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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com FDA Approved I Commercially Proven I Platform Enabled Botanix Pharmaceuticals Limited · ASX:BOT · botanixpharma.com Investor Update 27 October 2026
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com 1.Summary information The following notice and disclaimer applies to this investor presentation (“Presentation”) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accepting this Presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. This Presentation is dated 27 October 2026 and has been prepared by Botanix Pharmaceuticals Limited (ABN 70 009 109 755) (“Botanix” or “the Company”). The information contained in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). The information contained in this Presentation is a summary only and should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”), which are available at www.asx.com.au. 2.Industry data Certain market and industry data used in connection with or referenced in this Presentation has been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Botanix nor its advisers, or their respective representatives, have independently verified any such market or industry data. 3.Financial dataAll dollar values are in Australian dollars ($ or A$) unless otherwise stated. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. 4.Forward-looking statements and forecasts This Presentation contains certain “forward-looking statements” and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” “outlook”, “guidance” and other similar expressions and include, but are not limited to, plans and prospects for the Company, the Company’s strategy, future operations, the expected timing and/or results of regulatory approvals and prospects of commercialising product candidates or research collaborations with its partners, including in Japan, the outcome and effects of Sofdra® and the market for Sofdra®. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. USA Headquarters:Suite 202, 2390 E Camelback Road Phoenix AZ 85016Corporate Office: Level 23, Tower 5, Collins Square727 Collins Street, Melbourne VIC 3008 4.Forward-looking statements and forecasts, continuedAny such statements, opinions and estimates in this Presentation speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Botanix, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Any such forward-looking statements are also based on assumptions and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider the forward-looking statements contained in this Presentation in light of those disclosures and not place undue reliance on such statements (particularly in light of the current economic climate and significant volatility) and the impact of decisions regarding the workforce. Except as required by law or regulation, Botanix undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation. Certain data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. It should be read in conjunction with Botanix’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au or at https://botanixpharma.com/invest/. Past performance is not necessarily a guide to future performance, and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast.5.DisclaimerThe Company and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, make no representations regarding, and take no responsibility for, any part of this Presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, conclusions or representations contained in this presentation. In particular, this Presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or future performance of the Company.6.This Presentation is authorised for release by the Board. Important Notices & Disclaimer 2
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Protect cash runway to unlock valuePROTECT CASH RUNWAYWITH TARGETED CHANGESOPPORTUNITIES TO UNLOCK VALUE ~60%Headcount reduction1 ~50%OPEX reduction1 1Expand the portfolioIn-license complementary assets 2Optimize global commercializationOut-license ex-U.S. territories 3Evaluate strategic opportunitiesPursue opportunities to transact the Company Decisive cost action preserves runway to provide flexibility to pursue strategic opportunities and unlock value ~75%Revenue generating ability maintained1 3 1. The ~50% operating expenditure reduction is a management target for the remainder of FY27 compared with Q1 FY27. "Revenue generating ability" is a management estimate based on current prescribing data and the assumptions set out on slide 10. It is not aforecast of revenue.
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Continued momentum drives Sofdra® prescriptions to 35,130 3,200 13,600 20,400 25,351 26,684 33,358 35,130 Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27 Q1 FY2735,130Prescriptions shippedContinued growth quarter over quarter~32% growth 6 months over prior 6 months 4
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Gross-to-net yield was 21%, likely reflecting lower PA submission volumes during the period 15%21%23%24%18%22%21% Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27 Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Q1 FY2721%Gross-to-net yieldWe believe lower gross to net was a result of a decrease in prior authorization submissionsAddressed the reduction in prior authorization submissions and expect improvements, all else being equal 5 1. An operational inefficiency in prior authorisation processing was identified. The Company optimized the process by prioritizing the processing of higher value prior authorisations with higher probability of success. Additional training was provided to PA coordinators, and follow-up with appropriate physicians was increased. Although manyfactors can affect gross to net yield, Botanix believes this was the likely cause of lower gross-to-net yield in Q1 FY27.
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Sofdra® quarterly revenue held at $10.1M $0.7 $4.3 $7.1$9.1$6.9 $10.1$10.1 Q3 FY25Q4 FY25Q1 FY 26Q2 FY26Q3 FY26Q4 FY26Q1 FY27 Q1 FY27$10.1MNet revenuePRESCRIPTIONS SHIPPEDWhile Sofdraprescriptions grew, quarterly revenue held at $10.1M likely due to lower PA submissions 6
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Quarterly PerformanceQ1 FY27 delivered solid capital and inventory positions to support growth Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com CASH & CASH EQUIVALENTS $24.4mVersus Cash and cash equivalents of $36.6m in Q4 FY26 ~$30.8mINVENTORY BALANCECompared with $31.3m in Q4 FY26 $(9.2m)OPERATING CASH OUTFLOWOperating net cash outflows decreased 13% versus $10.6min Q4 FY26 7
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31 Dec 2531 Mar 2630 Jun 2630 Sep 26Cash flows from operating activities (unaudited)$A’000$A’000$A’000$A’000Receipts from Royalties435216193 440Receipts from product sales, net of fees11,89011,25213,416 15,161Payments for gross to net deductions from product sales(5,051)(5,500)(6,421)(7,486)Payments for:a) Product manufacturing(2,705)(11,045)(1,194)(778)b) Operating costs(14,665)(12,780)(11,473)(11,313)c) Staff Costs (4,588)(2,606)(2,722)(2,631)d) G&A (1,454)(1,701)(1,701)(1,529)e) Royalty payments(598)(551)(453)(779)Interest received303178234 146Interest paid (791)(759)(499)(637)Refund of GST 181Net cash from / (used in) operating activities($17,224)($23,296)($10,620)($9,225)Cash flows from investing activitiesCash flows from loans to other entities(436)Net cash from / (used in) investing activities(436)Cash flows from financing activitiesProceeds from issues of equity securities14,88030,120Proceeds from exercise of optionsTransaction costs related to issues of equity securities(818)(2,372)Proceeds from borrowingsDebt repayments (2,816)(2,660)Transaction costs related to loans and borrowings(39)Other (Payment for right-of-use asset)(136)(157)(127)(86)Net cash from / (used in) financing activities($175)$13,905$24,805 ($2,746)Net increase / (decrease) in cash and cash equivalents for the periodCash and cash equivalents at beginning of period$49,246$31,498$22,100 $36,631Net cash from / (used in) operating activities(17,224)(23,296)(10,620)($9,225)Net cash from / (used in) investing activities(436)Net cash from / (used in) financing activities(175)13,90524,805 ($2,746)Effect of movement in exchange rate on cash87(7)346 (302)Cash and cash equivalents at end of period$31,498$22,100$36,631 $24,358 % Change Q4 FY26 to Q1 FY27 vReceipts from product sales increased 13% to $15.2m, reflecting stronger sales volumes and improved gross receipts versus the prior quarter.vProduct manufacturing costsdecreased 35% to $0.8m, as manufacturing decreased from the prior quarter. Inventory build up in Q1 FY27 before US pharmaceutical tariffs took effect on 29 September 2026 will increase cash outflows in Q2 by ~$2m. vOperating costsdecreased 1% to $11.3m, driven by lower operating expenditures across the business offset by $1.7m in alternate API supplier spend (tech transfer).vStaff costs decreased nominally by 3% to $2.6m.vG&A costs decreased 10% to $1.5m consistent with management expectations.vNet cash outflow from operating activities decreased 13% to $9.2m driven by higher sales receipts and the cost optimisation strategies implemented during the quarter. Operating cash outflow 8
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com OPERATING TARGET ~50%OPEX reduction OBJECTIVEExtend cashrunway Projected revenue and cost assumptions01PRODUCT SALES~75% of revenue generating ability maintained 02PRODUCT MANUFACTURING COSTSProjected ~$2m for remaining FY27(All in Q2 to cover Q1 inventory build up) 03OPERATING & STAFF COSTSDecrease ~50% for remaining FY27 (Sales force included) 04G&A COSTSFlat for remaining FY27 05PAYMENTS FOR GROSS TO NET DEDUCTIONSWill track proportionally to product sales ~50% OPEX reduction extends cash runway 9 1. The ~50% operating expenditure reduction is a management target for the remainder of FY27 compared with Q1 FY27. "Revenue generating ability" is a management estimate based on current prescribing data and the assumptions set out on slide 10. It is not aforecast of revenue.
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Abilitytosustain ~75% ofnetrevenue Key assumptions based on current prescribing data1 5–8%TERRITORY COVERAGEHigh-value targets in adjacent geographies 20–24%CONTINUED PRESCRIBINGRetained prescribing in vacant territories 45–50%NET REVENUECurrently generated by 13 territories TOP REPRESENTATIVESREVENUE GENERATING ABILITY13~75%++ 10 1. The model for the remainder of FY27, compared with Q1 FY27, is based on available data, including actual prescription, refill, reimbursement, revenue and patient-persistence data generatedthrough the Botanix Fulfilment Platform, combined with physician market research, observed launch performance, and management’s prior experience. It is not a forecast of revenue.
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Five opportunities to lift GTN and net sales—without added expenseYIELD MORE VALUE FROM EACH PATIENT WITHOUT INCREMENTAL COSTIMPROVE GTN YIELD GROW NET SALES 01PA SUBMISSION RATE68% → 73% submission rate+1–2% 02PA APPROVAL RATE74% → 79% approval rate+1–2% 03COPAY CHANGE$50 for non-covered refills+6–9% 04SHIP RATE88% → 92% ship rate+4–5% 05FILLS PER PATIENT / YEAR5.1 → 6.1 fills+20% IMPACT ON GTN YIELDIMPACT ON NET SALES 11 1. The model for the remainder of FY27, compared with Q1 FY27, is based on available data, including actual prescription, refill, reimbursement, revenue and patient-persistence data generatedthrough the Botanix Fulfilment Platform, combined with physician market research, observed launch performance, and management’s prior experience. It is not a forecast of revenue.
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com Decrease cash burn and unlock valueCatalysts to extend time and opportunity for value creationPROTECT CASH RUNWAYIncrease financial flexibilityCATALYSTS TO UNLOCKVALUEExecute on multiple opportunities 01 02 03 04 05 06 Strengthen the balance sheetStrategic expense cutsto decrease net cash burn Restructure debt termsOpportunity to renegotiate the interest-only periodof debt Improve supply economicsOpportunity to renegotiate API pricing and purchase terms Expand the portfolioFocus on In-license complementary assets Optimize global commercializationPrioritize out-license ex-U.S. territories Evaluate strategic opportunitiesPursue opportunities to transact the Company MORE TIME TO EXECUTE=MORE VALUE CREATION OPPORTUNITIES 12
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com 13 Evaluate and execute value creation opportunities •Extend cash runway•Grow Sofdra •Cross-border licensing•M&A execution•Deal and transaction structuring•Evaluate & execute strategic options•Source non-dilutive funding•Manage M&A processes Hogan Lovells Cadwalader H.C. Wainwright & Co. Board and Management Global law firm supporting legal due diligence Investment bank supporting strategic and financial services •Identify products & conduct diligence•Respond to inbound due diligence •Restructure debt and contracts•Identify risks and liabilities •Valuation•Assess and structure transactions•Commercial and financial due diligence Scientific& clinical expertise, capital markets transactions, commercialisation Strategic partners:
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Botanix Pharmaceuticals Limited · ASX:BOT · Investor Presentation October 2026 · botanixpharma.com FDA Approved I Commercially Proven I Platform Enabled Botanix Pharmaceuticals Limited · ASX:BOT · botanixpharma.com Investor Update 27 October 2026