of
OncoSil Medical Ltd
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of OncoSil Medical Ltd (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2022, the
consolidated statement of 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
statements, including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, the accompanying financial report of Group is in accordance with the Corporations Act
2001, including:
(a) giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial
performance for the year then ended;
(b) and complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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.
The title ‘Partner’ conveys that the person is a senior member within their respective division, and is among the group of persons who hold an
equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership
is the Crowe Australasia external audit division. All other professional services offered by Findex Group Limited are conducted by a privately
owned organisation and/or its subsidiaries.
Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a
separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe
Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or
partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Sydney, an affiliate of Findex (Aust) Pty Ltd. Liability limited by a
scheme approved under Professional Standards Legislation.
© 2022 Findex (Aust) Pty Ltd.
61
Independent auditor’s report to the members
of OncoSil Medical Ltd
Independent Auditor’s Report
OncoSil Medical Ltd
Key Audit Matter
How we addressed the Key Audit Matter
Research and Development Tax Incentive
Refer to Note 2, Note 3, Note 6 and Note 10
Under the research and development (R&D) tax
incentive scheme, the Group is entitled to receive a
43.5% refundable tax offset of eligible expenditure if
its turnover is less than $20 million per annum,
provided it is not controlled by an income tax exempt
entity.
The R&D plan is filed with AusIndustry in the
following financial year, and based on this filing, the
Group receives the incentive in cash. The Group
prepared an estimate of its total R&D expenditure to
determine the potential claim under the R&D tax
incentive legislation.
As at 30 June 2022, the Group had an estimated
claim of $831,599 relating to the year ended 30 June
2022.
The R&D tax incentive is a key audit matter due to
the size of the balance and because interpretation of
the R&D tax legislation is required by the Group to
assess the eligibility of the R&D expenditure under
the scheme.
Going Concern Assessment
Refer to Note 2
The Group incurred a loss of $10,639,331 (2021:
$10,324,069) and net cash used in operating
activities was$10,110,178 (2021: $8,815,401).
Notwithstanding the continued losses and operating
cash outflows, the financial statements have been
prepared on a going concern basis based on the
actions undertaken by management as outlined in
Note 2 Going Concern in the financial report.
We performed the following key procedures:
• Agreed the estimate made in previous year
to the amount of cash received after
lodgement of the R&D tax claim.
• Compared the nature of R&D expenditure
included in the current year estimate to the
prior year estimate.
Tested a sample of R&D expenses for
eligibility under the R&D Tax Incentive
scheme.
•
• Compared the amount of eligible
expenditures used to calculate the estimate
to the expenditure recorded in the general
ledger.
Inspected copies of relevant documents
lodged with AusIndustry and the ATO
related to historic claims.
•
• Reviewed the related financial statement
disclosures.
We critically analysed the Group’s cashflow forecast
that was used to support the going concern
assessment, including performing the following
procedures:
• Compared costs in the forecast prepared by
management with the actual cashflows for
FY2022 and obtained justification from
management on variances in order to
evaluate the validity of management’s
forecasting processes.
Interrogated the cashflow and performed a
sensitivity analysis over the forecasted
revenue and costs.
•
• Discussed with management the significant
assumptions and reviewed supporting
documentation for inputs used in the
cashflow forecast.
• Reviewed post balance date performance of
the entity up to the date of signing the audit
report to determine if the business
performance was consistent with
management’s expectations.
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Group’s annual report for the year ended 30 June 2022, but does not
include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
© 2022 Findex (Aust) Pty Ltd
www.crowe.com.au
62
OncoSil Medical Ltd • 30 June 2022
Independent Auditor’s Report
OncoSil Medical Ltd
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 have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
© 2022 Findex (Aust) Pty Ltd
www.crowe.com.au
63
Independent auditor’s report to the members
of OncoSil Medical Ltd
Independent Auditor’s Report
OncoSil Medical Ltd
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the group financial report. The
auditor is responsible for the direction, supervision and performance of the group audit. The
auditor remains solely responsible for the audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during the audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in the auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in the auditor’s report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the remuneration report included in the directors’ report from pages 16 to 24 of the
annual report for the year ended 30 June 2022.
In our opinion, the remuneration report of OncoSil Medical Ltd., for the year ended 30 June 2022,
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.
Crowe Sydney
Barbara Richmond
Partner
31 August 2022
Sydney
© 2022 Findex (Aust) Pty Ltd
www.crowe.com.au
64
OncoSil Medical Ltd • 30 June 2022
Shareholder information
The shareholder information set out below was applicable as at 16 August 2022.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary shares % of total Number shares
of holders issued
1 to 1,000
1,001 to 5,000
5,001 to 10,000
10,001 to 100,000
100,001 and over
Holding less than a marketable parcel
Ordinary shares
Number
% of total
of holders
shares issued
157
406
677
2,472
1,157
4,869
138
-
0.17
0.55
10.04
89.24
100.00
-
65
Shareholder information
The shareholder information set out below was applicable as at 16 August 2022.
Equity security holders
Twenty largest quoted equity security holders
Ordinary shares
The names of the twenty largest security holders of quoted equity securities
Number held
% of total
are listed below:
issued
shares
41,830,232
32,307,694
26,529,655
23,120,251
21,560,127
20,500,000
16,000,000
15,930,697
15,433,187
13,617,018
12,653,847
11,276,924
11,016,547
11,000,000
10,000,000
10,000,000
9,929,104
8,000,000
7,413,926
7,000,000
4.22
3.26
2.68
2.33
2.18
2.07
1.61
1.61
1.56
1.37
1.28
1.14
1.11
1.11
1.01
1.01
1.00
0.81
0.75
0.71
325,119,209
32.82
Number
on issue
Number
of holders
10,987,347
8
NATIONAL NOMINEES LIMITED
WEBINVEST PTY LTD (OLSB UNIT A/C)
NETWEALTH INVESTMENTS LIMITED (WRAP SERVICES A/C)
TISIA NOMINEES PTY LTD (HENDERSON FAMILY A/C)
ROJO NERO CAPITAL PTY LTD
PETER KYROS PTY LTD (KYROS SF A/C)
MRS SARAH CAMERON
MR GREGORY JOSEPH HARRIS
CITICORP NOMINEES PTY LIMITED
BRISPOT NOMINEES PTY LTD (HOUSE HEAD NOMINEE A/C)
ALUA CAPITAL PTY LTD
CABLETIME PTY LTD (INGODWE A/C)
DR ROGER ASTON
BANNABY INVESTMENTS PTY LIMITED (BANNABY SUPER FUND A/C)
JK NOMINEES PTY LTD (THE JK A/C)
OAKTONE NOMINEES PTY LTD (GRIST INVESTMENT A/C)
STRUCTURE INVESTMENTS PTY LTD (ROGERS FAMILY A/C)
SUNSET CAPITAL MANAGEMENT PTY LTD (SUNSET SUPERFUND A/C)
BNP PARIBAS NOMS PTY LTD (DRP)
ASIA UNION INVESTMENTS PTY LTD
Unquoted equity securities
Performance rights over ordinary shares issued
66
OncoSil Medical Ltd • 30 June 2022 Shareholder information
Substantial holders
There are no substantial holders in the Company.
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share
shall have one vote.
There are no other classes of equity securities.
67
2022
Annual Report
oncosil.com