Announcement PDF Patrys Limited ABN 97 123 055 363 Annual Report - 30 June 2026 Patrys Limited Contents 30 June 2026 1 Corporate directory 2 Directors' report 3 Auditor's independence declaration 20 Statement of profit or loss and other comprehensive income 21 Statement of financial position 22 Statement of changes in equity 23 Statement of cash flows 25 Notes to the financial statements 26 Consolidated entity disclosure statement 50 Directors' declaration 51 Independent auditor's report to the members of Patrys Limited 52 Shareholder information 56 Patrys Limited Corporate directory 30 June 2026 2 Directors Mr. Peter Christie (Non-Executive Chair) Dr. Anton Uvarov (Non-Executive Director) Mr. Brian Leedman (Non-Executive Director) Ms. Leanne Kite (Non-Executive Director) Mr. Dino Cercarelli (Non-Executive Director) Chief Executive Officer Dr. Samantha South Company secretary Mr Johnathon Busing Mr. Kieran Witt Registered office and Principal place of business Ground Floor, 168 Stirling Highway Nedlands WA 6009 TEL: (61 8) 6165 8858 Share register Automic Registry Services Level 5, 126 Philip Street Sydney NSW 2000 TEL: 1300 288 664 (Within Australia) +61 2 9698 5414 (Outside Australia) Auditor BDO Audit Pty Ltd Collins Place, Level 25, 35 Collins Street Melbourne VIC 3000 Australia TEL: (61 3) 9603 1700 Stock exchange listing Patrys Limited shares are listed on the Australian Securities Exchange (ASX code: PAB) Website www.patrys.com Patrys Limited Directors' report 30 June 2026 3 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Patrys 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 2026. Directors The following persons were Directors of Patrys Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr. Peter Christie (Non-Executive Chair) Dr. Anton Uvarov (Non-Executive Director) Mr. Brian Leedman (Non-Executive Director – appointed 10 November 2025) Ms. Leanne Kite (Non-Executive Director – appointed 28 January 2026) Mr. Dino Cercarelli (Non-Executive Director – appointed 28 January 2026) Dr. James Campbell (Non-Executive Director – resigned 10 November 2025) Principal activities Patrys Limited is a clinical-stage reformulation and antibody development company focused on developing therapies for unmet medical needs. The Company’s portfolio includes an injectable quetiapine program for the treatment of delirium and its versatile deoxymab antibody platform, including PAT-DX1 and PAT-DX3, which is being developed for applications in inflammatory and autoimmune diseases. During the year, the Group acquired RLS-2202, a proprietary injectable formulation of quetiapine for the treatment of delirium in intensive care, aged-care and palliative-care settings. As part of the acquisition, the Group recognised an intangible asset of $6,636,000 relating to the RLS-2202 acquired development program. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the Group after providing for income tax amounted to $3,415,435 (30 June 2025: Loss of $3,013,303). RLS-2202 for delirium During the year, the Company entered into an agreement to acquire 100% of Reliis Pty Ltd, a clinical-stage pharmaceutical company developing a proprietary injectable formulation of quetiapine for the treatment of delirium in ICU, aged-care and palliative-care settings. The acquisition broadened the Company’s development portfolio by adding a pharmaceutical program with a potentially shorter development pathway alongside its existing biologics programs. The acquisition was completed on 28 January 2026 following shareholder approval. Following completion, the Company progressed integration activities and advanced manufacturing, regulatory and clinical planning for RLS-2202 towards a Phase 1A clinical trial. In March 2026, manufacturing of the Engineering Batch commenced at BioCina, a specialist Australian contract development and manufacturing organisation with expertise in sterile injectable drug products across clinical and commercial scale. This marked the first production of RLS-2202 (formerly RLS-2201) under commercially representative conditions. The Engineering Batch was manufactured under controlled conditions incorporating key Good Manufacturing Practice (GMP) principles, consistent with the TGA Clinical Trial Notification (CTN) Scheme for exploratory Phase 1 studies. The batch was designed to confirm process reproducibility, generate material for stability testing and provide supply for early clinical trial activities, while supporting the subsequent manufacture of GMP-grade clinical trial material. In conjunction with this, the Company progressed its US regulatory pathway through the engagement of Facet Life Sciences, a specialist in US regulatory affairs, to support preparation for a pre-IND (Investigational New Drug) submission. Work included development of the regulatory strategy, US-specific regulatory oversight of the clinical trial design, and progression of documentation required to support future pre-IND and IND submissions to the FDA. Clinical development planning also advanced during the year, with the Company finalising the Phase 1A study design and preparing the associated regulatory and ethics documentation. Following a competitive evaluation process, CMAX was appointed as the clinical trial site and Alithia Life Sciences as the Contract Research Organisation (CRO) for the planned bridging Phase 1A study in healthy volunteers. The study is designed to assess the safety, tolerability and bridging pharmacokinetics of RLS-2202. Patrys Limited Directors' report 30 June 2026 4 CMAX was appointed to conduct participant dosing and monitoring, while Alithia Life Sciences was appointed to oversee the broader operational, regulatory and clinical management of the trial, including project management, regulatory coordination, data management, pharmacovigilance, vendor oversight, biostatistics and reporting. Towards the end of the reporting period, the Company progressed protocol finalisation, submitted its Human Research Ethics Committee application and continued trial initiation activities at CMAX. Drug product for Cohort 1 of the clinical trial (Engineering Batch) had been manufactured and was awaiting release as at 30 June 2026. First participant dosing remained targeted for Q3 CY2026, subject to HREC and other applicable approvals. The Deoxymabs Platform During the year, the Company continued development of its deoxymab platform, with work focused on validating the mechanism and disease relevance of PAT-DX1 and PAT-DX3 in immune-mediated inflammatory conditions. In collaboration with Monash University, the Company progressed a comprehensive pre-clinical research program designed to generate disease-relevant data to support future regulatory engagement and partnering discussions. The program included ANCA-associated vasculitis models, comparisons against standard-of-care immunosuppressive therapies and established neutrophil extracellular trap (NET) inhibitors, together with assessments of cytotoxicity, neutrophil functions and immune integrity. The Company continued to evaluate partnering, licensing and other strategic opportunities for the deoxymab platform and its positioning within the broader development pipeline. Statement of Financial Position At 30 June 2026, the Group held cash of $3,360,125 (30 June 2025: $742,441). Excluding prepaid expenses, the working capital position at 30 June 2026 was $2,542,115 (30 June 2025: $561,514). Operating results The loss for the Group after providing for income tax amounted to $3,415,435 (30 June 2025: Loss of $3,013,303). Total other income during the year was $8,985 (2025: $828,540), comprising interest income of $8,985 (30 June 2025: $21,269). There is Nil (2025: $807,271) R&D incentive income was recognised during the year. Management determined that, as at 30 June 2026, sufficient evidence was not available to support recognition of the R&D tax incentive. Accordingly, no receivable or grant income has been recognised in the current year. Patrys’ strategy is to outsource product development activities, including manufacturing, regulatory and clinical trial activities, to specialist, top-tier partner organisations and external service providers. As a consequence, Patrys did not incur any major capital expenditure during the year and does not intend to incur substantial commitments for capital expenditure in the immediate future. Total consolidated operating expenses for the year were $3,424,420 (2025: $3,841,843). Operating expenses include research and development costs of $1,706,402 (2025: $1,754,163) which have been expensed in the year they were incurred. The level of R&D costs incurred in FY2026 is consistent with the pre-clinical and manufacturing work undertaken during the financial year. Administration and management costs were $1,568,018 (2025: $1,783,930) from continuing operations. Share- based payment expenses were $150,000 (2025: Nil). Risks and uncertainties Patrys is subject to risks that are specific to the Group and its business activities, as well as general risks. The following are the significant risks and uncertainties relevant for the current reporting year. Future funding risks The Group had a cash and cash equivalents balance of $3,360,125, a GST receivable of $99,924 and net assets of $9,276,167 at 30 June 2026. Patrys Limited Directors' report 30 June 2026 5 The Company may require substantial further financing to support the continued research, development and commercialisation of its product candidates and its other longer-term objectives. Any additional equity financing may dilute existing shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations and scale back its research and development activities. There is, however, no guarantee that the Company will be able to secure any additional funding or that such funding on will be available on terms favourable to the Company. Patrys' ability to raise additional funds is subject to, among other things, factors beyond the control of the Company and its Directors, including conditions in the economy and capital markets generally. If Patrys is unable to raise future funds, its ability to achieve its milestones or continue the development and commercialisation of its assets may be significantly affected. The Directors regularly review the company’s expenditure and funding requirements to ensure Patrys’ ability to meet its creditors and other liabilities as they fall due. In addition, Patrys may be eligible for certain government grants and R&D tax incentive payments. Regulatory risks Changes in relevant taxation, interest rates, legal, legislative and administrative regimes and government policies in Australia and other markets in which the Company operates or may operate may have an adverse effect on the operations and financial performance of the Company and the market price of its securities. The research, development, manufacture and sale of products based on Patrys' technology are subject to regulations prescribed by government authorities in Australia and overseas. Drug development is inherently uncertain, and product candidates may fail during pre-clinical or clinical development. Further, even if the Group views the results of a trial as positive, the FDA or other regulatory authorities may disagree with the Group’s interpretation of the data. Thus, Patrys’ product candidates may be shown to be unsafe or ineffective, difficult or impossible to manufacture at commercial scale, uneconomical to market, face competition from alternative products, fail to secure regulatory approval or adequate reimbursement, or not be as attractive as alternative treatments. Patrys monitors legislative and regulatory developments and engages proactively with key stakeholders to manage this risk. Product development risk Patrys' product portfolio includes candidates at pre-clinical and clinical stages of development that require further testing and development before commercialisation. Pre-clinical and clinical development of Patrys' product candidates could take several years to complete and may fail for reasons including but not limited to lack of efficacy, failure to obtain regulatory approval, difficulty or failure to manufacture Patrys' products commercial scale, or toxicity. There is no guarantee that Patrys will successfully develop or commercialise its product candidates. Dependence on service providers and third-party collaborators There is no guarantee that Patrys will be able to find, engage and retain third-party service providers and collaborators, including academic institutions, to support the development and commercialisation of its products. Patrys is therefore exposed to the risk that these parties may experience operational, financial or other difficulties, and collaborative agreements may be terminated in accordance with their terms. Non-performance, suspension or termination of relevant agreements could negatively impact the progress or success of Patrys’ product development efforts, financial condition and results of operations. Patrys monitors the performance of its key service providers and collaborations and engages proactively with key stakeholders to manage this risk. Reliance on key personnel Patrys' success depends to a significant extent upon its key management personnel, as well as other management and technical personnel including those engaged on a contractual basis. The loss of the services of such personnel or the inability to recruit and retain additional personnel could have an adverse effect on the performance of Patrys. Patrys maintains a combination of permanent staff and expert consultants to advance its programs and ensure access to appropriate skill sets. Patrys Limited Directors' report 30 June 2026 6 Inability to protect intellectual property Patrys' ability to leverage its innovation and expertise is dependent on its ability to protect its intellectual property, including maintaining patent protection for its product candidates and their respective targets and any improvements there to it. A failure or inability to protect Patrys' intellectual property rights could have an adverse impact on operating and financial performance. Patrys owns or has in-licensed issued and pending patent applications covering a range of antibodies, cell lines, molecular targets, potential drug candidates and platform technologies. The prospect of attaining patent protection for products such as those Patrys proposes to develop is uncertain and involves complex and continually evolving factual and legal questions. Patrys may incur significant costs in prosecuting or defending its intellectual property rights. Patrys proactively monitors patent and licence applications and renewals and requires relevant stakeholders to comply with the requirements set out in the confidentiality policy. IT system failure and cyber security risks Any information technology system is potentially vulnerable to interruption or damage from a number of sources, including computer viruses, cyber security attacks and other security breaches, power failures, systems, internet and data network failures, and natural disasters. Patrys seeks to mitigate cyber security risks through outsourcing the management of its IT systems to an external service provider and maintaining appropriate information technology and security controls. Significant changes in the state of affairs During the year, the Company completed a $1,774,358 fully underwritten non-renounceable pro-rata Entitlement Offer. Eligible shareholders were offered three (3) fully paid ordinary shares for every four (4) shares held at an issue price of $0.001 per new share on a pre-consolidation basis, together with one (1) free attaching share for every four (4) shares applied for and issued. The Company also completed a placement during the June quarter, raising approximately $3,149,920 (before costs) through the issue of approximately 131 million fully paid ordinary shares at $0.024 per share. Following shareholder approval at the General Meeting held on 8 June 2026, the placement participants became entitled to receive one (1) free attaching unlisted option for every four (4) shares subscribed, exercisable at $0.048 on or before 30 November 2030. Directors also participated in the placement on the same terms. Effective 1 July 2025, Dr James Campbell transitioned from Managing Director and Chief Executive Officer to Non-Executive Director following the redundancy of his executive role. Dr Campbell subsequently resigned as a Non-Executive Director of the Company on 10 November 2025. On the same date, Mr Brian Leedman was appointed as a Non-Executive Director, while Mr Stefan Ross ceased as Company Secretary and Mr Johnathon Busing and Mr Kieran Witt were appointed as Joint Company Secretaries. Further Board and management changes during the year included the appointment of Ms Leanne Kite and Mr Dino Cercarelli as Non-Executive Directors in January 2026 and Dr Samantha South as Chief Executive Officer in February 2026. There were no other significant changes in the state of affairs of the Group during the financial year. Patrys Limited Directors' report 30 June 2025 7 Matters subsequent to the end of the financial year On 3 July 2026, the Company issued 6,666,666 fully paid ordinary shares to Directors at an issue price of $0.024 per share, raising $160,000, following shareholder approval obtained at the General Meeting held on 8 June 2026. The Company also issued 1,666,666 free attaching options to Directors who participated in the placement. On 13 July 2026, the Company entered into a binding agreement with Yale University in respect of a revenue sharing arrangement regarding the deoxymab intellectual property portfolio. Under the agreement, the Company will assign the deoxymab IP to Yale University, which will be responsible for the majority of future research and development costs, in consideration for which Patrys will be entitled to fifty percent (50%) of all future commercialisation revenue received by the University that is directly attributable to the deoxymab IP portfolio, including cash and non-cash consideration such as equity interests, licensing income, royalties and milestone payments. It is intended that the deoxymab IP will subsequently be transferred by the University into a new start-up entity, in which Patrys will become a direct shareholder, preserving the Company's ongoing strategic and economic interest in the deoxymab platform. The Company will continue to support ongoing pre-clinical research on PAT-DX1 and PAT-DX3, including the ANCA-associated vasculitis program in collaboration with Dr O'Sullivan at Monash University, while materially reducing its future capital commitments to the deoxymab platform. On 15 July 2026, the Company issued 1,564,711 fully paid ordinary shares at an issue price of $0.025 per share in settlement of monthly retainer fees for the period from November 2025 to March 2026, pursuant to the Mandate entered into with Templar Corporate Pty Ltd. On 15 July 2026, 32,811,667 free-attaching unlisted options and 9,232,000 unlisted options issued to the Lead Manager and Brokers expired. On 27 August 2026, Patrys received HREC approval to proceed with the Phase 1A clinical trial at CMAX in Adelaide. The CTN application has been acknowledged by the TGA, the CMAX site has been activated. On 23 September 2026, the Company announced that the first participants had been dosed in Cohort 1 of the Phase 1A clinical trial of RLS-2202. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect, the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Likely developments and expected results of operations The Group intends to continue advancing RLS-2202 through its clinical development program, including the ongoing Phase 1A clinical study. The Company will also continue to support activities associated with the deoxymab portfolio, including its ongoing collaboration with Monash University, while maintaining its participation in the potential future commercialisation of the deoxymab intellectual property under the agreement with Yale University. Environmental regulation The Group is not subject to any significant environmental regulation under Australian Commonwealth or State law. Patrys Limited Directors' report 30 June 2025 8 Information on Directors Name: Peter Christie Title: Non-Executive Chair (appointed on 17 June 2025) Experience and expertise: Mr. Peter Christie is a qualified accountant and tax agent with over 25 years of experience in public accounting. He has served on the boards of several public companies in the resource sector since 2006 and has developed extensive interests in hospitality and property development. Mr. Christie is the Director of Hawkins Christie Management Services, a firm based in Nedlands, Western Australia, providing accounting and management services. He is also the current President of the South Fremantle Football Club, a role he has held since 2018, following over a decade of service on the club's board. His leadership has been instrumental in the club's strategic growth and community engagement initiatives. In addition to his roles in the resource sector and community sports, Mr. Christie has experience in the medical industry, having previously served as Chairman of Safety Medical Products Limited. His diverse background in finance, corporate governance, and community leadership positions him as a valuable asset to the board. Other current directorships: Non-Executive Director of Mount Ridley Mines Limited (ASX: MRD) since October 2018 Non-Executive Chair of Moho Resources Limited (ASX: MOH) since November 2023 Former directorships (last 3 years): None. Special responsibilities: Chair of the People, Nomination and Remuneration Committee (effective 26 August 2025) Member of the Audit and Risk Committee (effective 26 August 2025) Interests in shares: 3,333,333 Fully Paid Ordinary Shares Interests in options: 833,333 Unlisted Options exercisable at $0.024, expiring 30 November 2029 312,500 Unlisted Options exercisable at $0.048, expiring 30 November 2030 Name: James Campbell Title: Non-Executive Director (resigned 10 November 2025) Experience and expertise: Dr. Campbell has over 30 years of international biotechnology research, management and leadership experience and has been involved in the creation and/or transformation of multiple successful Australian and international biotechnology companies. Dr Campbell was previously the CFO and COO of ChemGenex Pharmaceuticals Limited (ASX: CXS), where, as a member of the executive team, he helped transform a research-based company with a market capitalisation of $10M to a company with completed clinical trials and regulatory dossiers submitted to the FDA and EMA. In 2011, ChemGenex was sold to Cephalon for $230M. Dr Campbell was a foundation executive of Evolve Biosystems, and has assisted private biotechnology companies in Australia, New Zealand and the USA with successful capital raising and partnering negotiations. Dr Campbell chairs the board of AusBiotech Australia’s peak industry body for biotechnology. Other current directorships: Non-Executive Chair of Prescient Therapeutics Limited (ASX: PTX) since March 2025 Former directorships (last 3 years): None. Special responsibilities: None. Interests in shares: Nil Interests in options: Nil Patrys Limited Directors' report 30 June 2026 9 Name: Dr. Anton Uvarov Title: Non-Executive Director (appointed on 17 June 2025) Experience and expertise: Dr. Anton Uvarov brings extensive experience in the healthcare sector, with a particular focus on neuroscience. He began his career in biotechnology investment as an equities analyst at Citigroup and has since co-founded and served as a director of several ASX- listed companies, including clinical-stage ventures such as Dimerix (ASX: DXB) and Actinogen Medical (ASX: ACW). Dr. Uvarov is currently a Non-Executive Director of Neuroscientific Biopharmaceuticals (ASX: NSB), and previously served on the board of Imugene (ASX: IMU), a late-stage clinical oncology company. Dr Uvarov is also the Executive Director and co-founder of BlinkLab (ASX: BB1), a digital diagnostics company focused on autism. Other current directorships: Non-Executive Director of Neuroscientific Biopharmaceuticals (ASX: NSB) since November 2022 Executive Director of BlinkLab Limited (ASX: BB1) since April 2024 Former directorships (last 3 years): None. Special responsibilities: Chair of the Audit and Risk Committee (effective 26 August 2025) Member of the People Nomination and Remuneration Committee (effective 26 August 2025) Interests in shares: 22,083,332 Fully Paid Ordinary Shares Interests in options: 8,333,332 Unlisted Options exercisable at $0.024, expiring 30 November 2029 520,833 Unlisted Options exercisable at $0.048, expiring 30 November 2030 Name: Mr. Brian Leedman Title: Non-Executive Director (appointed 10 November 2025) Experience and expertise: Mr Brian Leedman is an experienced biotechnology executive and company director with more than 20 years’ experience in corporate strategy, investor relations and capital markets within the life sciences sector. He is the founder and former director of ResApp Health Ltd, which was acquired by Pfizer Inc. in 2022, and has held board roles across a number of ASX-listed biotechnology companies, including NeuroScientific Biopharmaceuticals, Neurotech International, Alcidion Corporation and OncoSil Medical. Mr Leedman is currently Non-Executive Chairman of BlinkLab Ltd and has experience supporting emerging biomedical companies through research, clinical development and commercialisation. He holds a Bachelor of Economics and a Master of Business Administration from the University of Western Australia. Other current directorships: Non-Executive Chair of Blinklab Limited (ASX: BB1) since December 2023 Former directorships (last 3 years): Non-Executive Director of Respiri Limited (ASX: RSH) (now ASX: VHL) Non-Executive Director of OncoSil Medical Ltd (ASX: OSL) Special responsibilities: Member of the Audit and Risk Committee Member of the People, Nomination and Remuneration Committee Interests in shares: 2,000,000 Fully Paid Ordinary Shares Interests in options: 5,000,000 Unlisted Options exercisable at $0.04, expiring 10 February 2029 Patrys Limited Directors' report 30 June 2026 10 Name: Ms. Leanne Kite Title: Non-Executive Director (appointed 28 January 2026) Experience and expertise: Ms Leanne Kite is a finance, governance and investor relations executive with more than 20 years’ experience across the biotechnology, resources and energy sectors. As a co-founder of Reliis Pty Ltd, she contributed extensive expertise in financial management, corporate governance, strategy and investor relations. Her professional background includes 13 years in senior finance, strategy and planning roles at Woodside Energy (ASX: WPL) and leading investor relations for Liontown Resources Limited (ASX: LTR). Ms Kite is currently an Executive Director, Chief Financial Officer and Company Secretary of Elk Range Mining (ASX: ELK). She holds a Bachelor of Commerce and a Graduate Diploma in Investor Relations and is a Chartered Accountant, a Fellow of the Governance Institute of Australia, a qualified Company Secretary and a graduate of the Australian Institute of Company Directors. Other current directorships: Elk Range Mining Limited (ASX: ELK) since February 2025 Former directorships (last 3 years): None. Special responsibilities: None. Interests in shares: 38,712,420 Fully Paid Ordinary Shares Interests in options: 520,833 Unlisted Options exercisable at $0.048, expiring 30 November 2030 Interests in performance rights: 10,000,000 Performance Rights expiring 28 January 2029 7,500,000 Performance Rights expiring 28 January 2031 Name: Mr. Dino Cercarelli Title: Non-Executive Director (appointed 28 January 2026) Experience and expertise: Mr Dino Cercarelli is a healthcare and clinical research executive with more than 20 years’ experience in clinical trial operations, research governance, organisational leadership and healthcare management. He is currently Business and Operations Manager of the Perth Children’s Trials Centre at Perth Children’s Hospital, where he leads the Centre’s development, operations and strategic direction. Mr Cercarelli previously served as Chief Operating Officer of the Australian Clinical Trials Alliance and spent eight years with St John of God Health Care leading research and clinical trial operations. He was also co-founder and Managing Director of Reliis Pty Ltd, which was acquired by Patrys Limited. Mr Cercarelli holds a Master of Business Administration and postgraduate qualifications in business and health services management. Other current directorships: None. Former directorships (last 3 years): None. Special responsibilities: None. Interests in shares: 22,683,740 Fully Paid Ordinary Shares Interests in options: 312,500 Unlisted Options exercisable at $0.048, expiring 30 November 2030 Interest in performance rights: 10,000,000 Performance Rights expiring 28 January 2029 7,500,000 Performance Rights expiring 28 January 2031 'Other current directorships' quoted above are current directorships for listed entities only and exclude directorships of all