1. CORPORATE INFORMATION
The financial statements of Argent BioPharma Ltd for the year ended 30 June 2024 were authorised for issue in
accordance with a resolution of Directors on 30 September 2024. These consolidated financial statements and
notes represent those of Argent BioPharma Ltd (the \u201cCompany\u201d) and Controlled Entities (the \u201cconsolidated group\u201d
or \u201cGroup\u201d). Argent BioPharma Ltd is a for-profit company limited by shares incorporated and domiciled in
Australia whose shares are publicly traded on the Australian Securities Exchange (\u201cASX\u201d), OTCQB and the main
segment of the London Stock Exchange (\u201cLSE\u201d). The registered office of the Company is Suite 1, 295 Rokeby Road,
Subiaco, WA 6008, Australia.
Argent BioPharma Ltd (LSE: RGT, ASX: RGT, OTCQB: RGTLF) is an innovative multidisciplinary drug development
Company within the biopharmaceutical sector. The Company focuses on multidisciplinary methods with
Nanotechnology, developing multi-target therapies for comprehensive disease management, especially
concerning the Central nervous system (\u201cCNS\u201d) and Immunology treatments.
The Company\u2019s founders and executives are key figures in the global pharmaceuticals industry and the core
business strategy is to develop and supply high quality plant inspired medicines for the growing demand in the
medical markets in Europe, North America and UK.
Argent BioPharma has a robust development pipeline targeting two widespread medical conditions and has further
products under development.
Argent BioPharma has partnered with renowned institutions and academia to optimise the development of
targeted plant inspired medicines, to be produced in the Company\u2019s EU-GMP Certified manufacturing facilities.
Argent BioPharma has a growing patient base in Australia, the UK, Brazil, and Ireland and has a global distribution
footprint via an extensive network of commercial partners meaning that it is poised to supply the global market.
2. MATERIAL ACCOUNTING POLICIES
The accounting policies that are material to the consolidated entity are set out below. The accounting policies
adopted are consistent with those of the previous financial year, unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations
Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International
Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').
Financial report prepared on a going concern basis
The financial statements have been prepared on the going concern basis of accounting, which assumes the
continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary
course of business.
At 30 June 2024, the Group had a cash and cash equivalents balance of $702,870 and had a net working capital
deficit of $9,435,864, which included convertible notes with a face value of $8,679,515. The Group incurred a loss
for the year ended 30 June 2024 of $17,548,433 and had net cash outflows from operating and investing activities
of $14,802,614.
The Group\u2019s cashflow forecast for the 12 months ending 30 September 2025 indicates that the Group will require
additional capital to refinance existing debt and fund ongoing corporate expenditure and working capital
requirements.