Grant Thornton Audit Pty Ltd Material uncertainty related to going concern We draw attention to Note 2 in the financial statements, which indicates that the Group incurred a net loss of $8,969,241 during the year ended 30 June 2023, and as of that date, the Group had net cash outflows from operations of $7,024,574. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. Key audit matter How our audit addressed the key audit matter Carrying value of intangible assets - refer to note 2 (e) (xi) and note 10 At 30 June 2023, the carrying amount of intangible assets were $301,869 for the hTERT asset; $8,923,987 for the NETs asset and $1,150,000 for the SubB2M asset. In accordance with AASB 136 Impairment of Assets, management has performed impairment testing on these assets. This as a key audit matter due to the significant judgements and estimation uncertainty in determining the recoverable amount of these assets. Our procedures included, amongst others: • Updating our understanding of management’s processes and controls for assessment of impairment and assessing management's identification of cash generating units (CGUs); • Reviewing management’s assessment of impairment indicators; • Obtaining management’s impairment calculations and evaluating the methodology and assumptions against the requirements of AASB 136 Impairment of Assets and AASB 13 Fair Value, including: − testing the mathematical accuracy of the calculations; − Challenging the appropriateness of the assumptions used in the models; − Validating appropriateness of management’s analysis of the recoverable amount; and • Evaluating the adequacy of disclosures in the financial statements. 71 Annual Report 2023
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