Nyrada Inc. reported a $3.19 million loss for the half-year ending December 2025, while advancing its lead drug candidate Xolatryp® into Phase IIa clinical trials targeting heart attack treatment.
- Half-year loss increased to $3.19 million from $2.46 million
- Cash reserves strengthened to $7.12 million
- Xolatryp® cleared Phase I with strong safety, entering Phase IIa for myocardial ischemia reperfusion injury
- New Managing Director appointed; Non-Executive Director resigned
- Post-period capital raise of $506,250 via option exercises
Financial Performance and Position
Nyrada Inc., a clinical-stage biotech company listed on the ASX under the code NYR, disclosed a widening net loss of $3.19 million for the half-year ended 31 December 2025, up from $2.46 million in the prior corresponding period. Despite the increased loss, the company’s cash position improved significantly, closing at $7.12 million compared to $2.93 million at the previous half-year mark, bolstered by recent capital raising activities.
The loss was driven primarily by ongoing research and development expenditure of $1.66 million, alongside increased corporate and administration costs and a notable rise in share-based payment expenses, reflecting expanded employee incentives and option grants.
Clinical Progress – Xolatryp® Advances to Phase IIa
Nyrada’s lead candidate, Xolatryp®, a small molecule targeting TRPC ion channels to mitigate ischemia reperfusion injury, has successfully completed Phase I trials demonstrating a strong safety profile and predictable pharmacokinetics. This milestone paves the way for the imminent Phase IIa clinical trial focusing on myocardial ischemia reperfusion injury, a critical condition following heart attacks where tissue damage occurs upon restoration of blood flow.
Human Research Ethics Committee approval was secured in January 2026, with patient dosing expected to commence in March. Preclinical data highlighted an 86% cardioprotective effect, underscoring Xolatryp’s potential to address a significant unmet medical need where no FDA-approved therapies currently exist.
Corporate Developments and Outlook
The half-year also saw leadership changes, with James Bonnar appointed as Managing Director in October 2025, and the resignation of Non-Executive Director Gisela Mautner in November. These shifts may influence strategic direction as the company advances its clinical programs.
Looking ahead, Nyrada plans to not only progress the Phase IIa trial but also explore Xolatryp’s efficacy in other indications and develop alternative formulations beyond intravenous delivery. The company’s commitment to innovation in small-molecule therapies targeting TRPC channels remains central to its growth strategy.
Capital and Shareholder Activity
Post reporting period, Nyrada raised $506,250 through the exercise of options at various strike prices, reflecting ongoing investor confidence and providing additional funding runway. No dividends were declared or paid during the period, consistent with the company’s focus on reinvestment into research and development.
The financial statements were reviewed by William Buck Audit (Vic) Pty Ltd without qualification, affirming compliance with Australian accounting standards and regulatory requirements.
Bottom Line?
With Xolatryp® entering Phase IIa trials and a strengthened cash position, Nyrada is poised for critical clinical milestones that will test its commercial potential amid rising losses.
Questions in the middle?
- How will the new Managing Director influence Nyrada’s clinical and commercial strategy?
- What are the timelines and endpoints for the Phase IIa trial of Xolatryp®?
- Will additional funding be required beyond current cash reserves to sustain development?