Annual report
Page 1
Argenica Therapeutics Limited Appendix 4E Final report 1. Company details Name of entity: Argenica Therapeutics Limited ABN: 78 637 578 753 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market $ Revenues from ordinary activities up 53% to 5,696,563 Loss from ordinary activities after tax attributable to the owners of Argenica Therapeutics Limited down 81% to (1,365,362) Loss for the year attributable to the owners of Argenica Therapeutics Limited down 81% to (1,365,362) Dividends Amount per security Franked amount per security Cents Cents Final dividend for the year ended 30 June 2026 0.0 0.0 Interim dividend for the year ended 30 June 2026 0.0 0.0 No dividend has been declared. Comments Review of operations The loss for the company after providing for income tax amounted to $1,365,362 (30 June 2025: $7,170,347). Revenue recognised during the financial year included a $ 3,974,973 (30 June 2025: $2,757,459) R&D tax incentive rebate, government grant income of $ 1,509,574 (30 June 2025: $ 424,289) and interest income of $212,016 (30 June 2025: $512,751). Operating expenses during the financial year are principally related to research and developments costs of a neuroprotective therapeutic drug, employee and corporate and administration expenses and non -cash share-based payments. Research and development costs during the financial year of $4,209,047 (30 June 2025: $8,132,295) included costs associated with the completion of Company’s Phase 2 trial of ARG -007(now named xaranetide) in ischaemic stroke patients, planning and drug manufacturing costs for a future Phase 2b trial, the longest lead item for the trial, as well as non- clinical studies to progress other indications and regulatory consultants. Share -based payments consist of the expensing of options issued to employees. Net operating cash outflows for the financial year were $ 4,189,674 (30 June 2025: $5,704,397). Non-dilutive cash funding was received from the company’s R&D Tax incentive claim for the year ended 30 June 2025 of $3,974,973 (30 June 2025: $2,757,459), and government grants received inclusive of GST of $963,522 (30 June 2025: $ 368,893). The Australian Commonwealth Government’s R&D Tax incentive program provides a cash refund on eligible research and development activities performed by Australian companies. Interest income of $240,971 was also received (30 June 2025: $550,831). Net financing cash outflows for the period were $ 2,945 (30 June 2025: inflows of $346,897) being minor share issue costs on an employee option exercise. The company had a net asset position at 30 June 2026 of $5,902,695 (30 June 2025: $7,237,271). The net asset position included $6,362,541 of cash and cash equivalents (30 June 2025: $10,555,160) and deferred income of $Nil (30 June 2025: $615,915) with the unearned portion of government grants received by the company in prior periods earned during the financial year on fulfilment of expenditure commitments.
Page 2
Argenica Therapeutics Limited Appendix 4E Final report 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 4.59 5.63 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Details of associates and joint venture entities Not applicable. 7. Audit qualification or review The financial statements have been audited and an unqualified opinion has been issued. 8. Attachments The Annual Report of Argenica Therapeutics Limited for the year ended 30 June 2026 is attached. 9. Signed Signed ______________________________ Date: 26 August 2026 Jeannette Joughin Director
Page 3
Argenica Therapeutics Limited ABN 78 637 578 753 Annual Report – 30 June 2026
Page 4
Argenica Therapeutics Limited Corporate directory 30 June 2026 1 Directors Dr Jeannette Joughin Dr Liz Dallimore Dr Mark Etherton Ms Dianne Angus (resigned 31 December 2025) Mr Terry Budge (resigned 12 November 2025) Company secretary Ms Emma Waldon Registered office Unit 4, 117 Broadway Nedlands WA 6009 Principal place of business Unit 4, 117 Broadway Nedlands WA 6009 Share register Automic Registry Services Level 5, 126 Phillip Street Sydney NSW 2000 Auditor RSM Australia Partners Level 32, 2 The Esplanade Perth WA 6000 Solicitors Hamilton Locke Level 48,152-158 St Georges Terrace Perth WA 6000 Bankers Commonwealth Bank Level 15, 300 Murray Street Perth WA 6000 Stock exchange listing Argenica Therapeutics Limited shares are listed on the Australian Securities Exchange (ASX code: AGN) Website www.argenica.com.au Corporate Governance Statement https://argenica.com.au/investors/#corporate-governance
Page 5
Argenica Therapeutics Limited Chair and Managing Director’s Letter 30 June 2026 2 On behalf of the Board, we are pleased to present the 2026 Annual Report to shareholders. Argenica Therapeutics Limited (ASX: AGN) (“Argenica” or the “company”) is a biotechnology company developing novel therapeutics to reduce brain tissue death after stroke, and other types of brain injury. 2026 was a pivotal year for the Company with the readout from its Phase 2 clinical trial of lead drug candidate ARG-007 (now named xaranetide) in acute ischaemic stroke (AIS) patients. The trial recruited patients in 8 hospitals across Australia that have dedicated stroke care units capable of performing endovascular thrombectomy (EVT), with this procedure being a key inclusion criterion in the trial. The primary objective of the trial was to test the safety of xaranetide in AIS patients presenting to emergency departments and undergoing EVT, which was successfully met. Demonstrating the safety in this patient population represents a significant milestone in neurology drug development and will be required by the FDA to proceed to a larger trial of xaranetide in AIS patients in the US. The Phase 2 trial also explored the drug’s effect on a number of predefined efficacy measures, specifically with a secondary endpoint assessing the impact of xaranetide on infarct, or brain cell death, volume. The trial identified a severity -dependent treatment effect in AIS patients undergoing EVT with more severe stroke patients showing a treatment benefit with xaranetide. In a post-hoc analysis correcting for baseline stroke severity imaging assessments . Statistically significant improvements in FDA validated functional outcomes (mRS 0–3) were also observed in patients with larger infarct cores (eASPECTS <8). These patients typically have the worst outcomes post stroke, making them the group with the most to gain from an effective treatment. On the strength of the trial safety and functional efficacy data, as well as the efficacy signal seen in more severe stroke patients identified using AI based imaging analysis conducted by AI company Brainomix, Argenica is designing and advancing a targeted late-stage AIS trial in consultation with its global stroke Clinical Advisory Committee and potential pharmaceutical partners. Argenica is working closely with leading global experts in stroke clinical trials and biostatistics to finalise the protocol design for this trial. The trial will be designed as either a Phase 2b or a seamless Phase 2b/3 trial aimed at optimising patient selection by focusing on stroke severity and leveraging AI-enabled diagnostic tools to assist clinicians in identifying and enrolling those patients most likely to benefit . Thereby increasing the probability of clinical success and enhancing the overall efficiency of the development program. Drug substance manufacturing also advanced during the year with Corden Pharma (Europe), which is developing the scaled manufacturing process to support future clinical trials and commercial supply. This represents an important step in de-risking the program and ensuring readiness for a late-stage trial. Following finalisation of the trial protocol, Argenica is well positioned to submit a comprehensive response to the US Food and Drug Administration (FDA) clinical hold received during the year and seek approval of the investigational new drug (IND) application for xaranetide, a pivotal step toward commencing a clinical trial in the US. Argenica has finalised completion of the three assays requested by the FDA in the clinical hold, with all three demonstrating clean and favourable safety profiles . Globally, stroke is one of the leading causes of mortality and disability and there are substantial economic costs for post - stroke care. However, despite considerable and ongoing research, there are currently no universally marketed treatments capable of protecting the brain from the damage following stroke. The search for effective neuroprotective agents that can be easily administered remains urgent and Argenica is driving xaranetide to address this critical unmet clinical need and to realise the large commercial opportunity in offering an effective treatment. During the year xaranetide has also demonstrated significant neuroprotection in a number of preclinical traumatic brain injury (TBI) & concussion studies. Argenica now has a growing body of evidence across mild, moderate and severe TBI injury models and is considering next steps to advance xaranetide's development in this indication. We appreciate the ongoing support of all our shareholders, the dedication of our employees, research and clinical collaborators, and look forward to updating you on our progress in the coming year. Yours faithfully Jeannette Joughin Liz Dallimore Non-Executive Director Managing Director and Chief Executive Officer Argenica Therapeutics Limited Argenica Therapeutics Limited
Page 6
Argenica Therapeutics Limited Directors’ Report 30 June 2026 3 The directors present their report, together with the financial statements, of Argenica Therapeutics Limited (referred to hereafter as the ‘company') for the year ended 30 June 2026. Directors The following persons were directors of Argenica Therapeutics Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Dr Jeannette Joughin Dr Liz Dallimore Dr Mark Etherton Ms Dianne Angus (resigned 31 December 2025) Mr Terry Budge (resigned 12 November 2025) Principal activities During the period the principal continuing activities of the company consisted of research and development of a neuroprotective therapeutic drug. Dividends There were no dividends paid during the financial year ended 30 June 2026 (30 June 2025: nil). Review of operations The loss for the company after providing for income tax amounted to $1,365,362 (30 June 2025: $7,170,347). Revenue recognised during the financial year included a $3,974,97 4 (30 June 2025: $2,757,459) R&D tax incentive rebate, government grant income of $1,509,57 4 (30 June 2025: $424,289) and interest income of $212,016 (30 June 2025: $512,751). Operating expenses during the financial year are principally related to research and developments costs of a neuroprotective therapeutic drug, employee and corporate and administration expenses and non -cash share-based payments. Research and development costs during the financial year of $4,209,047 (30 June 2025: $8,132,295) included costs associated with the completion of Company’s Phase 2 trial of xaranetide in ischaemic stroke patients, planning and drug manufacturing costs for a future Phase 2b trial, the longest lead item for the trial, as well as non-clinical studies to progress other indications and regulatory consultants. Share-based payments consist of the expensing of options issued to employees. Net operating cash outflows for the financial year were $4,189,674 (30 June 2025: $5, 704,397). Non-dilutive cash funding was received from the company’s R&D Tax incentive claim for the year ended 30 June 2025 of $3,974,973 (30 June 2025: $2,757,459), and government grants received inclusive of GST of $963,522 (30 June 2025: $368,893). The Austral ian Commonwealth Government’s R&D Tax incentive program provides a cash refund on eligible research and development activities performed by Australian companies. Interest income of $240,971 was also received (30 June 2025: $550,831). Net financing cash outflows for the period were $2,945 (30 June 2025: inflows of $346,897) being minor share issue costs on an employee option exercise. The company had a net asset position at 30 June 2026 of $ 5,902,695 (30 June 2025: $7,237,27 1). The net asset position included $6,362,541 of cash and cash equivalents (30 June 2025: $10,555,160) and deferred income of $Nil (30 June 2025: $615,915) with the unearned portion of government grants received by the company in prior periods earned durin g the financial year on fulfilment of expenditure commitments. Material Risks The company operates in the biotechnology sector, which is characterised by significant scientific, regulatory, commercial and financial uncertainty. The risks described below are not exhaustive and may not represent all risks faced by the company. Additional risks and uncertainties not presently known to the company, or currently considered immaterial, may also adversely affect the company’s operations, financial position, prospects or share price. The Board, through oversight of the Audit & Risk Committee, regularly reviews the company’s risk profile and the effectiveness of its risk management systems and internal controls.
Page 7
Argenica Therapeutics Limited Directors' report 30 June 2026 4 Clinical Development Risk The company’s success is dependent on the successful development, testing and commercialisation of its product candidates. Drug development is inherently uncertain and involves lengthy, expensive and complex processes, including pre-clinical studies and cl inical trials. Clinical trials involving xaranetide or other product candidates may be delayed, suspended or terminated for a range of reasons, including failure to achieve trial endpoints, adverse safety outcomes or side effects, insufficient patient recruitment, manufacturing or supply issues, protocol d eviations, regulatory concerns or lack of funding. There is no assurance that the company’s product candidates, including xaranetide, will demonstrate sufficient safety or efficacy to obtain regulatory approval or achieve commercial success. Regulatory Approval and Compliance Risk The company’s activities are subject to extensive regulation in Australia and overseas, including by the Therapeutic Goods Administration (TGA), the United States Food and Drug Administration (FDA) and other regulatory authorities. Obtaining and maintaining regulatory approvals is costly, time- consuming and uncertain. Regulatory requirements may change over time and may impose additional obligations, delays or costs on the company. Failure to comply with applicable laws, regulations, standards or permit con ditions could result in delays in development programs, suspension or withdrawal of approvals, restrictions on operations, fines or penalties, reputational damage or litigation. On 14 August 2025, the company announced that it had received guidance from the FDA on the information required to lift a clinical hold in place on the company’s IND application for xaranetide. The company has completed the assays requested by the FDA and will shortly submit a response for review by the FDA. The IND is required to enable future clinical trials of xaranetide in AIS in the US. Funding and Capital Requirements Risk The company’s ability to continue operations and execute its strategy depends on access to sufficient capital through equity raisings, strategic partnerships, grants, licensing arrangements or other financing sources. There is no assurance that additional funding will be available on acceptable terms, or at all. If adequate funding is not secured, the company may be required to delay, reduce or cease certain development activities. Commercialisation Risk Even if the company successfully develops and obtains regulatory approval for its product candidates, there can be no assurance that they will achieve commercial acceptance. Commercial success of the Company’s lead therapeutic candidate xaranetide and any future pipeline assets may be affected by factors including pricing and reimbursement arrangements, competition from existing or alternative therapies, physician and patient adoption, manufacturing scalability; distribution capabilities, market ac cess, and intellectual property protection. Failure to successfully commercialise product candidates could adversely affect the company’s financial performance and future prospects. Intellectual Property Risk The company’s ability to maintain a competitive advantage depends significantly on its ability to protect its intellectual property relating to xaranetide and other proprietary technologies, including patents, trademarks, trade secrets and proprietary know-how. Risks include failure to obtain or maintain patent protection, successful challenges to the validity or ownership of patents, infringement claims by third parties, unauthorised use or disclosure of confidential information; and limitations in the scope or enforceability of intellectual property rights. Intellectual property disputes may be costly and time- consuming and could adversely affect the company’s ability to commercialise its technologies. Manufacturing and Supply Chain Risk The company relies on third-party manufacturers, suppliers and contract research organisations to support development and operational activities. Disruptions to manufacturing or supply chains may arise from quality control failures; shortages of raw materials or specialised components, logistics disruptions, regulatory non- compliance by suppliers, geopolitical events, or insolvency or operational failure of service providers. Such disruptions could delay clinical programs, increase costs or adversely impact the company’s operations. Competition Risk The biotechnology and pharmaceutical industries are highly competitive and subject to rapid technological change. The company competes with established pharmaceutical companies, biotechnology companies, research institutions and other organisations. Competitors may develop products or technologies that are safer, more effective, more commercially attractive or reach the market earlier than the company’s product candidates. Key Personnel and Capability Risk The company’s performance depends on the expertise and continued service of its directors, executives, scientific personnel and other key employees. The biotechnology sector is highly competitive for skilled personnel. The loss of key individuals or inability to attract and retain suitably qualified personnel may adversely affect the company’s ability to execute its strategy and achieve development milestones.
Page 8
Argenica Therapeutics Limited Directors' report 30 June 2026 5 Litigation and Liability Risk The company may be exposed to litigation, disputes or claims arising from clinical trials, intellectual property matters, employment matters, commercial agreements, product liability or regulatory issues. Adverse outcomes in legal proceedings may result in financial loss, operational disruption, reputational damage or diversion of management resources. Although the company maintains insurance coverage where considered appropriate, such insurance may not be available on acceptable terms or may not fully cover all potential liabilities. Market and Economic Conditions Risk General economic conditions, inflation, interest rates, exchange rate movements, geopolitical instability and volatility in equity capital markets may affect the company’s operations, funding capacity and share price. Adverse market conditions may reduce investor appetite for biotechnology investments and impact the company’s ability to raise capital or enter into strategic transactions. Cybersecurity and Data Protection Risk The company relies on information technology systems and third -party platforms to manage research data, clinical information, intellectual property and corporate operations. Cybersecurity incidents, including unauthorised access, ransomware attacks, data breaches or system failures, may result in operational disruption, loss of confidential information or intellectual property, regulatory breaches, financial loss; and reputational damage. The Company maintains cybersecurity policies and controls, however, no system can be guaranteed to be fully secure. Taxation Risks Changes to the rate of taxes imposed on the company (including overseas jurisdictions in which the company operates now or in the future) or tax legislation generally may affect the company and its shareholders. In addition, an interpretation of Australian tax laws by the Australian Taxation Office that differs to the group’s interpretation may lead to an increase in the group’s tax liabilities and a reduction in shareholder returns. Personal tax liabilities are the responsibility of each indiv idual investor. The company is not responsible either for tax or tax penalties incurred by investors. Accounting Standards Australian accounting standards are set by the Australian Accounting Standards Board (AASB) and are outside the directors’ and the company’s control. Changes to accounting standards issued by AASB could materially adversely affect the financial performance and position reported in the company’s financial statements. Significant changes in the state of affairs There were no other significant changes in the state of affairs of the company during the financial year. Matters subsequent to the end of the financial year On 13 August 2026, 200,000 options over ordinary shares with an exercise price of $0.42 and expiry date of 20 April 2029 were cancelled with the vesting criteria no longer able to be met. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years. Likely developments and expected results of operations Information on likely developments in the operations of the company and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the company. Environmental regulation The company is not subject to any significant environmental regulation under Australian Commonwealth or State law.
Page 9
Argenica Therapeutics Limited Directors' report 30 June 2026 6 Information on directors Name: Dr Liz Dallimore (appointed 4 April 2022) Title: Managing Director and Chief Executive Officer Qualifications: B. Sc. (Hons), MBA, PhD, GAICD Experience and expertise: Dr Liz Dallimore is a research & development, innovation and commercialisation specialist with over 20 years’ experience across Australia and the UK. Prior to joining Argenica Therapeutics, Dr Dallimore was the Director of the WA Data Science Innovation Hub, tasked with working across WA businesses to establish innovative data science projects. Dr Dallimore has also held senior roles in management consulting across Australia, most recently as KPMG’s National Director of Research Engagement and Commercialisation. Prior to this she held senior roles with Ernst & Young and PricewaterhouseCoopers. Dr Dallimore is a co- founder and non- executive Chair of medical device company Inspiring Holdings, a non-executive Director of AusBiotech and a non -executive Director of the Chamber of Commerce and Industry, WA . Dr Dallimore has a PhD in Neuroscience jointly completed at Oxford University and the University of Western Australia and has worked as a neuroscientist at the Australian Neuromuscular Research Institute (now Perron Institute). In 2020, Dr Dallimore was recognised as one of Western Australia’s Top Women in Tech. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Member of Nomination & Remuneration Committee and Member of Audit & Risk Committee Interests in shares: 1,993,254 Interests in options: - Contractual rights to shares: None Name: Dr Jeannette Joughin (appointed 2 December 2024) Title: Non-Executive Director (Interim Chair from 1 January 2026) Qualifications: B.Sc (Hons), Ph.D and AICD Experience and expertise: Dr Joughin brings extensive pharmaceutical industry experience in both Australia and the United States and has directed both in and out licensing of products, growth and commercialisation strategies across small to large cap companies. Dr Joughin’s early career included diverse roles across several therapeutic areas including oncology, cardiovascular and neurology. She spent several years in product launch and commercialisation for Bristol -Myers Squibb, Marketing Manager for Mayne Pharma before moving to C SL Biotherapies (now Sequiris) as Director, Pharmaceuticals Marketing & Business Development in 2005. In 2010, Dr Joughin was appointed Vice President, Business Development at CSL Behring in the United States leading the company’s business development to e valuate and execute strategic alliances, divestures, acquisitions, product licensing, and she negotiated major contracts in the United States, Europe and the Asia/Pacific region. In 2015, Dr Joughin took on the role of Executive Vice President and Chief Co mmercial Officer of the US based Enable Injections Inc. with direct responsibility for the growth of its worldwide business and its successful capital raises. Returning to Australia, Dr Joughin held the position of COO for an ASX biotech and joined the ve nture capital fund OneVentures, in 2021. She currently serves on various boards including Immuron Limited (ASX:IMC) and Vitrafy Life Sciences Limited (ASX: VFY) and private companies including BiVACOR Pty Ltd and ImmVirX Pty Ltd as a non-executive director. Other current directorships: Immuron Limited (ASX:IMC) and Vitrafy Life Sciences Limited (ASX: VFY) Former directorships (last 3 years): None Special responsibilities: Interim Chair of the Board and Chair of Audit & Risk Committee and Nomination & Remuneration Committee Interests in shares: - Interests in options: - Contractual rights to shares: None
Page 10
Argenica Therapeutics Limited Directors' report 30 June 2026 7 Name: Dr Mark Etherton (appointed 17 September 2024) Title: Non-Executive Director Qualifications: M.D. and Ph.D in Neuroscience from the University of Texas at Southwestern Medical Center Experience and expertise: Dr Etherton has held senior academic positions including Chief Resident at Massachusetts General and Brigham and Women’s Hospital in Neurology, and Instructor and Assistant Professor in Neurology at Harvard Medical School. Notably he was appointed as Direc tor, Acute Stroke Service and Associate Director, Comprehensive Stroke Center at the Massachusetts General Hospital in 2020. In 2022/2023, Dr Etherton was appointed Associate Medical Director at Biogen Inc. directing Phase 2 and Phase 3 trials in brain con tusion and stroke respectively. Most recently, Dr Etherton was recruited by Takeda Pharmaceuticals, the world’s 15 th largest pharmaceutical company, as its Medical Director. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: Member of Nomination & Remuneration Committee and Member of Audit & Risk Committee Interests in shares: - Interests in options: - Contractual rights to shares: None Name: Mr Terry Budge (resigned 12 November 2025) Title: Non-Executive Director Qualifications: B.Ecs, FAICD Experience and expertise: Terry has significant experience in senior management and board roles. A long -term banker he spent 25 years with National Australia Bank in senior executive roles before serving as Managing Director of Bankwest from 1997 to 2004. Since then he has had many non-executive director roles including Chancellor of Murdoch University from 2006 to 2013 (appointed to Senate 1 June 2004). Terry was an independent director for Westoz Investment Company Limited (ASX: WIC) until its acquisition by WAM Capital Ltd in 2025. Terry is a Graduate of the Advanced Management Program from Harvard Business School, a Graduate and Fellow of the Australian Institute of Company Directors (AICD) and a Senior Fellow of FINSIA. Other current directorships: None Former directorships (last 3 years): Westoz Investment Company Limited (ASX: WIC) Special responsibilities: Chair of Audit & Risk Committee and Member of Nomination & Remuneration Committee Interests in shares: Not applicable as no longer a director Interests in options: Not applicable as no longer a director Contractual rights to shares: Not applicable as no longer a director Name: Ms Dianne Angus (resigned 31 December 2025) Title: Non-Executive Chair Qualifications: B. Sc. (Hons), MBiotech, MAICD Experience and expertise: Ms Dianne Angus has extensive executive managerial and company director experience in the biotechnology, biopharmaceutical, agritech and healthcare industries. She has long been involved in path to market asset development and commercialisation from the d iscovery phase to global market product approval and marketing across these industries. Notably including the clinical validation of drug therapeutics to create asset valuation uplift. Ms Angus has held Director roles in a number of ASX and NASDAQ -listed companies and is currently a council member of Deakin University. She is a registered patent attorney and a member of Australian Institute of Company Directors (AICD). Other current directorships: Neuren Pharmaceuticals Limited (ASX: NEU) and Cyclopharm Limited (ASX: CYC) Former directorships (last 3 years): Imagion Biosystems Limited (ASX: IBX) Special responsibilities: Chair of the Board, Member of Audit & Risk Committee and Nomination & Remuneration Committee Interests in shares: Not applicable as no longer a director Interests in options: Not applicable as no longer a director Contractual rights to shares: Not applicable as no longer a director
Page 11
Argenica Therapeutics Limited Directors' report 30 June 2026 8 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of a ll other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. Company secretary Emma Waldon has held the role of Company Secretary since 20 November 2019. Emma has corporate advisory, capital markets and corporate governance experience having held roles in accounting and debt and equity capital markets in Australia and the UK. Emma Waldon qualified as a Chartered Accountant with Ernst & Young in Perth, worked as an Equities Analyst with Euroz Securities and spent 9 years in London with Bank of Scotland and Lloyds Bank originating and re - structuring debt finance for private equ ity leveraged buy -outs of businesses across Europe. Emma is also Company Secretary of EMVision Medical Devices Ltd (ASX: EMV). Emma Waldon completed a Bachelor of Commerce at UWA, a Post Graduate Diploma in Applied Finance and Investment from Securities Institute of Australia and is a member of the Institute of Chartered Accountants of Australia and a Certificated Member of the Governance Institute of Australia. Meetings of directors The number of meetings of the company's Board of Directors ('the Board') and of each Board committee held during the year ended 30 June 2026, and the number of meetings attended by each director were: Full board Nomination and Remuneration Committee Audit and Risk Committee Attended Held Attended Held Attended Held Dr Jeannette Joughin 10 10 3 3 3 3 Dr Mark Etherton 10 10 3 3 3 3 Dr Liz Dallimore 10 10 1 1 2 2 Ms Dianne Angus 6 6 2 2 1 1 Mr Terry Budge 5 5 2 2 1 1 Held: represents the number of meetings held during the time the director held office or was a member of the relevant committee. Remuneration report (audited) The remuneration report details the key management personnel remuneration arrangements for the company, in accordance with the requirements of the Corporations Act 2001 and its Regulations. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly, including all directors. The remuneration report is set out under the following main headings: ● Principles used to determine the nature and amount of remuneration ● Details of remuneration ● Service agreements ● Share-based compensation ● Additional information ● Additional disclosures relating to key management personnel
Page 12
Argenica Therapeutics Limited Directors' report 30 June 2026 9 Principles used to determine the nature and amount of remuneration The objective of the company's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and i t is considered to conform to the market best practice for the delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices: ● competitiveness and reasonableness ● acceptability to shareholders ● performance linkage / alignment of executive compensation ● transparency The Nomination and Remuneration Committee is responsible for determining and reviewing remuneration arrangements for its directors and executives. The performance of the company depends on the quality of its directors and executives. The remuneration philosophy is to attract, motivate and retain high performance and high-quality personnel. The reward framework is designed to align executive reward to shareholders' interests. The Board has considered that it should seek to enhance shareholders' interests by: ● having economic profit as a core component of remuneration plan design; ● focusing on sustained growth in shareholder wealth, consisting of growth in share price and eventually dividends, and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value; and ● attracting and retaining high calibre executives Additionally, the reward framework should seek to enhance executives' interests by: ● rewarding capability and experience; ● reflecting competitive reward for contribution to growth in shareholder wealth ; and ● providing a clear structure for earning rewards In accordance with best practice corporate governance, the structure of non -executive director and executive director remuneration is separate. Non-executive directors’ remuneration Fees and payments to non -executive directors reflect the demands and responsibilities of their role , including participation and/or leadership of sub -committees as required. Non- executive directors' fees and payments are reviewed annually. The Nomination and Remuneration Committee may, from time to time, receive advice from independent remuneration consultants to ensure non -executive directors' fees and payments are appropri ate and in line with the market. The Chair's fees are determined independently to the fees of other non- executive directors based on comparative roles in the external market. The Chair is not present at any discussions relating to the determination of their own remuneration. ASX listing rules require the aggregate non -executive directors' remuneration be determined periodically by a general meeting. The most recent determination was at the Annual General M eeting (AGM) held on 6 November 2020, where shareholders approved that the aggregate fixed remuneration for all non- executive directors as determined by the Board is not to exceed $500,000 per annum. Directors’ fees cover all main board and committee activities. The Board does not intend to increase the approved limit at the next AGM. The Board determined to maintain a smaller Board of 3 members from the beginning of the 2026 calendar year whilst the company’s next clinical phase was determined , the response to the FDA clinical hold finalised and to efficiently utilise capital. The additional Board skills required to support the company’s next clinical phase will be evaluated during the financial year ended 30 June 2027. The level of non-executive director fixed fees as at the date of this report are as follows: Mark Etherton US$72,450 per annum Jeannette Joughin $129,375 plus statutory superannuation per annum whilst acting as Interim Chair. Once a new Chair is appointed, fees will revert to $72,450 plus $5,175 for chairing a Board subcommittee, plus statutory superannuation per annum. The Board proposes ongoing annual increases in non-executive director fixed fees based on CPI, as awarded to executives. It is intended this will reduce the requirement for ongoing market alignment.
Page 13
Argenica Therapeutics Limited Directors' report 30 June 2026 10 Non-executive directors may also receive performance related compensation via options and/or performance rights following receipt of shareholder approval. The issue of share-based payments as part of non-executive director remuneration ensures that director remuneration is competitive with market standards as well as providing an incentive to pursue longer term success for the company. It also reduces the demand on the cash resources of the company and assists in ensuring the continuity of service of directors who have extensive knowledge of the company, its business activities and assets and the industry in which it operates. Details of share-based compensation are contained in this report. Executive remuneration The company aims to reward executives based on their position and responsibility, with a level and mix of remuneration which has both fixed and variable components. The executive remuneration and reward framework has four components: ● base pay and non-monetary benefits ● short-term performance incentives ● share-based payments ● other remuneration such as superannuation and long service leave The combination of these comprises the executive's total remuneration. Fixed remuneration, consisting of base salary, superannuation and non -monetary benefits, are reviewed annually based on individual performance, the overall performance of the company and comparable market remunerations. Executives may receive their fixed remuneration in the form of cash or other fringe benefits (for example motor vehicle benefits) where it does not create any additional costs to the company and provides additional value to the executive. Short-term incentives ('STI') may be provided to executives to align the targets of the business with the performance hurdles of executives. The STI component is in the form of a cash bonus. STI payments are granted to executives based on key performance indicators (‘KPI’s’) being achieved. KPI’s are based on financial and nonfinancial measures, opera tional and strategic company outcomes including capital management, R&D program planning and execution, business development and leadership contribution. The long-term incentives ('LTI') include long service leave and share -based payments. Options and / or performance rights may be awarded to executives with vesting periods based on long- term incentive measures . These include increase in shareholder’s value relative to the entire market and the increase compared to the company 's direct competitors. The Nomination and Remuneration Committee is in the process of reviewing the long-term equity-linked performance incentives specifically for executives to align the goals of the executives with those of the shareholders to maximise shareholder wealth. Share-based LTIs issued to Directors are subject to shareholder approval. Details of share- based compensation are contained in this report. Entity performance and link to remuneration Remuneration for certain individuals is directly linked to the performance of the company. A portion of STI and LTI payments are dependent on share targets being met. The remaining portion are at the discretion of the Nomination and Remuneration Committee based on achievement of KPIs. Refer to the section 'Additional information' below for details of the earnings and total shareholders return for the last five years. The Nomination and Remuneration Committee is of the opinion that results and shareholder wealth can be improved with the adoption of performance-based compensation, and the approach will continue to be assessed each year. Use of remuneration consultants The company did not engage the services of any external remuneration consultants during the financial year. Voting and comments made at the company's Annual General Meeting ('AGM') The company received 98.93% “for” votes on its Remuneration Report for the year ended 30 June 2025. Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the company are set out in the following tables.
Page 14
Argenica Therapeutics Limited Directors' report 30 June 2026 11 The key management personnel of the company consisted of the following directors and management of Argenica Therapeutics Limited: ● Dianne Angus – Non-Executive Chair (resigned 31 December 2025) ● Terry Budge - Non-Executive Director (resigned 12 November 2025) ● Mark Etherton - Non-Executive Director ● Jeannette Joughin - Non-Executive Director & Interim Chair from 1 January 2026 ● Liz Dallimore – Managing Director and Chief Executive Officer Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super- Long service Equity- settled Equity- settled and fees bonus leave annuation leave shares options Total 2026 $ $ $ $ $ $ $ $ Non-Executive Directors: Jeannette Joughin 100,000 - - 9,000 - - - 109,000 Mark Etherton 106,588 - - - - - - 106,588 Dianne Angus1 62,500 - - 7,500 - - 22,624 92,624 Terry Budge2 31,250 - - 3,750 - - - 35,000 Executive Directors: Liz Dallimore 380,000 - (2,915) 45,600 - - - 422,685 680,338 - (2,915) 65,850 - - 22,624 765,897 1 Resigned 31 December 2025 2 Resigned 12 November 2025 Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super- Long service Equity- settled Equity- settled and fees bonus leave annuation leave shares options Total 2025 $ $ $ $ $ $ $ $ Non-Executive Directors: Dianne Angus 95,000 - - 10,925 - - 109,886 215,811 Terry Budge 50,000 - - 5,750 - - - 55,750 Mark Etherton1 49,294 - - - - - - 49,294 Jeannette Joughin2 29,167 - - 3,354 - - - 32,521 Rob Black3 22,917 - - 3,115 - - - 26,032 Liddy McCall4 20,833 - - 2,396 - - - 23,229 Executive Directors: Liz Dallimore 325,000 162,500 1,468 37,375 - - - 526,343 592,211 162,500 1,468 62,915 - - 109,886 928,980 1 Appointed 17 September 2024 2 Appointed 2 December 2024 3 Appointed 17 September 2024 and resigned 3 March 2025 4 Resigned 12 November 2024
Page 15
Argenica Therapeutics Limited Directors' report 30 June 2026 12 The proportion of remuneration linked to performance and the fixed proportion are as follows: Fixed remuneration At risk - STI At risk - LTI Name 2026 2025 2026 2025 2026 2025 Non-Executive Directors: Dianne Angus 76% 49% - - 24% 51% Terry Budge 100% 100% - - - - Mark Etherton 100% 100% - - - - Jeannette Joughin 100% 100% - - - - Rob Black N/A 100% N/A - N/A - Liddy McCall N/A 100% N/A - N/A - Executive Director: Liz Dallimore 100% 69% - 31% - - STI cash bonuses are dependent on meeting defined performance measures. The amount of the bonus is determined having regard to the satisfaction of performance measures and weightings as described above in the section company performance and link to remuner ation' and ‘executive remuneration’. The maximum bonus values are established at the start of each financial year and amounts payable are determined at the conclusion of the financial year by the Nomination and Remuneration Committee. While certain performance measures were achieved, overall performance did not meet the Committee's threshold for an STI award, a ccordingly, the Committee determined that no STI should be paid for current financial year. The proportion of the cash bonus paid/payable or forfeited is as follows: Cash bonus paid/payable Cash bonus forfeited Name 2026 2025 2026 2025 Executive Directors: Liz Dallimore - 100% - - Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Name: Liz Dallimore Title: Managing Director and Chief Executive Officer Agreement commenced: 21 March 2021 Term of agreement: Open Details: Under the agreement, Liz Dallimore was entitled to receive an annual Base Salary of $380,000 plus statutory superannuation during the year ended 30 June 2026 and an annual Base Salary of $393,300, plus statutory superannuation during the year ended 30 June 2027, and an STI bonus up to 30% of Base Salary subject to achievement of agreed KPIs. The agreement is for an indefinite term, continuing until terminated by either the company or Liz Dallimore, giving not less than 3 months’ written notice of termination (or shorter periods in limited circumstances). Key management personnel have no entitlement to termination payments in the event of removal for misconduct. Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2026.
Page 16
Argenica Therapeutics Limited Directors' report 30 June 2026 13 Options The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows: Number of Fair value options Vesting date and per option Name granted Grant date exercisable date Expiry date Exercise price at grant date Dianne Angus* 250,000 14/08/2024 30/11/2024 31/05/2027 $0.93 $0.3406 Dianne Angus* 250,000 14/08/2024 30/11/2025 31/05/2027 $0.93 $0.3537 * Resigned 31 December 2025 Options granted carry no dividend or voting rights. All options were granted over unissued fully paid ordinary shares in the company. Options are exercisable by the holder as from the vesting date. There has not been any alteration to the terms or conditions of the grant since the grant date. There are no amounts paid or payable by the recipient in relation to the granting of such options other than their potential exercise. Values of options over ordinary shares granted, exercised and lapsed for directors and other key management personnel as part of compensation during the year ended 30 June 2026 are set out below: Value of Value of Value of Remuneration options options options consisting of granted/ expensed exercised lapsed options during the during the during the for the year year year Year Name $ $ $ % Dianne Angus 22,624 - - 24% Terry Budge - - - - Mark Etherton - - - - Jeannette Joughin - - - - Liz Dallimore - - - - 22,624 - - Additional information The earnings of the company for the five years to 30 June 2026 are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Revenue 5,696,563 3,726,499 2,790,022 1,810,896 261,602 EBITDA (1,577,065) (7,682,595) (5,671,205) (4,874,991) (4,093,256) EBIT (1,577,065) (7,682,595) (5,671,205) (4,874,991) (4,093,256) Loss after income tax (1,365,362) (7,170,347) (5,479,488) (4,815,044) (4,090,752) The factors that are considered to affect total shareholders return ('TSR') are summarised below: 2026 2025 2024 2023 2022 Share price at financial year end ($) 0.096 0.76 0.7825 0.375 0.43 Total dividends declared (cents per share) - - - - - Basic loss per share (cents per share) (1.1) (5.6) (5.3) (5.5) (5.5)
Page 17
Argenica Therapeutics Limited Directors' report 30 June 2026 14 Additional disclosures relating to key management personnel Shareholding The number of shares in the company held during the financial year by each director and other members of key management personnel of the company, including their personally related parties, is set out below: Balance at Received Balance at the start of as part of Exercise of Disposals / the end of Ordinary shares the year remuneration Options other the year / at the date of resignation Dianne Angus2 - - - - - Terry Budge1 805,702 - - - 805,702 Mark Etherton - - - - - Jeannette Joughin - - - - - Liz Dallimore 1,993,254 - - - 1,993,254 2,798,956 - - - 2,798,956 1 Resigned 12 November 2025 2 Resigned 31 December 2025 Option holding The number of options over ordinary shares in the company held during the financial year by each director and other members of key management personnel of the company, including their personally related parties, is set out below: Balance at Expired/ Balance at the start of forfeited/ the end of Options over ordinary shares the year Granted Exercised other the year / at the date of resignation Dianne Angus 500,000 - - - 500,000 Terry Budge - - - - - Mark Etherton - - - - - Jeannette Joughin - - - - - Liz Dallimore - - - - - 500,000 - - 500,000 Other transactions with key management personnel and their related parties As of 30 June 2026, the balance of remuneration payable to Key Management Personnel amounted to $34,497 (30 June 2025: Nil). This is attributable to outstanding unpaid directors fee and reimbursement. There were no other transactions with key management personnel and their related parties. This concludes the remuneration report, which has been audited. Shares under option Unissued ordinary shares of Argenica Therapeutics Limited under option at the date of this report are as follows: Grant date Expiry date Exercise Number price under option 14/08/2024 31/05/2027 $0.93 500,000 No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other body corporate.
Page 18
Argenica Therapeutics Limited Directors' report 30 June 2026 15 Shares issued on the exercise of options The following ordinary shares were issued during the year ended 30 June 2026 and up to the date of this report on the exercise of options granted: Grant date Expiry date Exercise Number of price shares issued 05/07/2022 06/07/2025 $0.65 11,522 Indemnity and insurance of officers The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith. During the financial year, the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Indemnity and insurance of auditor The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor. During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company or any related entity. Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. Non-audit services There were no non-audit services provided during the financial year by the auditor. Officers of the company who are former partners of RSM Australia Partners There are no officers of the company who are former partners of RSM Australia Partners. Rounding of amounts The company is of a kind referred to in Corporations Instrument 2026/183, issued by the Australian Securities and Investments Commission, relating to 'rounding- off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. Auditor RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.
Page 19
Argenica Therapeutics Limited Directors' report 30 June 2026 16 This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Jeannette Joughin Director 26 August 2026 Perth
Page 20
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Argenica Therapeutics Limited for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) Any applicable code of professional conduct in relation to the audit. RSM AUSTRALIA Perth, WA AIK KONG TING Dated: 26 August 2026 Partner
Page 21
Argenica Therapeutics Limited Contents 30 June 2026 18 Statement of profit or loss and other comprehensive income 19 Statement of financial position 20 Statement of changes in equity 21 Statement of cash flows 22 Notes to the financial statements 23 Directors' declaration 42 Independent auditor's report to the members of Argenica Therapeutics Limited 43 ASX Additional information 46 General information The financial statements cover Argenica Therapeutics Limited. The financial statements are presented in Australian dollars, which is Argenica Therapeutics Limited functional and presentation currency. Argenica Therapeutics Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business Unit 4, 117 Broadway Unit 4, 117 Broadway Nedlands, WA 6009 Nedlands, WA 6009 A description of the nature of the company's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 26 August 2026. The directors have the power to amend and reissue the financial statements.
Page 22
Argenica Therapeutics Limited Statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Note 2026 2025 $ $ The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 19 Income Other income 4 5,484,547 3,213,748 Interest income 212,016 512,751 Total income 5,696,563 3,726,499 Expenses Administration and corporate expenses 5 (882,782) (975,613) Employee and contractor expenses 6 (1,936,052) (1,678,549) Research and development costs (4,209,047) (8,132,295) Finance costs (313) (503) Share-based payments 25 (33,731) (109,886) Total expenses (7,061,925) (10,896,846) Loss before income tax expense (1,365,362) (7,170,347) Income tax expense - - Loss after income tax expense for the year attributable to the owners of Argenica Therapeutics Limited (1,365,362) (7,170,347) Other comprehensive income for the year, net of tax - - Total comprehensive loss for the year attributable to the owners of Argenica Therapeutics Limited (1,365,362) (7,170,347) Cents Cents Basic loss per share 26 (1.1) (5.6) Diluted loss per share 26 (1.1) (5.6)
Page 23
Argenica Therapeutics Limited Statement of financial position As at 30 June 2026 Note 2026 2025 $ $ The above statement of financial position should be read in conjunction with the accompanying notes 20 Assets Current assets Cash and cash equivalents 8 6,362,541 10,555,160 Trade and other receivables 9 96,530 421,451 Other current assets 10 57,175 61,433 Total current assets 6,516,246 11,038,044 Non-current assets Intangibles 11 1,000 1,000 Total non-current assets 1,000 1,000 Total assets 6,517,246 11,039,044 Liabilities Current liabilities Trade and other payables 12 539,192 3,127,600 Deferred income 13 - 615,915 Employee benefits 14 75,359 58,258 Total current liabilities 614,551 3,801,773 Total liabilities 614,551 3,801,773 Net assets 5,902,695 7,237,271 Equity Issued capital 15 29,816,439 29,629,950 Reserves 16 184,818 340,521 Accumulated losses 17 (24,098,562) (22,733,200) Total equity 5,902,695 7,237,271
Page 24
Argenica Therapeutics Limited Statement of changes in equity For the year ended 30 June 2026 The above statement of changes in equity should be read in conjunction with the accompanying notes 21 Note Issued Accumulated Total equity capital Reserves Losses $ $ $ $ Balance at 1 July 2024 28,428,742 1,208,147 (15,686,054) 13,950,835 Loss after income tax expense for the year - - (7,170,347) (7,170,347) Other comprehensive income for the year, net of tax - - - - Total comprehensive loss for the year - - (7,170,347) (7,170,347) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs 15 346,897 - - 346,897 Share-based payments 25 - 109,886 - 109,886 Transfer of fair value from options reserve to issued capital on exercise of options 16 854,311 (854,311) - - Transfer of fair value from options reserve to accumulated losses on lapse of share options 16 - (123,201) 123,201 - Balance at 30 June 2025 29,629,950 340,521 (22,733,200) 7,237,271 Issued Accumulated Total equity capital Reserves losses $ $ $ $ Balance at 1 July 2025 29,629,950 340,521 (22,733,200) 7,237,271 Loss after income tax expense for the year - - (1,365,362) (1,365,362) Other comprehensive income for the year, net of tax - - - - Total comprehensive loss for the year - - (1,365,362) (1,365,362) Transactions with owners in their capacity as owners: Share issue transactions cost, net of tax 15 (2,945) - - (2,945) Share-based payments 25 - 33,731 - 33,731 Transfer of fair value from options reserve to issued capital on exercise of options 16 29,034 (29,034) - - Transfer of fair value from options reserve to issued capital on lapse of broker share options 16 160,400 (160,400) - - Balance at 30 June 2026 29,816,439 184,818 (24,098,562) 5,902,695
Page 25
Argenica Therapeutics Limited Statement of cash flows For the year ended 30 June 2026 Note 2026 2025 $ $ The above statement of cash flows should be read in conjunction with the accompanying notes 22 Cash flows from operating activities Government grant income received (inclusive of GST) 963,522 368,893 Research and development contributions received (inclusive of GST) - 35,200 Payments to suppliers and employees (inclusive of GST) (9,368,827) (9,416,277) (8,405,305) (9,012,184) Interest received 240,971 550,831 Interest and other finance costs paid (313) (503) Research and development tax rebate received 4 3,974,973 2,757,459 Net cash used in operating activities 24 (4,189,674) (5,704,397) Cash flows from financing activities Payment of share issue costs (2,945) - Proceeds from exercise of options, net of share issue costs - 346,897 Net cash (used in) / provided by financing activities (2,945) 346,897 Net decrease in cash and cash equivalents (4,192,619) (5,357,500) Cash and cash equivalents at the beginning of the financial year 10,555,160 15,912,660 Cash and cash equivalents at the end of the financial year 8 6,362,541 10,555,160
Page 26
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 23 Note 1. Material accounting policy information The accounting policies that are material to the company are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Consolidated Entity Disclosure Statement as at 30 June 2026 The company has no controlled entities and, therefore, is not required by the Australian Accounting Standards to prepare consolidated financial statements. As a result, section 295(3A)(a) of the Corporations Act 2001 does not apply to the company. New or amended Accounting Standards and Interpretations adopted The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where accounting standards require certain assets and liabilities to be measured at fair value. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Operating segments Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Foreign currency translation The financial statements are presented in Australian dollars, which is Argenica Therapeutics Limited's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Revenue recognition The company recognises revenue as follows: Interest income Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
Page 27
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 24 Revenue recognition (continued) Other income Other income is recognised when it is received or when the right to receive payment is established. Research and development tax rebate Research and development tax rebate is recognized when it is received or when the right to receive the payment is established. Government grants Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Impairment of other tangible and intangible assets At each reporting date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the company estimates the recoverable amount of the cash- generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash -generating units, or otherwise t hey are allocated to the smallest group of cash- generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash -generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash -generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying a mount that would have been determined had no impairment loss been recognised for the asset (cash- generating unit) in prior years. A reversal of an impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase. Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to tempora ry differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Page 28
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 25 Income tax (continued) The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for t he carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable author ity on either the same taxable entity or different taxable entities which intend to settle simultaneously. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non -current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the company’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liabilit y for at least 12 months after the reporting period. All other assets are classified as non -current. A liability is classified as current when: it is either expected to be settled in the company’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no rig ht at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short -term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial position. Trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. The company has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. Trade and other payables These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Page 29
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 26 Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non -monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price. The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black -Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non -vesting conditions that do not determine whether the company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cost of cash -settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows: ● during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period. ● from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at th e reporting date. All changes in the liability are recognised in profit or loss. The ultimate cost of cash -settled transactions is the cash paid to settle the liability. Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.
Page 30
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 27 Share-based payments (continued) If the non-vesting condition is within the control of the company or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the company or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Dividends Dividends are recognised when declared during the financial year and no longer at the discretion of the company. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of the company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangib le assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period.
Page 31
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 28 Intangible assets (continued) Research and development Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is probable that the project will be successful considering its commercial and technical feasibility; the company is able to use or sell the asset; the company has sufficient resources; and intent to complete the development and its costs can be measured reliably. Capitalised development costs are amortised on a straight -line basis over the period of their expected benefit. New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the company for the annual reporting period ended 30 June 2026. The company has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. AASB 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management -defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregat ion and disaggregation), including whether to present this information in the primary financial statements or in the notes. The entity will adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable unde r the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets a nd liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The company measures the cost of equity -settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Deferred income Deferred income for grant represents the company’s obligation to incur related expenditure under the grant agreement and are recognised when a grantor pays the grant funding. Note 3. Operating segments The company has considered the requirements of AASB 8 – Operating Segments and has identified its operating segments based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The company operates as a single segment being research and development of a neuroprotective therapeutic drug. The board of directors review the earnings before tax and net assets of the company. There is no difference between the audited financial report and the internal reports generated for review. The company is domiciled in Australia and is currently in the development phase and hence has not begun to generate revenue from operations. All the assets are located in Australia.
Page 32
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 29 Note 4. Other income 2026 2025 $ $ Other income Research and development tax rebate 3,974,974 2,757,459 Government grants 1,509,573 424,289 Research and development contributions received - 32,000 5,484,547 3,213,748 Note 5. Expenses - administration and corporate expenses 2026 2025 $ $ Listing and compliance costs 103,305 107,716 Accounting, audit and tax fees 89,746 70,319 Legal fees and patent costs 44,672 66,467 Investor relations and marketing 222,165 175,983 Insurance 73,406 110,237 General administration costs 349,488 444,891 882,782 975,613 Note 6. Expenses – employee and contractor expenses 2026 2025 $ $ Wages and salaries 1,367,073 1,273,600 Superannuation 184,423 145,954 Contractors 331,630 229,378 Payroll tax 52,926 29,617 1,936,052 1,678,549
Page 33
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 30 Note 10. Current assets - others 2026 2025 $ $ Prepayments 57,175 61,433 57,175 61,433 Note 7. Income tax expense The prima facie tax receivable on loss before income tax is reconciled to the income tax expense as follows : 2026 2025 $ $ Prima facie benefit on operating loss at 25.0% (2025: 25.0%) 341,341 1,792,587 Tax effect amounts which are not deductible in calculating taxable income (66,951) (1,622,622) Tax losses not brought to account (274,390) (169,965) Income tax benefit attributable to operating loss - - A potential deferred tax asset, attributable to tax losses carried forward, amounts to approximately $ 1,301,326 (30 June 2025: $1,250,554) and has not been brought to account at reporting date because the directors do not believe it is appropriate to regard realisation of the deferred tax asset as probable at this point in time. This benefit will only be obtained if: • the company derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the loss and research and development expenditure to be realised; • the company continues to comply with the conditions for deductibility imposed by law; and no changes in tax legislation adversely affect the c ompany in realising the benefit from the deductions for the loss and research and development expenditure. Note 8. Current assets - cash and cash equivalents 2026 2025 $ $ Cash at bank 812,541 2,505,160 Cash on deposit 5,550,000 8,050,000 6,362,541 10,555,160 Note 9. Current assets – Trade and other receivables 2026 2025 $ $ Trade receivables 19,002 - GST receivable 45,526 360,493 Interest receivable 32,002 60,958 96,530 421,451
Page 34
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 31 Note 12. Current liabilities - trade and other payables 2026 2025 $ $ Trade payables 427,716 2,884,042 Accrued expenses 77,300 213,148 PAYG payable 34,176 30,410 539,192 3,127,600 Refer to note 18 for further information on financial instruments. Note 13. Deferred income 2026 2025 $ $ Government grants - 615,915 - 615,915 Note 11. Non-current assets - intangibles 2026 2025 $ $ Patents – at cost 1,000 1,000 Less: Accumulated amortisation - - Closing balance 1,000 1,000 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial period are set out below: Patents Total $ $ Balance at 1 July 2024 1,000 1,000 Additions - - Impairment of assets - - Amortisation expense - - Balance at 30 June 2025 1,000 1,000 Patents Total $ $ Balance at 1 July 2025 1,000 1,000 Additions - - Impairment of assets - - Amortisation expense - - Balance at 30 June 2026 1,000 1,000
Page 35
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 32 Note 13. Deferred income (continued) Reconciliation Reconciliation of deferred income values at the beginning and end of the current financial period are set out below: 2026 2025 $ $ Balance at beginning of financial year 615,915 704,347 Grant income received 871,838 330,357 Grant income receivable 16,820 - Recognised as income during financial year (1,504,573) (418,789) Balance at end of financial year - 615,915 During the financial year, the company recognised revenue of $ 307,373 (30 June 2025: $ 418,789) relating to grants funds received under a Commonwealth Standard Grant Agreement with the Department of Industry, Science and Resources for the Cooperative Research Centre Projects (CRC-P) program. The revenue recognised included grant funds received during the financial year $15,000 (30 June 2025: $ 120,949), grant funds receivable at 30 June 2026 $16,820 (30 June 2025: Nil) and prior year deferred grant income $275,553 (30 June 2025: $297,860) , with conditions relating to the spending requirements under the grant agreement fulfilled. During the financial year, the company recognised revenue of $340,362 (30 June 2025: Nil) relating prior year deferred grant income received under a Grant Funding Agreement with the Government of Western Australia Department of Health for the Innovation Seed Fund program, with conditions relating to the spending requirements under the grant agreement fulfilled. During the financial year, the company received $856,838 (30 June 2025: Nil) of grant funds under a Targeted Translation Research Accelerator (TTRA) Funding Agreement with MTP-IIGC LIMITED for the TTRA Program. All funding received has been recognised as revenue with conditions relating to the spending requirements under the grant agreement fulfilled. Note 15. Equity - issued capital 2026 2025 2026 2025 Shares Shares $ $ Ordinary shares - fully paid 128,456,712 128,445,190 29,816,439 29,629,950 Note 14. Current liabilities - employee benefits 2026 2025 $ $ Employee benefits 75,359 58,258 75,359 58,258 Amounts not expected to be settled within the next 12 months The current provision for employee benefits includes all unconditional entitlements where employees have completed the required period of service and also those where employees are entitled to pro -rata payments in certain circumstances. The entire amount is presented as current, since the company does not have an unconditional right to defer settlement. However, based on past experience, the company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.
Page 36
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 33 Note 15. Equity - issued capital (continued) Movements in ordinary share capital Details Date Shares Issue price $ Opening balance at 1 July 2024 123,701,026 28,428,742 Issue of shares – exercise of options1 8 August 2024 3,181,819 $0.00 - Issue of shares – exercise of options 8 August 2024 250,000 $0.30 75,000 Issue of shares – exercise of options 24 September 2024 960,000 $0.30 288,000 Issue of shares – exercise of options2 3 June 2025 352,345 $0.00 - Transfer of fair value from options reserve to issued capital on exercise of options - 854,311 Share issue transaction costs, net of tax - (16,103) Closing balance at 30 June 2025 128,445,190 $29,629,950 Details Date Shares Issue price $ Opening balance on 1 July 2025 128,445,190 - 29,629,950 Issue of shares – exercise of options3 7 July 2025 11,522 - - Transfer of fair value from options reserve to issued capital on exercise of options - 29,034 Transfer of fair value from options reserve to issued capital on lapse of broker options - 160,400 Share issue transaction costs, net of tax - - (2,945) Closing balance on 30 June 2026 128,456,712 29,816,439 1 5,000,000 options issued under the company’s Employee Incentive Plan were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash. The total exercise premium due to be paid on these options was $1,500,000 and 1,818,181 options were given up on exercise, calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options ($0.825). 2 2,000,000 options issued under the company’s Employee Incentive Plan were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash. The total exercise premium due to be paid on these options was $1,300,000 and 1,647,655 options were given up on exercise, calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options ($ 0.789). 3 125,000 options issued under the company’s Employee Incentive Plan were exercised using a cashless exercise mechanism whereby options to the value of the exercise premium due are given up in lieu of paying cash. The total exercise premium due to be paid on these options was $81,250 and 113,478 options were given up on exercise, calculated using the volume weighted average share price on the 15 trading days prior to exercise of the options ($0.716). Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back.
Page 37
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 34 Note 15. Equity - issued capital (continued) Capital risk management The company’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The company would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current company's share price at the time of the investment. The company is not actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies. Note 16. Equity – reserves 2026 2025 $ $ Options reserve 184,818 340,521 184,818 340,521 Movements in option reserve Number Total $ Balance at 1 July 2024 10,135,000 1,208,147 Grant of share options in prior periods vesting over multiple periods - 109,886 Transfer fair value from options reserve to issued capital on exercise of options (8,210,000) (854,311) Transfer from options reserve to accumulated losses on lapse of share options (300,000) (123,201) Balance at 30 June 2025 1,625,000 340,521 Grant of share options during the period 1 200,000 11,107 Prior period options vesting over multiple periods - 22,624 Transfer from options reserve to issued capital on exercise of options (125,000) (29,034) Transfer from options reserve to issued capital on lapse of broker options (1,000,000) (160,400) Balance at 30 June 2026 700,000 184,818 1 These options were issued under employment contract. The options will vest in three equal tranches on 20 October 2026, 20 October 2027 and 20 October 2028 after continuous services at the relevant vesting date. The options were granted on 20 October 2025 with a fair value of $26,224 and was determined using the Trinomial Lattice Option Pricing valuation model. Options reserve The option reserve records value of options expensed during the period. Refer note 25 for further details on share-based payments.
Page 38
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 35 Note 18. Financial risk management objectives and policies The company’s principal financial instruments comprise cash and short-term deposits. The company manages its exposure to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate risk), credit risk and liquidity risk, in accordance with its financial risk management policy. The objective of the policy is to support the delivery of its financial targets whilst protecting future financial security. The company uses different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to interest rate risk and assessments of market forecast for interest rates. Liquidity risk is monitored through the development of future rolling cash flow forecasts. Primary responsibility for identification and control of financial risks rests with the Board. The Board reviews and agrees policies for managing each of the risks identified below. Market risk Foreign currency risk The company undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. At reporting date, the company had $265,120 (30 June 2025: $387,108) in trade payables exposed to foreign exchange risk. Based on this exposure, had the Australian dollar moved, as illustrated in the table below, with all other variables held constant, net loss and retained earnings would have been affected as follows: Net loss Equity Higher / (lower) Higher / (lower) 2026 2025 2026 2025 $ $ $ $ +10% Australian dollar (26,512) (38,711) (26,512) (38,711) -10% Australian dollar 26,512 38,711 26,512 38,711 The percentage change is the expected overall volatility of the significant currencies, which is based on management’s assessment of reasonable possible fluctuations taking into consideration movements over the last 6 months each year and the spot rate at each reporting date. Price risk The company is not exposed to any significant price risk. Interest rate risk The company has a policy of minimising its exposure to interest payable on debt. The c ompany has no debt that requires the payment of interest. Note 17. Equity – accumulated losses 2026 2025 $ $ Accumulated losses at the beginning of the financial year 22,733,200 15,686,054 Loss after income tax expense for the year 1,365,362 7,170,347 Transfer fair value from options reserve to accumulated losses on lapse of share options - (123,201) Accumulated losses at the end of the financial year 24,098,562 22,733,200
Page 39
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 36 Note 18. Financial risk management objectives and policies (continued) Market risk (continued) Interest rate risk (continued) At reporting date, the company had $6,362,541 (30 June 2025: $ 10,555,160) in cash and cash equivalents exposed to interest rate risk. The company’s exposure to market interest rates relates primarily to cash and short-term deposits. At reporting date, if interest rates had moved, as illustrated in the table below, with all other variables held constant, net loss and retained earnings would have been affected as follows: Net loss Equity Higher / (lower) Higher / (lower) 2026 2025 2026 2025 $ $ $ $ +0.5% (50 basis points) 31,813 52,766 31,813 52,766 -0.5% (50 basis points) (31,813) (52,766) (31,813) (52,766) The movements are due to higher / lower interest revenue from cash balances. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The company does not hold any collateral. Liquidity risk Liquidity risk is managed through the company’s objective to maintain adequate funding to meet its needs, currently represented by cash and short-term deposits sufficient to meet the current cash requirements. Capital management The primary objective of the company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the company may return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 30 June 2026 and 30 June 2025. The company monitors capital with reference to the net debt position. The company’s current policy is to keep the net debt position negative, such that cash and cash equivalents exceed debt.
Page 40
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 37 Note 18. Financial risk management objectives and policies (continued) Liquidity risk (continued) Remaining contractual maturities The following tables detail the company's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 2026 % $ $ $ $ $ Non-interest bearing Trade payables - 427,716 - - - 427,716 Other payables - 111,476 - - - 111,476 Total 539,192 - - - 539,192 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 2025 % $ $ $ $ $ Non-interest bearing Trade payables - 2,884,042 - - - 2,884,042 Other payables - 243,558 - - - 243,558 Total 3,127,600 - - - 3,127,600 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. Note 19. Key management personnel disclosures Compensation The aggregate compensation made to directors and other members of key management personnel of the company is set out below: 2026 2025 $ $ Short-term employee benefits 677,423 756,179 Post-employment benefits 65,850 62,915 Share-based payments 22,624 109,886 765,897 928,980
Page 41
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 38 Note 20. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the company, its network firms and unrelated firms: 2026 2025 $ $ Audit services – RSM Australia Partners Audit or review of the financial statements 40,170 37,165 Grant acquittal audit 10,300 - 50,470 37,165 Note 21. Contingent assets and liabilities The company has the following contingent asset at 30 June 2026: - Under a Targeted Translation Research Accelerator (TTRA) Funding Agreement with MTP -IIGC LIMITED for the TTRA Program, the Company is due to receive $ 143,162 (30 June 2025: Nil) in grant funds to support the project “Phase 2b/3 adaptive trial to determine the safety and efficacy of xaranetide in reducing disability in acute ischaemic stroke patients”, subject to delivery of project milestones and deliverables in future periods to 30 September 2026. The company has bank guarantees of $50,000 as at 30 June 2026 (30 June 2025: $50,000) for a credit card facility. The company does not have any contingent liabilities at 30 June 2026 (30 June 2025: None). Note 22. Related party transactions Key management personnel Disclosures relating to key management personnel are set out in note 19 and the remuneration report included in the directors' report. Transactions with related parties There were no transactions with related parties during the current and previous financial year. Receivables from and payables to related parties As of 30 June 2026, the balance of remuneration payable to Key Management Personnel amounted to $34,497 (30 June 2025: Nil). This is attributable to outstanding unpaid directors fee and reimbursement. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Note 23. Events after the reporting period On 13 August 2026, 200,000 options over ordinary shares with an exercise price of $0.42 and expiry date of 20 April 2029 were cancelled with the vesting criteria no longer able to be met. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.
Page 42
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 39 Note 25. Share-based payments Total share-based payment transactions recognised during the year were as follows: 2026 2025 $ $ Options issued to key management personnel 22,624 109,886 Options issued to other employees / contractors 11,107 - 33,731 109,886 Represented by: Share-based payment expense 33,731 109,886 33,731 109,886 Options: Set out below are the summaries of options granted as share-based payments in current year: Grant Date Expiry Date Exercise Price Balance 1/07/2025 Granted during the year Exercised during the year Expired/ Forfeited/ Other Balance 30/06/2026 Vested 30/06/2026 Not Vested 30/06/2026 05/07/2022 06/07/2025 $0.65 125,000 - 11,522 (113,478)1 - - - 09/06/2023 09/06/2026 $0.65 1,000,000 - - (1,000,000) - - - 14/08/2024 31/05/2027 $0.93 500,000 - - - 500,000 500,000 - 20/10/2025 20/04/2029 $0.42 - 200,0002 - - 200,000 - 200,000 1,625,000 200,000 11,522 (1,113,478) 700,000 500,000 200,000 Note 24. Reconciliation of loss after income tax to net cash used in operating activities 2026 2025 $ $ (Loss) after income tax expense for the year (1,365,362) (7,170,347) Adjustments for: Share-based payments (note 25) 33,731 109,886 Change in operating assets and liabilities: - Increase / (decrease) in other receivables and other current assets 351,620 (33,729) - (Decrease) / increase in trade and other payables (2,610,849) 1,469,836 - Increase in employee benefits 17,101 8,389 - Decrease in deferred income (615,915) (88,432) Net cash used in operating activities (4,189,674) (5,704,397)
Page 43
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 40 Note 25. Share-based payments (continued) Set out below are the summaries of options granted as share-based payments in the previous financial year: Grant Date Expiry Date Exercise Price Balance 1/07/2024 Granted during the year Exercised during the year Expired/ Forfeited/ Other Balance 30/06/2025 Vested 30/06/2025 Not Vested 30/06/2025 14/04/2021 30/09/2024 $0.30 5,250,000 - (3,431,819) (1,818,181)1 - - - 09/06/2021 30/09/2024 $0.30 960,000 - (960,000) - - - - 02/01/2022 01/04/2025 $1.10 300,000 - - (300,000) - - - 05/07/2022 06/07/2025 $0.65 125,000 - - - 125,000 125,000 - 24/11/2022 03/06/2025 $0.65 2,000,000 - (352,345) (1,647,655)1 - - - 09/06/2023 09/06/2026 $0.65 1,000,000 - - - 1,000,000 1,000,000 - 14/08/2024 31/05/2027 $0.93 500,000 - - - 500,000 250,000 250,000 10,135,000 - (4,744,164) (3,765,836) 1,625,000 1,375,000 250,000 1 These relate to cashless exercise mechanisms whereby these options were given up in lieu of payment of cash exercise proceeds. Refer to note 15 for further details. 2 200,000 options were issued under employment contract. The options vest in three equal tranches on 20 October 2026, 20 October 2027 and 20 October 2028 after continuous services at the relevant vesting date. For the options granted during the current financial year, the fair value was determined by using the Trinomial Lattice Option Pricing valuation model. The valuation model inputs used to determine the fair value at the grant date, are as follows: Number Granted Grant Date Exercise price Share price at grant date Expected volatility Dividend yield Risk-free interest rate Fair value per option at grant date 200,000 20-Oct-2025 $0.42 $0.285 76.3% 0% 3.36% $0.1311 500,000 options were exercisable at the end of the financial year (30 June 2025: 1,375,000 options). The weighted average share price during the financial year was $0.26 (30 June 2025: $0.76). The weighted average exercise price of options outstanding at the end of the financial year was $0.78 (30 June 2025: $0.74). The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.46 years (30 June 2025: 1.17 years).
Page 44
Argenica Therapeutics Limited Notes to the financial statements 30 June 2026 41 Note 26. Loss per share 2026 2025 $ $ (Loss) after income tax (1,365,362) (7,170,347) (Loss) after income tax attributable to the owners of Argenica Therapeutics Limited (1,365,362) (7,170,347) Number Number Weighted average number of ordinary shares used in calculating basic loss per share and diluted loss per share 128,456,460 127,526,030 Cents Cents Basic loss per share (1.1) (5.6) Diluted loss per share (1.1) (5.6)
Page 45
Argenica Therapeutics Limited Directors' declaration 30 June 2026 42 In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ● the attached financial statements and notes give a true and fair view of the company's financial position as at 30 June 2026 and of its performance for the financial year ended on that date; and ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Jeannette Joughin Director 26 August 2026 Perth
Page 46
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au INDEPENDENT AUDITOR’S REPORT To the Members of Argenica Therapeutics Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Argenica Ther apeutics Limited (the Company), which comprises the statement of financial position as at 30 June 2026, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information and the directors' declaration. In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Company's financ ial position as at 30 June 2026 and of its financial performance for the year then ended; and (ii) Complying with Australian Accounting Standar ds and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australi an Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for t he Audit of the Financial Report section of our report. We are independent of the Company in acco rdance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audit of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independenc e declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Page 47
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. Key audit matter How our audit addressed this matter Research and Development costs (R&D) Refer to Statement of profit or loss and other comprehensive income in the financial statements During the year, the Company incurred research and development costs of $4,209,047 which are the most significant expense recognised in the statement of profit or loss and other comprehensive income. We have considered this to be a key audit matter because: There is a risk that t he R&D costs incurred are not recognised or accounted for in accordance with Australian Accounting Standards; and R&D costs incurred are not related to the Company’s intellectual properties. Our audit procedures included: Assessing the Company’s accounting policy for compliance with Australian Accounting Standards; Obtaining a listing of intellectual properties owned by the Company; Enquiring with management and through reading relevant supporting documentation to critically assess management’s determination that R&D costs incurred during the year related to research activities; On a sample basis, testing the R&D costs to supporting documentation and assessing whether those R&D costs related to intellectual properties owned by the Company; and Assessing the adequacy of the related disclosures in the financial statements. Other information The directors are responsible for the other information. The other information comprises the information included in the Company's annual report for the year ended 30 June 2026, but does not include the financial report and the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Page 48
Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities fo r the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf. This description forms part of our auditor's report. REPORT ON THE REMUNERATION REPORT Opinion on the Remuneration Report We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Argenica T herapeutics Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the pr eparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. RSM AUSTRALIA Perth, WA AIK KONG TING Dated: 26 August 2026 Partner
Page 49
Argenica Therapeutics Limited Shareholder Information UUUUUUASX Additional Information The Company’s ordinary shares are quoted as ‘AGN’ on ASX. The shareholder information set out below was applicable as at 25 August 2026. Distribution of equitable securities (ordinary shares) Analysis of number of equitable security holders by size of holding: Number Number of ordinary of holders shares of ordinary shares 100,001 and over 97,957,061 179 10,001 to 100,000 26,209,073 710 5,001 to 10,000 2,575,197 327 1,001 to 5,000 1,609,631 593 1 to 1,000 105,750 164 128,456,712 1,973 Holding less than a marketable parcel 611,361 459 Equity security holders (ordinary shares) Twenty largest quoted equity security holders The names of the twenty largest security holders of this class of quoted equity securities are listed below: Ordinary shares % of total shares Number held issued BOND STREET CUSTODIANS LIMITED <LAM1 - D08047 A/C> 6,281,319 4.89 OTIUM SUPERANNUATION PTY LTD <OTIUM SF A/C> 5,500,000 4.28 BELL POTTER NOMINEES LTD <BB NOMINEES A/C> 4,967,458 3.87 MR NEIL DONALD DELROY <NDD INVESTMENT A/C> 4,386,398 3.41 OOFY PROSSER PTY LTD <DRONES FAMILY A/C> 3,669,386 2.86 PERRON INSTITUTE FOR NEUROLOGICAL AND TRANSLATIONAL SCIENCE LTD 3,550,000 2.76 AGATI PTY LTD 2,867,740 2.23 UNIVERSITY OF WESTERN AUSTRALIA 2,265,876 1.76 MR JASON ALEXANDER BOND & MS JENNIFER KATE LANGDON <THE J BOND SUPER FUND A/C> 2,186,342 1.70 MRS ELIZABETH JANE DAWSON & MR LEWIS MACDONALD DAWSON <DAWSON FAMILY A/C> 1,993,254 1.55 ROBMAR INVESTMENTS PTY LIMITED 1,751,445 1.36 MS HELEN MARGARET SEWELL 1,662,500 1.29 SEVEN SUMMERS PTY LTD 1,605,945 1.25 ARREDO PTY LTD 1,550,000 1.21 LITIS SUPER PTY LTD <JDE LITIS SUPER FUND A/C> 1,500,000 1.17 BUSSO HOLDINGS PTY LTD <BEW A/C> 1,343,182 1.05 MR BRUNO PHILIP MELONI <BRUNO MELONI FAMILY A/C> 1,252,000 0.97 OENEUS PTY LTD 1,106,746 0.86 SHANE MICHAEL COLLEY <FIERY KING INVESTMENT A/C> 1,089,041 0.85 MR NEVILLE WILLIAM KNUCKEY & MRS JACQUELINE JOY KNUCKEY <THE KNUCKEY FAMILY A/C> 1,072,000 0.83 51,600,632 40.15
Page 50
Argenica Therapeutics Limited Shareholder Information Unquoted equity securities Number Number on issue of holders Unlisted options over ordinary shares1 500,000 1 1 Unlisted options over ordinary shares issued under an employee incentive scheme. Substantial holders Substantial holders in the company are set out below: Ordinary shares % of total Number shares heldPPPP1111 issued Neil Delroy 7,835,976 6.10 % Voting rights The voting rights attached to ordinary shares are set out below: Ordinary shares On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. There are no other classes of equity securities. On-market Buy-back There is no current on-market buy-back of the company’s securities in place.