FINANCIAL RESULTS The Group recorded a net loss from operating activities after income tax of $6,554,350 (2023: $8,969,241) and ended the financial year with a cash balance of $9,233,192 (2023: $7,812,511). Product revenues from sales of the hTERT test totalled $333,255 (2023: $363,209) and from EXO-NET totalled $201,863 (2023: $34,984). Income from other sources was $1,283,025 (2023: $1,506,730) including an accrual of $1,017,344 for the Research and Development Tax Incentive Refund for the 2024 financial year (2023: $949,501). The refund for 2024 is expected to be received in the coming months. No grant income was received in 2024 (2023: $58,130). Miscellaneous income added $256,581 (2023: $353,721). General and administration costs were $5,158,586 (2023: $6,832,901) with the following significant contributors: › employee expenditure $2,672,483 (2023: $1,914,513) including non-cash share options expense of $834,774 (2023: $285,111); › Professional and legal fees $612,005 (2023: $2,147,043), where the majority of prior year costs related to fees paid to defend the Supreme Court Writ and achieve the settlement outcome; › amortisation of intangible assets $947,514 (2023: $944,933) for the hTERT and NETs intangible assets; and › ASX listing and share registry fees of $134,137 (2023: $132,421). Research and Development expenditure was $2,699,591 (2023: $3,224,469) including employee related expenditure of $1,208,243 (2023: $1,334,274) and $1,251,411 (2023: $1,649,970) paid to external contractors and suppliers. The majority of expenditure was incurred on the SubB2M and NETs programs. Sales and Marketing expenditure was $433,303 (2023: $772,312) of which employee related expenditure contributed $272,181 (2023: $413,344). Non-cash expenditures recorded (within the three categories of expenditure – General and Administration, Research and Development, and Sales and Marketing) for the reporting period included: › amortisation of intangible assets $947,514 (2023: $944,933) for the hTERT and Molecular NETs intangible assets and $28,385 (2023: $20,030) related to granted patents; › depreciation of right-of-use assets (required by accounting standard AASB16 – Leases) $275,753 (2023: $274,998); › depreciation of building improvements $33,548 (2023: $33,154) and depreciation of plant and equipment $158,726 (2023: $120,617); › share based payments expense of $834,773 (2023: $285,111); › lease liability interest expense, as required by AASB16, $40,766 (2023: $59,524). Review of Operations continued 16 INOVIQ Limited
RkJQdWJsaXNoZXIy MjE2NDg3