Announcement PDF ABN 16 165 160 841 ASX RELEASE 21 November 2023 Appendix 4D and Financial Report Half Year ended 30 September 2023 Amplia Therapeutics Limited (ASX: ATX) (“Amplia” or the “Company”) announces its Appendix 4D and Financial Report for the Half Year ended 30 September 2023. This ASX announcement was approved and authorised for release by the Board of Amplia Therapeutics. Investor Contact: Dr Chris Burns Chief Executive Officer chris@ampliatx.com Media Contact: H^CK Director, Haley Chartres haley@hck.digital +61 423 139 163 About Amplia Therapeutics Limited Amplia Therapeutics Limited is an Australian pharmaceutical company advancing a pipeline of Focal Adhesion Kinase (FAK) inhibitors for cancer and fibrosis. FAK is an increasingly important target in the field of cancer and Amplia has a particular development focus in fibrotic cancers such as pancreatic and ovarian cancer. FAK also plays a significant role in a number of chronic diseases, such as idiopathic pulmonary fibrosis (IPF). For more information visit www.ampliatx.com and follow Amplia on Twitter (@ampliatx), Threads (@ampliatx) and LinkedIn. Level 7, 350 Queen Street, Melbourne VIC 3000 Email info@ampliatx.com www.ampliatx.com Amplia Therapeutics Limited Appendix 4D Half-year report 1. Company details Name of entity: ACN: Reporting period: Previous period: Amplia Therapeutics Limited 165 160 841 For the half-year ended 30 September 2023 For the half-year ended 30 September 2022 2. Results for announcement to the market $ Revenues from ordinary activities and other income up 42% to 2,526,948 Loss from ordinary activities after tax attributable to the owners of Amplia Therapeutics Limited down 61% to (1,129,243) Loss for the half-year attributable to the owners of Amplia Therapeutics Limited 61% to (1,129,243) down Dividends The Directors have resolved that no dividend will be paid this half year. Comments The loss for the Group after providing for income tax for the half-year ended 30 September 2023 amounted to $1,129,243 (30 September 2022: $2,911,834). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 3.5 Previous period Cents 4.1 Amplia Therapeutics Limited Appendix 4D Half-year report 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Half Year Report. 11. Attachments Details of attachments (if any): The Half Year Report of Amplia Therapeutics Limited for the half-year ended 30 September 2023 is attached. 12. Signed Signed ___________________________ Warwick Tong Non-Executive Chairman Date: 20 November 2023 HALF-YEAR REPORT 30 September 2023 1 FIGHT C Amplia Therapeutics Ltd Amplia Therapeutics Limited Corporate directory 30 September 2023 Directors Dr. Warwick Tong (Non-Executive Chairman) Dr. Robert Peach (Non-Executive Director) Dr. Christopher Burns (CEO and Managing Director) Mrs. Jane Bell (Non-Executive Director) Company secretary Mr. Andrew J. Cooke Registered office Level 17, 350 Queen Street Melbourne VIC 3000 Australia Share register Computershare Investor Services Pty Limited Level 3, 60 Carrington Street Sydney NSW 2000 Australia Telephone: 1300 556 161 (within Australia) + 61 3 9415 4000 (outside Australia) Website: www.investorcentre.com/contact Auditor Grant Thornton Audit Pty Ltd Australia Stock exchange listing Amplia Therapeutics Limited shares are listed on the Australian Securities Exchange (ASX code: ATX) Website www.ampliatx.com 1 Amplia Therapeutics Limited Contents 30 September 2023 Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors' declaration Independent auditor's review report to the members of Amplia Therapeutics Limited 2 3 5 6 7 8 9 10 16 17 Amplia Therapeutics Limited Directors' report 30 September 2023 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Amplia Therapeutics Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 30 September 2023. Directors The names of the directors in office at any time during or since the period are: Name and Independence status Period of office and special responsibilities Warwick Tong Independent Non-Executive Director and Chair Appointed as Non-Executive Director on 4 May 2018 and Chair since 25 May 2018. Member of the Audit & Risk Committee and the Remuneration Committee. Robert Peach Independent Non Executive Director Appointed as Non-Executive Director on 2 September 2015 and is Chair of the Remuneration Committee. Appointed to the Audit & Risk Committee 27 July 2023. Christopher Burns CEO and Managing Director Appointed as Non-Executive Director on 4 May 2018. Appointed Chief Executive Officer and Managing Director starting 5 December 2022. Jane Bell Independent Non-Executive Director Appointed as Non-Executive Director on 12 April 2021 and is also Chair of the Audit & Risk Committee and became a member of the Remuneration Committee 27 July 2023. Principal activities The principal activity of the Company is development of its Focal Adhesion Kinase (FAK) inhibiting drug candidates AMP886 and Narmafotinib (AMP945). These assets represent highly attractive compounds for clinical development possessing excellent potency and drug-like properties, biological selectivity, bioavailability, and manufacturing scale-up potential. The Company is focused on the development of these drug candidates for potential use in multiple indications including oncology and chronic fibrosis. Financial update The loss for the Group after providing for income tax for the half-year period ended 30 September 2023 amounted to $1,129,243 (30 September 2022: $2,911,834) Total current assets at the beginning of the period amounted to $10,508,529 which cash and cash equivalents totalled $9,256,677. At 30 September 2023, total current assets had decreased to $9,426,542. Of this amount, $5,656,755 was represented by cash and cash equivalents and $3,596,831 was represented by the R&D tax incentive receivable. Total liabilities at the beginning of the period amounted to $2,848,809. This decreased to $2,806,785 at the end of the period. Review of operations The primary focus for the Company over the reporting period has been progression of the ACCENT clinical trial; the Phase 1b/2a trial of AMP945, combined with gemcitabine and Abraxane®, in advanced pancreatic patients. Dosing of the third cohort of patients in the Phase 1b stage of the trial began in April. In August we announced that a dose-limiting toxicity event had been recorded and that an additional three patients were required to be enrolled into the cohort, consistent with the trial protocol. The completion of the third patient cohort, and indeed of the Phase 1b dose-escalation stage of the trial, was recently announced. The data from the Phase 1b study indicated that the drug was safe and well tolerated and that while the trial was not powered for efficacy, there were promising preliminary signs of efficacy when compared to historical data in this patient population for the gemcitabine and Abraxane combination. The Phase 2a stage of the ACCENT trial will start imminently. To increase patient enrolment in the trial we will open sites in South Korea, where there is an excellent clinical trial capability and world first cancer hospitals and physicians. We have spent considerable effort over the reporting period preparing a dossier for filing with the Korean drug regulators for approval to run the ACCENT trial in Korea. This dossier has now been submitted and we await the outcome of their review. Preparation of an additional batch of drug capsules for the ongoing ACCENT trial has also been prepared over the reporting period. This work was carried out by our US-based world-class drug product manufacturer under Good Manufacturing Practice guidelines and was completed on time and on budget. 3 Amplia Therapeutics Limited Directors' report 30 September 2023 In June we announced that the World Health Organization had approved ‘narmafotinib’ as the International Non-proprietary Name (INN) for AMP945. This represents an important milestone in the drug’s development, signalling the company’s longterm resolve to the commercial development of this drug. Exciting data from preclinical studies in pancreatic cancer were publicly disclosed over the reporting period. Firstly, we announced that narmafotinib enhances the activity of the chemotherapy regimen called FOLFIRINOX in an in vivo model using cancer cells derived from a pancreatic cancer patient. These data are highly significant as FOLFIRINOX is the preferred treatment regime for pancreatic cancer in the US and much of Europe, therefore demonstrating enhanced commercial potential for narmafotinib. Further data delineating the activity and mechanism of action of narmafotinib, were presented by our collaborators from the Garvan Institute at the prestigious American Association Cancer Research-Pancreatic Cancer meeting held in Boston, USA. A collaboration with CSIRO, part-funded by AusIndustry’s Innovations Connections scheme, was initiated in May to explore the feasibility of the development of novel topical formulations of narmafotinib for the treatment of scarring following surgery, accidents or burns. This collaboration is based on promising data in the scientific literature showing that inhibition of FAK can reduce scarring whilst also accelerating wound healing. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Company during the financial half-year. Matters subsequent to the end of the financial half-year On 18 October 2023, the Group received $2,408,458 in relation to the 2023 financial year Research and Development (R&D) Tax Incentive refund and subsequently fully repaid the R&D loan of $2,100,000. No other matter or circumstance has arisen since 30 September 2023 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Warwick Tong Non-Executive Chairman 20 November 2023 4 Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T +61 3 8320 2222 Auditor’s Independence Declaration To the Directors of Amplia Therapeutics Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Amplia Therapeutics Limited for the half year ended 30 September 2023, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and b no contraventions of any applicable code of professional conduct in relation to the audit. Grant Thornton Audit Pty Ltd Chartered Accountants J D Vasiliou Partner – Audit & Assurance Melbourne, 20 November 2023 www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. w Amplia Therapeutics Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 30 September 2023 30 September 2023 $ 30 September 2022 $ 2,448,397 78,551 2,526,948 1,728,329 41,052 13,763 1,783,144 Expenses Research & development expenses Administrative & general expenses Share based compensation Patent & associated expenses Depreciation and amortisation expense Total expenses (2,193,791) (1,215,140) (46,263) (111,416) (42,949) (3,609,559) (3,528,639) (992,992) (81,230) (46,982) (28,992) (4,678,835) Operating loss (1,082,611) (2,895,691) Interest expense (46,632) (16,143) (1,129,243) (2,911,834) - - (1,129,243) (2,911,834) - - (1,129,243) (2,911,834) Cents Cents Note Revenue and other income R&D tax incentive Government grants Interest income Total revenue and other income 5 Loss before income tax expense Income tax expense Loss after income tax expense for the half-year attributable to the owners of Amplia Therapeutics Limited Other comprehensive income for the half-year, net of tax Total comprehensive loss for the half-year attributable to the owners of Amplia Therapeutics Limited Basic earnings per share Diluted earnings per share 12 12 (0.58) (0.58) (1.50) (1.50) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Amplia Therapeutics Limited Consolidated statement of financial position As at 30 September 2023 30 September 2023 $ 31 March 2023 $ 5,656,755 3,596,831 42,481 130,475 9,426,542 9,256,677 1,148,434 36,718 66,700 10,508,529 15,771 126,121 7,937,932 53,034 8,132,858 20,883 163,957 7,937,932 53,034 8,175,806 17,559,400 18,684,335 507,139 2,107,362 77,638 54,026 2,746,165 528,501 2,106,614 74,534 40,910 2,750,559 54,987 5,633 60,620 94,719 3,531 98,250 Total liabilities 2,806,785 2,848,809 Net assets 14,752,615 15,835,526 Note Assets Current assets Cash and cash equivalents R&D tax incentive receivable Prepayments Other assets Total current assets 6 Non-current assets Property, plant and equipment Right-of-use assets Intangibles Other assets Total non-current assets 7 Total assets Liabilities Current liabilities Accounts payable & accrued liabilities Borrowings Lease liabilities Provisions Total current liabilities 8 Non-current liabilities Lease liabilities Provisions Total non-current liabilities Equity Issued capital Reserves Accumulated losses 9 10 Total equity 151,529,043 151,528,974 (1,121,028) (969,031) (135,655,400) (134,724,417) 14,752,615 15,835,526 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 7 Amplia Therapeutics Limited Consolidated statement of changes in equity For the half-year ended 30 September 2023 Issued capital $ Balance at 1 April 2022 Share option reserve $ Foreign currency translation Accumulated Total equity reserve losses $ $ $ 151,507,741 776,966 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (2,911,834) (2,911,834) - - - - - Total comprehensive loss for the half-year - - - (2,911,834) (2,911,834) 21,233 (55,240) - - 136,470 - 81,230 21,233 151,528,974 721,726 (1,818,617) (131,393,816) 19,038,267 Transactions with owners in their capacity as owners: Share-based payments Issue of shares on exercise of options Balance at 30 September 2022 Issued capital $ Balance at 1 April 2023 Share option reserve $ (1,818,617) (128,618,452) 21,847,638 Foreign currency translation Accumulated Total equity reserve losses $ $ $ 151,528,974 849,586 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - - (1,129,243) (1,129,243) - - - - - Total comprehensive loss for the half-year - - - (1,129,243) (1,129,243) 69 46,263 - - - 46,263 69 - (198,260) - 198,260 - 151,529,043 697,589 (1,818,617) (135,655,400) 14,752,615 Transactions with owners in their capacity as owners: Share-based payments Issue of shares on exercise of options Expiry of options previously recorded as sharebased payments Balance at 30 September 2023 (1,818,617) (134,724,417) 15,835,526 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 8 Amplia Therapeutics Limited Consolidated statement of cash flows For the half-year ended 30 September 2023 30 September 2023 $ 30 September 2022 $ Cash flows from operating activities R&D tax incentive received Government grants Interest received Payments to suppliers Payments to employees 76,904 (2,829,209) (790,475) 1,843,004 41,052 13,763 (4,249,128) (584,955) Net cash used in operating activities (3,542,780) (2,936,264) Cash flows from investing activities Payments for property, plant and equipment Payments for security deposits Proceeds from release of security deposits - (13,754) (53,034) 12,240 Net cash used in investing activities - (54,548) Cash flows from financing activities Proceeds from issue of shares from the exercise of options Repayment of lease liabilities Finance costs paid 69 (39,757) (45,863) 21,234 (25,858) (9,450) Net cash used in financing activities (85,551) (14,074) Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents (3,628,331) 9,256,677 28,409 (3,004,886) 14,608,581 76,297 Cash and cash equivalents at the end of the financial half-year 5,656,755 11,679,992 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 9 Amplia Therapeutics Limited Notes to the consolidated financial statements 30 September 2023 Note 1. General information The financial statements cover Amplia Therapeutics Limited as a Group consisting of Amplia Therapeutics Limited and the entities it controlled at the end of, or during, the half-year entities (together referred to as the "Group" and individually as "Group entities"). The financial statements are presented in Australian dollars, which is Amplia Therapeutics Limited's functional and presentation currency. A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 20 November 2023. Note 2. Reporting entity Amplia Therapeutics Limited (the ‘Company’) is a company domiciled in Australia. The condensed consolidated interim financial statements of the Company as at and for the six months ended 30 September 2023 comprise the Company and its subsidiary. Note 3. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 30 September 2023 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 31 March 2023 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The Group 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, which had no impact on the Group's financial statements. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going concern The financial statements have been prepared on a going concern basis after taking into consideration for the half-year period ended 30 September 2023 the net loss of $1,129,243 and net cash used in operating activities of $3,542,780 and the cash and cash equivalents balance of $5,656,755 as at 30 September 2023. The going concern basis contemplates continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business. The going concern of the Group is dependent on it maintaining sufficient funds for its operations and commitments. The Group has prepared detailed cash flow forecasts and believe that they will have sufficient cash to further research and development plans for the 12 months from signing the financial report. However, to further progress plans, the Group will need to obtain additional capital. The directors also considered the other following matters in their cashflow forecast, all of which give rise to a material uncertainty regarding going concern: ● The Group can scale down its operations sufficiently (and narrow the scope of its planned activities) should the above capital raising not occur; and ● The Group may be able to claim the Research & Development tax incentive from the ATO for eligible spend. Accordingly, the financial statements do not include any adjustments relating to the recoverability or classification of recorded asset amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. 10 Amplia Therapeutics Limited Notes to the consolidated financial statements 30 September 2023 Note 3. Material accounting policy information (continued) The Group has the exclusive worldwide license to develop and commercialise the drug candidates AMP945 and AMP886. The exploitation of these licenses will require future funding. The Directors believe that they will be able to raise sufficient capital to fund the Group's future operations. The Directors continue to monitor these ongoing funding requirements and are of the opinion that the financial statements have been appropriately prepared on a going concern basis. Note 4. Operating segments A segment is a component of the Group entity that earns revenues or incurs expenses whose results are regularly reviewed by the chief operating decision makers and for which discrete financial information is prepared. The Group has no operating segments, management review financial information on a consolidated basis. It has established entities in more than one geographical area, however the activities from these entities comparative to the Group are considered immaterial for the purposes of segment reporting. Note 5. R&D tax incentive R&D tax incentive - half-year ended 30 September 2022 R&D tax incentive - year ended 31 March 2023 R&D tax incentive - half-year ended 30 September 2023 30 September 2023 $ 30 September 2022 $ 1,260,024 1,188,373 1,728,329 - 2,448,397 1,728,329 1In the half-year ended 30 September 2023, the Company received a positive finding from AusIndustry in relation to previously lodged Advanced Overseas Finding. The positive finding results in the Company being able to claim a further refund of $1,260,024 for eligible overseas expenditure incurred in the year ended 31 March 2023. Note 6. R&D tax incentive receivable Current assets R&D tax incentive receivable - year ended 31 March 2023 (received 18 October 2023) R&D tax incentive receivable - half-year ended 30 September 2023 30 September 2023 $ 31 March 2023 $ 2,408,458 1,188,373 1,148,434 - 3,596,831 1,148,434 30 September 2023 $ 31 March 2023 $ 7,937,932 - 7,937,932 - 7,937,932 7,937,932 Note 7. Intangibles Non-current assets Global license - AMP 945 & AMP 886 - at cost Less: Accumulated amortisation 11 Amplia Therapeutics Limited Notes to the consolidated financial statements 30 September 2023 Note 7. Intangibles (continued) Global license - AMP 945 & AMP 886 represents the cost of the separately acquired intangible assets representing the worldwide right to drug candidates AMP 945 and AMP 886, expiring in 2032. Note 8. Borrowings Current liabilities Loan - R&D Advance (repaid 18 October 2023) 30 September 2023 $ 31 March 2023 $ 2,107,362 2,106,614 The Company executed a funding facility (Facility) with Treasury Corporation of Victoria (TCV) as part of the Victorian Government’s R&D Cash Flow Loan Initiative (Initiative) of up to $2,100,000. The Company received the first tranche of $1,260,000 in December 2021 and the second tranche of $840,000 in February 2022. Interest on Facility advances is variable at the “TCV 11am” loan interest rate (currently 4.265%). Repayment of the Facility is timed to coincide with receipt of Amplia’s FY2023 RDTI refund, expected by 30 September 2023, and is recognised as current borrowing during the period. The Facility is secured by the FY2022 and FY2023 R&D Tax Incentive (RDTI) refunds. Note 9. Issued capital Ordinary shares - fully paid 30 September 2023 Shares 31 March 2023 Shares 30 September 2023 $ 31 March 2023 $ 194,005,784 194,005,536 151,529,043 151,528,974 For the period ended 30 September 2023, 194,005,784 ordinary shares (March 2023: 194,005,536) were issued and fully paid. All ordinary shares rank equally as to voting, dividends and liquidation. There are no reserved shares of the Group. The shares have no par value. The following movements in ordinary shares were recorded during the half-year ended. 30 September 2023 Shares 31 March 2023 Shares 30 September 2023 $ 31 March 2023 $ Balance brought forward as at 1 April Issue of shares from the exercise of options 194,005,536 248 193,854,001 151,535 151,528,974 69 151,507,741 21,233 Balance carried forward 194,005,784 194,005,536 151,529,043 151,528,974 Shares issued During the half-year period a total of 248 (March 2023: 151,535) Ordinary shares were issued. Options The Company has on issue 39,587,339 shares options as at 30 September 2023 (March 2023: 40,047,587). During the halfyear period 2,500,000 options were issued (March 2023: 7,981,000) and 248 (March 2023: 151,535) options were exercised. During the half-year period 2,960,000 (March 2023: 5,791,987) options that were not exercised expired. 12 Amplia Therapeutics Limited Notes to the consolidated financial statements 30 September 2023 Note 9. Issued capital (continued) On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Note 10. Reserves Foreign currency reserve Share option reserve 30 September 2023 $ 31 March 2023 $ (1,818,617) 697,589 (1,818,617) 849,586 (1,121,028) (969,031) Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. The total share-based payment expense amortised for the period ended 30 September 2023 was $46,263 (30 September 2022: $81,230). $198,260 was recognised in retained earnings as a reversal of share-based payment expenses relating to options that lapsed during the financial year that were previously recognised in profit or loss (30 September 2022: $136,470). Share based compensation Options may be issued to external consultants or non-related parties without shareholders’ approval, where the annual 15% capacity pursuant to ASX Listing Rule 7.1 has not been exceeded. Options cannot be offered to a director or an associate except where approval is given by shareholders at a general meeting. Each option issued converts into one ordinary share of Amplia Therapeutics Limited on exercise. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. During the period 2,500,000 options were granted to CEO and Managing Director. The unlisted options were issued on 24 August 2023 at an exercise price of 13.5 cents per share,