- Opyl (OPL) has received a research and development (R&D) tax refund of $200,500 from the Australian Taxation Office (ATO)
- The company is continuing to undertake the research and development of three digital health platforms that are powered by artificial intelligence
- Even though COVID-19 has impacted many businesses in a negative way, it has actually helped verify Opyl’s platforms
- If this upward momentum continues for Opyl then, for the first time in its history, it may end the quarter in a cash neutral or even positive position
- In yesterday’s quarterly report, the company announced that it had ended the March quarter with a cash balance of $137,000 which is significantly lower than the $464,000 from last quarter
- Opyl has ended the day with no change to its share price. Shares are trading for seven cents each.
Opyl (OPL) has received a research and development (R&D) tax refund of $200,500 from the Australian Taxation Office (ATO).
The company is continuing to undertake the research and development of three digital health platforms that are powered by artificial intelligence (AI).
It expects that this work may lead to more R&D refunds in the future.
“The R&D tax incentive is a critical program that effectively drives growth and recovery for small businesses and high value technology-centric jobs at a time when Australia needs to lean into innovation as we emerge from the COVID-19 environment,” CEO Michelle Gallaher said.
“Without the incentive, it would have been considerably harder to continue to invest in Opyl’s research program,” she added.
Opyl provides leading biopharma and health organisations access to emerging AI-assisted technologies to help improve healthcare design, development and delivery.
By using Opyl’s digital platforms, clinicians are given insights and easy to use solutions to help them manage an illness, injury or disorder.
Even though COVID-19 has impacted many businesses in a negative way, it has actually helped verify Opyl’s platforms.
With no vaccine or medication proven to be effective, data sharing across social media is helping save lives and preventing infections.
Clinicians are relying on each other like never before for advice and insights based on experiences that have had.
As this disease can spread quickly, clinicians cannot afford to wait for papers to be reviewed and published, they need something immediate.
If this upward momentum continues for Opyl then, for the first time in its history, it may end the quarter in a cash neutral or even positive position.
In yesterday’s quarterly report, the company announced that it had ended the March quarter with a cash and cash equivalent balance of $137,000.
This is significantly lower than the $464,000 experienced last quarter.
Opyl has ended the day with no change to its share price. Shares are trading for seven cents each in a $2.071 million market cap.