Annual report
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Appendix 4E Preliminary Final Report 1. Company details Name of entity: Dimerix Limited ABN 18 001 285 230 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 18.0% to 6,977,817 (Loss) from ordinary activities after tax attributable to the owners of Dimerix Limited Up 125.0% to (29,813,353) (Loss) for the year attributable of the owners of Dimerix Limited Up 125.0% to (29,813,353) Dividends – there were no dividends paid, recommended or declared during the financial period Comments – the (loss) for the Group after providing for income tax amounted to $29,813,353 (30 June 2025: $13,251,722). 3. Net tangible assets Reporting period $ Previous period $ Net tangible assets per ordinary security (0.0633) (0.0093) 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period.
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Appendix 4E (continued) Preliminary Final Report 7. Dividend reinvestment plan Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standard used in compiling the report: Not applicable. 10. Audit qualification for review Details of audit/review dispute or qualification (if any): The financial statements have been audited and an unmodified opinion has been issued. 11. Attachments Details of attachments (if any): The Annual Financial Report for the year ended of Dimerix Limited for the year ended 30 June 2026 is attached. 12. Signed Signed ................................ ........ Date: 27 August 2026 Mark Diamond Non-Executive Chair
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Page 3 Developing new therapies to treat kidney diseases with unmet clinical needs DIMERIX LIMITED and Controlled Entity ABN 18 001 285 230 2026 ANNUAL REPORT ANNUAL REPORT 2 0 2 6
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Corporate Directory Directors Mr Mark Diamond, Non- Executive Chair Dr Nina Webster, CEO and Managing Director Dr Sonia Poli, Non-Executive Director Mr Hugh Alsop, Non-Executive Director Mr Clinton Snow, Non-Executive Director Company secretary Mr Michael Tonroe Registered office 425 Smith Street, Fitzroy, Victoria, 3065 Tel: 1300 813 321 Share register Automic Registry Services Level 5, 191 St Georges Terrace, Perth, W Australia, 6000 Auditor Stantons Level 2, 40 Kings Park Road, West Perth, W Australia, 6005 Stock listing Dimerix Limited shares are listed on the Australian Securities Exchange (ASX code: DXB) Website www.dimerix.com
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T able of Contents Financial Outcomes 1 2026 Business Achievements and 2027 Planned Milestones 2 Letter from the Chair 3 Statement from the CEO 5 Directors’ Report 8 Independent Auditor’s Report 36 Director’s Declaration 41 Consolidated Statement of Profit or Loss and Other Comprehensive Income 42 Consolidated Statement of Financial Position 43 Consolidated Statement of Changes in Equity 44 Consolidated Statement of Cash Flows 45 Notes to the Consolidated Financial Statements 46 Consolidated Entity Disclosure Statement Information 84 Shareholder Information 87 Glossary 88
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Dimerix Limited and controlled entity | 2026 Annual Report ( 1 ) Financial Outcomes Comprehensive overview of Dimerix’s financial performance, as at 30 June 2026 $16.2 m Cash Reserve 2 Late-Stage Clinical Assets $4.4 m Income License Fees (amortised) 15 Employees (FTE) $4.1 m Corporate & Administration Costs 5 Commercial Licensing Partners $36.0 m R&D Expenditure 55 Countries/Territories Licensed
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Dimerix Limited and controlled entity | 2026 Annual Report ( 2 ) 2026 Business Achievements & 2027 Planned Milestones
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Dimerix Limited and controlled entity | 2026 Annual Report ( 3 ) Letter from the Chair Dear Shareholders, As I reflect on the past year, I am pleased to report that Dimerix has delivered another year of substantive progress marked by disciplined execution, deepening global partnerships and achievement of key clinical milestones. We continue to steadfastly pursue our goal of developing and delivering a potentially transformative therapy for patients with focal segmental glomerulosclerosis (FSGS), a rare and serious kidney disease for which there are limited treatment options. FY2026 was a year of strong clinical and commercial momentum for Dimerix, culminating in the completion of adult recruitment in the ACTION3 Phase 3 trial and a fifth commercial partnership for DMX-200. During the year we expanded our global partnering footprint, executing our fifth commercial licensing agreement for DMX -200, granting Everest Medicines exclusive rights across Greater China, South Korea and certain Southeast Asian countries. Together with our existing agreements with Advanz Pharma, Taiba Rare, FUSO Pharmaceutical Industries and BioMarin, Dimerix now has five exceptional partners the agreements with whom are collectively valued at up to approximately A$1.9 billion in upfront and potential milestone payments, plus royalties on net sales, with over A$81 million received to date. These partnerships validate our development program, strengthen our competitive position and bring world -class commercialisation expertise to bear on delivering DMX-200 to the patients who need it. The global prevalence of serious and progressive kidney disease continues to place a heavy burden on overstretched healthcare systems and on the millions of lives it affects, creating a significant opportunity for our potentially life -changing drug candida te. Our ACTION3 Phase 3 trial made excellent progress in the period: recruitment of the adult cohort was completed in December 2025 across 219 clinical sites in 21 countries, and in April 2026 a blinded assessment of the trial’s statistical assumptions confirmed that ACTION3 retains greater than 90% statistical power for its proteinuria primary endpoint, supporting a traditional (full) FDA marketing approval pathway. The Independent Data Monitoring Committee completed its seventh safety review during the year with no safety concerns, and DMX -200 received Orphan Drug Designation in Japan, adding to designations already held in the United States and Europe.
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Letter from the Chair Dimerix Limited and controlled entity | 2026 Annual Report ( 4 ) As we reflect on our progress, we recognise we have successfully advanced the Company to the unique position of providing real hope to patients living with FSGS, a status that we adopt with much pride and associated responsibility. This year’s achievements are a direct result of the dedication and ingenuity of our people. I extend my sincere thanks to our CEO and Managing Director, Dr Nina Webster, and the entire team for their outstanding work and tireless commitment. I also thank m y fellow directors for their continued thoughtful and engaged stewardship, and you, our shareholders, for your ongoing support and alignment with our goals. Looking ahead, we remain focused on completing the ACTION3 trial, advancing towards potential regulatory approval and commercialisation and continuing to build our pipeline in areas of high unmet need. We enter the new financial year with momentum, a clear strategy and a strong sense of purpose. Together, we are building a company that is not only advancing science but also delivering hope to patients and in turn we expect long-term value to shareholders. Yours sincerely, Mark Diamond Non-Executive Board Chair
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Dimerix Limited and controlled entity | 2026 Annual Report ( 5 ) CEO Statement Dear fellow shareholders, It is with great pleasure that I share this year’s update, reflecting on a period of strong clinical progress, expanding global partnerships and disciplined execution against our strategy. The Dimerix strategy has continued to deliver on its planned outcomes, with cross - functional collaboration across our clinical, R&D, manufacturing, commercial and corporate teams a defining feature of our success. Throughout the 2026 financial year the organisation worked in lockstep to advance our lead program towards its most important milestones yet. Strong financial and operational performance During the year we continued to invest decisively in our flagship program, with research and development expenditure of A$36.0 million reflecting the scale and progress of the ACTION3 Phase 3 trial. We executed on a fifth commercial licensing agreement during the financial y ear, which included an up -front payment of US$10 million (~A$14.1 million) from our new partner, Everest Medicines. We ended the financial year with a cash position of A$16.2 million, which does not include the US$10 million from the Everest deal which was received post year end. We continue to maintain disciplined cost management while prioritising investment in product development and talent. Partnering Over A$81 million in total payments received from commercial licensing agreements to date. In line with our strategic plan, we were delighted to enter into our fifth commercial licensing agreement for DMX-200 during the year, with Everest Medicines, covering Greater China, South Korea and certain Southeast Asian countries. The agreement is value d at up to US$340 million (~AU$467 million) in upfront development, regulatory and commercial milestones, plus tiered royalties. This transaction builds on our earlier agreements with Advanz Pharma, Taiba Rare, FUSO Pharmaceutical Industries and Amicus The rapeutics. Collectively, our five commercial license agreements may bring in up to approximately A$1.9 billion in upfront and potential milestone payments, plus royalties on net sales, with over A$81 million already received. We continue to pursue licensing opportunities with potential partners in territories not yet licensed.
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CEO Statement Dimerix Limited and controlled entity | 2026 Annual Report ( 6 ) Phase 3 study Dimerix remains focused on developing its lead Phase 3 product candidate, QYTOVRA®. During the year we completed recruitment of the adult cohort of the ACTION3 trial, with patients randomised across 219 clinical sites in 21 countries, effectively locking i n the completion date for the trial - noting that recruitment of the independent paediatric cohort is continuing. In April 2026, a blinded assessment of the trial’s statistical assumptions confirmed that ACTION3 retains greater than 90% statistical power for its proteinuria primary endpoint and we confirmed our intention to pursue a traditional (full) FDA marketing approval based on proteinuria as the primary endpoint. The open- label extension (OLE) study continued to be made available to eligible patients who complete the two-year ACTION3 treatment period. Uptake into the OLE of over 90% has been observed, providing patients continued access to DMX -200 and valuable long -term data. The Independent Data Monitoring Committee completed its seventh safety review during the year, again recommending that the trial continue unchanged with no safety concerns. Navigating a complex environment The pharmaceutical industry continues to operate within a challenging macroenvironment, with global economic uncertainty, inflationary cost pressures, regulatory change and geopolitical instability testing healthcare systems and supply chains. Despite thes e headwinds, our business has remained steadfast in its mission. Working with our commercial partners, the FSGS community, including patient advocacy groups and the PARASOL working group, we continued to engage constructively with the US Food and Drug Admi nistration on proteinuria-based endpoints. DMX- 200 secured Orphan Drug Designation in Japan providing up to ten years’ market exclusivity and adding to designations held in the United States, Europe and UK. We also continued to progress our commercial manufacturing capabilities through an FDA-approved contract manufacturer. Innovation and pipeline Our R&D pipeline remains a cornerstone of our long-term growth strategy. Subsequent to year end, we expanded the pipeline through the in-licensing of DMX-652 - a Phase 2-ready selective USP30 inhibitor for acute kidney injury, reflecting our intention to build a portfolio of promising candidates in rare and high-burden kidney diseases and our ability to translate science into real-world impact. Commitment to patients and sustainability Our shared values, purpose and vision are essential elements of our culture. We are committed to nurturing a culture where diverse talent thrives. We remain deeply committed to improving patient outcomes and expanding access to care, and to embedding Environmental, Social and Governance (ESG) principles across our programs, processes and decision-making. Our clinical programs are designed with inclusivity and ethical rigour, and we continue to strengthen our governance frameworks, building a resilient, responsible and future - ready company that creates value not only for shareholders but for patients, communities and the environment.
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CEO Statement Dimerix Limited and controlled entity | 2026 Annual Report ( 7 ) Looking ahead As we enter the new financial year, we do so with confidence and clarity of purpose. Our strategic priorities remain focused on: • Completing the ACTION3 Phase 3 trial and advancing towards potential regulatory approval; • Expanding global partnerships for DMX-200; • Growing and progressing our pipeline in areas of high unmet need; and • Strengthening operational resilience and delivering sustainable, long -term value to all stakeholders. I want to thank our employees for their unwavering dedication, our Board for their guidance and our shareholders for their continued trust. Together, we are building a future-ready development company that is innovative, inclusive and resilient. Dr Nina Webster CEO & Managing Director
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Dimerix Limited and controlled entity | 2026 Annual Report ( 8 ) Directors’ report The directors of Dimerix Limited (“Dimerix” or “the Company”) submit herewith the financial report of the Company and its subsidiary (“Group” or “Consolidated Entity”) for the financial year ended 30 June 2026. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Directors The following persons were directors of Dimerix Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr Mark Diamond Non-Executive Chair BSc, MBA Dr Nina Webster Executive CEO & MD PhD, M.IP .Law, BSc (hons), MBA Dr Sonia Poli Non-Executive Director PhD. BSc (hons) Non-Executive Chairman, joined the Board in December 2023. Mark is a senior pharmaceutical executive with a demonstrated record of achievement and leadership over more than thirty years within the pharmaceutical and biotechnology industries. Mr Diamond was previously MD and CEO at ASX listed Antisense Therapeutics (now Percheron Therapeutics). Prior to his time at Antisense, Mark served in senior product and business development roles at Faulding Pharmaceuticals (now Pfizer) within their US, European and international pharmaceutical operations. Mark is also a Non- Executive Director of Arovella Therapeutics (ASX:ALA) Executive CEO and Managing Director, joined the Board in August 2018. Nina has extensive experience in the pharmaceutical industry, with leadership roles across strategy, commercialisation, intellectual property, scientific and operational aspects of product development. Nina was formerly the Commercial Director for Acrux Limited (ASX: ACR), developing and commercialising 3 products globally. Nina has previously worked within lmmuron Limited (ASX: IMC), and large Pharma, Wyeth Pharmaceuticals UK (now Pfizer). Nina is also the Non- Executive Chairperson for SYNthesis BioVentures and a Non-Executive Director of Imagion Biosystems. Non-Executive Director, joined the Board in July 2015. Sonia is an accomplished R&D professional with 25+ years international experience in large and small pharmaceutical companies. Sonia is an advisor for several early and late-stage drug development projects. Sonia was formerly Executive Manager at AC Immune, a Nasdaq listed company, and Chief Scientific Officer at Sybilla Biotech, Minoryx and Addex Therapeutics and she has previously worked within Swiss Stock Exchange listed company Hoffman la Roche.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 9 ) Mr Hugh Alsop Non-Executive Director BSc (hons), MBA Mr Clinton Snow Non-Executive Director BEng (hons), BCom Non-Executive Director, joined the Board in May 2017. Hugh is an accomplished and commercially focused executive with experience in international business development, partnering, drug development and leadership of scientific teams. Hugh is currently CEO of Kinoxis Therapeutics, a private company developing novel therapeutics for substance use disorders and other neurological conditions. Prior to Kinoxis, Hugh was CEO of venture backed private company Hatchtech, and Director of Business Development at Acrux Limited (ASX:ACR), where he was responsible for several drug development programs for the international markets. Hugh is also a Non-Executive Director of private companies Servatus Ltd and Avalyn Australia Pty Ltd. Non-Executive Director, joined the Board in April 2023. Clinton is an experienced technology and governance professional with over 20 years in engineering leadership, project delivery, risk management and AI. Clinton is a senior internal auditor at a top-tier ASX-listed company with deep knowledge of regulatory frameworks, board-level governance and enterprise risk management. He currently also serves as a Non- Executive Director at icetana AI (ASX:ICE) and PolyActiva Pty Ltd. Additionally, Clinton provides advisory services to a family office with multiple investments in the Australian biotech sector .
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 10 ) Directors shareholdings The following table sets out each director’s relevant interest in shares, debentures and rights or options in shares or debentures of the Company or a related body corporate as at the date of this report: Fully paid ordinary Share Directors shares options Mark Diamond - 600,000 Nina Webster 537,167 6,052,956 Sonia Poli 633,490 600,000 Hugh Alsop - 600,000 Clinton Snow - 600,000 1,170,657 8,452,956 Share options granted to directors and senior management During the financial year, the following options were granted: No. of options Option Type Grantee 300,000 Director Mark Diamond 2,500,000 Director Nina Webster 300,000 Director Sonia Poli 300,000 Director Hugh Aslop 300,000 Director Clinton Snow
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 11 ) Company secretary Mike Tonroe BSc (Hons), FCA Mike is an experienced finance and governance executive with extensive experience as Chief Financial Officer and Company Secretary of both ASX and NASDAQ -listed life sciences and biotechnology companies. He brings more than 30 years’ international finance leadership experience across Australia, the United States, Canada, the United Kingdom and Hong Kong. Mike was most recently Chief Financial Officer and Company Secretary of Imugene Limited, where he was responsible for financial management, statutory repor ting, governance and company secretarial functions, investor relations and capital management. During his tenure, he supported significant capital raisings and strategic transactions, including the acquisition and integration of the azer-cel asset. Mike’s experience includes multiple equity capital raisings, M&A execution, and strengthening financial reporting, controls and governance frameworks in listed company environments. He has also served as CFO and Company Secretary of Opthea Limited, Genetic Technologies and the Australian Synchrotron. Mike is a Fellow of the Institute of Chartered Accountants in England & Wales, a graduate of Buckingham University (UK) with a Bachelor of Science (Honours) in Business Studies and a member of the Australian Institute of Company Directors. Dividends There were no dividends paid, recommended or declared during the current or previous financial year . Unissued shares under option /performance shares Details of unissued shares or interests under option as at the date of this report are:
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 12 ) Exercise Number Class of shares Expiry date price under option Ordinary 01/12/2027 $0.20 645,405 Ordinary 01/12/2027 $0.30 686,104 Ordinary 01/12/2027 $0.40 721,447 Ordinary 06/05/2027 $0.40 2,100,500 Ordinary 08/05/2027 $0.40 1,000,000 Ordinary 08/05/2027 $0.50 2,000,000 Ordinary 08/05/2027 $0.60 2,000,000 Ordinary 21/10/2029 $0.55 900,000 Ordinary 21/10/2029 $0.70 900,000 Ordinary 21/10/2029 $0.85 900,000 Ordinary 12/12/2030 $0.50 733,334 Ordinary 12/12/2030 $0.64 733,333 Ordinary 12/12/2030 $0.82 733,333 Ordinary 31/12/2028 $0.00 1,500,000 15,553,456 During the year 3,700,000 options were granted and 1,049,500 options were exercised. The holders of these options and performance shares do not have the right to participate in any share issue or interest issue of the Company or of any other body corporate or registered scheme. Indemnity and insurance of officers and auditors During the financial year, the Group paid a premium in respect of a contract insuring the directors of the Group (as named above), the company secretary and all executive officers of the Group and of any related body corporate against a liability incurred as a director, secretary or executive officer 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. The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the Group or of any related body corporate against a liability incurred as such an officer or auditor .
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 13 ) Meetings of directors The number of meetings of the Group's Board of Directors ('the Board') held during the year ended 30 June 2026, and the number of meetings attended by each director were: Board of Directors Attended Held Mr Mark Diamond 8 8 Dr Nina Webster 8 8 Dr Sonia Poli 8 8 Mr Hugh Alsop 8 8 Mr Clinton Snow 8 8 Held: represents the number of meetings held during the time the director held office. Proceedings on behalf of the Group No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings. Non-audit services In the event non-audit services are provided by the auditor, the Board has established procedures to ensure that the provision of non -audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. These include: ● all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and ● none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Group, acting as advocate for the Group or jointly sharing economic risks and rewards. Details of the amounts paid or payable to the auditor for non -audit services provided during the financial year by the auditor are outlined in note 31 to the financial statements.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 14 ) 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. Operating review Dimerix is a biopharmaceutical company developing innovative new kidney therapies in areas with unmet medical needs. Dimerix pursues new product concepts and applies deep scientific knowledge to the discovery of products from early -stage development throug h to commercialisation. Dimerix products will target multiple global territories. Dimerix is developing two product candidates: DMX-200 with the initial indication for FSGS; and DMX 652 with the initial indication for acute kidney injury. Operating results The loss for the Group for the year ended 30 June 2026 after providing for income tax amounted to 29,813,353 (30 June 2025: $13,251,722). The year ended 30 June 2026 operating results are attributed to the following: ● License income of $4,350,305 (amortised over the life of the licenses) (30 June 2025: $1,254,598); ● Milestone Payment of $nil (30 June 2025: $4,332,230); ● Research and development expenditure of $36,027,048 (30 June 2025: $27,323,617); ● Corporate and administration expenses of $4,075,255 (30 June 2025: $4,333,195); ● Share based payments expense of $1,425,888 (30 June 2025: $898,760); and ● Business development expenses of $nil (30 June 2025: $5,040,375).
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 15 ) Review of operations Summary Dimerix remained focused on developing and commercialising its lead Phase 3 product candidate DMX-200 and continued to progress its global partnering strategy. During the year the Company executed its fifth commercial license agreement for DMX -200, granting Everest Medicines exclusive rights across Greater China, South Korea and certain Southeast Asian countries for an up-front payment of US$10 million (~A$14.1 million) and up to a further US$330 million (~A$467 million) in development, regulatory and commercial milestones, plus tiered royalties. Together with the existing agreements with Advanz Pharma, Taiba Rare, FUSO Pharmaceutical Industries and Amicus Therapeutics, Dimerix now has five commercial partners for DMX-200, collectively worth up to approximately A$1.9 billion in aggregate upfront and potential milestone payments, plus royalties on net sales, with over A$81 million received to date. The Independent Data Monitoring Committee (IDMC) completed its seventh safety revi ew of the ACTION3 study in November 2025 and, as with each prior review, identified no safety concerns and recommended that the trial continue unchanged, consistent with the growing strong safety profile of DMX-200. Dimerix completed recruitment of the adult cohort of the ACTION3 Phase 3 trial in March 2026 and, in April 2026, confirmed following a blinded assessment of the trial's statistical assumptions that ACTION3 retains greater than 90% statistical power for its proteinuria primary endpoint. Dimerix confirmed it will pursue traditional (full) FDA marketing approval based on proteinuria. DMX -200 also received Orphan Drug Designation in Japan for FSGS in September 2025, adding to designations already held in the United States and Europe. A summary of key announcements from the year is as follows: • Dimerix signed its fifth commercial license agreement for DMX-200, granting Everest Medicines exclusive rights in Greater China, South Korea and certain Southeast Asian countries (June 2026): o Dimerix to receive up to US$340 million (~A$481 million) in development, regulatory and commercial milestone payments, plus royalties, in addition to the up-front payment o Up-front payment of US$10 million (~A$14.1 million) received on execution o Up to US$30 million (~A$42.4 million) in development and regulatory milestones o Up to US$300 million (~A$424.4 million) in commercial milestones o Tiered royalties of 10–15% on net sales in the licensed territories • Following the Everest transaction, Dimerix has executed five commercial license agreements for DMX-200 (with Advanz Pharma, Taiba Rare, FUSO, Amicus and Everest), collectively worth up to approximately A$1.9 billion in aggregate upfront and potential milestone payments, plus royalties on net sales, with over A$81 million received to date • DMX-200 received Orphan Drug Designation in Japan for FSGS (September 2025) • Provides up to 10 years' market exclusivity in Japan, adding to Orphan Drug Designations already held in the United States and Europe • The Independent Data Monitoring Committee (IDMC) completed its sixth and seventh safety reviews of ACTION3 during the year (the seventh in November 2025) • On each occasion the IDMC identified no safety concerns and recommended that the trial continue unchanged
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 16 ) • Adult cohort recruitment of 333 patients for the ACTION3 Phase 3 trial was completed in March 2026, with patients randomised across 219 clinical sites in 21 countries; recruitment of the separate paediatric cohort continued • The first patients completed the two-year ACTION3 treatment period and elected to enter the Open Label Extension (OLE) study, with a continued uptake of over 90% • A blinded assessment of the trial's statistical assumptions, completed in April 2026, confirmed ACTION3 retains greater than 90% statistical power for its proteinuria primary endpoint, supporting a traditional (full) FDA marketing approval pathway based on proteinuria Overview of Company Strategy Our goal is to develop patient -friendly products that treat unmet medical needs in important therapeutic areas. We pursue new product concepts and provide strong scientific know -how in the development of products from early -stage development through to com mercialisation. Our products will target multiple global territories, with the initial focus predominantly on the United States, European and Asian markets. Dimerix strives to develop products to help patients with unmet medical needs and our investment in research and development includes the use of state-of-the-art technology and collaborating effectively with our partners to help those patients most in need. We do this by: • Developing and applying our proprietary Receptor -HIT technology across a broad range of therapeutic classes, using existing drugs and new chemical entities. • Establishing early-stage collaborative agreements with innovator pharmaceutical companies and institutes to enable rapid candidate evaluation and commercialisation of the technology. • Evaluating other opportunities through mergers, licensing and acquisitions that build the Dimerix pipeline. • Developing strong proprietary positions through patents to maintain and extend competitive advantages for existing & new drugs. • Creating a diversified portfolio of marketed products to generate future income streams. • Building a solid product pipeline that has an attractive projected internal rate of return, with a collectively lower risk profile and faster pathway to approval. Environmental, Social and Governance Statement Dimerix is committed to integrating Environmental, Social and Governance (ESG) considerations across the development cycle of its programs, processes and decision making. The Dimerix commitment to improve its ESG performance demonstrate a strong, well-informed management attitude and a values- led culture that is both alert and responsive to the challenges and opportunities of doing business responsibly and sustainably. Diversity Dimerix is committed to fostering diversity and inclusion across all levels of the organisation, recognising that a diverse range of perspectives strengthens governance and decision-making. As at the reporting date, women represented 40% of the Board of Di rectors, reflecting the Company’s commitment to diversity in leadership. Dimerix continues to promote equal opportunity and consider diversity across gender, race, skills, experience, age, and background in our recruitment and succession
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 17 ) planning processes. The Board remains focused on maintaining an inclusive culture that supports long- term sustainable growth and value creation. The DMX-200 Program DMX-200 is a compound called repagermanium (an alternative crystal packing of propagermanium that is identical in solution) that inhibits the cellular inflammation receptor known as C –C chemokine receptor type 2, or CCR2. It is administered as a capsule tw ice daily to patients already on standard of care treatment (angiotensin receptor blocker or ARB). DMX -200 is considered a New Chemical Entity (NCE), and alongside the Orphan Drug Designations, could qualify for market exclusivity in m any territories, including seven years (US) and ten years (Europe). Following the two DMX-200 Phase 2 renal studies that were successfully completed in 2020, Dimerix commenced a pivotal Phase 3 clinical study for DMX-200 in FSGS, titled ACTION3. DMX-200 Renal Market Background Without adequate management, the progressive nature of kidney disease inevitably results in poor prognosis for patients. It most often results in total kidney failure and a poor quality of life. When the kidneys fail, it means they have stopped working well enough for the patient to survive without dialysis or a kidney transplant. A kidney transplant costs in the region of $260,000 per patient, with ongoing and expensive anti-rejection drugs also costing thousands of dollars per year, and dialysis costs in the region of $100,000 per patient per year . Moreover, dialysis requires regular visits, totalling over 12 hours per week to the medical facility - a huge burden on both the patient and the healthcare system. DMX-200 has the potential to increase the life of the kidney, reducing the burden for both the patient and the healthcare system. Focal Segmental Glomerulosclerosis (FSGS) FSGS is a rare, serious kidney disorder characterized by progressive scarring (sclerosis) in pa rts of the glomeruli—the kidney’s filtering units. This scarring leads to proteinuria, progressive loss of kidney function, and often end-stage renal disease. FSGS is increasingly understood to have an inflammatory component, with monocyte and macrophage activation contributing to glomerular injury. In the United States, more than 40,000 people are estimated to be living with FSGS, including both adults and children. There are treatment options for patients with FSGS, and management typically relies on non- specific immunosuppressive and supportive therapies. In patients with progressive or treatment - resistant FSGS, the average time from diagnosis to end -stage kidney disease can be as short as five years. Even among those who undergo kidney transplantation, disease recurrence occurs in up to 60% of cases, underscoring the urgent need for new, disease-modifying treatments. Intellectual Property Dimerix has multiple granted patents covering DMX -200 in numerous key territories, with additional patent applications underway. The granted US patents cover the use of any CCR2 antagonist (e.g. DMX- 200) in patients receiving any angiotensin receptor block er (e.g. irbesartan), for various indications including kidney and respiratory diseases. As such, the granted patents cover more than just DMX-200, which strengthens the Company's competitive position and may be used to block some competitor product development plans. The granted therapeutic use patents are set to expire in 2032, and further patent applications have been filed that may extend this protection to 2043 if granted, in addition to any regulatory exclusivity periods obtained.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 18 ) During the period: DMX-200 received Orphan Drug Designation in Japan for FSGS (September 2025), conferring up to 10 years' market exclusivity and adding to the Orphan Drug Designations already held in the United States and Europe; • Dimerix continued to prosecute and broaden its DMX-200 patent estate across key jurisdictions, with granted patents providing protection to 2032 and pending applications that, if granted, may extend protection to 2043; and • The Company continued to monitor the competitive landscape to identify, assess and minimise intellectual property risks and to strengthen the Dimerix IP position. If granted, the patent applications could extend and broaden the protection for DMX-200 until at least March 2043. The current intellectual property strategy is aligned with the Dimerix business strategy and objectives. Dimerix continuously monitors the competitive landscape to identify, assess and minimise any IP risks, and to strengthen the Dimerix IP position. Commercial Manufacturer The development of Dimerix manufacturing capabilities has significantly progressed throughout the period. Dimerix conducted the further registration batch manufacture required for pharmaceutical grade DMX -200 market approval, and continued further clinical batch manufacture, which is an essential component of the product development program and will support global marketing authorisations (including US FDA), commercialisation and partnering activities. Commercial scale manufacture a nd product packaging are often components of the product development process that can delay marketing authorisation, since stability testing of the final product must be completed in real time. By developing robust manufacturing processes, Dimerix can ensu re that the appropriate stability and shelf-life of the product is known at the time of submitting the NDA, thus helping to avoid delays in the marketing authorisation process. The manufacturing package is also likely to add value to any potential partner transaction. Liquidity and capital resources Dimerix ended the financial year with cash of $16,153,803.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 19 ) Financial position 30 June 2026 30 June 2025 $ $ Cash and cash equivalents 16,153,803 68,283,812 Net assets / total equity (14,756,836) 13,379,343 Contributed equity 91,175,804 90,924,518 Accumulated losses (112,241,123) (82,427,770) The directors believe the Group is in a strong and stable financial position to expand and grow its current operations. Significant changes in the state of affairs Other than those already discussed in Directors’ report, there were no significant changes in the state of affairs in the year ended 30 June 2026. Future developments, prospects and business strategies Dimerix continues to progress its ACTION3 Phase 3 clinical trial in FSGS. To support the FSGS global Phase 3 study, Dimerix works closely with IQVIA, the lead Contract Research Organisation (CRO). IQVIA is the largest global CRO and has extensive and recen t experience in running late -stage global FSGS clinical studies. The ACTION3 Phase 3 clinical trial completed recruitment during the period, with 333 adult patients having been recruited across 219 clinical sites. The paediatric cohort continues to be recruited and has no impact on the adult cohort timing. Dimerix has continued to progress its commercial manufacturing capabilities through an FDA approved global contract manufacturing organisation based in the US. The main regulatory standard for ensuring pharmaceutical quality is the Good Manufacturing Practi ce (GMP) regulation for human pharmaceuticals. Patients expect that each batch of medicines they take will meet quality standards so that they will be safe and effective. Dimerix is working with five commercial licensing partners that have strong sales and marketing infrastructure and experience. Dimerix is seeking licensing partners for other available territories. Environmental regulation The Group's operations are not subject to any significant environmental regulation under Australian Commonwealth or State law.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 20 ) Matters subsequent to the end of the financial year Subsequent to 30 June 2026, the Group entered into an exclusive licensing agreement with Mission Therapeutics Limited (United Kingdom) to acquire DMX-652, a Phase 2-ready selective USP30 inhibitor being developed for acute kidney injury, announced on 17 July 2026. Under the agreement the Group will pay an initial acquisition fee of US$5 million and up to a further US$280 million in delayed acquisition fees through potential development, regulatory and sales milestone payments, plus tiered royalties. In connection with this program, a related United States composition -of-matter patent (US 12,679,833) covering the USP30 -inhibitor compound class was granted on 23 July 2026, providing patent protection for DMX-652 until 11 April 2043. In July 2026 the Group entered into a $10 million unsecured facility funding agreement with Skiptan Pty Ltd to support ongoing development activities, pipeline expansion and extended operational runway. The facility is non-dilutive and supports Dimerix's strategy of advancing both the DMX-200 and DMX-652 programs. In August 2026 the Group received the upfront fee of US$10 million from Everest Medicines regarding the DMX-200 license agreement covering Greater China , South Korea and certain South East Asia countries, entered into in June 2026. Other than these matters, no matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Business risks (a) Clinical trial risks The Group is currently undertaking a phase 3 clinical trial (ACTION3) for its proprietary product, DMX- 200, for the treatment of Focal Segmental Glomerulosclerosis (FSGS). The Group releases material updates on the status of the ACTION3 clinical trial to ASX, including as part of its periodic reporting. The Group may undertake additional clinical trials in future, including but not limited to for DMX -200 and DMX-700. The Group may experience delay in achieving a number of critical milestones required to undertake clinical trials or meet significant data points. Manufacturing of clinical trial materials, logistics and distribution to clinical sites may result in significant additional cost and delay. Clinical trials might also potenti ally expose the Group to product liability claims if its products in development have unexpected effects on clinical subjects. Clinical trials undertaken by the Group have many associated risks which may impact the profitability and future productions and commercial potential of the Group. They may prove unsuccessful or non - efficacious, impracticable or costly. The clinical trials could be terminated which will likely have a significant adverse effect on the Group, the value of its securities and the future commercial development of its products.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 21 ) (b) Commercialisation risk The current business strategy of the Group is to focus on drug discovery and to develop each asset to a stage of value determination leading to a commercial realisation. Typically, that will be a trade sale or license of individual drug candidates to a third party with greater resources and expertise to undertake late-stage drug development, regulatory approvals, and sales and marketing. There is no certainty that any of the Group’s drug candidates will be of interest to such a t hird party or, if a drug candidate is of interest to such a third party, that terms can be negotiated that are commercially acceptable to the Group or will adequately realise the value of the drug candidate. As at the date of this report, the Group has entered into four license agreements for DMX-200. (c) Competition risk The industry in which the Group operates are characterised by rapid and continuous innovation and development. The Group faces substantial competition as new and existing companies enter the market and advances in research and technology become available. The Group’s product(s) or potential product(s) and services and expertise may be rendered obsolete or uneconomical by advances or entirely different approaches developed by either the Group or one or more of its competitors. The size and financial strength of some of the Group’s competitors may make it difficult for the Group to maintain a competitive position, including for the Group to respond effectively and/or in a timely manner to the actions of actual or potential competitors. (d) Arrangements with Third-Party Collaborators The Group may pursue collaborative arrangements with pharmaceutical and life science companies, academic institutions or other partners to complete the development and commercialisation of its products. These collaborators may be asked to assist with fundi ng or performing clinical trials, manufacturing, regulatory approvals or product marketing. There is no assurance that the Group will attract and retain appropriate strategic partners or that any such collaborators will perform and meet commercialisation goals. If the Group is unable to find a partner, it would be required to develop and commercialise DMX-200 and DMX -700 (and other potential products) at its own expense. This may place significant demands on the Group’s internal resources and potentially delay the commercialisation of DMX-200 and DMX-700 (and other products). (e) Intellectual Property risks Obtaining, securing and maintaining the Group’s intellectual property rights is an integral part of securing potential value arising from conduct of the Group’s business. If patents are not granted, or if granted only for limited claims, the Group’s intellectual property may not be adequately protected and may be able to be copied or reproduced by third parties. The Group may not be able to achieve its objectives, to commercialise its products or to generate revenue or other returns. The patent position of biotechnology and pharmaceutical companies can be highly uncertain and frequently involves complex legal and factual questions. Accordingly, there can be no guarantee that any patent applications will be successful and lead to grante d patents or all of the claims in any application will be granted. Furthermore, should such patent applications be granted, there is no guarantee competitors will not develop technology to avoid those patents, or that third parties will not seek to claim an interest in the intellectual property with a view to seeking a commercial benefit from the Group.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 22 ) The Group has engaged patent attorneys to develop and implement an intellectual property strategy to seek to establish broad patent protection to enable it to guard its exclusivity, maintain an advantage over competitors and provide it with a basis for enforcement in the event of infringement, but there is no guarantee that this intellectual property strategy will be successful. There also can be no assurance employees, consultants or third parties will not breach their confidentiality obligations or not in fringe or misappropriate the Group’s intellectual property. The Group seeks to mitigate the risk of unauthorised use of its intellectual property by limiting disclosure of sensitive material to particular employees, consultants and others on a need -to-know basis. Where appropriate, parties having potential access to such sensitive material will be required to provide written commitments to confidentiality and ownership of intellectual property. (f) Third party intellectual property infringement claims The Group’s success depends, in part, on its ability to enforce and defend its intellectual property against third party challengers. The Group believes that the manner in which it proposes to conduct activities will minimise the risk of infringement upon another party’s patent rights. However, there can be no assurance that another party will not seek to claim the Group is infringing upon their rights. While the Group relies on the advice of its patent attorneys that its patent applications do not infringe third party patents, the Group is unable to state with certainty that another party will not claim its rights are infringed or, if litigation claiming that the Group is infringing the intellectual property rights of a third party is launched, what the result of any such litigation will be. If a third party accuses the Group of infringing its intellectual property rights or commences litigation against t he Group for infringement of patent or other intellectual property rights, the Group may incur significant costs defending such action, whether or not it ultimately prevails. (g) Non-intellectual property based litigation, claims and disputes In addition to the above risks relating to intellectual property litigation, the Group may be subject to litigation and other claims and disputes in the course of its business, including contractual disputes with suppliers or customers, employment disputes , indemnity claims, and occupational and other claims. There is a risk that any such litigation, claim or dispute could materially adversely impact the Group’s operating and financial performance due to the significant cost and time invested by management in investigating, commencing, defending and/or settling such matters. Any claim against the Group, if proven, may also have a sustained negative impact on its operations, financial perfor mance, financial position and reputation. The Group is not currently engaged in litigation and, as at the date of this report, the Directors are not aware of any legal proceedings pending or threatened against, or any material legal proceedings affecting, the Group. (h) Trade Secrets The Group relies on its trade secrets, including information relating to the manufacture, development and administration of its drug candidates. The protective measures employed by the Group may not provide adequate protection for its trade secrets. This m ay erode the Group’s competitive advantage
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 23 ) and materially harm its business. Further, the Group cannot be certain that others will not independently develop the same or similar technologies on their own or gain access to trade secrets. (i) Regulatory risk, reimbursement approvals and government policy Changes to the laws, regulations, standards and practices applicable to the industry in which the Group operates (for example, drug approval regulations and government R&D rebates) may increase costs and limit the Group’s proposed scope of activity. The Gr oup has little or no control over these risks. Consequently, there can be no firm assurance that the Group can effectively limit these risks, which could materially adversely affect its business, financial condition and results of operations. The research, development, manufacture, marketing and sale of products using the Group’s technology are subject to varying degrees of regulation by a number of government authorities in Australia and overseas. Products, including DMX-200 and DMX-700, developed using the Group’s technology, must undergo a comprehensive and highly regulated development and review process before receiving approval for marketing. The process includes the provision of clinical data relating to the quality, safety and efficacy of the products for their proposed use. Products may also be submitted for reimbursement approval. The availability and timing of that regulatory and/or reimbursement approval may have an impact upon the uptake and profitability of products in some jurisdictions. Furthermore, any of the products utilising the Group’s technology may be shown to be unsafe, non -efficacious, difficult or impossible to manufacture on a large scale, uneconomical to market, compete with superior products marketed by third parties or not be as attractive as alternative treatments. (j) R&D reimbursement risk The Group has in the past and intends in future to apply for the Research and Development (R&D) tax incentive rebate which provides a refundable offset of up to 43.5% of eligible expenditure for companies with aggregated turnover below $20 million, and a n on-refundable offset for companies above this threshold. Whilst the Group is not aware of any reason why it would not be eligible to receive the R&D tax incentive rebate in the future, no guarantee can be given that the requirem ents for receiving the R&D tax incentive rebate will not change such that the Group no longer becomes eligible. (k) Management actions The Directors will, to the best of their knowledge, experience and ability (in conjunction with the management team) endeavour to anticipate, identify and manage the risks inherent in the activities of the Group, but without assuming any personal liability , with the aim of eliminating, avoiding and mitigating the impact of risks on the performance of the Group and its securities. The Group is dependent on the principal members of its scientific and development team; the loss of whose services could materially adversely affect the Group and may impede the achievement of its research and development objectives. Given the nature of the Group’s activities, its ability to maintain its program is dependent on its ability to attract and maintain appropriately qualified personnel either within the Group or through contractual arrangements. If one or more of the Group’s key personnel was unwilling or unable to continue in their current roles, there is a risk that the Group may be unable to re cruit a suitable replacement on commercially acceptable terms or at all. The loss of any key personnel, without suitable and timely replacement, may significantly disrupt the operations of the Group’s business and impede the Group’s ability to implement its business plans. This may, in turn, have a materially adverse effect on both the financial performance and future prospects of the Group. The
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 24 ) Group may also incur significant costs in recruiting and retaining new key personnel. Dimerix Limited and controlled entity Directors' report. Further, the Group’s current size affects its ability to provide substantial training and development opportunities to its key managers and personnel. Extensive ongoing development opportunities are not feasible for a small biotechnology Group such as the Group. The Group has sought to address this risk by hiring sufficiently qualified and skilled management and scientific development staff. (l) Reliance on key personnel The Group's future depends, in part, on its ability to attract and retain key personnel. It may not be able to hire and retain such personnel at compensation levels consistent with its existing compensation and salary structure. Its future also depends on the continued contributions of its executive management team and other key management and technical personnel; the loss of whose services would be difficult to replace. In addition, the inability to continue to attract appropriately qualified personnel could have a material adverse effect on the Group's business. (m) Human Resources The Group’s future success depends on its continuing ability to retain and attract highly qualified and experienced personnel. Competition for such personnel can be intense and there can be no assurance that Dimerix will be able to attract and retain additi onal highly qualified personnel in the future, The ability to attract and retain necessary personnel could have a material adverse effect on the Group reputation and financial position. (n) Future capital requirements Pharmaceutical R&D activities require a high level of funding over a protracted period of time. Additional development costs may arise during this period and the Group may require additional funding to meet its stated objectives or may decide to accelerate or diversify its activities within the same area. The Group’s requirement for additional capital may be substantial and will depend on many factors, some of which are beyond the Group’s control, including: ● slower than anticipated research progress, including clinical trial recruitment; ● the requirement to undertake additional research; ● competing technological and market developments; ● the cost of protecting the Group’s intellectual property; and ● progress with commercialisation of any of the Group’s drug candidates The Group will constantly evaluate data arising from its pre-clinical and clinical studies that may indicate new uses for its products and allow the Group to file patents, thereby providing potential new development and partnering opportunities. Accordingly, the Group may alter its funding strategies to take advantage of such new opportunities if and when they present themselves. There is no assurance that the funding required by the Group from time to time to meet its business requirements and objectives will be available to it, on favourable terms or at all. Subject to restrictions on the issue or grant of securities contained in the Listing Rules, the Constitution and the Corporations Act, the Directors may issue securities as they shall, in their absolute discretion, determine. To the
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 25 ) extent available, any additional equity financing may dilute existing shareholdings, and any debt financing may involve restrictions on the Group’s financing and operating activities. If the Group is unsuccessful in obtaining funds when required, it may be necessary for it to reduce the scope of its operations. Any of these consequences may significantly adversely impact the performance of the Group. (o) Loss or theft of data The Group complies with applicable privacy data protection laws. However, disruption by privacy breaches may impact the security of employee information/ data, unauthorised hacking, disruption, general misuse or unauthorised disclosure of data. The Group u ndertakes measures to prevent and detect the occurrence of such privacy breaches; there is a risk that such measures may not be adequate. Any data breach will need to be reported to the relevant authorities and may cause substanti al reputational and financial damage to the Group. Remuneration report (audited) This remuneration report, which forms part of the directors’ report, sets out information about the remuneration of Dimerix Limited’s key management personnel for the financial year ended 30 June 2026. The term ‘key management personnel’ refers to those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. The prescribed details for each person covered by this report are detailed below under the following headings: ● key management personnel ● remuneration policy ● relationship between the remuneration policy and Group performance ● remuneration of key management personnel ● key terms of employment contracts. Key management personnel The directors and other key management personnel of the Group during the financial year were: Non-executive directors Position Mr. Mark Diamond Non-Executive Chairman Dr Sonia Poli Non-Executive Director Mr Hugh Alsop Non-Executive Director Mr Clinton Snow Non-Executive Director
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 26 ) Executive Employees Position Dr Nina Webster Chief Executive Officer/Managing Director Dr David Fuller Chief Medical Officer Dr Robert Shepherd Chief Operating Officer Mr Mike Tonroe Chief Financial Officer (appointed 29 January 2026) Unless otherwise stated, the named other persons held their current position for the whole of the financial year or date of appointment and since the end of the financial year. Remuneration policy The board of directors of the Group is currently responsible for determining and reviewing compensation arrangements for key management personnel. The Group does not currently operate a Remuneration Committee. The remuneration policy, which is set out belo w, is designed to promote superior performance and long-term commitment to the Group. Non-executive directors’ remuneration Non-executive directors and Chairman are remunerated by way of fees, in the form of cash, non -cash benefits, superannuation contributions or salary sacrifice into equity and do not normally participate in schemes designed for the remuneration of executives. Shareholder approval must be obtained in relation to the overall limit set for the non -executive directors’ fees. The maximum aggregate remuneration approved by shareholders for non -executive directors is $500,000 per annum. The directors set the individual non-executive director fees within the limit approved by shareholders. Non-executive directors are not provided with retirement benefits. Executive director remuneration Executive directors receive a base remuneration which is at market rates, and may be entitled to performance based remuneration, which is determined on an annual basis. Overall remuneration policies are subject to the discretion of the board and can be cha nged to reflect competitive and business conditions where it is in the interests of the Group and shareholders to do so. Executive remuneration and other terms of employment are reviewed annually by the board having regard to the performance, relevant comparative information and expert advice. The board’s remuneration policy reflects its obligation to align executive remuneration with shareholders’ interests and to retain appropriately qualified executive talent for the benefit of the Group. The main principles are:
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 27 ) ● remuneration reflects the competitive market in which the Group operates; ● individual remuneration should be linked to performance criteria if appropriate; and ● executives should be rewarded for both financial and non-financial performance. The total remuneration of executives consists of the following: ● salary – executives receive a fixed sum payable monthly in cash plus superannuation at relevant minimum statutory superannuation contribution; ● cash at risk component – executives may participate in share and option schemes generally made in accordance with thresholds set in plans approved by shareholders if deemed appropriate. However, the board considers it appropriate to issue shares and options to executives outside of approved schemes in exceptional circumstances; ● other benefits – executives may, if deemed appropriate by the board, be provided with a fully expensed mobile phone and other forms of remuneration; and ● performance bonus. Relationship between the remuneration policy and Group performance The board considers that at this time, evaluation of the Group’s financial performance using generally accepted measures such as profitability, total shareholder returns or per Group comparison are not relevant as the Group is in the process of a phase 3 trial as outlined in the directors’ report. Remuneration of key management personnel Amounts of remuneration Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 28 ) Short-term benefits Short-term benefits Short-term benefits Post- employment Share based Performance related Salary and fees Bonus2 Other1 Superannuati on payment options % Total 2026 Mark Diamond 80,357 - - 9,643 77,397 - 167,397 Sonia Poli 60,000 - - - 77,397 - 137,397 Hugh Alsop 58,393 - - 1,607 77,397 - 137,397 Clinton Snow 53,571 - - 6,429 77,397 - 137,397 Nina Webster (CEO) 411,824 123,547 18,543 30,000 1,018,577 8% 1,602,491 David Fuller 351,079 89,964 9,336 30,000 45,453 17% 525,832 Robert Shepherd 316,028 75,000 11,705 30,000 34,089 17% 466,822 Mike Tonroe 3 127,308 - 9,892 12,500 - - 149,700 1,458,560 288,511 49,476 120,179 1,407,707 3,324,433 1 Other comprises annual leave expense and long service leave expense for the year 2 Performance bonus for FY2026 (accrued) based on Board approval. 3 Appointed 29 January 2026.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 29 ) Short-term benefits Short-term benefits Short-term benefits Post- employment Share based Performance related Total Salary and fees Bonus2 Other1 Superannuati on payment options % 2025 Mark Diamond 80,713 - - 9,282 63,739 - 153,734 Sonia Poli 60,000 - - - 63,739 - 123,739 Hugh Alsop 60,000 - - - 63,739 - 123,739 Clinton Snow 53,812 - - 6,188 63,739 - 123,739 Nina Webster (CEO) 399,829 419,949 30,819 29,932 378,983 33% 1,259,512 David Fuller 332,224 106,504 13,273 29,932 119,194 18% 601,127 Robert Shepherd 241,044 131,258 8,416 28,270 89,395 26% 498,383 1,227,622 657,711 52,508 103,604 842,528 2,883,973 1 Other comprises annual leave expense and long service leave expense for the year 2 Performance and discretionary bonuses for FY2025 (accrued) based on Board approval No key management personnel appointed during the year received a payment as part of his or her consideration for agreeing to hold the position. Bonuses and share-based payments granted as compensation for the current financial year Bonuses In relation to FY30 June 2026, a bonus of $123,547 was accrued for Nina Webster, $89,964 for David Fuller and $75,000 for Robert Shepherd.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 30 ) Incentive share-based payments arrangements 2,200,000 options and 1,500,000 performance rights valued in total at $1,291,254 were granted to key management personnel as remuneration during the year (30 June 2025: 2,700,000 options). 1,000,000 options and 1,500,000 performance rights valued in total at $963,224 were issued to Nina Webster; 300,000 options valued at $82,007 were issued to Hugh Alsop; 300,000 options valued at $82,007 were issued to Mark Diamond; 300,000 options valued at $82,007 were issued to Sonia Poli; 300,000 options valued at $82,007 were issued to Clinton Snow. The total share-based payment expense amortised for the financial year ended 30 June 2026 in relate to Key management personnel was $1,407,707 (30 June 2025: $840,924) Nil options previously issued to Key management personnel were lapsed during the year (30 June 2025: 167,202 options); nil options were exercised during the year (30 June 2025: 431,938) The following inputs were used in valuing the options: Risk free Expected life Exercise Underlying security Expiry date Valuation Volatility interest rate of options (years) price price at grant date per % option 78% 3.73% 5 0.500 0.460 12 December 2030 0.295 78% 3.73% 5 0.640 0.460 12 December 2030 0.274 78% 3.73% 5 0.820 0.460 12 December 2030 0.251 78% 3.73% 3 - 0.460 31 December 2028 0.460 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. Key terms of employment contracts Mr Mark Diamond On 1 December 2023, Mark Diamond was appointed as Non-executive Chairman with the following key terms and conditions:
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 31 ) ● Term of agreement – no fixed term; subject to retirement by rotation and re-election in accordance with the Constitution and ASX Listing Rule 14.4. No notice period; no termination benefits payable. ● No entitlement to any compensation or damage or payment of any further director’s fees for any period after termination. ● Remuneration of $90,000 per annum (inclusive of superannuation). Dr Nina Webster On 27 August 2018 Nina Webster was appointed CEO and Managing Director with the following key terms and conditions: ● Remuneration of $303,900 per annum exclusive of superannuation and short -term incentives of up to 30% base salary against agreed stretch milestones. ● Term of agreement – employment may be terminated by either party giving three months’ notice. On 1 July 2025 remuneration increased to $441,824 per annum (full -time equivalent), including gross salary of $411,824 (a 3% increase) and superannuation of $30,000 excluding any amounts salary sacrificed. Dr Sonia Poli On 3 July 2015, Dr Sonia Poli was appointed as Non-Executive Director and her remuneration and other terms of appointment were formalised in a letter of appointment, the key terms and conditions of which are: ● Term of agreement – no fixed term; subject to retirement by rotation and re-election in accordance with the Constitution and ASX Listing Rule 14.4. No notice period; no termination benefits payable. ● No entitlement to any compensation or damage or payment of any further director’s fees for any period after termination. ● Remuneration of $45,000 per annum (plus GST if applicable). From 01 July 2020 remuneration increased to $60,000 per annum inclusive of superannuation. Mr Hugh Alsop On 1 May 2017 Mr Hugh Alsop was appointed as Non -Executive Director and the terms of the appointments were formalised in a letter of appointment with the following key terms and conditions: ● Term of agreement – no fixed term; subject to retirement by rotation and re-election in accordance with the Constitution and ASX Listing Rule 14.4. No notice period; no termination benefits payable. ● No entitlement to any compensation or damage or payment of any further director’s fees for any period after termination. ● Remuneration of $45,000 per annum (plus GST if applicable).
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 32 ) From 01 July 2020 remuneration increased to $60,000 per annum inclusive of superannuation. Mr Clinton Snow On 1 May 2023, Mr Clinton Snow was appointed as Non-Executive Director and his remuneration and other terms of appointment were formalised in a letter of appointment, the key terms and conditions of which are: ● Term of agreement – no fixed term; subject to retirement by rotation and re-election in accordance with the Constitution and ASX Listing Rule 14.4. No notice period; no termination benefits payable. ● No entitlement to any compensation or damage or payment of any further director’s fees for any period after termination. ● Remuneration of $60,000 per annum (plus GST if applicable). Dr David Fuller On 23 October 2023 David Fuller was appointed Chief Medical Officer with following key terms and conditions: ● Term of agreement – employment may be terminated by either party giving three month’s written notice. ● Remuneration of $360,746 per annum inclusive of superannuation and incentive of up to 25% base salary against agreed stretch milestones. On 1 July 2025 remuneration increased to $389,855 per annum (full -time equivalent), including gross salary of $359,855 and superannuation of $30,000 excluding any amounts salary sacrificed. Dr Robert Shepherd On 1 November 2023 Robert Shepherd was appointed as Chief Commercialisation Officer with the following key terms and conditions: ● Term of agreement – employment may be terminated by either party giving three month’s written notice. ● Remuneration of $247,418 per annum including superannuation, excluding any amount salary sacrificed, and incentive of up to 25% base salary against agreed stretch milestones. On 1 July 2025 remuneration increased to $308,170 per annum (full -time equivalent), including gross salary of $278,170 and superannuation of $30,000 excluding any amounts salary sacrificed. On 1 September 2025 remuneration increased to $330,000 per annum (full-time equivalent), including gross salary of $300,000 and superannuation of $30,000 excluding any amounts salary sacrificed. His title also changed to Chief Operating Officer.
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 33 ) Mr Mike Tonroe On 29 January 2026 was appointed as Chief Financial Officer & Company Secretary with the following key terms and conditions: ● Term of agreement – employment may be terminated by either party giving three month’s written notice. ● Remuneration of $330,000 per annum including superannuation, excluding any amount salary sacrificed, and incentive of up to 25% base salary against agreed stretch milestones. Key management personnel equity holdings Fully paid ordinary shares of Dimerix Limited Balance at Received as part Balance at 1 July of renumeration Additions Disposals/ others 30 June Mark Diamond4 - - - - - Sonia Poli1 633,490 - - - 633,490 Hugh Alsop2 - - - - - Clinton Snow5 - - - - - Nina Webster3 537,167 - - - 537,167 David Fuller6 - - - - - Robert Shepherd7 - - - - - Mike Tonroe8 - - - - - 1,170,657 - - - 1,170,657 1 Appointed 3 July 2015 2 Appointed 1 May 2017 3 Appointed 27 August 2018 4 Appointed 1 December 2023 5 Appointed 1 May 2023 6 Appointed 23 October 2023 7 Appointed 1 November 2023 8Appointed 29 January 2026
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 34 ) Balance at Received as part Balance at 1 July of renumeration Additions Disposals/ others 30 June Mark Diamond4 - - - - - Sonia Poli1 392,500 - 240,990 - 633,490 Hugh Alsop2 - - - - - Clinton Snow5 - - - - - Nina Webster3 409,250 - 127,917 - 537,167 David Fuller6 18,334 - - (18,334) - Robert Shepherd7 - - - - - 820,084 - 368,907 (18,334) 1,170,657 1 Appointed 3 July 2015 2 Appointed 1 May 2017 3 Appointed 27 August 2018 4 Appointed 1 December 2023 5 Appointed 1 May 2023 6 Appointed 23 October 2023 7 Appointed 1 November 2023 Share options of Dimerix Limited Balance at Granted as Exercised/ Lapsed Closing balance at Balance vested at Vested and Options vested 2026 1 July No. compensati on No. No. 30 June No. 30 June No. exercisable No. during year No. Mark Diamond 300,000 300,000 - 600,000 300,000 300,000 200,000 Sonia Poli 300,000 300,000 - 600,000 300,000 300,000 200,000 Hugh Alsop 300,000 300,000 - 600,000 300,000 300,000 200,000 Clinton Snow 300,000 300,000 - 600,000 300,000 300,000 200,000 Nina Webster 3,552,956 2,500,000 - 6,052,956 3,478,739 3,478,739 2,333,334 David Fuller 1,000,000 - - 1,000,000 660,000 660,000 330,000 Robert Shepherd 750,000 - - 750,000 495,000 495,000 247,500 Mike Tonroe - - - - - - -
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Directors’ report Dimerix Limited and controlled entity | 2026 Annual Report ( 35 ) Balance at Granted as Exercised/ Lapsed Closing balance at Balance vested at Vested and Options vested 2025 1 July No. compensati on No. No. 30 June No. 30 June No. exercisable No. during year No. Mark Diamond - 300,000 - 300,000 100,000 100,000 100,000 Sonia Poli1 241,037 300,000 (241,037) 300,000 100,000 100,000 100,000 Hugh Alsop2 167,202 300,000 (167,202) 300,000 100,000 100,000 100,000 Clinton Snow - 300,000 - 300,000 100,000 100,000 100,000 Nina Webster3 2,180,873 1,500,000 (127,917) 3,552,956 1,145,405 1,145,405 500,000 David Fuller2 1,024,000 - (24,000) 1,000,000 330,000 330,000 330,000 Robert Shepherd 750,000 - - 750,000 247,500 247,500 247,500 1 240,990 options exercised during the year and 47 lapse 2 Options expired during the year 3 Options exercised during the year There were no other related party transactions during the year . This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. This concludes the remuneration report, which has been audited. 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 ___________________________ 27 August 2026
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Liability limited by a scheme approved under Professional Standards Legislation PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au Stantons Is a member of the Russell Bedford International network of firms INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DIMERIX LIMITED Report on the Audit of the Financial Report Opinion We have audited the financial report of Dimerix Limited (“the Company”) and its subsidiaries (“the Group”), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001 , including: (i) giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the 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 s of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence 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. Dimerix Limited and controlled entity | 2026 Annual Report ( 36 ) Independent auditor's report
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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 Matters How the matter was addressed in the audit Revenue Recognition The Group had recorded revenue of $ 4,350,305 for the year ended 30 June 202 6 and had an contract liability of $5,636,285 (current) and $63,971,652 (non current). The Group enters into different types of contracts with customers which resulted in different accounting treatment. We consider revenue recognition to be a key audit matter due to: • Significance of revenue to the financial report and significant audit effort expended in auditing this balance; • the unique circumstances of the individualised contract arrangements the Group enters into, and the complexities associated these contracts; and • complexity and judgement involved in applying the requirements of AASB 15 Revenue from Contracts with Customers (AASB 15). Inter alia, our audit procedures included the following: i. Assessing the Group’s revenue recognition policies against the requirements of AASB 15 ; ii. Testing a sample of significant customer contracts and read the terms and conditions of sale to understand the features distinguishing the revenue elements considering performance obligations and revenue recognition; iii. Obtaining management’s formal assessment regarding an amount s received and assessing the accounting treatment for compliance with AASB 15; and iv. Assessing the appropriateness of disclosure in the notes to the financial statements. Deferred tax assets At 30 June 202 6, the Group recognised deferred tax assets of $ 23.3 million. The recoverability of this asset is dependent on the assessment of taxable income, which is inherently uncertain and involves significant judgement. We consider deferred tax assets to be a key audit matter due to the significant judgment applied in relation to the evaluation of the probability of use of deferred tax assets. Inter alia, our audit procedures included the following: i. Assessing the recognition and recoverability of deferred tax assets as at 30 June 2026 against the requirements of AASB 112 Income Taxes; ii. Assessing the tax workings f rom the tax specialist for the quantum and timing of taxable profits; iii. Assessing the appropriateness of disclosure in the notes to the financial statements. Dimerix Limited and controlled entity | 2026 Annual Report ( 37 )
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Other Information The directors are responsible for the other information. The other information comprises the information included in the Group’s annual report for the year ended 30 June 2026 but does not include the financial report and our 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. Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of: a) the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 (other than the consolidated entity disclosure statement); and b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i) the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii) the consolidated entity disclosure statement that is true and correct and is free from misstatement whether due to fraud and error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the d irectors either intend to liquidate the Group or to cease operations, or has 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 le vel 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, indi vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report. We conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group' s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained Dimerix Limited and controlled entity | 2026 Annual Report ( 38 )
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up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in Internal control that we identify during our audit. The Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements. We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore key audit matters. We describe these matters in our auditor's report un less law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to o utweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Dimerix 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 preparation 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. STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company) Samir Tirodkar Director West Perth, Western Australia 27 August 2026 Dimerix Limited and controlled entity | 2026 Annual Report ( 39 )
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Liability limited by a scheme approved under Professional Standards Legislation PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au Stantons Is a member of the Russell Bedford International network of firms 27 August 2026 Board of Directors Dimerix Limited 425 Smith Street Fitzroy Victoria 3065 Dear Directors RE: DIMERIX LIMITED In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Dimerix Limited. As Audit Director for the audit of the financial statements of Dimerix 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. Yours sincerely STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company) Samir Tirodkar Director Dimerix Limited and controlled entity | 2026 Annual Report ( 40 ) Auditor's independence declaration
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Directors’ declaration Dimerix Limited and controlled entity | 2026 Annual Report ( 41 ) Director’s Declaration 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 IFRS Accounting Standards as issued by the International Accounting Standards Board as described in note 2 to the financial statements; ● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2026 and of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable; and ● the information disclosed in the attached consolidated entity disclosure statement is true and correct. 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 ___________________________ 27 August 2026
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Dimerix Limited and controlled entity | 2026 Annual Report ( 42 ) Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 Note 2026 $ 2025 $ Revenue Total Revenue (including licensing fees amortised over the life of the license) 5 4,350,305 5,586,828 Other Income 6 2,627,512 326,975 Expenses Research and development expenses 7 (36,027,048) (27,323,617) Corporate administration Expenses 7 (4,075,255) (4,333,195) Share-based payment expenses 26 (1,425,888) (898,760) Business Development Expense 8 - (5,040,375) Loss before income tax benefit (34,550,374) (31,682,144) Income tax benefit 9 4,737,021 18,430,422 Loss after income tax benefit for the year attributable to the owners of Dimerix Limited 23 (29,813,353) (13,251,722) Other comprehensive income for the year, net of tax - - Total comprehensive income for the year attributable to the owners of Dimerix Limited (29,813,353) (13,251,722) Cents Cents Basic and diluted (loss) per share (cents per share) 10 (4.97) (2.36) The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
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Dimerix Limited and controlled entity | 2026 Annual Report ( 43 ) Consolidated Statement of Financial Position As at 30 June 2026 Note 2026 $ 2025 $ Assets Current assets Cash and cash equivalents 29 16,153,803 68,283,812 Trade, other receivables and prepayments 11 18,920,477 3,895,135 Total current assets 35,074,280 72,178,947 Non-current assets Property, plant and equipment 13 17,006 25,702 Right-of-use assets 12 227,817 91,933 Deferred tax 14 23,273,164 18,880,522 Total non-current assets 23,517,987 18,998,157 Total assets 58,592,267 91,177,104 Liabilities Current liabilities Trade and other payables 15 3,084,013 17,501,318 Contract liabilities (licensing fees amortised over the life of the license) 19 5,636,285 4,233,397 Lease liabilities 12 124,088 97,481 Income tax 16 - 48,915 Provisions 17 334,078 276,344 Total current liabilities 9,178,464 22,157,455 Non-current liabilities Contract liabilities (licensing fees amortised over the life of the license) 19 63,971,652 55,579,053 Lease liabilities 12 108,003 - Deferred tax liability 20 56,954 29,240 Provisions 17 34,030 32,013 Total non-current liabilities 64,170,639 55,640,306 Total liabilities 73,349,103 77,797,761 Net (liabilities)/assets (14,756,836) 13,379,343 Equity Issued capital 21 91,175,804 90,924,518 Reserves 22 6,308,483 4,882,595 Accumulated losses 23 (112,241,123) (82,427,770) Total (deficiency)/equity (14,756,836) 13,379,343 The above statement of financial position should be read in conjunction with the accompanying notes
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Dimerix Limited and controlled entity | 2026 Annual Report ( 44 ) Consolidated Statement of Changes in Equity As at 30 June 2026 Issued Retained Total equity capital Reserves profits $ $ $ $ Balance at 1 July 2024 83,377,723 3,983,835 (69,176,048) 18,185,510 Loss after income tax benefit for the year - - (13,251,722) (13,251,722) Other comprehensive income for the year, net of tax - - - - Total comprehensive income for the year - - (13,251,722) (13,251,722) Transactions with owners in their capacity as owners: Exercise of options 7,546,795 - - 7,546,795 Recognition of share-based payments (note 22) - 898,760 - 898,760 Balance at 30 June 2025 90,924,518 4,882,595 (82,427,770) 13,379,343 Issued Retained Total deficiency in equity capital Reserves profits $ $ $ $ Balance at 1 July 2025 90,924,518 4,882,595 (82,427,770) 13,379,343 Loss after income tax benefit for the year - - (29,813,353) (29,813,353) Other comprehensive income for the year, net of tax - - - - Total comprehensive income for the year - - (29,813,353) (29,813,353) Exercise of options 251,286 - - 251,286 Transactions with owners in their capacity as owners: Recognition of share-based payments (note 22) - 1,425,888 - 1,425,888 Balance at 30 June 2026 91,175,804 6,308,483 (112,241,123) (14,756,836) The above statement of changes in equity should be read in conjunction with the accompanying notes
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Dimerix Limited and controlled entity | 2026 Annual Report ( 45 ) Consolidated Statement of Cash Flows For the year ended 30 June 2026 Note 2026 $ 2025 $ Cash flows from operating activities Receipts from customers (inclusive of GST) - 54,562,788 Payments to suppliers and employees (inclusive of GST) (52,389,917) (23,769,488) Receipt of Research and Development tax refund - 7,932,428 Interest received 583,157 326,761 Net cash (used in)/from operating activities 29 (51,806,760) 39,052,489 Cash flows from investing activities Payments for property, plant and equipment 13 (4,982) (21,006) Net cash used in investing activities (4,982) (21,006) Cash flows from financing activities Proceeds from exercise of options 266,579 7,546,795 Interest and other finance costs paid (2,827) (15,122) Repayment of lease liabilities (148,111) (109,479) Net cash from financing activities 115,641 7,422,194 Net (decrease)/increase in cash and cash equivalents (51,696,101) 46,453,677 Cash and cash equivalents at the beginning of the financial year 68,283,812 22,141,466 Effects of exchange rate changes on cash and cash equivalents (433,908) (311,331) Cash and cash equivalents at the end of the financial year 16,153,803 68,283,812 The above statement of cash flows should be read in conjunction with the accompanying notes
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Dimerix Limited and controlled entity | 2026 Annual Report ( 46 ) Notes to the Consolidated Financial Statements 30 June 2026 1. General information Dimerix Limited (“Dimerix” or the “Company”) and its subsidiary (the “Group” or “Consolidated Entity”) is a listed public company incorporated in Australia. The address of its registered office and principal place of business is disclosed in the corporate directory to the annual report. The principal activities of the Group are described in the directors’ report. 2. Material accounting policy information The accounting policies that are material to the Group are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. 2.1 Statement of compliance These consolidated financial statements are general purpose financial statements which have been prepared in accordance with the Corporations Act 2001, Accounting Standards and Interpretations and comply with other requirements of the law. The consolidated financial statements comprise the financial statements of the Group. For the purposes of preparing the financial statements, the Group is a for-profit entity. The consolidated financial statements were authorised for issue by the directors on 30 June 2026. 2.2 Basis of preparation The consolidated financial statements have been prepared on the basis of historical cost, except for certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair values of the consideration given in exchange for goods and services. The financial statements have been prepared on a going concern basis. All amounts are presented in Australian dollars, unless otherwise noted. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using anothe r valuation technique. In estimating the fair value of an asset or liability, the Group takes into account the characteristics of the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of AASB 2, leasing transactions that are within the scope of AASB 16 and measurements that have some similarities to fair value but are not fair value, such as net realisable value in AASB 2 or value in use in AASB 136.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 47 ) 2. Material accounting policy information (continued) 2.3 Going concern The consolidated financial statements have been prepared on the going concern basis which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business. For the year ended 30 June 2026 the Group incurred a loss after tax of $29,813,353 (30 June 2025: $13,251,722) and net cash outflows from operations of $51,806,760 (30 June 2025: $39,052,489 inflows). At 30 June 2026, the Group had current assets of $35,07 4,280 (30 June 2025: $ 72,178,947), current liabilities of $9,178,464 (30 June 2025: $ 22,157,455), net liabilities of $14,756,836 (30 June 2025: net assets of $ 13,379,343) and current cash holding was $16,153,803 (30 June 2025: $68,283,812). Commitment expenditure is disclosed in Note 30. The directors have reviewed the business outlook and cash flow forecasts and are of the opinion that the use of the going concern basis of accounting is appropriate as the Group has received the upfront license fee of US$10 million from Everest Medicines in respect of the licensing of Greater China, South Korea and certain other South East Asia countries on 20 August 2026; commitments of at least $10 million from the facility funding agreement entered into in July 2026; the Company will look to further strengthen its balance sheet through potential additional non-dilutive funding arrangements and meet its expenditure commitments as required. Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different to those stated in the consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of liabilities that may be necessary should the Group be unable to continue as a going concern. 2.4 Revenue recognition Under AASB15 'Revenue from Contracts with Customers', revenue is recognised when a performance obligation is satisfied, being when control of the goods or services underlying the performance obligation is transferred to the customer. License revenue For licence revenue, and in order to determine whether to recognise revenue, the Group follows a 5 - step process: 1. Identifying the contract with a customer; 2. Identifying the performance obligations; 3. Determining the transaction price; 4. Allocating the transaction price to the performance obligations; and 5. Recognising revenue when/as performance obligation(s) are satisfied. The Group has entered into licence transactions and received upfront and payments as part of out - licensing agreements.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 48 ) 2. Material accounting policy information (continued) The total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices using the residual method and cost method. Revenue is recognised either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. The Group recognises contract liabilities for consideration received in respect of unsatisfied performance obligations or where revenue is constrained and reports these amounts as contract liabilities in the statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Licence revenue is determined with reference to performance obligations to provide either patents or IP . Licence revenues are considered a right to use and recognised over time, net of any revenue constraints of variable consideration. However, where the a rrangement includes performance obligations such as clinical milestone payments, which represent variable consideration and are linked to ongoing activities, revenue is recognised at a point in time as those performance obligations are satisfied. Revenue relating to performance related income is recognised when the performance obligations have been satisfied. The assessment of the criteria for income recognition and the determination of the appropriate period during which income is recognised are subject to judgement where variable consideration that is constrained and revenue is recognised only when it is highly probable that there will not be a significant reversal of revenue. This arrangement includes development and regulatory milestone payments. At contract inception and at each reporting period, the Group evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated mile stone value is included in the transaction price. Milestone payments that are not within the Company’s control or the customer’s control, such as regulatory approvals, are not included in the transaction price. At the end of each subsequent reporting perio d, the Company re -evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Interest income Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 49 ) 2. Material accounting policy information (continued) Research and Development Tax Incentive These are accounted on an accrual basis once it is probable that it will be received. 2.5 Taxation Current tax The tax currently payable is based on taxable profit for the year . Taxable profit differs from profit before tax as reported in the statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in o ther years and items that are never taxable or deductible. The Group’s current tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 50 ) 2. Material accounting policy information (continued) Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 2.6 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight - line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Property, plant and equipment are amortised on a straight line basis over 2 years. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit and loss.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 51 ) 2. Material accounting policy information (continued) 2.7 Employee benefits Short-term employee benefits A liability is recognised for benefits accrued to employees in respect of wages and salaries and annual leave when it is probable that settlement will be required and they are capable of being measured reliably. Liabilities recognised in respect of short-term employee benefits are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. 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 reportin g 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 marke t yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. 2.8 Contract liabilities Contract liabilities represent the consolidated entity's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the consolidated entity recognises a receivable to reflect its unconditional righ t to consideration (whichever is earlier) before the consolidated entity has transferred the goods or services to the customer. Please refer to License revenue per 2.4 Revenue recognition for more details. 2.9 Share-based payments arrangements Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 26. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increas e in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 52 ) 2. Material accounting policy information (continued) Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year . 2.10 Financial instruments Recognition, initial measurement and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial instruments (except for trade receivables) are measured initially at fair value adjusted by transactions costs, except for those carried “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss. Where available, quoted prices in an active market are used to determine the fair value. In other circumstances, valuation techniques are adopted. Subsequent measurement of financial assets and financial liabi lities are described below. Trade receivables are initially measured at the transaction price if the receivables do not contain a significant financing component in accordance with AASB 15. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and subsequent measurement Financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments, are classified into the following categories upon initial recognition: ● amortised cost; ● fair value through other comprehensive income (FVOCI); and ● fair value through profit or loss (FVPL).
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 53 ) 2. Material accounting policy information (continued) Classifications are determined by both: ● The contractual cash flow characteristics of the financial assets; and ● The entities business model for managing the financial asset. Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL): ● they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and ● the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss. All interest-related charges and, if applicable, gains and losses arising on changes in fair value are recognised in profit or loss. The Group’s trade and other payables, borrowings' and lease liability are financial liabilities measured at amortised cost.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 54 ) 2. Material accounting policy information (continued) Impairment The Group assesses on a forward -looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by AASB, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 2.11 Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except: (i) where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or (ii) for receivables and payables which are recognised inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows. 2.12 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 consolidated entity 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 2.13 Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right -of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencemen t date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 55 ) 2. Material accounting policy information (continued) Right-of-use assets are depreciated on a straight -line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The consolidated entity has elected not to recognise a right -of-use asset and corresponding lease liability for short -term leases with terms of 12 months or less and leases of low -value assets. Lease payments on these assets are expensed to profit or loss as incurred. 2.14 Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lea se term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right -of-use asset is fully written down 2.15 New and Amended Accounting Policies Adopted by the Group Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2026. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 56 ) 2. Material accounting policy information (continued) 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 (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 July 2027 and i t is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. 2.12.1 Other standards not yet applicable AASB 2020-1: Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current The amendment amends AASB 101 to clarify whether a liability should be presented as current or non- current. The Group plans on adopting the amendment for the reporting period ending 30 June 2027 along with the adoption of AASB 2023 -6. The amendment is not expected to have a material impact on the financial statements once adopted. AASB 2021-7c: Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections AASB 2021-7c defers the application of AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture so that the amendments are required to be applied for annual reporting periods beginning on or after 1 January 2025 instead of 1 January 2018. The Group plans on adopting the amendments for the reporting periods ending 30 June 2026. The impact of initial application is not yet known.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 57 ) 2. Material accounting policy information (continued) AASB 2022-6: Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants AASB 2022-6 amends AASB 101: Presentation of Financial Statements to improve the information an entity provides in its financial statements about liabilities arising from loan arrangements for which the entity’s right to defer settlement of those liabilities for at least 12 months after the reporting period is subject to the entity complying with conditions specified in the loan arrangement. It also amends an example in Practice Statement 2 regarding assessing whether information about covenants is material for disclosure. The Group plans on adopting the amendment for the reporting period ending 30 June 2026. The amendment is not expected to have a material impact on the financial statements once adopted. There are no other standards that are not yet effective and that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. 3. Critical accounting judgements, estimates and assumptions In the application of the Group’s accounting policies, which are described in Note 2, the directors of the Group are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent f rom other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period on which the estimate is revised if the revision affects only that period, or in the period in the revision and future periods if the revision affects both current and future periods. In preparing these financial statements, the significant judgements were made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 58 ) 3.1 Other key sources of estimation uncertainty ● Valuation of share options issued to management, staff and consultants. The Company uses the Black Scholes model and uses estimates based on share price data. ● Determination of expenses eligible for research and development tax incentive based on estimates from external tax advisors. ● The recognition of deferred tax assets requires an estimate of the probability of future use, the influencing factors considered as part of this assessment include determination of temporary differences and budgeting/forecasting. ● In determining the recognition of license income, t he useful life of the license is based on management’s best estimate considering factors such as contractual terms, Dossier preparation, FDA review, and launch. As this involves significant judgment, the license income recognised over the estimated life is subject to uncertainty and may change in the future. 4. Operating segments From the period beginning 1 July 2016 the Board considers that the Group has only operated in one Segment, being investment in research and development of biopharmaceutical drugs. The financial information presented in the consolidated statement of financi al profit or loss and other comprehensive income and consolidated statement of financial position represents the information for the business segment. During the year the following revenue was recorded from license and milestone payments with distributers located in the below jurisdictions: Revenue (in $) % of Total Revenue % Singapore - $14.1 million upfront license fee received in FY27 and amortised over the forecasted license term. $116,907 3% USA - $47.0 million upfront license fee received in FY25 and amortised over the forecasted license term. $3,436,746 79% Japan - $3.1 million upfront license fee received in FY25 and amortised over the forecasted license term. $223,234 5% UK - $10.9 million upfront license fee received in FY24 and amortised over the forecasted license term. $543,596 12% Dubai - $0.5 million upfront license fee received in FY24 and amortised over the forecasted license term. $29,821 1% $4,350,304 -
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 59 ) 5. Revenue 2026 2025 $ $ License income (note 1) 4,350,305 1,254,598 Performance related income (note 2) - 4,332,230 4,350,305 5,586,828 1. Upfront license fee's recognised over the life of the relevant license. 2. Performance related income recognised upon the satisfaction of the performance obligation relating to the opening of clinical sites in Japan. The Group's revenue is derived from the provision of goods and services under license agreement. Revenue is recognised in accordance with AASB 15, when control of goods or services is transferred to the customer. During the year, the Group recognised a total of $4,350,305 in income under Dimerix Bioscience Pty Ltd. 6. Other Income 2026 2025 $ $ Interest received 623,909 326,975 Research & Development tax incentive (Note 1) 2,003,603 - 2,627,512 326,975 1. In 2025 the Research & Development refund was used to offset income tax payable and has been accounted for in the deferred tax balance.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 60 ) 7. Expenses 7.1 Research and development expenses 2026 2025 $ $ Research and development expense 36,027,048 27,323,617 7.2 Corporate administration expenses Loss for the year has been arrived at after charging the following items of expenses: 2026 2025 $ $ Company secretary fees 21,000 36,000 Depreciation and amortisation 138,158 123,562 Directors renumeration 300,000 299,928 Salary and wages 964,541 844,868 Rental expense 7,394 7,044 Legal and professional fees 229,702 101,403 Share registry fees 76,290 81,955 Insurance expenses 258,988 290,662 FX gain and losses 69,546 675,300 Other administration expenses 2,009,636 1,872,473 4,075,255 4,333,195 8. Business Development Expense 2026 2025 $ $ Business Development Expenses - 5,040,375 Business Development costs include corporate advisory and legal fee’s incurred in connection with the successful negotiation and execution the US license agreement during the 2025 reporting period.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 61 ) 9. Income tax expense 9.1 Income tax recognised in profit and loss 2026 2025 $ $ Current tax benefit (5,676,374) 420,860 Deferred tax 939,353 (14,656,881) (Over)/under provision in prior years - (4,194,401) Total Tax expense (4,737,021) (18,430,422) 2026 2025 $ $ Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax benefit (34,550,374) (31,682,144) Tax at the statutory tax rate of 25% (2025: 30%) (8,637,594) (9,504,643) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses/temporary differences 2,762,297 (2,581,772) Non-assessable income (2,003,604) (2,009,522) Utilisation of unrecognised losses - (4,334,485) DTA/DTL adjustment due to tax rate change 3,141,880 - Income tax benefit/(Expense) (4,737,021) (18,430,422) The tax rate used for the reconciliation above is the corporate tax rate of 25.00% payable by Australian corporate entities on taxable profits under Australian tax law. The Group has no franking credits available for recovery in future years.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 62 ) All unused tax losses were incurred by Australian entities. This benefit for tax losses will only be obtained if the specific entity carrying forward the tax losses derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised, and t he Group complies with the conditions for deductibility imposed by tax legislation. Deferred tax amounts recognised in income tax expense: Tax adjustment - net movement DTA movement DTL movement Prepayments and Deposits 5,534 - (1,384) Plant & equipment 211,956 - (52,989) License income (4,350,305) 1,087,576 - License fees 14,145,792 - (3,536,448) Provision for annual leave & long service leave 98,206 (24,551) - Accruals and provisions (339,436) - 84,859 Section 40-880 deduction (626,981) - 156,746 Right of Use Asset (1,894) 474 - 9,142,872 1,063,499 (3,349,216) 10. Basic and diluted loss per share The loss and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: Cents Cents Basic and diluted (loss) per share (cents per share) (4.97) (2.36)
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 63 ) 2026 2025 $ $ Loss after income tax attributable to the owners of Dimerix Limited (29,813,353) (13,251,722) 30 June 2026 $ 30 June 2025 $ Weighted average number of ordinary shares used in calculating diluted earnings per share 600,326,097 560,424,855 There is no dilution of shares due to options and the convertible notes therefore options and convertible notes are not included in the calculation of diluted loss per share. 11. Trade, other receivables and prepayments 30 June 2026 30 June 2025 $ $ Other receivables 18,257,449 3,644,236 Prepayments 291,083 250,899 Withholding tax receivable 371,945 - 18,920,477 3,895,135 The other receivables at the reporting date include: • Research and Development tax incentive of $2,003,604 (30 June 2025: $nil). This amount is based on criteria of eligible expenditure set out by AusIndustry. The FY2025 Research & Development refund was used to offset the tax payable and has been accounted for in the deferred tax balance. • $1,122,069 receivable from Fuso Pharmaceutical Industries, Ltd. in relation to pass -through costs associated with the Japanese clinical trial (30 June 2025: $2,670,101). • $14,523,590 receivable from Everest Medicines (Singapore) Pte. Ltd. in relation to the upfront license payment (30 June 2025: $nil) paid in full on 20 August 2026. At the reporting date, nil receivables are past due. No provision has been made for the recoverability of this amount as directors have deemed it fully recoverable.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 64 ) 12. Right-of-use asset and lease liability 12.1 Right-of-use asset 30 June 2026 30 June 2025 $ $ Land and building- on initial recognition 260,362 183,868 Less: Accumulated depreciation (32,545) (91,935) 227,817 91,933 12.2 Lease liability 30 June 2026 30 June 2025 $ $ Current Property lease liability 124,088 97,481 Non-current Property lease liability 108,003 - Total Lease Liability 232,091 97,481 30 June 2026 30 June 2025 $ $ Depreciation - right of use asset 124,480 112,953 Interest expense - lease liability 11,180 15,534 Lease payments during the year 136,931 135,240
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 65 ) 30 June 2026 30 June 2025 $ $ Reconciliation of carrying amount of right-of-use asset Carrying value at the beginning of the year 91,933 147,127 Additions / lease inception 260,364 183,868 Depreciation (124,480) (239,062) Carrying value at end of year 227,817 91,933 Option to extend or terminate The Group uses hindsight in determining the lease term where the contract contains options to extend or terminate the lease. Property lease The above right -of-use asset (ROU) and lease liability relate to the office lease entered into by the Group. The lease has been accounted for in accordance with AASB 16 The ROU asset is measured at the amount equal to the lease liability at initial recognition and then amortised over the life of the lease. During the year, the Group entered into a lease agreement for a period of 24 months from 1 April 2026. The lease liability and ROU asset at initial recognition for this new lease was $260,362. The right-of-use asset is being depreciated over the lease term on a straight -line basis. Depreciation expense of $124,480 (30 June 2025: $112,953) was included in corporate administration expense in the consolidated statement of profit or loss and other comprehensive income. At initial recognition, the lease liability was measured as the present value of minimum lease payments using the Group’s incremental borrowing rate of 12.47%. The incremental borrowing rate was based on the unsecured interest rate that would apply if finance was sought for an amount and time period equivalent to the lease requirements of the Group. Each lease payment is allocated between the liability and interest expense. The interest expense of $7,451 (30 June 2025: $15,534) was included in corporate administration expense in the consolidated statement of profit or loss and other comprehensive income.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 66 ) 13. Property, plant and equipment 30 June 2026 30 June 2025 $ $ Computer equipment - at cost 81,351 76,369 Less: Accumulated depreciation (64,345) (50,667) 17,006 25,702 30 June 2026 30 June 2025 $ $ Cost Balance at 1 July 76,369 55,363 Additions 4,982 21,006 Balance at 30 June 81,351 76,369 81,351 76,369 30 June 2026 30 June 2025 $ $ Accumulated depreciation Balance at 1 July 50,667 40,059 Depreciation expense 13,678 10,608 Balance as at 30 June 64,345 50,667
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 67 ) 14. Deferred tax 30 June 2026 30 June 2025 $ $ Deferred tax asset 23,273,164 18,880,522 30 June 2026 30 June 2025 $ $ Plant & equipment 115,877 110,120 Provision for annual leave & long service leave 92,027 80,971 Accruals and provisions 139,886 269,695 Lease liability 58,023 29,244 Unearned Income 17,401,984 17,943,735 Section 40-880 deduction 161,086 381,398 Unrealised FX (gain)/loss - closing - 65,359 Tax Losses 5,304,281 - 23,273,164 18,880,522 15. Trade and other payables 30 June 2026 30 June 2025 $ $ Trade payables 2,282,648 14,082,978 Accruals and other payables 801,365 3,418,340 3,084,013 17,501,318 Trade creditors are payable on standard terms of 30 days from the end of the month in which the invoice is received. As at 30 June 2026, certain trade payables were outstanding beyond normal terms. These were primarily due to delays in internal approval pr ocesses, rather than any disputes with suppliers or liquidity constraints.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 68 ) 16. Income tax 30 June 2026 30 June 2025 Current liabilities $ $ Provision for income tax - 48,915 17. Provisions 30 June 2026 30 June 2025 $ $ Provision for employee entitlements - current 211,770 173,993 Long service leave - current 122,308 102,351 334,078 276,344 Non-current liabilities Long service leave - non-current 34,030 32,013 368,108 308,357 18. Subsidiary 30 June 2026 30 June 2025 % % Dimerix Bioscience Pty Ltd 100% 100% Country of incorporation: Australia Tax residency: Australia For additional information on the Group’s tax approach and tax contributions, refer to the Consolidated Entity Disclosure Statement.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 69 ) 19. Contract liabilities (licensing fees amortised over the life of the license) 30 June 2026 30 June 2025 $ $ Current liabilities Unearned income 5,636,285 4,233,397 Non-current liabilities Unearned income 63,971,652 55,579,053 69,607,937 59,812,450 As of 30 June 2026, the Group has entered into a license agreement with Advanz Pharma Group, Taiba Middle East FZ LLC, Fuso Pharmaceutical Industries, Ltd, Amicus Therapeutics, Inc and Everest Medicines (Singapore) Pte. Ltd. The revenue recognised for the upfront license fee will be recognised over the term of the contract in line with AASB 15 (Revenue from Contracts with Customers) in Dimerix Bioscience Pty Ltd. $4,350,305 License income was recognised during the current period. 20. Deferred tax liability 30 June 2026 30 June 2025 $ $ Deferred tax liability 56,954 29,240 30 June 2026 30 June 2025 $ $ Deferred tax liability comprises temporary differences attributable to: Prepayments - 1,660 Right of use assets 56,954 27,580 Deferred tax liability 56,954 29,240
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 70 ) 21. Issued capital 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Shares Shares $ $ Ordinary shares - fully paid 600,396,776 598,511,172 91,175,804 90,924,518 30 June 2026 30 June 2025 30 June 2026 30 June 2025 No. No. $ $ Balance at beginning of the year 598,511,172 550,195,989 90,924,518 83,377,723 Exercise of options 1,885,604 48,315,183 251,286 7,546,795 Balance at end of year1 600,396,776 598,511,172 91,175,804 90,924,518 1The number of shares on issue at 30 June 2025 does not include 1,631,724 options exercised on 30 June 2025 but not issued until 4 July 2025. The exercise of the options raised $251,285 which was received in July 2025. Fully paid ordinary shares carry one vote per share and carry the right to dividends. Ordinary shares participate in the proceeds on winding up of the Company in proportion to the number of shares held. 22. Reserves 30 June 2026 30 June 2025 $ $ Share-based payments reserve 6,308,483 4,882,595 Share- based payments reserve 30 June 2026 30 June 2025 $ $ Balance at beginning of year 4,882,595 3,983,835 Arising on share-based payments 1,425,888 898,760 Balance at end of year 6,308,483 4,882,595 Further information about share-based payments is set out in Note 26.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 71 ) 23. Accumulated losses 30 June 2026 30 June 2025 $ $ Accumulated losses at the beginning of the financial year (82,427,770) (69,176,048) Loss after income tax benefit for the year (29,813,353) (13,251,722) Accumulated losses at the end of the financial year (112,241,123) (82,427,770) 24. Dividends There were no dividends paid, recommended or declared during the current or previous financial year . 25. Financial instruments 25.1 Capital management The Group manages its capital to ensure entities in the Group will be able to continue as going concern while maximising the return to stakeholders through the optimisation of equity balance. The Group’s overall strategy remains unchanged from 30 June 2025. The Group is not subject to any externally imposed capital requirements. Given the nature of the business, the Group monitors capital on the basis of current business operations and cash flow requirements.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 72 ) 25.2 Categories of financial instruments 30 June 2026 30 June 2025 $ $ Financial assets Cash and cash equivalents 16,153,803 68,283,812 Trade and other receivables 18,257,449 3,644,236 34,411,252 71,928,048 Financial liabilities Trade and other payables 3,084,013 17,501,318 Lease liability 232,091 97,481 3,316,104 17,598,799 25.3 Financial risk management objectives In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them. Further q uantitative information in respect of those risks is presented throughout these financial statements. There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group’s finance function. The Group’s risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the Group where such impacts may be material. The board receives monthly financial reports through which it reviews the effective ness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 73 ) The total for each category of financial instruments, measured in accordance with AASB 9 Financial Instruments as detailed in the accounting policies to these financial statements, are as per the table below. Interest Rate Floating Interest Fixed Interest Non-interest Bearning 2026 Total 2026 % Cash and cash equivalents 3.5% 14,725,621 - 1,428,182 16,153,803 Trade and other receivables - - - 18,920,477 18,920,477 Total financial assets 14,725,621 - 20,348,659 35,074,280 Trade and other payables - - - 3,084,013 3,084,013 Lease liabilities 12.5% - 232,091 - 232,091 - 232,091 3,084,013 3,316,104 Interest Rate Floating Interest Fixed Interest Non-interest Bearing 2026 Total 2025 % Cash and cash equivalents 0.8% 2,789,924 - 65,493,888 68,283,812 Trade and other receivables - - - 3,895,135 3,895,135 Total financial assets 2,789,924 - 69,389,023 72,178,947 Trade and other payables - - - 17,501,318 17,501,318 Lease liabilities 11.4% - 97,481 - 97,481 - 97,481 17,501,318 17,598,799 A 5% movement in interest rates would increase the Group’s loss before tax by approximately $30,005. 25.4 Market risk Market risk for the Group arises from the use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rate (see 22.6 below).
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 74 ) 25.5 Foreign currency risk The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. At 30 June 2026, the Company has cash denominated in US dollars US$40,411 (30 June 2025: US$29,832,686). The A$ equivalent at 30 June 2026 is $58,691 (30 June 2025: $45,675,301). At 30 June 2026, the Company held a USD -denominated term deposit with a principal balance of US$4,209,204 (A$ equivalent at 30 June 2026 is $6,113,274). The term matures on 8 August 2026, at which time i nterest of US$32,621 (A$ equivalent $47,378) will become receivable. A 5% movement in foreign exchange rates would increase the Group’s loss before tax by approximately $293,899. 25.6 Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The consolidated entity has a strict code of credit, including obtaining agency credit information, confirming references and setti ng appropriate credit limits. The consolidated entity obtains guarantees where appropriate to mitigate credit risk. 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 consolidated entity does not hold any collateral. The credit risk on liquid funds is limited because the counterparties are license partners with high credit-ratings assigned by international credit-rating agencies. 25.7 Liquidity risk Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity by maintaining adequate banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. 2026 Carrying amount Less than 1 month 1-3 months 3-12 months 1 year to 5 years Total contractual cash flows $ $ $ $ $ $ Trade and other payables 3,084,013 3,084,013 - - - 3,084,013 Lease liabilities 232,091 11,907 23,814 88,367 108,003 232,091 3,316,104 3,095,920 23,814 88,367 108,003 3,316,104
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 75 ) 2025 Carrying amount Less than 1 month 1-3 months 3-12 months 1 year to 5 years Total contractual cash flows $ $ $ $ $ $ Trade and other payables 17,501,318 17,501,318 - - - 17,501,318 Lease liabilities 97,481 10,426 31,876 55,179 - 97,481 17,598,799 17,511,744 31,876 55,179 - 17,598,799 26. Share-based payment expenses 2026 2025 $ $ Arising on grant of options 1,425,888 898,760 26.1 Options issued to Directors Options may be granted to Directors or an associate where shareholder approval has been given at a general meeting. Each option issued converts into one ordinary share of Dimerix Limited on exercise. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. During the year 3,700,000 options and performance rights were granted to directors. 1,500,000 performance rights were issued at an exercise price of $nil, 733,334 options were issued at an exercise price of $0.50, 733,333 options were issued at an exercise price of $0.64 and 733,333 options were issued at an exercise price of $0.82, 1,500,000 performance rights expire on 31 December 2028, 2,200,000 options expire 12 December 2030. The fair value of the options and performance rights at grant date are determined using a Black Scholes pricing method that takes into account the exercise price, the term of the option or right , the share price at grant date and expected volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option or right.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 76 ) Volatility 78% Risk-free interest rate (%) 3.73% Expected life of options (years) 3 Exercise price ($) 0.00 Underlying security price at grant date 0.46 Expiry date 31 December 2028 Valuation per option ($) 0.46 Volatility 78% Risk-free interest rate (%) 3.73% Expected life of options (years) 5 Exercise price ($) 0.500 Underlying security price at grant date 0.460 Expiry date 12 December 2030 Valuation per option ($) 0.295 Volatility 78% Risk-free interest rate (%) 3.73% Expected life of options (years) 5 Exercise price ($) 0.640 Underlying security price at grant date 0.460 Expiry date 12 December 2030 Valuation per option ($) 0.274 Volatility 78% Risk-free interest rate (%) 3.73% Expected life of options (years) 5 Exercise price ($) 0.820 Underlying security price at grant date 0.460 Expiry date 12 December 2030 Valuation per option ($) 0.251 The deemed fair value of options granted to Director at grant date is $1,291,254. The expense for the options vesting for the financial year ended 30 June 2026 for these options amounted to $1,076,631.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 77 ) 26.2 Options on Issue The following share-based payment arrangements were in existence at the end of the current reporting period: No. of options. Grant date Expiry date Grant date fair value Vesting date/Expected Vesting Date Exercise Price 645,405 21/12/2023 01/12/2027 0.112 31 March 2024 0.20 686,104 21/12/2023 01/12/2027 0.106 21 November 2025 0.30 721,447 21/12/2023 01/12/2027 0.100 21 November 2026 0.40 2,100,500 19/04/2024 06/05/2027 0.213 1/3 vest 21 November 2024 1/3 vest 21 November 2025 1/3 vest 21 November 2026 0.40 1,000,000 08/05/2024 08/05/2027 0.251 8 May 2024 0.40 2,000,000 08/05/2024 08/05/2027 0.242 8 May 2024 0.50 2,000,000 08/05/2024 08/05/2027 0.234 8 May 2024 0.60 900,000 21/10/2024 21/10/2029 0.317 1/3 vest 01 October 2024 1/3 vest 31 October 2025 1/3 vest 31 October 2026 0.55 900,000 21/10/2024 21/10/2029 0.311 1/3 vest 01 October 2024 1/3 vest 31 October 2025 1/3 vest 31 October 2026 0.70 900,000 21/10/2024 21/10/2029 0.306 1/3 vest 01 October 2024 1/3 vest 31 October 2025 1/3 vest 31 October 2026 0.85 733,334 18/11/2025 12/12/2030 0.295 12 December 2025 0.50 733,333 18/11/2025 12/12/2030 0.274 12 December 2026 0.64 733,333 18/11/2025 12/12/2030 0.251 12 December 2027 0.82 1,500,000 18/11/2025 31/12/2028 0.460 31 May 2026 - There has been no alteration of the terms and conditions of the above share -based payment arrangements since the grant date.
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 78 ) Fair value of share options granted in the year The deemed fair value of options granted during the year is $1,291,524 (30 June 2025: $840,924). Movements in all share options during the year The following reconciles all the share options outstanding at the beginning and end of the year: 2026 2026 2025 2025 Number of options Weighted average exercise price Number of options Weighted average exercise price No. $ No. $ Balance at beginning of the year 12,902,956 0.494 60,454,675 0.205 Granted during the year 3,700,000 0.099 2,700,000 0.698 Expired during the year - - (1,072,660) 0.400 Exercised during the year (1,049,500) 0.400 (48,315,183) 0.156 Balance at end of year 15,553,456 0.406 12,902,956 0.487 Exercisable at end of year 11,329,271 0.427 7,754,905 0.468 26.3 Share options exercised during the year There were 1,049,500 share options exercised during the year (30 June 2025: 48,315,183). 26.4 Share options outstanding at the end of the year The share options outstanding at the end of the year had a weighted average exercise price of $0.406 (30 June 2025: $0.487) and a weighted average remaining contractual life of 913 days (30 June 2025: 836 days).
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 79 ) 27. Key management personnel disclosures The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: 2026 2025 $ $ Short-term employee benefits 1,796,547 1,937,840 Post-employment benefits 120,179 103,605 Share-based payments 1,407,707 842,528 3,324,433 2,883,973 28. Related party transactions 28.1 Key management personnel Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity, are considered key management personnel. For details of disclosures relating to key management personnel, refer to the remuneration report contained in the directors’ report and Note 27. 28.2 Transactions with other related parties There were no transactions between the Group and related parties (2025: nil).
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 80 ) 29. Reconciliation of loss after income tax to net cash from/(used in) operating activities For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows: 30 June 2026 30 June 2025 $ $ Cash and cash equivalents 16,153,803 68,283,812 (a) Reconciliation of (loss) after taxable income to net cash (used in) operating activities Cashflow from operating activities 2026 2025 $ $ Loss after income tax benefit for the year (29,813,353) (13,251,722) Adjustments for: Depreciation and amortisation 138,158 123,562 Share-based payments (Note 26) 1,425,888 898,760 Foreign exchange differences 474,203 675,300 Accrued interest on borrowings 2,827 15,123 Movement in working capital: Increase in deferred tax assets (4,392,642) (18,880,522) Decrease/(increase) in prepayments (40,184) 6,840 (Increase)/decrease in in trade and other receivables (14,613,213) 5,628,230 Increase/(decrease) in trade and other payables (14,417,305) 14,878,422 Increase in contract liabilities (licensing fees amortised over the life of the license) 9,795,487 48,820,941 Increase/(decrease) in provision for income tax (420,860) 48,915 Increase in other provisions 59,751 88,640 Net cash (used in)/from operating activities (51,801,243) 39,052,489
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Notes to the consolidated financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 81 ) (b) Changes in liabilities arising from financing activities 1 July 2025 Additions Cash flows Other 30 June 2026 $ $ $ $ Lease liabilities 97,481 260,361 (124,478) (5,548) 227,816 1 July 2024 Additions Cash flows Other 30 June 2025 $ $ $ $ Lease liabilities 149,683 183,868 (109,479) (126,591) 97,481 30. Commitments and contingencies The Group has entered into a number of agreements related to research and development activities. As at 30 June 2026 under these agreements, the Group is committed to making payments over future periods, as follows: 30 June 2026 $ During the period 1 July 2026 – 30 June 2027 12,300,000 During the period 1 July 2027 - 30 June 2028 - 12,300,000 Where commitments are denominated in foreign currencies, the amounts have been converted to Australian dollars based on exchange rates prevailing as at 30 June 2026.
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Notes to the financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 82 ) 31. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by Stantons International Audit and Consulting Pty Ltd, the auditor of the company: 2026 2025 $ $ Audit services Audit or review of the financial statements 75,100 59,000 32. Events after the reporting period Subsequent to 30 June 2026, the Group entered into an exclusive licensing agreement with Mission Therapeutics Limited (United Kingdom) to acquire DMX-652, a Phase 2-ready selective USP30 inhibitor being developed for acute kidney injury, announced on 17 July 2026. Under the agreement the Group will pay an initial acquisition fee of US$5 million and up to a further US$280 million in delayed acquisition fees through potential development, regulatory and sales milestone payments, plus tiered royalties. In connection with t his program, a related United States composition -of-matter patent (US 12,679,833) covering the USP30 -inhibitor compound class was granted on 23 July 2026, providing patent protection for DMX-652 until 11 April 2043. In July 2026 the Group entered into a $10 million unsecured facility funding agreement with Skiptan Pty Ltd to support ongoing development activities, pipeline expansion and extended operational runway. The facility is non-dilutive and supports Dimerix's strategy of advancing both the DMX-200 and DMX-652 programs. In August 2026 the Group received the upfront fee of $1 4.1 million from Everest Medicines regarding the DMX -200 license agreement covering Greater China, South Korea and certain South East Asia countries, entered into in June 2026. Other than these matters, no matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
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Notes to the financial statements Dimerix Limited and controlled entity | 2026 Annual Report ( 83 ) 33. Parent entity information The accounting policies of the parent entity, which have been applied in determining the 30 June 2026 and 30 June 2025 financial information shown below, are the same as those applied in the financial statements. Refer to Note 2 for a summary of significant accounting policies relating to the Group. Set out below is the supplementary information about the parent entity. Parent 2026 2025 $ $ (Loss after income tax) (189,900) (16,396,594) Total comprehensive loss (189,900) (16,396,594) Statement of financial position Parent 30 June 2026 30 June 2025 $ $ Total current assets 1,055,337 9,153,009 Total non-current assets 23,273,164 19,252,467 Total assets 24,328,501 28,405,476 Total current liabilities 765,667 6,054,824 Total non-current liabilities 56,954 29,240 Total liabilities 822,621 6,084,064 Net assets 23,505,880 22,321,412 Equity Issued capital 121,118,716 120,867,430 Share-based payments reserve 6,472,462 5,349,380 Accumulated losses (104,085,298) (103,895,398) Total equity 23,505,880 22,321,412 The company has entered into the facility funding agreement with Dimerix Bioscience Pty Ltd as an additional grantor .
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Dimerix Limited and controlled entity | 2026 Annual Report ( 84 ) Consolidated Entity Disclosure Statement Place formed / Ownership interest Entity name Entity type Country of incorporation % Tax residency Dimerix Bioscience Pty Ltd Body Corporation Australia 100% Australia Basis of preparation Key assumptions and judgements Determination of Tax Residency Section 295 (3A) of the Corporation Acts 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. For the purposes of this section, an entity is an Australian resident at the end of a financial year if the entity is: a. an Australian resident (within the meaning of the Income Tax Assessment Act 1997) at that time; or b. a partnership, with at least one partner being an Australian resident (within the meaning of the Income Tax Assessment Act 1997) at that time; or c. a resident trust estate (within the meaning of Division 6 of Part III of the Income Tax Assessment Act 1936) in relation to the year of income (within the meaning of that Act) that corresponds to the financial year . The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on resi dency. In determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public guidance in Tax Ruling TR 2018/5. • Foreign tax residency The consolidated entity has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with. At the reporting date, the Company did not have any consolidated entities with foreign residency.
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Dimerix Limited and controlled entity | 2026 Annual Report ( 85 ) ASX Additional Information as at 17th August 2026 Corporate Governance Statement The Company’s corporate governance statement is located at the Company’s website: https://investors.dimerix.com/investor-centre/?page=corporate-governance. Ordinary share capital Holding Ranges Holders Total Units % Issued Share Capital 1 - 1,000 487 256,109 0.04% 1,001 - 5,000 2,000 5,710,788 0.95% 5,001 - 10,000 1,074 8,557,270 1.43% 10,001 - 100,000 2,699 98,331,943 16.38% Above 100,000 769 487,540,666 81.20% Totals 7,029 600,396,776 100.00% Each ordinary share is entitled to vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands. Unquoted Options Holding Ranges Holders Total Units % Issued Share Capital 1 - 1,000 0 0 0.0% 1,001 - 5,000 0 0 0.0% 5,001 - 10,000 0 0 0.0% 10,001 - 100,000 3 250,000 1.61% 100,001 - 9,999,999,999 9 15,303,456 98.39% Totals 12 15,553,456 100.00%
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Shareholder Information Dimerix Limited and controlled entity | 2026 Annual Report ( 86 ) Unquoted Securities • 645,405 unlisted options exercisable at $0.20 expiring 01 December 2027 are held by Nina Webster; • 686,104 unlisted options exercisable at $0.30 expiring 01 December 2027 are held by Nina Webster; • 721,447 unlisted options exercisable at $0.40 expiring 01 December 2027 are held by Nina Webster; • 2,150,000 unlisted options exercisable at $0.40 expiring 06 May 2027 are held by ESOP holders; • 1,000,000 unlisted advisor options exercisable at $0.40 expiring 08 May 2027 are held a corporate advisor; • 2,000,000 unlisted advisor options exercisable at $0.50 expiring 08 May 2027 are held by a corporate advisor; • 2,000,000 unlisted advisor options exercisable at $0.60 expiring 08 May 2027 are held by a corporate advisor . • 900,000 unlisted director options exercisable at $0.55 expiring 21 October 2029 are held by Directors • 900,000 unlisted director options exercisable at $0.70 expiring 21 October 2029 are held by Directors • 900,000 unlisted director options exercisable at $0.85 expiring 21 October 2029 are held by Directors • 733,334 unlisted director options exercisable at $0.50 expiring 12 December 2030 are held by Directors • 733,333 unlisted director options exercisable at $0.64 expiring 12 December 2030 are held by Directors • 733,333 unlisted director options exercisable at $0.82 expiring 12 December 2030 are held by Directors • 1,500,000 unlisted performance rights expiring 31 December 2028 are held by Nina Webster Unmarketable parcels There are 871 shareholdings held with less than a marketable parcel, with total 775,900, amounting to 0.13% of Issued Capital Substantial shareholders Number of shares % holding Mr Peter Fletcher Meurs 91,640,374 15.26% Restricted securities Nil On-Market buy-back There is no currently on-market buy-back.
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Shareholder Information Dimerix Limited and controlled entity | 2026 Annual Report ( 87 ) Twenty (20) largest shareholders of quoted ordinary shares Position Holder Name Holding % IC 1 MR PETER FLETCHER MEURS 91,640,374 15.26% 2 PRECISION OPPORTUNITIES FUND LTD <INVESTMENT A/C> 18,000,000 3.00% 3 CITICORP NOMINEES PTY LIMITED 15,791,993 2.63% 4 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 13,865,326 2.31% 5 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 13,144,888 2.19% 6 MR ANDREW COATES & MRS MELINDA COATES 11,337,181 1.89% 7 PHILIP & JULIE SCOTT 10,300,000 1.72% 8 BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD> 8,958,664 1.49% 9 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 8,183,890 1.36% 10 MR RICHARD STANLEY DE RAVIN 6,526,668 1.09% 11 YODAMBAO PTY LTD <YODAMBAO INVESTMENT A/C> 4,639,065 0.77% 12 NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 4,228,209 0.70% 13 BNP PARIBAS NOMS PTY LTD 4,088,567 0.68% 14 BAVARIA BAY PTY LTD 3,845,000 0.64% 15 MRS GWEN MURRAY PFLEGER <PFLEGER FAMILY A/C> 3,650,379 0.61% 16 MR DAVID WILLIAM PEARSON & MRS SUSAN DAWN PEARSON <PEARSON SUPER FUND A/C> 3,549,224 0.59% 17 BLAKE NOMINEES PTY LTD <M AND T SUPER FUND A/C> 2,773,539 0.46% 18 UBS NOMINEES PTY LTD 2,572,670 0.43% 19 PONDEROSA INVESTMENTS (WA) PTY LTD <PONDEROSA INVESTMENT A/C> 2,000,000 0.33% 19 ALCAP PTY LIMITED <NEWBOLD FAMILY A/C> 2,000,000 0.33% 19 MR JOHN EDWARD COX & MRS EVELYN RITA COX <JEMDA SUPER FUND A/C> 2,000,000 0.33% 19 GOLDRICH HOLDINGS PTY LTD <GOLDRICH INVESTMENT A/C> 2,000,000 0.33% 20 MR ROY SIGMUND BERGSENG & MRS VICKI LOUISE BERGSENG 1,800,000 0.30% Total 236,895,637 39.46% Total issued capital 600,396,776 100.00%
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Dimerix Limited and controlled entity | 2026 Annual Report ( 88 ) Glossary ACTION3 Angiotensin II Type 1 Receptor (AT1R) & Chemokine Receptor 2 (CCR2), Targets for Inflammatory Nephrosis. EMA European Medicines Agency, Europe FDA Food and Drug Administration, USA FSGS Focal Segmental Glomerulosclerosis Focal = some Segmental = sections Glomeruli = of the kidney filtering unites Sclerosis = are scarred IP Intellectual Property IR Investor Relations TGA Therapeutic Goods Administration, Australia
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Contact Information 1300 813 321 investor@dimerix.com www.dimerix.com 425 Smith Street, Fitzroy, Victoria, 3065 DIMERIX LIMITED and Controlled Entity ABN 18 001 285 230 Developing new therapies to treat kidney diseases with unmet clinical needs