Announcement PDF patrys.com ASX: PAB Acquisition of Reliis 1 28 January 2026 Patrys Limited (ASX:PAB) Safe Harbour Statement The following material is for general information purposes only and is not to be relied upon for the making of an investment decision. Any investment in Patrys Limited ACN 123 055 363 (Patrys) is subject to investment risk including the possibility of loss of capital invested and no return of income or payment of dividends. Neither Patrys nor any other entity or person in or associated with the Patrys group of companies guarantees any return (whether capital or income) or generally the performance of Patrys or the price at which its securities may trade. In particular, this presentation is not a recommendation, offer or invitation to subscribe for or purchase Patrys securities. It is not for general distribution or third party reliance or use. While it has been prepared from sources Patrys believe to be reliable, Patrys cannot guarantee its accuracy or completeness and undertakes no obligation to advise of changes or updates to any such materials. These materials are not exhaustive of all of the information a potential investor or their professional adviser would require. Nor do these materials take into account any specific objectives, financial situation or needs of investors. In addition, the past performance of Patrys cannot be assumed as indicative of the future performance of the company. For these and other reasons, before making any investment decision regarding Patrys securities you are strongly recommended to obtain your own up to date independent legal, financial and investment advice – those acting without such advice do so at their own risk. Where this presentation does contain any forward looking statements, those statements are only made as the date of the presentation and are to be considered “at-risk statements” not to be relied upon as they are subject to further research and to known and unknown risks, uncertainties and other factors that may lead to actual results differing from any forward looking statement. This is particularly the case with companies such as Patrys which operate in the field of researching, discovering, developing, and commercialising potential drugs intended for safe and effective for human treatments or therapies. Investor Presentation| January 2026 2 Patrys Limited (ASX:PAB) Company Snapshot 3 Ordinary Shares Performance Rights Options Opening 340,729,915 - 90,812,025 Consideration Shares 110,000,000 - - Performance Rights - 70,000,000 - Con Note Shares 25,000,000 - - Reliis Facilitation Shares 50,000,000 - - PAB Facilitation Shares 6,666,666 - - TOTAL 532,396,581 70,000,000 90,812,025 • (Class A Performance Rights): 40,000,000 Class A Performance Rights which convert into Shares on a one (1) for one (1) basis upon the first subject being dosed in a Phase 1 Clinical Study, and expire three (3) years from the date of issue; and • (Class B Performance Rights): 30,000,000 Class B Performance Rights which convert into Shares on a one (1) for one (1) basis upon successful IND approval by a regulatory body, and expire five (5) years from the date of issue Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Board of Directors 4 Peter Christie CHAIRMAN • 25+ years’ accounting and ASX governance experience, including board roles across multiple listed companies. • Proven organisational leader, serving as Director of Hawkins Christie Management Services and President of South Fremantle Football Club. • Broad commercial background spanning resources, property, hospitality and medical sectors, including prior chair experience. Current Chairman of ASX:MOH and ASX:MRD. Leanne Kite DIRECTOR • Experienced finance, governance and investor relations executive with 20+ years across biotech, resources and energy, and co-founder of Reliis where she led strategy, capital formation and governance. • Strong capital markets and institutional engagement background, currently leading Investor Relations for Liontown Resources, an ASX 200 company. Prior senior finance and strategy roles at Woodside Energy. • Chartered Accountant and AICD Graduate, bringing large-cap governance capability and early-stage biotech leadership to the Board. Dino Cercarelli DIRECTOR • Healthcare and clinical trial operations leader with 20+ years’ experience across major Australian health organisations, including senior roles at ACTA (Australian Clinical Trial Alliance) and St John of God Health Care. • Operational and governance specialist, currently COO of ACTA. • Co-founder of Reliis with strong experience in trial delivery, commercialisation and investor engagement, bringing deep clinical operations and governance capability to the Board. Brian Leedman DIRECTOR • Biotech entrepreneur with a strong ASX track record, having co-founded several healthcare companies, including ResApp Health, acquired by Pfizer in 2022 and Imugene Limited. • Extensive board and leadership experience, serving as Chairman or Director of multiple ASX- listed companies including Alcidion, Oncosil and NeuroScientific Biopharmaceuticals. • Background in investor relations and corporate strategy, with a decade as VP of Investor Relations at pSivida (now EyePoint Therapeutics), plus senior roles at Westpac and Ernst & Young. Dr Anton Uvarov DIRECTOR • Extensive healthcare and neuroscience expertise, with a career spanning biotechnology, clinical development and investment analysis. • Former Citigroup equities analyst, specialising in biotech and healthcare sectors. • Co-founder and director of multiple ASX-listed companies, including BlinkLab (ASX:BB1), Elsight (ASX:ELS), Dimerix (ASX:DXB), Actinogen (ASX:ACW) and Neuroscientific Biopharmaceuticals (ASX:NSB). Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Reliis: Reformulation Approach 5 Clinical stage biopharmaceutical company focused on fast to market opportunities in areas of real unmet need First Indication ~500M Individuals suffering from delirium, a common acute neurocognitive condition Lead Product AQS – Proprietary IV formulation of quetiapine – providing faster, more predictable onset of action, safest and most effective relief for these patients. Clear Path to Market Utilizing oral quetiapine data, population PK modelling and 505(b)(2)/hybrid regulatory pathways for faster approval and expedited path to market Intellectual Property Patent applications for a new formulation specifically for delirium entered National Phase jurisdictions for assessment Q4 2024. Market Opportunity Global prevalence: 33–80% ICU, 26–62% palliative care and 15–40% old aged facilities* Serviceable addressable market: ~$2B per year and increasing as the population ages. Key to Success Minimal risk as safety and efficacy has been established with oral quetiapine AQS as the first approved treatment for delirium will improve patient care and decrease hospital costs. *Tomlinson et al., 2024Drugs & Aging (2024) 41:455–486 Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Delirium: Severe & Acute Mental Disturbance 6 Confusion Disorientation Altered Thinking & Behaviours 3 Kinds • Withdrawn (Hypoactive) • Mixed • Aggressive (Hyperactive) Cognitive Decline Increased Risk of Dementia* * Richardson et al., Age and Ageing 2021; 50: 914–920 Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Delirium Market (Serviceable Market *Est) 7 Total Serviceable Addressable Market > US$2 Billion Estimated Revenue by Segment Intensive Care 30–80%* Palliative Care 22–62%* Aged Care 15–40%* US Market $387M $1070M# $32M Australian Market $85M $150M $11M Global Market $797M $380M $600M * Tomlinson et al., 2024Drugs & Aging (2024) 41:455–486 # Palliative care in the US is difficult to measure a subset of hospice care Assumptions: • 31% ICU admissions present with delirium of which 50% will be treated • 50% ICU Palliative Care present with delirium of which 50% will be treated • 20% Aged Care present with delirium of which 50% will be treated Investor Presentation| January 2026 Patrys Limited (ASX:PAB) The Problem: Current Treatment Challenges 8 • No approved drug treatments • Many drugs used without approval (“OFF- LABEL”) but all with serious limitations • Oral quetiapine is difficult to administer to patients suffering delirium No Approved Treatment “OFF-LABEL” Antipsychotic & Benzodiazepine • Haloperidol • Risperidone • Dexmedetomidine • Benzodiazepines • Sedatives • Physical Restraint Variable Effectiveness Low quality data supporting use Significant adverse side-effect profiles Quetiapine: Atypical Antipsychotic • Oral-Only formulation available • Requires a long time to work (1-2h) • Requires a long time to tailor the dose • Unable to deliver effectively • Underutilised due to difficulty of use Oral Quetiapine comparatively demonstrated Evidence of Benefit in Delirium patients and a lower side effect profile* * Oztuzzi et al., 2020. Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Clinical Valuation of Unmet Need 9 Clinician interviews have proven there is a significant unmet need for effective and superior Delirium Treatment. “Dealing with delirium every day is exhausting. Most drug therapies just sedate the patient, it's like shooting in the dark” “Dosing is a nightmare, especially in critical situations. We can't afford to guess, but that's all we're left with” We need a treatment that's registered for delirium, proven in trials to work better” “I worry the patient will hurt themselves or staff (or me) before we get control. Then I worry I’ll over-sedate them” Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Our Solution 10 A novel reformulated injectable format (AQS) Administered Intravenously (IV) and Subcutaneously (SC) Ideally suited to ICU Effectively resolves delirium allowing treatment of underlying cause Also suitable for aged and palliative care Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Stage of Development 11 A novel reformulated injectable format (AQS) Favourable injection characteristics pH, Osmolality, GRAS excipients Known oral PK characteristics for efficacy in delirium Favourable manufacturing characteristics Very stable - Min 2 years stability Known Safety and potential contraindications Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Advantages of Injectable AQS 12 • Rapid onset of action (1 min v 2h) • 100% bioavailability (all the dose administered) • No impact of patient physiology or metabolism • Customisable dosing control (can be rapidly reversed if required) • Rapid relief from agitation • Improved Safety of staff and patients • Decreased days in ICU and hospital • Reduced side effects (low sedation) • Increased treatment efficacy • Decreased cost of care Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Competitive Advantage of AQS 13 AQS Oral Quetiapine IV Haloperidol IV Dexmedetomide SL Olanzapine Efficacy + + + + + + + - Speed of activity + + + + + ++ + + + ++ Adverse effects + + + + + + + + + Cardiac effects (QTc) – + + + + – + + Sedation + + + + + + + + + Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Clinicians Will Adopt AQS 14 Physical therapy, ICU and hospital discharge is delayed if delirium is not managed well. Increased Cost to Taxpayers AQS will replace current off label, ineffective treatments, integrating with current workflow Initial Target Product Profile: • ICU/postoperative delirium. • Multi-professional post-operative workflow Preoperative Nursing Care • Fasting Intra- Operative • Anaesthesia • Many medicines • Heart Bypass Intensive Care Unit (ICU) Post- Operative Care Hospital Discharge After Discharge • Rehabilitation • Delirium and Pain screening • Remove breathing tube • Prevent vomiting Oral Quetiapine is commonly used for delirium* * Alghadeer et al., 2024. Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Accelerated Reformulation Drug Development Pathway FDA Regulatory pathway 505(b)(2) Traditional New Drug Development Pathway Commercialisation: Reformulation Pathway 15 Drug Discovery Drug Formulation Validation Pre-clinical Phase 1 Phase 2 Phase 3 Regulatory Post Market 10–15 Years Average Cost $1.2B (US) Drug Formulation Validation Bridging Pre-clinical Phase I (BA/BE) Regulatory Post Market Bridging Phase 2/3 3–5 Years Average Cost $20–30M (US) Innovative Reformulation Strategy for Fast-Tracked and Derisked Development program PAB focus for next 18 months Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Injectable AQS: Fast Track Clinical Development 16 Bridging Studies Required • Microdosing in humans plus PBPK modelling and simulation • Prediction of human dose from human data not animals • Rational clinical pharmacology to quickly redirect drugs for unmet needs • It would be unethical and unnecessary to repeat all the foundational safety studies (e.g., chronic toxicity, carcinogenicity) P0 Exploratory Clinical Trial • N=30 healthy volunteers • PK analysis • Safety analysis P1/ Bioequivalent • N=30 ICU patients • Safety analysis • Feasibility in ICU • Prelim efficacy Pivotal P2/3 • ICU patients • Global, Pivotal Delirium efficacy trial • Safety Finding the dose for P1 FDA pre-IND submission FDA IND submission Potential to exit? 2028 ... 2026 H1 2026 H2 2027 H1-H2 01 02 03 Pre-Study Activities Completion of CMC and preliminary study activities, including CRO site setup, preparation of ethics submission and healthy volunteer recruitment. Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Reformulation Examples 17 Original Indication Reformulated Indication Deal (paracetamol) Chronic pain management (oral) Acute post operative pain management (IV) Ofirmev®: Mallinckrodt $1.4B acquisition Anxiety (1963) Oral tablet Epilepsy (2020) Nasal spray Global Licensing Agreements Schizophrenia (1993) Oral tablet Schizophrenia (2003) Injectable Teva upfront Clinical trial costs $112M in milestones plus royalties Paediatric respiratory infection (Oral) cUTIs (2022) GSK US$66M upfront $525M milestones Oral to IV Examples Successful products specifically reformulated from an oral to i.v. formulation to alleviate acute conditions include: • Zometa®: hypercalcemia of malignancy • Caldolor®: perioperative pain management • Ofirmev®: postoperative pain management • Nexterone®: acute cardiac care In 2024 the FDA approved many (~25) drugs under the 505(b)(2) reformulation pathway. Comparable Reformulations Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Strategic Partner Suggestions 18 Ideal Partner: • A dedicated hospital/acute care sales force. • Existing products in CNS, psychiatry, ICU sedation, or anesthesia. • A strategic need for near-to-mid- term pipeline assets. • The financial capability and risk tolerance to fund a Phase 3 trial. • An understanding of the high unmet need and potential for significant uptake in hospitals, where cost- effectiveness can be a strong selling point Innovative Generic Company: Those branching out into new products. Delirium or Hospital Market Interest: Those within the delirium market or markets that quetiapine/other antipsychotics have been approved e.g. schizophrenia Examples • Teva • Viatris • Sandoz • Mallinckrodt • BioXcel Therapeutics • Eagle Pharmaceuticals • Hikma Pharmaceuticals • Fresenius Kabi • Pfizer -hospital divisions • Lundbeck -hospital divisions • J&J • Otsuka Pharmaceuticals Investor Presentation| January 2026 Patrys Limited (ASX:PAB) Intellectual Property Protection 19 • Provisional patent application No. 2022901032 • Wholly owned by Reliis with no trailing obligations • New IP developed – final formulation Australia Australian Provisional Patent No. 2022901032 Entered National Phase* Q4 2024 World Intellectual Property Office (WIPO) (PCT/AU2023/050316). • US • EU/UK • Australia Covers • New formulation composition • Method of Use Delirium * ~75% of the global pharmaceutical market- 2023 EFPIA. The Pharmaceutical Industry in Figures Investor Presentation| January 2026 Patrys Limited (ASX:PAB) News Flow and Catalysts 20 Event Target Date Completion Engineering batch Drug product for CMC Q2 2026 Ethics approval Phase 0 Q2 2026 GMP Clinical batch release Q3 2026 Phase 0 initiation Q3 2026 Phase 0 completion Q4 2026 File provisional patent on final product Q4 2026 FDA pre-IND response Q1 2027 6 months DP stability for Phase 1 and CMC Q2 2027 Ethics approval Phase 1 Q2 2027 Phase 1 initiation first patient dosed Q3 2027 Phase 1 completion Q1 2028 IND submission Q1 2028 Investor Presentation| January 2026 Dr. Anton Uvarov Phone: +61 450 662 770 Email: info@patrys.com Patrys Limited (ASX:PAB) patrys.com Contact Investor Presentation| January 2026