OPERATING REVIEW CONTINUED The consolidated financial statements are presented on pages 32 to 55. All amounts in the consolidated Financial Statements are shown in Australian dollars unless otherwise stated. As shown in the table above, in 2025 royalty revenue of A$64.6 million was earned under the license agreement with Acadia, up 15% from A$56.2 million in 2024. Interest income was A$12.2 million (2024: A$11.0 million). In 2024 revenue from Acadia also included one-time sales milestone revenue of A$80.5 million, as DAYBUE net sales for the year in North America exceeded US$250 million, and one-time revenue from Neuren’s share of Priority Review Voucher sale proceeds of A$76.5 million. Other income includes a foreign currency gain of A$8.0 million mainly due to the translation of cash and short-term investments held in Australian dollars to the US dollars functional currency (2024: A$7.2 million loss). In 2024, there was a A$3.6 million gain on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars. Research and development costs increased by A$3.4 million to A$36.4 million for 2025, with higher expenditure due to the start-up of the Phase 3 trial of NNZ-2591 in PMS. Corporate and administrative costs of A$6.2 million in 2025 increased by A$1.5 million from the prior period, mainly due to increased share-based payments expense relating to new share options issued during 2025. A loss of A$3.3 million on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars was recognised in 2025 (2024: A$3.6 million gain). Income tax expense for 2025 was A$8.5 million (2024: A$40.9 million). The Group’s net profit after income tax for the year ended 31 December 2025 was A$30.4 million (2024: A$142.0 million). FINANCE Summary Financials 2025 $’m 2024 $’m Royalty income 64.6 56.2 Interest income 12.2 11.0 76.8 67.2 One-time revenue from first sales milestone – 80.5 One-time revenue from sale of Priority Review Voucher – 76.5 – 157.0 Foreign currency gains 8.0 3.6 Total income 84.8 227.8 Research & Development costs (36.4) (33.0) Corporate & Administration (6.2) (4.7) Foreign currency losses (3.3) (7.2) Profit before income tax expense 38.9 182.9 Income tax expense (8.5) (40.9) Profit after tax expense 30.4 142.0 Cash and short-term investments at 31 December 296.1 222.2 Cash flow (used in)/received from operations 125.4 (11.3) Cash flow (used in)/ from financing (33.2) (8.8) Neuren Pharmaceuticals Limited Annual Report 2025 18
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