# EDGAR Filing Document

**Accession Number:** 0001075880
**File Stem:** 0001193125-25-326984
**Filing Date:** 2025-12
**Character Count:** 540349
**Document Hash:** d460a4963a8344fd2e24e41dfe0e6f83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-326984.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001193125-25-326984

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KAZIA THERAPEUTICS LTD
- **CENTRAL INDEX KEY:** 0001075880
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292303
- **FILM NUMBER:** 251588167

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THREE INTERNATIONAL TOWERS LEVEL 24,
- **STREET 2:** 300 BARANGAROO AVENUE
- **CITY:** SYDNEY NSW
- **PROVINCE COUNTRY:** C3
- **ZIP:** 2000
- **BUSINESS PHONE:** 01161298780088

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THREE INTERNATIONAL TOWERS LEVEL 24,
- **STREET 2:** 300 BARANGAROO AVENUE
- **CITY:** SYDNEY NSW
- **PROVINCE COUNTRY:** C3
- **ZIP:** 2000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOVOGEN LTD
- **DATE OF NAME CHANGE:** 19981228

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on December 19, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM F-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**KAZIA THERAPEUTICS LIMITED** 

**(Exact name of Registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Australia** | **2834** | **Not applicable** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**Three International Towers Level 24** 

**300 Barangaroo Avenue** 

**Sydney, NSW, 2000, Australia** 

**Tel: +61 2 9472 4101** 

**(Address including zip code, and telephone number, including area code, of Registrant's principal executive offices)** 

**Vcorp Services, LLC** 

**25 Robert Pitt Drive, Suite 204** 

**Monsey, New York 10952** 

**Tel: +1 888 528 2677** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies of all communications, including communications sent to agent for service, should be sent to:***

**Robert Puopolo, Esq.** 

**Stephanie Richards, Esq.** 

**Will Wang, Esq.** 

**Goodwin Procter LLP** 

**100 Northern Avenue** 

**Boston, Massachusetts 02210** 

**+1 617 570 1000** 

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ †

† The term "new or revised financial accounting standard" refers to any update issued by the Financial
Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the SEC, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. The selling shareholders named in this preliminary prospectus may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission, of which this preliminary prospectus is a part, is effective. This preliminary prospectus is not an offer to sell these securities and the selling shareholders named in this preliminary prospectus is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED DECEMBER 19, 2025** 

**PRELIMINARY PROSPECTUS** 

**10,700,211 American Depositary Shares Representing 5,350,105,500 Ordinary Shares**![LOGO](g45363g05r77.jpg)

## Kazia Therapeutics Limited
This prospectus relates to the resale by the selling shareholders named in this prospectus (the "Selling Shareholders") from time to time of up to an aggregate of 10,700,211 American Depositary Shares (the "Offered ADSs"), with each American Depositary Share ("ADS") representing 500 of our ordinary shares, no par value per share (the "Ordinary Shares"), or 5,350,105,500 Ordinary Shares in the aggregate, comprised of (i) 4,530,854,000 Ordinary Shares, (ii) 938,490 ADSs issued or issuable upon the exercise of the pre-funded warrants (the "Pre-Funded Warrants") issued to the purchasers ("Purchasers") in a private placement pursuant to the Securities Purchase Agreements, dated as of December 2, 2025, by and among us and each of the Purchasers (together, the "Securities Purchase Agreements") and (iii) 700,013 ADSs issued or issuable upon the exercise of the placement agent warrants (the "Placement Agent Warrants") originally issued to Konik Capital Partners LLC, a division of T.R. Winston & Company (the "Placement Agent") pursuant to the Placement Agency Agreement, dated as of December 2, 2025, by and between us and the Placement Agent (the "Placement Agency Agreement"). The selling shareholders identified in the Section titled "Selling Stockholders" are collectively referred to as the Selling Shareholders named in this prospectus.

We will not receive any of the proceeds from the sale of the Offered ADSs by the Selling Shareholders. However, we may receive proceeds from any exercise of the Placement Agent Warrants if the holders exercise the Placement Agent Warrants for cash, and we may receive nominal proceeds from the exercise of the Pre-Funded Warrants if the holders exercise the Pre-Funded Warrants for cash. Any ADSs subject to resale hereunder will have been issued by us and acquired by the Selling Shareholders prior to any resale of such shares pursuant to this prospectus. See "Use of Proceeds" beginning on page 12 of this prospectus. The Selling Shareholders and any of their pledgees, assignees and successors-in-interest, may offer or resell the Offered ADSs from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The Selling Shareholders will bear all commissions, discounts, and fees of underwriters, selling brokers or dealer managers and similar expenses if any, attributable to the sale of the Offered ADSs. We will bear all costs, expenses and fees in connection with the registration of the Offered ADSs, including with regard to compliance with state securities or "blue sky" laws. For additional information on the methods of sale that may be used by the Selling Shareholders, see "Plan of Distribution" beginning on page 57 of this prospectus.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements carefully before you make your investment decision.

The ADSs are listed on the Nasdaq Capital Market, under the symbol "KZIA." On December 18, 2025, the last reported sale price of the ADSs on the Nasdaq Capital Market was $9.98 per ADS.

We are a "foreign private issuer," as defined under the federal securities laws, and, as such, we will be subject to reduced public company reporting requirements for this prospectus and future filings. See "Prospectus Summary-Implications of Being a Foreign Private Issuer."

You should read this prospectus, together with additional information described under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference" carefully before you invest in any of our securities.

**Investing in our securities involves a high degree of risk. These risks are discussed in this prospectus under "[Risk Factors](#tx45363_5)" beginning on page 9 and the "Risk Factors" in "Item 3. Key Information-D. Risk Factors" of our most recent Annual Report on Form 20-F, which is incorporated by reference in this prospectus, as well as in any other recently filed reports and, if any, in any applicable prospectus supplement.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

**The date of this prospectus is , 2025** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [ABOUT THIS PROSPECTUS](#tx45363_1) | 1 |
|  [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#tx45363_2) | 3 |
|  [PROSPECTUS SUMMARY](#tx45363_3) | 5 |
|  [THE OFFERING](#tx45363_4) | 7 |
|  [RISK FACTORS](#tx45363_5) | 9 |
|  [USE OF PROCEEDS](#tx45363_6) | 12 |
|  [DIVIDEND POLICY](#tx45363_7) | 13 |
|  [CAPITALIZATION AND INDEBTEDNESS](#tx45363_8) | 14 |
|  [DESCRIPTION OF SHARE CAPITAL](#tx45363_9) | 15 |
|  [DESCRIPTION OF AMERICAN DEPOSITARY SHARES](#tx45363_10) | 26 |
|  [SELLING SHAREHOLDERS](#tx45363_11) | 33 |
|  [MATERIAL TAX CONSIDERATIONS](#tx45363_12) | 49 |
|  [PLAN OF DISTRIBUTION](#tx45363_13) | 57 |
|  [EXPENSES](#tx45363_14) | 60 |
|  [LEGAL MATTERS](#tx45363_15) | 61 |
|  [EXPERTS](#tx45363_16) | 62 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#tx45363_17) | 63 |
|  [INCORPORATION OF DOCUMENTS BY REFERENCE](#tx45363_18) | 64 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#tx45363_19) | 65 |

---

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

This prospectus is part of a registration statement on Form F-1 that we filed with the Securities and Exchange Commission (the "SEC") using the "shelf" registration process. The Selling Shareholders named in this prospectus may resell, from time to time, in one or more offerings, the Offered ADSs as described in the section titled "Plan of Distribution" in this prospectus. Information about the Selling Shareholders may change over time. When the Selling Shareholders sells Offered ADSs representing Ordinary Shares under this prospectus, we will, if necessary and required by law, provide a prospectus supplement that will contain specific information about the terms of that offering. Any prospectus supplement may also add to, update, modify or replace information contained in this prospectus. If a prospectus supplement is provided and the description of the offering in the prospectus supplement varies from the information in this prospectus, you should rely on the information in the prospectus supplement. You should carefully read this prospectus and the accompanying prospectus supplement, if any, along with all of the information incorporated by reference herein, before making an investment decision.

**You should rely only on the information contained or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not, and the Selling Shareholders have not, authorized any other person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. This prospectus is not an offer to sell, nor is any of the Selling Shareholders seeking an offer to buy, the Offered ADSs in any jurisdiction where the offer or sale is not permitted. No offers or sales of any of the Offered ADSs are to be made in any jurisdiction in which such an offer or sale is not permitted. You should assume that the information contained in this prospectus or in any applicable prospectus supplement is accurate only as of the date on the front cover thereof or the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any applicable prospectus supplement or any sales of the Offered ADSs offered hereby or thereby.** 

You should read the entire prospectus and any prospectus supplement and any related issuer free writing prospectus, as well as the documents incorporated by reference into this prospectus or any prospectus supplement or any related issuer free writing prospectus, before making an investment decision. Neither the delivery of this prospectus or any prospectus supplement or any issuer free writing prospectus nor any sale made hereunder shall under any circumstances imply that the information contained or incorporated by reference herein or in any prospectus supplement or issuer free writing prospectus is correct as of any date subsequent to the date hereof or of such prospectus supplement or issuer free writing prospectus, as applicable. You should assume that the information appearing in this prospectus, any prospectus supplement or any document incorporated by reference is accurate only as of the date of the applicable documents, regardless of the time of delivery of this prospectus or any sale of securities. Our business, financial condition, results of operations and prospects may have changed since that date.

Before purchasing any securities, you should carefully read both this prospectus and any accompanying prospectus supplement, together with the additional information described under the headings, "Where You can Find Additional Information" and "Incorporation of Documents by Reference," respectively, of this prospectus. Unless otherwise indicated or the context implies otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our" or "Kazia" refers to Kazia Therapeutics Limited
and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "shares" or "Ordinary Shares" refers to our Ordinary Shares, no par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADSs" refers to American Depositary Shares, each of which represents 500 Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADRs" refers to American Depositary Receipts, which evidence the ADSs.

We effected an ADS ratio change to change the ratio of ADSs to Ordinary Shares from one ADS to ten (10) Ordinary Shares to a new ratio of one ADS to one-hundred (100) Ordinary Shares, or the "October 2024

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ADS Ratio Change, on October 28, 2024, and subsequently effected a second ADS ratio change to change the ratio of ADSs to Ordinary Shares from one ADS to one-hundred (100) Ordinary Shares to a new ratio of one ADS to five hundred (500) Ordinary Shares on April 17, 2025 (the "April 2025 ADS Ratio Change", and together with the October 2024 ADS Ratio Change, the "ADS Ratio Changes"). Unless otherwise expressly indicated, the amounts and sales prices of the ADSs disclosed in this Registration Statement have been adjusted to reflect the cumulative effect of the ADS Ratio Changes, except for such amounts and sales prices of the ADSs that were sold prior to October 28, 2024, which have not been adjusted to reflect any ADS Ratio Changes effected after any such sale of ADSs, and except for such amounts and sales prices of the ADSs that were sold prior to April 17, 2025 but after October 28, 2024, which have not been adjusted to reflect the April 2025 ADS Ratio Change effected after any such sale of ADSs.

Unless otherwise noted, all other financial and other data related to Kazia in this prospectus is presented in Australian dollars. All references to "A$" in this prospectus mean Australian dollars. All references to "$" or "US$" in this prospectus mean U.S. dollars unless the context otherwise requires. Our fiscal year end is June 30. References to a particular "fiscal year" are to our fiscal year ended June 30 of that calendar year.

We own various trademark registrations and applications, and unregistered trademarks, including Kazia and Kazia Therapeutics and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this prospectus are the property of their respective holders. Solely for convenience, trademarks and trade names referred to in this prospectus appear without the "<sup>®</sup>" or "<sup>™</sup>" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this prospectus is the property of its respective holder.

This prospectus contains industry, market and competitive position data that are based on general and industry publications, surveys and studies conducted by third parties, some of which may not be publicly available, and our own internal estimates and research. Third-party publications, surveys and studies generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. These data involve a number of assumptions and limitations and contain projections and estimates of the future performance of the industries in which we operate that are subject to a high degree of uncertainty. We caution you not to give undue weight to such projections, assumptions and estimates.

This prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, the ADSs offered by this prospectus in any jurisdiction where it is unlawful to make such offer or solicitation.

**No action is being taken in any jurisdiction outside the United States to permit a public offering of the ADSs or possession or distribution of this prospectus in that jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution of this prospectus applicable to that jurisdiction.** 

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus and the documents incorporated by reference herein contain statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that involve substantial risks and uncertainties. All statements other than statements of historical fact, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. In some cases, you can identify forward-looking statements by the words "could," "believe," "anticipate, " "intend, " "estimate, " "expect, " "may, " "continue, " "predict, " "potential," "project, " or the negative of these terms, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus and the documents incorporated by reference herein, we caution you that these statements are based on a combination of facts and important factors currently known by us and our expectations of the future, about which we cannot be certain.

Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our plans to develop and potentially commercialize our product candidates, including contractual arrangements
with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of the initiation and completion of preclinical studies and clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of patient enrollment and dosing in any future clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of the availability of data from clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations about the successful completion of clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of expected regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations about approval by regulatory authorities of our drug candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the clinical utility and potential attributes and benefits of our product candidates, including the potential
duration of treatment effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential licenses of intellectual property and collaborations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the commercialization of our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding expenses, ongoing losses, future revenue and capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of proceeds from any offering made pursuant to this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the length of time over which we expect our cash and cash equivalents to be sufficient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our intellectual property position and the duration of our patent portfolio.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this prospectus and documents incorporated by reference herein, particularly in the section titled "Risk Factors," in this prospectus and in our Annual Report on Form 20-F for the fiscal year ended June 30, 2025, which is incorporated herein by reference that we believe may cause our actual results or events to differ materially from those expressed or

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implied by our forward-looking statements. Moreover, we operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

All forward-looking statements speak only as of the date of this prospectus or, in the case of any prospectus supplement, any free writing prospectus, or any document incorporated by reference, that prospectus supplement, free writing prospectus or document. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements we make in this prospectus are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Important factors that could cause our actual results to differ materially from our expectations are disclosed and described under "Risk Factors", elsewhere in this prospectus, any prospectus supplement, any free writing prospectus and in filings incorporated by reference.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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**PROSPECTUS SUMMARY** 

*This summary highlights selected information about us and information contained in greater detail elsewhere in this prospectus, and in the documents incorporated by reference herein. This summary is not complete and does not contain all of the information that you should consider before investing in the Offered ADSs. You should carefully read and consider this entire prospectus and information incorporated by reference into this prospectus, including the financial statements and related notes and "Risk Factors" starting on page 9 of this prospectus, before making an investment decision. If you invest in our securities, you are assuming a high degree of risk.* 

**Overview** 

We are an emerging oncology-focused biotechnology company that has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best-in-class agents in a range of oncology indications. Our lead development candidate is paxalisib (formerly known as GDC-0084), a small-molecule, brain-penetrant inhibitor of the PI3K / Akt / mTor pathway, that is being developed as a potential therapy for glioblastoma, the most common and most aggressive form of primary brain tumour in adults, as well advanced breast cancer and as other forms of brain cancer. Our second asset is EVT801, a small-molecule selective inhibitor of vascular endothelial growth factor receptor 3, which we licensed from Evotec SE in April 2021.

**Recent Developments** 

On December 2, 2025, we entered into Securities Purchase Agreements with certain institutional and accredited purchasers (the "Purchasers") in connection with a private placement of equity securities (the "Private Placement"). Pursuant to the Securities Purchase Agreements, we agreed to offer and sell in the Private Placement to such Purchasers (i) 4,530,854,000 Ordinary Shares, no par value per share (the "Ordinary Shares") (such Ordinary Shares to be offered and sold in the Private Placement, the "Shares"), at a purchase price of $0.01 per Share, and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 938,490 American Depositary Shares (the "ADSs"), each ADS representing five hundred Ordinary Shares, at a purchase price of $4.9999 per Pre-Funded Warrant. Each Pre-Funded Warrant is exercisable for one Pre-Funded Warrant ADS, is immediately exercisable, and will expire when exercised in full. Konik Capital Partners LLC, a division of T.R. Winston & Company, served as the placement agent for the Private Placement (the "Placement Agent"). In addition, the Company issued to the Placement Agent warrants to purchase up to 700,013 ADSs (the "Placement Agent Warrants"). The Placement Agent Warrants have an exercise price equal to $7.50 per ADS, or 150% of the offering price per ADS sold in the Private Placement, and are exercisable commencing on the date that is 180 days after December 2, 2025 and will expire 5 years from December 2, 2025.

The closing of the Private Placement occurred on December 3, 2025. We issued the Shares and Pre-Funded Warrants in exchange for net proceeds of approximately $46.5 million, after deducting placement agent's fees and other offering expenses payable by the Company. We expect the net proceeds from the Private Placement, combined with the existing cash and cash equivalents, will extend our cash runway into the second half of 2028.

In addition, on November 12, 2025, we received a staff determination letter ("Staff Letter") from the Listing Qualifications department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that as of November 10, 2025, our Market Value of Listed Securities ("MVLS") remained below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). Pursuant to the Nasdaq Listing Rules and the Staff Letter, unless we timely requested a hearing before a Hearings Panel (the "Panel"), our securities would be subject to suspension/delisting. We timely requested a hearing before the Panel, which was scheduled for January 8, 2026.

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On December 18, 2025, we received a letter from the Nasdaq Office of General Counsel notifying us that we have regained compliance with Listing Rule 5550(b)(1), the alternative $2.5 million minimum stockholders' equity requirement to the MVLS requirement, and that we are now in compliance with all the applicable listing standards. Accordingly, the hearing was considered moot and cancelled, and Nasdaq has determined to continue the listing of our ADSs on The Nasdaq Capital Market.

**Corporate Information** 

Kazia Therapeutics Limited (formerly Novogen Limited) was incorporated in Australia in 1994. The ADSs each representing 500 fully paid Ordinary Shares, are listed on the Nasdaq Capital Market under the symbol "KZIA". The Depositary for the ADSs is The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286.

Our principal executive offices are located at Level 24, Three International Towers, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia. Our telephone number is +61-2-9472-4101. Our corporate email address is info@kaziatherapeutics.com. Our website address is www.kaziatherapeutics.com. Information on our website and the websites linked to it do not constitute part of this prospectus or the registration statement to which this prospectus forms a part. Our agent for service of process in the United States is Vcorp Services, LLC, 25 Robert Pitt Drive, Suite 204, Monsey, New York 10952.

**Implications of Being a Foreign Private Issuer** 

We report under the Exchange Act as a non-U.S. company with "foreign private issuer" status. As long as we qualify as a foreign private issuer under the Exchange Act, we will continue to be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations with respect
to a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement to comply with Regulation FD, which requires selective disclosure of material information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading
activities and liability for insiders who profit from trades made in a short period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events.

Foreign private issuers are also exempt from certain more stringent executive compensation disclosure rules. Thus, as long as we remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer. As a result, some investors may find the ADSs less attractive, which could result in a less active trading market for the ADSs or more volatility in the price of the ADSs.

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**THE OFFERING** 

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| Securities offered by the Selling Shareholders  | This prospectus covers the resale of a total of up to 10,700,211 ADSs, representing up to 5,350,105,500 Ordinary Shares, which include 938,490 ADSs issuable upon the exercise of the Pre-Funded Warrants and 700,013 ADSs issuable upon the exercise of the Placement Agent Warrants, from time to time after the registration statement that includes this prospectus is declared effective. |

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|:---|:---|
| Terms of the offering  | The Selling Shareholders, including their respective transferees, donees, pledgees or successors-in-interest, may sell, transfer or otherwise dispose of any or all of the ADSs offered by this prospectus from time to time on Nasdaq or any other stock exchange, market or trading facility on which the ADSs are traded or in private transactions. The ADSs may be sold at fixed prices, at prevailing market prices, at prices related to prevailing market prices or at negotiated prices. See "Plan of Distribution" on page 57 of this prospectus. |

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The ADSs Each ADS represents five hundred (500) Ordinary Shares. The ADSs will be delivered by The Bank of New York Mellon, as depositary (the "Depositary").

The Depositary, as depositary, or its nominee, will be the holder of the Ordinary Shares underlying your ADSs and you will have rights as provided in the Amended and Restated Deposit Agreement, dated as of June 13, 2016, among us, the Depositary and all owners and holders from time to time of ADSs issued thereunder (the "Deposit Agreement"), a form of which has been filed as Exhibit 2.1 to the Annual Report on Form 20-F filed by us with the SEC on October 27, 2016.

Subject to the terms of the Deposit Agreement and in compliance with the relevant requirements set out in the prospectus, you may turn in your ADSs to the Depositary for cancellation and withdrawal of the Ordinary Shares underlying your ADSs. The Depositary will charge you fees for such cancellations pursuant to the Deposit Agreement.

You should carefully read the section titled "Description of American Depositary Shares" of this prospectus and the Deposit Agreement to better understand the terms of the ADSs.

Selling shareholders All of the Offered ADSs are being offered by the Selling Shareholders named herein, including their respective transferees, donees, pledgees or successors-in-interest. See "Selling Shareholders" of this prospectus for more information on the Selling Shareholders.

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|:---|:---|
| Use of proceeds  | The Selling Shareholders will receive all of the proceeds from the sale of Offered ADSs for sale by it under this prospectus. We will not receive proceeds from the sale of the Offered ADSs by the Selling Shareholders. However, we may receive proceeds from any exercise of the Placement Agent Warrants if the holders exercise the  |

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Placement Agent Warrants for cash, and we may receive nominal proceeds from the exercise of the Pre-Funded Warrants if the holders exercise the Pre-Funded Warrants for cash. We intend to use the proceeds from the exercise of the Placement Agent Warrants or the Pre-Funded Warrants for cash, if any, for general corporate purposes, which may include working capital, expenses related to research, clinical development and commercial efforts, and general and administrative expenses. See the section of this prospectus titled "Use of Proceeds." <br>

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|:---|:---|
| Plan of distribution  | The Selling Shareholders, and any of their respective pledgees, and successors-in-interest, may offer or sell the Offered ADSs from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The Selling Shareholders may also resell the Offered ADSs to or through underwriters, broker- dealers or agents, who may receive compensation in the form of discounts, concessions or commissions. See "Plan of Distribution" beginning on page 57 of this prospectus for additional information on the methods of sale that may be used by the Selling Shareholders. |

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Risk factors See "Risk Factors" of this prospectus and the other information included elsewhere in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the ADSs.

Listing The ADSs are listed on the Nasdaq Capital Market under the symbol "KZIA."

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**RISK FACTORS** 

*Investing in the ADSs involves a high degree of risk. You should carefully consider the risks described under "Risk Factors" in our Annual Report on Form 20-F for the year ended June 30, 2025, as filed with the SEC, and all other information contained in, or incorporated by reference in, this prospectus, as updated by those subsequent filings with the SEC under the Exchange Act, before making an investment decision. The risks and uncertainties described below and incorporated by reference are not the only ones we face. Additional risks and uncertainties not presently known to us may also adversely affect our business. Our business, financial condition and/or results of operations could be materially and adversely affected if any of these risks occur, and as a result the trading price of the ADSs could decline and you could lose all or part of your investment.* 

*This prospectus also contains forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a result of certain factors.* 

**Risks Related to this Offering, Our Ordinary Shares, and the ADSs** 

***The market price of the ADSs has been and will likely continue to be volatile and you could lose all or part of your investment.***

The market price of the ADSs has been and may continue to be highly volatile and could be subject to large fluctuations in response to the risk factors discussed in this section, and others beyond our control, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unacceptable toxicity findings in animals or humans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of efficacy in human trials at Phase II stage or beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of technological innovations by us and our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new products introduced or announced by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expiration or termination of licenses, research contracts or other collaboration agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions or trends in the regulatory climate in the biotechnology, pharmaceutical and genomics industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the market values of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of any market for our securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional sales by us of our securities.

In addition, equity markets in general and the market for biotechnology and life sciences companies in particular, have experienced substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the companies traded in those markets. Further changes in economic conditions in Australia, the U.S., EU, or globally, could impact our ability to grow profitably. Adverse economic changes are outside our control and may result in material adverse effects on our business or results of operations. These broad market and industry factors may materially affect the market price of the ADSs regardless of our development and operating performance. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been instituted against that company. Such litigation, if instituted against us, could cause us to incur substantial costs and divert management's attention and resources.

If the market price of the ADSs falls and remains below $5.00 per share, under stock exchange rules, our shareholders will not be able to use such ADSs as collateral for borrowing in margin accounts. This inability to

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use ADSs as collateral may depress demand as certain institutional investors are restricted from investing in securities priced below $5.00 and may lead to sales of such ADSs, creating downward pressure on and increased volatility in the market price of the ADSs.

***Our failure to meet Nasdaq's continued listing requirements could result in a delisting of our ADSs.***

If we fail to satisfy the continued listing requirements of the Nasdaq Capital Market, such as the minimum bid price requirement or the MVLS requirement, Nasdaq may take steps to delist our ADSs. Such a delisting would likely have a negative effect on the price of our ADSs and would impair the holders' ability to sell or purchase our ADSs when they wish to do so. In the event of a delisting, we can provide no assurance that any action taken by us to restore compliance with listing requirements would allow our ADSs to become listed again, stabilize the market price or improve the liquidity of our ADSs, prevent our ADSs from dropping below the minimum bid price requirement or prevent future non-compliance with the listing requirements of the Nasdaq Capital Market.

***Raising additional capital may cause dilution to our existing shareholders, restrict our operations or cause us to relinquish valuable rights.***

We may seek additional capital through a combination of public and private equity offerings, debt financings, strategic partnerships and alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity, convertible debt securities or other equity-based derivative securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights as holder of ADSs. Any indebtedness we incur would result in increased fixed payment obligations and could involve restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. Any debt or additional equity financing that we raise may contain terms that are not favorable to us or our shareholders. Furthermore, the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of the ADSs to decline and existing shareholders may not agree with our financing plans or the terms of such financings. If we raise additional funds through strategic partnerships, collaborations, and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our intellectual property, technologies or our product candidates, or grant licenses on terms unfavorable to us.

***Future sales or issuances of the ADSs in the public markets, or the perception of such sales, could depress the trading price of the ADSs.***

The sale of a substantial number of shares or ADSs or other equity-related securities in the public markets, or the perception that such sales could occur, could depress the market price of the ADSs and impair our ability to raise capital through the sale of additional equity securities. We may sell large quantities of the ADSs at any time in one or more separate offerings. We cannot predict the effect that future sales of ADSs or other equity-related securities would have on the market price of the ADSs.

***You are reliant on the Depositary to exercise your voting rights and to receive distributions on ADSs and, as a result, you may be unable to exercise your voting rights on a timely basis or you may not receive certain distributions.***

In certain circumstances, holders of ADSs may have limited rights relative to holders of Ordinary Shares. The rights of holders of ADSs with respect to the voting of Ordinary Shares and the right to receive certain distributions may be limited in certain respects by the Deposit Agreement among us, The Bank of New York Mellon as depositary and ADS holders from time to time. For example, although ADS holders are entitled under the Deposit Agreement, subject to any applicable provisions of Australian law and of our Constitution, to instruct the depositary as to the exercise of the voting rights pertaining to the Ordinary Shares represented by the ADSs,

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and the depositary has agreed that, if we asked it to solicit voting instructions, it will try, as far as practical, to vote the Ordinary Shares so represented in accordance with such instructions, ADS holders may not receive notices sent by the depositary in time to ensure that the depositary will vote the Ordinary Shares. This means that, from a practical point of view, the holders of ADSs may not be able to exercise their right to vote. Holders of ADSs in respect of which no timely voting instructions have been received shall be deemed to have instructed the depositary to give a discretionary proxy to a person designated by us to vote the Ordinary Shares represented by such holders' ADSs; provided, however, that no such discretionary proxy shall be given with respect to any matter to be voted upon as to which we inform the depositary that (i) we do not wish such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Ordinary Shares may be materially and adversely affected. In addition, under the Deposit Agreement, the depositary has the right to restrict distributions to holders of the ADSs in the event that it is unlawful or impractical to make such distributions. We have no obligation to take any action to permit distributions to holders of the ADSs. As a result, holders of ADSs may not receive distributions.

***We do not currently intend to pay dividends on our securities and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of the ADSs.***

We have not declared or paid any cash dividends on our Ordinary Shares since our inception and do not currently intend to do so for the foreseeable future. We currently intend to invest our future earnings, if any, to fund our operations and growth. Therefore, you are not likely to receive any dividends on your ADSs for the foreseeable future and the success of an investment in the ADSs will depend upon any future appreciation in its value. Consequently, investors may need to sell all or part of their holdings of the ADSs after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee that the ADSs will appreciate in value or even maintain the price at which our shareholders have purchased them. Investors seeking cash dividends should consider not purchasing the ADSs.

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**USE OF PROCEEDS** 

We will not receive any proceeds from the sale by the Selling Shareholders of the Offered ADSs, including those issued or issuable upon exercise of the Pre-Funded Warrants and Placement Agent Warrants. The Selling Shareholders will receive all net proceeds from the sale of the Offered ADSs covered by this prospectus.

We may receive proceeds from the exercise of the Placement Agent Warrants to the extent that such Placement Agent Warrants are exercised for cash. If all of the Placement Agent Warrants are exercised for cash in full, the proceeds would be approximately $5.25 million. We may receive nominal proceeds from the exercise of the Pre-Funded Warrants to the extent that such Pre-Funded Warrants are exercised for cash. If all of the Pre-Funded Warrants are exercised for cash in full, the proceeds would be approximately $93.85.

We intend to use the proceeds from the exercise of the Placement Agent Warrants and Pre-Funded Warrants for cash, if any, for general corporate purposes, which may include working capital, expenses related to research, clinical development and commercial efforts, and general and administrative expenses. We currently have no binding agreements or commitments to complete any transaction for the possible acquisition of new therapeutic candidates, though we are currently, and likely to continue, exploring possible acquisition candidates.

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**DIVIDEND POLICY** 

Since our inception, we have not declared or paid any dividends on our shares. We intend to retain any earnings for use in our business and do not currently intend to pay cash dividends on our Ordinary Shares. Dividends, if any, on our outstanding Ordinary Shares will be declared by and subject to the discretion of our board of directors, and subject to Australian law.

Any dividend we declare will be paid to the holders of ADSs, subject to the terms of the Deposit Agreement, to the same extent as holders of our Ordinary Shares, to the extent permitted by applicable law and regulations, less the fees and expenses payable under the Deposit Agreement. Any dividend we declare will be distributed by the depositary bank to the holders of ADSs, subject to the terms of the Deposit Agreement. See "Description of American Depositary Shares" in this prospectus.

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**CAPITALIZATION AND INDEBTEDNESS** 

The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis based upon an exchange rate of A$1.00 to US$0.6620 as published by the Reserve Bank of
Australia on December 5, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, to give effect to the securities issued by us between July 1, 2025 and
December 5, 2025 after deducting any fees and offering expenses, including (i) the sale of 14,204,500 Ordinary Shares and pre-funded warrants (the "August 2025 Pre-Funded Warrants") to purchase up to 204,547 ADSs, at an aggregate purchase price of $2,049,992.34 pursuant to those certain Securities Purchase Agreements, each dated July 31, 2025 (the
"August 2025 Securities Purchase Agreements"), (ii) the sale of 185,241 ADSs for an aggregate purchase price of $1,397,015.56 (after deducting offering expenses), pursuant to the At the Market Offering Agreement between us and
Rodman & Renshaw LLC relating to the sale of ADSs in "at the market offerings," (iii) the sale of 4,530,854,000 Ordinary Shares and Pre-Funded Warrants to purchase up to 938,490 ADSs, at
an aggregate purchase price of $46,509,833.42 (after deducting placement agent's fees and offering expenses) under the Securities Purchase Agreements and (iv) the issuance of the Placement Agent Warrants to purchase 700,013 ADSs to the
Placement Agent pursuant to the Placement Agency Agreement.

You should read this table in conjunction with the section titled "Use of Proceeds" and our consolidated financial statements and related notes incorporated by reference in this prospectus. The information in the table below has been calculated based upon an exchange rate of A$1.00 to US$0.6620, as published by the Reserve Bank of Australia on December 5, 2025.

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|:---|:---|:---|
|  | **As of June 30, 2025 Actual *(US$)<sup>(1)</sup>*** | **Pro Forma (US$)<sup>(1)</sup>** |
|  Cash and cash equivalents | 2876185 | 52833027 |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributed equity | 81456379 | 131413220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | 2051993 | 2051993 |
|  Accumulated losses | (89255639) | (89255639) |
|  Total equity | (5747268) | 44209574 |
|  Total indebtedness | (251708)<sup>(2)</sup> | (251708)<sup>(2)</sup> |
|  Total capitalization | (5998976) | 43957866 |

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(1) The information in this column has been calculated based upon an exchange rate of A$1.00 to US$0.6620, as
published by the Reserve Bank of Australia on December 5, 2025.

(2) As of June 30, 2025, we had A$396 thousand of borrowing which related to the annual insurance renewal
program. An offsetting prepayment of insurance invoices is included in Prepayments, as described in Note 10-Other Current Assets to our consolidated financial statements for the year ended June 30, 2025
appearing in our annual report on Form 20-F filed on November 7, 2025, as incorporated by reference in this prospectus. As such, such borrowings were excluded from our total indebtedness presented in the
table above.

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**DESCRIPTION OF SHARE CAPITAL** 

**General** 

We are a public corporation registered under the Australian *Corporations Act 2001* (Cth) ("Corporations Act"). Our corporate affairs are principally governed by our Constitution, the Corporations Act and Nasdaq Marketplace Rules. Our ADSs trade on Nasdaq.

The Australian law applicable to our Constitution is not significantly different than a U.S. company's charter documents except we do not have a limit on our authorized share capital and the concept of par value is not recognized under Australian law as further discussed under the section titled "Our Constitution" below.

Subject to restrictions on the issue of securities under our Constitution, the Corporations Act and any other applicable law, we may at any time issue shares and grant options or warrants on any terms, with the rights and restrictions and for the consideration that our board of directors determine.

The rights and restrictions attaching to Ordinary Shares are derived through a combination of our Constitution, the common law applicable to Australia, the Corporations Act and other applicable law. A general summary of some of the rights and restrictions attaching to our Ordinary Shares are summarized below. Each ordinary shareholder is entitled to receive notice of, and to be present, vote and speak at, general meetings.

As of December 5, 2025, we had (i) 5,448,154,734 Ordinary Shares outstanding, (ii) outstanding options to purchase up to 34,550,000 Ordinary Shares, and (iii) outstanding warrants to purchase an aggregate of 423,894,860 Ordinary Shares, including the Alumni Warrant (as defined below) to purchase a variable number of Ordinary Shares in the form of ADSs based on the number of Ordinary Shares outstanding as of the date of exercise. On December 9, 2025, the remaining portion of the Alumni Warrant was exercised via a cashless transaction to purchase 439,682 ADSs, representing 219,841,000 Ordinary Shares.

**Changes to Our Share Capital** 

Since January 1, 2022, the following changes have been made to our ordinary share capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2022, we issued 500,000 options at an exercise price of A$0.94 per option to employees under
our employee share option plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2022, we issued 800,000 options at an exercise price of A$0.94 per option to employees under
our employee share option plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 5, 2022, we issued 1,855,357 Ordinary Shares due to the conversion of the Triaxial convertible note
triggered by completion of phase II paxalisib trial announced to ASX on April 21, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 24, 2022, we issued 100,000 options at an exercise price of A$0.78 per option to employees under our
employee share option plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 24, 2022, we issued 10,000 Ordinary Shares at a price of A$0.826 per share under our ATM facility
raising A$8,256 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 2, 2022, we issued 10,000 Ordinary Shares at a price of A$0.802 per share under our ATM facility
raising A$8,025 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 6, 2022, we issued 88,710 Ordinary Shares at a price of A$0.837 per share under our ATM facility
raising A$74,258 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 9, 2022, we issued 603,500 Ordinary Shares at a price of A$0.84 per share under our ATM facility
raising A$507,035 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 14, 2022, we issued 75,940 Ordinary Shares at a price of A$0.824 per share under our ATM facility
raising A$62,583 before transaction costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 15, 2022, we issued 2,000 Ordinary Shares at a price of A$0.83 per share under our ATM facility
raising A$1,661 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 20, 2022, we issued 4,072,660 Ordinary Shares at a price of A$0.869 per share under our ATM facility
raising A$3,540,403 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 7, 2022, we issued 573,370 Ordinary Shares at a price of A$0.7102 per share under our ATM facility
raising A$407,201 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 8, 2022, we issued 8,561,490 Ordinary Shares at a price of A$0.3316 per share under our ATM
facility raising A$2,839,346 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 9, 2022, we issued 10,000 Ordinary Shares at a price of A$0.2723 per share under our ATM facility
raising A$2,723 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 10, 2022, we issued 158,020 Ordinary Shares at a price of A$0.2465 per share under our ATM
facility raising A$38,949 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 11, 2022, we issued 330,960 Ordinary Shares at a price of A$0.2413 per share under our ATM
facility raising A$79,868 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 12, 2022, we issued 1,247,440 Ordinary Shares at a price of A$0.2469 per share under our ATM
facility raising A$308,050 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 12, 2022, we issued 651,030 Ordinary Shares at a price of A$0.2211 per share under our ATM
facility raising A$143,964 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 13, 2022, we issued 28,350 Ordinary Shares at a price of A$0.2187 per share under our ATM
facility raising A$6,200 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 14, 2022, we issued 60,000 Ordinary Shares to the Scientific Advisory Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 7, 2022, we issued 736,760 Ordinary Shares at a price of A$0.1789 per share under our ATM
facility raising A$131,797 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 28, 2022, we issued 12,296,180 Ordinary Shares at a price of A$0.1865 per share under our ATM
facility raising A$2,293,288 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 11, 2023, we issued 20,000 Ordinary Shares at a price of A$0.1380 per share under our ATM
facility raising A$2,761 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 16, 2023, we issued 25,387,018 Ordinary Shares at a price of A$0.11 per share in a professional
and sophisticated investors placement raising A$2,792,572 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 28, 2023, we issued 15,522,075 Ordinary Shares at a price of A$0.11 per share in a professional
and sophisticated investors placement raising A$1,707,428 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 3, 2023, we issued 3,930,000 ordinary options at an exercise price of A$0.15 per option to
employees under our employee share option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 3, 2023, we issued 23,691,045 Ordinary Shares at a price of A$0.11 per share in a share placement
plan to existing eligible shareholders raising A$2,606,000 before transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 3, 2023, we issued 4,000,000 ordinary options at an exercise price of A$0.187 per option to employees
under our employee share option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 6, 2023, we issued 8,148,140 Ordinary Shares at a price of A$0.1856 per share under our ATM facility
raising A$1,512,522 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 7, 2023, we issued 157,120 Ordinary Shares at a price of A$0.1647 per share under our ATM facility
raising A$25,877 before transaction costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 3, 2023, we issued 15,000 Ordinary Shares at a price of A$0.1679 per share under our ATM facility
raising A$2,519 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 29, 2023, we issued 1,066,070 Ordinary Shares at a price of A$0.1006 per share under our ATM
facility raising A$107,268 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 5, 2023, we issued 26,200,000 Ordinary Shares in the form of ADSs at a price of US$0.45 per ADS
and pre-funded warrants to purchase up to 1,824,445 ADSs representing 18,244,450 Ordinary Shares at a price of US$0.44 per pre-funded warrant with an exercise price of
$0.01 per ADS in a registered direct offering for an aggregate consideration of approximately US$2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 5, 2023, we issued unregistered warrants to purchase up to 4,444,445 ADSs representing
44,444,450 Ordinary Shares at an exercise price of US$0.583 per ADS in a private placement for an aggregate consideration of approximately US$2.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 5, 2023, we issued placement agent warrants to purchase up to 311,111 ADSs representing
3,111,110 Ordinary Shares at an exercise price of US$0.5625 per ADS pursuant to that certain engagement letter (the "Engagement Letter") dated August 14, 2023 between us and H.C. Wainwright & Co., LLC ("Wainwright).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 13, 2024, we issued 25,910 Ordinary Shares at a price of A$0.0466 per share under our ATM
facility raising A$1,207 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 14, 2024, we issued 319,650 Ordinary Shares at a price of A$0.0464 per share under our ATM
facility raising A$14,834 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 15, 2024, we issued 2,195,980 Ordinary Shares at a price of A$0.0468 per share under our ATM
facility raising A$102,825 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 18, 2024, we issued 205,260 Ordinary Shares at a price of A$0.0614 per share under our ATM
facility raising A$12,597 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 21, 2024, we issued 18,244,450 Ordinary Shares in the form of ADSs at an exercise price of
US$0.01 per ADS in connection with the exercise of a warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 21, 2024, we issued 8,626,580 Ordinary Shares at a price of A$0.0595 per share under our ATM
facility raising A$513,584 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 22, 2024, we issued 316,540 Ordinary Shares at a price of A$0.0461 per share under our ATM
facility raising A$14,584 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 25, 2024, we issued 304,860 Ordinary Shares at a price of A$0.0464 per share under our ATM
facility raising A$14,147 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 26, 2024, we issued 250,000 Ordinary Shares at a price of A$0.0460 per share under our ATM
facility raising A$11,502 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 1, 2024, we issued 2,112,560 Ordinary Shares at a price of A$0.0478 per share under our ATM facility
raising A$100,961 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 2, 2024, we issued 375,410 Ordinary Shares at a price of A$0.0457 per share under our ATM facility
raising A$17,147 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 3, 2024, we issued 288,900 Ordinary Shares at a price of A$0.0469 per share under our ATM facility
raising A$13,544 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 7, 2024, we issued 790,100 Ordinary Shares at a price of A$0.0456 per share under our ATM facility
raising A$36,024 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 10, 2024, we issued 20,000 Ordinary Shares at a price of A$0.0455 per share under our ATM facility
raising A$910 before transaction costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 16, 2024, we issued 242,170 Ordinary Shares at a price of A$0.0450 per share under our ATM facility
raising A$10,891 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 19, 2024, we issued 5,916,970 Ordinary Shares represented by 591,697 ADSs as repayment of a
promissory note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 24, 2024, we issued 29,000,000 Ordinary Shares at a price of A$0.0268 per share under our Equity
Line of Credit facility raising A$776,031 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 11, 2024, we issued 14,400,000 Ordinary Shares at a price of A$0.1534 per share under our ATM
facility raising A$2,209,677 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 12, 2024, we issued 25,786,480 Ordinary Shares represented by 2,578,648 ADSs pursuant to a warrant
exercise for US$0.1939 per ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 12, 2024, we issued 11,000,000 Ordinary Shares represented by 1,100,000 ADSs pursuant to a warrant
exercise for US$0.27 per ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 12, 2024, we issued 5,488,230 Ordinary Shares at a price of A$0.1445 per share under our ATM
facility raising A$792,915 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 17, 2024, we issued 4,177,340 Ordinary Shares at a price of A$0.1075 per share under our ATM
facility raising A$449,260 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 22, 2024, we issued 15,000,000 Ordinary Shares at a price of A$0.0542 per share under our Equity
Line of Credit facility raising A$816,373 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 8, 2024, we issued 2,061,820 Ordinary Shares at a price of A$0.0624 per share under our ATM
facility raising A$128,633 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 12, 2024, we issued 408,270 Ordinary Shares at a price of A$0.0641 per share under our ATM
facility raising A$26,172 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 13, 2024, we issued 2,283,350 Ordinary Shares at a price of A$0.0617 per share under our ATM
facility raising A$140,884 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 14, 2024, we issued 8,660 Ordinary Shares at a price of A$0.0606 per share under our ATM facility
raising A$525 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 27, 2024, we issued 5,250,000 Ordinary Shares at a price of A$0.0616 per share under our ATM
facility raising A$323,403 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 28, 2024, we issued 308,700 Ordinary Shares at a price of A$0.0591 per share under our ATM
facility raising A$18,242 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 30, 2024, we issued 3,000,000 Ordinary Shares at a price of A$0.0616 per share under our ATM
facility raising A$184,690 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 3, 2024, we issued 837,030 Ordinary Shares at a price of A$0.0638 per share under our ATM
facility raising A$53,439 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 12, 2024, we issued 16,049,020 Ordinary Shares at a price of A$0.0554 per share under our ATM
facility raising A$889,682 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 13, 2024, we issued 2,503,820 Ordinary Shares at a price of A$0.0552 per share under our ATM
facility raising A$130,741 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 22, 2024, we issued 442,400 Ordinary Shares at a price of A$0.0891 per share under our ATM
facility raising A$39,420 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 25, 2024, we issued 185,100 Ordinary Shares at a price of A$0.0881 per share under our ATM
facility raising A$16,312 before transaction costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 26, 2024, we issued 262,200 Ordinary Shares at a price of A$0.0848 per share under our ATM
facility raising A$22,240 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 27, 2024, we issued 896,700 Ordinary Shares at a price of A$0.0858 per share under our ATM
facility raising A$76,970 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 29, 2024, we issued 364,700 Ordinary Shares at a price of A$0.0818 per share under our ATM
facility raising A$29,832 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 2, 2024, we issued 2,926,100 Ordinary Shares at a price of A$0.0778 per share under our ATM
facility raising A$227,709 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 3, 2024, we issued 403,300 Ordinary Shares at a price of A$0.0787 per share under our ATM
facility raising A$31,754 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 4, 2024, we issued 460,800 Ordinary Shares at a price of A$0.0781 per share under our ATM
facility raising A$36,012 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 9, 2024, we issued 142,200 Ordinary Shares at a price of A$0.0665 per share under our ATM
facility raising A$9,464 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 10, 2024, we issued 522,100 Ordinary Shares at a price of A$0.0631 per share under our ATM
facility raising A$32,938 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 13, 2024, we issued 15,000,000 Ordinary Shares at a price of A$0.0537 per share under our Equity
Line of Credit facility raising A$804,870 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 16, 2024, we issued 6,421,800 Ordinary Shares at a price of A$0.0596 per share under our ATM
facility raising A$382,576 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 19, 2024, we issued 20,000,000 Ordinary Shares at a price of A$0.0437 per share under our Equity
Line of Credit facility raising A$804,870 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 31, 2024, we issued 4,000,000 Ordinary Shares at a price of A$0.0322 per share under our ATM
facility raising A$128,729 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 2, 2025, we issued 2,939,500 Ordinary Shares at a price of A$0.0292 per share under our ATM
facility raising A$85,921 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 3, 2025, we issued 10,668,100 Ordinary Shares at a price of A$0.0286 per share under our ATM
facility raising A$305,565 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 6, 2025, we issued 2,453,900 Ordinary Shares at a price of A$0.0289 per share under our ATM
facility raising A$70,828 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 14, 2025, we issued (i) 55,344,000 Ordinary Shares in the form of ADSs at a price of A$0.0242 per
ADS and pre-funded warrants to purchase up to 779,893 ADSs representing 77,989,300 Ordinary Shares at a price of US$1.4999 per pre-funded warrant with an exercise price
of $0.0001 per ADS in a registered direct offering for an aggregate consideration of approximately A$1,341,348, (ii) unregistered Ordinary Warrants to purchase up to 1,333,333 ADSs representing 133,333,300 Ordinary Shares at an exercise price of
US$1.5 per ADS in a concurrent private placement, and (iii) unregistered placement agent warrants to purchase up to 40,000 ADSs representing 4,000,000 Ordinary Shares at an exercise price of US$1.50 per ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 6, 2025, we issued 60,000,000 Ordinary Shares at a price of A$0.0153 per share under our Equity
Line of Credit facility raising A$917,450 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 1, 2025, we issued 15,000,000 Ordinary Shares at a price of A$0.0094 per share under our Equity Line
of Credit facility raising A$141,489 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 5, 2025, we issued 32,500,000 Ordinary Shares at a price of A$.01550 per share under our Equity Line
of Credit facility raising A$504,043 before transaction costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 11, 2025, we issued 35,000,000 Ordinary Shares at a price of A$.0280 per share under our Equity Line
of Credit facility raising A$979,179 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 17, 2025, we issued 30,000,000 Ordinary Shares at a price of A$.0200 per share under our Equity Line
of Credit facility raising A$599,674 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 25, 2025, we issued 1,057,000 Ordinary Shares pursuant to the partial exercise of the January 2025
Placement Agent Warrants (as defined below) in a cashless transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 4, 2025, we issued (i) 14,204,500 Ordinary Shares at a purchase price of $0.0176 per share, and
(ii) the Pre-Funded Warrants to purchase up to 204,547 ADSs, each ADS representing five hundred Ordinary Shares, at a purchase price of $8.7999 per Pre-Funded Warrant. Each Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the Pre-Funded Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 19, 2025, we issued 650,000 Ordinary Shares at a price of A$0.0229 per share under our ATM
facility raising A$14,869 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 26, 2025, we issued 1,382,500 Ordinary Shares at a price of A$0.0255 per share under our ATM
facility raising A$35,243 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 11, 2025, we issued 8,576,000 Ordinary Shares at a price of A$0.0255 per share under our ATM
facility raising A$219,008 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 2, 2025, we issued 82,012,000 Ordinary Shares at a price of A$0.0234 per share under our ATM
facility raising A$1,863,966.30 before transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 3, 2025, we issued (i) 4,530,854,000 Ordinary Shares and (ii) Pre-Funded Warrants to purchase up to 938,490 ADSs, at a purchase price of $4.9999 per Pre-Funded Warrant in a private placement. Each Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the Pre-Funded Warrant, is immediately exercisable,
and will expire when exercised in full. We also issued to the Placement Agent unregistered warrants to purchase up to 700,013 ADSs (the "Placement Agent Warrants"). The Placement Agent Warrants have an exercise price equal to $7.50 per
ADS and are exercisable commencing on the date that is 180 days after December 2, 2025 and will expire 5 years from December 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 10, 2025, we issued 219,841,000 Ordinary Shares pursuant to the exercise of the remaining Alumni
Warrant in a cashless transaction.

**Our Constitution** 

Our Constitution is similar in nature to the bylaws of a U.S. corporation. It does not provide for or prescribe any specific objectives or purposes of Kazia. Our Constitution is subject to the terms of the Corporations Act. It may be amended or repealed and replaced by special resolution of shareholders, passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution.

Under Australian law, a company has the legal capacity and powers of an individual both within and outside Australia. The material provisions of our Constitution are summarized below. This summary is not intended to be complete nor to constitute a definitive statement of the rights and liabilities of our shareholders, of which this prospectus forms a part.

***Interested Directors***

Subject to the Corporations Act, neither a director nor that director's alternate may vote in respect of any contract or arrangement in which the director has, directly or indirectly, any material interest according to our Constitution. However, that director may execute or otherwise act in respect of that contract or arrangement

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notwithstanding any material personal interest. Unless a relevant exception applies, the Corporations Act requires our directors to provide disclosure of any material personal interest, and prohibits directors from voting on matters in which they have a material personal interest or being present while such matter is being considered at the board meeting. In addition, the Corporations Act requires shareholder approval of any provision of related party benefits to our directors.

***Directors' Compensation***

Our directors are paid remuneration for their services as directors (but excluding any remuneration payable to a director under any executive services contract with us or one of our related bodies corporate) which is determined in a general meeting of shareholders. The aggregate, fixed sum for directors' remuneration is to be divided among the directors in such proportion as the directors themselves agree and in accordance with our Constitution. The fixed sum remuneration for directors may not be increased except at a general meeting of shareholders and the particulars of the proposed increase are required to have been provided to shareholders in the notice convening the meeting. In addition, executive directors may be paid remuneration as determined by the directors from time to time and, including as a salary, commission or participation in profits and/or subject to the Corporations Act by the issue of shares, options to acquire shares or performance rights or other incentives (or a combination of any of these methods of remuneration).

Fees payable to our non-executive directors must be by way of a fixed sum and not by way of a commission on or a percentage of profits. Remuneration paid to our executive directors must also not include a commission or percentage of operating revenue.

Pursuant to our Constitution, if, at our board's request, any director performs extra services or makes special exertions, Kazia may remunerate that director by paying for those services and exertions.

In addition to other remuneration provided in our Constitution, all of our directors are entitled to be paid by us for all other travelling, accommodation and other expenses incurred by the directors in attending and returning from general meetings, board meetings, committee meetings or otherwise in connection with our business.

***Borrowing Powers Exercisable by Directors***

Pursuant to our Constitution, the management and control of our business affairs are vested in our board of directors. Our board of directors has the power to raise or borrow money or obtain other financial accommodation for Company purposes, and may grant security for the repayment of that sum or sums or the payment, performance or fulfilment of any debts, liabilities, contracts or obligations incurred or undertaken by the Company in any manner and on any terms and conditions as our board thinks fit.

***Retirement of Directors***

A director, other than a director who is the Managing Director, must retire from office at the conclusion of three years or following the third annual general meeting after which the director was elected, whichever is longer. If no director is required to retire at an annual general meeting, then the director to retire will be the director who has been longest in office since last being elected. Retired directors are eligible for a re-election to the board of directors unless disqualified from acting as a director under the Corporations Act or our Constitution.

***Rights and Restrictions on Classes of Shares***

The rights attaching to our Ordinary Shares are detailed in our Constitution. Our Constitution provides that our directors may issue shares with any preferential, deferred or special rights, privileges or conditions or with any restriction (whether in relation to dividends, voting, return of share capital or otherwise) as our board of directors may determine. Subject to any approval which is required from our shareholders under the Corporations Act, we may issue further shares on such terms and conditions as our board of directors resolves.

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***Dividend Rights***

Subject to our Constitution and the Corporations Act, our board of directors may from time to time determine to pay and declare dividends to shareholders. Except as otherwise provided by law, all dividends unclaimed for one year after having been declared may be invested or otherwise made use of by our board of directors for our benefit until claimed or otherwise disposed of in accordance with our Constitution.

***Voting Rights***

Under our Constitution, the rights and restrictions attaching to a class of shares, each shareholder has one vote on a show of hands at a meeting of the shareholders unless a poll is demanded under the Constitution or the Corporations Act. On a poll vote, each shareholder shall have one vote for each fully paid share and a fractional vote for each share held by that shareholder that is not fully paid, such fraction being equivalent to the proportion of the amount that has been paid to such date on that share. Shareholders may vote in person or by proxy, attorney or representative. Under Australian law, shareholders of a public company are generally not permitted to approve corporate matters by written consent. Our Constitution does not provide for cumulative voting. Note that ADS holders may not directly vote at a meeting of the shareholders but may instruct the depositary to vote the number of deposited Ordinary Shares their ADSs represent in accordance with the underlying deposit agreement.

***Right to Share in Our Profits***

Pursuant to our Constitution, our shareholders are entitled to participate in our profits by payment of dividends. Our board of directors may from time to time determine to pay dividends to the shareholders; however, no dividend is payable except in accordance with the Corporations Act and our Constitution.

***Rights to Share in the Surplus in the Event of Winding Up***

Our Constitution provides for the right of shareholders to participate in a surplus in the event of our winding up, subject to the rights attaching to a class of shares, the Constitution and the Corporations Act.

***No Redemption Provision for Ordinary Shares***

There are no redemption provisions in our Constitution in relation to Ordinary Shares. Under our Constitution, any preference shares may be issued on the terms that they are, or may at the option of Kazia or the holder be, liable to be redeemed or converted into Ordinary Shares.

***Variation or Cancellation of Share Rights***

Subject to the Corporations Act and the terms of issue of shares of that class, the rights attached to shares in a class of shares may only be varied or cancelled by either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a special resolution passed by members holding shares in the class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the written consent of members with at least 75% of the shares in the class.

***Directors May Make Calls***

Our Constitution provides that our directors may make calls on a shareholder for all monies unpaid on shares held by that shareholder, other than monies payable at fixed times under the conditions of allotment.

**General Meetings of Shareholders** 

General meetings of shareholders may be called by our board of directors. Except as permitted under the Corporations Act, shareholders may not convene a meeting. Section 249D of the Corporations Act requires the

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directors to call and arrange to hold a general meeting on the request of shareholders with at least 5% of the votes that may be cast at a general meeting. Further, section 249F of the Corporations Act permits shareholders with at least 5% of the votes that may be cast at a general meeting to call, and arrange to hold, a general meeting provided that the members calling such meeting pay the expenses of calling and holding the meeting. Notice of the proposed meeting of our shareholders is required at least 21 days prior to such meeting under the Corporations Act.

**Foreign Ownership Regulation** 

Our Constitution does not impose specific limitations on the rights of non-residents to own securities. However, acquisitions and proposed acquisitions of securities in Australian companies may be subject to review and approval by the Australian Federal Treasurer under the *Foreign Acquisitions and Takeovers Act 1975* (Cth) and the *Foreign Acquisitions and Takeovers Regulation 2015* (Cth) (together, the "Foreign Takeovers Laws"), which generally apply to acquisitions or proposed acquisitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a foreign person (as defined under the Foreign Takeovers Laws) or associated foreign persons that would result
in such persons having an interest in 20% or more of the issued shares of, or control of 20% or more of the voting power in, an Australian company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by non-associated foreign persons that would result in such foreign
persons having an aggregate interest in 40% or more of the issued shares of, or control of 40% or more of the voting power in, an Australian company,

where the Australian company is valued above the monetary threshold prescribed by Foreign Takeovers Laws, or where the investor is a foreign government investor (as defined under the Foreign Takeovers Laws) acquiring a direct interest (10% or more) in an Australian company regardless of a monetary threshold.

However, in general terms, any such review or approval under the Foreign Takeovers Laws will only be required if the foreign acquirer is a U.S. entity or an entity from certain other countries and the value of the total assets of the Australian company or the value of the total issued securities of the Australian company is more than A$1,464 million, unless that company operates in certain sensitive industries. Exemptions do not generally apply to investments (regardless of the monetary value) by foreign persons if the Australian company is a national security business or investments in any such company by foreign governments and their associated entities.

The Australian Federal Treasurer may prevent a proposed acquisition in the above categories or impose conditions on such acquisition if the Treasurer is satisfied that the acquisition would be contrary to Australia's national interest or national security. If a foreign person acquires shares, assets or an interest in shares or assets in an Australian company in contravention of the Foreign Takeovers Laws, the Australian Federal Treasurer may make a range of orders including an order the divestiture of such person's shares or interest in shares in that Australian company. Further, breaches of the Foreign Takeovers Laws may result in significant fines or court ordered civil and criminal penalties, including imprisonment and substantial monetary penalties.

**Ownership Threshold** 

There are no specific provisions in our Constitution that require a shareholder to disclose ownership above a certain threshold. As we are also a U.S. public company, our shareholders are also subject to disclosure requirements under U.S. securities laws.

**Issues of Shares and Change in Capital** 

Subject to our Constitution, the Corporations Act, and any other applicable law, we may at any time issue shares and give any person a call or option over any shares on any terms, with preferential, deferred or special rights, privileges or conditions or with any restrictions and for the consideration and other terms that the directors determine.

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Subject to the requirements of our Constitution, the Corporations Act and any other applicable law, including relevant shareholder approvals, we may consolidate or divide our share capital into a larger or smaller number by resolution, reduce our share capital in any manner (provided that the reduction is fair and reasonable to our shareholders as a whole, does not materially prejudice our ability to pay creditors and obtains the necessary shareholder approval) or buy back our Ordinary Shares whether under an equal access buy-back or on a selective basis.

**Change of Control** 

Takeovers of Australian public companies, such as Kazia, are regulated by the Corporations Act, which prohibits the acquisition of a "relevant interest" in issued voting shares in a listed company if the acquisition will lead to that person's or someone else's "voting power" (being the person's relevant interests plus those of its associates) in Kazia's issued shares increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90% ("Takeovers Prohibition"), subject to a range of exceptions.

Generally, a person will have a relevant interest in securities if the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is the holder of the securities or the holder of an ADS over the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has power to exercise, or control the exercise of, a right to vote attached to the securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the power to dispose of, or control the exercise of a power to dispose of, the securities, including any
indirect or direct power or control.

If, at a particular time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person has a relevant interest in issued securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entered or enters into an agreement with another person with respect to the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• given or gives another person an enforceable right, or has been or is given an enforceable right by another
person, in relation to the securities (whether the right is enforceable presently or in the future and whether or not on the fulfillment of a condition); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• granted or grants an option to, or has been or is granted an option by, another person with respect to the
securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other person would have a relevant interest in the securities if the agreement were performed, the right
enforced or the option exercised,

then the other person is taken to already have a relevant interest in the securities.

There are a number of exceptions to the Takeovers Prohibition on acquiring a relevant interest in issued voting shares above 20%. In general terms, some of the more significant exceptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition results from the acceptance of an offer under a formal takeover bid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition has been previously approved by shareholders of Kazia by resolution passed at general
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acquisition by a person if, throughout the six months before the acquisition, that person or any other person
has had voting power in Kazia of at least 19% and, as a result of the acquisition, none of the relevant persons would have voting power in Kazia more than three percentage points higher than they had six months before the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition results from the issue of securities under a pro rata rights issue;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition results from the issue of securities under a dividend reinvestment scheme or bonus share
plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition results from the issue of securities under certain underwriting arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the acquisition results from the issue of securities through a will or through operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acquisition that arises through the acquisition of a relevant interest in another listed company which is
listed on a prescribed financial market or a foreign market approved by the Australian Securities and Investments Commission ("ASIC"); or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acquisition arising through a compromise, arrangement, liquidation or buy-back.

Breaches of the takeovers provisions of the Corporations Act are criminal offenses. The ASIC and the Australian Takeovers Panel have a wide range of powers relating to breaches of takeover provisions or other circumstances deemed to be unacceptable (whether or not they involve a breach of the takeover provisions), including the ability to make orders canceling contracts, freezing transfers of, and rights attached to, securities, and forcing a party to dispose of securities. There are certain defenses to breaches of the takeover provisions provided in the Corporations Act.

**Access to and Inspection of Documents** 

Inspection of our records is governed by the Corporations Act. Any member of the public has the right to inspect or obtain copies of our registers on the payment of a prescribed fee. Shareholders are not required to pay a fee for inspection of our registers or minute books of the meetings of shareholders. Other corporate records, including minutes of directors' meetings, financial records and other documents, are not open for inspection by shareholders. Where a shareholder is acting in good faith and an inspection is deemed to be made for a proper purpose, a shareholder may apply to the court to make an order for inspection of our books.

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**DESCRIPTION OF AMERICAN DEPOSITARY SHARES** 

The Bank of New York Mellon, as depositary, has registered and delivered American Depositary Shares, also referred to as ADSs. Each ADS represents 500 Ordinary Shares (or a right to receive 500 Ordinary Shares) deposited with HSBC Bank Australia Limited, as custodian for the depositary. Each ADS may also represent any other securities, cash or other property which may be held by the depositary. The depositary's office at which the ADSs are administered is located at 101 Barclay Street, New York, New York 10286. The Bank of New York Mellon's principal executive office is located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate
evidencing a specific number of ADSs, registered in your name, or (ii) by having ADSs registered in your name in the Direct Registration System; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indirectly by holding a security entitlement in ADSs through your broker or other financial institution.

If you hold ADSs directly, you are a registered ADS holder ("ADS holder"). This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

The Direct Registration System ("DRS"), is a system administered by The Depository Trust Company, also referred to as DTC, pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership is confirmed by periodic statements sent by the depositary to the registered holders of uncertificated ADSs.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Australian law governs shareholder rights. The depositary is the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. The Deposit Agreement among us, the depositary and you, as an ADS holder, and all other persons directly or indirectly holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions of the Deposit Agreement. Because it is a summary, it does not contain all the information that may be important to you. For more complete information, you should read the entire Deposit Agreement and the form of ADR which summarizes certain terms of your ADSs. A copy of the Deposit Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. You may also obtain a copy of the deposit agreement at the SEC's Public Reference Room which is located at 100 F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may also find the registration statement and the Deposit Agreement on the SEC's website at http://www.sec.gov.

**Dividends and Other Distributions** 

***How will you receive dividends and other distributions on the shares?***

The depositary has agreed to pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after deducting its fees and expenses. You will receive these distributions in proportion to the number of Ordinary Shares your ADSs represent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Cash.*** The depositary will convert any cash dividend or other cash distribution we pay on the shares
into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and can not be obtained, the

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deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest. <br>

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Shares.*** The depositary may distribute additional ADSs representing any shares we distribute as a
dividend or free distribution to the extent reasonably practicable and permitted under law. The depositary will only distribute whole ADSs. It will try to sell shares which would require it to deliver a fractional ADS and distribute the net proceeds
in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares sufficient to pay its fees and expenses
in connection with that distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Rights to purchase additional shares.*** If we offer holders of our securities any rights to subscribe
for additional shares or any other rights, the depositary may make these rights available to you. If the depositary decides it is not legal and practical to make the rights available but that it is practical to sell the rights, the depositary will
use reasonable efforts to sell the rights and distribute the proceeds in the same way as it does with cash. The depositary will allow rights that are not distributed or sold to lapse. In that case, you will receive no value for such rights.

If the depositary makes rights available to ADS holders, it will exercise the rights and purchase the shares on your behalf all in accordance with your instructions. The depositary will then deposit the shares and deliver ADSs to you. It will only exercise rights if you pay the exercise price and any other charges the rights require you to pay and comply with other applicable instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Other Distributions.*** The depositary will send to you anything else we distribute on deposited
securities by any means it determines is legal, fair and practical. If it cannot make the distribution in that way, the depositary may adopt another legal, fair and practical method. It may decide to sell what we distributed and distribute the net
proceeds in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than
ADSs) to ADS holders unless it receives reasonably satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in
connection with that distribution.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or any other property to ADS holders. This means that you may not receive the distributions we make on our Ordinary Shares or any value for them if it is illegal or impractical for us to make them available to you.

**Deposit, Withdrawal and Cancellation** 

***How are ADSs issued?***

The depositary will deliver ADSs if you or your broker deposit shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or share transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

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***How can ADS holders withdraw the deposited securities?***

You may surrender your ADSs at the depositary's office. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or share transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person designated by you at the office of the custodian. In the alternative, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible.

***How do ADS holders interchange between certificated ADSs and uncertificated ADSs?***

You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to you a statement confirming that you are the registered holder of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to you an ADR evidencing those ADSs.

**Voting Rights** 

***How do you vote?***

You may instruct the depositary to vote the number of deposited Ordinary Shares your ADSs represent. The depositary will notify you of shareholders' meetings and arrange to deliver our voting materials to you upon our request. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date established by the depositary.

***Otherwise, you will not be able to exercise your right to vote unless you withdraw the shares underlying the ADSs. However, you may not know about the meeting with a sufficient amount of advance notice to withdraw the shares.***

The depositary will attempt, as far as practical, subject to the laws of Australia and of our Constitution or similar documents, to vote or to have its agents vote the shares or other deposited securities represented by your ADSs as instructed by ADS holders. The depositary will only vote or attempt to vote as instructed.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your Ordinary Shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your right to vote and there may be nothing you can do if your Ordinary Shares are not voted as you requested.

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

**Fees and Expenses** 

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| | |
|:---|:---|
| **Persons depositing or withdrawing Ordinary<br>Shares or ADS holders must pay the depositary:** | **For:** |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates<br>|
| $.05 (or less) per ADS | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any cash distribution to you<br>|

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| | |
|:---|:---|
| **Persons depositing or withdrawing Ordinary<br>Shares or ADS holders must pay the depositary:** | **For:** |
| A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to you<br>|
| $.05 (or less) per ADS per calendar year | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary services<br>|
| Registration or transfer fees | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares<br>|
| Expenses of the depositary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Converting foreign currency to U.S. dollars<br>|
| Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As necessary<br>|
| Any charges incurred by the depositary or its agents for servicing the deposited securities | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As necessary<br>|

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The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid. The depositary may collect any of its fees by deduction from any cash distribution payable to you.

From time to time, the depositary may make payments to us to reimburse or share revenue from the fees collected from you, or waive fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the ADS program. In performing its duties under the deposit agreement, the depositary may use brokers, dealers or other service providers that are affiliates of the depositary and that may earn or share fees or commissions.

**Payment of Taxes** 

You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until such taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to you any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

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**Reclassifications, Recapitalizations and Mergers** 

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| | |
|:---|:---|
| **If we:** | **Then:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclassify, split up or consolidate any of the deposited securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribute securities in respect of deposited shares that are not distributed to you<br>| The cash, shares or other securities received by the depositary will become deposited securities. Each ADS will automatically represent its equal share of the new deposited securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action<br>| The depositary may distribute some or all of the cash, shares or other securities it received. It may also ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities. |

---

**Amendment and Termination** 

***How may the deposit agreement be amended?***

We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

***How may the deposit agreement be terminated?***

The depositary may initiate termination of the Deposit Agreement if at any time 60 days shall have expired after the depositary delivered to us a written resignation notice and a successor depositary has not been appointed and accepted its appointment, an insolvency event or delisting event occurs, or a termination option event has occurred or will occur. If termination of the Deposit Agreement is initiated, the depositary shall deliver a notice of termination to you setting a date for termination, which shall be at least 90 days after the date of that notice, and the deposit agreement shall terminate on that date. After termination, the depositary and its agents will do the following under the deposit agreement (but nothing else):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collect distributions on the deposited securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell rights and other property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver shares and other deposited securities upon cancellation of ADSs.

At any time after termination, the depositary may sell any remaining deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement for the pro rata benefit of the ADS holders that have not surrendered their ADSs. It will not invest the money and has no liability for interest. The depositary's only obligations will be to indemnify the relevant persons under the deposit agreement and to account for the money and other cash. After termination our only obligations will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed to pay.

**Limitations on Obligations and Liability** 

***Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs***

The Deposit Agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are only obligated to take the actions specifically set forth in the Deposit Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we are or it is prevented or delayed by law or circumstances beyond our control from performing
our or its obligations under the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we or it exercises discretion permitted under the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities
that is not made available to holders of ADSs under the terms of the Deposit Agreement, or for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit
agreement on your behalf or on behalf of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or
presented by the proper person.

In the Deposit Agreement, we and the depositary agree to indemnify each other under certain circumstances.

**Requirements for Depositary Actions** 

Before the depositary will deliver or register a transfer of an ADS, make a distribution on an ADS, or permit withdrawal of shares, the depositary may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged
by third parties for the transfer of any shares or other deposited securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfactory proof of the identity and genuineness of any signature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with regulations it may establish, from time to time, consistent with the Deposit Agreement, including
presentation of transfer documents.

The depositary may refuse to deliver ADSs or register transfers of ADSs generally when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.

**Your Right to Receive the Shares Underlying your ADSs** 

You have the right to cancel your ADSs and withdraw the underlying shares at any time except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our
transfer books; (ii) the transfer of shares is blocked to permit voting at a shareholders' meeting; or (iii) we are paying a dividend on our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when you owe money to pay fees, taxes and similar charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that
apply to ADSs or to the withdrawal of Ordinary Shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the Deposit Agreement.

**Direct Registration System** 

In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the DRS and Profile Modification System ("Profile"), will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC under which the depositary may register the ownership of uncertificated ADSs, which ownership may be evidenced by periodic statements sent by the depositary to the registered holders of uncertificated ADSs. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

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In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the Deposit Agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that the depositary's reliance on and compliance with instructions received by the depositary through the DRS/Profile System and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

**Shareholder Communications; Inspection of Register of Holders of ADSs** 

The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

**Disclosure of Interests** 

We may from time to time request ADS holders to provide information as to the capacity in they own or owned ADSs and regarding the identity of any other persons then or previously interested in such ADSs and the nature of such interest. Each ADS holder agrees to provide any information of that kind that is requested by us or the depositary. To the extent that provisions of or governing the deposited securities or the rules or regulations of any governmental authority or securities exchange or automated quotation system may require the disclosure of beneficial or other ownership of deposited securities, other shares and other securities to us or other persons and may provide for blocking transfer and voting or other rights to enforce such disclosure or limit such ownership, the depositary has agreed to use its reasonable efforts to comply with our written instructions in respect of any such enforcement or limitation.

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**SELLING SHAREHOLDERS** 

**December 2025 Private Placement** 

On December 2, 2025, we entered into the Securities Purchase Agreements with the Purchasers in connection with the Private Placement. Pursuant to the Securities Purchase Agreements, we agreed to offer and sell in the Private Placement to the Purchasers (i) 4,530,854,000 Shares and (ii) Pre-Funded Warrants to purchase up to 938,490 ADSs, each ADS representing five hundred Ordinary Shares, at a purchase price of $4.9999 per Pre-Funded Warrant. Each Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the Pre-Funded Warrant, is immediately exercisable, and will expire when exercised in full. The ADSs issued or issuable underlying the Pre-Funded Warrants are herein referred to as "the Pre-Funded Warrant ADSs."

On December 2, 2025, we also entered into the Placement Agency Agreement with the Placement Agent, pursuant to which we issued to the Placement Agent warrants to purchase up to 700,013 ADSs at a purchase price of $7.50 per warrant (the "Placement Agent Warrants," together with the Pre-Funded Warrants, the "Warrants"). The ADSs issued or issuable underlying the Placement Agent Warrants are herein referred to as "the Placement Agent Warrant ADSs." The Placement Agent subsequently transferred the Placement Agent Warrants to Alden Carrere, Ryan Konik, Drew Crovello, Giovanni Valdes, John Kinsella, T.R. Winston & Company, LLC, The Runnels Family Trust DTD 1-11-2000, Karen Kang 2015 Living Trust, and Stephen Hemedes, each in the amount as specified below in this section.

The Shares and Warrants were offered and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder. Pursuant to the Securities Purchase Agreements, we agreed, among other things, to file a registration statement with the SEC for purposes of registering the resale of the Shares, the ADSs representing the Shares, the Pre-Funded Warrant ADSs and the Ordinary Shares issued and issuable upon exercise of the Pre-Funded Warrants as soon as practicable (and in any event within thirty (30) calendar days of the closing of the Private Placement) (the "Resale Registration Statement"). We shall use commercially reasonable efforts to cause the Resale Registration Statement to become effective as soon as reasonably practicable after the filing and in any event on or before the 45<sup>th</sup> calendar day following the filing date of the Resale Registration Statement (or, in the event of a "full review" by the SEC, the 60<sup>th</sup> calendar day following the filing date of the Resale Registration Statement) and to keep the Resale Registration Statement effective at all times until such Purchasers ceases to own any Shares, ADSs representing the Shares, Pre-Funded Warrants, Pre-Funded Warrant ADSs or the Ordinary Shares issued and issuable upon exercise thereof.

We are registering the resale by the Selling Shareholders of the Offered ADSs in order to permit the holders of the Shares to offer such ADSs representing the Shares for resale, to permit the holders of the Pre-Funded Warrants to offer the Pre-Funded Warrants ADSs for resale and to permit the holders of the Placement Agent Warrant to offer the Placement Agent Warrant ADSs for resale, from time to time, pursuant to this prospectus. The holders of the Warrants may also sell, transfer or otherwise dispose of all or a portion of the ADSs in transactions exempt from the registration requirements of the Securities Act, or pursuant to another effective registration statement covering those.

**Relationships with the Selling Shareholders** 

*Alumni ELOC Purchase Agreement* 

On April 19, 2024, we entered into a purchase agreement (the "ELOC Purchase Agreement") with Alumni Capital LP, pursuant to which we may sell to Alumni Capital LP up to $15,000,000 (the "ELOC Investment Amount") of ADSs, representing fully paid ordinary shares (the "ELOC Purchase Notice Securities"), from time to time during the term of the ELOC Purchase Agreement. In consideration for Alumni Capital LP's execution and delivery of the ELOC Purchase Agreement, we issued a warrant (the "Alumni Warrant") to Alumni Capital

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LP, valid for a term of three (3) years, entitling Alumni Capital LP to purchase ADSs (the "Warrant ADSs") with a value (calculated based on the then-current ADS to ordinary share ratio) equal to five percent (5%) of the ELOC Investment Amount. The Alumni Warrant exercise price is variable and is equal to $6,000,000 divided by the number of outstanding ordinary shares as of the time of exercise, multiplied by the then-current ADS to ordinary shares ratio. On April 19, 2024, the exercise price was $0.204. Alumni Capital LP may exercise the Alumni Warrant on a cashless basis if we do not maintain an effective registration statement for the resale of the Warrant ADSs. Pursuant to the ELOC Purchase Agreement, we also agreed to file a registration statement with the SEC, covering the resale of the ADSs issued or sold to Alumni Capital LP under the ELOC Purchase Agreement under the Securities Act. On May 29, 2024, we filed such registration statement on Form F-1 with the SEC, which was declared effective by the SEC on June 4, 2025 (the "Commencement Date").

We shall have no right to issue any ELOC Purchase Notice Securities and Alumni Capital LP shall have no obligation to purchase any ELOC Purchase Notice Securities if the issuance of the underlying ordinary shares underlying such ELOC Purchase Notice Securities would result in Alumni Capital LP and its associates holding more than 19.9% of our outstanding ordinary shares (the "ELOC Exchange Cap"), unless we obtain shareholder approval to issue ADSs in excess of the ELOC Exchange Cap.

Beginning on the ELOC Commencement Date and until December 31, 2025, under the terms and subject to the conditions of the ELOC Purchase Agreement, from time to time, at our discretion, we have the right, but not the obligation, to issue to Alumni Capital LP, and Alumni Capital LP is obligated to purchase, the ELOC Purchase Notice Securities, subject to certain limitations set forth in the ELOC Purchase Agreement. Specifically, from time to time, from and after the ELOC Commencement Date, we may, at our discretion, direct Alumni Capital LP to purchase on any single business day no greater than $500,000 in ADSs ($1,000,000 for the initial purchase thereunder), unless waived upon mutual discretion between us and Alumni Capital LP, up to an amount no greater than $2,500,000. The purchase price in respect of any purchase notice shall equal the lowest traded price of the ADSs during the five business days prior to the closing of any purchase thereunder, multiplied by 95% (90% for the initial purchase pursuant to the ELOC Purchase Agreement).

The ELOC Purchase Agreement also prohibits us from directing Alumni Capital LP to purchase any ADSs if those ADSs, when aggregated with all other ADSs and ordinary shares then beneficially owned by Alumni Capital LP and its affiliates, would result in Alumni Capital LP and its affiliates having beneficial ownership, at any single point in time, of more than 9.99% of the then total outstanding ordinary shares.

The ELOC Purchase Agreement will automatically terminate on the earlier of (i) December 31, 2025; or (ii) the date that, pursuant to or within the meaning of any Bankruptcy Law (as defined in the ELOC Purchase Agreement), we commence a voluntary case or any person commences a proceeding against us, a Bankruptcy Custodian (as defined in the ELOC Purchase Agreement) is appointed for us or for all or substantially all of its property or we make a general assignment for the benefit of our creditors. The ELOC Purchase Agreement does not include any of the following: (i) limitations on our use of amounts it receives as the purchase price for the ADSs sold to Alumni Capital LP; (ii) financial or business covenants; (iii) restrictions on future financings (other than restrictions on its ability to enter into other equity line of credit transactions or transactions that are similar thereto); (iv) rights of first refusal; or (v) participation rights or penalties.

*January 2025 Registered Direct Offering and Concurrent Private Placement* 

On January 10, 2025, we entered into a securities purchase agreement with Alumni Capital LP ("January 2025 Purchase Agreement"), pursuant to which we issued and sold (A) in a registered direct offering (the "January 2025 Offering"), 553,440 ADSs and pre-funded warrants to purchase up to 779,893 ADSs, and (B) in a concurrent private placement, the ordinary warrants to purchase up to 1,333,333 ADSs, which have an exercise price of $1.5 per ADS, are exercisable immediately and will expire on July 14, 2030 (such ordinary warrants, the "January 2025 Ordinary Warrants").

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The issuance of the January 2025 Ordinary Warrants described above was exempt from the registration requirements of the Securities Act, pursuant to an exemption provided by Section 4(a)(2) thereof and/or Rule 506 of Regulation D promulgated thereunder as a transaction by an issuer not involving a public offering. Pursuant to the January 2025 Purchase Agreement with Alumni Capital LP, we agreed, among other things, to file a registration statement with the SEC for purposes of registering the resale of the ADSs issuable upon exercise of the January 2025 Ordinary Warrants as soon as practicable (and in any event within twenty (20) calendar days of the date of the January 2025 Purchase Agreement) and to keep such registration statement effective until such time as Alumni Capital LP, its successors and assigns, as applicable, no longer own any January 2025 Ordinary Warrants or the ADSs issuable upon exercise thereof. On January 30, 2025 we filed such registration statement on Form F-1 with the SEC, which was declared effective by the SEC on February 5, 2025.

*August 2025 Private Placement* 

On July 31, 2025, we entered into the August 2025 Securities Purchase Agreements with the purchasers parties thereto in connection with the August 2025 Private Placement, pursuant to which we issued and sold (i) 14,204,500 ordinary shares, at a purchase price of $0.0176 per share (the "August 2025 Shares"), and (ii) the August 2025 Pre-Funded Warrants to purchase up to 204,547 ADSs, each ADS representing five hundred ordinary shares, at a purchase price of $8.7999 per August 2025 Pre-Funded Warrant. Each August 2025 Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the August 2025 Pre-Funded Warrant, is immediately exercisable, and will expire when exercised in full. The ADSs issued or issuable underlying the August 2025 Pre-Funded Warrants are herein referred to as "the August 2025 Pre-Funded Warrant ADSs." Alumni Capital LP participated and Pointillist Global Macro Series of Pointillist Partners, LLC participated in the August 2025 Private Placement.

The August 2025 Shares and August 2025 Pre-Funded Warrants were issued pursuant to the exemptions from the registration requirements of the U.S. Securities Act exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder. Pursuant to the August 2025 Securities Purchase Agreements, we agreed, among other things, to file a registration statement with the SEC for purposes of registering the resale of the August 2025 Shares, the ADSs representing the August 2025 Shares, the August 2025 Pre-Funded Warrant ADSs and the ordinary shares issued and issuable upon exercise of the August 2025 Pre-Funded Warrants as soon as practicable (and in any event within twenty (60) calendar days of the closing of the August 2025 Private Placement). We shall use commercially reasonable efforts to cause such resale registration statemen to become effective as soon as reasonably practicable after the filing and to keep such resale registration statemen effective at all times until such purchasers cease to own any August 2025 Shares, ADSs representing the August 2025 Shares, August 2025 Pre-Funded Warrants, August 2025 Pre-Funded Warrant ADSs or the ordinary shares issued and issuable upon exercise thereof. On September 30, 2025, we filed such registration statement on Form F-1 with the SEC, which has not yet been declared effective by the SEC as of the date of this prospectus.

Except as described above and elsewhere in this prospectus and the documents incorporated by reference into this prospectus, the Selling Shareholders have not had any material relationship with us within the past three years.

**Information About Selling Shareholders Offering** 

We are registering the resale by the Selling Shareholders of the Offered ADSs in order to permit the holders of the Shares to offer such ADSs representing the Shares for resale and to permit the holders of the Pre-Funded Warrants and the Placement Agent Warrants to offer the Pre-Funded Warrants ADSs and the Placement Agent Warrant ADSs for resale, from time to time, pursuant to this prospectus. The holders of the Warrants may also sell, transfer or otherwise dispose of all or a portion of the ADSs in transactions exempt from the registration requirements of the Securities Act, or pursuant to another effective registration statement covering those. The term "Selling Shareholders" includes the shareholders listed below and their transferees, assignees, pledgees, donees, or other successors-in-interest.

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Throughout this prospectus, when we refer to the Offered ADSs being registered on behalf of the Selling Shareholders, we are referring to the ADSs representing the Shares and the ADSs issued or issuable upon exercise of the Warrants, and when we refer to the Selling Shareholders in this prospectus we are referring to the Selling Shareholders identified below, and, as applicable, permitted transferees or other successors-in-interest of the Selling Shareholders that may be identified in a supplement to this prospectus or, if required, a post-effective amendment to the registration statement of which this prospectus is a part.

The table below provides information regarding the beneficial ownership of the Ordinary Shares represented by the Offered ADSs by each Selling Shareholder. The second column lists the number of ADSs beneficially owned by each Selling Shareholder, based on its beneficial ownership of the Offered ADSs, as of December 11, 2025, assuming the full exercise of the Warrants held by such Selling Shareholder on that date, without regard to any limitations on the exercise of the Warrants. The fourth column lists the maximum number of ADSs being offered in this prospectus by each Selling Shareholder, issuable upon exercise of the Warrants, without regard to any limitations on the exercise of the Warrants. The fifth and sixth columns list the number of ADSs beneficially owned after the offering of the Offered ADSs and the percentage of outstanding ADSs, assuming in both cases the exercise of the Warrants held by each Selling Shareholder, without regard to any limitations on the exercise of the Warrants, and assuming the sale of all of the Offered ADSs offered by such Selling Shareholder pursuant to this prospectus.

The Selling Shareholders may sell some, all or none of their Offered ADSs. We do not know when or whether the Selling Shareholders will exercise its Warrants nor do we know how long the Selling Shareholders will hold their Offered ADSs before selling them, and we currently have no agreements, arrangements or understandings with the Selling Shareholders regarding the exercise of any Warrants, or the sale or other disposition of any of the Offered ADSs. The Offered ADSs covered hereby may be offered from time to time by the Selling Shareholders.

Unless otherwise indicated, all information contained in the table below and the footnotes thereto is based upon information provided to us by the Selling Shareholders. The percentage of shares owned prior to and after the offering is based on 5,667,995,734 of our Ordinary Shares outstanding as of December 11, 2025, or 11,335,991 ADS outstanding as of December 11, 2025 assuming all Ordinary Shares are represented by ADSs. Except as set forth in the footnotes below, the address of each Selling Securityholder is c/o Kazia Therapeutics Limited, Level 24, Three International Towers, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br>of ADSs<br>Owned<br>Prior to<br>Offering** | |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number of ADSs<br>Owned After Offering** | **Number of ADSs<br>Owned After Offering** |  |
| **Name of Selling**<br> **Shareholders** | **Number** |<br>**Percent** |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number(1)** | **Percent** |  |
|  3i, LP(2) | 75200(3) | \* | (4) | 75200 | 0 |  | (4) |
|  ADAR1 Partners, LP(5) | 112450(6) | 9.4 | %(7) | 1124501 | 0 |  | (7) |
|  Alumni Capital LP(8) | 794757(9) | 6.8 | %(10) | 60000 | 734757 | 6.3 | %(10) |
|  Alyeska Master Fund, L.P.(11) | 800000(12) | 7.1 | %(13) | 800000 | 0 |  | (13) |
|  BackBay Management LP(14) | 400000(15) | 3.5 | %(16) | 400000 | 0 |  | (16) |
|  Boothbay Absolute Return Strategies, LP(17) | 177600(18) | 1.6 | %(19) | 177600 | 0 |  | (19) |
|  Boothbay Diversified Alpha Master Fund LP(20) | 86479(21) | \* | (22) | 86479 | 0 |  | (22) |
|  Brett Nesland(23) | 20000(24) | \* | (25) | 20000 | 0 |  | (25) |
|  Bristol Investment Fund, Ltd.(26) | 200000(27) | 1.8 | %(28) | 200000 | 0 |  | (28) |
|  BWS Financial Inc.(29) | 10500(30) | \* | (31) | 10000 | 500 | \* | (31) |
|  Caleb Porter(32) | 47000(33) | \* | (34) | 40000 | 7000 | \* | (34) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br>of ADSs<br>Owned<br>Prior to<br>Offering** | |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number of ADSs<br>Owned After Offering** | **Number of ADSs<br>Owned After Offering** |  |
| **Name of Selling**<br> **Shareholders** | **Number** |<br>**Percent** |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number(1)** | **Percent** |  |
|  Cedarview Opportunities Master Fund LP(35) | 40000(36) | \* | (37) | 40000 | 0 |  | (37) |
|  Charlestown Jupiter Fund LLC(38) | 50000(39) | \* | (40) | 50000 | 0 |  | (40) |
|  Class IV Fund, LP(41) | 200000(42) | 1.8 | %(43) | 200000 | 0 |  | (43) |
|  Conrad Group Inc Defined Benefit Plan(44) | 100000(45) | \* | (46) | 100000 | 0 |  | (46) |
|  Corsair Capital Investors, Ltd(47) | 2485(48) | \* | (49) | 2485 | 0 |  | (49) |
|  Corsair Capital Partners 100, LP(50) | 8678(51) | \* | (52) | 8678 | 0 |  | (52) |
|  Corsair Capital Partners, LP(53) | 58837(54) | \* | (55) | 58837 | 0 |  | (55) |
|  Cynergy Feeder LLC(56) | 20000(57) | \* | (58) | 20000 | 0 |  | (58) |
|  Cynergy Focus LLC(59) | 30000(60) | \* | (61) | 30000 | 0 |  | (61) |
|  David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03(62) | 50000(63) | \* | (64) | 50000 | 0 |  | (64) |
|  Edward Antoian(65) | 100000(66) | \* | (67) | 100000 | 0 |  | (67) |
|  Entities Affiliated with Empery Asset Management, LP(68) | 170000(69) | 1.5 | %(70) | 170000 | 0 |  | (70) |
|  Ernest W Moody Rev Trust(71) | 100000(72) | \* | (73) | 100000 | 0 |  | (73) |
|  Exemplar Growth and Income Fund(74) | 211629(75) | 1.9 | %(76) | 200000 | 11629 | \* | (76) |
|  Grow Small Cap Equity Long/Short LP(77) | 100000(78) | \* | (79) | 100000 | 0 |  | (79) |
|  Hexstone Capital LLC(80) | 50000(81) | \* | (82) | 50000 | 0 |  | (82) |
|  Ikarian Healthcare Master Fund, LP(83) | 535921(84) | 4.7 | %(85) | 535921 | 0 |  | (85) |
|  James Besser(86) | 70000(87) | \* | (88) | 70000 | 0 |  | (88) |
|  JEB Partners, L.P.(89) | 50000(90) | \* | (91) | 50000 | 0 |  | (91) |
|  Jorey A Chernett Living Trust(92) | 160000(93) | 1.4 | %(94) | 120000 | 40000 | \* | (94) |
|  Keith R. Coulston Revocable Trust U/A/D 4/4/16(95) | 50000(96) | \* | (97) | 50000 | 0 |  | (97) |
|  Keystone Capital Partners, LLC(98) | 50000(99) | \* | (100) | 50000 | 0 |  | (100) |
|  Lind Global Fund III LP(101) | 200000(102) | 1.8 | %(103) | 200000 | 0 |  | (103) |
|  Locust Holdings LLC(104) | 10000(105) | \* | (106) | 10000 | 0 |  | (106) |
|  Longboard Capital Advisors, LLC(107) | 100000(108) | \* | (109) | 100000 | 0 |  | (109) |
|  Lynwood Opportunities Master Fund(110) | 499998(111) | 4.4 | %(112) | 499998 | 0 |  | (112) |
|  Lytton-Kambara Foundation(113) | 546172(114) | 4.8 | %(115) | 500000 | 46172 | \* | (115) |
|  Mank Capital, LLC(116) | 200000(117) | 1.8 | %(118) | 200000 | 0 |  | (118) |
|  Northbank Small Cap Alpha Fund, LP(119) | 100000(120) | \* | (121) | 100000 | 0 |  | (121) |
|  Pathfinder Asset Management Ltd.(122) | 200000(123) | 1.8 | %(124) | 200000 | 0 |  | (124) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br>of ADSs<br>Owned<br>Prior to<br>Offering** | |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number of ADSs<br>Owned After Offering** | **Number of ADSs<br>Owned After Offering** |  |
| **Name of Selling**<br> **Shareholders** | **Number** |<br>**Percent** |  | **Maximum<br>Number of<br>ADSs to<br>be offered<br>Pursuant to<br>this<br>Prospectus** | **Number(1)** | **Percent** |  |
|  Peter E. Shaver(125) | 50000(126) | \* | (127) | 50000 | 0 |  | (127) |
|  Pinnacle Family Office Investments, L.P.(128) | 150000(129) | 1.3 | %(130) | 150000 | 0 |  | (130) |
|  Point72 Associates, LLC(131) | 200000(132) | 1.8 | %(133) | 200000 | 0 |  | (133) |
|  Pointillist Global Macro Series of Pointillist Partners, LLC(134) | 870437(135) | 7.6 | %(136) | 680000 | 190437 | 1.7 | %(136) |
|  Revach Fund LP(137) | 150000(138) | 1.3 | %(139) | 150000 | 0 |  | (139) |
|  Richard Molinsky(140) | 10000(141) | \* | (142) | 10000 | 0 |  | (142) |
|  Robert Forster(143) | 100000(144) | \* | (145) | 100000 | 0 |  | (145) |
|  Ronald Nash(146) | 10000(147) | \* | (148) | 10000 | 0 |  | (148) |
|  Seven Knots LLC(149) | 50000(150) | \* | (151) | 50000 | 0 |  | (151) |
|  Spearhead Insurance Solutions IDF, LLC - Series ADAR1(152) | 175499(153) | 1.5 | %(154) | 175499 | 0 |  | (154) |
|  Stonepine Capital, LP(155) | 400000(156) | 3.5 | %(157) | 400000 | 0 |  | (157) |
|  Taurus Capital Partners LLC(158) | 50000(159) | \* | (160) | 50000 | 0 |  | (160) |
|  TEC Opportunities Fund I LP(161) | 50000(162) | \* | (163) | 50000 | 0 |  | (163) |
|  The Nina Gorrissen 2014 Trust FBO Michael M. Kellen and his Descendants (164) | 400000(165) | 3.5 | %(166) | 400000 | 0 |  | (166) |
|  Tiburon Opportunity Fund LP(167) | 100000(168) | \* | (169) | 100000 | 0 |  | (169) |
|  Tri-Bridge Ventures, LLC.(170) | 20000(171) | \* | (172) | 20000 | 0 |  | (172) |
|  Turnpoint Capital, LLC(173) | 100000(174) | \* | (175) | 100000 | 0 |  | (175) |
|  Velan Capital Master Fund LP(176) | 285000(177) | 2.5 | %(178) | 285000 | 0 |  | (178) |
|  Velan Horizon Fund LP(179) | 15000(180) | \* | (181) | 15000 | 0 |  | (181) |
|  Warberg Special Situations Fund LP(182) | 20000(183) | \* | (184) | 20000 | 0 |  | (184) |
|  Warberg WF XIII LP (185) | 20000(186) | \* | (187) | 20000 | 0 |  | (187) |
|  White Lion Capital, LLC, DBA White Lion GBM Innovation Fund(188) | 5000(189) | \* | (190) | 5000 | 0 |  | (190) |
|  Alden Carrere (191) | 200000(192) | 1.7 | %(193) | 200000 | 0 |  | (193) |
|  Ryan Konik(194) | 200000(195) | 1.7 | %(196) | 200000 | 0 |  | (196) |
|  Drew Crovello (197) | 40000(198) | \* | (199) | 40000 | 0 |  | (199) |
|  Giovanni Valdes (200) | 40000(201) | \* | (202) | 40000 | 0 |  | (202) |
|  John Kinsella (203) | 24013(204) | \* | (205) | 24013 | 0 |  | (205) |
|  T.R. Winston & Company (206) | 110000(207) | 1 | %(208) | 110000 | 0 |  | (208) |
|  The Runnels Family Trust DTD 1-11-2000(209) | 30000(210) | \* | (211) | 30000 | 0 |  | (211) |
|  Karen Kang TTEE, Karen Kang 2015 Living Trust(212) | 28000(213) | \* | (214) | 28000 | 0 |  | (214) |
|  Stephen Nathaniel Hemedes (215) | 28000(216) | \* | (217) | 28000 | 0 |  | (217) |

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(1) Assumes the sale of all ADSs being offered pursuant to this prospectus.

(2) The business address of 3i, LP is 2 Wooster St. FL 2 New York, NY 10013. 3i Management LLC is the general
partner of 3i, LP, and Maier Joshua Tarlow is the manager of 3i Management LLC. As such, Mr. Tarlow exercises sole voting and investment discretion over securities beneficially owned directly or indirectly by 3i, LP and 3i Management LLC.
Mr. Tarlow disclaims beneficial ownership of the securities beneficially owned directly by 3i, LP and indirectly by 3i Management LLC. The business address of each of the aforementioned parties is 2 Wooster Street, 2nd Floor, New York, NY
10013. We have been advised that none of Mr. Tarlow, 3i Management LLC, or 3i, LP is a member of the Financial Industry Regulatory Authority, or FINRA, or an independent broker-dealer, or an affiliate or associated person of a FINRA member or
independent broker-dealer.

(3) Consists of 75,200 ADSs held by 3i, LP.

(4) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(5) The business address of ADAR1 Partners, LP is 3503 Wild Cherry Drive, Building 9, Austin TX 78738. ADAR1
Capital Management, LLC serves as investment advisor to ADAR1 Partners, LP. Daniel Schneeberger is the manager of ADAR1 Capital Management, LLC.

(6) Consists of (i) 502,354 ADSs held by ADAR1 Partners, LP and (ii) 622,147 ADSs issuable upon the full exercise
of the Pre-Funded Warrants held by ADAR1 Partners, LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(7) The denominator is based on 11,958,138 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 622,147 ADSs issuable upon the full exercise of the Pre-Funded Warrants held by ADAR1 Partners, LP without
regard to any limitations on the exercise of such Pre-Funded Warrants.

(8) The business address of Alumni Capital LP is 601 Brickell Key Dr Suite 700, Miami, Florida 33131. The general
partner of Alumni Capital LP is Alumni Capital GP LLC. Ashkan Mapar is the manager of Alumni Capital GP LLC and as such has voting and disposition control over the Offered ADSs. We have been advised that none of Alumni Capital LP, Alumni Capital GP
LLC nor Ashkan Mapar is a member of the Financial Industry Regulatory Authority ("FINRA"), or an independent broker-dealer, or an affiliate or associated person of a FINRA member or independent broker-dealer.

(9) Consists of (i) 264,045,500 ordinary shares held by Alumni Capital LP based on information provided to us by
Alumni Capital LP and (ii) 266,666 ADSs issuable upon the full exercise of the Ordinary Warrants held by Alumni Capital LP.

(10) The denominator is based on 11,602,657 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 266,666 ADSs issuable upon the full exercise of the ordinary warrants held by Alumni Capital LP, without regard to any limitations on the exercise of
such warrants.

(11) Alyeska Investment Group, L.P., the investment manager of Alyeska Master Fund, L.P. ("Alyeska"),
has voting and investment control of the shares held by Alyeska. Anand Parekh is the Chief Executive Officer of Alyeska Investment Group, L.P. and may be deemed to be the beneficial owner of such shares. Mr. Parekh, however, disclaims any
beneficial ownership of the shares held by Alyeska. The registered address of Alyeska Master Fund, L.P. is at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, South Church Street George Town, Grand Cayman, KY1-1104, Cayman Islands. Alyeska Investment Group, L.P. is located at 77 W. Wacker, Suite 700, Chicago IL 60601.

(12) Consists of 800,000 ADSs held by Alyeska Master Fund, L.P.

(13) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(14) The business address of BackBay Management LP is 2953 E. Scenic Valley Ln, Sandy, Utah 84092. Ronnie Barnes is
the controlling person of BackBay Management LP.

(15) Consists of 400,000 ADSs held by BackBay Management LP.

(16) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

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(17) The business address of Boothbay Absolute Return Strategies, LP is 140 E 45th Street, 16th Floor, New York, New
York 10017. Neil Shahrestani is the controlling person of Boothbay Absolute Return Strategies, LP.

(18) Consists of (i) 128,927 ADSs held by Boothbay Absolute Return Strategies, LP and (ii) 48,673 ADSs issuable upon
the full exercise of the Pre-Funded Warrants held by Boothbay Absolute Return Strategies, LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(19) The denominator is based on 11,384,664 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 48,673 ADSs issuable upon the full exercise of the Pre-Funded Warrants held by Boothbay Absolute Return
Strategies, LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(20) The business address of Boothbay Diversified Alpha Master Fund LP is 140 E 45th Street, 16th Floor, New York,
New York 10017. Neil Shahrestani is the controlling person of Boothbay Diversified Alpha Master Fund LP.

(21) Consists of (i) 62,779 ADSs held by Boothbay Diversified Alpha Master Fund LP and (ii) 23,700 ADSs issuable
upon the full exercise of the Pre-Funded Warrants held by Boothbay Diversified Alpha Master Fund LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(22) The denominator is based on 11,359,691 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 23,700 ADSs issuable upon the full exercise of the Pre-Funded Warrants held by Boothbay Diversified Alpha
Master Fund LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(23) The business address of Brett Nesland is 13835 N Tatum Blvd 9-438, Phoenix, Arizona 85032.

(24) Consists of 20,000 ADSs held by Brett Nesland.

(25) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(26) The business address of Bristol Investment Fund, Ltd. ("Bristol") is c/o Bristol Capital Advisors,
LLC, 1090 Center Drive, Park City, Utah 84098. Paul L. Kessler, as manager of the investment advisor to Bristol and a director of Bristol, has voting and investment control over the securities held by Bristol.

(27) Consists of 200,000 ADSs held by Bristol.

(28) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(29) The business address of BWS Financial Inc. is 20121 Ventura Blvd. #305, Woodland Hills, California 91364. BWS
Financial Inc. is managed by Beating Wall Street, Inc., and owned by Hamed Khorsand.

(30) Consists of 10,500 ADSs held by BWS Financial Inc.

(31) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(32) The business address of Caleb Porter is 236 S.E. 5th Ave #302, Delray Beach, Florida 33483.

(33) Consists of 47,000 ADSs held by Caleb Porter.

(34) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(35) The business address of Cedarview Opportunities Master Fund LP is 1024 Broadway, Woodmere, New York 11598.
Burton Weinstein is managing partner of Cedarview Opportunities Master Fund LP.

(36) Consists of 40,000 ADSs held by Cedarview Opportunities Master Fund LP.

(37) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(38) The business address of Charlestown Jupiter Fund LLC is 17 State St., Suite 3811, New York, New York 10004. Raj
Maheshwari is the managing director of Charlestown Jupiter Fund LLC.

(39) Consists of 50,000 ADSs held by Charlestown Jupiter Fund LLC.

(40) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(41) The business address of Class IV Fund, LP is 128 Saddle Road, Unit 201, Ketchum, Idaho 83340. The
securities will be held by Class IV Fund, LP. The sole GP of the Class IV Fund is Class IV Fund, GP. The sole manager of the GP is Bradford Seagraves.

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(42) Consists of 200,000 ADSs held by Class IV Fund, LP.

(43) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(44) The business address of Conrad Group Inc Defined Benefit Plan is 554 Tearasinab Way, Ivins, Utah 84738. The
securities will be held by Conrad Group Inc Defined Benefit Plan. The Trustees are Susanne Conrad and Brett Conrad. These individuals may be deemed to have shared voting and investment power of the securities held by Conrad Group Inc Defined Benefit
Plan. Each of these individuals will disclaim beneficial ownership of such securities, except to the extent of his or her pecuniary interest therein.

(45) Consists of 100,000 ADSs held by Conrad Group Inc Defined Benefit Plan.

(46) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(47) The business address of Corsair Capital Investors, Ltd is 18 East 48th Street, 20th Fl, New York, New York
10017. The securities will be held by Corsair Operations Management, LLC. The general partners of Corsair Operations Management, LLC are Jay Petschek and Steven Major.

(48) Consists of 2,485 ADSs held by Corsair Capital Investors, Ltd.

(49) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(50) The business address of Corsair Capital Partners 100, LP is 18 East 48th Street, 20th Fl, New York, New York
10017. The securities will be held by Corsair Capital Advisors, LP. The general partners of Corsair Capital Advisors, LP are Jay Petschek and Steven Major.

(51) Consists of 8,678 ADSs held by Corsair Capital Partners 100, LP.

(52) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(53) The business address of Corsair Capital Partners, LP is 18 East 48th Street, 20th Fl, New York, New York 10017.
The securities will be held by Corsair Capital Advisors, LP. The general partners of Corsair Capital Advisors, LP are Jay Petschek and Steven Major.

(54) Consists of 58,837 ADSs held by Corsair Capital Partners, LP.

(55) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(56) The business address of Cynergy Feeder LLC is 300 SE 2nd St., Ste 600, Fort Lauderdale, Florida 33301. Austin
Adams is the managing member of Cynergy Feeder LLC

(57) Consists of 20,000 ADSs held by Cynergy Feeder LLC.

(58) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(59) The business address of Cynergy Focus LLC is 300 SE 2nd St., Ste 600, Fort Lauderdale, Florida 33301. Austin
Adams is the managing member of Cynergy Focus LLC.

(60) Consists of 30,000 ADSs held by Cynergy Focus LLC.

(61) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(62) The business address of David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03 is 1100 S. Flagler Drive, Unit
1502, West Palm Beach, Florida 33401. David S. Nagelberg is trustee for David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03.

(63) Consists of 50,000 ADSs held by David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03.

(64) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(65) The business address of Edward Antonian is 415 Lantern Lane, Berwyn, Pennsylvania 19312.

(66) Consists of 100,000 ADSs held by Edward Antonian.

(67) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(68) The business address of entities affiliated with Emperey is c/o Empery Asset Management, LP, 1 Rockefeller
Plaza, Suite 1205, New York, New York 10020. Empery Asset Management LP, the authorized agent of Empery Asset Master Ltd ("EAM"), Empery Tax Efficient, LP ("ETE") and Empery

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Tax Efficient III, LP ("ETE III" and collectively with EAM and ETE, the "Empery Funds"), has discretionary authority to vote and dispose of the shares held by the Empery Funds and may be deemed to be the beneficial owner of these shares. Martin Hoe and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may also be deemed to have investment discretion and voting power over the shares held by the Empery Funds. Each of the Empery Funds, Mr. Hoe and Mr. Lane each disclaim any beneficial ownership of these shares.

(69) Consists of (i) 84,203 ADSs held by EAM, (ii) 54,157 ADSs held by ETE III, and (iii) 31,640 ADSs held by ETE.

(70) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(71) The business address of Ernest W Moody Rev Trust is 2116 Redbird Dr., Las Vegas, Nevada 89134. Ernest Moody is
the trustee for Ernest W Moody Rev Trust.

(72) Consists of 100,000 ADSs held by Ernest W Moody Rev Trust.

(73) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(74) The business address of Exemplar Growth and Income Fund is 100 Yonge Street, Suite 1802, Toronto, Ontario, M5C
2W1. The securities will be held by Exemplar Growth and Income Fund.

(75) Consists of 211,629 ADSs held by Exemplar Growth and Income Fund.

(76) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(77) The business address of Growth Small Cap Equity Long/Short LP is 4275 Executive Square, Suite 335, La Jolla,
California 92037. Carl Wiese is the beneficial owner of the securities held by Growth Small Cap Equity Long/Short LP.

(78) Consists of 100,000 ADSs held by Growth Small Cap Equity Long/Short LP.

(79) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(80) The business address of Hexstone Capital LLC is 3053 Fillmore St., Suite 303, San Francisco, California 94123.
The securities will be held by Hexstone Capital LLC. The controlling person for Hexstone Capital LLC is Brendan O'Neil.

(81) Consists of 50,000 ADSs held by Hexstone Capital LLC.

(82) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(83) The business address of Ikarian Healthcare Master Fund LP is 100 Crescent Ct., Ste. 1620, Dallas, Texas 75201.
Neil Shahrestani is the beneficial owner of the shares held by Ikarian Healthcare Master Fund LP.

(84) Consists of (i) 389,048 ADSs held by Ikarian Healthcare Master Fund, LP and (ii) 146,873 ADSs issuable upon the
full exercise of the Pre-Funded Warrants held by Ikarian Healthcare Master Fund, LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(85) The denominator is based on 11,482,864 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 146,873 ADSs issuable upon the full exercise of the Pre-Funded Warrants held by Ikarian Healthcare Master
Fund, LP without regard to any limitations on the exercise of such Pre-Funded Warrants.

(86) The business address of James Besser is 2 Calle Candina, #1701, San Juan, Puerto Rico 00907.

(87) Consists of 70,000 ADSs held by James Besser.

(88) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(89) The business address of JEB Partners, L.P. is 2 Calle Candina, #1701, San Juan, Puerto Rico 00907. James Besser
is management member of JEB Partners, L.P.

(90) Consists of 50,000 ADSs held by JEB Partners, L.P. The securities will be held by Manchester Management. The
sole owner of Manchester Management is James Besser.

(91) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

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(92) The business address of Jorey A Chernett Living Trust is 6222 Indianwood Tr., Bloomfield Hills, Michigan 48301.
Jorey Chernett is the trustee for the Jorey A Chernett Living Trust.

(93) Consists of 160,000 ADSs held by Jorey A Chernett Living Trust.

(94) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(95) The business address of Keith R. Coulston Revocable Trust U/A/D 4/4/16 is 1547 Palos Verdes Mall #419, Walnut
Creek, California 94597. Keith Coulston is trustee for Keith R. Coulston Revocable Trust U/A/D 4/4/16.

(96) Consists of 50,000 ADSs held by Keith R. Coulston Revocable Trust U/A/D 4/4/16.

(97) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(98) The business address of Keystone Capital Partners, LLC is 139 Fulton Street, Suite 412, New York, New York
10038. (99) Consists of 50,000 ADSs held by Keystone Capital Partners, LLC.

(100) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(101) The business address of Lind Global Fund III LP is 444 Madison Ave, Fl 41, New York, New York, 10022. The
securities will be held by Lind Global Fund III LP. Lind Global Partners III LLC is the general partner of Lind Global Fund III LP. Jeff Easton is the managing member of Lind Global Partners III LLC.

(102) Consists of 200,000 ADSs held by Lind Global Fund III LP.

(103) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(104) The business address of Locust Holdings LLC is 110 Front St., Suite 300, Jupiter, Florida 33477. The securities
will be held by Locust Holdings LLC. The owner of Locust Holdings, LLC is Ali Chaudry.

(105) Consists of 10,000 ADSs held by Locust Holdings LLC.

(106) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(107) The business address of Longboard Capital Advisors, LLC is 554 Tearasinab Way, Ivins, Utah 84738. The
securities will be held by Longboard Capital Advisors, LLC. The Managing Member is Brett Conrad. This individual may be deemed to have sole voting and investment power of the securities held by Longboard Capital Advisors, LLC. This individual will
disclaim beneficial ownership of such securities, except to the extent of his or her pecuniary interest therein.

(108) Consists of 100,000 ADSs held by Longboard Capital Advisors, LLC.

(109) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(110) The business address of Lynwood Opportunities Master Fund is 200 Bay St., Royal Bank Plaza South Tower, #1304,
Toronto, Ontario, Canada.

(111) Consists of 499,998 ADSs held by Lynwood Opportunities Master Fund.

(112) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(113) The business address of Lytton-Kambara Foundation is 467 Central Park West 17-A, New York, New York 10025. The securities will be held by Lytton-Kambara Foundation. Laurence Lytton is controlling person of Lytton-Kambara Foundation.

(114) Consists of (i) 500,000 ADSs held by Lytton-Kambara Foundation and (ii) 46,172 ADSs held by Laurence Lytton.

(115) The denominator is based on 11,835,991 ADSs, which includes 11,335,991 ADSs outstanding as of December 11,
2025 (assuming all outstanding Ordinary Shares were represented by ADSs).

(116) The business address of Mank Capital, LLC is 347 West 87th Street, Apt 2R, New York, New York 10024.

(117) Consists of 200,000 ADSs held by Mank Capital, LLC.

(118) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs)..

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(119) The business address of Northbank Small Cap Alpha Fund, LP is 128 Saddle Road, Unit 201, Ketchum, Idaho 83340.
The securities will be held by Northbank Small Cap Alpha Fund, LP. The sole general partner of Northbank Small Cap Alpha Fund, LP is Northbank Capital Management, LLC. The sole member of Northbank Capital Management, LLC is Bradford Seagraves. This
individual may be deemed to have shared voting and investment power of the securities held by Northbank Small Cap Alpha Fund, LP. This individual will disclaim beneficial ownership of such securities, except to the extent of his or her pecuniary
interest therein.

(120) Consists of 100,000 ADSs held by Northbank Small Cap Alpha Fund, LP.

(121) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(122) The business address of Pathfinder Asset Management Ltd. is 1450-1066 West Hastings St., Vancouver, British
Columbia V6E 3X1. The securities will be held by Pathfinder Partners' Fund. The manager of the Pathfinder Partners' Fund is Pathfinder Asset Management Ltd. Rob Ballard is the portfolio manager of Pathfinder Partners' Fund.
Mr. Ballard may be deemed to have shared voting and investment power of the securities held by Pathfinder Partners' Fund.

(123) Consists of 200,000 ADSs held by Pathfinder Asset Management Ltd.

(124) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(125) The business address of Peter E. Shaver is 11 Anthem Point CT, Henderson, NV 89052.

(126) Consists of 50,000 ADSs held by Peter E. Shaver.

(127) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(128) The business address of Pinnacle Family Office Investments, L.P. is 5910 N. Central Expy., Ste 1475, Dallas,
Texas 75206. The securities will be held by Pinnacle Family Office Investments, L.P. Barry M. Kitt is the manager of Pinnacle Family Office, LLC, the General Partner of Pinnacle Family Office Investments, L.P. Barry M. Kitt may be deemed to have
voting and investment power of the securities held by Pinnacle Family Office Investments, L.P. Barry M. Kitt disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.

(129) Consists of 150,000 ADSs held by Pinnacle Family Office Investments, L.P.

(130) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(131) The business address of Point72 Associates, LLC is c/o Point72 Asset Management, L.P., 72 Cummings Point Road,
Stamford, Connecticut 06902. Point72 Asset Management, L.P. maintains investment and voting power with respect to the securities held by certain investment funds it manages, including Point72 Associates, LLC. Point72 Capital Advisors, Inc. is the
general partner of Point72 Asset management, L.P. Mr. Steven A. Cohen controls each of Point72 Asset Management, L.P. and Point72 Capital Advisors, Inc. By reason of the provisions of Rule 13d-3 of
the Exchange Act, each of Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and Mr. Cohen may be deemed to beneficially own the securities held by Point72 Associates, LLC that are disclosed herein. Each of Point72 Asset
Management, L.P., Point72 Capital Advisors, Inc., and Mr. Cohen disclaims beneficial ownership of such securities.

(132) Consists of 200,000 ADSs held by Point72 Associates, LLC.

(133) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(134) The business address of Pointillist Global Macro Series of Pointillist Partners, LLC is 6222 Indianwood Tr.,
Bloomfield Hills, Michigan 48301. The securities will be held by Pointillist Global Macro Series of Pointillist Partners, LLC. The controlling person for Pointillist Global Macro Series of Pointillist Partners, LLC is Jorey Chernett.

(135) Consists of (i) 756,800 ADSs held by Pointillist Global Macro Series of Pointillist Partners, LLC and (ii)
113,637 pre-funded warrants to purchase ADSs held by Pointillist Global Macro Series of Pointillist Partners, LLC.

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(136) The denominator is based on 11,449,628 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 113,637 pre-funded warrants to purchase ADSs held by Pointillist Global Macro Series of Pointillist Partners,
LLC. (137) The business address of Revach Fund LP is 80 Brainard Rd, West Hartford, Connecticut 06117.

(138) Consists of 150,000 ADSs held by Revach Fund LP.

(139) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(140) The business address of Richard Molinksy is 329 Chestnut Hill Road, Unit 2, Norwalk, Connecticut 06851.

(141) Consists of 10,000 ADSs held by Richard Molinksy.

(142) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(143) The business address of Robert Forster is 54 Deepdale Dr., Great Neck, New York 11021.

(144) Consists of 100,000 ADSs held by Robert Forster.

(145) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(146) The business address of Ronald Nash is 211 East 70th Street, Apt 25A, New York, New York 10021.

(147) Consists of 10,000 ADSs held by Ronald Nash.

(148) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(149) The business address of Seven Knotts LLC is 415 N Benton Avenue, Helena, Montana, 59601. Marissa Welner is the
beneficial owner of the securities held by Seven Knotts LLC.

(150) Consists of 50,000 ADSs held by Seven Knotts LLC.

(151) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(152) The business address of Spearhead Insurance Solutions IDF, LLC – Series ADAR1 is 3828 Kennett Pike, Suite
202, Greenville DE 19807. ADAR1 Capital Management, LLC services as sub-advisor to Spearhead Insurance solutions IDF, LLC – Series ADAR1. Daniel Schneeberger is the manager of ADAR1 Capital Management,
LLC. (153) Consists of (i) 78,402 ADSs held by Spearhead Insurance Solutions IDF, LLC – Series ADAR1 and (ii) 97,097
ADSs issuable upon the full exercise of the Pre-Funded Warrants held by Spearhead Insurance Solutions IDF, LLC – Series ADAR1 without regard to any limitations on the exercise of such Pre-Funded Warrants.

(154) The denominator is based on 11,433,088 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 97,097 ADSs issuable upon the full exercise of the Pre-Funded Warrants held by Spearhead Insurance Solutions
IDF, LLC – Series ADAR1 without regard to any limitations on the exercise of such Pre-Funded Warrants.

(155) The business address of Stonepine Capital, LP is 2900 NW Clearwater Dr., Ste 100-11, Bend, Oregon 97703. The securities will be held by Stonepine Capital, LP. Jon M. Plexico is the managing member of Stonepine Capital, LP.

(156) Consists of 400,000 ADSs held by Stonepine Capital, LP.

(157) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(158) The business address of Taurus Capital Partners LLC is One Harbor Drive, Greenwich, Connecticut 06830. The
securities will be held by Taurus Capital Partners LLC. Malcolm MacLean is the managing director of Taurus Capital Partners LLC.

(159) Consists of 50,000 ADSs held by Taurus Capital Partners LLC.

(160) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(161) The business address of TEC Opportunities Fund I LP is 164 W 79th St., Apt 3C, New York, New York 10024. The
securities will be held by TEC Opportunities Fund I LP. The sole general partner of TEC Opportunities Fund I LP is TEC Advisors LLC. The manager of TEC Advisors LLC is Michael Venezia.

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These individuals may be deemed to have shared voting and investment power of the securities held by TEC Opportunities Fund I LP. Each of these individuals will disclaim beneficial ownership of such securities, except to the extent of his or her pecuniary interest therein.

(162) Consists of 50,000 ADSs held by TEC Opportunities Fund I LP.

(163) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(164) The business address of The Nina Gorrisen 2014 Trust FBO Michael M. Kellen and his Descendants is c/o
Bleichroeder LP, 1345 Avenue of the Americas, 48th Floor, New York, New York 10105-4800. Michael M. Kellen is trustee of The Nina Gorrisen 2014 Trust FBO Michael M. Kellen and his Descendants.

(165) Consists of 400,000 ADSs held by The Nina Gorrisen 2014 Trust FBO Michael M. Kellen and his Descendants.

(166) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(167) The business address of Tiburon Opportunity Fund LP is 13313 Point Richmond Beach Road NW, Gig Harbor,
Washington 98332. The securities will be held by Tiburon Opportunity Fund LP. Peter Bortel is the controlling person of Tiburon Opportunity Fund LP.

(168) Consists of 100,000 ADSs held by Tiburon Opportunity Fund LP.

(169) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(170) The business address of Tri-Bridge Ventures, LLC is 3001 Allaire Road,
Wall, New Jersey 07719. The securities will be held by Tri-Bridge Ventures, LLC. John Forsythe III is the managing member of Tri-Bridge Ventures, LLC.

(171) Consists of 20,000 ADSs held by Tri-Bridge Ventures, LLC.

(172) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(173) The business address of Turnpoint Capital, LLC is 16 Banksville Rd., Armonk, New York, 10504. Daniel Schmidt is
the beneficial owner of the securities held by Turnpoint Capital, LLC

(174) Consists of 100,000 ADSs held by Turnpoint Capital, LLC.

(175) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(176) The business address of Velan Capital Master Fund LP is 100 North Main Street, Suite 301, Alpharetta, Georgia
30009. Velan Horizon GP LLC ("Velan Horizon GP"), as the general partner of the Selling Shareholder, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Velan Capital Investment Management LP
("Velan Capital"), as the investment manager of the Selling Shareholder, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Velan Capital Management LLC ("Velan IM GP"), as the general
partner of Velan Capital, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Balaji Venkataraman, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the shares
beneficially owned by the Selling Shareholder. Adam Morgan, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder.

(177) Consists of 285,000 ADSs held by Velan Capital Master Fund LP.

(178) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(179) The business address of Velan Horizon Fund LP is 100 North Main Street, Suite 301, Alpharetta, Georgia 30009.
Velan Horizon GP LLC ("Velan Horizon GP"), as the general partner of the Selling Shareholder, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Velan Capital Investment Management LP
("Velan Capital"), as the investment manager of the Selling Shareholder, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Velan Capital Management LLC ("Velan IM GP"), as the general
partner of Velan Capital, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder. Balaji Venkataraman, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to

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beneficially own the shares beneficially owned by the Selling Shareholder. Adam Morgan, as a Managing Member of each of Velan Horizon GP and Velan IM GP, may be deemed to beneficially own the shares beneficially owned by the Selling Shareholder.

(180) Consists of 15,000 ADSs held by Velan Horizon Fund LP.

(181) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(182) The business address of Warberg Special Situations Fund LP is 716 Oak St., Winnetka, Illinois 60093. Warberg
Asset Management LLC is general partner of Warberg Special Situations Fund LP. Daniel Marsh is managing partner of Warberg Asset Management.

(183) Consists of 20,000 ADSs held by Warberg Special Situations Fund LP.

(184) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(185) The business address of Warberg WF XIII LP is 716 Oak St., Winnetka, Illinois 60093. Warberg Asset Management
LLC is general partner of Warberg WF XIII LP. Daniel Marsh is managing partner of Warberg Asset Management.

(186) Consists of 20,000 ADSs held by Warberg WF XIII LP.

(187) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(188) The business address of White Lion Capital, LLC, DBA White Lion GBM Innovation Fund is 21031 Ventura Blvd.,
#920, Woodland Hills, California 91634. The securities will be held by White Lion Capital, LLC, DBA White Lion GBM Innovation Fund.

(189) Consists of 5,000 ADSs held by White Lion Capital, LLC, DBA White Lion GBM Innovation Fund.

(190) The denominator is based on 11,335,991 ADSs outstanding as of December 11, 2025 (assuming all outstanding
Ordinary Shares were represented by ADSs).

(191) The business address of Alden Carrere is 31412 Holly Drive, Laguna Beach, CA 92651.

(192) Consists of 200,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Alden Carrere without regard to any limitations on the exercise of such Placement Agent Warrants.

(193) The denominator is based on 11,535,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 200,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Alden Carrere without regard to any limitations
on the exercise of such Placement Agent Warrants.

(194) The business address of Ryan Konik is 250 Greenwich Street,
46<sup>th</sup> Floor, New York, New York 10007.

(195) Consists of 200,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Ryan Konik without regard to any limitations on the exercise of such Placement Agent Warrants.

(196) The denominator is based on 11,535,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 200,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Ryan Konik without regard to any limitations on
the exercise of such Placement Agent Warrants.

(197) The business address of Drew Crovello is 1 Harbor Point Rd. Apt 1903, Stamford, CT 06902.

(198) Consists of 40,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Drew Crovello without regard to any limitations on the exercise of such Placement Agent Warrants.

(199) The denominator is based on 11,375,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 40,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Drew Crovello without regard to any limitations on
the exercise of such Placement Agent Warrants.

(200) The business address of Giovanni Valdes is 41 Nassau Parkway, Oceanside, NY 11572.

(201) Consists of 40,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Giovanni Valdes without regard to any limitations on the exercise of such Placement Agent Warrants.

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(202) The denominator is based on 11,375,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) (ii) 40,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Giovanni Valdes without regard to any limitations on
the exercise of such Placement Agent Warrants.

(203) The business address of John Kinsella is 124 West 79<sup>th</sup> St.
Apt 9 New York, New York 10024.

(204) Consists of 24,013 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
John Kinsella without regard to any limitations on the exercise of such Placement Agent Warrants.

(205) The denominator is based on 11,360,004 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 24,013 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by John Kinsella without regard to any limitations on
the exercise of such Placement Agent Warrants.

(206) The business address of T.R. Winston & Company is 45 S. Arroyo Parkway, Pasadena, CA 91105. The
securities will be held by T.R. Winston & Company. G. Tyler Runnels is the controlling person for T.R. Winston & Company.

(207) Consists of 110,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
T.R. Winston & Company without regard to any limitations on the exercise of such Placement Agent Warrants.

(208) The denominator is based on 11,445,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 110,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by T.R. Winston & Company without regard to
any limitations on the exercise of such Placement Agent Warrants.

(209) The business address of G. Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000 is 45 S. Arroyo Parkway, Pasadena, CA 91105. G. Tyler Runnels is trustee for G. Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000.

(210) Consists of 30,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
G. Tyler Runnels and Jasmine N. Runnels TTEES The Runnels Family Trust DTD 1-11-2000 without regard to any limitations on the exercise of such Placement Agent Warrants.

(211) The denominator is based on 11,365,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 30,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by G. Tyler Runnels and Jasmine N. Runnels TTEES The
Runnels Family Trust DTD 1-11-2000 without regard to any limitations on the exercise of such Placement Agent Warrants.

(212) The business address of Karen Kang TTEE, Karen Kang 2015 Living Trust is 144 Woodruff Place, Arcadia, CA 91007.
Karen Kang is trustee for Karen Kang TTEE, Karen Kang 2015 Living Trust.

(213) Consists of 28,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Karen Kang TTEE, Karen Kang 2015 Living Trust without regard to any limitations on the exercise of such Placement Agent Warrants.

(214) The denominator is based on 11,363,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 28,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Karen Kang 2015 Living Trust without regard to any
limitations on the exercise of such Placement Agent Warrants.

(215) The business address of Stephen Nathaniel Hemedes is 3108 Lampasas Lane, Little Elm, TX 75068.

(216) Consists of 28,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by
Stephen Nathaniel Hemedes without regard to any limitations on the exercise of such Placement Agent Warrants.

(217) The denominator is based on 11,363,991 ADSs, which includes (i) 11,335,991 ADSs outstanding as of
December 11, 2025 (assuming all outstanding Ordinary Shares were represented by ADSs) and (ii) 28,000 ADSs issuable upon the full exercise of the portion of the Placement Agent Warrants held by Stephen Nathaniel Hemedes without regard to any
limitations on the exercise of such Placement Agent Warrants.

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**MATERIAL TAX CONSIDERATIONS** 

**U.S. Taxation** 

This section describes certain material U.S. federal income tax consequences to a U.S. holder (as defined below) of owning Ordinary Shares or ADSs. It applies only to Ordinary Shares or ADSs that are held as capital assets for tax purposes. This section does not apply to a holder of Ordinary Shares or ADSs that is a member of a class of holders subject to special rules, including a financial institution, a dealer or trader in securities, a regulated investment company, a real estate investment trust, a grantor trust, a U.S. expatriate, a tax-exempt organization, an insurance company, a person liable for alternative minimum tax, a person who actually or constructively owns 10% or more of the stock of the Company, a person that holds Ordinary Shares or ADSs as part of a straddle or a hedging or conversion transaction, a person that purchases or sells Ordinary Shares or ADSs as part of a wash sale for tax purposes, or a person whose functional currency is not the U.S. dollar. Further, this description does not address state, local, non-U.S, or other tax laws, nor does it address the 3.8% U.S. federal Medicare tax on net investment income, the alternative minimum tax or the U.S. federal gift and estate tax consequences of owning and disposing of Ordinary Shares or ADSs.

For purposes of this description, a "U.S. holder" is a beneficial owner of Ordinary Shares or ADSs who holds such Ordinary Shares or ADSs as capital assets within the meaning of the Code and is, for U.S. federal income tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation created or organized in or under the laws of the United States or any state thereof, including the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust that either (a) is subject to the supervision of a court within the United States and has one or more U.S. persons with authority to control all substantial decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

If a partnership holds the Ordinary Shares or ADSs, the U.S. federal income tax treatment of a partner generally will depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the Ordinary Shares or ADSs should consult its tax advisor with regard to the U.S. federal income tax treatment of an investment in the Ordinary Shares or ADSs.

The discussion is based on the Code, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury Regulations, all as of the date hereof, changes to any of which may affect the tax consequences described herein-possibly with retroactive effect. There can be no assurances that the Internal Revenue Service (the "IRS") will not take a contrary or different position concerning the tax consequences of the ownership and disposition of our Ordinary Shares or ADSs or that such a position would not be sustained by a court. We have not obtained, nor do we intend to obtain, a ruling with respect to the U.S. federal income tax considerations relating to the purchase, ownership or disposition of our Ordinary Shares or ADSs. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our Ordinary Shares or ADSs in their particular circumstances.

This section is in part based on the representations of the Depositary and the assumption that each obligation in the deposit agreement and any related agreement will be performed in accordance with its terms.

**Exchange of ADSs for Ordinary Shares** 

In general, for U.S. federal income tax purposes, a holder of ADSs will be treated as the owner of the Ordinary Shares represented by those ADSs. Exchanges of Ordinary Shares for ADSs, and ADSs for Ordinary Shares generally will not be subject to U.S. federal income tax.

**Distributions** 

Subject to the Passive Foreign Investment Company ("PFIC") rules discussed below, U.S. holders generally will include as dividend income the U.S. dollar value of the gross amount of any distributions of cash or property

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(without deduction for any withholding tax), other than certain pro rata distributions of Ordinary Shares, with respect to Ordinary Shares or ADSs to the extent the distributions are made from our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. A U.S. holder will include the dividend income on the day actually or constructively received (i) by the holder, in the case of Ordinary Shares, or (ii) by the depositary, in the case of ADSs. We do not intend to maintain calculations of earnings and profits, as determined for U.S. federal income tax purposes. Consequently, any distributions generally will be treated as dividend income.

Dividends paid to a non-corporate U.S. holder on shares or ADSs will generally be taxable at the preferential rates applicable to long-term capital gains provided (a) that certain holding period requirements are satisfied, (b) (i) the U.S.-Australia income tax treaty ("the Treaty") is a qualified treaty and we are eligible for benefits under the Treaty or (ii) our Ordinary Shares or ADSs are readily tradable on a U.S. securities market, and (c) provided that we were not, in the taxable year prior to the year in which the dividend was paid, and are not, in the taxable year in which the dividend is paid, a PFIC. The Treaty has been approved for the purposes of the qualified dividend rules and the ADSs are listed on Nasdaq. If the Company is a PFIC, any dividends paid to a noncorporate U.S. holder will not qualify for the preferential tax rates ordinarily applicable to "qualified dividends." In the case of a corporate U.S. holder, dividends on shares and ADSs are taxed as ordinary income and will not be eligible for the dividends received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations.

The amount of any cash distribution paid in any foreign currency will be equal to the U.S. dollar value of such currency, calculated by reference to the spot rate in effect on the date such distribution is received by the U.S. holder or, in the case of ADSs, by the Depositary, regardless of whether and when the foreign currency is in fact converted into U.S. dollars. If the foreign currency is converted into U.S. dollars on the date received, the U.S. holder generally should not recognize foreign currency gain or loss on such conversion. If the foreign currency is not converted into U.S. dollars on the date received, the U.S. holder will have a basis in the foreign currency equal to its U.S. dollar value on the date received, and generally will recognize foreign currency gain or loss on a subsequent conversion or other disposal of such currency. Such foreign currency gain or loss generally will be treated as U.S. source ordinary income or loss for foreign tax credit limitation purposes.

Dividends will be income from sources outside the United States, and generally will be "passive category" income or, for certain taxpayers, "general category" income, which are treated separately from each other for the purpose of computing the foreign tax credit allowable to a U.S. holder. The availability of the foreign tax credit and the application of the limitations on its availability are fact specific and are subject to complex rules. In general, a taxpayer's ability to use foreign tax credits may be limited and is dependent on the particular circumstances. U.S. holders should consult their own tax advisors with respect to these matters.

**Sale, Exchange or other Disposition of Ordinary Shares or ADSs** 

Subject to the PFIC rules discussed below, a U.S. holder who sells or otherwise disposes of Ordinary Shares or ADSs will recognize a capital gain or loss for U.S. federal income tax purposes equal to the difference between the U.S. dollar value of the amount realized and the holder's tax basis, determined in U.S. dollars, in those Ordinary Shares or ADSs. The gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation purposes. The capital gain of a non-corporate U.S. holder is generally taxed at preferential rates where the holder has a holding period greater than 12 months in the shares or ADSs sold. There are limitations on the deductibility of capital losses.

The U.S. dollar value of any foreign currency received upon a sale or other disposition of Ordinary Shares or ADSs will be calculated by reference to the spot rate in effect on the date of sale or other disposal (or, in the case of a cash basis or electing accrual basis taxpayer, at the spot rate of exchange on the settlement date). A U.S. holder will have a tax basis in the foreign currency received equal to that U.S. dollar amount, and generally will recognize foreign currency gain or loss on a subsequent conversion or other disposal of the foreign currency.

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This foreign currency gain or loss generally will be treated as U.S. source ordinary income or loss for foreign tax credit limitation purposes. If such foreign currency is converted into U.S. dollars on the date received by the U.S. holder, a cash basis or electing accrual basis U.S. holder should not recognize any gain or loss on such conversion.

**Passive Foreign Investment Company** 

A non-U.S. corporation will be a PFIC for U.S. federal income tax purposes for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 75% or more of its gross income for such year is "passive income" which for this purpose generally
includes dividends, interest, royalties, rents and gains from commodities and securities transactions and gains from assets that produce passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% or more of the value of its gross assets (based on an average of the quarterly values of the gross assets)
during such year is attributable to assets that produce passive income or are held for the production of passive income.

Passive income does not include rents and royalties derived from the active conduct of a trade or business. If the stock of a non-U.S. corporation is publicly traded for the taxable year, the asset test is applied using the fair market value of the assets for purposes of measuring such corporation's assets. If we own at least 25% (by value) of the stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of the other corporation's assets and receiving our proportionate share of the other corporation's income for purposes of the PFIC income and asset tests. If the stock of a non-U.S. corporation is publicly-traded for the taxable year, the asset test is applied using the fair market value of the assets for purposes of measuring such corporation's assets. If we were a PFIC in any year during a U.S. holder's holding period for our Ordinary Shares or ADSs, we would ordinarily continue to be treated as a PFIC for each subsequent year during which the U.S. holder owned the Ordinary Shares or ADSs, regardless of whether we continue to meet the tests described above unless (a) we ceased to be a PFIC and (b) the U.S. holder has made a deemed sale election under the PFIC rules which may result in recognition of gain (but not loss), taxable under the PFIC rules described below, without the receipt of any corresponding cash. Based on the composition of our assets and income in the 2023 taxable year, we believe that we were a PFIC for U.S. federal income tax purposes with respect to our 2023 taxable year. However, the determination of PFIC status is a fact-intensive determination that must be made annually at the close of each taxable year applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. As a result, there can be no assurance that we will be treated as a PFIC for the 2023 taxable year, the 2024 taxable year, current taxable year or any future taxable year. Based on the composition of our assets and income in the 2024 taxable year, if we will not be treated as a PFIC in the 2023 taxable year, we believe that we were not a PFIC for U.S. federal income tax purposes with respect to our 2024 taxable year. However, as stated above, the determination of PFIC status is a fact-intensive determination that must be made annually at the close of each taxable year applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. As a result, even if we will not be a treated as a PFIC in the 2023 taxable year, there can be no assurance that we will not be treated as a PFIC in the 2024 taxable year, the current year or for any future taxable year. Changes in the nature of our income or assets or a decrease in the trading price of our Ordinary Shares or ADSs may impact the determination of our PFIC status.

If we are a PFIC, and you are a U.S. holder, then unless you make one of the elections described below, a special tax regime will apply to both (a) any "excess distribution" by us to you (generally, your ratable portion of distributions in any year which are greater than 125% of the average annual distribution received by you in the shorter of the three preceding years or your holding period for our Ordinary Shares) and (b) any gain realized on the sale or other disposition of the Ordinary Shares. Under this regime, any excess distribution and realized gain will be treated as ordinary income and will be subject to tax as if (a) the excess distribution or gain had been realized ratably over your holding period, (b) the amount deemed realized in each year had been subject to tax in each year of that holding period at the highest marginal rate for such year (other than income allocated to the

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current period or any taxable period before we became a PFIC, which would be subject to tax at the U.S. holder's regular ordinary income rate for the current year and would not be subject to the interest charge discussed below), and (c) the interest charge generally applicable to underpayments of tax had been imposed on the taxes deemed to have been payable in those years. In addition, dividend distributions made to you will not qualify for the lower rates of taxation applicable to long-term capital gains discussed above under "Distributions."

Certain elections may potentially be used to reduce the adverse impact of the PFIC rules on U.S. holders ("qualifying electing fund", or QEF) , and "mark-to-market" elections), but these elections may accelerate the recognition of taxable income and may result in the recognition of ordinary income.

The rules described above for excess distributions would not apply to a U.S. holder if the U.S. holder makes a timely QEF election for the first taxable year of the U.S. holding period for Ordinary Shares and we comply with specified reporting requirements. A timely QEF election for a taxable year generally must be made on or before the due date (as may be extended) for filing the taxpayer's U.S. federal income tax return for the year. A U.S. holder who makes a QEF election generally must report on a current year basis a pro rata share of our ordinary earnings and net capital gain for any taxable year in which we are a PFIC, whether or not those earnings or gains are distributed. A U.S. holder who makes a QEF election must file a Form 8621 with its annual income tax return. We intend to make available an information statement that will contain the necessary information required for a U.S. holder to make a QEF election with respect to our Ordinary Shares. We may choose to provide such information on our website.

If a U.S. holder does not make a QEF election for the first taxable year of the U.S. holder's holding period for Ordinary Shares during which we are a PFIC, the QEF election will not be treated as timely and the adverse tax regime described above would apply to dispositions of or excess distributions on the Ordinary Shares. In such case, a U.S. holder may make a deemed sale election whereby the U.S. holder would be treated as if the U.S. holder had sold the Ordinary Shares in a fully taxable sale at fair market value on the first day of such taxable year in which the QEF election takes effect. Such U.S. holder would be required to recognize any gain on the deemed sale as an excess distribution and pay any tax and interest due on the excess distribution when making the deemed sale election. The effect of such further election would be to restart the U.S. holder's holding period in the Ordinary Shares, subject to the QEF regime, and to purge the PFIC status of such Ordinary Shares going forward.

If a U.S. holder makes the mark-to-market election with respect to Ordinary Shares, the U.S. holder generally will recognize as ordinary income any excess of the fair market value of the Ordinary Shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the Ordinary Shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. holder makes the election, the U.S. holder's tax basis in the Ordinary Shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). The mark-to-market election is available only if we are a PFIC and our Ordinary Shares are "regularly traded" on a "qualified exchange." Our Ordinary Shares will be treated as "regularly traded" in any calendar year in which more than a de minimis quantity of the Ordinary Shares are traded on a qualified exchange on at least 15 days during each calendar quarter (subject to the rule that trades that have as one of their principle purposes the meeting of the trading requirement as disregarded). The Nasdaq is a qualified exchange for this purpose and consequently, if the Ordinary Shares are regularly traded, the mark-to-market election should be available to a U.S. holder.

U.S. holders should consult their tax advisors to determine whether any of these elections would be available and if so, what the consequences of the alternative treatments would be in their particular circumstances.

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If we are a PFIC, the general tax treatment for U.S. holders described in this section would apply to indirect distributions and gains deemed to be realized by U.S. holders in respect of any of our subsidiaries that also may be determined to be PFICs.

If a U.S. holder owns Ordinary Shares during any year in which we are a PFIC and the U.S. holder recognizes gain on a disposition of our Ordinary Shares or receives distributions with respect to our Ordinary Shares, the U.S. holder generally will be required to file an IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund) with respect to the company, generally with the U.S. holder's federal income tax return for that year. If our company were a PFIC for a given taxable year, then you should consult your tax advisor concerning your annual filing requirements.

The U.S. federal income tax rules relating to PFICs are complex. Prospective U.S. investors are urged to consult their tax advisers with respect to the ownership and disposition of our Ordinary Shares or ADSs, the consequences to them of an investment in a PFIC, any elections available with respect to our Ordinary Shares and the IRS information reporting obligations with respect to the ownership and disposition of our Ordinary Shares or ADSs.

***U.S. Information Reporting and Back-up Withholding***

Dividend payments with respect to our Ordinary Shares or ADSs and proceeds from the sale or other disposition of our Ordinary Shares or ADSs may be subject to information reporting to the IRS and possible U.S. backup withholding. Back-up withholding will not apply, however, to a U.S. holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from back- up withholding. U.S. holders who are required to establish their exempt status may be required to provide such certification on Internal Revenue Service ("IRS") Form W-9. U.S. holders should consult their tax advisors regarding the application of the U.S. information reporting and back-up withholding rules.

Back-up withholding is not an additional tax. Amounts withheld as back-up withholding may be credited against a U.S. holder's U.S. federal income tax liability, and such holder may obtain a refund of any excess amounts withheld under the back-up withholding rules by timely filing the appropriate claim for refund with the IRS and furnishing any required information.

***Information With Respect to Foreign Financial Assets***

Certain U.S. holders that own "specified foreign financial assets" with an aggregate value in excess of $50,000 are generally required to file an information statement along with their U.S. federal tax returns, currently on IRS Form 8938, with respect to such assets. "Specified foreign financial assets" include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer that are not held in accounts maintained by financial institutions. If a U.S. holder does not include in such holder's gross income an amount relating to one or more specified foreign financial assets, and the amount such U.S. holder omits is more than $5,000, any tax such U.S. holder owes for the tax year can be assessed at any time within 6 years after the filing of such U.S. holder's federal tax return. U.S. holders who fail to report the required information could be subject to substantial penalties. U.S. holders are encouraged to consult with their own tax advisors regarding the possible application of the foregoing to our Ordinary Shares or ADSs in light of their particular circumstances.

**Australian Tax Considerations** 

In this section, we discuss the material Australian income tax, stamp duty and goods and services tax considerations related to the acquisition, ownership and disposal by the absolute beneficial owners of the Ordinary Shares and ADSs.

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It is based upon existing Australian tax law as of the date of this registration statement, which is subject to change, possibly retrospectively. This discussion does not address all aspects of Australian tax law which may be important to particular investors in light of their individual investment circumstances, such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies, superannuation funds, trusts or tax-exempt organizations). In addition, this summary does not discuss any state tax considerations, other than stamp duty.

Prospective investors are urged to consult their tax advisors regarding the tax considerations of the acquisition, ownership and disposition of the shares. Unless otherwise mentioned, this summary is based upon the premise that the holder is a US holder (as defined in the U.S. Taxation section), is not an Australian tax resident, holds their shares on capital account for Australian tax purposes, and is not carrying on business in Australia through a permanent establishment (referred to as a "Non-Australian Shareholder" in this summary).

**Australian Income Tax Nature of ADSs for Australian Taxation Purposes** 

Ordinary Shares represented by ADSs held by a U.S. holder will be treated for Australian taxation purposes as held under a "bare trust" for such holder. Consequently, the underlying Ordinary Shares will be regarded as owned by the ADS holder for Australian income tax and capital gains tax purposes. Dividends paid on the underlying Ordinary Shares will also be treated as dividends paid to the ADS holder, as the person beneficially entitled to those dividends. Therefore, in the following analysis we discuss the tax consequences to Non-Australian Shareholders which, for Australian taxation purposes, will be the same as to U.S. holders of ADSs.

**Taxation of Dividends** 

Australia operates a dividend imputation system under which dividends may be declared to be "franked" to the extent of tax paid on company profits. Fully franked dividends are not subject to dividend withholding tax. Dividends payable to Non-Australian Shareholders will be subject to dividend withholding tax, to the extent the dividends are not declared to be conduit foreign income, or CFI, and are unfranked. Dividend withholding tax will be imposed at 30%, unless a shareholder is a resident of a country with which Australia has a double taxation agreement and qualifies for the benefits of the treaty. In accordance with the provisions of the Double Taxation Convention between Australia and the United States, the maximum rate of Australian withholding tax on any unfranked portion of a dividend to which a tax resident of the United States is beneficially entitled may be reduced to 15%, with a potential further reduction to 5% where the U.S. resident beneficially entitled to the dividends is a company which holds directly 10% or more of the voting power in our company. To rely on the Double Taxation Convention a U.S. tax resident must also be a "qualified person" within the meaning of the Double Taxation Convention. Shareholders seeking to rely on the Double Taxation Convention should obtain specialist taxation advice.

**Tax on Sales or other Dispositions of Shares or ADSs-Capital Gains Tax** 

Non-Australian Shareholders may disregard the whole of the capital gain or capital loss made on a sale or other disposal of Ordinary Shares or ADSs, unless they, together with any associates (as defined in Australian tax law), hold 10% or more of our issued capital at the time of disposal or throughout a 12 months period during the 24 months prior to disposal.

Non-Australian Shareholders who own a 10% or more interest in the company, either alone or together with their associates, should be subject to Australian capital gains tax if more than 50% of the company's assets held directly or indirectly, determined by reference to market value of the assets at the time of sale, consists of Australian real property (which includes land and leasehold interests) or Australian mining, quarrying or prospecting rights. In the 2024-25 Federal Budget, the Australian government announced its intention to: (a) amend this point-in-time principal asset test to a 365-day testing period (i.e. the testing period being the 365

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days before the time of disposal of the shares), (b) clarify and broaden the typers of assets Australia can tax foreign residents on to include direct and indirect sales of assets with a close economic connection to Australian land and/or natural resources (e.g. leases or licenses to use Australian land, infrastructure and machinery installed on land situated in Australia) and (c) require foreign residents disposing of shares exceeding A$20 million in value to notify the Australian Tax Office prior to the transaction being executed, effective from 1 July 2025. However in the 2025-26 Federal Budget, it was announced that the start date would be deferred to the later of (a) 1 October 2025; and (b) the first 1 January, 1 April, 1 July or 1 October (i.e. start of the first quarter) after the legislation received Royal Assent. No legislation has been released to date so these rules should apply from the start of the first quarter after the legislation receives Royal Assent. The Double Taxation Convention between the United States and Australia is unlikely to limit the amount of this taxable gain. Australian capital gains tax applies to net capital gains of foreign shareholders at the Australian tax rates for non-Australian residents, which start at a marginal rate of 30% for individuals & 25%-30% for companies, depending on the size of the company. Net capital gains of foreign shareholders are included in the taxpayer's assessable income and subject to income tax at the taxpayer's marginal tax rate. For the year ended June 30, 2025, the marginal tax rates for non-Australian residents, starts at 30% for individuals. The company tax rate is 30% which may be reduced to 25% for the year ended June 30, 2025 onwards for certain small businesses. Net capital gains are calculated by reducing the taxpayer's capital gains for the income year by its capital losses, which may only be offset against capital gains. Net capital losses may be carried forward to offset against capital gains derived in future income years. Specific loss recoupment rules apply to companies and trusts. These rules may, among other things, limit the ability to offset or obtain capital losses in a current or future income year. Shareholders should obtain specialist tax advice as to how these rules apply.

The 50% capital gains tax discount is not available to Non-Australian Shareholders. Companies are not entitled to a capital gains tax discount.

Broadly, where there is a disposal of certain taxable Australian property, the purchaser will be required to withhold and remit to the Australian Taxation Office ("ATO") 15% of the proceeds from the sale. A transaction is excluded from the withholding requirements in certain circumstances, including where the transaction is an on-market transaction conducted on an approved stock exchange, the transaction is in a category of certain securities lending arrangements, or the transaction is conducted using an eligible broker operated crossing system. There is also an exception to the requirement to withhold where the entity selling the shares provides the purchaser a declaration covering a certain period specifying either that they are an Australian tax resident or that the shares are not taxable Australian property (specifically, not 'indirect Australian real property interests'). The Non-Australian Shareholders may be entitled to receive a tax credit for the tax withheld by the purchaser which they may claim in their Australian income tax return. Effective 1 January 2025, amendments to the Australian tax law under the Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Act 2024 increased the withholding rate applicable to disposals of certain taxable Australian property by foreign residents from 12.5% to 15% and removed the previous $750,000 property value threshold. As a result, all acquisitions of relevant CGT assets from foreign residents on or after this date are subject to a 15% withholding obligation, unless the vendor provides a valid clearance certificate or variation notice issued by the Australian Taxation Office. These rules apply equally where the disposal is expected to generate gains on revenue account rather than a capital gain. The Group has considered the impact of these changes on its operations and concluded that no material adjustments are required to the financial statements for the year ended 30 June 2025.

**Tax on Sales or other Dispositions of Shares or ADSs-Shareholders holding Shares or ADSs on Revenue Account** 

Some Non-Australian Shareholders may hold Ordinary Shares or ADSs on revenue rather than on capital account for example, share traders, or those who hold their shares with a view to deriving a short term profit by selling their shares. These shareholders may have the gains made on the sale or other disposal of the Ordinary Shares and/or ADSs included in their assessable income under the ordinary income provisions of the income tax law, if the income is derived directly or indirectly from Australian sources (which is a question of facts and circumstances generally requiring specialist tax advice).

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Non-Australian Shareholders assessable under these ordinary income provisions should be subject to income tax in Australia starting at a marginal rate of 30% for individuals. The company tax rate is 30% which may be reduced to 25% for the year ended 30 June 2025 onwards for certain small businesses.

Some relief from Australian income tax may be available to Non-Australian Shareholders under the Double Taxation Convention between the United States and Australia.

To the extent an amount would be included in a Non-Australian Shareholder's assessable income under both the capital gains tax provisions and the ordinary income provisions, the capital gain amount may be reduced, so that the shareholder may not be subject to double tax on any part of the income gain or capital gain.

Non-Australian Shareholders holding shares or ADSs on revenue account should obtain advice on the application of the Australian income tax law and the Double Taxation Convention in determining the tax consequences of the disposal of their shares or ADSs.

Effective 1 January 2025, the Foreign Resident Capital Gains Withholding ("FRCGW") rate increased from 12.5% to 15%, and the previous property value threshold of AUD $750,000 was removed. This means all disposals of taxable Australian property by foreign residents are subject to a 15% withholding tax, regardless of value. Purchasers (or lessees in certain cases) must remit this amount to the Australian Taxation Office unless the seller provides a valid ATO clearance certificate confirming Australian tax residency or an approved variation certificate specifying a lower rate. These rules apply equally to transactions generating revenue gains rather than capital gains.

**Dual Residency** 

If a shareholder is a resident of both Australia and the United States under those countries' domestic taxation laws, that shareholder may be subject to tax as an Australian resident. If, however, the shareholder is determined to be a U.S. resident for the purposes of the Double Taxation Convention between the United States and Australia, the Australian tax may be subject to limitation by the Double Taxation Convention (albeit the tie-breaker rules only apply for individuals). Shareholders should obtain specialist taxation advice in these circumstances.

**Stamp Duty** 

No Australian stamp duty is payable by Australian residents or non-Australian residents on the issue, transfer and/or surrender of the ADSs or the Ordinary Shares in Kazia, provided that the shares issued, transferred and/or surrendered do not result in the acquisition by any party (either alone, together with associates or with other acquirers as part of one arrangement) of a significant interest in a "landholder". Broadly, a landholder is an entity with Australian landholdings located in an Australian state or territory over a certain value. A significant interest, with respect to a landholder that is a listed company is normally an interest of 90% or more and with respect to a landholder that is an unlisted company is normally an interest of 50% or more.

**Australian Death Duty** 

Australia does not have estate or death duties. As a general rule, no capital gains tax liability is realized upon the inheritance of a deceased person's shares. The disposal of inherited shares by beneficiaries may, however, give rise to a capital gains tax liability if the gain falls within the scope of Australia's jurisdiction to tax.

**Goods and Services Tax** 

The supply of ADSs or Ordinary Shares in Kazia will not be subject to Australian goods and services tax.

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**PLAN OF DISTRIBUTION** 

The Selling Shareholders may sell all or a portion of the ADSs beneficially owned by the Selling Shareholders and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the ADSs are sold through underwriters or broker-dealers, the Selling Shareholders will be responsible for underwriting discounts or commissions or agent's commissions. The ADSs may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on any national securities exchange or quotation service on which the securities may be listed or quoted at the
time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through the writing of options, whether such options are listed on an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales pursuant to Rule 144 under the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in "at the market" offerings, as defined in Rule 415 under the Securities Act, at negotiated prices,
at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings
through sales agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts,
commissions or agent's commissions from the Selling Shareholders or the purchasers in such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through one or more underwritten offerings on a firm commitment or best efforts basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directly to purchasers, including through a specific bidding, auction or other process or in privately negotiated
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers may agree with the Selling Shareholders to sell a specified number of such shares at a stipulated
price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

The Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except

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as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121, and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the securities or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may, in turn, engage in short sales of the securities in the course of hedging the positions it assumes. The Selling Shareholders may also sell securities short and deliver these securities to close out its short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into options or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Selling Shareholders have informed us that they do not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.

We are required to pay certain fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify the Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

We agreed to keep this prospectus effective until the Selling Shareholders cease to own any Shares, ADSs representing the Shares, Pre-funded Warrants, Placement Agent Warrants, and ADSs or the Ordinary Shares issued and issuable upon exercise of the Pre-funded Warrants or the Placement Agent Warrants.

The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market-making activities with respect to the Offered ADSs for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the Offered ADSs by the Selling Shareholders or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

This offering will terminate on the date that all of the ADSs offered by this prospectus have been sold by the Selling Shareholders.

The ADSs are currently listed on Nasdaq under the symbol "KZIA."

**Notice to Prospective Investors in Australia** 

This prospectus is not a disclosure document for the purposes of the Corporations Act, has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below.

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Accordingly, if you receive this prospectus in Australia, you confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you
have provided an accountant's certificate to us which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the Offering has been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person associated with us under section 708(12) of the Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations
Act.

To the extent that you are not, or unable to confirm or warrant that you are, an exempt sophisticated investor, associated person or professional investor under the Corporations Act, any offering made to you under this prospectus is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued or sold to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

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**EXPENSES** 

The following table sets forth the estimated costs and expenses payable by the registrant expected to be incurred in connection with the issuance and distribution of the Offered ADSs being registered hereby. All of such expenses are estimates, except for the SEC registration fee.

---

| | |
|:---|:---|
| **Amount to be Paid** | |
|  SEC registration fee | $16180.81 |
|  Legal fees and expenses | 380000.00 |
|  Accountants' fees and expenses | 32700.00 |
|  Miscellaneous | 3660.43 |
|  Total | $432541.24 |

---

Each of the amounts set forth above, other than the registration fee, is an estimate.

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**LEGAL MATTERS** 

Legal matters with respect to U.S. federal and New York law in connection with this offering will be passed upon for us by Goodwin Procter LLP, Boston, Massachusetts. Certain legal matters with respect to Australian law in connection with the validity of the Ordinary Shares being offered by this prospectus and other legal matters with respect to Australian law will be passed upon for us by Baker McKenzie, Sydney, Australia.

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**EXPERTS** 

The consolidated financial statements of Kazia Therapeutics Limited (the Company) as of June 30, 2025 and 2024, and for each of the three years ended June 30, 2025 incorporated by reference in this Prospectus and in the Registration Statement have been so incorporated in reliance on the report of BDO Audit Pty Ltd, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The report on the consolidated financial statements contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

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**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have a registration statement on Form F-1 filed with the SEC, including relevant exhibits, under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits. As this prospectus does not contain all of the information contained in the registration statement, you should read the registration statement, its exhibits and the documents incorporated by reference for further information with respect to us and our securities. All information we file with the SEC is available through the SEC's Electronic Data Gathering, Analysis and Retrieval system, which may be accessed through the SEC's website at www.sec.gov. Information filed with the SEC may also be inspected and copied at the Public Reference Room maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please visit the SEC's website at www.sec.gov for further information on the SEC's Public Reference Room.

We are subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Our annual report on Form 20-F for the year ended June 30, 2025, has been filed with the SEC and an annual report on Form 20-F for subsequent years will be due within 120 days following the fiscal year end.

We are not required to disclose certain other information that is required from U.S. domestic issuers. As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act and Regulation FD (Fair Disclosure), which was adopted to ensure that select groups of investors are not privy to specific information about an issuer before other investors.

We are, however, still subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5. Since many of the disclosure obligations required of us as a foreign private issuer are different than those required by companies filing as a domestic issuer, our shareholders, potential shareholders and the investing public in general should not expect to receive information about us in the same amount and at the same time as information is received from, or provided by, companies filing as a domestic issuer. We are liable for violations of the rules and regulations of the SEC that apply to us as a foreign private issuer.

Only the specific documents incorporated by reference above, or incorporated by reference in any prospectus supplement, are to be deemed incorporated by reference into this prospectus and the registration statement of which it is a part. No information available on or through our website, or any other website reference herein, shall be deemed incorporated by reference into this prospectus.

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**INCORPORATION OF DOCUMENTS BY REFERENCE** 

The SEC allows us to "incorporate by reference" the information we have filed with it, which means that we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus. We specifically are incorporating by reference the following documents filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1075880/000119312525272284/d908386d20f.htm) for the year ended June 30, 2025, filed with the SEC on November 7, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Reports of Foreign Private Issuer on Form 6-K furnished to the SEC on [November 18, 2025](http://www.sec.gov/Archives/edgar/data/1075880/000119312525286169/d24645d6k.htm) , [December 2, 2025](http://www.sec.gov/Archives/edgar/data/1075880/000119312525305250/d15328d6k.htm) , [December 5, 2025](http://www.sec.gov/Archives/edgar/data/1075880/000119312525309627/d81135d6k.htm) , [December 10, 2025](http://www.sec.gov/Archives/edgar/data/1075880/000119312525314196/d94168d6k.htm) and [December 19, 2025](http://www.sec.gov/Archives/edgar/data/1075880/000119312525326779/d328722d6k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the descriptions of our Ordinary Shares and the American Depositary Shares representing the Ordinary Shares that
are contained in Item 10.B. "Additional Information-Memorandum and Articles of Association" and Item 12.D "Description of Securities other than Equity Securities-American Depositary Shares" in our Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1075880/000119312525272284/d908386d20f.htm) for the fiscal year ended June 30, 2025, filed with the SEC on November 7, 2025.

The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.

You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus. As you read the above documents, you may find inconsistencies in information from one document to another. If you find inconsistencies between the documents and this prospectus, you should rely on the statements made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial statements, including the notes thereto, contained in the documents incorporated by reference herein.

We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct your written or telephone requests to Kazia Therapeutics Limited, Level 24, Three International Towers, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia. Our telephone number is +61-2-9472-4101. You may also obtain information about us by visiting our website at *www.kaziatherapeutics.com*. Except for the specific incorporated documents listed above, no information available on or through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part.

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**ENFORCEABILITY OF CIVIL LIABILITIES** 

We are a public company limited by shares incorporated under the laws of Australia. Certain of our directors are non-residents of the United States and substantially all of their assets are located outside the United States. As a result, it may not be possible for you to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effect service of process within the United States upon our non-U.S. resident directors or on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against our non-U.S. resident
directors or us in the U.S. courts in any action, including actions under the civil liability provisions of U.S. securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against our non-U.S. resident
directors or us in courts of jurisdictions outside the United States in any action, including actions under the civil liability provisions of U.S. securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bring an original action in an Australian court to enforce liabilities against our non-U.S. resident directors or us based solely upon U.S. securities laws.

You may also have difficulties enforcing in courts outside the United States judgments that are obtained in U.S. courts against any of our non-U.S. resident directors or us, including actions under the civil liability provisions of the U.S. securities laws.

There are no treaties between Australia and the United States that would enable the recognition or enforcement of foreign judgments in Australia, and recognition and enforcement of US judgments in Australia will be dependent on Australian common law.

The disclosure in this section is not based on the opinion of counsel.

We have appointed Vcorp Services, LLC as our agent to receive service of process with respect to any action brought against us under the federal securities laws of the United States.

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**10,700,211 American Depositary Shares Representing 5,350,105,500 Ordinary Shares**![LOGO](g45363g05r77.jpg)

## Kazia Therapeutics Limited
**PROSPECTUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025** 

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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 6. Indemnification of Directors and Officers.** 

*Australian law.* Australian law provides that a company or a related body corporate of the company must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exempt a person (whether directly or through an interposed entity) from a liability to the company incurred as an
officer or auditor of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indemnify a person (whether by agreement or by making a payment and whether directly or through an interposed
entity) against any of the following liabilities incurred as an officer or auditor of the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability owed to the company or a related body corporate of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M,
1317H, 1317HA, 1317HB, 1317HC or 1317HE of the Australian Corporations Act 2001;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a liability that is owed to someone other than the company or a related body corporate of the company and did not
arise out of conduct in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal costs incurred in defending an action for a liability incurred as an officer or director of the company if
the costs are incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting proceedings in which the officer or director is found to have a liability for which
they cannot be indemnified as set out above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting criminal proceedings in which the officer or director is found guilty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in defending or resisting proceedings brought by the Australian Securities & Investments Commission or a
liquidator for a court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the Australian Securities & Investments Commission or a liquidator as
part of an investigation before commencing proceedings for a court order); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with proceedings for relief to the officer or a director under the Corporations Act, in which the
court denies the relief.

*Constitution.* Our Constitution provides, to the maximum extent permitted by the law, for the indemnification of every person who is or has been a director or secretary of Kazia against liability (other than legal costs that are unreasonable) incurred by that person as a director or secretary of Kazia other than as prohibited under the Corporations Act as detailed above. This includes any liability incurred by that person in their capacity as an officer or director of a subsidiary of Kazia where the company requested that person to accept that appointment.

*Indemnification Agreements.* Pursuant to Deeds of Access, Insurance, and Indemnity, we have agreed to indemnify our directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director.

*SEC Position.* Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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##### [**Table of Contents**](#toc)
**Item 7. Recent Sales of Unregistered Securities** 

The amounts of ADSs issued by us or issuable by us upon exercise of warrants and the corresponding purchase price or exercise price disclosed in this Item 7 have not been adjusted to reflect the effect of the ADS Ratio Change.

*November 2023 Registered Direct Offering and Concurrent Private Placement* 

On November 30, 2023, we entered into the Securities Purchase Agreement with an institutional investor (the "November 2023 Securities Purchase Agreement"), pursuant to which we issued and sold (A) in a registered direct offering, 2,620,000 ADSs and pre-funded warrants to purchase up to 1,824,445 ADS, and (B) in a concurrent private placement, the ordinary warrants to purchase up to 4,444,445 ADSs, which have an exercise price of $0.583 per ADS, are exercisable immediately and will expire on June 5, 2029.

As part of the compensation to H.C. Wainwright & Co., LLC ("Wainwright"), who acted as the placement agent, in connection with such offering in November 2023, we issued to Wainwright unregistered placement agent warrants to purchase up to an aggregate of 311,111 ADSs at an exercise price of $0.5625 per ADS, pursuant to the Engagement Letter with Wainwright. Such placement agent warrants expire on November 30, 2028.

Such ordinary warrants and placement agent warrants were issued pursuant to the exemptions from the registration requirements of the U.S. Securities Act exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.

*May 2024 Waiver and Warrant Amendment and New Warrant Issuance Agreement* 

On December 5, 2023, we issued a warrant (the "Existing Warrant") to purchase up to 4,444,445 ADSs at an exercise price of $0.583 per ADS as part of a private placement to an institutional investor (or the "Investor").

On May 17, 2024, the Investor agreed to waive (the "Waiver"), the restriction in Section 4.11(b) of the November 2023 Securities Purchase Agreement solely in order to permit us to enter into and perform the transactions contemplated by the November 2023 Securities Purchase Agreement, by and between Kazia Therapeutics Limited and Alumni Capital LP, dated April 19, 2024, including the issuance of any securities as contemplated thereby.

In connection with the Waiver, on May 17, 2024, we entered into a Warrant Amendment and New Warrant Issuance Agreement (the "Warrant Amendment and New Warrant Issuance Agreement"), with the Investor wherein we agreed to issue a new warrant (the "New Warrant"), to the Investor to purchase up to 1,100,000 ADSs (the "New Warrant ADSs") at an exercise price of $0.27 per ADS, and amend the Existing Warrant to reduce the Exercise Price (as defined in the Existing Warrant) to $0.27 per ADS. The other terms and conditions of the Existing Warrant shall remain in full force and effect. The New Warrant and New Warrant ADSs have not been registered under the Securities Act of 1933, as amended, or the Securities Act. The New Warrant was issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

*Purchase Notices under the Purchase Agreement* 

Alumni Capital purchased 2,900,000 ADSs on June 24, 2024 for a purchase price of $0.178 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

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##### [**Table of Contents**](#toc)
Alumni Capital purchased 1,500,000 ADSs on July 22, 2024 for a purchase price of $0.361 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 150,000 ADSs on December 13, 2024 for a purchase price of $3.411 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 200,000 ADSs on December 19, 2024 for a purchase price of $2.708 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 600,000 ADSs on February 6, 2025 for a purchase price of $0.9595 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 30,000 ADSs on May 1, 2025 for a purchase price of $3.059 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 65,000 ADSs on June 5, 2025 for a purchase price of $5.035 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 70,000 ADSs on June 11, 2025 for a purchase price of $9.063 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

Alumni Capital purchased 60,000 ADSs on June 17, 2025 for a purchase price of $6.4315 per ADS under the November 2023 Securities Purchase Agreement. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

*July 2024 Exercise of New Warrant* 

On July 11, 2024, the Investor exercised the New Warrant to purchased 1,100,000 ADSs for an aggregate exercise price of $297,000. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

*July 2024 Exercise of Warrant* 

On July 11, 2024, Alumni Capital partially exercised the Alumni Warrant to purchase 2,578,648 ADSs for an aggregate exercise price of $500,000. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

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##### [**Table of Contents**](#toc)
*January 2025 Registered Direct Offering and Concurrent Private Placement* 

On January 10, 2025, we entered into that certain Purchase Agreement with Alumni Capital LP (the "January 2025 Purchase Agreement"), pursuant to which we issued and sold (A) in a registered direct offering, 553,440 ADSs and the pre-funded warrants to purchase up to 779,893 ADSs, and (B) in a concurrent private placement, ordinary warrants to purchase up to 1,333,333 ADSs, which have an exercise price of $1.50 per ADS, are exercisable immediately and will expire on July 14, 2030.

As part of the compensation to Maxim Group LLC, who acted as the placement agent in connection with the January 2025 Purchase Agreement, we issued to Maxim Partners LLC, the designee of Maxim Group LLC, unregistered placement agent warrants (the "January 2025 Placement Agent Warrants"), to purchase up to an aggregate of 40,000 ADSs at an exercise price of $1.50 per ADS, pursuant to that certain Placement Agency Agreement dated January 10, 2025 between us and Maxim Group LLC. The January 2025 Placement Agent Warrants expire on July 14, 2030.

The ordinary warrants and January 2025 Placement Agent Warrants were issued pursuant to the exemptions from the registration requirements of the U.S. Securities Act exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.

*August 2025 Private Placement* 

On July 31, 2025, we entered into the August 2025 Securities Purchase Agreements with the purchasers party thereto in connection with the August 2025 Private Placement, pursuant to which we issued and sold (i) 14,204,500 shares, at a purchase price of $0.0176 per share (the "August 2025 Shares"), and (ii) the August 2025 Pre-Funded Warrants to purchase up to 204,547 ADSs, each ADS representing five hundred ordinary shares, at a purchase price of $8.7999 per August 2025 Pre-Funded Warrant. Each August 2025 Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the August 2025 Pre-Funded Warrant, is immediately exercisable, and will expire when exercised in full.

The August 2025 Shares and August 2025 Pre-Funded Warrants were issued pursuant to the exemptions from the registration requirements of the U.S. Securities Act exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.

*December 2025 Private Placement* 

On December 2, 2025, we entered into Securities Purchase Agreements with the Purchasers in connection with a private placement of equity securities (the "Private Placement"). Pursuant to the Securities Purchase Agreements, we agreed to offer and sell in the Private Placement to such Purchasers (i) 4,530,854,000 Ordinary Shares and (ii) the Pre-Funded Warrants to purchase up to 938,490 ADSs, each ADS representing five hundred Ordinary Shares, at a purchase price of $4.9999 per Pre-Funded Warrant. Each Pre-Funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the Pre-Funded Warrant, is immediately exercisable, and will expire when exercised in full.

As part of the compensation to Konik Capital Partners LLC, a division of T.R. Winston & Company, who acted as the placement agent in connection with such offering in December 2025, we issued to the Placement Agent unregistered Placement Agent Warrants, to purchase up to an aggregate of 700,013 ADSs at an exercise price of $7.50 per ADS, pursuant to the Placement Agency Agreement. The Placement Agent Warrants are exercisable commencing on the date that is 180 days after December 2, 2025 and will expire 5 years from December 2, 2025.

The Shares, Pre-Funded Warrants and Placement Agent Warrants were issued pursuant to the exemptions from the registration requirements of the U.S. Securities Act exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.

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##### [**Table of Contents**](#toc)
*December 2025 Exercise of Alumni Warrant* 

On December 9, 2025, Alumni Capital partially exercised the remaining portion of the Alumni Warrant to purchase 439,682 ADSs in a cashless transaction. Such ADSs were issued without registration under the Securities Act in reliance on the exemptions provided by Section 3(a)(9) of the Securities Act.

**Item 8. Exhibits and Financial Statement Schedules.** 

The following exhibits are filed with this Registration Statement.

The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

The undersigned registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 3.1 | [Constitution of Kazia Therapeutics Limited, as amended and restated on November 16, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 filed with the SEC on January 31, 2024).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524019734/d709814dex31.htm) |
| 4.1 | [Deposit Agreement, dated as of June 13, 2016 among Novogen Limited, The Bank of New York, as Depositary, and owners and holders from time to time of ADSs issued thereunder (incorporated by reference to Exhibit 2.1 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex21.htm) |
| 4.2 | [Purchase Agreement, by and between Kazia Therapeutics Ltd. and Alumni Capital LP, dated as of April 19, 2024. (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on April 19, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524102940/d830350dex101.htm) |
| 4.3 | [Form of Warrant to purchase Ordinary Shares Represented by American Depositary Shares (incorporated by reference to Exhibit 4.1 to the Form 6-K filed by the Company with the SEC on April 19, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524102940/d830350dex41.htm) |
| 4.4 | [Form of January 2025 Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Form 6-K filed by the Company with the SEC on January 13, 2025 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525005004/d868096dex41.htm) |
| 4.5 | [Form of Ordinary Share Warrant (incorporated by reference to Exhibit 4.2 to the Form 6-K filed by the Company with the SEC on January 13, 2025 (File No. 000-29962))](http://www.sec.gov/Archives/edgar/data/1075880/000119312525005004/d868096dex42.htm). |
| 4.7 | [Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.3 to the Form 6-K filed by the Company with the SEC on January 13, 2025 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525005004/d868096dex43.htm) |
| 4.8 | [Form of August 2025 Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Form 6-K filed by the Company with the SEC on August 1, 2025) (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525171004/d58396dex41.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 4.9 | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Form 6-K filed with Company on December 2, 2025 (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525305250/d15328dex41.htm) |
| 4.10 | [Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to the Form 6-K filed with Company on December 2, 2025 (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525305250/d15328dex42.htm) |
| 5.1\* | [Opinion of Baker & McKenzie.](d45363dex51.htm) |
| 10.1 | [Lease Agreement, dated November 1, 2015 between Coal Services Pty Limited and Novogen (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex41.htm) |
| 10.2 | [Convertible Note Deed Poll with Triaxial Pty Ltd Noteholders dated December 6, 2012 (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex46.htm) |
| 10.3 | [Amendment to Convertible Note Deed Poll with Triaxial Pty Ltd Noteholders dated December 4, 2014 (incorporated by reference to Exhibit 4.7 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex47.htm) |
| 10.4 | [Kazia Therapeutics Officers' and Employees' Share Option Plan (incorporated by reference to Exhibit 4.10 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex410.htm) |
| 10.5 | [Share Sale Agreement dated October 31, 2016 between Kilinwata Investments Pty. Ltd., Mi Ok Chong, Paul Hopper and Novogen Limited (Incorporated by reference to Exhibit 4.11 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex411.htm) |
| 10.6 | [Exclusive License Agreement dated October 25, 2016 between Genentech, Inc. and Novogen Limited (incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex412.htm) |
| 10.7 | [Sabio Solutions Pty Limited Letter of Appointment - Company Secretary, dated as of September 1, 2016 (incorporated by reference to Exhibit 4.17 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex417.htm) |
| 10.8 | [Sabio Solutions Pty Limited Contract Extension Letter, dated as of March 6, 2017 (incorporated by reference to Exhibit 4.18 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex418.htm) |
| 10.9 | [Sabio Solutions Pty Limited Contract Extension Letter, dated as of August 23, 2017 (incorporated by reference to Exhibit 4.19 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex419.htm) |
| 10.10 | [Investigator Initiated Clinical Trial Agreement between Kazia Therapeutics Limited and Dana-Farber/Partners Cancer Care Inc dated 17 October 2018 (incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex412.htm) |
| 10.11 | [Research Funding and Supply Agreement between Alliance for Clinical Trials in Oncology Foundation and Kazia Therapeutics Limited, dated 11 June 2019 (incorporated by reference to Exhibit 4.13 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex413.htm) |
| 10.12 | [Master Clinical Trial Agreement between St Jude Children's Hospital Inc. and Kazia Laboratories Pty Limited dated 17 November 2017 and associated work order date 7 June 2019 (incorporated by reference to Exhibit 4.14 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex414.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 10.13 | [Memorial Sloan Kettering Cancer Center Investigator-Initiated Clinical Trial Agreement with Kazia Therapeutics Limited dated as 22 July 2019 (incorporated by reference to Exhibit 4.15 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex415.htm) |
| 10.14 | [Investigator Initiated Clinical Trial Agreement with Kazia Therapeutics Limited Agreement dated as 18 September 2020 (incorporated by reference to Exhibit 4.16 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex416.htm) |
| 10.15 | [Global Coalition for Adaptive Research, ("GCAR") Clinical trial collaboration and supply agreement dated as 15 October 2020 (incorporated by reference to Exhibit 4.17 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex417.htm) |
| 10.16✓ | [Development and Commercialisation Licence Agreement between Kazia Therapeutics Limited and Oasmia Pharmaceutical AB, dated March 1, 2021. (incorporated by reference to Exhibit 4.18 to the Company's Annual Report on Form 20-F filed with the SEC on October 7, 2021 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex418.htm) |
| 10.17✓ | [License Agreement between Kazia Therapeutics Limited and Simcere Pharmaceutical Co., Ltd., dated March 29, 2021 (incorporated by reference to Exhibit 4.19 to the Company's Annual Report on Form 20-F filed with the SEC on October 7, 2021 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex419.htm) |
| 10.18✓ | [License Agreement between Kazia Therapeutics Limited and Evotec (France) SAS, dated April 19, 2021 (incorporated by reference to Exhibit 4.20 to the Company's Annual Report on Form 20-F filed with the SEC on October 26, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex420.htm) |
| 10.19✓ | [Employment agreement between Kazia Therapeutics Inc. and John Friend dated September 20, 2021 (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 20-F filed with the SEC on October 26, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312522263335/d251611dex421.htm) |
| 10.20 | [Addendum to employment agreement between Kazia Therapeutics Inc. and John Friend dated August 23, 2023 (incorporated by reference to Exhibit 4.23 to the Company's Annual Report on Form 20-F filed with the SEC on October 26, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312523263551/d536161dex423.htm) |
| 10.21✓ | [Employment agreement between Kazia Therapeutics Inc. and Jeffrey Bonacorda dated April 25, 2024 (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 20-F filed with the SEC on November 15, 2024 (File No. 000-29962))](http://www.sec.gov/Archives/edgar/data/1075880/000119312524259805/d872361dex421.htm) |
| 10.22 | [Securities Purchase Agreement, by and among Kazia Therapeutics Ltd. and each purchaser thereto. (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on December 6, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312523289588/d620025dex101.htm) |
| 10.23 | [Purchase Agreement, by and among Kazia Therapeutics Ltd. and each purchaser thereto. (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on April 19, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524102940/d830350dex101.htm) |
| 10.24 | [Warrant Amendment and New Warrant Issuance Agreement between Kazia Therapeutics Ltd. and the holder thereto (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on May 17, 2024(File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524141714/d837173dex101.htm) |
| 10.25 | [Form of Securities Purchase Agreement, between Kazia Therapeutics Ltd. and Alumni Capital LP (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on January 13, 2025 (File No. 000-29962))](http://www.sec.gov/Archives/edgar/data/1075880/000119312525005004/d868096dex101.htm). |
| 10.26 | [Placement Agency Agreement, between Maxim Group LLC and Kazia Therapeutics Ltd. (incorporated by reference to Exhibit 10.2 to the Form 6-K filed by the Company with the SEC on January 13, 2025 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525005004/d868096dex102.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Description** |
| 10.27 | [At the Market Offering Agreement, dated as of July 25, 2025, by and between Rodman & Renshaw LLC and Kazia Therapeutics Ltd. (incorporated by reference to Exhibit 1.1 to the Form 6-K filed by the Company with the SEC on July 25, 2025 (File No. 000-29962))](http://www.sec.gov/Archives/edgar/data/1075880/000119312525165504/d92305dex11.htm) |
| 10.28 | [Form of Securities Purchase Agreement, by and among Kazia Therapeutics Ltd. and the purchasers named therein, dated as of July 31, 2025 (incorporated by reference to Exhibit 10.1 to the Form 6-K filed by the Company with the SEC on August 1, 2025 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525171004/d58396dex101.htm) |
| 10.29✓ | [Asset Transfer Agreement between Kazia Therapeutics Limited and Vivesto AB (publ), dated March 30, 2025 (incorporated by reference to Exhibit 4.22 to the Form 20-F filed with the Company on November 7, 2025 (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525272284/d908386dex422.htm) |
| 10.30✓ | [License and Collaboration Agreement between Kazia Therapeutics Limited and QIMR BERGHOFER, known officially as The Counsel of the Queensland Institute of Medical Research, dated October 3, 2025 (incorporated by reference to Exhibit 4.23 to the Form 20-F filed with the Company on November 7, 2025 (File No. 029962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525272284/d908386dex423.htm) |
| 10.31 | [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Form 6-K filed with Company on December 2, 2025 (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525305250/d15328dex101.htm) |
| 10.32 | [Form of Placement Agency Agreement (incorporated by reference to Exhibit 10.2 to the Form 6-K filed with Company on December 2, 2025 (File No. 000-29962).](http://www.sec.gov/Archives/edgar/data/1075880/000119312525305250/d15328dex102.htm) |
| 23.1\* | [Consent of BDO Audit Pty Ltd](d45363dex231.htm) |
| 23.3\* | [Consent of Baker & McKenzie (included in Exhibit 5.1)](d45363dex51.htm) |
| 24.1\* | [Power of Attorney (included on signature page of this registration statement).](#ii45363_111) |
| 107\* | [Filing Fee Table.](d45363dexfilingfees.htm) |

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\* Filed herewith

✓ Certain confidential information in this exhibit was omitted by means of marking such information with brackets ("[xxx]") because the identified confidential information is not material and is the type that the registrant treats as private or confidential.

**Item 9. Undertakings.** 

The undersigned Registrant hereby undertakes:

(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, *provided* that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining liability under the Securities Act to any purchasers, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it complies with all of the requirements for filing on Form F-1 and has duly caused this registration statement on Form F-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in Sydney, Australia on December 19, 2025.

---

| |
|:---|
| **KAZIA THERAPEUTICS LIMITED** |
| /s/ John Friend |
| Name: John Friend |
| Title: Chief Executive Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints John Friend and Jeffrey Bonacorda, and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his name or her name, place and stead, in any and all capacities, in connection with this registration statement, including to sign and file in the name and on behalf of the undersigned as director or officer of the registrant, any and all amendments or supplements (including any and all prospectus supplements, stickers and post-effective amendments) to this registration statement with all exhibits thereto, and sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and any applicable securities exchange, securities self-regulatory body or other regulatory authority, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith and in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bryce Carmine<br> Bryce Carmine | Chairman of Board of Directors | December 19, 2025 |
| /s/ John Friend<br> John Friend | Chief Executive Officer (Principal Executive Officer) | December 19, 2025 |
| /s/ Jeffrey Bonacorda<br> Jeffrey Bonacorda | Vice President, Finance and Controller (Principal Financial and Accounting Officer) | December 19, 2025 |
| /s/ Steven Coffey<br> Steven Coffey | Director | December 19, 2025 |
| /s/ Ebru Davidson<br> Ebru Davidson | Director | December 19, 2025 |
| /s/ Robert Apple<br> Robert Apple | Director | December 19, 2025 |

---

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##### [**Table of Contents**](#toc)
**Signature of authorized representative in the United States** 

Pursuant to the requirements of the Securities Act, the Registrant's duly authorized representative has signed this Registration Statement on Form F-1 on this 19<sup>th</sup> day of December, 2025.

Kazia Therapeutics, Inc.

Authorized U.S. Representative

---

| | |
|:---|:---|
| By: | /s/ John Friend |
| Name: | John Friend |
| Title: | Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1** 

---

| | |
|:---|:---|
| ![LOGO](g45363snap1.jpg) | **Baker & McKenzie**<br> ABN 32 266 778 912<br>Tower One - International Towers Sydney <br>Level 46, 100 Barangaroo Avenue <br>Barangaroo NSW 2000 <br>Australia<br>P.O. Box R126 <br>Royal Exchange NSW 1225 <br>Australia<br>Tel: +61 2 9225 0200<br> Fax: +61 2 9225 1595<br> DX: 218 SYDNEY<br> www.bakermckenzie.com |

---

**Asia Pacific**

Bangkok

Beijing

Brisbane

Hanoi

Ho Chi Minh City

Hong Kong

Jakarta

Kuala Lumpur\*

Manila\*

Melbourne

Seoul

Shanghai

Singapore

Sydney

Taipei

Tokyo

Yangon

**Europe, Middle East** 

**& Africa** 

Abu Dhabi

Almaty

Amsterdam

Antwerp

Bahrain

Barcelona

Berlin

Brussels

Budapest

Cairo

Casablanca

Doha

Dubai

Dusseldorf

Frankfurt/Main

Geneva

Istanbul

Jeddah\*

Johannesburg

Kyiv

London

Luxembourg

Madrid

Milan

Moscow

Munich

Paris

Prague

Riyadh\*

Rome

St. Petersburg

Stockholm

Vienna

Warsaw

Zurich

**The Americas**

Bogota

Brasilia\*\*

Buenos Aires

Caracas

Chicago

Dallas

Guadalajara

Houston

Juarez

Lima

Los Angeles

Mexico City

Miami

Monterrey

New York

Palo Alto

Porto Alegre\*\*

Rio de Janeiro\*\*

San Francisco

Santiago

Sao Paulo\*\*

Tijuana

Toronto

Washington, DC

\* Associated Firm

\*\* In cooperation with

Trench, Rossi e Watanabe

Advogados

19 December 2025

The Directors

Kazia Therapeutics Limited

Three International Towers

Level 24, 300 Barangaroo Ave

SYDNEY NSW 2000

Dear Directors

**Kazia Therapeutics Limited - Registration Statement on Form F-1**

We have acted as Australian legal counsel to Kazia Therapeutics Limited ACN 063 259 754 (**Company**), a public company limited by shares incorporated under the laws of the Commonwealth of Australia, in connection with its filing with the U.S. Securities and Exchange Commission (**Commission**) of a registration statement on Form F-1 under the U.S. Securities Act of 1933, as amended (**Securities Act**) (**Registration Statement**).

The Registration Statement relates to the resale from time to time by the persons set out in Annexure A (each, a **Selling Shareholder**, and together, the **Selling Shareholders**) identified in the preliminary prospectus contained in the Registration Statement (**Preliminary Prospectus**) of up to an aggregate of 10,700,211 American Depositary Shares (**Offered ADSs**) with each American Depository Share (**ADS**) representing five hundred fully paid ordinary shares in the capital of the Company (**Ordinary Shares**), or 5,350,105,500 Ordinary Shares in the aggregate, comprised of: (i) 4,530,854,000 Ordinary Shares; (ii) 938,490 ADSs, issued or issuable upon the exercise of pre-funded warrants (**Pre-Funded Warrants**) issued to certain Selling Shareholders in a private placement pursuant to the Securities Purchase Agreements (as that term is defined below); and (iii) 700,013 ADSs issued or issuable upon the exercise of the placement agent warrants (**Placement Agent Warrants**) originally issued to Konik Capital Partners LLC, a division of T.R. Winston & Company (**Placement Agent**) pursuant to the Placement Agency Agreement (as that term is defined below).

In this opinion:

(a) **Escrow Agent** means InBank;

(b) **Escrow Agreement** means the escrow agreement entered into between the Company, the Placement Agent, the
Escrow Manager and the Escrow Agent on 26 November 2025;

(c) **Escrow Manager** means Corporate Escrow Management Inc;

(d) **PFW ADSs** means the ADSs issuable upon exercise of the Pre-Funded Warrants;

(e) **Placement Agency Agreement** means the Placement Agency Agreement dated 2 December 2025 between the
Company and the Placement Agent;

Baker & McKenzie, an Australian Partnership, is a member of Baker & McKenzie International.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) **Placement Agent Warrant Instrument** means the document known as the Placement Agent Warrant to purchase
ADSs dated 3 December 2025 executed by the Company;

(g) **Placement Agent Warrant ADSs means the ADSs** issuable upon exercise of the Placement Agent Warrants;

(h) **Pre-Funded Warrant Instruments** means the documents known as the Pre-Funded Warrants to purchase Shares or ADSs executed by the Company issued to the relevant Selling Shareholder, in an identical form, but for the name and number of Pre-Funded Warrants issued to the relevant Selling Shareholder, at set out at Annexure B;

(i) **Securities** means each of the following (as applicable):

(i) the Offered ADSs;

(ii) the Shares;

(iii) the Pre-Funded Warrants;

(iv) the PFW ADSs;

(v) the Placement Agent Warrants;

(vi) the Placement Agent Warrant ADSs; and

(vii) the Shares represented by or issuable upon the exchange of the PFW ADSs; and

(viii) the Shares represented by the Placement Agent Warrant ADSs;

(j) **Securities Purchase Agreements** means the Securities Purchase Agreements dated 2 December 2025
between the Company and each Selling Shareholder, in relation to the issuance of the Shares, Pre-Funded Warrants, and PFW ADSs in identical form, but for the name and number of Shares, Pre-Funded Warrants and PFW ADSs, issued to the relevant Selling Shareholder, as set out at Annexure C;

(k) **Shares** means the Ordinary Shares offered and / or sold in the private placement transaction including
the Ordinary Shares underlying the PFW ADSs and Placement Agent Warrant ADSs (as applicable) in accordance with the terms of the Transaction Documents; and

(l) **Transaction Documents** means each of the:

(i) Securities Purchase Agreements;

(ii) Placement Agency Agreement;

(iii) Pre-Funded Warrant Instruments;

(iv) Placement Agent Warrant Instrument; and

(v) Escrow Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **Documents examined** 

1.1 For the purposes of this opinion, we have examined and relied on copies of the following documents:

(a) the Registration Statement;

(b) the Preliminary Prospectus;

(c) the Transaction Documents; and

(i) the Constitution of the Company dated 16 November 2022 **(Constitution)**.

1.2 We have also examined and relied upon a certificate, dated on or about 18 December 2025, of the Director
of the Company, Steven Roy Stent Coffey, certifying, among other things, the accuracy and completeness of the Constitution and circulating resolutions of the Board of Directors of the Company dated 22 April 2022, 1 September 2024,
19 November 2024, 5 April 2025 and 2 December 2025.

1.3 We have also examined such other documents and made such enquiries as to questions of law as we have deemed
relevant and necessary in order to render the opinions set forth below.

**2.** **Searches** 

2.1 We have relied on the information that is available to the public in extract form in relation to the Company
from the companies register maintained by the Australian Securities and Investments Commission **(ASIC)** on 18 December 2025 at 3:42 pm (Sydney time).

2.2 We have not made any other searches for the purposes of giving this opinion.

**3.** **Assumptions** 

3.1 For the purpose of the opinions expressed herein, we have assumed:

(a) the genuineness of all signatures and the authenticity of all documents, instruments and certificates submitted
to us (any such agreement, the **Reviewed Agreement** and together, the **Reviewed Agreements**) as originals and the exact conformity with the authentic originals of all Reviewed Agreements;

(b) all Reviewed Agreements have not been modified, amended or terminated by subsequent actions or agreements of
which we are not aware;

(c) that each party to each Reviewed Agreement, (including each Transaction Document) has all the requisite power
and authority (corporate and otherwise) to execute and deliver and perform its obligations thereunder (other than with respect to the Company to the extent expressly set forth in paragraph 5.1(c) below);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) any facts which may give reason to question the validity, continuing effectiveness or lawfulness of any
Reviewed Agreement have been drawn to our attention;

(e) all matters of internal management required by the constitution of each of the parties to the relevant
documents (other than the Company) have been duly attended to (including, without limitation, the holding of properly constituted meetings of the boards of directors of each of those parties and the passing at those meetings of appropriate
resolutions);

(f) any documents which purport to be governed by the law of any jurisdiction other than the laws of the
Commonwealth of Australia are legal, valid and binding obligations of all parties to those documents and none of the execution, delivery or performance of any document by any party to the document violates or contravenes or is rendered invalid, not
binding or unenforceable under any applicable law under any jurisdiction other than the laws of the Commonwealth of Australia;

(g) the execution and delivery of the Reviewed Agreements and the performance by the Company of its obligations
under the terms and conditions thereunder, including the:

(i) issue, sale or resale authorisation;

(ii) issuance and sale of the Securities; and

(iii) resale of the Offered ADSs, including the PFW ADSs and Placement Agent Warrant ADSs, and the Shares represented
by such Offered ADSs;

do not and will not conflict with and do not and will not result in a breach of applicable laws;

(h) the Company has not and will not engage in any bad faith, fraud, undue influence, coercion, duress,
unconscionable, misleading or deceptive conduct (including by way of omission) or similar conduct in connection with the issuance, sale or resale (as applicable) of the Securities;

(i) all information provided to us by or on behalf of officers of the Company was true, correct and complete when
provided and remains so at the date of this letter, containing all information required, without us making any separate enquiry or investigation other than viewing and undertaking a search of the companies register maintained by ASIC as noted in
paragraph 2.1, in order for us to provide this opinion;

(j) the Company is and will be able to pay its debts as and when they fall due and is and will be otherwise solvent
as at the time any Securities are issued, and any Offered ADSs, including the PFW ADSs and Placement Agent Warrant ADSs, and the Shares represented by such Offered ADSs, are resold by the Selling Shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(k) the details revealed by our search of the companies register maintained by ASIC is current at the date of that
search; and

(l) there is no order, ruling or decision of any court or regulatory or administrative body in effect at any
relevant time that restricts the issuance of the Securities.

3.2 We have also assumed that at all material times:

(a) the Company has the necessary corporate power and capacity to execute, deliver and perform its obligations
under the terms and conditions of any purchase, underwriting or other agreement, indenture, document or instrument relating to the Company's issuance of the Securities to which the Company is party **(Issue Document)** but which Issue
Document has not been submitted to us (any such agreement, the **Agreement**);

(b) all necessary corporate action has been taken by the Company to duly authorise the execution and delivery by
the Company of any such Agreement and the performance of its obligations under the terms and conditions thereof;

(c) all of the terms and conditions relevant to the issuance of the Securities in the applicable Agreement, if any,
have been complied with;

(d) the applicable Agreement, if any, (i) has been duly authorised, executed and delivered by all parties
thereto and such parties have the capacity to do so; (ii) constitutes a legal, valid and binding obligation of all parties thereto; (iii) is enforceable in accordance with its terms against all parties thereto; and (iv) complies with
all applicable laws; and

(e) the execution and delivery of the applicable Agreement, if any, and the performance by the Company of its
obligations under the terms and conditions thereunder, including the authorisation and issuance of the Securities, do not and will not conflict with and do not and will not result in a breach of or default under, and do not and will not create a
state of facts which, after notice or lapse of time or both, will conflict with or result in a breach of or default under any provision of the Constitution of the Company from time to time, any resolutions of the board of directors or shareholders
of the Company, any agreement or obligation of the Company, or applicable law.

3.3 The fact that the above assumptions have been made does not imply that we have made any inquiry to verify them.
However, nothing has come to our attention in the course of our involvement in the filing of the Registration Statement which has caused us to believe, and we do not believe, that any of these assumptions are incorrect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.** **Qualifications** 

4.1 Our opinions expressed in this opinion are subject to the following qualifications:

(a) we have acted and been involved only in our capacity as Australian legal counsel to the Company as described in
this opinion. We express no opinion as to the impact or relevance of the laws of any other jurisdiction;

(b) we express no opinion on the business, operational, commercial, market-related, financial, accounting,
insurance, superannuation or taxation matters referred to in the Preliminary Prospectus;

(c) the Registration Statement, and any amendments thereto (including all necessary post-effective amendments),
becoming effective under the Securities Act and remaining effective at the time of resale of any Offered ADSs, including the PFW ADSs and Placement Agent Warrant ADSs, and the Shares represented by such Offered ADSs;

(d) an appropriate final prospectus with respect to the resale of the Offered ADSs, including the PFW ADSs and
Placement Agent Warrant ADSs, and the Shares represented by such Offered ADSs, being prepared, delivered and timely filed with the Commission in compliance with the Securities Act and the applicable rules and regulations thereunder;

(e) the agreed upon consideration being received for the issue of the Securities;

(f) the terms of the issuance and resale of the Securities being in conformity with any resolutions of the board of
directors and shareholders of the Company, the Constitution and the *Corporations Act 2001* (Cth) (**Corporations Act**), and in the manner stated in the Registration Statement and the Preliminary Prospectus, so as not to violate any
applicable law or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company;
and

(g) the statements made and opinions given in this opinion are based on the knowledge of those partners and
solicitors of Baker & McKenzie who have acted for the Company in connection with the filing of the Registration Statement. We have not made inquiries of other partners or solicitors of Baker & McKenzie who may have knowledge
acquired in the course of acting on other matters for the Company or for other clients of the firm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.** **Opinion** 

5.1 Subject to the assumptions and qualifications set out in this opinion, we are of the opinion:

(a) the Company is duly incorporated and validly existing under the laws of the Commonwealth of Australia and in
"good standing" (as such term is not defined under the Corporations Act, meaning solely that there are no current orders for the winding up of, or appointment of a receiver or liquidator for the Company or any notice of its proposed
deregistration);

(b) the issue of the Securities has been duly authorised by the Company; and

(c) the Shares represented by the ADSs, including the Shares represented by ADSs issuable upon the exercise of the Pre-Funded Warrants or Placement Agent Warrants, if issued in accordance with the Transaction Documents (as applicable), will be validly issued, fully paid and "non-assessable" (for the purposes of this opinion, the term "non-assessable" when used to describe the liability of a person as the registered
holder of securities is not a concept known under the laws of the Commonwealth of Australia, so we have assumed those words to mean that holders of such securities, having fully paid all amounts due on the resale of such securities, are under no
personal liability under the Corporations Act to contribute to the assets and liabilities of the Company on a winding up of the Company or subject to any call for payment of further capital in their capacity solely as holders of securities).

**6.** **Applicability** 

6.1 We consent to the use of this opinion as an exhibit to the Registration Statement and to the use of our name
under the caption "Legal Matters" in the Preliminary Prospectus. In giving this consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and
regulations of the Commission promulgated under that Act.

6.2 This opinion is given in respect of the laws of New South Wales and the Commonwealth of Australia which are in
force at 9:00 am (Sydney time) as at the date of this opinion. We have not investigated and do not express any view about, any law other than that of Australia.

6.3 This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the
matters expressly stated.

6.4 This opinion is deemed to be given as of the date of this letter and will speak as at such date. We do not
undertake any obligation to advise you of any changes (including but not limited to any subsequently enacted, published or reported laws, regulations or binding authority) that may occur or come to our attention after the date of this letter which
may affect our opinion.

6.5 This opinion is furnished solely for the benefit of the addressee in connection with the Registration Statement
and is not to be transmitted to any other person, nor is it to be relied upon by any other person or used for any other purpose or referred to in any public document or filed with any government agency or other person without our prior express
consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6.6 This opinion is given only on behalf of Baker & McKenzie, an Australian partnership, and not on behalf
of any other member firm of Baker & McKenzie International. In this opinion, "Baker & McKenzie", "we", "us", "our" and like expressions should be construed accordingly.

Yours sincerely

/s/ Baker & McKenzie

**Baker & McKenzie** 

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**Annexure A** 

**<u>Selling Shareholders</u>** 

1. 3i, LP

2. ADAR1 Partners, LP

3. Alumni Capital LP

4. Alyeska Master Fund, L.P.

5. BackBay Management, LP

6. Boothbay Absolute Return Strategies, LP

7. Boothbay Diversified Alpha Master Fund LP

8. Brett Nesland

9. Bristol Investment Fund, Ltd.

10. BWS Financial Inc.

11. Caleb Porter

12. Cedarview Opportunities Master Fund LP

13. Charlestown Jupiter Fund LLC

14. Class IV Fund, LP

15. Conrad Group Inc Defined Benefit Plan

16. Corsair Capital Investors, Ltd

17. Corsair Capital Partners 100, LP

18. Corsair Capital Partners, LP

19. Cynergy Feeder LLC

20. Cynergy Focus LLC

21. David S. Nagelberg 2003 Revocable Trust Dtd. 07/02/03

22. Edward Antoian

23. Entities Affiliated with Empery Asset Management, LP

24. Ernest W Moody Rev Trust

25. Exemplar Growth and Income Fund

26. Grow Small Cap Equity Long/Short L.P.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

27. Hexstone Capital LLC

28. Ikarian Healthcare Master Fund LP

29. James Besser

30. JEB Partners, L.P.

31. Jorey A Chernett Living Trust

32. Keith R. Coulston Revocable Trust U/A/D 4/4/16

33. Keystone Capital Partners, LLC

34. Lind Global Fund III LP

35. Locust Holdings, LLC

36. Longboard Capital Advisors, LLC

37. Lynwood Opportunities Master Fund

38. Lytton-Kambara Foundation

39. Mank Capital, LLC

40. Northbank Small Cap Alpha Fund, LP

41. Pathfinder Asset Management Ltd.

42. Peter E. Shaver

43. Pinnacle Family Office Investments, L.P.

44. Point72 Associates, LLC

45. Pointillist Global Macro Series of Pointillist Partners, LLC

46. Revach Fund LP

47. Richard Molinsky

48. Robert Forster

49. Ronald Nash

50. Seven Knots LLC

51. Spearhead Insurance Solutions IDF, LLC - Series ADAR1

52. Stonepine Capital, LP

53. Taurus Capital Partners LLC

54. TEC Opportunities Fund I LP

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

55. The Nina Gorrisen 2014 Trust FBO Michael M. Kellen and his Descendants

56. Tiburon Opportunity Fund LP

57. Tri-Bridge Ventures, LLC.

58. Turnpoint Capital, LLC

59. Velan Capital Master Fund LP

60. Velan Horizon Fund LP

61. Warberg Special Situations Fund LP

62. Warberg WF XIII LP

63. White Lion Capital, LLC, DBA White Lion GBM Innovation Fund

64. Alden Carrere

65. Ryan Konik 66. Drew Crovello

67. Giovanni Valdes

68. John Kinsella

69. T.R. Winston & Company

70. The Runnels Family Trust DTD 1-11-2000

71. Karen Kang TTEE Karen Kang 2015 Living Trust

72. Stephen Nathaniel Hemedes

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**Annexure B** 

Form of Pre-Funded Warrant Instrument

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**NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. NO REPRESENTATION IS MADE BY THE ISSUER AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THESE SECURITIES.** 

**PREFUNDED WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES** 

**KAZIA THERAPEUTICS LIMITED** 

Number of Ordinary Shares:<u> </u>, represented by<u> </u>American Depositary Shares

Issue Date: December<u> </u>, 2025

THIS PREFUNDED WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the "<u>Warrant</u>") certifies that, for value received, or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") until this Warrant is exercised in full (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Kazia Therapeutics Limited ACN 063 259 754, a company incorporated under the laws of Australia (the "<u>Company</u>"), up to<u> </u><u> </u>(the "Warrant Shares") of the Company's ordinary shares, no par value per share (the "<u>Ordinary Shares</u>"), represented by American Depositary Shares (each, an "<u>ADS</u>" and, collectively, the "<u>ADSs</u>" and the ADSs issuable upon exercise of this Warrant, the "<u>Warrant ADSs</u>"), as subject to adjustment hereunder. The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "<u>Purchase Agreement</u>"), dated December 2, 2025, among the Company and the purchasers signatory thereto.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto as Exhibit A (the "<u>Notice of Exercise</u>"). Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the ADS Standard Settlement Period (as defined in Section 2(d)(i) herein) or Ordinary Share Standard Settlement Period (as defined in Section 2(d)(ii) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer or cashier's check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. The Company shall have no obligation to inquire with respect to or otherwise confirm the authenticity of the signature(s) contained on any Notice of Exercise nor the authority of the person so executing such Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation as soon as reasonably practicable following the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant ADSs available hereunder shall have the effect of

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lowering the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise on the Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant ADS, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per Warrant ADS under this Warrant shall be $0.0001, subject to adjustment hereunder (the "<u>Exercise Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. To the extent no change in Australian law occurs that prohibits exercise of this Warrant by cashless exercise, this Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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|:---|:---|
| (A) = | as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. ("<u>Bloomberg</u>") as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day;  |

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(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

(X) = the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise). The Company agrees not to take any position contrary to this Section 2(c)(provided that the Commission continues to take the position that such treatment is proper at the time of such exercise).

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the bid price of the ADSs for the time in question (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADSs so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

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"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTCQB Venture Market ("<u>OTCQB</u>") or the OTCQX Best Market ("<u>OTCQX</u>") is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported on the Pink Open Market ("<u>Pink Market</u>") operated by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant ADSs Upon Exercise</u>. If the ADSs are listed on the Trading Market, the Company shall deliver any Warrant ADSs subject to the Exercise Notice under this Section 2(d)(i). The Company shall deposit the Warrant ADSs subject to such exercise with The Bank of New York Mellon, the Depositary for the issuance of the Warrant ADSs (the "<u>Depositary</u>") and cause the Depositary to credit the account of the Holder's or its designee's account with The Depository Trust Company ("<u>DTC</u>") directly or through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Depositary is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant ADSs to or resale of the Warrant ADSs by the Holder or (B) the Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale restrictions pursuant to Rule 144 promulgated under the Securities Act (assuming cashless exercise of this Warrant), and otherwise by physical or electronic delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant ADSs to which the Holder is entitled pursuant to such exercise to the address or DTC account specified by the Holder in the Notice of Exercise by the date that is the earlier of (A) the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the ADS Standard Settlement Period, in each case after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company (such date, the "<u>Warrant ADS Delivery Date"</u>). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. As used herein, "<u>ADS Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the ADS as in effect on the date of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of Warrant Shares Upon Exercise</u>. If the Ordinary Shares are listed on the Trading Market, then the Company shall deliver any Warrant Shares subject to the Exercise Notice under this Section 2(d)(ii). The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Company's Transfer Agent to the Holder by crediting the account of the Holder's or its designee's account with The Depository Trust Company through its DWAC system if the Company's Transfer Agent is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale restrictions pursuant to Rule 144 promulgated under the Securities Act (assuming cashless exercise of this Warrant), and otherwise by physical or electronic delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address or DTC account specified by the

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Holder in the Notice of Exercise by the date that is the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise, and (ii) the number of Trading Days comprising the Ordinary Share Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. The Company agrees to maintain a Transfer Agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Ordinary Share Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Rescission Rights</u>. If the Company fails to (A) cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i) by the Warrant ADS Delivery Date, or (B) to cause the Company's Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(ii) by the Warrant Share Delivery Date, as applicable, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs or Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, or if the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(ii) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, ADSs or Ordinary Shares, as applicable, to deliver in satisfaction of a sale by the Holder of the Warrant ADSs or Warrant Shares, as applicable, which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the ADSs or Warrant Shares, as applicable, so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs or Warrant Shares, as applicable, for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs or Ordinary Shares, as applicable, that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs or Ordinary Shares, as applicable, having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrants with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver ADSs or Ordinary Shares, as applicable, upon exercise of the Warrant as required pursuant to the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>No Fractional Warrant Shares or Warrant ADSs</u>. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this Warrant. As to any fraction of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole ADS; provided, however the fraction of an ADS shall not be rounded up to the next whole ADS if such rounding results in the issue price being lower than the par value of the ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant ADSs or Warrant Shares, as applicable, shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant ADSs or Warrant Shares, as applicable, all of which taxes and expenses shall be paid by the Company, and such Warrant ADSs or Warrant Shares, as applicable, shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that in the event that Warrant ADSs or Warrant Shares, as applicable, are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary fees for the issuance of Warrant ADSs or Warrant Shares, as applicable, and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant ADSs or Warrant Shares, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof; provided that the Depositary may close its books to deposits of Ordinary Shares for issuance of ADSs at its discretion in accordance with the terms of the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. <u>Australian Law Requirements</u>. Notwithstanding any provision in this Warrant to the contrary, in no circumstances will the Company be required to issue Warrant Shares underlying the Warrant ADSs if to do so would, or would be reasonably likely in the opinion of the Company, contravene any applicable laws including the Corporations Act, as amended from time to time. On or before the Warrant ADS Delivery Date, the Company shall, issue and allot the Warrant Shares underlying the Warrant ADSs to the Depository's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, the "<u>Attribution Parties</u>")), would cause the Attribution Parties to be in breach of the Corporations Act, including without limitation under section 606 of the Corporations Act, or would require the Attribution Parties to notify the Treasurer under the Australian *Foreign Acquisitions and Takeovers Act 1975* (Cth) or Foreign Acquisitions and Takeovers Regulations 2015 (Cth), or would result in the Attribution Parties beneficially owning in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include Warrant Shares underlying such Warrant ADSs held by the Holder and its Attribution Parties plus the number of Warrant Shares such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares underlying the Warrant ADSs which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the

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extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are in non-compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company's most recent Annual Report on Form 20-F, Report of Foreign Private Issuer on Form 6-K or other public filings filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Depositary setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported. The "<u>Beneficial Ownership Limitation</u>" shall be [4.99%/9.99%] of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Warrant Shares underlying the Warrant ADSs issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61 day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

Section 3. <u>Certain Adjustments</u>. Notwithstanding any provision of this Section 3 or generally in this Warrant, the Exercise Price per Warrant, the number of Warrant Shares that are the subject of each Warrant, or the number of Warrants held shall be subject to adjustment from time to time after the Issue Date upon the occurrence of certain events described in this Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares or ADSs, as applicable, (iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of Ordinary Shares or ADSs, as applicable, or (iv) issues by reclassification Ordinary Shares, ADSs or any capital share of the Company, as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or ADSs, as applicable (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares or ADSs, as applicable outstanding immediately after such event, and the number of Ordinary Shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Pro Rata Distributions</u>. For so long as this Warrant is outstanding, then if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate

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rearrangement, scheme of arrangement or other similar transaction) (a "<u>Distribution</u>"), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the participation in such Distribution (<u>provided</u>, <u>however</u>, that to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary Shares or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Subsequent Rights Offerings</u>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares or ADSs (the "<u>Purchase Rights</u>"), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Ordinary Shares or ADSs are to be determined for the grant, issue or sale of such Purchase Rights (<u>provided</u>, <u>however</u>, that to the extent that the Holder's right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares or ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person (other than for the purpose of changing the Company's name and/or the jurisdiction of incorporation of the Company or establishing a holding company structure for the Company), (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares (including any Ordinary Shares underlying the ADSs) are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares or 50% or more of the voting power of the common equity of the Company (including any Ordinary Shares underlying the ADSs), (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding Ordinary Shares (including any Ordinary Shares underlying the ADSs) or 50% or more of the voting power of the common equity of the Company (each a "<u>Fundamental Transaction</u>"), occurs or is consummated, then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share represented by each Warrant ADS that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor or acquiring corporation or of the Company, if the Company is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Warrant Shares represented by the Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration

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based on the amount of Alternate Consideration issuable in respect of one Ordinary Share (including any Warrant Shares underlying the Warrant ADSs), in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant, a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Warrant Shares underlying the Warrant ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Warrant Shares underlying the Warrant ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized Ordinary Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Change in ADS Ratio; Substitution of Ordinary Shares for ADSs</u>. If after the Issuance Date the number of Ordinary Shares represented by each ADS (the "<u>ADS Ratio</u>") is increased or reduced, then the number of Warrant ADSs issuable upon exercise of this Warrant will be reduced or increased (respectively) in inverse proportion to the change in the ADS Ratio and the Exercise Price per Warrant will be increased or reduced (respectively) in proportion to the change in ADS Ratio, so that the total number or Warrant Shares underlying the Warrant ADSs and the aggregate Exercise Price for all Warrants remain unchanged. If the Company elects to list the Ordinary Shares on a Trading Market, this Warrant shall become exercisable for Ordinary Shares and the references herein to ADSs and Warrant ADSs shall instead refer to Ordinary Shares and Warrant Shares, as the case may be. In such event, the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares underlying the ADSs for which this Warrant is exercisable immediately prior to such event and of which the denominator shall be the number of ADSs for which this Warrant is exercisable immediately prior to such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS as the case may be. For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (including Ordinary Shares underlying ADSs, but excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price or the number of ADSs the subject of each Warrant is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (B) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. Notwithstanding the foregoing, if (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, or (D) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares (including Warrant Shares underlying the Warrant ADSs) of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined, and the Company shall file with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K, or other applicable form, announcing such event; provided that the Company may provide such notice to Holders less than 20 calendar days prior to the applicable record or effective date as long as such Holders do not receive such notice later than any other shareholder of the company or holder of ADSs.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant issued.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the issue of the Warrant Shares following the exercise hereof as set forth in Section 2(d)(ii). Upon the issue of the Warrant ADSs following the exercise upon exercise hereof as set forth in Section 2(d)(i), the Holder will have the rights of the holders of ADSs provided in the Deposit Agreement. Unless otherwise provided herein, this Warrant does not confer the right to participate in new issues of Shares without exercising this Warrant. Without limiting the rights of a Holder to receive Warrant ADSs or Warrant Shares, as applicable, on a "cashless exercise," and to receive the cash payments contemplated pursuant to Sections 2(d)(i), 2(d)(ii) and 2(d)(v), in no event will the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its organizational or charter documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth

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in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid Warrant ADSs and the underlying Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

<u>k)Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Expense Reimbursement</u>. The Holder shall be reimbursed by the Company for any fees charged to the Holder by the Depositary in connection with the issuance or holding or sale of the ADSs, Warrant ADSs and/or Warrant Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

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*(Signature Page Follows)* 

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| | |
|:---|:---|
| **KAZIA THERAPEUTICS LIMITED** | **KAZIA THERAPEUTICS LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT A** 

**NOTICE OF EXERCISE** 

TO: **KAZIA THERAPEUTICS LIMITED**

**THE BANK OF NEW YORK MELLON**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase <u> </u>Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

[ ] in lawful money of the United States; or

[ ] the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please register and issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

The Warrant ADSs shall be delivered to the following DWAC Account Number:

[SIGNATURE OF HOLDER]

Name of Investing Entity:    

*Signature of Authorized Signatory of Investing Entity:*    

Name of Authorized Signatory:    

Title of Authorized Signatory:    

Date:

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**EXHIBIT B** 

ASSIGNMENT FORM

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to exercise the Warrant to purchase Warrant ADSs.)* 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print) |
| Phone Number: | |
| Email Address: | |

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| | |
|:---|:---|
| Dated: | ,<u> </u> |
| Holder's<br> Signature: |  |
| Holder's<br> Address: |  |

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![LOGO](g45363snap2.jpg)

**Annexure C** 

Form of Securities Purchase Agreements

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**SECURITIES PURCHASE AGREEMENT** 

This Securities Purchase Agreement (this "<u>Agreement</u>"), dated as of December 2, 2025, is between Kazia Therapeutics Limited ACN 063 259 754, a company incorporated under the laws of the Commonwealth of Australia (the "<u>Company</u>"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "<u>Purchaser</u>" and collectively the "<u>Purchasers</u>").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

**ARTICLE I.** 

**DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions</u>. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

"<u>Acquiring Person</u>" shall have the meaning ascribed to such term in Section 4.5.

"<u>Action</u>" shall have the meaning ascribed to such term in Section 3.1(j).

"<u>ADS(s)</u>" means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing five hundred (500) Ordinary Shares, subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the ADSs and/or the Ordinary Shares, as applicable, that occurs after the date of this Agreement.

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>AIFRS</u>" shall have the meaning ascribed to such term in Section 3.1(j). "Board of Directors" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York, are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Closing</u>" means the closing of the purchase and sale of the Shares and Prefunded Warrants pursuant to Section 2.1.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers' obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Shares and Prefunded Warrants, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day following the date hereof.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Company Australian Counsel</u>" means Baker McKenzie LLP.

"<u>Company U.S. Counsel</u>" means Goodwin Procter LLP.

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"<u>Corporations Act</u>" means the Australian Corporations Act 2001 (Cth) (as amended).

"<u>Deposit Agreement</u>" means the Deposit Agreement dated as of June 13, 2016, among the Company, The Bank of New York Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

"<u>Depositary</u>" means The Bank of New York Mellon and any successor pursuant to the Deposit Agreement.

"<u>Disclosure Time</u>" means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof.

"<u>Disqualification Event</u>" shall have the meaning ascribed to such term in Section 3.1(qq).

"<u>Evaluation Date</u>" shall have the meaning ascribed to such term in Section 3.1(s). "EMA" means the European Medicines Agency.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, as amended.

"<u>FDA</u>" means the U.S. Food and Drug Administration.

"<u>Indebtedness</u>" shall have the meaning ascribed to such term in Section 3.1(aa). "Intellectual Property" shall have the meaning ascribed to such term in Section 3.1(p).

"<u>Issuer Covered Person</u>" shall have the meaning ascribed to such term in Section 3.1(qq).

"<u>Liens</u>" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"<u>Legend Removal Date</u>" shall have the meaning ascribed to such term in Section 4.1(c).

"<u>Material Adverse Effect</u>" shall have the meaning assigned to such term in Section 3.1(b).

"<u>Material Permits</u>" shall have the meaning ascribed to such term in Section 3.1(n). "Money Laundering Laws" has the meaning ascribed to such term in Section 3.1(nn).

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Department of the Treasury .

"<u>Ordinary Shares</u>" means ordinary shares of the Company, no par value per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Ordinary Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares or ADSs.

"<u>Per ADS Purchase Price</u>" equals $5.00, subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the ADSs and/or the Ordinary Shares, as applicable, that occur after the date of this Agreement and prior to the Closing Date.

"<u>Per Share Purchase Price</u>" equals Per ADS Purchase Price, divided by 500, subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the ADSs and/or the Ordinary Shares, as applicable, that occur after the date of this Agreement and prior to the Closing Date.

"<u>Per Prefunded Warrant Purchase Price</u>" equals the Per ADS Purchase Price minus $0.0001.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

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"<u>Pharmaceutical Product</u>" shall have the meaning ascribed to such term in Section 3.1(hh). "Placement Agent" means Konik Capital Partners LLC, a division of T.R. Winston & Company.

"<u>Prefunded Warrants</u>" means, collectively, the prefunded warrants to purchase ADSs representing Ordinary Shares, delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Prefunded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of Exhibit A-1 attached hereto.

"<u>Prefunded Warrant ADSs</u>" means the ADSs issuable upon the exercise of the Prefunded Warrants.

"<u>Prefunded Warrant Shares</u>" means the Ordinary Shares issuable upon exchange of a Prefunded Warrant ADS pursuant to the Deposit Agreement.

"<u>Proceeding</u>" means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened in writing.

"<u>Purchaser Party</u>" shall have the meaning ascribed to such term in Section 4.8.

"<u>Required Approvals</u>" shall have the meaning ascribed to such term in Section 3.1(e).

"<u>Rule 144</u>" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>SEC Reports</u>" shall have the meaning ascribed to such term in Section 3.1(h).

"<u>Securities</u>" means the Shares, the ADSs representing the Shares, the Prefunded Warrants, the Prefunded Warrant ADSs and the Prefunded Warrant Shares issued or issuable to the Purchasers pursuant to this Agreement.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Shares</u>" means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement. "Short Sales" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing the Ordinary Shares and/or ADSs).

"<u>Subscription Amount</u>" means, as to each Purchaser, the aggregate amount to be paid for the Shares and the Prefunded Warrants purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Subscription Amount" calculated based on the Per Share Purchase Price and/or Per Prefunded Warrant Purchase Price in United States dollars and in immediately available funds.

"<u>Subsidiary</u>" means any subsidiary of the Company as set forth in Exhibit 8.1 to the Company's most recently filed annual report on Form 20-F.

"<u>Trading Day</u>" means a day on which the principal Trading Market is open for trading.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, the Prefunded Warrants and all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

"<u>Transfer Agent</u>" shall have the meaning ascribed to such term in Section 4.1(c).

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**ARTICLE II.** 

**PURCHASE AND SALE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Closing</u>. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to issue, and the Purchasers, severally and not jointly, agree to acquire, up to such number of Shares and/or Prefunded Warrants as specified below such Purchaser's name on the signature page of this Agreement. Notwithstanding anything herein to the contrary, to the extent that a Purchaser determines, in its sole discretion, that such Purchaser's Subscription Amount would cause such Purchaser's beneficial ownership of Ordinary Shares or Ordinary Shares underlying the ADSs to exceed the Beneficial Ownership Limitation, or as such Purchaser may otherwise choose, such Purchaser may elect to purchase Prefunded Warrants in lieu of the Shares as determined pursuant to Section 2.2(a). The "<u>Beneficial Ownership Limitation</u>" shall be 9.99% (or, at the election of the Purchaser at Closing, 4.99%) of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of the Securities on the Closing Date. The Company shall deliver to each Purchaser its respective Shares and/or Prefunded Warrants (as applicable to such Purchaser) at the Closing, in each case, as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall take place remotely by electronic transfer of the Closing documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Deliveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date (except as indicated below), the Company shall deliver or cause to be delivered to each Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company's wire instructions on Company letterhead and executed by the Company's Chief Executive Officer or Vice President, Finance and Controller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate, in form and substance reasonably acceptable to the Purchasers, certifying that the conditions specified in <u>Sections 2.3(b)(i), 2.3(b)(ii), 2.3(b)(iv), 2.3(b)(v)</u> and <u>2.3(b)(vi)</u> of this Agreement have been fulfilled, signed by the Chief Executive Officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a certificate, in form and substance reasonably acceptable to the Purchasers, certifying (i) the constitution of the Company, and (ii) authorization of the Board of Directors of the Company approving this Agreement and the transactions contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate, in form and substance reasonably acceptable to the Purchasers, signed by the Vice President, Finance and Controller of the Company, dated the Closing Date, certifying certain financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if applicable, a copy of an account statement from the Company's Transfer Agent evidencing that the Shares purchased such Purchaser pursuant to this Agreement has been issued to such Purchaser and registered in the name of such Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if applicable, a Prefunded Warrant registered in the name of such Purchaser to purchase up to such number of ADSs as specified below such Purchaser's name on the signature page of this Agreement, with an exercise price equal to $0.0001 per ADS, subject to adjustment therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) opinions of each of Company Australian Counsel and Company U.S. Counsel, each dated as of the Closing Date, and each in customary form and substance to be reasonably agreed upon with the Purchasers and addressing such legal matters as the Purchasers and the Company reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement duly executed by such Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Purchaser's Subscription Amount, which shall be wire to the Company's bank account pursuant to the wire instructions provided by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Closing Conditions</u>. The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall have been no Material Adverse Effect with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from the date hereof to the Closing Date, none of the following events shall have occurred: (A) trading in the ADSs has been suspended or delisted by the Commission or any Trading Market, whether as a result of the staff determination letter received by the Company from The Nasdaq Capital Market on November 12, 2025, or otherwise; (B) any domestic or international event or act or occurrence has materially disrupted , or in the reasonable judgment of the Placement Agent will in the immediate future materially disrupt, general securities markets in the United States; (C) trading on the New York Stock Exchange or the Nasdaq Stock Market LLC has been suspended or materially limited, or minimum or maximum prices for trading has been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; (D) a banking moratorium has been declared by an authority of the State of New York or by a federal authority of the United States of America or of the Commonwealth of Australia; (E) a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; and (F) the Company has sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss has been insured, will, in the reasonable judgment of the Placement Agent, make it inadvisable to proceed with transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by this Agreement.

**ARTICLE III.** 

**REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Representations and Warranties of the Company</u>. The Company hereby makes the following representations and warranties to each Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Exhibit 8.1 to the Company's most recently filed annual report on Form 20-F. The Company owns, directly or indirectly, all of the share capital or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding share capital of each Subsidiary are validly issued and are fully paid, non-assessable (if applicable) and free of preemptive and similar rights to subscribe for or purchase securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organization and Qualification</u>. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing, and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws of the jurisdiction of its incorporation or organization (if the concept of good standing exists in such jurisdiction), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective constitution, certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing (if the concept of good standing exists in such jurisdiction) as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in: (i) a material adverse change on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse change on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse change on the Company's ability to perform in any respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a "<u>Material Adverse Effect</u>") and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors, a committee of the Board of Directors, or the Company's shareholders in connection herewith or therewith, in each case, other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's constitution, certificate or articles of association, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Filings, Consents and Approvals</u>. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) application(s) to each applicable Trading Market for the listing of the ADSs issuable upon exchange of the Shares and the Pre-Funded Warrant ADSs for trading thereon in the time and manner required thereby, and (iii) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the "<u>Required Approvals</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Issuance of the Securities</u>. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid, free and clear of all Liens imposed by the Company, other than any restrictions on transfer pursuant to the Transaction Documents. The Prefunded Warrants are duly authorized and, when issued in accordance with this Agreement, will be duly and validly issued and constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms free and clear of all Liens imposed by the Company. The Prefunded Warrant ADSs and the Prefunded Warrant Shares are duly authorized and, when issued in accordance with the terms of the Prefunded Warrants, will be duly and validly issued, fully paid, free and clear of all Liens imposed by the Company, other than restrictions on transfer provided for in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Capitalization</u>. The SEC Reports (as defined below) set forth the capitalization of the Company as of the date set forth therein. Except as disclosed in the SEC Reports, the Company has not issued any share capital, other than (i) pursuant to the exercise of employee share options under the Company's share option plans, the issuance of Ordinary Shares to employees pursuant to the Company's employee share purchase plans and pursuant to the conversion and/or exercise of Ordinary Share Equivalents, (ii) Ordinary Shares represented by ADSs issued pursuant to that certain Purchase Agreement, by and between the Company and Alumni Capital LP, dated as of April 19, 2024, as may be amended from time to time (the "Alumni Purchase Agreement"), (iii) Ordinary Shares represented by ADSs issued pursuant to the At the Market Offering Agreement dated as of July 25, 2025 between the Company and Rodman & Renshaw LLC relating to the sale of ADSs in "at the market offerings," and (iv) Ordinary Shares represented by ADSs pursuant to the exercise of any common warrants or pre-funded warrants to purchase Ordinary Shares or ADSs that have been disclosed in the SEC Reports. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Securities or as set forth in the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any ADSs, Ordinary Shares, or the share capital of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional ADSs, Ordinary Shares or Ordinary Share Equivalents or share capital of any Subsidiary. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue ADSs, Ordinary Shares or other securities to any Person (other than the Purchasers). Except as disclosed in the SEC Reports, there are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or "phantom share" plans or agreements or any similar plan or agreement. All of the outstanding share capital of the Company is duly authorized, validly issued, fully paid, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no shareholder agreements, voting agreements or other similar agreements with respect to the Company's share capital to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>SEC Reports; Financial Statements</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the "<u>SEC Reports</u>") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the

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light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Corporations Act with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with the Australian Accounting Standards and Interpretations issued by the Australian Accounting Standard Board and the Corporations Act ("<u>AIFRS</u>") applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by AIFRS, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Material Changes; Undisclosed Events, Liabilities or Developments</u>. Subsequent to the respective dates as of which the Company files a Report of Foreign Issuer on Form 6-K (other than information that is furnished and not filed) or Annual Report on Form 20-F containing audited annual financial statements, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) which are material to the Company and its Subsidiaries taken as a whole, (iii) the Company has not materially altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its share capital, and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company share option plans. The Company does not have under review by the Commission any documents that contained redactions and a request for confidentially of certain provisions contained therein. Except for the issuance of the Securities contemplated by this Agreement or as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Litigation</u>. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an "<u>Action</u>") which adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There is no, and to the knowledge of the Company, there is not pending or contemplated, investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. As of the date hereof, there are not any currently outstanding comments from the Commission with respect to any of the SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Labor Relations</u>. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party. Neither the Company nor any of its Subsidiaries has violated any federal, state or local law or foreign law relating to the discrimination in hiring, promotion or pay of employees, nor any applicable wage or hour laws, or the rules and regulations thereunder, or analogous foreign laws and regulations, which might, individually or in the aggregate, result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Compliance</u>. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all applicable foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Environmental Laws</u>. To its knowledge, the Company is not in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous chemicals, toxic substances or radioactive and biological materials or relating to the protection or restoration of the environment or human exposure to hazardous chemicals, toxic substances or radioactive and biological materials (collectively, "<u>Environmental Laws</u>"), which violation individually or in the aggregate would result in a Material Adverse Effect. The Company neither owns nor, to its knowledge, operates any real property contaminated with any substance that is subject to any Environmental Laws, is not liable for any off-site disposal or contamination pursuant to any Environmental Laws, nor is it subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would individually or in the aggregate result in a Material Adverse Effect; and to the knowledge of the Company there is no pending investigation which might lead to such a claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory Permits</u>. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect ("<u>Material Permits</u>"), and the Company is not aware of the occurrence of any event which allows, or after notice or lapse of time would allow, revocation or modification of any Material Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Title to Assets</u>. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state, foreign or other taxes, for which appropriate reserves have been made therefor in accordance with AIFRS and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Intellectual Property</u>. Except as set forth in the SEC Reports, each of the Company and its Subsidiaries owns and has full right, title and interest in and to, or has valid licenses to use, each material trade name, trademark, service mark, patent, copyright, approval, trade secret and other similar rights (collectively "<u>Intellectual Property</u>") under which the Company and its Subsidiaries conduct all or any material part of their respective businesses, and the Company has not created any Lien on, or granted any right or license with respect to, any such Intellectual Property, except where the failure to own or obtain a license or right to use any such Intellectual Property could not reasonably be expected to result in a Material Adverse Effect; there is no claim pending against the Company or its Subsidiaries with respect to any Intellectual Property, and the Company and its Subsidiaries have not received notice or otherwise become aware that any Intellectual Property that it uses or has used in the conduct of its business infringes upon or conflicts with the rights of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Insurance</u>. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are generally considered adequate for the conduct of its business and the value of its properties and as are customary for the businesses in which the Company and the Subsidiaries are engaged. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Transactions With Affiliates and Employees</u>. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including share option agreements under any share option plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Sarbanes-Oxley; Internal Accounting Controls</u>. The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date, except where any such non-compliance could not reasonably be expected to result in a Material Adverse Effect. Except as set forth in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with AIFRS and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as set forth in the SEC Reports, the Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed annual report under the Exchange Act (such date, the "<u>Evaluation Date</u>"). The Company presented in its most recently filed annual report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Certain Fees</u>. Except for fees payable by the Company to the Placement Agent, no brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Investment Company</u>. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Registration Rights</u>. Except as set forth in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Listing and Maintenance Requirements</u>. The ADSs are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. As of the date hereof, trading in the ADSs has not been suspended or delisted by the Commission or any Trading Market,

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whether as a result of as a result of the staff determination letter received by the Company from The Nasdaq Capital Market on November 12, 2025, or otherwise. Except as otherwise disclosed in the Company's SEC Reports, the Company has not, in the 12 months preceding the date hereof, received written notice from any Trading Market on which the ADSs and/or Ordinary Shares are or have been listed or quoted notifying the Company that it is not in compliance with the listing or maintenance requirements of such Trading Market. The ADSs are currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's articles of association (or similar charter documents) or the laws of its jurisdiction of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company's issuance of the Securities and the Purchasers' ownership of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Disclosure</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Integrated Offering</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of the Securities under the Securities Act or (ii) of any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Solvency</u>. Except as set forth in the SEC Reports, based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The SEC Reports set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "<u>Indebtedness</u>" means (x) any liabilities for borrowed money

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or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with AIFRS. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Tax Status</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) have made or filed, or requested extensions thereof, all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) have paid all taxes and other governmental assessments and charges that are material in amount due by the taxing authority of any jurisdiction, shown or determined to be due on such returns, reports and declarations, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided, and (iii) have set aside on its books reserves reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Foreign Corrupt Practices</u>. Each of the Company, its subsidiaries and, to the knowledge of the Company, any of their respective officers, directors, supervisors, managers, agents, or employees are and have at all times been in compliance with and its participation in the offering will not violate: (A) anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope; or (B) except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, any laws with respect to import and export control and economic sanctions, including the U.S. Export Administration Regulations, the U.S. International Traffic in Arms Regulations, and economic sanctions regulations and executive orders administered by the U.S. Department of the Treasury Office of Foreign Asset Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Accountants</u>. BDO Australia Ltd. (the "<u>Auditor</u>"), is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board (the "<u>PCAOB</u>"), including the rules and regulations promulgated by such entity. To the Company's knowledge, after reasonable inquiry, the Auditor is currently registered and in good standing with the PCAOB and the PCAOB has not made any determination with respect to the Auditor under the Holding Foreign Companies Accountable Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Acknowledgment Regarding Purchasers' Purchase of Securities</u>. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' purchase of the Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>FDA</u>. Except as disclosed in the SEC Reports, the Company and its Subsidiaries: (A) are and, since January 1, 2022, have been in compliance with all applicable statutes, rules, or regulations, including but not limited to those administered by the FDA, EMA and similar governmental authorities (foreign or local) regarding the testing, development, manufacture, packaging, processing, use, distribution, labeling, storage, import, export or disposal of any products being developed, manufactured or distributed by the Company or its Subsidiaries ("<u>Applicable Laws</u>"), except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (B) have not received any warning letter or other written correspondence

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or notice from the FDA, EMA or any other governmental authority alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws ("<u>Authorizations</u>"); (C) to the Company's knowledge, have since January 1, 2022, possessed all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (D) have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and have no knowledge that any such governmental authority or third party intends to initiate any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) have not received written notice that any governmental authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations; (F) have, since January 1, 2022, filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission); and (G) have not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the Company's knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Cybersecurity</u>. Except as disclosed in the SEC Reports, (i)(x) there has been no material security breach or other material compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the sensitive or proprietary data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and (y) the Company and the Subsidiaries have not been notified in writing of, and have no knowledge of any event or condition that would reasonably be expected to result in, any material security breach or other material compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Share Option Plans</u>. Each share option granted by the Company under the Company's share option plan was granted (i) in accordance with the terms of the Company's share option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such share option would be considered granted under <u>AIFRS</u> and applicable law. No share option granted under the Company's share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Compliance with Sanction Laws</u>. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any directors, officers or employees of the Company or any of its Subsidiaries or any agent, affiliate or other person associated with or acting on behalf of the Company or any of its Subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, OFAC or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, the Office of Financial Sanctions Implementation of the United Kingdom of Great Britain and Northern Ireland (OFSI) or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic (each, a "<u>Sanctioned Country</u>"); and

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the Company will not directly or indirectly use the proceeds of the transactions contemplated herein, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past three years, the Company has not knowingly engaged in and is not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Compliance with Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended including the Money Laundering Control Act of 1986, as amended, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental entity applicable to the Company (collectively, the "<u>Money Laundering Laws</u>"), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Private Placement</u>. Assuming the accuracy of the Purchasers' representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>No General Solicitation or Advertising</u>. Neither the Company nor, to the knowledge of the Company, any Person acting on behalf of the Company has offered or sold any of the Securities by any form of "general solicitation" or "general advertising" within the meaning of such terms in Regulation D under the Securities Act. The Company has offered the Securities for sale only to the Purchasers and certain other "accredited investors" within the meaning of Rule 501 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>No Disqualification Events</u>. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, or, to the knowledge of the Company, any beneficial owner (as that term is defined in Rule 13d-3 under the Exchange Act) of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an "<u>Issuer Covered Person</u>") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "<u>Disqualification Event</u>"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Other Covered Persons</u>. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>No Side Letters</u>. The Company does not have any agreement or understanding (including side letters) with any Purchaser with respect to the transactions contemplated by this Agreement and the Transaction Documents other than as specified in this Agreement and the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Representations and Warranties of the Purchasers</u>. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Authority</u>. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and

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to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the legal, valid and binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Understandings or Arrangements</u>. Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Such Purchaser understands that the Securities are "restricted securities" as defined in Rule 144(a)(3) under the Securities Act and have not been registered under the Securities Act or registered or qualified any applicable state securities law and is acquiring such Securities as principal for his, her or its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser's right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Prefunded Warrants, it will be (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8) (so long as such entity is composed exclusively of qualified institutional buyers, as defined in Securities Act Rule 144A), (a)(9), (a)(12), or (a)(13) under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a) under the Securities Act and a sophisticated or professional investor under sections 708(8) and 708(11) of the Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Experience of Such Purchaser</u>. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Access to Information</u>. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Transactions and Confidentiality</u>. Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material

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terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser's representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>General Solicitation</u>. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Australian Law Warranties</u>. The Purchaser: (i) is acquiring the Securities in compliance with the *Foreign Acquisitions and Takeovers Act 1975 (Cth) and Foreign Acquisitions and Takeovers Regulation* 2015 (Cth) and will not be required to give notice to the Treasurer of the Commonwealth of Australia under such laws and regulations; (ii) is a "sophisticated investor" or a "professional investor" pursuant to section 708(8) or section 708(11) of the Corporations Act respectively, or otherwise exempted from the disclosure requirements under Chapter 6D of the Corporations Act or is a person outside Australia to whom an offer of securities can be made in accordance with the applicable laws of the jurisdiction in which it is situated or subject to without a prospectus disclosure, (iii) and is not a "related party" (as that term is defined in the Corporations Act) of the Company.

The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser's right to rely on the Company's representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

**ARTICLE IV.** 

**OTHER AGREEMENTS OF THE PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Removal of Legends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company (such consent not to be unreasonably withheld), the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in substantially the following form: NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE

FOR OR EXCHANGEABLE INTO HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,

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THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. NO REPRESENTATION IS MADE BY THE ISSUER AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THESE SECURITIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Legends on any (including the legend set forth in Section 4.1(b) hereof) certificates evidencing the Securities shall be removed: (i) while a registration statement covering the resale of such security is effective (and not subject to blackout) under the Securities Act and a sale or transfer is in accordance with the plan of distribution described therein, or (ii) following any sale of such Securities pursuant to Rule 144 (assuming cashless exercise of the Prefunded Warrants), or (iii) if such Securities are eligible for sale under Rule 144 (assuming cashless exercise of the Prefunded Warrants) without volume or manner of sale restrictions under Rule 144 and the requirement for the Company to be in compliance with the current public information requirements under Rule 144(c)(1), or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Depositary or if the Ordinary Shares are listed on a Trading Market, the Company's transfer agent ("Transfer Agent"), as applicable, or the Purchaser promptly if required by the Depositary or Transfer Agent, as applicable, to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. If all or any portion of a Prefunded Warrant is exercised at a time when such Prefunded Warrant ADSs or Prefunded Warrant Shares may be sold without volume or manner of sale restrictions under Rule 144 and the requirement for the Company to be in compliance with the current public information requirements under Rule 144(c)(1) (assuming cashless exercise of the Prefunded Warrants) or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Prefunded Warrant ADSs or Prefunded Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this Section 4.1(c), the Company will use commercially reasonable efforts to, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Depositary of a certificate representing the Securities issued with a restrictive legend (such date, the "Legend Removal Date"), receipt of notice of the sale or other permitted disposition and receipt from the Purchaser of a customary sale or "contemplated sale" seller representation letter and other documentation (but not any broker representation letters) reasonably requested by the Company, its Depositary or Transfer Agent, as applicable, and the Company's Depositary or Transfer Agent, as applicable, deliver or cause to be delivered to such Purchaser a certificate representing such Securities that are free from all restrictive and other legends. The Company shall use commercially reasonable efforts to promptly deliver any instructions required to be delivered to the Depositary or Transfer Agent, as applicable, in accordance with such delivery of book-entry security entitlements. The Company may not make any notation on its records or give instructions to the Depositary or Transfer Agent, as applicable, that enlarge the restrictions on transfer set forth in this Section 4. Each Purchaser hereby agrees that the removal of the restrictive legend pursuant to this Section 4.1 is predicated upon the Company's reliance that such Purchaser will sell any such Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom. The Securities subject to legend removal hereunder shall be transmitted by the Depositary to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the ADSs, as in effect on the date of delivery of a certificate representing Securities issued with a restrictive legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Furnishing of Information; Public Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the earlier of the time that no Purchaser owns Securities, the Company covenants to maintain the registration of the ADSs under Section 12(b) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act; provided, however, that this covenant shall not prevent a sale, merger or similar transaction involving the Company. If the Company is not required to file reports with the Commission pursuant to such laws, it will, for so long as the Purchaser holds the Securities, prepare and furnish to the Purchaser and make publicly available the information described in Rule 144(c)(2), if the provision of such information will allow resales of the Shares purchased hereunder pursuant to Rule 144.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Integration</u>. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2(a)(1) of the Securities Act) that would be integrated with the offer and sale of the Securities in a manner that would require registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Securities Laws Disclosure; Publicity</u>. The Company shall by the Disclosure Time, file with the Commission a press release and/or furnish a Report of Foreign Private Issuer on Form 6-K, including the Transaction Documents as exhibits thereto, to the Commission (the earlier of the press release and the Form 6-K, (the "<u>Disclosure Document</u>") disclosing (i) all material terms of the transactions contemplated hereby and by the other Transaction Documents and (ii) all material non-public information concerning the Company disclosed to the Purchasers. Following the issuance or filing of the Disclosure Document, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent. In addition, effective upon the earlier of (i) the Disclosure Time and (ii) the issuance or filing of the Disclosure Document, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting securities transactions. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement (other than press releases or public statements that are consistent with the disclosures described in the first sentence of this Section 4.4, or required filings with the Commission) without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of the Placement Agent, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Shareholder Rights Plan</u>. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an "<u>Acquiring Person</u>" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Non-Public Information</u>. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented in writing to the receipt of such information and agreed in writing with the Company to keep such information confidential. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, Affiliates or agents, including, without limitation, the Placement Agent, not to trade on the basis

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of, such material, non-public information, provided that the Purchaser shall remain subject to applicable laws. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously with the delivery of such notice furnish such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Use of Proceeds</u>. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion of the Company's debt (other than payment of trade payables in the ordinary course of the Company's business and prior practices), (b) for the redemption of any ADSs, Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Indemnification of Purchasers</u>. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "<u>Purchaser Party</u>") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and actual, reasonable and documented attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents, (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct) or (c) in connection with any registration statement of the Company providing for the resale by the Purchasers of the Securities, the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable and documented attorneys' fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and, the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. To the extent that a Purchaser Party fails to provide timely notice of a claim for indemnity under this Section 4.8, and such failure materially prejudices the Company's ability to defend against such claim, the Company shall have no obligation under this Section 4.8 to indemnify the Purchaser Party for the claim (or portion thereof) that was so affected. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the reasonable and documented fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent

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that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or the other Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred; provided, that if the Purchaser Party is determined by final judgment of a court of competent jurisdiction to be not entitled to indemnification, the Purchaser Party shall promptly reimburse the Company for the funds that were advanced. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Reservation of ADSs and Ordinary Shares</u>. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of ADSs and Ordinary Shares for the purpose of enabling the Company to issue Ordinary Shares pursuant to this Agreement and Prefunded Warrant Shares and Prefunded Warrant ADSs pursuant to any exercise of the Prefunded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Listing of ADSs</u>. The Company hereby agrees to use best efforts to maintain the listing or quotation of the ADSs on each Trading Market on which the ADSs are currently listed or quoted, and concurrently with the Closing, the Company shall apply to list or quote all of the Prefunded Warrant ADSs on such Trading Markets and promptly secure the listing of all of the Prefunded Warrant ADSs on such Trading Markets. The Company further agrees, if the Company applies to have the ADSs or Ordinary Shares traded on any other Trading Market, it will then include in such application all of the Ordinary Shares, Prefunded Warrant ADSs, and Prefunded Warrant Shares, and will take such other action as is necessary to cause all of the Shares, Prefunded Warrant ADSs and Prefunded Warrants Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its ADSs or Ordinary Shares, as applicable, on a Trading Market and will comply in all respects with the Company's reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the ADSs or Ordinary Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Equal Treatment of Purchasers</u>. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any Transaction Document unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 <u>Certain Transactions and Confidentiality</u>. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the Disclosure Document as described in Section 4.4 (or the earlier termination of this Agreement). Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the Disclosure Document as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction (other than as disclosed to its legal and other representatives). Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the Disclosure Document as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the Disclosure Document as described in Section 4.4, and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company, any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agent, including, without limitation, the Placement Agent, after the issuance of the Disclosure Document as described in Section 4.4. Notwithstanding the foregoing, in

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the case of a Purchaser that is a multi- managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 <u>Exercise Procedures</u>. The form of Notice of Exercise included in the Prefunded Warrants set forth the totality of the procedures required of the Purchasers in order to exercise the Prefunded Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers to exercise their Prefunded Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required in order to exercise the Prefunded Warrants. The Company shall honor exercises of the Prefunded Warrants and shall deliver the Prefunded Warrant ADSs and Prefunded Warrant Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 <u>Form D; Blue Sky Filings</u>. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or "Blue Sky" laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 <u>Registration Procedures and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement</u>. The Company shall, on or before the date that is 30 calendar days following the Closing Date (such date, the "<u>Filing Deadline</u>"), prepare and file with the Commission a registration statement on Form F-1 (or other appropriate form) (the "<u>Registration Statement</u>"), relating to and providing for the resale by the Purchasers of the Shares represented by the ADSs acquired by the Purchasers under this Agreement and the Prefunded Warrant ADSs and Prefunded Warrant Shares issued and issuable upon exercise of the Prefunded Warrants (for purposes of this Section 4.15, "Prefunded Warrant ADSs and Prefunded Warrant Shares" assumes the Pre-Funded Warrants are exercised in full without regard to any exercise limitations therein), by the Purchasers on a continuous basis pursuant to Rule 415 under the Securities Act. The Company shall provide the Purchasers an opportunity to review and comment on all disclosures regarding the Purchasers and any plan of distribution proposed by them in connection with the preparation of any Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effectiveness Deadline</u>. The Company shall use its commercially reasonable efforts to cause the Commission to declare the Registration Statement effective as soon as practicable after the date of the filing thereof and in any event within the earlier of (i) 45 calendar days following the filing date of the Registration Statement (or, in the event of a "full review" by the Commission, 60 calendar days following the filing date of the Registration Statement) and (ii) five Business Days after the date on which the staff of the Commission (the "Staff") indicates to the Company that it will not review or has no further comments on the Registration Statement (such date, the "<u>Effectiveness Deadline</u>"); and to keep such Registration Statement effective at all times until no Purchaser owns any Securities (the "<u>Effectiveness Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendments and Supplements; Allowable Suspensions</u>. The Company shall promptly prepare and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective. By 9:30 a.m. New York time on the Business Day following the date the Registration Statement is declared effective, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to the Registration Statement. On no more than two occasions and for not more than 45 consecutive days or for a total of not more than 60 days in any 12 month period, the Company may suspend the use of the prospectus in the Registration Statement, in the event that the Company or Board of Directors determines, in good faith and upon advice of legal counsel, that such delay or suspension is necessary to (A) delay the disclosure of material non-public information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company, (B) amend or supplement the Registration Statement or the related prospectus so that the Registration Statement or prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they were made, not misleading, or (C) amend or supplement the

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Registration Statement or the related prospectus due to the passage of time that makes the financial statements included, or incorporated by reference, in the Registration Statement ineligible for inclusion or incorporation by reference therein (an "<u>Allowed Suspension</u>"); provided, that the Company shall promptly (a) notify each Purchaser in writing of the commencement of an Allowed Suspension, but shall not (without the prior written consent of an Purchaser) disclose to such Purchaser any material non-public information giving rise to an Allowed Suspension, (b) advise the Purchasers in writing to cease all sales under the Registration Statement until the end of the Allowed Suspension and (c) use commercially reasonable efforts to terminate an Allowed Suspension as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liquidated Damages</u>. If either: (a) the Registration Statement is (i) not filed with the Commission on or before the Filing Deadline in violation of Section 4.15(a) (a "<u>Filing Failure</u>"), or (ii) if filed but not declared effective by the Commission on or before the Effectiveness Deadline (an "<u>Effectiveness Failure</u>"), or (b) on any day during the Effectiveness Period and after the date on which the Registration Statement is declared effective, sales of all of the Securities required to be included on such Registration Statement cannot be made pursuant to such Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective, to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or to register a sufficient number of Securities as required by this Agreement, but excluding, unavailability of such Registration Statement or the prospectus due to an Allowed Suspension) (a "<u>Maintenance Failure</u>"), then, in satisfaction of the damages to any Purchaser by reason of any such delay in or reduction of its ability to sell the Securities, the Company shall, upon written demand by any Purchaser, pay to each such Purchaser then holding Securities relating to such Registration Statement an amount in cash equal to 0.1% multiplied by the aggregate Subscription Amount paid by such Purchaser pursuant to the Purchase Agreement on each of the following dates (as applicable): (x) for each day following such Filing Failure until such Filing Failure is cured; (y) for each day following such Effectiveness Failure until such Effectiveness Failure is cured; and (z) for each day following such Maintenance Failure until such Maintenance Failure is cured; provided that the aggregate amount of payments made by the Company to any Purchaser under this Section 4.15(d) shall not exceed 6% of the aggregate Subscription Amount paid by such Purchaser pursuant to the Purchase Agreement. The payments to which a Purchaser shall be entitled pursuant to this Section 4.15(d) are referred to herein as "Registration Delay Payments". The Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments is cured. If a Purchaser elects to receive the Registration Delay Payments and such payments are timely paid, then the Registration Delay Payments described in this Section 4.15(d) shall constitute the Purchasers' exclusive monetary remedy for any Filing Failure, Effectiveness Failure or Maintenance Failure. To the extent that a Purchaser does not elect to receive the Registration Delay Payments or such payments are not timely made by the Company, then the Purchaser may assert any other damages arising from such delays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Related Obligations</u>. At such time as the Company is obligated to file the Registration Statement with the Commission pursuant to Section 4.15(a) hereof, the Company will use commercially reasonable efforts to effect the registration of the Shares, the Prefunded Warrant ADSs and Prefunded Warrant Shares in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company shall submit to the Commission, within two Business Days after the Company learns that no review of the Registration Statement will be made by the Staff or that the Staff has no further comments on the Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time and date not later than two Business Days after the submission of such request, subject to the approval of the Staff. The Company shall use its commercially reasonable efforts to keep each Registration Statement effective pursuant to Rule 415 at all times with respect to each Purchaser's Shares, the Prefunded Warrant ADSs and Prefunded Warrant Shares until the expiration of the Effectiveness Period. The Company shall ensure that each Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Company shall notify the Purchasers in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under

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which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission. The Company shall also promptly notify the Purchasers in writing (A) of any request by the Commission for amendments or supplements to the Registration Statement or related prospectus or related information, and (B) of the Company's reasonable determination that a post-effective amendment to the Registration Statement would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Company shall use commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of the Registration Statement, or the suspension of the qualification of any of the Shares, the Prefunded Warrant ADSs and Prefunded Warrant Shares for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest practicable moment and to notify the Purchasers of the issuance of such order and the resolution thereof or its receipt of notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Neither the Company nor any affiliate thereof shall identify any Purchaser as an underwriter in any public disclosure or filing with the Commission or any applicable Trading Market without the prior written consent of such Purchaser, and any Purchaser being deemed an underwriter by the Commission shall not relieve the Company of any obligations it has under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Registration Expenses</u>. The Company shall bear all expenses in connection with the procedures in paragraphs (a) through (f) of this Section 4.15 and the registration of the Shares, the Prefunded Warrant ADSs and Prefunded Warrant Shares pursuant to the Registration Statement, other than fees and expenses, if any, of counsel or other advisers to the Purchasers or underwriting discounts, brokerage fees and commissions incurred by the Purchasers, if any in connection with the offering of the Shares, the Prefunded Warrant ADSs and Prefunded Warrant Shares pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 <u>Notice of Disqualification Events</u>. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 <u>Standstill</u>. From the date hereof until the sixtieth (60th) day following the effectiveness of the Registration Statement whereby all ADSs and Prefunded Warrant ADSs are registered for resale, as described in Section 4.15 hereof, neither the Company nor any Subsidiary shall (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Ordinary Shares or Ordinary Share Equivalents or (ii) file any registration statement or any amendment or supplement thereto, in each case other than the Registration Statement as contemplated by this Agreement, except for (x) the filing of a Form S-8 registration statement covering the employee equity incentive plans, and (y) the filings of pre-effective amendment to the registration statement on Form F-1 (File No. 333-290598) of the Company filed with the Commission on September 30, 2025 and post-effective amendments to the effective registration statements on Form F-1 (File No. 333-284606; File No. 3333-279773; File No. 333-276774) of the Company, in each case for the purposes of incorporating by reference of the audited financials in the Company's latest 20-F and other necessary updates.

**ARTICLE V.** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Termination</u>. This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5) Trading Day following the date hereof; <u>provided</u>, <u>however</u>, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Fees and Expenses</u>. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Depositary fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company to issue ADSs or Prefunded Warrant ADSs (including in connection with any exercise notice delivered by a Purchaser to the Company)), all fees of the Depositary or transfer agent in connection with the exchange by any Purchaser of Shares for ADSs, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Entire Agreement</u>. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Amendments; Waivers</u>. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares and Prefunded Warrants purchased hereunder based on the initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or multiple Purchasers), the consent of each such disproportionately impacted Purchaser (or multiple Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Headings</u>. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchasers."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>No Third-Party Beneficiaries</u>. The Placement Agent shall be the third-party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Governing Law</u>. Each of the Transaction Documents shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City and County of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City and County of New York for the adjudication of any

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dispute hereunder or in connection herewith or with any transaction contemplated hereby (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Survival</u>. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Execution</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Rescission and Withdrawal Right</u>. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; <u>provided</u>, <u>however</u>, that in the case of a rescission of an exercise of a Prefunded Warrant, the applicable Purchaser shall be required to return any ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for such ADSs and the restoration of such Purchaser's right to acquire such ADSs pursuant to such Purchaser's Prefunded Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Replacement of Securities</u>. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Remedies</u>. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Payment Set Aside</u>. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Independent Nature of Purchasers' Obligations and Rights</u>. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through Lucosky Brookman LLP. Lucosky Brookman LLP does not represent any of the Purchasers and only represents the Placement Agent. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Saturdays, Sundays, Holidays, etc.</u> If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Construction</u>. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices, Ordinary Shares and ADSs in any Transaction Document shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the ADSs or Ordinary Shares that occur after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>**WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.**</u>

*(Signature Pages Follow)*

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | |
|:---|:---|:---|
| **KAZIA THERAPEUTICS LIMITED** | **KAZIA THERAPEUTICS LIMITED** | <u>Address for Notice</u>: |
| By: |  | E-Mail: |
|  | Name: |  |
|  | Title: |  |

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With a copy to (which shall not constitute notice):

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

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[PURCHASER SIGNATURE PAGES TO KAZIA SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser:

*Signature of Authorized Signatory of Purchaser*:

Name of Authorized Signatory:

Title of Authorized Signatory:<u> </u>

Email Address of Authorized Signatory:<u> </u>

Address for Notice to Purchaser:

Address for Delivery of Prefunded Warrants to Purchaser (if not same as address for notice):

Subscription Amount: $<u> </u>

Shares:<u> </u>

Prefunded Warrant Shares:<u> </u> (or<u> </u>ADSs if these Prefunded Warrant Shares were to be issued in the form of Prefunded Warrant ADSs)

Beneficial Ownership Blocker ☐ 4.99% or ☐ 9.99%

EIN Number:<u> </u>

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Kazia Therapeutics Limited

We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement of our report dated November 7, 2025, relating to the consolidated financial statements of Kazia Therapeutics Limited (the Company) appearing in the Company's Annual Report on Form 20-F for the year ended June 30, 2025. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

We also consent to the reference to us under the caption 'Experts' in the Prospectus.

**/s/ BDO Audit Pty Ltd** 

Sydney, Australia

December 19, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**KAZIA THERAPEUTICS LTD**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Ordinary shares, no nominal value per share | 457(a) | 5350105500 | $0.0219 | $117167310.45 | 0.0001381 | $16180.81 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $117167310.45  |  | $16180.81  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $16180.81  |

---

 **Offering Note** <br>

<sup>1</sup> (1) The Ordinary Shares registered hereby are evidenced by American Depositary Shares ("ADSs"). The ADSs, each representing five hundred (500) ordinary shares, have been registered on a separate registration statement on Form F-6 as amended and filed with the Securities and Exchange Commission on June 6, 2016 (File No. 333-128681). (2) Consists of (i) 4,530,854,000 Ordinary Shares, (ii) 469,245,000 Ordinary Shares, represented by 938,490 ADSs, issued or issuable upon the exercise of the Pre-Funded Warrants and (iii) 350,006,500 Ordinary Shares, represented by 700,013 ADSs, issued or issuable upon the exercise of the placement agent warrants, issued to the Selling Shareholders in a private placement. Pursuant to Rule 416(a) under the Securities Act, this registration statement shall also cover an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends or similar transactions. (3) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act. The price per share and maximum aggregate offering price are based on the average of the high and low prices of the registrant's ADSs on December 16, 2025, as reported on The Nasdaq Capital Market, divided by five hundred (500).

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Amount of Securities Previously Registered**  | **Maximum Aggregate Offering Price of Securities Previously Registered**  | **Form Type**  | **File Number**  | **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---