15. COMMITMENTS AND CONTINGENCIES (a) Legal claims The Group had no significant legal matter contingencies as at 31 December 2023 or at 31 December 2022. (b) Commitments The Group was not committed to the purchase of any property, plant or equipment or intangible assets as at 31 December 2023 (2022: nil). At 31 December 2023, the Group had commitments under product development contracts amounting to approximately $7.4 million, including approximately US$4.4 million and AU$0.4 million. At 31 December 2022, the Group had commitments under product development contracts amounting to approximately $6.0 million, comprising approximately US$3.9 million, GBP 0.1 million, EUR 0.1 million and AU $0.2 million. (c) Contingent liabilities The Group had no contingent liabilities at 31 December 2023 or at 31 December 2022. 16. RELATED PARTY TRANSACTIONS (a) Key Management Personnel The Key Management Personnel of the Group (KMP) include the directors of the Company and employees who reporting directly to the Managing Director. Compensation for KMP was as follows: 2023 $’000 2022 $’000 Short-term benefits 3,266 1,682 Post-employment benefits 169 112 Other long-term benefits 74 34 Share based payment compensation 1,446 837 4,955 2,665 (b) Subsidiaries The ultimate parent company in the Group is Neuren Pharmaceuticals Limited (“Parent”). The Parent funds the activities of the subsidiaries throughout the year as needed. All amounts due between entities are payable on demand and bear no interest. 17. EVENTS AFTER REPORTING DATE As at the date of these consolidated financial statements authorised for issue, there are no events arising since 31 December 2023 that require disclosure. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Neuren Pharmaceuticals Limited Annual Report 2023 47
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