Announcement PDF 1 Half Year Report 2026 ASX: LTP ltrpharma.com For the Period Ended 31 December 2025 LTR Pharma Limited 2 25 February 2026 The Manager, Listings ASX Market Announcements Office ASX Limited Level 4, North Tower Rialto Building 525 Collins Street Melbourne VIC 3000 Dear Shareholder, LTR Pharma Limited (ASX: LTP) – Market Release Results for the period ended 31 December 2025 We attach the Appendix 4D “Half-year Report” for LTR Pharma Limited, incorporating the consolidated financial report and the Directors' Report, for release to the market in accordance with Listing Rule 4.2A. Yours faithfully, Lee Rodne Executive Chairman LTR Pharma Limited 3 Appendix 4D | Half Year Report LTR Pharma Limited ABN 64 644 924 569 Reporting period: For the period ended 31 December 2025 Previous period: For the period ended 31 December 2024 Results for announcement to the market Period Ended 31 December 2025 $ Period Ended 31 December 2024 $ Change $ Change % Revenues from ordinary activities 587,060 451,259 135,801 30% Loss before income tax (5,761,273) (2,405,033) (3,356,240) 140% Income tax (expense)/benefit - - - - Loss for the year (5,761,273) (2,405,033) (3,356,240) 140% Net tangible assets Reporting period Cents Previous period Cents Net tangible asset per ordinary share 14.79 18.95 Control gained over entities Not applicable. Loss of control over entities Not applicable. Dividends Current period There were no dividends paid, recommended, or declared during the current period. Previous period There were no dividends paid, recommended, or declared during the previous period. 4 Details of associates and joint venture entities LTR Spectrum Pty Ltd LTR Pharma Inc LevOmega Pty Ltd Foreign entities Details of origin of accounting standards used in compiling the report Not applicable. Audit qualification or review Details of audit/review dispute or qualification: The financial statements were subject to a review by the auditors and the review report is attached as part of the Half Year Financial Report. An unmodified conclusion has been issued. Attachments Details of attachments (if any) The Half Year Financial Report of LTR Pharma Limited for the period ended 31 December 2025 is attached. Lee Rodne Executive Chairman LTR Pharma Limited 5 Half Year Financial Report 2026 LTR Pharma ASX: LTP For the period ended 31 December 2025 6 Table of Contents 08. Corporate Directory 09. Directors’ Report 10. Key Achievements 11. Review of Operations 13. Financial Position 14. Strategy and Outlook 16. Auditors Independence Declaration 17. Condensed Consolidated Financial Statements 36. Directors’ Declaration 37. Auditor’s Review Report 7 General Information This Half-Year Report is of LTR Pharma (the Company). These financial statements are for the period ended 31 December 2025. Unless otherwise stated, all amounts are presented in $AU. A description of the Company’s operations and of its principal activities is included in the Directors’ Report on pages 9 to 15. The Directors’ Report is not part of the financial statements. 8 Corporate Directory Directors Executive Chairman Lee Rodne Auditor William Buck Level 3, 15 Labouchere Road South Perth, Western Australia 6151 Company Secretary David Hwang and Elizabeth Spooner Share register Automic Group Deutsche Bank, Tower Level 5 126 Phillip Street, Sydney, NSW 2000 Registered Office 29/97 Creek Street, Brisbane, Queensland 4000 Contact information Phone: 1800 519 711 Email: info@ltrpharma.com Website: www.ltrpharma.com Non-Executive Director Dr Julian Chick Non-Executive Director Ms Maja McGuire 9 Directors’ Report The directors present their report, together with the financial statements, on LTR Pharma Limited and the entities it controlled (referred to hereafter as the 'Group' or ‘entity') for the period ended 31 December 2025. Directors The following persons were directors of LTR Pharma Limited during the whole of the period and up to the date of this report, unless otherwise stated: • Mr Lee Rodne (Executive Chairman) • Dr Julian Chick (Non-Executive Director) • Ms Maja McGuire (Non-Executive Director) Principal Activities During the period, the principal activities of the Group are focused on improving men’s health through clinical development and commercialisation of innovative nasal spray treatments for erectile dysfunction (“ED”), SPONTAN® and ROXUS® . The Group’s lead products, SPONTAN and ROXUS, are fast-acting intranasal sprays for the treatment of erectile dysfunction, enabling onset of action in 10 minutes or less. Building on this proven technology, the Group is now advancing OROFLOW® , a novel intranasal spray under development for the treatment of Oesophageal Motility Disorders (OMD) – a debilitating group of conditions affecting swallowing function. 10 Key Achievements July – December 2025 Q3 Q4 Clinical validation and strategic investment Regulatory and commercial momentum • US urologists Dr Amy Pearlman and Dr Andrew Sun appointed to Scientific Advisory Board • Peer-reviewed publication of Phase I pharmacokinetic data • 18-month ICH stability achieved • LevOmega equity position increased to ~43% • Phase II HREC approval and TGA clinical trial clearance received • 1,000+ SPONTAN® SAS prescriptions achieved • ROXUS® US launch preparations progressed 11 Review of Operations Clinical Development During the period, the Company achieved significant regulatory and clinical milestones for SPONTAN, its intranasal vardenafil formulation which works to treat erectile dysfunction in as little as 10 minutes. Ethics approval was received from Bellberry for the SPONTAN Phase II pharmacokinetic and multiple-dose study, followed by TGA acceptance of the Clinical Trial Notification (CTN), completing all regulatory requirements for study commencement in Australia. The Phase II study is designed in accordance with FDA Pre-IND guidance and includes approximately 50% of participants aged 65 years or older to generate geriatric- use data relevant to prescribing in older men. Subsequent to the reporting period, recruitment commenced and first patients were dosed, with initial data expected in Q2 CY2026. SPONTAN’s Phase I pharmacokinetic data were published in the peer-reviewed European Journal of Pharmaceutical Sciences. The publication independently validated SPONTAN’s differentiated pharmacokinetic profile, demonstrating up to five times faster onset compared with oral vardenafil tablets. Peer-reviewed validation is an important component of regulatory submissions and physician adoption. In addition, a four-patient post-prostatectomy case series presented at the 25th Asia-Pacific Prostate Cancer Conference (APCC) in August 2025 reported 100% patient satisfaction with SPONTAN, with all patients preferring the intranasal formulation over traditional oral PDE5 inhibitors. This data supports potential positioning in higher-need and difficult-to-treat ED populations. Real-World Clinical Use During the period, SPONTAN surpassed 1,000 prescriptions issued under the TGA Special Access Scheme (SAS Category B). SAS prescribing provides controlled access for patients with unmet clinical need and does not constitute a commercial sales program. However, the increasing prescriber network and real-world utilisation provide valuable clinical insights to inform regulatory strategy and commercial planning, including US launch preparation. Prescribing under SAS has frequently occurred in complex or difficult-to-treat cases, including post-prostate cancer patients and individuals who are intolerant to oral PDE5 therapies. The Company continues to work closely with leading clinical experts to expand prescriber awareness and access. 12 Product Development and Commercial Readiness SPONTAN achieved an 18-month shelf life under International Council for Harmonisation (ICH) stability conditions. This milestone confirms formulation robustness, device reliability, and commercial-scale manufacturing capability, strengthening the Chemistry, Manufacturing and Controls (CMC) package required for international expansion. ROXUS development progressed during the period toward its planned US commercial entry in H1 CY2026. The Company continued advancing commercial infrastructure development, including engagement with men’s health clinics and telehealth channels, with launch execution to be undertaken via the FDA 503(a) personalised medicine pathway. US Market Preparation To support planned US launch activities, LTR Pharma appointed two leading US erectile dysfunction specialists to its Scientific Advisory Board: • Dr Amy Pearlman, a board-certified urologist and recognised leader in sexual medicine. • Dr Andrew Sun, a Harvard-trained urologist and Director of Men’s Health at Urology Partners of North Texas. These appointments provide strategic clinical guidance and facilitate engagement with US prescriber networks in preparation for US commercial launch activities in the US$3.7 billion erectile dysfunction market. Strategic Portfolio Expansion – LevOmega During the period, LTR Pharma secured a 33% equity ownership in LevOmega Pty Ltd at nil cost to shareholders, subsequently increasing its ownership to approximately 43% through an A$1.0 million investment via its wholly owned subsidiary, LTR Spectrum Pty Ltd. LevOmega is developing sustainable, pharmaceutical-grade omega-3 ingredients, providing the Company with strategic exposure to a complementary high-growth market. 13 Financial Position During the period, the Company maintained a strong cash position to support continued clinical development and US commercial preparation activities. As at 31 December 2025, LTR Pharma held a cash balance of $25.8 million, providing funding runway to execute the SPONTAN Phase II clinical program and support US commercial preparations for ROXUS® . Operating cash outflows during the period primarily reflected investment in research and development, regulatory progression, and commercial infrastructure preparation. During the period, the Company also increased its strategic investment in LevOmega Pty Ltd through a $1.0 million equity contribution via its wholly owned subsidiary, LTR Spectrum Pty Ltd, increasing its ownership interest to approximately 43%. The Board considers the Company to be appropriately capitalised to confidently progress its clinical, regulatory and commercial objectives. 14 Strategy and Outlook LTR Pharma enters the second half of FY26 with advancing clinical programs, regulatory alignment across key jurisdictions, and continued preparation for US market entry. A central priority remains completion of the SPONTAN Phase II pharmacokinetic study, including generation of geriatric-use data designed in accordance with FDA guidance. The study is expected to further characterise single- and multiple-dose pharmacokinetics and support future regulatory submissions and prescribing guidance, particularly in men aged 65 years and older. The Company will continue to leverage real-world prescribing experience under the TGA Special Access Scheme. While SAS access does not represent a commercial sales program, the growing prescriber base and utilisation in higher-need patient populations provide valuable clinical insights to inform regulatory strategy, product positioning and commercial planning. ROXUS development remains on track toward a planned US market entry in H1 CY2026. The Company is progressing commercial infrastructure development, including engagement with men’s health clinics and telehealth channels, supported by its expanded US-based Scientific Advisory Board. The Company will also continue to progress the development of OROFLOW® , its novel intranasal spray for the treatment of oesophageal motility disorders, being developed in collaboration with Strategic Drug Solutions, Inc. Proof-of-Concept activities are underway, targeting a global market projected to reach US$8.1 billion by 2034. In parallel, LTR Pharma will continue to support the technical validation and development activities of LevOmega Pty Ltd, supporting development of pharmaceutical-grade omega-3 ingredients aligned with the Company’s broader innovation strategy. The Company continues to evaluate regulatory pathways in Europe and other key international markets as part of its broader strategy to position SPONTAN for global commercialisation. The Board remains focused on disciplined execution of its clinical, regulatory and commercial strategy to position its intranasal platform for international market expansion while maintaining capital efficiency and strategic portfolio optionality. Board and Management Changes There were no changes to the Board of Directors during the period. David Hwang and Elizabeth Spooner of Confidant Partners continue to serve as Joint Company Secretaries, having been appointed on 1 April 2025. Significant changes in the state of affairs Other than the matters highlighted in the Review of Operations, there were no other significant Changes to the state of affairs. 15 Dividends No dividend has been proposed or paid during the period ended 31 December 2025. Matters subsequent to the end of the Financial Year On 16 January 2026, the Company issued 8,300,000 options to a corporate advisor at an exercise price of $0.60 following approval by shareholders at the Annual General Meeting on 24 October 2025. Subsequent to period end, the Company issued 132,508 fully paid ordinary shares following conversion of Performance Rights. No other matters or circumstances have arisen since the end of the financial period and the date of this report that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 16. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors, Lee Rodne Executive Chairman 25 February 2026 Brisbane 16 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of LTR Pharma Limited and its controlled entities As lead auditor for the review of LTR Pharma Limited and its controlled entities for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of LTR Pharma Limited and the entities it controlled during the period. William Buck Audit (WA) Pty Ltd ABN 67 125 012 124 Amar Nathwani Director Dated this 25th day of February 2026 17 Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Group Note Period Ended 31 December 2025 ($) Period Ended 31 December 2024 ($) Revenue and other income Revenue 73,746 62,527 R&D rebate - 388,178 Interest income 513,314 554 Total revenue and other income 587,060 451,259 Expenses Employee benefits expense 2 (1,388,221) (564,401) Consultancy and legal fees 3 (291,242) (372,210) Office and administrative costs (224,311) (180,270) Research and development expense 4 (2,571,797) (830,076) Advertising and investor relations expense (367,575) (291,601) Share based payments 6, 12 (1,141,921) (390,243) Equity accounting on investments in associates 9 (199,647) - Currency losses (4,952) (13,285) Depreciation expense (2,735) (1,008) Other expenses (155,932) (213,198) Total expenses (6,348,333) (2,856,292) Loss before income tax (5,761,273) (2,405,033) Income tax expense - - Loss after income tax expense for the period (5,761,273) (2,405,033) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation difference (26,665) 3,118 Total comprehensive loss for the period (5,787,938) (2,401,915) Cents Cents Basic loss per share 5 (3.18) (1.57) Diluted loss per share 5 (3.18) (1.57) The above statement should be read in conjunction with the accompanying notes 18 Consolidated Statement of Financial Position Consolidated Group Note As at 31 December 2025 ($) As at 30 June 2025 ($) ASSETS CURRENT ASSETS Cash and cash equivalents 7 25,781,022 31,808,532 Trade and other receivables 8 507,323 246,555 Inventories 19,975 19,630 TOTAL CURRENT ASSETS 26,308,320 32,074,717 NON-CURRENT ASSETS Property, plant and equipment 9,869 12,604 Investments in associates 9 1,004,496 124,143 TOTAL NON-CURRENT ASSETS 1,014,365 136,747 TOTAL ASSETS 27,322,685 32,211,464 LIABILITIES CURRENT LIABILITIES Trade and other payables 118,244 106,098 Other liabilities 10 339,568 594,476 TOTAL CURRENT LIABILITIES 457,812 700,574 TOTAL LIABILITIES 457,812 700,574 NET ASSETS 26,864,873 31,510,890 EQUITY Issued capital 11 44,113,013 44,113,013 Foreign currency translation reserve 56,253 82,918 Share based payments reserve 12 3,527,751 2,385,830 Accumulated losses (20,832,144) (15,070,871) TOTAL EQUITY 26,864,873 31,510,890 The above statement should be read in conjunction with the accompanying notes 19 Consolidated Statement of Changes in Equity Consolidated Group Note Ordinary Share Capital ($) Accumulated losses ($) Foreign currency translation reserve ($) Share based payments reserve ($) Total ($) Balance at 1 July 2024 10,743,013 (9,477,314) 91,598 1,583,315 2,940,612 Comprehensive income Loss for the period - (2,405,033) - - (2,405,033) Currency translation differences - - 3,118 - 3,118 Total comprehensive income for the period - (2,405,033) 3,118 - (2,401,915) Transactions with owners, in their capacity as owners Share based payments - - - 390,243 390,243 Share placements 35,500,000 - - - 35,500,000 Capital raising fees (2,130,000) - - - (2,130,000) Total transactions with owners 33,370,000 - - 390,243 33,760,243 Balance at 31 December 2024 44,113,013 (11,882,347) 94,716 1,973,558 34,298,940 Consolidated Group Note Ordinary Share Capital ($) Accumulated losses ($) Foreign currency translation reserve ($) Share based payments reserve ($) Total ($) Balance at 1 July 2025 44,113,013 (15,070,871) 82,918 2,385,830 31,510,890 Comprehensive income Loss for the period - (5,761,273) - - (5,761,273) Currency translation differences - - (26,665) - (26,665) Total comprehensive loss for the period - (5,761,273) (26,665) - (5,787,938) Transactions with owners, in their capacity as owners Share based payments - - - 1,141,921 1,141,921 Total transactions with owners - - - 1,141,921 1,141,921 Balance at 31 December 2025 44,113,013 (20,832,144) 56,253 3,527,751 26,864,873 The above statement should be read in conjunction with the accompanying notes 20 Consolidated Statement of Cash Flows Consolidated Group Note Period Ended 31 December 2025 ($) Period Ended 31 December 2024 ($) CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 65,546 52,800 R&D refund - 388,178 Interest income 513,314 554 Payments to suppliers and employees (5,494,753) (2,834,584) Net cash (outflow) from operating activities (4,915,893) (2,393,052) CASH FLOWS FROM INVESTING ACTIVITIES Payments for plant and equipment - (8,663) Investments in associates (1,080,000) - Net cash (outflow) from investing activities (1,080,000) (8,663) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Share issue transaction costs - - 35,500,000 (2,130,000) Net cash inflow from financing activities - 33,370,000 Net (decrease)/increase in cash held (5,995,893) 30,968,285 Cash and cash equivalents at beginning of period 31,808,532 3,102,323 Effects of exchange rate changes on cash and cash equivalents (31,617) - Cash and cash equivalents at end of period 7 25,781,022 34,070,608 21 Notes to the Financial Statements Note 1. General information Statement of compliance The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with IFRS Accounting Standard IAS 34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report. Basis of preparation The condensed consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Company’s 2025 annual financial report for the financial year ended 30 June 2025. In the current half year, the Group has adopted all of the new and revised Standards and Interpretations issued by the AASB that are mandatory for the current annual reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The adoption resulted in no material impact. The accounting policies are consistent with Australian Accounting Standards and with IFRS Accounting Standards. Note 2. Employee benefits expense Period ended 31 December 2025 ($) Period ended 31 December 2024 ($) Salaries and wages 1,197,078 497,752 Superannuation 96,536 38,927 Payroll tax 48,064 - Leave entitlements 46,543 27,722 Total employee benefits expense 1,388,221 564,401 22 Note 3. Consultancy and legal fees Period ended 31 December 2025 ($) Period ended 31 December 2024 ($) Consulting, accounting and audit fees 253,557 310,270 Legal fees 37,685 61,940 Total consultancy and legal fees 291,242 372,210 Note 4. Research and development expenses Period ended 31 December 2025 ($) Period ended 31 December 2024 ($) Bioequivalence trial 216,399 15,112 SDS milestone payments expensed 333,224 112,366 Research and development expenses 2,022,174 702,598 Total research and development expenses 2,571,797 830,076 Note 5. Loss per share Period ended 31 December 2025 ($) Period ended 31 December 2024 ($) Loss after income tax ($) (5,761,273) (2,405,033) Weighted average number of ordinary shares (number) 181,322,161 153,673,223 Basic earnings per share (cents) (3.18) (1.57) Diluted earnings per share (cents) (3.18) (1.57) Options are not considered to be dilutive therefore options are not included in the calculation of diluted loss per share. As at the reporting date there are 25,491,390 options (June 2025: 14,150,054) issued. These are options issued and currently in the money that could potentially dilute basic earning per shares in the future. 23 Note 6. Share based payments (a) Share options The LTR Pharma Employee Incentive Plan (EIP) has been approved by shareholders. Eligible employees can participate in the Plan. The key terms of the EIP Options are outlined in the Company’s Annual Financial Report for the year ended 30 June 2024. The Company granted options under the EIP during the period as Long-Term incentive as well as remuneration in kind for Directors, an employee and a joint venture partner. Director options Following approval by shareholders at the Annual General Meeting on 24 October 2025, the Company granted 2,000,000 options to Lee Rodne (Executive Chairman), 1,000,000 options to Maja McGuire (Non-Executive Director) and 1,000,000 options to Julian Chick (Non-Executive Director) at an exercise price of $0.5075. The Options will vest in four equal tranches by each year of continuous service. Corporate Advisor options On 24 October 2025, the Company granted 8,300,000 options to a corporate advisor at an exercise price of $0.60. The options vest over a period of 12 months for ongoing corporate broking services. At 31 December 2025, the options have yet to be issued. The options were issued on 16 January 2026. During the current half year, the Company also issued 7,321,336 options to various advisors. The details of the options issued are detailed in Tranches 24 to 29 Advisor Options on the next page. Fair value of options granted The fair value of the Director options, Corporate Advisor options and Advisor options granted during the period has been determined using a Binomial Tree Option pricing model or a Black-Scholes option pricing model that consider the exercise price, the term of the option, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and t he risk-free interest rate for the term of the option based on government bonds. The expected price volatility is based on the historic volatility (based on the remaining life of the options). The inputs used in the measurement of the fair values of the above options at grant date are shown in the below table. Option Class Tranche 22 Director Options Tranche 23 Corporate Advisor Options Tranche 24 Advisor Options Option pricing model used Black Scholes Black Scholes Binomial Tree Quantity of options 4,000,000 8,300,000 300,000 Fair value per option $0.322 $0.105 $0.204 Key input assumptions: Share price at grant $0.525 $0.35 $0.34 Exercise price $0.5075 $0.60 $0.325 Expected life 4 years 2 years 4 years Risk free rate 3.57% 3.47% 3.47% Expected Volatility 80% 80% 80% Vested Nil Nil 300,000 24 Option Class Tranche 25 Advisor Options Tranche 26 Advisor Options Tranche 27 Advisor Options Option pricing model used Binomial Tree Binomial Tree Binomial Tree Quantity of options 200,000 310,668 310,668 Fair value per option $0.192 $0.289 $0.302 Key input assumptions: Share price at grant $0.34 $0.445 $0.445 Exercise price $0.406 $0.355 $0.33 Expected life 4 years 4 years 4 years Risk free rate 3.57% 3.57% 3.57% Expected Volatility 80% 80% 80% Vested 200,000 310,668 310,668 Option Class Tranche 28 Advisor Options Tranche 29 Advisor Options Option pricing model used Black Scholes Binomial Tree Quantity of options 6,000,000 200,000 Fair value per option $0.314 $0.271 Key input assumptions: Share price at grant $0.42 $0.47 Exercise price $0.478 $0.501 Expected life 3 years 4 years Risk free rate 3.39% 3.57% Expected Volatility 80% 80% Vested 1,500,000 Nil The fair value of the Director options, the Corporate Advisor options and Advisor options of $979,827 have been expensed to the Consolidated Statement of Profit or Loss or Other Comprehensive Income during the period. Fair value of options granted during the previous period The fair value of previously granted Director options, Advisor, Executive and SDS options of $112,775 have been expensed to the Consolidated Statement of Profit or Loss or Other Comprehensive Income during the period. 25 (b) Performance rights Performance rights were issued to eligible participants under the EIP. The key terms of the EIP Performance Rights are outlined in the Company’s Annual Financial Report for the year ended 30 June 2024. During the current period, the Company issued 1,365,327 performance rights to employees and advisors with shares being provided at nil issue price on specific vesting conditions being achieved. The participants need to continue to be a member of the ESS scheme over the vesting period. The Board or its delegate will assess performance against the vesting conditions at each reporting date and determine the percentage of Performance Rights that will vest. Any Performance rights that do not vest will automatically lapse (unless the Board resolves otherwise). Performance Rights Class Tranche 30 Performance Rights Option pricing model used Fair value of ordinary shares Quantity of performance rights 576,924 Fair value per right $0.425 Grant Date 6 November 2025 Expiry Date 30 June 2029 Vesting Period 1 January 2026 to 30 June 2029 Key input assumptions Estimated number of rights expected to vest Nil Share Price at grant date $0.425 Vesting Conditions Total Revenue Growth ≥20% quarter over quarter Achieve ≥ $20K/monthly attributable revenue from JV by 30 June 2026 Dispensed unit numbers ≥20% quarter over quarter HCP Network Growth ROXUS US Launch Clinical Pipeline: 2 Pipeline Products FDA Regulatory Study FDA Secondary Study Clinical Evidence: ≥ 3 Publications Vested No 26 Note 6. Share based payments (continued) (b) Performance rights (continued) Fair value of equity instruments granted during the period (continued) Performance Rights Class Tranche 31 Performance Rights Option pricing model used Fair value of ordinary shares Quantity of performance rights 352,884 Fair value per right $0.44 Grant Date 7 November 2025 Expiry Date 30 June 2029 Vesting Period 1 January 2026 to 30 June 2029 Key input assumptions Estimated number of rights expected to vest 8% - 22.5% Share Price at grant date $0.44 Vesting Conditions Achieve 20% compound growth per quarter in dispensed SPONTAN SAS units Achieve 20% compound growth per quarter in the HCP network prescribing SPONTAN via SAS program Develop and Execute Medical Affairs Plan for 2025-26 FY Management and Support of the National MSL team Develop and Present a Monthly Medical Affairs Summary Drive > 100 new patients per quarter to prescriber platforms through digital engagement strategies Engage and drive investor traffic to LTR investor hub through digital channels Implement a monthly reporting system to provide key metrics Provide the MSL, Corporate and USA based teams with strategic marketing direction and resources Implement 5ml SPONTAN launch into SAS program Increase in Prescribed Units Expansion of HCP Network Medical/Clinical Support Implementation of the 2025/2026 national MSL action plan into the targeted region Provide support to HCPS for accessing SPONTAN via the TGA SAS Cat B and AP programs 27 Note 6. Share based payments (continued) (b) Performance rights (continued) Fair value of equity instruments granted during