Annual Report 2025 7 CEO’s Letter Targeting inflammation the key to growth This year I am proud to write to you as the CEO of a clinical stage company once again, following our milestone achievement of taking SOF-SKN™ into a human trial. The leap from preclinical to clinical status is not one that every biotech makes, and we are pleased to have successfully accomplished this for our Sofra platform. This is a core technology from which we aim to develop many new assets, and to have one already in the clinic is something that marks our progress as a company over the past few years. From this trial we have generated valuable safety data and our drug has been shown to be safe and well tolerated, which is an absolute necessity for any further trial. I would like to thank all of our shareholders for their support as we worked towards this goal. Many people have recognised that our strategic transformation of Noxopharm was a complex undertaking, but it is one that is now starting to bear fruit. We see SOF-SKN as just the beginning of how we advance the Sofra platform, and a viable way of demonstrating the platform’s potential, de-risking the technology, and showing the industry that our approach is valid and has genuine commercial potential. At the most fundamental level, our goal with the Sofra platform is to develop novel drugs with a validated treatment approach to target inflammation, which is central to many diseases and affects millions of people worldwide. These diseases include autoimmune diseases such as rheumatoid arthritis, lupus and inflammatory bowel disease, but also cardiovascular diseases, high blood pressure, respiratory diseases, neurodegenerative diseases, metabolic diseases, and various skin conditions such as eczema, dermatitis and psoriasis. Inflammation is a common factor in all of these – a pervasive process that can be healing, but too much (or too little) of it leads to devastating diseases that can cause untold harm across every part of the body. Many of you will know someone with one of these diseases and will have seen firsthand the Dear Shareholders,
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