Review of Operations continued FINANCIAL RESULTS The Group recorded a net loss from operating activities after income tax of $6,932,280 (2024: $6,554,350) and ended the financial year with a cash balance of $6,520,923 (2024: $9,233,192). Product revenues from sales of the hTERT test totalled $294,314 (2024: $333,255) and from EXO-NET totalled $253,261 (2024: $201,863). Income from other sources was $1,679,482 (2024: $1,283,025) including an accrual of $1,267,738 for the Research and Development Tax Incentive Refund for the 2025 financial year (2024: $1,017,344). The refund for 2025 is expected to be received in the coming months. No grant income was received in 2025 (2024: nil). Miscellaneous income added $411,744 (2024: $256,581). General and administration costs were $5,313,080 (2024: $5,158,586) with the following significant contributors: › Employee expenditure $2,890,233 (2024: $2,672,483) including non-cash share options expense of $824,563 (2024: $834,773); › Professional and legal fees $634,879 (2024: $612,005); › Amortisation of intangible assets $944,925 (2024: $947,514) for the hTERT and NETs intangible assets; and › ASX listing and share registry fees of $80,750 (2024: $134,137). Research and Development expenditure was $3,254,551 (2024: $2,699,591) including employee related expenditure of $1,312,059 (2024: $1,208,243) and $1,691,506 (2024: $1,251,410) paid to external contractors and suppliers. The majority of expenditure was incurred on the SubB2M and NETs programs. Sales and Marketing expenditure was $471,319 (2024: $433,303) of which employee related expenditure contributed $346,111 (2024: $272,181). Non-cash expenditures recorded (within the three categories of expenditure – General and Administration, Research and Development, and Sales and Marketing) for the reporting period included: › amortisation of intangible assets - $944,925 (2024: $947,514) for the hTERT and Molecular NETs intangible assets and $35,070 (2024: $28,385) related to granted patents; › depreciation of right-of-use assets (required by accounting standard AASB16 – Leases) - $193,576 (2024: $275,753); › depreciation of building improvements - $33,548 (2024: $33,548) and depreciation of plant and equipment - $172,992 (2024: $158,726); › share based payments expense of $824,563 (2024: $834,773); › lease liability interest expense, as required by AASB16, $21,734 (2024: $40,766). OUTLOOK AND PLANS INOVIQ’s mission is to transform lives through earlier cancer detection and more effective treatments, powered by world-class exosome technologies. The Company is strongly positioned with patented technology, a multi-product pipeline, strategic partners validating its technology, and an experienced leadership team to execute on strategy, deliver key milestones and grow shareholder value. INOVIQ expects to report data readouts across its exosome diagnostic and therapeutic programs, as well as commercial progress for its EXO-NET research tools and partnering activities over the next 12 months. Our FY26 priorities are: › Expanding our EXO-NET® business and growing revenues, › Advancing our EXO-OC™ ovarian cancer screening test toward commercialisation, › Progressing our CAR-exosome therapy into in vivo efficacy studies for breast cancer, and › Executing strategic partnerships to accelerate commercialisation of our diagnostic technologies. 14 INOVIQ Limited
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