Kazia Therapeutics Annual Report 2021

20 Kazia Therapeutics Limited 20 Annual Report 2021 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Kazia Therapeutics Limited (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 2021. DIRECTORS The following persons were Directors of Kazia Therapeutics Limited (ABN 37 063 259 754) during the whole of the financial year and up to the date of this report, unless otherwise stated: Iain Ross Bryce Carmine Steven Coffey James Garner PRINCIPAL ACTIVITIES During the financial year the principal continuing activity of the consolidated entity consisted of pharmaceutical research and development with a view to commercialising the results of our research through license transactions or other means. DIVIDENDS There were no dividends paid, recommended or declared during the current or previous financial year. REVIEW OF OPERATIONS The loss for the consolidated entity after providing for income tax amounted to $8,421,960 (30 June 2020: $12,467,466). The attached financial statements detail the performance and financial position of the consolidated entity for the year ended 30 June 2021. Cash resources At 30 June 2021, the consolidated entity had total funds, comprising cash at bank and on hand of $21,086,760 and short term deposits of $6,500,000, giving total cash resources amounting to $27,586,760 at year end. Total current assets at year-end stand at $29,390,818. Going concern The financial statements have been prepared on a going concern basis. The Directors have considered this to be appropriate. Refer to ‘Going concern’ in note 2 to the financial statements for further details. Impact of COVID-19 The Directors have considered the impact of COVID-19 on the operations of the Company and make the following observations: (1) Kazia’s key clinical trials have not been materially impacted by COVID-19 to date. The GBM Agile study, the pivotal study for paxalisib in glioblastoma, is on track with recruitment running to plan, and no disruption to this schedule is foreseen. The Phase II study of paxalisib in glioblastoma was fully recruited prior to the onset of restrictions and is in wrap up stage at the date of this report. Plans are on track for the commencement of a Phase I trial for the consolidated entity’s new asset, EVT801, before the end of 2021. Further details of this asset are included later in this report. (2) In general, clinical research in advanced cancer is relatively protected from pandemic disruption due to the ongoing and time-critical need for patient care in specialised facilities which cannot easily be repurposed; (3) The Company’s staff have been working remotely since the onset of the pandemic, and hence no operational disruptions have occurred or are anticipated to occur; and (4) The Company is not reliant on ongoing revenue from customers, and so changes in customer behaviour over the next several years due to public health restrictions and reduced economic activity will have little to no impact on its finances. Accordingly the Directors do not foresee any material impacts on the Company’s operations as a result of the COVID-19 outbreak. Rounding of amounts The Company is a type of Company referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been rounded to the nearest dollar.