Rua Bioscience (RUA) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgments to supporters, shareholders, and those affected by recent hardships.

• The meeting was held online, allowing virtual participation, Q&A, and voting.

• Agenda included company overview, Chair's address, CEO presentation, annual results, strategy update, operational and financial reviews, two resolutions, and general business.

Board and executive committee updates

• Board chaired by Anna Stove, with directors Panapa Ehau, Teresa Ciprian, Tony Barclay, and observer Kale Panoho, each bringing sector experience.

• New board observer program for aspiring Māori directors was highlighted.

• Board meetings are scheduled according to the Māori lunar calendar, reflecting diversity and inclusion.

Financial performance review

• FY24 loss before tax was NZD 13.7 million, mainly due to one-off impairments.

• Excluding impairments, FY24 loss was NZD 4.5 million, improved from NZD 6.2 million in FY23.

• FY24 revenue from customers was NZD 86,000, with total revenue and other income at NZD 322,000; significant sales growth in Q1 FY25 with quarterly sales revenue at NZD 225,000.

• Net assets at year-end were NZD 6.77 million; cash and investments stood at NZD 0.9 million as of June 2023.

• Overheads reduced from NZD 608k/month in June 2022 to NZD 334k/month in June 2024, reflecting a capital-light strategy.

• Net cash outflow from operating activities was NZD 3.74 million, with a net cash inflow from investing activities of NZD 2.21 million.