Neuren Pharmaceuticals (NEU) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, housekeeping notes, and hybrid participation options.

• Annual Shareholders' Meeting held on 27 May 2025, focused on improving lives of people with neurodevelopmental disabilities.

• Agenda included chair's address, CEO's review, formal business, and post-meeting refreshments.

Financial performance review

• Achieved record comprehensive income of A$166 million in 2024, with NPAT of A$142 million and FX gain of A$24 million.

• DAYBUE™ revenue for 2023 and 2024 totaled A$445 million, with a 73% gross margin.

• Pro-forma cash position at year-end 2024 was A$359 million, with A$341 million cash at 31 March 2025, all from income, not capital raising.

• Q1 2025 royalty income from ACADIA was $13.5 million, reflecting strengthened financial position.

• Corporate and admin costs were A$5 million, covered by interest income, allowing A$33 million investment in NNZ-2591.

Strategic initiatives and plans

• Positive Phase 2 results for NNZ-2591 in Phelan-McDermid, Pitt Hopkins, and Angelman syndromes; phase 3 trial for PMS to commence mid-2025 with $80–90 million budget.

• DAYBUE™ launch in the U.S. deemed highly successful, with expansion planned for Canada, Europe, Japan, and other regions; Health Canada approval and EU marketing application submitted.

• ACADIA increased sales force by 30% and enhanced marketing to reach broader patient populations.

• Exploring HIE as a new indication, leveraging historical expertise and aiming for a seamless phase 2/3 trial pending FDA discussions in Q4 2025.

• Multiple additional indications under evaluation, with commercial judgment applied to each.