16 DIRECTORS’ REPORT 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 2023. 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: Dr John Friend (Appointed 1 August 2023 - Managing Director) (Appointed 11 August 2023 - Interim Chairman) Iain Ross (Resigned 11 August 2023) Bryce Carmine Steven Coffey James Garner (1 July 2022 to 30 April 2023) Ebru Davidson (Appointed 5 June 2023) 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 $20,465,180 (30 June 2022: ($25,014,055)). The attached financial statements detail the performance and financial position of the consolidated entity for the year ended 30 June 2023. Cash resources At 30 June 2023, the consolidated entity had total funds, comprising cash at bank and on hand of A$5,241,197 (2022 A$7,361,112). Going concern The entity is not generating revenues and is not expected to do so in the foreseeable future. There is material uncertainty which may cast significant doubt on whether the the consolidated entity will continue as a going concern. The Directors have considered this to be appropriate. During the month of July 2023 through 7 August 2023, the Company raised total proceeds for the period of US$1,019,769 (A$1,540,918) using the ATM facility and continues to seek additional funding sources both in Australia and overseas. Refer to ‘Going concern’ in note 2 to the financial statements and the Risks Related to Our Financial Condition and Capital Requirement section in the Director’s report for further details. Subject to the matters disclosed under Going concern in Note 2, the directors have reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. 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.
RkJQdWJsaXNoZXIy MjE2NDg3