AdAlta's FY24 RDTI refund and loan repayment

AdAlta Limited (ASX:1AD) has received a $1.77 million Research and Development Tax Incentive (RDTI) refund for the financial year ended 30 June 2024. This refund enables the full repayment of the $1.40 million balance of the Company's Treasury Corporation of Victoria loan facility, strengthening AdAlta's cash balance by $0.37 million.

Executive Commentary on RDTI refund and loan repayment

The receipt of the 2024 financial year Research and Development Tax Incentive refund has opened the way for AdAlta to materially strengthen its balance sheet. It provides the opportunity for the Company to both repay a loan provided by Treasury Corporation of Victoria and add to cash resources. I personally want to thank the Victorian Government for granting AdAlta this now repaid loan, which came our way via the Government's R&D Cash Flow Loan Initiative. This debt facility added significant flexibility to our ongoing funding plans for AdAlta's research and development program and reduced our reliance on equity capital.

Summary of AdAlta's RDTI refund and future outlook

AdAlta Limited (ASX:1AD) has successfully received the RDTI refund for FY2024, allowing the full repayment of the Treasury Corporation of Victoria loan facility and strengthening the company's cash balance. The RDTI refund and loan repayment demonstrate AdAlta's commitment to financial prudence and efficient capital management. This positions the company to continue its research and development program with reduced reliance on equity capital. The receipt of the RDTI refund underscores the importance of government support in stimulating investment in R&D for the biotechnology sector. AdAlta's strategic focus on developing novel protein and cell therapeutic products from its i-body® platform remains supported by its strengthened financial position, paving the way for the advancement of its lead candidate, AD-214, and potential collaborations in the field of cellular immunotherapies for cancer.