Opyl Ltd (ASX:OPL) has received a $249,000 R&D tax rebate from the Australian Tax Office which CEO Michelle Gallaher said was fundamental to the company’s continued investment in artificial intelligence and health data research.
She said: “It’s sincerely encouraging that we can optimise the continued investment in our AI-based platforms and tools, while at the same time keep cash flows stable as we lean into and open up current and emerging revenue opportunities.
“This puts the business in a stronger financial position.”
As a small company implementing an ambitious pivot in a particularly uncertain global business environment, the 43.5% R&D tax incentive will contribute to Opyl’s forecasted cash flow positive current quarter.
Unique digital health platforms
Opyl continues to undertake research and development of three unique digital health platforms powered by artificial intelligence, that offer life science and healthcare organisations novel ways to improve and optimise clinical trials as well as leverage social media channels.
It is also expected the ongoing development of Opyl platform technologies will likely lead to future R&D refunds.