Announcement PDF OncoSil Medical Ltd ASX Announcement 31 December 2023 ASX Announcement 28 February 2024 Half Yearly Report – Appendix 4D Six Months Ended 31 December 2023 Further milestones delivered in both the OncoSilTM device’s clinical trial program and commercialisation strategy; OncoSil Board’s technical skillset enhanced Key Operational Highlights     Trials involving the OncoSilTM device were materially progressed over the Company’s December 2023 half (H1 FY24): o The second round of stakeholder meetings associated with a German Federal Joint Committee (G-BA) trial was completed on 28 September 2023. o The TRIPP-FFX Clinical Study was advanced, with a total of 13 patients randomized to participate by end H1 FY24. o The first patient was treated in the PANCOSIL Investigator-Initiated Clinical Trial on 28 November 2023. The commercialisation of the OncoSilTM device built further momentum: o In Spain, a total of 9 medical centres (including commercial and clinical sites) are now actively engaged in the treatment of patients utilizing the device; to date, a combined total of 20 patients (including commercial (15) and trial (5)) have received treatment. o First commercial treatments in Greece involving application of the OncoSilTM device commenced in early December 2023. o In Israel, the Hadassah Hospital successfully completed treatment using the OncoSilTM device on a fourth patient. Also, major Israeli health insurer Clalit General Health Services approved the OncoSilTM device as an appropriate treatment for locally advanced pancreatic cancer. o Early in calendar 2024, OncoSil signed an exclusive distribution agreement for the device with EDH Nuclear Medicine & Healthcare Services, specifically covering the Turkish market. Support of local regulatory and ethics approvals for the OSPREY patient registry, which forms part of the approval labelling for the OncoSilTM device. OncoSil materially enhanced its Board’s collective technical skillset, with the appointment of experienced healthcare executives Douglas Cubbin and Dr Gabriel Liberatore. Key Financial Highlights    Revenue from commercial sales of approximately $87,956 Cash and cash equivalents balance as of 31 December 2023 of $4.9m. OncoSil received a research and development tax refund of around A$1.1m under the Australian Government’s R&D tax incentive program. Melbourne, Australia – 28 February 2024: Pancreatic cancer treatment device company OncoSil Medical Limited (ASX:OSL) (“OncoSil” or “the Company”) is pleased to report its financial results for the half year ended 31 December 2023 (H1 FY24) and its Appendix 4D, along with the following operational update. All financial results in this report are in Australian dollars and have been subject to a review by OncoSil’s auditors. OncoSil Medical Ltd ASX Announcement 31 December 2023 OncoSil Medical CEO & Managing Director Nigel Lange, said: “The December 2023 half saw further significant progress made in our efforts to commercialise the OncoSilTM device. The device’s worth as a treatment of locally advanced unresectable pancreatic cancer, in combination with gemcitabine-based chemotherapy, continued to be reinforced – and this momentum is expected to build further over coming months as patients continue to be onboarded by the PANCOSIL and TRIPP studies. While this positive reinforcement is occurring on the studies front, OncoSil has, at the same time, further penetrated key addressable markets, with more hospitals now using the device. As calendar 2024 progresses, we look forward to regularly updating investors on further developments in the OncoSilTM Device’s commercialisation process.” Operational Developments Trials involving the OncoSilTM device continue to be progressed Germany’s Federal Joint Committee (G-BA) recommended a fully funded trial take place in Germany for OncoSilTM device. The second round of stakeholder meetings associated with this trial was completed on 28 September 2023, which has opened the way for the GBA to gather further information for decision-making of the final coverage with the evidence development (CED) study directive. Elsewhere in Europe, the TRIPP-FFX Clinical Study continued to progress over OncoSil’s H1 FY24 reporting period. It is an open-label, multi-centre, randomized study of TaRgeted Intratumoural Placement of Phosphorous-32 (OncoSilTM) in addition to FOLFIRINOX chemotherapy versus FOLFIRINOX chemotherapy alone in patients with unresectable locally advanced pancreatic cancer. The aim of the TRIPP-FFX Clinical Study is to expand the CE Marking approved use of the OncoSilTM device in the UK and the European Union for patients being treated either with gemcitabine-based chemotherapy or FOLFIRINOX chemotherapy. As at the end of OncoSil’s H1 FY24, a total of 13 patients have been randomized to participate. In yet another key study, the first patient was treated in the PANCOSIL Investigator-Initiated Clinical Trial on 28 November 2023 in Amsterdam (see OncoSil Medical ASX announcement, dated 29 November 2023). PANCOSIL is an Investigator Initiated Clinical Trial looking at the safety and feasibility of CT-guided percutaneous radionuclide therapy with the OncoSil™ device in patients with non-progressive locally advanced pancreatic cancer. Ethics approval for the trial was earlier granted back in mid calendar year 2023 (see OncoSil Medical ASX announcement, dated 5 June 2023). In all, up to 50 patients could potentially be treated with the OncoSil™ device via percutaneous application over the course of the trial. This will, in turn, expand the available users who can deliver the OncoSil™ device. Importantly from a cash flow perspective, most of the funding contribution by OncoSil for this trial has already booked in previous quarters. Commercial activities build momentum in Europe and the Middle East Spain: Since commencing treatment involving the OncoSilTM device in Spain, a total of 9 medical centres within this country are now actively engaged in the treatment of patients utilizing the device. This strategic expansion represents a significant milestone in the ongoing implementation of this cutting-edge technology. To date, a combined total of 20 patients have received treatment, encompassing both clinical trial settings and commercial applications. Italy: Following the declaration of the initial patient's treatment with the OncoSilTM device during the fourth quarter of fiscal year 2023, 2 additional patients have received treatment at the San Camillo-Forlanini Hospital in Rome, Italy. Additional centres are expected to be opened in near future. Israel: Hadassah Hospital, a renowned oncology institution based in Jerusalem, Israel, initiated OncoSilTM treatments in April 2023. Through the unwavering commitment and the expertise of their multidisciplinary team, the successful completion of treatment for the fourth patient was achieved by August 2023. More recently, in late November 2023, major Israeli health insurer Clalit General Health Services (“Clalit”} approved the OncoSilTM device, which is already registered and used in Israel, as an appropriate treatment for unresectable locally advanced pancreatic cancer. This approval is a necessary first step ahead of Clalit potentially creating any reimbursement schedule for patients using the OncoSilTM device. OncoSil Medical Ltd ASX Announcement 31 December 2023 Greece: On 8 December 2023, the Company announced that initial Greece-domiciled commercial treatments involving the OncoSilTM device had commenced on Thursday 7 December 2023, with the assistance of Greek partner, Mediray. These treatments, which involved two patients, were undertaken at the renowned Agios Savvas Hospital, located in Athens. This medical facility specialises in the treatment of all solid tumors, with a primary emphasis on breast, lung, digestive, pancreatic and melanoma cancers. This achievement means that Greece has now become the third European country – after Italy and Spain – where commercial treatments utilising the OncoSilTM device have been completed. OncoSil signs an exclusive distribution agreement covering the Turkish market Just after the end of OncoSil’s H1 FY24 reporting period, the Company achieved another milestone in its OncoSilTM device’s commercialisation strategy, signing an exclusive distribution agreement with EDH Nuclear Medicine & Healthcare Services (“EDH”), specifically covering the Turkish market (see ASX announcement, dated 1 February 2024). With a population of 85 million, Turkey’s potential addressable market is already large and is expected to grow at a rapid pace over coming years. EDH is a specialist healthcare services company that undertakes a wide range of activities including:  The sales and after-sales service of medical devices used in nuclear medicine  Sales and distribution of radiopharmaceuticals and radioisotopes, and  Sales and consultancy services of turnkey projects for nuclear medicine departments and radiopharmaceuticals production sites. EDH’s geographic footprint today extends well beyond its home Turkish market, to also include Central and Eastern Europe, North Africa, Middle East, Gulf Countries and a number of other Turkic Republics. 84 German hospitals can now negotiate fee For OncosilTM device In another development after the end of OncoSil’s H1 FY24, the German Institute for the Hospital Remuneration System (“InEK”) gave 84 German hospitals the green light to negotiate funding for the OncoSil™ device classification under the innovation funding (“NUB”) program with the statutory health insurance (“SHI”) companies during the annual budget negotiations (see ASX announcement, dated 1 February 2024). OncoSil was granted a “Positive Status 1” classification under the NUB program back in 2021. In that same year, 25 hospitals submitted a request for NUB for the OncoSil™ device. This figure has subsequentially more than tripled. Regulatory groundwork for OncoSilTM device continues to occurOncoSil continued to assist with local regulatory and ethics approvals for the OSPREY patient registry, which forms part of the approval labelling for the OncoSilTM device. Each hospital in the EU and UK is required to obtain ethics approval for OSPREY in order to allow OncoSil to ship the dose. AS at end H1 FY24, 19 patients have been successfully treated with the OncoSilTM device under the OSPREY registry. The H1 FY24 period also saw The Company continue to work on several initiatives in preparation for market access, health insurance coverage and reimbursement applications in major European markets. Board renewal process enhances its collective technical skillset In mid-July 2023, Dr Gabriel Liberatore, an experienced biopharmaceutical executive, was appointed to the Company’s Board as a Non-Executive Director (see ASX announcement, dated 14 July 2023). Dr Liberatore has over 25 years’ experience in senior Business Development, R&D and strategic operational management positions. Until recently, he was the Group Chief Operating Officer at Telix Pharmaceuticals Limited (ASX:TLX). OncoSil Medical Ltd ASX Announcement 31 December 2023 In another key leadership team change, Douglas Cubbin joined the Board as a Non-Executive Director in early August (see ASX announcement, dated 7 August 2023). He is an experienced biopharmaceutical executive with over 30 years’ experience in senior executive, CFO, Director and Chair roles. Douglas was a key member of Telix Pharmaceuticals’ leadership team as it completed an Initial Public Offering, listed on the ASX and grew into a $1 billion plus market cap company. He was subsequently appointed OncoSil’s Non-Executive Chairman on 31 August 2023, when Otto Buttula retired from that role. Brian Leedman retired as an OncoSil Non-Executive Director at the Company’s FY23 Annual General Meeting on 29 November, 2023. The Board wishes Brian well and thanks him for his contribution. Financial Developments Key highlights  Revenue from commercial sales of $87,956.  Cash and cash equivalents balance as of 31 December 2023 of approximately $4.9m.  OncoSil receives A$1.1m R&D tax incentive: On 15 December 2023, OncoSil announced that it had received a research and development (R&D) tax refund of around A$1.1m under the Australian Government’s R&D tax incentive program. This program provides companies engaging in eligible activities with a refundable tax offset of up to 43.5%. The refund, which was received in recognition of OncoSil’s R&D activities during its 2023 financial year, will provide important funding for the Company’s now well-progressed commercialisation strategy. Authorisation & Additional Information This announcement was authorised by the Board of Directors of OncoSil Medical Limited. Mr Nigel Lange CEO & Managing Director E: nigel.lange@oncosil.com T: +49 30 300 149 3043 Mr Christian Dal Cin CFO & Company Secretary E: christian@thecfo.com.au T: +61 3 9824 5254 Media & Investor Enquiries The Capital Network Julia Maguire P: +61 2 8999 3699 E: julia@thecapitalnetwork.com.au About OncoSil Medical OncoSil Medical Limited (ASX:OSL) has developed a cancer treatment device, the OncoSil™ brachytherapy device, which is a critical component of a revolutionary brachytherapy treatment for locally advanced unresectable pancreatic cancer. This type of cancer is the 12th most common cancer in men and the 11th most common cancer in women across the globe, with some 500,000 new cases of pancreatic cancer detected every year. With pancreatic cancer typically diagnosed at a later stage, it has a poor prognosis for long-term survival1. The OncoSil™ device delivers a targeted intratumoural placement of Phosphorous-32 (32P) in the treatment of locally advanced unresectable pancreatic cancer. This occurs via injection directly into a patient’s pancreatic tumours under endoscopic ultrasound guidance and takes place in combination with gemcitabine-based chemotherapy. The OncoSil™ device that has already received breakthrough device designation in the European Union, United Kingdom and United States for the treatment of locally advanced unresectable pancreatic cancer in combination with chemotherapy. CE Marking has additionally been granted for the OncoSil™ device, which can be marketed in the European Union, United Kingdom. OncoSil Medical Ltd Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: OncoSil Medical Ltd 89 113 824 141 For the half-year ended 31 December 2023 For the half-year ended 31 December 2022 2. Results for announcement to the market $ Revenues from ordinary activities down 59.3% to 87,956 Other income and interest revenue up 2.2% to 607,996 Loss from ordinary activities after tax attributable to the owners of OncoSil Medical Ltd up 6.4% to (6,016,846) Loss for the half-year attributable to the owners of OncoSil Medical Ltd up 6.4% to (6,016,846) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the Group after providing for income tax amounted to $6,016,846 (31 December 2022: $5,652,352). Further information on the results is detailed in the 'Review of operations' section of the Directors' report which is part of the Interim Report. 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 0.21 Net right-of-use assets have been treated as intangible assets for the purposes of the tangible asset calculation. 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividend reinvestment plans Not applicable. Previous period Cents 0.58 OncoSil Medical Ltd Appendix 4D Half-year report 7. Details of associates and joint venture entities Not applicable. 8. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 9. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report, which includes a paragraph addressing a material uncertainty related to going concern, is attached as part of the Interim Report. 10. Attachments Details of attachments (if any): The Interim Report of OncoSil Medical Ltd for the half-year ended 31 December 2023 is attached. 11. Signed Signed ___________________________ Mr Nigel Lange Managing Director and CEO Melbourne Date: 28 February 2024 OncoSil Medical Ltd ABN 89 113 824 141 Interim Report - 31 December 2023 OncoSil Medical Ltd Directors' report 31 December 2023 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 half-year ended 31 December 2023. Directors The following persons were directors of OncoSil Medical Ltd during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Mr Douglas Cubbin - Non-Executive Chairman (appointed to the Board on 7 August 2023 and as Chairman on 31 August 2023) Mr Nigel Lange - Chief Executive Officer and Managing Director Dr Gabriel Liberatore - Non-Executive Director (appointed on 14 July 2023) Mr Brian Leedman - Non-Executive Director (resigned on 29 November, 2023) Mr Otto Buttula – Non-Executive Chairman (resigned on 31 August 2023) Principal activities The principal activities of the Group during the financial half-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. Review of operations The loss for the Group after providing for income tax amounted to $6,016,846 (31 December 2022: $5,652,352). OncoSil Medical is an ASX-listed, medical device company which has developed a breakthrough implantable radiation treatment for cancer patients. OncoSil’s lead product, the OncoSilTM device, is a CE-mark approved, first-in-class brachytherapy device for the treatment of locally advanced pancreatic cancer incorporating the use of radioactive particles containing 32P (phosphorus 32) administered under ultrasound-guided endoscopy. Throughout the six-month period to 31 December 2023, OncoSil continued to progress its commercialisation activities across approved markets in Europe and the Asia Pacific. The key developments and highlights for the first half of the 2024 financial year are as follows: ● Trials involving the OncoSilTM device were materially progressed over the Company’s December 2023 half (H1 FY24): - The second round of stakeholder meetings associated with a German Federal Joint Committee (G-BA) trial was completed on 28 September 2023. - The TRIPP-FFX Clinical Study was advanced, with a total of DD patients randomized to participate by end H1 FY24. - The first patient was treated in the PANCOSIL Investigator-Initiated Clinical Trial on 28 November 2023. ● The commercialisation of the OncoSilTM device build further momentum: - In Spain, a total of DD medical centres within this country are now actively engaged in the treatment of patients utilizing the device; to date, a combined total of DD patients have received treatment. - First commercial treatments in Greece involving application of the OncoSilTM device commenced in early December 2023. - In Israel, the Hadassah Hospital successfully completed treatment using the OncoSilTM device on a fourth patient. Also, major Israeli health insurer Clalit General Health Services approved the OncoSilTM device as an appropriate treatment for locally advanced pancreatic cancer. - Early in calendar 2024, OncoSil signed an exclusive distribution agreement for the device with EDH Nuclear Medicine & Healthcare Services, specifically covering the Turkish market. ● OncoSil provided further assistance with local regulatory and ethics approvals for the OSPREY patient registry, which forms part of the approval labelling for the OncoSilTM device. ● OncoSil materially enhanced its Board’s collective technical skillset, with the appointment of experienced healthcare executives Douglas Cubbin and Dr Gabriel Liberatore. Refer to note 2 for the directors’ assessment of going concern. Significant changes in the state of affairs The Company announced changes to its board after the reporting period, namely: On 14 July 2023, Mr Gabriel Liberatore was appointed to the Board as a Non-Executive Director. 1 OncoSil Medical Ltd Directors' report 31 December 2023 On 7 August 2023, Mr Douglas Cubbin was appointed to the Board as a Non-Executive Director and assumed the position of elected Chairperson from 31 August 2023 onwards. There were no other significant changes in the state of affairs of the Group during the financial half-year. Business risks The material business risks that could adversely affect the Group's financial performance and growth potential in future years and how the Group propose to mitigate such risks were detailed in the Annual Report at 30 June 2023. Those risks have been assessed up to the reporting date with no significant changes noted since then. 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 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Mr Douglas Cubbin Chairman 28 February 2024 Melbourne 2 Crowe Sydney ABN 97 895 683 573 Level 24, 1 O’Connell Street Sydney NSW 2000 Main +61 (02) 9262 2155 Fax +61 (02) 9262 2190 www.crowe.com.au Auditor’s Independence Declaration Under Section 307C of the Corporations Act 2001 to Directors of OncoSil Medical Ltd As lead auditor for the review of the half year financial report of OncoSil Medical Ltd for the half year ended 31 December 2023, I declare that to the best of my knowledge and belief, that there have been: (i) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) no contraventions of any applicable code of professional conduct in relation to the review. Yours sincerely, Crowe Sydney Barbara Richmond Partner Some of the Crowe personnel involved in preparing this document may be members of a professional scheme approved under Professional Standards Legislation such that their occupational liability is limited under that Legislation. To the extent that applies, the following disclaimer applies to them. If you have any questions about the applicability of Professional Standards Legislation Crowe’s personnel involved in preparing this document, please speak to your Crowe adviser. Liability limited by a scheme approved under Professional Standards Legislation. 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 external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. 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 Audit Australia, an affiliate of Findex (Aust) Pty Ltd. © 2024 Findex (Aust) Pty Ltd 3 OncoSil Medical Ltd Contents 31 December 2023 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 review report to the members of OncoSil Medical Ltd 4 5 6 7 8 9 17 18 OncoSil Medical Ltd Statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023 Note Consolidated 31/12/2023 31/12/2022 $ $ Revenue 4 87,956 216,325 Other income Interest revenue calculated using the effective interest method 5 552,760 55,236 593,263 1,853 6 (841,104) (2,157,013) (1,592,696) (88,824) (1,097,769) (2,016) (229,873) (698,274) (5,229) (557,594) (2,387,959) (1,754,598) (82,261) (750,242) 96,881 (245,623) (775,631) (6,766) (6,016,846) (5,652,352) - - (6,016,846) (5,652,352) Items that may be reclassified subsequently to profit or loss Foreign currency translation 5,959 (122,717) Other comprehensive income for the half-year, net of tax 5,959 (122,717) (6,010,887) (5,775,069) Cents Cents Expenses Raw materials and consumables used Employee benefits expense Research and development expenses Marketing expense Consulting, finance and legal expenses Net foreign exchange (loss)/gain Share-based payments Other administrative expenses Finance costs 6 Loss before income tax expense Income tax expense Loss after income tax expense for the half-year attributable to the owners of OncoSil Medical Ltd Other comprehensive income Total comprehensive income for the half-year attributable to the owners of OncoSil Medical Ltd Basic earnings per share Diluted earnings per share 14 14 (0.30) (0.30) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 5 (0.57) (0.57) OncoSil Medical Ltd Statement of financial position As at 31 December 2023 Note Consolidated 31/12/2023 30/06/2023 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Other assets Total current assets 7 8 4,891,884 692,615 666,547 6,251,046 9,393,832 1,285,680 555,448 11,234,960 75,082 110,935 186,017 91,725 147,536 239,261 6,437,063 11,474,221 2,165,185 34,339 82,106 2,281,630 1,357,963 146,245 64,957 1,569,165 72,783 72,783 24,563 24,563 Total liabilities 2,354,413 1,593,728 Net assets 4,082,650 9,880,493 86,490,500 4,460,672 (86,868,522) 86,507,329 7,740,701 (84,367,537) 4,082,650 9,880,493 Non-current assets Plant and equipment Right-of-use assets Total non-current assets 9 Total assets Liabilities Current liabilities Trade and other payables Lease liabilities Employee benefits Total current liabilities 10 Non-current liabilities Lease liabilities Total non-current liabilities Equity Issued capital Reserves Accumulated losses 11 12 Total equity The above statement of financial position should be read in conjunction with the accompanying notes 6 OncoSil Medical Ltd Statement of changes in equity For the half-year ended 31 December 2023 Consolidated Issued capital $ Reserves $ Accumulated Total equity losses $ $ Balance at 1 July 2022 79,909,727 4,277,709 (73,024,611) 11,162,825 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - (122,717) (5,652,352) - (5,652,352) (122,717) Total comprehensive income for the half-year - (122,717) (5,652,352) (5,775,069) 127,462 - 245,623 - 127,462 245,623 Balance at 31 December 2022 80,037,189 4,400,615 (78,676,963) 5,760,841 Consolidated Issued capital $ Reserves $ Accumulated Total equity losses $ $ Balance at 1 July 2023 86,507,329 7,740,701 (84,367,537) 9,880,493 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - 5,959 (6,016,846) - (6,016,846) 5,959 Total comprehensive income for the half-year - 5,959 (6,016,846) (6,010,887) (16,829) - 229,873 (3,515,861) 3,515,861 (16,829) 229,873 - 86,490,500 4,460,672 (86,868,522) 4,082,650 Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments (note 15) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 11) Share-based payments (note 12) Transfer from share-based payment reserve (note 12) Balance at 31 December 2023 The above statement of changes in equity should be read in conjunction with the accompanying notes 7 OncoSil Medical Ltd Statement of cash flows For the half-year ended 31 December 2023 Note Consolidated 31/12/2023 31/12/2022 $ $ 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 106,037 (5,562,836) 55,236 (5,229) 1,099,744 178,269 (6,410,350) 1,853 (6,766) 831,599 Net cash used in operating activities (4,307,048) (5,405,395) Cash flows from investing activities Payments for property, plant and equipment - (3,296) Net cash used in investing activities - (3,296) (16,829) (159,071) 150,000 (183,065) (81,452) (175,900) (114,517) Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents (4,482,948) 9,393,832 (19,000) (5,523,208) 11,279,841 - Cash and cash equivalents at the end of the financial half-year 4,891,884 5,756,633 Cash flows from financing activities Proceeds from issue of shares Transaction costs for cancellation/issue of shares Repayment of lease liabilities 11 Net cash used in financing activities The above statement of cash flows should be read in conjunction with th