Next-generation diagnostics and therapeutics for cancer INOVIQ Ltd Annual Report 2026
1 Chairman’s Letter 2 CEO’s Report 4 Review of Operations 16 Directors’ Report 31 Auditor’s Independence Declaration 32 Consolidated Statement of Comprehensive Income 33 Consolidated Statement of Financial Position 34 Consolidated Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Notes to the Financial Statements 62 Consolidated Entity Disclosure Statement 63 Directors’ Declaration 64 Corporate Governance Statement 65 Independent Auditor’s Report 68 Shareholder Information 70 Corporate Directory Contents For more information visit www.inoviq.com
1 Annual Report 2026 Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information Chairman’s Letter I am pleased to present INOVIQ’s Financial Report for the financial year ended 30 June 2026. Dear fellow shareholder It was a year that started with so much promise and expectation but ended in disappointment with an expanded clinical study ending in failure due to poor quality samples. Your Board firmly believes that INOVIQ’s science remains robust but is deeply frustrated with the expanded study samples being rendered unusable and the impact that has wreaked on shareholder value. Be assured, your Board is engaged in a comprehensive review of what occurred with the study, supported by independent external expertise, with the dual objectives of fully understanding the key issues and refining the path forward. That review is well advanced but incomplete. Our expectation is INOVIQ will report to the market in September 2026 and is committed to providing a full explanation. Our hopes were that we could further enhance the initial, world class ovarian cancer results from our initial 500 sample study by validating them in an expanded retrospective study. Our decision to proceed with a retrospective study using 1200 samples from commercially biobanked samples from 5 different Biobanks, was driven by the fact that, if successful, it would save us both time and money in developing a Laboratory Developed Test (LDT). We were attempting to accelerate our promising early progress but, instead, clearly under delivered. The study was conducted in accordance with internationally accepted guidelines, including samples remaining blinded until final analysis. Our shareholder base was unforgiving and punished our share price accordingly. Many of our shareholders were unconvinced by our explanation that the test failed because all the samples were unfit for purpose and chose to believe that there must be something fundamentally wrong with our test. Mr Peter Gunzburg Chairman Importantly, the study outcome has not fractured the faith of our external scientific advisors in the fundamental, intrinsic significance of INOVIQ’s test, nor our potential industry partners who remain deeply engaged. Nonetheless, we fully understand and empathise with the disappointment of shareholders. Notwithstanding the disappointment at the end of FY26, we remain excited about the opportunities ahead and remain committed to translating scientific innovation into products that can transform patient outcomes while creating meaningful value for our shareholders. Your Board continues to believe INOVIQ will enter an exciting growth phase in FY27, with a differentiated technology platform, multiple product opportunities and expanding strategic partnerships which will add genuine value to our patients, clinicians and shareholders. Thank you for your continued support of INOVIQ, which we respect and intend to reward with hard work, efficient project management and execution. On a final note, the Board thanks INOVIQ’s team for their tireless work and dedication throughout the year on multiple key projects.
2 INOVIQ Limited CEO’s Report We are advancing EXO-OC™ toward initial commercialisation as a Laboratory Developed Test (LDT) in the United States. OVERVIEW While development of our EXO-OC™ ovarian cancer test experienced an unexpected setback due to sample quality issues associated with commercially sourced biobank samples, the year also reinforced the strength of our technology platform, the quality of our science and the significant opportunity ahead. As we enter FY27, we are sharply focused on delivering a validation study that meets clinical and commercial partner requirements and progressing EXO-OC™ toward initial commercialisation in the United States through a CLIA-certified laboratory. We believe earlier detection of ovarian cancer has the potential to significantly improve outcomes for women and create substantial value for shareholders. EXOSOME TECHNOLOGY PLATFORM INOVIQ is building a differentiated biotechnology company around a powerful and highly versatile exosome technology platform. Our proprietary technologies already generate early revenue through commercial research tools and underpin a growing pipeline of highervalue diagnostics and therapeutics. By leveraging our exosome technology platform across multiple products and applications, we aim to create a scalable business with multiple opportunities for value creation. We are progressing from research tools to diagnostics and therapeutics, targeting larger global markets with greater clinical impact and commercial potential. This strategy is designed to deliver long-term growth while positioning INOVIQ at the forefront of the rapidly expanding exosome field. EXOSOME DIAGNOSTIC ADVANCING TOWARD LDT COMMERCIALISATION Our EXO-OC™ ovarian cancer test is being developed to address a critical unmet need in women’s health – the early detection of ovarian cancer. Encouraging clinical validation data generated to date continues to support the potential of EXO-OC™ as a highly accurate blood test for detecting ovarian cancer at an earlier and more treatable stage. Supported by our proprietary EXO-NET® technology, strategic collaborations and a staged commercialisation pathway, we are advancing EXOOC™ toward initial commercialisation as a Laboratory Developed Test (LDT) in the United States. This approach is intended to accelerate patient access, generate early revenue and establish a foundation for broader global adoption as an In Vitro Diagnostic (IVD) to expand market reach, support reimbursement and drive future growth. EXOSOME THERAPEUTICS PROGRESSING TOWARD FIRST-IN-HUMAN (FIH) STUDIES INOVIQ is also pioneering next-generation exosome therapeutics engineered to target and destroy solid tumours. Our CAR-exosome program has now demonstrated compelling proof-of-concept data across multiple cancer models, supporting its potential as a novel off-the-shelf alternative to traditional cell therapies. With encouraging preclinical efficacy and safety data generated across breast, lung and ovarian cancer models, we are continuing to advance the program toward manufacturing readiness and ultimately firstin-human studies. BUILDING A STRONGER COMPANY Beyond our development programs, FY26 was also a year of strengthening the foundations of INOVIQ. We raised $10.2 million to support our strategic priorities, expanded our leadership team with the appointment of Peter Gunzburg as Chairman and Dr Rebecca Lim as Chief Scientific Officer, and continued to grow the global reach of our EXO-NET® business through our partnership with Promega. These initiatives have enhanced our capability to execute, innovate and pursue commercial opportunities across our portfolio.
Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 3 Annual Report 2026 Dr Leearne Hinch CEO FINANCIAL RESULTS INOVIQ reported a net loss of $7.5 million as it continued to invest in its diagnostic and therapeutic programs, people and quality systems. The Company ended FY26 with $9.4 million in cash. LOOKING AHEAD We believe INOVIQ is entering an exciting growth phase. With a differentiated technology platform, multiple product opportunities, expanding strategic partnerships and a highly experienced team, we are well positioned to create value through innovation, execution and commercialisation. In FY27, our priorities are to: › Complete EXO OC™ development and validation › Progress EXO OC™ toward LDT readiness and US laboratory partnering › Advance CAR exosome therapeutics toward manufacturing readiness and future clinical development › Grow EXO-NET® revenues and expand commercial partnerships › Maintain disciplined capital allocation › Deliver key milestones that support long-term shareholder value We are excited about the opportunities ahead and remain committed to translating scientific innovation into products that can transform patient outcomes while creating meaningful value for our shareholders. Thank you for your continued support and confidence in INOVIQ. We look forward to sharing our progress as we pursue our vision to become a global leader in exosomebased diagnostics and therapeutics.
BUSINESS OVERVIEW INOVIQ (ASX:IIQ) is pioneering next-generation diagnostics and therapeutics to enhance patient outcomes for cancer. The product portfolio includes products in-market for exosome research and bladder cancer diagnosis, a clinical-stage cancer diagnostic for early detection of ovarian cancer and a preclinical exosome therapeutic for solid tumours. HIGHLIGHTS INOVIQ continued progress during financial year 2026 and up to the date of this report. The Company completed several studies across its exosome diagnostic and therapeutic programs and grew its EXO-NET customer base. These results further validate INOVIQ’s technology platforms and substantially de-risk our diagnostic and therapeutic pipeline for breast and ovarian cancers. 4 INOVIQ Limited Research and Development › EXO-OC™ clinical validation study could not be completed due to sample quality issues associated with multi-site biobank sourcing, unrelated to test or capture technology › Enhanced EXO-OC™ algorithm delivered 92.3% stage I/II and 92.5% all-stage sensitivity at 98% specificity for detection of ovarian cancer, improving diagnostic performance for early detection of ovarian cancer in high-risk women › Future EXO-OC™ validation studies planned using samples collected under standardised protocols from a single provider, previous prospective study or real-world study to support clinical and commercial objectives › CAR-exosomes achieved in vitro and in vivo proof-of-concept, demonstrating significant tumour inhibition, favourable safety and precision targeting in TNBC models › Expanded CAR-exosome platform to ovarian cancer with up to 90% tumour cell killing demonstrated in vitro › Published peer-reviewed data highlighting CAR-exosomes tumour-killing activity and scalable manufacturing capability via the EXOACE™ platform Review of Operations We are pleased to present the Group’s Annual Report for the financial year ended 30 June 2026 and provide an update on further strategic and operational progress since year end.
› Capital raise of $10.2m completed in November 2025 › Cash of $9.35 million at 30 June 2026 to fund operations, pipeline development and commercial initiatives › Net loss of $7.51 million for the year ended 30 June 2026 › Research and Development Tax Refund of $1.78m recognised for the 2026 financial year Financial Commercial › EXO-NET® commercial momentum maintained, with global distributor Promega placing its third EXO-NET® order and customer base expanded across US, Europe and Asia › Exclusive worldwide licence secured from UniQuest for novel exosomal ovarian cancer biomarkers, strengthening INOVIQ’s intellectual property position and diagnostics portfolio › Peter Gunzburg appointed Non-Executive Director in October 2025 and elected Chairman in December 2025, bringing over 40 years’ public company director, stockbroking and investment experience › Dr Rebecca Lim appointed CSO in January 2026, strengthening INOVIQ’s leadership team with extensive expertise in translational research and clinical development across cell and gene therapy, regenerative medicine and EV technologies Corporate Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 5 Annual Report 2026
MARKET OPPORTUNITY INOVIQ is an integrated diagnostics and therapeutics company developing exosome-based products for earlier detection and targeted treatment of cancer. INOVIQ’s core exosome technology isolates extracellular vesicles (EVs) with high specificity and purity, unlocking high value applications across diagnostics for minimally-invasive early cancer detection and therapeutics for targeted, cell free treatments for solid tumours. Exosome Technology and Applications Exosomes (or small extracellular vesicles, sEVs) are released by all cells and perform key roles in intercellular communication, immune regulation and disease progression. They carry molecular cargo including DNA, RNAs, proteins and lipids that act as biomarkers of disease or cell messengers. INOVIQ is positioned to capitalise on the significant commercial potential of exosomes for research, diagnosis and treatment of cancer, cardiovascular, inflammatory, neurodegenerative, and other diseases. The global exosome market is forecast to grow rapidly over the next decade, driven by increasing adoption of non-invasive molecular diagnostics, liquid biopsy technologies and exosome-based therapeutics. Reports have predicted the global exosome market to reach between US$1.2 to $6.8 billion by 2032-33, growing at a CAGR of between 23-81.2%1,2. Exosomes offer enhanced diagnostic sensitivity and specificity, while also emerging as highly effective drug delivery vehicles and potential alternatives to complex and costly cell therapies. A key constraint on broader industry adoption remains the lack of scalable, clinically and commercially viable exosome isolation and manufacturing technologies. INOVIQ’s proprietary platform is designed to address these challenges, unlocking the potential of exosomes for biomarker discovery, diagnostics and therapeutics. The Company has already commercialised its EXONET® exosome isolation technology through global partner Promega, is advancing ovarian cancer screening diagnostics, and progressing preclinical exosome therapeutics for solid tumours. Cancer Diagnostics Opportunity EXO-OC™ is INOVIQ’s lead product in development for early detection of ovarian cancer. Ovarian cancer is the world’s deadliest gynaecological cancer with 330,000 cases and 207,000 deaths worldwide3, and a global diagnostic market expected to reach US$3.1 billion by 20354. Ovarian cancer is typically diagnosed at a late stage, resulting in poor survival outcomes despite available treatments. Early detection represents the greatest opportunity to improve patient outcomes and reduce healthcare burden. EXO-OC™ addresses a critical unmet need for early detection of ovarian cancer. INOVIQ’s strategy is to first commercialise EXO-OC™ as a Laboratory Developed Test (LDT) in the US for early detection of ovarian cancer in high-risk women, and then further develop the test as an In Vitro Diagnostic (IVD) for ovarian cancer screening in average-risk women. Cancer Therapeutics Opportunity INOVIQ is developing chimeric antigen receptor (CAR)- exosomes, a next-generation cell-free therapy derived from modified immune cells to target and kill solid tumours. CAR-exosomes inherit the tumour-targeting and cytotoxic capabilities of their parent cells with potential manufacturing, safety and efficacy advantages over autologous cell therapies. INOVIQ is shaping the future of cancer care, targeting aggressive solid tumours with our off-the-shelf cell-free therapeutic platform. Our lead candidate is an Epidermal Growth Factor Receptor (EGFR)-targeted CAR-exosome therapy in preclinical development for triple-negative breast cancer (TNBC). The breast cancer market is anticipated to reach US$28 billion by 2032 in the US alone5. TNBC the deadliest and most aggressive subtype of breast cancer, representing 10-15% of all breast cancer cases6 with up to 40% of TNBC cancers recurring within 5 years7. TNBC lacks common therapeutic targets (ER, PR, HER22) and has limited treatment options, high recurrence and poor prognosis. INOVIQ’s EGFR-CAR-NK-EVs aim to deliver targeted cancer-killing activity against EGFR-expressing TNBC and other solid tumours to improve treatment outcomes and survival. INOVIQ’s CAR-exosome pipeline includes an ovarian cancer therapeutic. Ovarian cancer remains a major global health challenge, with more than 330,000 women diagnosed worldwide each year8. It is the deadliest gynaecological cancer with only 47% survival 5 years post-diagnosis9. The global ovarian cancer therapeutics market is expected to reach US$6.65 billion in 202610. Like TNBC, ovarian cancer is often aggressive and difficult to treat, particularly as most patients are diagnosed at a late stage when treatment options are limited. Current standard of care typically involves cytoreductive surgery followed by platinum-based chemotherapy, with selected patients receiving maintenance or targeted therapies. However, high rates of recurrence and treatment resistance continue to drive the need for new therapeutic approaches. 1 Grand View Research 2026, Exosomes Market (2026-2033) 2 Markets and Markets 2024, Exosome Diagnostics and therapeutics Market - Global Forecast to 2032 3 Global Cancer Observatory, Cancer Today - Ovary Factsheet 4 Grand View Research 2025, Ovarian Cancer Diagnostics Market, 2025-2033 5 Oncology’s Next Decade: The Therapies and Players Reshaping a $400bm Future, Evaluate, July 2026 6 NCI SEER, Female Breast Cancer Subtypes 7 WebMD, Triple-Negative Breast Cancer, February 20 2024 8 Global Cancer Observatory, Cancer Today - Ovary Factsheet 9 Lheureux et al, CA: A Cancer Journal for Clinicians, 17 May 2019 10 Research and Markets, Ovarian Cancer Drugs Market Report 2026 6 INOVIQ Limited Review of Operations continued
Diagnostics Indication Use Discovery Assay Development Clinical In-Market EXO-OC LDT Ovarian Cancer Early detection, high risk EXO-OC IVD Ovarian Cancer Screening, average risk Therapeutics Indication Use Discovery Pre-Clinical Clinical Approval EEV-001 Breast Cancer CAR-Exosome therapy EEV-002 Lung Cancer CAR-Exosome therapy EEV-003 Ovarian Cancer CAR-Exosome therapy in vitro in vitro in vitro PRODUCT PORTFOLIO INOVIQ’s product portfolio includes commercial exosome isolation products and an adjunct bladder cancer test, a clinical-stage diagnostic for ovarian cancer screening, a preclinical CAR-exosome therapeutic for solid tumours, and other research programs. Our pipeline priorities are to advance our EXO-OC ovarian cancer test and CARexosome therapy for triple negative breast cancer towards technical, clinical and commercial milestones. INOVIQ pipeline products have the potential to deliver significant clinical and commercial benefits to patients, health systems and shareholders. Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 7 Annual Report 2026
Review of Operations continued EXOSOME DIAGNOSTICS – EARLY DETECTION TEST The EXO-OC™ test is an exosome-based blood test in development for the early detection and screening of ovarian cancer in asymptomatic women. The test uses INOVIQ’s proprietary EXO-NET® technology to isolate exosomes and combines multiple exosomal miRNA biomarkers with plasma CA125 in an AI/Machine Learning (ML) algorithm to enable the early and accurate detection of ovarian cancer. Currently, there is no approved screening test to detect ovarian cancer early when treatment can be more effective and patient outcomes and survival improved. During the year, INOVIQ commenced an expanded clinical study to evaluate the performance of its EXO-OC™ ovarian cancer test in up to 2,000 biobanked plasma samples across different ovarian cancer stages, high risk groups and confounding diseases. The first stage of that study involved ~1,200 ovarian cancer and control samples. Sample analysis commenced in April 2026, with data analysis beginning in June 2026. Evaluation of the high-risk and confounding disease cohorts is now expected to be undertaken in a future study. Following completion of the initial analysis, INOVIQ announced on 1 July 2026 that samples from this 1,200-sample retrospective clinical validation study were unsuitable for evaluating test performance. The multi-provider study utilised samples sourced from five commercial biorepositories. Analysis identified sample degradation in a large subset of samples from one provider, together with significant variability across biorepositories arising from differing pre-analytical collection, processing and storage practices. Importantly, these findings were unrelated to the performance of the EXO-NET® technology or the EXO-OC™ test itself. While the study could not be used for clinical validation, it generated valuable insights into biomarker robustness under variable pre-analytical conditions and provided important learnings to inform future development, study design and commercialisation plans. These findings reinforce the importance of tightly controlled sample collection and processing protocols for biomarker-based diagnostics. Future EXO-OC™ studies will utilise samples collected under INOVIQ’s standardised protocols through a single provider, a prospective clinical study, or a real-world study conducted with a laboratory partner or Contract Research Organisation. EXO-OC™ has previously demonstrated 100% sensitivity for Stage I/II ovarian cancer and 77% sensitivity across all stages at 99.6% specificity in a 498-sample, single-site retrospective study (ASX: 2 June 2025). RESEARCH & DEVELOPMENT (R&D) PROGRESS R&D activities during FY26 focused on advancing the exosome program across our diagnostics and therapeutics pipeline, as well as adding to the SubB2M diagnostics data package. 8 INOVIQ Limited
During FY26, further optimisation of the algorithm delivered 92.3% sensitivity for Stage I/II disease and 92.5% sensitivity across all stages at 98% specificity, improving overall performance and supporting its initial intended use in women at elevated risk of ovarian cancer. In FY27, the Company is focused on validating the test in an independent sample set in preparation for technology transfer, optimisation and validation in a US CLIA accredited laboratory. INOVIQ is committed to advancing EXO-OC™ toward commercialisation, initially as a Laboratory Developed Test (LDT) through a US laboratory partner. This strategy is designed to provide earlier patient access and initial revenues by establishing a pathway toward reimbursement and broader adoption in women at high risk of ovarian cancer, including those with BRCA1/2 mutations, Lynch syndrome or a strong family history of disease. BRCA1 carriers can have an increased lifetime risk of over 50% for developing ovarian cancer. EXOSOME THERAPEUTICS – THIRD GENERATION CAR-THERAPY INOVIQ is developing chimeric antigen receptor (CAR)- exosomes, a next-generation cell-free therapeutic derived from modified immune cells to target and destroy solid tumours. CAR-exosomes inherit the tumour-targeting and cytotoxic capabilities of their parent cells while offering potential manufacturing, safety and efficacy advantages over autologous cell therapies. INOVIQ’s lead candidate is an EGFR-targeted CAR-exosome therapy for triple-negative breast cancer (TNBC), a highly aggressive cancer with limited treatment options. During FY26, the Company achieved multiple preclinical milestones supporting the potential of its CAR-exosome platform as an off-the-shelf therapeutic for solid tumours. On 18 September 2025, INOVIQ reported positive in vitro validation data demonstrating potent anti-tumour activity against TNBC cells, with more than 90% tumour cell killing achieved within 10 hours of treatment. Further validation of the platform was provided through the publication of peer-reviewed proof-of-concept data in the Journal of Visualized Experiments on 1 October 2025, highlighting both the cancer-killing activity of INOVIQ’s engineered CAR-exosomes and the scalability of its proprietary EXO-ACE™ manufacturing platform. On 22 December 2025, INOVIQ reported positive in vivo proof-of-concept results for its EGFR-targeted CAR-NKEVs in a TNBC mouse model, demonstrating: › 61.5% reduction in tumour burden compared with 24.5% for unmodified NK-EVs › Favourable safety profile with no observable adverse effects › Precision tumour targeting with on-target TNBC killing Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 9 Annual Report 2026 Percent of samples correctly identified by EXO-OC specificity sensitivity 92% overall 100% control 95% benign 89% 1 100% 2 100% 3 78% 4 Set Control Benign Stage I Stage II Stage III Stage IV na Total Training 132 113 20 2 43 28 0 338 Test 62 44 9 4 18 9 0 146
On 6 June 2026, INOVIQ expanded the platform into ovarian cancer, reporting positive in vitro proof-of-concept data across three ovarian cancer cell lines. CA125-targeted CAR-exosomes achieved more than 90% tumour cell killing in OVCAR-3 and Caov-3 cell lines within 48 hours, while EGFR-targeted CAR-exosomes achieved more than 80% tumour cell killing in the same models. In the highly aggressive and treatmentresistant SK-OV-3 cell line, both approaches achieved approximately 50% tumour cell killing. INOVIQ’s CAR-exosome platform has now demonstrated in vitro tumour-killing activity across multiple hard-to-treat cancers, including TNBC, non-small cell lung cancer (NSCLC) and ovarian cancer. In FY27 the Company is advancing preclinical development and manufacturing readiness through GMPcompliant cell sourcing, CDMO selection and optimisation of next-generation dualaction CAR-exosomes designed to enhance tumour targeting and overcome the tumour microenvironment. These activities support INOVIQ’s pathway toward first-in-human (FIH) studies targeted for 2028. SUBB2M DIAGNOSTICS FOR CANCER MONITORING neuCA15-3 is a blood test in development for monitoring breast cancer in women. The assay combines a CA15-3 monoclonal antibody with INOVIQ’s proprietary SubB2M technology to more specifically detect tumour-derived CA153, potentially improving accuracy and reducing false positives. The test has demonstrated analytical and clinical performance, achieving 81% sensitivity and 93% specificity across all stages of breast cancer, major disease subtypes and post-treatment monitoring settings. INOVIQ is advancing neuCA15-3 to a bead-based chemiluminescent assay compatible with highthroughput automated laboratory platforms to enhance commercial scalability and laboratory implementation. Following assay optimisation and validation, the Company intends to undertake additional clinical validation studies to support commercial partnering opportunities. The next steps to commercialise the neuCA15-3 test include completing transfer to a highthroughput instrument platform, additional in-clinic breast cancer monitoring study and securing a partner for commercialisation. Review of Operations continued COMMERCIAL UPDATE Commercial activities during the year focused on EXONET customer engagement, expanding evaluations and collaborative partnerships. EXO-NET® EXOSOME ISOLATION EXO-NET® is INOVIQ’s proprietary capture technology used to isolate exosomes from body fluids offering speed, specificity and scalability advantages over conventional methods. The technology is commercially available worldwide through INOVIQ’s global distribution partner, Promega Corporation. Promega grew the EXO-NET customer base to 90 by year-end across academic/government institutes, biopharma companies and clinical laboratories/hospitals. Customer adoption was strongest in Europe, followed by North America and Asia-Pacific, with applications spanning fundamental EV research, biomarker discovery and diagnostic development. EXO-NET revenues achieved $138,045 for FY2026 (2025: $253,261). The decrease reflects the timing of inventory management within the distribution channel following stronger customer purchasing activity in the prior year. INOVIQ continues to engage with academia and industry partners to expand collaborations and commercial opportunities for EXO-NET, NEURO-NET and customNET products. Multiple evaluations were progressed for biomarker discovery and diagnostic development across cancer, cardiology and neurological diseases. Successful conversion of these evaluations, together with advancement of customer diagnostic programs, is expected to support future product sales and longerterm commercial growth. HTERT ICC TEST The hTERT test is an immunocytochemistry (ICC) assay registered for the detection of human telomerase reverse transcriptase (hTERT) in cytopathology samples. It is used as an adjunct to urine cytology to help resolve indeterminate cytology results and identify patients with increased risk of bladder cancer. The hTERT test is registered as an IVD medical device in the United States (Class I IVD) for use as a clinical diagnostic by pathology laboratories for the detection of hTERT in cytopathology samples11. The hTERT test is sold direct to laboratory customers in the US achieving revenues of $294,002 during the year (2025: $294,314). hTERT revenue is expected to remain flat in FY2027 due to the limited market size and increased competition from new products. 11 Allison et al. Evaluation of Sienna Cancer Diagnostics hTERT Antibody on 500 Consecutive Urinary Tract Specimens. Acta Cytologica 2018. DOI: 10.1159/000489181 10 INOVIQ Limited
CONFERENCE ACTIVITY Multiple conferences were attended by INOVIQ management and key scientists during the year to showcase INOVIQ’s technology and products, expand scientific and industry networks and engage with investors. Conferences included Tech Know (Aug-26, Melbourne & Sydney), AusBiotech (Oct-25, Melbourne), Thomas Ashworth CTC & Liquid Biopsy Symposium (Nov-25, Sydney), Lorne Cancer Conference (Feb-26, Lorne), Liquid Biopsy for Precision Oncology Summit (Feb-26, USA), Advanced Therapies Week (Feb-26, USA), ANZ Biologics Festival (Feb-26, Melbourne), Emergence MTPConnect & Wholesale Investor Life Sciences Day (Feb-26), Cell and Gene Therapy World Asia 2026 (Jun-26, Singapore), International Society for Cell & Gene Therapy (ISCT) ANZ (Jul-26, Melbourne) and Bioshares (Aug-26, New Zealand). EXO-NET® LICENSING ACTIVITY On 26 September 2025, INOVIQ secured an exclusive worldwide licence from The University of Queensland’s (UQ’s) commercialisation company UniQuest, to develop and commercialise novel exosomal biomarkers for the early detection of ovarian cancer. This licence builds on the Company’s successful research collaboration with UQ and internationally respected exosome expert Professor Carlos Salomon Gallo to discover, validate and develop exosomal biomarkers for early detection of ovarian cancer (ASX: 1 April 2025). INTELLECTUAL PROPERTY PORTFOLIO The Group owns or exclusively licenses a broad intellectual property (IP) portfolio of granted patents, patent applications, trade secrets and trademarks protecting INOVIQ’s technologies, products, processes and brands. The Group had 29 granted patents and 11 patents pending as at 30 June 2026, covering its Molecular NET, Exosome therapeutic, SubB2M, BARD1 and hTERT technologies and products across key jurisdictions including the United States, Europe, Asia, and Australia. Trademarks are also registered or pending for INOVIQ®, EXO-NET®, Sienna Cancer Diagnostics® and Acuris®. On 29 May 2026, the provisional patent application filed for EXO-OC proceeded to an International Patent Application, securing intellectual property rights covering various protein and RNA biomarker combinations and methods for the exosome ovarian cancer test. Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 11 Annual Report 2026
CORPORATE UPDATE MR PETER GUNZBURG APPOINTED NONEXECUTIVE DIRECTOR AND CHAIRMAN On 20 October 2025, Peter Gunzburg joined the INOVIQ Board at the request of cornerstone investor Tian An Medicare Limited. Mr Gunzburg brings over 40 years’ public company director, stockbroking and investment experience, and previously served as Chairman of BARD1 Life Sciences Limited (now INOVIQ) from 2016-2020. He is currently Chairman of Metals X Limited (ASX: MLX) and a Non-Executive Director of First Tin Plc (LSE: 1SN), and previously held directorships with Australian Stock Exchange Ltd, Eyres Reed Ltd and CIBC World Markets Australia Ltd. On 18 December 2025, David Williams stepped down as Chairman, with Mr Gunzburg elected to the role. Mr William’s decision followed the completion of the capital raise, addition of a new cornerstone investor and Board renewal. DR REBECCA LIM APPOINTED CHIEF SCIENTIFIC OFFICER On 12 January 2026, Dr Lim BSc(Hons) PhD commenced as Chief Scientific Officer. Rebecca is a leading biotechnology executive with over 20 years’ experience in translational research, clinical development and commercialisation in cell and gene therapy, regenerative medicine and extracellular vesicle (EV) technologies. She has held senior leadership roles across Asia-Pacific and the United States, including Director of Strategic Alliances at CTMC, a joint venture CDMO between MD Anderson Cancer Center and National Resilience, and academic leadership positions at Monash University and Hudson Institute of Medical Research. She brings deep expertise in TGA/FDA regulatory pathways, CMC development, process scale‑up and technology transfer, and has guided multiple cell and exosome therapies to first-in-human studies. 2025 CAPITAL RAISE COMPLETION INOVIQ completed a capital raise of A$10.2m to accelerate development of its exosome ovarian cancer test and therapeutics program. A $9.5m placement at $0.35 per share (a 15.7% discount to the last traded price) was completed to institutional and sophisticated investors on 17 October 2025, including a $5m cornerstone investment from Tian An Medicare. On 3 November 2025, a further $0.7m at $0.35 per share was raised under a Share Purchase Plan (SPP) to eligible existing shareholders, with participation from the INOVIQ Board and Management. A total of 29.14m new fully paid IIQ ordinary shares were issued under the Placement (27.14m) and SPP (2.00m). INVESTOR PROMOTION AND AWARENESS INOVIQ continued to drive awareness of its investment proposition, product pipeline, progress and plans with investors and media through the period. INOVIQ presented at multiple investor conferences and numerous media outlets reported on INOVIQ news, see Presentation tab www.inoviq.com/site/investors/ presentations and Media tab www.inoviq.com/site/ media/inoviq-in-the-news. 12 INOVIQ Limited Review of Operations continued
FINANCIAL RESULTS The Group recorded a net loss from operating activities after income tax of $7,505,123 (2025: $6,932,280) and ended the financial year with a cash balance of $9,353,441 (2025: $6,520,923). Product revenues from sales of the hTERT test totalled $294,002 (2025: $294,314) and from EXO-NET totalled $138,045 (2025: $253,261). Income from other sources was $2,182,104 (2025: $1,679,482) including an accrual of $1,782,316 for the Research and Development Tax Incentive Refund for the 2026 financial year (2025: $1,267,738). The refund for 2026 is expected to be received in the coming months. Miscellaneous income, representing interest income, added $399,788 (2025: $411,744). General and administration costs were $4,867,071 (2025: $5,313,080) with the following significant contributors: › Employee expenditure $1,816,506 (2025: $2,890,233) net of a non-cash share based payments credit of $87,072 (2025: $824,563 expense); › Professional and legal fees $754,284 (2025: $634,879); › Amortisation of intangible assets $944,925 (2025: $944,925) for the hTERT and NETs intangible assets; and › ASX listing and share registry fees of $137,074 (2025: $80,750). Research and Development expenditure was $4,669,680 (2025: $3,254,552) including employee related expenditure of $1,593,575 (2025: $1,312,059) and $2,815,604 (2025: $1,691,506) paid to external contractors and suppliers. The majority of expenditure was incurred on the EXO-OC and Therapeutic programs. Sales and Marketing expenditure was $505,814 (2025: $471,319) of which employee related expenditure contributed $371,846 (2025: $346,111). The three categories of expenditure – General and Administration, Research and Development, and Sales and Marketing, for the reporting period specifically included: › amortisation of intangible assets - $944,925 (2025: $944,925) for the hTERT and Molecular NETs intangible assets and $15,239 (2025: $35,070) related to granted patents; › depreciation of right-of-use assets (required by accounting standard AASB16 – Leases) - $122,484 (2025: $193,576); › depreciation of building improvements - $33,169 (2025: $33,548) and depreciation of plant and equipment - $214,443 (2025: $172,992); › share based payments credit of $87,072 (2025: $824,563 expense). The credit in the 2026 financial year includes the impact of the reversal of previously recognised expense on unvested options that were cancelled after the departure of former IIQ Chairman, David Williams; and › lease liability interest expense, as required by AASB16, $20,765 (2025: $21,734). Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 13 Annual Report 2026
Review of Operations continued OUTLOOK AND PLANS INOVIQ’s mission is to transform patient lives through earlier cancer detection and more effective treatments, powered by world-class exosome technologies. The Company is strongly positioned for growth with a multi-product pipeline, strategic partners validating our patented exosome technology and an experienced leadership team to execute on strategy, deliver key milestones and enhance shareholder value. We are focused on progressing our high-value exosome diagnostic and therapeutic pipeline in FY 2027. Exosome leader Leading exosome company with platform technology developing advanced cancer diagnostics and therapeutics High-value therapeutics pipeline Preclinical CAR-exosome platform with potential cost, safety & efficacy advantages over cell therapy Critical unmet need for OC screening Clinical-stage EXO-OC test addressing critical unmet for ovarian cancer screening in 243m women globally Partnering underway Active LDT partner discussions for validation and commercialisation in US Early detection saves lives Early detection of ovarian cancer with potential to improve diagnosis, treatment and outcomes Multiple value triggers Funded to deliver upcoming catalysts in 2026 FY27 Priorities 1. Complete EXO-OC™ development & validation in average-risk and high-risk groups 2. Progress EXO-OC™ toward LDT-readiness and US laboratory partnering 3. Advance CAR-exosome therapeutics toward manufacturing readiness and future clinical development 4. Maintain disciplined capital allocation on EV diagnostic and therapeutic programs 5. Deliver key milestones that support long-term shareholder value 14 INOVIQ Limited
16 Directors’ Report 31 Auditor’s Independence Declaration 32 Consolidated Statement of Comprehensive Income 33 Consolidated Statement of Financial Position 34 Consolidated Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Notes to the Financial Statements 62 Consolidated Entity Disclosure Statement 63 Directors’ Declaration 64 Corporate Governance Statement 65 Independent Auditor’s Report Contents Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 15 Annual Report 2026
Directors’ Report 16 INOVIQ Limited The directors present their report together with the financial report of INOVIQ Limited (INOVIQ or the Company) and its controlled entities (collectively referred to as the Group) for the financial year ended 30 June 2026 and the independent auditor’s report thereon. PRINCIPAL ACTIVITIES The principal activities of the Group are the development and commercialisation of diagnostics and therapeutics for cancer. INOVIQ’s product portfolio includes commercial exosome isolation products and an adjunct bladder cancer test, clinical-stage diagnostics for breast and ovarian cancers, and a preclinical-stage CAR-exosome therapeutic program for solid tumours. CORPORATE INFORMATION INOVIQ Limited is a Company limited by shares and is incorporated and domiciled in Australia. It is the ultimate legal parent entity of the INOVIQ Group. As at 30 June 2026 it had two operating wholly owned subsidiaries, Sienna Cancer Diagnostics Ltd (an Australian public company) and INOVIQ Inc (a US incorporated company). DIRECTORS The names and details of the directors of the Company in office during the year ended 30 June 2026 and until the date of this report are as follows (Directors were in office for this entire period unless otherwise stated): MR PETER GUNZBURG Non-Executive Chairman (appointed 20 October 2025, becoming Chairman on 18 December 2025) Mr Gunzburg brings over 40 years’ experience as a public company director, stockbroker, and investor. He holds a Commerce Degree from the University of Western Australia and previously served as Chairman of BARD1 Life Sciences Limited (now INOVIQ Ltd) from 2016 to 2020. Mr Gunzburg is currently Chairman of Metals X Limited (ASX: MLX) and a Non-Executive Director of London Stock Exchange listed First Tin Plc (LSE: 1SN) (being the only other listed directorships held in the last 3 years). Mr Gunzburg has also previously been a director of Australian Stock Exchange Ltd, Eyres Reed Ltd, CIBC World Markets Australia Ltd and several other public companies. DR GEOFFREY CUMMING BSc (Hons) BAppSc PhD MBA MAICD Non-Executive Director (appointed 28 July 2020) Dr Cumming has held senior roles in the global healthcare and biotechnology sector for more than 20 years. As Managing Director, Roche Diagnostic Systems (Oceania), Dr Cumming transformed the loss-making entity the Swiss parent was intending to divest, into the fastest growing and most profitable affiliate in the Roche group. In his role as Managing Director/CEO of Biosceptre International Ltd, Dr Cumming was successful in designing and securing key funding arrangements through a skilful range of capital raising initiatives, including large government grants, partnering and co-development deals. His most recent executive role was as Managing Director / CEO of Anteo Diagnostics Ltd (ASX: ADO). He is currently a Non-executive Director of Anteo Diagnostics Ltd (being the only other listed directorship held in the last 3 years) and was previously Chairman of Sienna Cancer Diagnostics Ltd and a Non-executive Director of Medical Australia Ltd (ASX: MLA). Dr Cumming is Chair of the INOVIQ Limited Remuneration Committee and a member of the Audit & Risk Committee. MR ROBERT (MAX) JOHNSTON Non-Executive Director (appointed 17 June 2019) Mr Johnston held the position of President and Chief Executive Officer of Johnson & Johnson Pacific, a division of the world’s largest medical, pharmaceutical and consumer healthcare company for 11 years. Prior to joining Johnson & Johnson, Mr Johnston’s career also included senior roles with Diageo and Unilever in Australia, Africa, and Europe. Mr Johnston has also held several prominent industry roles as a past President of ACCORD Australasia Limited, a former Vice Chairman of the Australian Food and Grocery Council and a former member of the board of the Australian Self Medication Industry (ASMI). Mr Johnston has had extensive overseas experience during his career in leading businesses in both Western and Central-Eastern Europe and Africa as well as the Asia-Pacific region. Mr Johnston is a current Non-Executive Director of Neurotech International Limited (ASX: NTI) (being the only other listed directorship held in the last 3 years). Mr Johnston is a former Non-Executive Director of Medical Developments International Ltd (ASX: MVP), Tissue Repair Ltd (ASX: TRP), Enero Group Limited (ASX: EGG) and PolyNovo Ltd (ASX: PNV), and a former Non-Executive Chairman of Probiotec Ltd (ASX: PBP) and AusCann Group Holdings Ltd (ASX: AC8). Mr Johnston is a member of the Company’s Remuneration and Audit & Risk Committees.
Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information MR PHILIP POWELL BComm (Hons) ACA MAICD Non-Executive Director (appointed 17 June 2019) Mr Powell is a Chartered Accountant with extensive experience in investment banking, specialising in capital raisings, initial public offerings (IPOs), mergers and acquisitions and other successful corporate finance assignments across a diverse range of sectors including pharma, utilities, IT, financial services, food, and agriculture. He spent 10 years in senior financial roles at OAMPS Ltd, a former ASX-listed financial services group, and 10 years in audit with Arthur Andersen & Co in Melbourne, Sydney, and Los Angeles. Mr Powell is a former Non-Executive Director of RMA Global Ltd (ASX: RMY) (being the only other listed directorship held in the last 3 years), PolyNovo Ltd (ASX: PNV) and Medical Developments International Ltd (ASX: MVP). Mr Powell is the Chair of the Company’s Audit & Risk Committee. MS MARY HARNEY IDP-C INSEAD, BSc, BA (Fine Arts), MAICD FIML Non-Executive Director (appointed 1 October 2024) Ms Harney is an experienced Non-Executive Director and Chief Executive and brings a deep understanding of applied life science research, in addition to experience in biopharmaceutical regulatory affairs and commercialisation. Ms Harney is the Director of specialist consulting firm Mary Harney Advisory providing leadership, governance and strategic advice across innovation industries such as health, biotech and agriculture. Ms Harney currently serves as Chair of private Australian biotech Oncology One Pty Ltd, a cancer drug discovery company. Ms Harney was also previously the Chair of Race Oncology (ASX: RAC) (being the only other listed directorship held in the last 3 years), and a former Chair of Microbio Limited. FORMER OFFICEHOLDERS MR DAVID WILLIAMS Non-Executive Chairman (resigned 18 December 2025) Mr Williams is an experienced Director and investment banker with a track record in business development as well as in mergers and acquisitions and capital raising. He has experience advising ASX-listed companies in the food, medical device and pharmaceutical sectors. At the time of his resignation, Mr Williams was Chairman of RMA Global (ASX: RMY) and Managing Director of corporate advisory firm Kidder Williams. In the last 3 years David was also formerly Chairman and Non-Executive Director of PolyNovo (ASX:PNV) and a NonExecutive Director of Medical Developments International Ltd (ASX: MVP). INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY AND RELATED BODIES CORPORATE As at the date of issuing this report, the interests of the current directors in the shares of the Company were: Ordinary Shares ESS Options Listed Options Mr Peter Gunzburg 3,693,000 – 315,000 Dr Geoffrey Cumming 237,414 250,000 30,000 Mr Max Johnston 990,024 250,000 100,000 Mr Philip Powell 670,344 250,000 30,000 Ms Mary Harney 60,000 250,000 – 17 Annual Report 2026
EXECUTIVE MANAGEMENT AND COMPANY SECRETARY CHIEF EXECUTIVE OFFICER DR LEEARNE HINCH BSc BVMS MBA (appointed 7 November 2016) Dr Hinch is an experienced biotechnology executive and ASX-listed company CEO with extensive experience across corporate strategy, capital markets, global business development, technology commercialisation and product development spanning diagnostics, therapeutics, medical devices and animal health. Since joining INOVIQ, Dr Hinch has repositioned the Company around its proprietary exosome technologies, led multiple capital raisings, completed a transformational acquisition, expanded the Company’s intellectual property portfolio and built a diversified pipeline of diagnostics and therapeutics targeting major unmet needs in women’s health and oncology. Her experience includes establishing strategic collaborations, licensing agreements and commercial partnerships across the US, Europe and Asia-Pacific with leading academic institutions, biopharma, diagnostic developers and global industry partners. Dr Hinch brings hands-on leadership across corporate growth, investor relations, intellectual property management, clinical and regulatory strategy, commercial partnering and governance. Prior to INOVIQ, she founded life sciences consultancy Ingeneus Solutions and held executive and advisory roles with biotechnology companies including HealthLinx Ltd (ASX: HTX), OBJ Ltd (ASX: OBJ), Holista Colltech Ltd (ASX: HCT) and Chemeq Ltd (ASX: CMQ). She also held commercial and technical positions with multinational companies Virbac and Mars Petcare UK. Dr Hinch holds a Bachelor of Science, Bachelor of Veterinary Medicine and Surgery, and a Master of Business Administration (Distinction). FOUNDING SCIENTIST AND ADVISOR PROF GREGORY RICE PhD BSc (Hon) MHA Grad Dip Mgt (appointed 20 September 2021) Prof Rice is an internationally recognised academic and commercial scientist with over 30 years’ expertise and experience in oncology, perinatology, exosome-based research, clinical translational research, IVD development and commercialisation. He has held senior academic appointments, co-founded hospital-based clinical research centres in both oncology and perinatology, and co-founded and led diagnostic companies. He is an award-winning scientist with a strong international profile and clinical research networks. He has published more than 280 peerreviewed scientific publications and is a regular invited speaker at international conferences. He has held numerous academic leadership positions including at the University of Queensland (UQ), Baker Heart and Diabetes Institute, University of Melbourne, and Monash University. As Director of the UQ Centre for Clinical Diagnostics, he established the Centre, implemented an ISO17025 quality management system, secured NATA accreditation, and established an exosome research facility to evaluate the clinical utility of extracellular vesicles as liquid biopsies, IVDs and therapeutics. Additionally, he was a Founding Director and CSO of diagnostics company HealthLinx Ltd (ASX: HTX) and more recently CEO of Pregnostica SpA. His academic qualifications include a Doctor of Philosophy and Bachelor of Science (First Class Honours) from the University of Western Australia and a Graduate Diploma in Management and Master of Health Administration from RMIT University. CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY MR MARK EDWARDS BAcc CA (appointed 2 November 2022) Mr Edwards is a highly experienced and capable CFO and Company Secretary with expertise in financial leadership and management, corporate governance, investor relations and corporate transactions. Mr Edwards was previously CFO and Company Secretary at Medical Developments International Ltd (ASX: MVP) for 8 years, where he managed over $60 million in capital raisings, relocated the head office and manufacturing facility, established global infrastructure and operations and oversaw multiple new product launches. Previously he was Head of Finance and Company Secretary at Cogstate Ltd (ASX: CGS) and an Audit Senior Manager at Ernst & Young (EY) for 14 years, leading and managing professional staff in all aspects of audit, financial reporting, analysis and internal control across Manufacturing, Retail and Consumer Goods sectors, which included ASX listed clients. Directors’ Report continued 18 INOVIQ Limited
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