Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information INDEMNIFICATION OF AUDITORS The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Group or any related entity against a liability incurred by the auditor. During the financial year, the Group has not paid a premium in respect of a contract to insure the auditor of the Group or any related entity. INTERESTS IN CONTRACTS OR PROPOSED CONTRACTS WITH THE COMPANY During the financial year, no director has had any interest in a contract or proposed contract with the Company being an interest the nature of which has been declared by the director in accordance with Section 300(11)(d) of the Corporations Act 2001 except for the contracts of the executive and non-executive director which are disclosed in the remuneration report. DIRECTORS’ MEETINGS The following table sets out the number of meetings of the Company’s directors held during the year ending 30 June 2026 and the number of meetings attended by each director. Directors’ Meetings Audit Committee Remuneration Committee No. of meetings held while in office Meetings attended No. of meetings held while in office Meetings attended No. of meetings held while in office Meetings attended Mr Peter Gunzburg 6 6 N/A N/A 1 1 Mr David Williams 7 7 N/A N/A N/A N/A Dr Geoffrey Cumming 11 11 3 3 1 1 Mr Max Johnston 11 11 3 3 1 1 Mr Philip Powell 11 11 3 3 N/A N/A Ms Mary Harney 11 11 N/A N/A N/A N/A Mr Gunzburg joined the Board on 20 October 2025 and was therefore only eligible to attend 6 Board meetings. Mr David Williams resigned from the Board on 18 December 2025 and was therefore only eligible to attend 7 Board meetings. REMUNERATION REPORT (AUDITED) This Remuneration Report outlines the director and executive remuneration arrangements of the Group in accordance with the requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report Key Management Personnel (KMP) of the Group are defined as those persons having the authority and responsibility for planning, directing, and controlling the major activities of the Group. The remuneration report has been audited as required by section 300A of the Corporations Act 2001. USE OF REMUNERATION CONSULTANTS Independent external advice is sought from remuneration consultants when required, however no advice has been sought during the period ended 30 June 2026. REMUNERATION POLICY The Group has designed its compensation policies to ensure significant linkage between rewards and specific achievements that are intended to improve shareholder wealth. In assessing the link between the Group performance and compensation policy, it must be recognised that biotechnology companies generally do not make a profit until a drug or device is licensed or commercialised, either of which takes a number of years. Furthermore, the biotechnology sector as a whole is highly volatile, significantly driven by market sentiment and inherently high risk. Therefore, the direct correlation of compensation policy and traditional financial performance measures is not appropriate. As an alternative, key milestones are a more meaningful measure of performance to correlate levels of compensation. These milestones are discrete achievements and can be used to evaluate the Group’s progress towards commercialising its various projects. The Board recognises that the performance of the Company depends upon the quality of its Directors and Executives and to this end the Company is aware that it must attract, motivate, and retain experienced Directors and Executives. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high-quality Board and executive team. Such officers are given the opportunity to receive their base emolument in the form of salary and fringe benefits such as motor vehicle benefits. 25 Annual Report 2026
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