Ann: Nyrada Half Year Results FY2025, page-11

Plenty including clinical safety, regulatory, any delays or negative results from the TBI study could undermine investor confidence in the broader potential of NYR-BI03 and delay further developments, Phase Ia trial may not align with these results in humans

1. • the first human trial (Phase Ia) will test NYR-BI03 in healthy volunteers. There's always the potential for unforeseen safety issues when transitioning from animals to humans.
   • Efficacy failure: While preclinical results are promising, the drug may not show the same positive results in human trials, especially as human biology can differ from animal models.
   • Delays in trial recruitment: Recruitment for clinical trials can sometimes take longer than expected, leading to delays in dosing or trial completion.

hole heap of things. it's early days