The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘consolidated entity’) consisting of Noxopharm Limited (referred to hereafter as the ‘company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were directors of Noxopharm Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: • Mr. Frederick Bart, Non-Executive Chairman • Mr. Peter Marks, Non-Executive Director and Deputy Chairman • Mr. Boris Patkin, Non-Executive Director • Dr. Gisela Mautner, Chief Executive Officer and Managing Director Principal activities The consolidated entity’s principal activity in the course of the current financial year was SOF-SKN™ clinical trial preparation and drug development, focused on discovering and developing novel treatments for inflammation, autoimmune diseases and cancer, as well as improving mRNA vaccines. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the consolidated entity after providing for income tax amounted to $4,884,170 (30 June 2024: loss of $3,578,117). During the financial year, the consolidated entity has: • Conducted extensive preclinical and operational preparations for the HERACLES clinical trial, a first-in-human trial of SOF-SKN™, a novel drug candidate for chronic inflammatory diseases. The study aims to evaluate the safety profile of SOF-SKN by testing it at four different concentrations, and is taking place in Australia to capitalise on local expertise in research for inflammatory diseases such as lupus. • Prioritised the development of the Sofra™ and Chroma™ programs, in particular the former. Noxopharm’s preclinical portfolio and the opportunity to enter new and emerging clinical markets offered a strong level of risk mitigation for the company along with increased out-licensing opportunities, and reflected the best use of shareholder funds to maximise value. • Signed further Material Transfer Agreements (MTAs) with a range companies in order for them to evaluate the potential of Noxopharm’s Sofra platform. The companies are testing a number of novel and proprietary assets from the platform. Each company is investing its own time and resources to perform the studies required to assess the commercial potential of the assets, and a variety of use cases are being explored. • Scaled-up production and manufacturing of SOF-SKN to the quality standards and amount required for the HERACLES clinical trial. Also contracted various external partners to support trial delivery. • Announced new data showing that the clinical trial formulation of SOF-SKN significantly reduced inflammation in an animal model. • Strengthened its strategic partnership with Hudson Institute of Medical Research. The partnership and in-licensed technology are key components of the company’s Sofra platform, via which Noxopharm is building a promising portfolio of assets. • Undertook various initiatives in Australia and overseas to promote the Sofra platform to relevant audiences, including industry participants, clinicians and other external stakeholders. • Issued A$2.6 million of convertible notes to sophisticated investors, providing ongoing funding for the company and allowing it to fully explore all capital management and other potential opportunities. These notes expire 2 January 2026 and attract and interest rate of 12%, capitalised until the notes are converted or repaid and secured over the 2024/25 research and development rebate. Directors’ Report Annual Report 2025 Annual Report 2025 10
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