# EDGAR Filing Document

**Accession Number:** 0001949257
**File Stem:** 0001213900-23-021197
**Filing Date:** 2023-3
**Character Count:** 1009046
**Document Hash:** e61604500b8d35e35e0d0962561cd875
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-021197.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001213900-23-021197

**CONFORMED SUBMISSION TYPE**: 20FR12B/A

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Radiopharm Theranostics Ltd
- **CENTRAL INDEX KEY:** 0001949257
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41621
- **FILM NUMBER:** 23744841

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 3, 62 LYGON STREET
- **CITY:** CARLTON VIC
- **STATE:** C3
- **ZIP:** 3053
- **BUSINESS PHONE:** 61 3 9824 5254

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 3, 62 LYGON STREET
- **CITY:** CARLTON VIC
- **STATE:** C3
- **ZIP:** 3053

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

 **FORM 20-F/A**

 **(Amendment No. 1)**

**(Mark One)**

☒ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR**

☐ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from __________<u> </u> to _________<u> </u>**

**OR** 

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Date of event requiring this shell company report _________<u> </u>**

 **Commission file number 001-41621**

**Radiopharm Theranostics Limited** 

**(**Exact name of Registrant as specified in its charter and translation of Registrant's name into English)

Australia

(Jurisdiction of incorporation or organization)

Level 3, 62 Lygon Street, Carlton VIC 3053<br> Australia

(Address of principal executive offices)

Riccardo Canevari, Chief Executive Officer

Level 3, 62 Lygon Street, Carlton VIC 3053<br> Australia

Phone: +61 3 9824 5254 E-mail: rc@radiopharmtheranostics.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, as represented by American Depositary Shares | RADX | The Nasdaq Stock Market LLC |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act. **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. **None**

The number of ordinary shares outstanding as of September 30, 2022, was 255,433,248.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☐ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br>Non-accelerated filer ☐ 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 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☐ No

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **[PART I](#a_001)** | **[PART I](#a_001)** | **1** |
| &nbsp;&nbsp;&nbsp;[Item 1.](#a_002) | [Identity of Directors, Senior Management and Advisers](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 2.](#a_003) | [Offer Statistics and Expected Timetable](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 3.](#a_004) | [Key Information](#a_004) | 1 |
| &nbsp;&nbsp;&nbsp;[Item 4.](#a_005) | [Information on the Company](#a_005) | 23 |
| &nbsp;&nbsp;&nbsp;[Item 4a.](#a_006) | [Unresolved Staff Comments](#a_006) | 46 |
| &nbsp;&nbsp;&nbsp;[Item 5.](#a_007) | [Operating and Financial Review and Prospects](#a_007) | 46 |
| &nbsp;&nbsp;&nbsp;[Item 6.](#a_008) | [Directors, Senior Management and Employees](#a_008) | 51 |
| &nbsp;&nbsp;&nbsp;[Item 7.](#a_009) | [Major Shareholders and Related Party Transactions](#a_009) | 62 |
| &nbsp;&nbsp;&nbsp;[Item 8.](#a_010) | [Financial Information](#a_010) | 63 |
| &nbsp;&nbsp;&nbsp;[Item 9.](#a_011) | [The Offer and Listing](#a_011) | 63 |
| &nbsp;&nbsp;&nbsp;[Item 10.](#a_012) | [Additional Information](#a_012) | 64 |
| &nbsp;&nbsp;&nbsp;[Item 11.](#a_013) | [Quantitative and Qualitative Disclosures about Market Risk](#a_013) | 79 |
| &nbsp;&nbsp;&nbsp;[Item 12.](#a_014) | [Description of Securities Other Than Equity Securities](#a_014) | 79 |
| **[PART II](#a_015)** | **[PART II](#a_015)** | **89** |
| &nbsp;&nbsp;&nbsp;[Item 13.](#a_016) | [Defaults, Dividend Arrearages and Delinquencies](#a_016) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 14.](#a_017) | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#a_017) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 15.](#a_018) | [Controls and Procedures](#a_018) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16.](#a_019) | [Reserved](#a_019) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16a.](#a_020) | [Audit Committee Financial Expert](#a_020) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16b.](#a_021) | [Code of Ethics](#a_021) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16c.](#a_022) | [Principal Accountant Fees and Services](#a_022) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16d.](#a_023) | [Exemptions from the Listing Standards for Audit Committees](#a_023) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16e.](#a_024) | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#a_024) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16f.](#a_025) | [Change in Registrant's Certifying Accountant](#a_025) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16g.](#a_026) | [Corporate Governance](#a_026) | 89 |
| &nbsp;&nbsp;&nbsp;[Item 16h.](#a_027) | [Mine Safety Disclosure](#a_027) | 89 |
| **[PART III](#a_028)** | **[PART III](#a_028)** | **90** |
| &nbsp;&nbsp;&nbsp;[Item 17.](#a_029) | [Financial Statements](#a_029) | 90 |
| &nbsp;&nbsp;&nbsp;[Item 18.](#a_030) | [Financial Statements](#a_030) | 90 |
| &nbsp;&nbsp;&nbsp;[Item 19.](#a_031) | [Exhibits](#a_031) | 91 |

---

i

**INTRODUCTION**

Radiopharm Theranostics Limited was incorporated under the laws of Australia in February 2021. The primary listing of our ordinary shares is the Australian Securities Exchange ("ASX") and this Registration Statement relates to a secondary listing of our ordinary shares, in the form of American Depositary Shares, on the Nasdaq Capital Market. As used in this Registration Statement on Form 20-F, the terms "we," "us," "our", "Radiopharm" and the "Company" mean Radiopharm Theranostics Limited and its subsidiaries, unless otherwise indicated.

**FINANCIAL AND OTHER INFORMATION** 

Our consolidated financial statements appearing in this Registration Statement on Form 20-F are prepared in Australian dollars and in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Our consolidated financial statements appearing in this Registration Statement on Form 20-F comply with both the IFRS and Australian Accounting Standards. In this Registration Statement, all references to "U.S. dollars" or "US$" are to the currency of the United States and all references to "Australian dollars" or "$" or "A$" are to the currency of Australia.

In this Registration Statement, "fiscal year" refers to the period between July 1 and June 30 of the following year. For instance, the term "fiscal 2022" refers to our fiscal year ending June 30, 2022.

Statements made in this Registration Statement on Form 20-F concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents and are not complete descriptions of all of their terms. If we filed any of these documents as an exhibit to this Registration Statement or to any registration statement that we previously filed, you may read the document itself for a complete description of its terms.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Except for the historical information contained in this Registration Statement on Form 20-F, the statements contained in this Registration Statement on Form 20-F are "forward-looking statements" which reflect our current view with respect to future events and financial results. We urge you to consider that statements which use the terms "anticipate," "believe," "do not believe," "expect," "plan," "intend," "estimate," and similar expressions are intended to identify forward-looking statements and these forward-looking statements, include, without limitation, any statements relating to:

● our product development and business strategy, including the potential size of the markets for our products and future development and/or expansion of our products and therapies in our markets;

● our current and future research and development activities, including clinical testing and manufacturing and related costs and timing;

● sufficiency of our cash resources;

● our ability to commercialize products and generate product revenues;

● our ability to raise additional funding when needed;

● any statements concerning anticipated regulatory activities or licensing or collaborative arrangements, including our ability to obtain regulatory clearances;

● our research and development expenses;

● our operations and intellectual property risks;

● our ability to remain compliant with the Australian Securities Exchange ("ASX") and Nasdaq's continued listing standards; and

● any statement of assumptions underlying any of the foregoing.

We remind investors that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, our achievements or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by applicable law, including the securities laws of the United States, we undertake no obligation to publicly release any update or revision to any forward-looking statements to reflect new information, future events or circumstances, or otherwise after the date hereof. Please see the Risk Factors section that appears in "Item 3. Key Information – D. Risk Factors."

ii

**PART I**

 **Item 1. Identity of Directors, Senior Management and Advisers**

 ****

***A. Directors and Senior Management***

For the names, business addresses and functions of our directors and senior management, see "Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management" and "Item 6. Directors, Senior Management and Employees – C. Board Practices."

 ****

***B. Advisers***

Our legal adviser is Rimôn, Level 10, 20 Martin Place, Sydney, NSW 2000, Australia.

 ****

***C. Auditors***

Our auditors for our fiscal years 2022 and 2021 were Grant Thornton Audit Pty Ltd.

 **Item 2. Offer Statistics and Expected Timetable**

Not applicable.

 **Item 3. Key Information**

A. [Reserved]

B. Capitalization

The following table sets forth our cash and capitalization as of December 31, 2022 as derived from our financial statements, which are prepared in accordance with IFRS, as issued by the International Accounting Standards Board, and Australian Accounting Standards. The information in this table should be read in conjunction with the financial statements and related notes included in this Registration Statement.

---

| | |
|:---|:---|
|  | **As of<br> December 31,<br> 2022 (A$)** |
| Total cash | 24245939 |
| Borrowings |  |
| Equity: |  |
| &nbsp;&nbsp;&nbsp; Share capital | 95698275 |
| &nbsp;&nbsp;&nbsp; Other reserves | 9555691 |
| &nbsp;&nbsp;&nbsp; Accumulated losses | (43384700) |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | 1255632 |
| &nbsp;&nbsp;&nbsp; Total equity | 63124898 |
| Total capitalization | 63124898 |

---

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

*The following risks relate specifically to our business and should be considered carefully. Our business, financial condition and results of operations could be adversely affected by any of the following risks. As a result, the trading price of our ordinary shares and our American Depositary Shares, or ADSs, could decline and the holders could lose part or all of their investment.*

**Risks Related to Our Business**

 ****

***We have a history of operating losses and may not achieve or maintain profitability in the future*.**

We have experienced significant recurring operating losses and negative cash flows from operating activities since inception. For example, for the half-year ended December 31, 2022, we had a total comprehensive loss of A$12.6 million and negative cash flows from operating activities of approximately A$12.0 million. As of December 31, 2022, we had accumulated losses of A$43.4 million.

We are a clinical-stage radiotherapeutics company that focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical need. The success of any product development is uncertain.

We expect to continue to incur losses from operations for the foreseeable future and expect the costs of drug development to increase in the future as more patients are recruited to the clinical trials. In particular, we expect to continue to incur significant losses in the development of our clinical trials and drug candidates. Because of the numerous risks and uncertainties associated with the development, manufacturing, sales and marketing of our drug candidates, we may experience larger than expected future losses and may never become profitable.

Moreover, there is a substantial risk that we, or our development partners, may not be able to complete the development of our current drug candidates or develop other pharmaceutical products. It is possible that none of them will be successfully commercialized, which would prevent us from ever achieving profitability.

 ****

***Our research and development activities could be adversely impacted if our sources of funding and revenue are insufficient*.**

We anticipate that as the costs related to the development of our clinical trials will increase, we will require additional funds to achieve our long-term goals of commercialization and further development of our drug candidates. In addition, we will require funds to pursue regulatory applications, defend intellectual property rights, contract manufacturing capacity, potentially develop marketing and sales capability and fund operating expenses. We intend to seek such additional funding through public or private financings and/or through licensing of our assets or other arrangements with corporate partners. However, such financing, licensing opportunities or other arrangements may not be available from any sources on acceptable terms, or at all. Any shortfall in funding could result in us having to curtail or cease our research and development activities, thereby harming our business, financial condition and results of operations.

In addition, because of the numerous risks and uncertainties associated with the development of our drug candidates, we are unable to predict the timing or amount of increased research and development costs, or when, or if, we will be able to achieve or maintain profitability. Our costs could significantly increase beyond current expectations if the applicable regulatory authorities require further studies in addition to those currently anticipated. In any case, even if our drug candidates are approved for commercial sale, we anticipate incurring significant costs associated with the commercial launch of such drug candidates and there can be no guarantee that we will ever generate significant revenues.

 ****

***We currently have no source of product revenue and may never become profitable.***

Our drug candidates have not been approved for commercial sale. We expect it to be several years before they are approved, if ever, and we are able to commence sales of our drug candidates. To date, we have not generated any revenue from the licensing or commercialization of our drug candidates and do not expect to receive revenue from them for a number of years, if ever. We will not be able to generate product revenue unless and until our current drug candidates or any future drug candidates, alone or with future partners, successfully completes clinical trials, receives regulatory approval and is successfully commercialized. Although we may seek to obtain revenue from collaboration or licensing agreements with third parties, we currently have no such agreements that could provide us with material, ongoing future revenue and we may never enter into any such agreements.

 ****

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***We will require additional financing and may be unable to raise sufficient capital, which could have a material impact on our research and development programs or commercialization of our drug candidates.***

We have historically devoted most of our financial resources to research and development, including pre-clinical and clinical development activities. To date, we have financed a significant amount of our operations through equity financings. The amount of our future net losses will depend, in part, on the rate of our future expenditures and our ability to obtain funding through equity or debt financings or strategic collaborations. The amount of such future net losses, as well as the possibility of future profitability, will also depend on our success in developing and commercializing products that generate significant revenue. Our failure to become and remain profitable would depress the value of our ADSs and could impair our ability to raise capital, expand our business, maintain our research and development efforts, diversify our product offerings or even continue our operations.

We anticipate that our expenses will increase substantially for the foreseeable future if, and as, we:

● continue our research and preclinical and clinical development of our drug candidates;

● expand the scope of our current proposed clinical studies for our drug candidates;

● initiate additional preclinical, clinical or other studies for our drug candidates;

● change or add additional manufacturers or suppliers;

● seek regulatory and marketing approvals for our drug candidates that successfully complete clinical studies;

● seek to identify and validate additional drug candidates;

● acquire or in-license other drug candidates and technologies;

● maintain, protect and expand our intellectual property portfolio;

● attract and retain skilled personnel;

● create additional infrastructure to support our operations as a publicly quoted company and our product development and planned future commercialization efforts;

● add an internal sales force; and

● experience any delays or encounter issues with any of the above.

Until our drug candidates become commercially available, we will need to obtain additional funding in connection with the further development of our drug candidates. Our ability to obtain additional financing will be subject to a number of factors, including market conditions, our operating performance and investor sentiment. As such, additional financing may not be available to us when needed, on acceptable terms, or at all. If we are unable to raise capital when needed or on attractive terms, we could be forced to delay, reduce or eliminate our research and development programs or any future commercialization efforts or obtain funds by entering agreements on unattractive terms.

Furthermore, any additional equity fundraising in the capital markets may be dilutive for shareholders and any debt-based funding may bind us to restrictive covenants and curb our operating activities and ability to pay potential future dividends even when profitable. We cannot guarantee that future financing will be available in sufficient amounts or on acceptable terms, if at all. If we are unable to raise additional capital in sufficient amounts or on acceptable terms, we will be prevented from pursuing research and development efforts. This could harm our business, operating results and financial condition and cause the price of our ADSs to fall.

If we are unable to secure sufficient capital to fund our operations, then we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to third parties to develop and market drug candidates that we would otherwise prefer to develop and market ourselves. For example, strategic collaborations could require us to share commercial rights to our drug candidates with third parties in ways that we do not intend currently or on terms that may not be favorable to us. Moreover, we could also have to relinquish valuable rights to our technologies, future revenue streams, research programs or drug candidates or grant licenses on terms that may not be favorable to us.

 ****

 ****

 ***We have a limited operating history and a history of losses and expect future losses. There can be no assurances that we will achieve and sustain profitability, which makes our ability to continue as a going concern at risk. In particular, our independent auditor included in its audit report, which is part of this Registration Statement, a going concern opinion raising substantial doubt about our ability to continue as a going concern.***

We have incurred significant net losses and negative cash flow from operations since our inception. We reported a total comprehensive loss of A$12.6 million during the half-year ended December 31, 2022. We will expect to continue to incur losses in fiscal 2023 and will need to continue to raise additional funds through equity offerings for our business to survive.

Our financial statements have been prepared assuming that Radiopharm will continue as a going concern. The application of the going concern principle is dependent upon Radiopharm achieving profitable operations to generate sufficient cash flows to fund continued operations, or, in the absence of adequate cash flows from operations, obtaining additional financing. However, there is a material uncertainty as to our ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our liabilities in the normal course of business. In particular, our independent auditor included in its audit report, which is part of this Registration Statement, a going concern opinion raising substantial doubt about our ability to continue as a going concern.

The accompanying financial statements to this Registration Statement have been prepared assuming that we will continue as a going concern. As discussed in Note 20(a)(v) to the audited financial statements and in Note14(i) to the unaudited financial statements concerning the half-year ended on December 31, 2022, we incurred a net loss of A$30,420,008 and had net assets of A$62,692,719 during the year ended June 30, 2022 and we incurred a net loss of A$12,036,665 and had net assets of A$63,124,898 during the half-year ended on December 31, 2022. These conditions, along with other matters as set forth in Note 20(a)(v) and in Note 14(i), raise substantial doubt about our ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 20(a)(v) and in Note 14(i). The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Such material uncertainty as to our ability to continue as a going concern may adversely impact our ability to obtain the debt or equity financing we need to continue our business operations. If Radiopharm is unable to achieve profitable operations or obtain additional debt or equity financing, we may be required to reduce or to limit operations, or cease operations altogether and our shareholders and holders of the ADSs may lose some or all of their investment in Radiopharm.

 ****

***We may find it difficult to enroll patients in our clinical trials, and patients could discontinue their participation in clinical trials, which could delay or prevent clinical trials and make those trials more expensive to undertake.***

Identifying and qualifying patients to participate in current and any future clinical trials of our drug candidates is critical to our success. The timing of our clinical trials depends on the speed at which we can recruit patients to participate in testing our drug candidates. Patients may be unwilling to participate in any future clinical trials because of negative publicity from adverse events in the biotechnology industry. Patients could be unavailable for other reasons, including competitive clinical trials for similar patient populations, and the timeline for recruiting patients, conducting trials and obtaining regulatory approval of potential products may be delayed. If we have difficulty enrolling a sufficient number of patients to conduct any future clinical trials as planned, we may need to delay, limit or discontinue those clinical trials. Clinical trial delays could result in increased costs, slower product development, setbacks in testing the safety and effectiveness of our technology or discontinuation of the clinical trials altogether.

 ****

***Any failure to implement our business strategy could negatively impact our business, financial condition and results of operations*.**

The development and commercialization of our drug candidates is subject to many risks, including:

● additional clinical or pre-clinical trials may be required beyond what we currently expect;

● regulatory authorities may disagree with our interpretation of data from our preclinical studies and clinical studies or may require that we conduct additional studies;

● regulatory authorities may disagree with our proposed design of future clinical trials;

● regulatory authorities may delay approval of our drug candidates, thus preventing milestone payments from our collaboration partners;

● we may be unable to obtain and maintain regulatory approval of our drug candidate in any jurisdiction;

● the prevalence and severity of any side effects of any drug candidate could delay or prevent commercialization, limit the indications for any approved drug candidate, require the establishment of a risk evaluation and mitigation strategy, or cause an approved drug candidate to be taken off the market;

● regulatory authorities may identify deficiencies in manufacturing processes;

● regulatory authorities may change their approval policies or adopt new regulations;

● the third party manufacturers we expect to depend on to supply or manufacture our drug candidates may not produce adequate supply;

● we, or our third party manufacturers, may not be able to source or produce current Good Manufacturing Practice (cGMP) materials for the production of our drug candidates;

● we may not be able to manufacture our drug candidates at a cost or in quantities necessary to make commercially successful products;

● we may not be able to obtain adequate supply of our drug candidates for our clinical trials;

● we may experience delays in the commencement of, enrolment of patients in and timing of our clinical trials;

● we may not be able to demonstrate that our drug candidates are safe and effective as a treatment for its indications to the satisfaction of regulatory authorities, and we may not be able to achieve and maintain compliance with all regulatory requirements applicable to our drug candidates;

● we may not be able to maintain a continued acceptable safety profile of our products following approval;

● we may be unable to establish or maintain collaborations, licensing or other arrangements;

● the market may not accept our drug candidates;

● we may be unable to establish and maintain an effective sales and marketing infrastructure, either through the creation of a commercial infrastructure or through strategic collaborations, and the effectiveness of our own or any future strategic collaborators' marketing, sales and distribution strategy and operations will affect our profitability;

● we may experience competition from existing products or new products that may emerge;

● we and our licensors may be unable to successfully obtain, maintain, defend and enforce intellectual property rights important to protect our drug candidates; and

● we may not be able to obtain and maintain coverage and adequate reimbursement from third party payors.

If any of these risks materializes, we could experience significant delays or an inability to successfully develop and commercialize our drug candidates we or our partners may develop, which would have a material adverse effect on our business, financial condition and results of operations.

 ****

***Positive results from preclinical studies of our drug candidates are not necessarily predictive of the results of our planned clinical trials of our drug candidates*.** 

Positive results in preclinical proof of concept and animal studies of our drug candidates may not result in positive results in clinical trials in humans. Many companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical trials after achieving positive results in preclinical development or early stage clinical trials, and we cannot be certain that we will not face similar setbacks. These setbacks can be caused by preclinical findings made while clinical trials were underway or safety or efficacy observations made in clinical trials, including adverse events. Moreover, preclinical and clinical data are often susceptible to varying interpretations and analyses Many companies that believed their drug candidates performed satisfactorily in preclinical studies and clinical trials nonetheless failed to obtain FDA or other regulatory authority approval. If we fail to produce positive results in our clinical trials of our drug candidates, the development timeline and regulatory approval and commercialization prospects for our drug candidates, and, correspondingly, our business and financial prospects, would be negatively impacted.

 ****

 ****

***Ongoing and future clinical trials of drug candidates may not show sufficient safety and efficacy to obtain requisite regulatory approvals for commercial sale*.**

Phase I and Phase II clinical trials are not primarily designed to test the efficacy of a drug candidate but rather to test safety and to understand the drug candidate's side effects at various doses and schedules. Furthermore, success in preclinical and early clinical trials does not ensure that later large-scale trials will be successful nor does it predict final results. Acceptable results in early trials may not be repeated in later trials. Further, Phase III clinical trials may not show sufficient safety or efficacy to obtain regulatory approval for marketing. In addition, clinical results are frequently susceptible to varying interpretations that may delay, limit or prevent regulatory approvals. Negative or inconclusive results or adverse medical events during a clinical trial could require that the clinical trial be redone or terminated. The length of time necessary to complete clinical trials and to submit an application for marketing approval by applicable regulatory authorities may also vary significantly based on the type, complexity and novelty of the drug candidate involved, as well as other factors. If we suffer any significant delays, quality issues, setbacks or negative results in, or termination of, our clinical trials, we may be unable to continue the development of our drug candidates or generate revenue and our business may be severely harmed.

 ****

***If we do not obtain the necessary regulatory approvals, we will be unable to commercialize our drug candidates*.**

The clinical development, manufacturing, sales and marketing of our drug candidates are subject to extensive regulation by regulatory authorities in the United States, the United Kingdom, the European Union, Australia and elsewhere. Despite the substantial time and expense invested in preparation and submission of a Biologic License Application or equivalents in other jurisdictions, regulatory approval is never guaranteed. The number, size and design of preclinical studies and clinical trials that will be required will vary depending on the product, the disease or condition for which the product is intended to be used and the regulations and guidance documents applicable to any particular product. Additionally, during the review process and prior to approval, the FDA and/or other regulatory bodies may require additional data, including with respect to whether our products have abuse potential, which may delay approval. The FDA or other regulators can delay, limit or deny approval of a product for many reasons, including, but not limited to, the fact that regulators may not approve our or a third party manufacturer's processes or facilities or that new laws may be enacted or regulators may change their approval policies or adopt new regulations requiring new or different evidence of safety and efficacy for the intended use of a product.

Successful results in clinical trials and in the subsequent application for marketing approval are not guaranteed. If we are unable to obtain regulatory approvals, we will not be able to generate revenue from our drug candidates. Even if we receive regulatory approval for any of our drug candidates, our profitability will depend on our ability to generate revenues from their sale or the licensing of our technology.

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***Even if our drug candidates receive regulatory approval, it may still face development and regulatory difficulties that may delay or impair future sales of drug candidates*.**

Even if we or our licensing partners receive regulatory approval to sell any drug candidates, the relevant regulatory authorities may, nevertheless, impose significant restrictions on the indicated uses, manufacturing, labelling, packaging, adverse event reporting, storage, advertising, promotion and record keeping or impose ongoing requirements for post-approval studies. In addition, regulatory agencies subject a marketed product, its manufacturer and the manufacturer's facilities to continual review and periodic inspections. Previously unknown problems with the drug candidate, including adverse events of unanticipated severity or frequency, may result in restrictions on the marketing of the product, and could include withdrawal of the product from the market. In addition, new statutory requirements may be enacted or additional regulations may be enacted that could prevent or delay regulatory approval of our drug candidates.

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***We have limited manufacturing experience with our drug candidates*.**

We have no manufacturing capabilities and are dependent on third parties for cost effective manufacture and manufacturing process development of the company's drug candidates. Problems with third party manufacturers or the manufacturing process, or the scaling up of manufacturing activities as such may delay clinical trials and commercialization of our drug candidates.

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***To the extent we rely significantly on contractors, we will be exposed to risks related to the business and operational conditions of our contractors*.**

We are a small company, with few internal staff and limited facilities. We are and will be required to rely on a variety of contractors to manufacture and transport our drug candidates, to perform clinical testing and to prepare regulatory dossiers. Adverse events that affect one or more of our contractors could adversely affect us, such as:

● a contractor is unable to retain key staff that have been working on our drug candidates;

● a contractor is unable to sustain operations due to financial or other business issues;

● a contractor loses their permits or licenses that may be required to manufacture our drug candidates; or

● errors, negligence or misconduct that occur within a contractor may adversely affect our business.

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***We depend on, and will continue to depend on, collaboration and strategic alliances with third partners. To the extent we are able to enter into collaborative arrangements or strategic alliances, we will be exposed to risks related to those collaborations and alliances*.**

An important element of our strategy for developing, manufacturing and commercializing our drug candidates is entering into partnerships and strategic alliances with other pharmaceutical companies or other industry participants.

Any partnerships or alliance we have or may have in the future may be terminated for reasons beyond our control or we may not be able to negotiate future alliances on acceptable terms, if at all. These arrangements may result in us receiving less revenue than if we sold our products directly, may place the development, sales and marketing of our products outside of our control, may require us to relinquish important rights or may otherwise be on unfavorable terms. Collaborative arrangements or strategic alliances will also subject us to a number of risks, including the risk that:

● we may not be able to control the amount and timing of resources that our strategic partner/collaborators may devote to the drug candidates;

● strategic partner/collaborators may experience financial difficulties;

● the failure to successfully collaborate with third parties may delay, prevent or otherwise impair the development or commercialization of our drug candidates or revenue expectations;

● products being developed by partners/collaborators may never reach commercial stage resulting in reduced or even no milestone or royalty payments;

● business combinations or significant changes in a collaborator's business strategy may also adversely affect a collaborator's willingness or ability to complete their obligations under any arrangement;

● a collaborator could independently move forward with a competing product developed either independently or in collaboration with others, including our competitors; and

● collaborative arrangements are often terminated or allowed to expire, which would delay the development and may increase the cost of developing drug candidates.

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***Because we rely on third party manufacturing and supply partners, our supply of research and development, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality*.**

We rely on third party supply and manufacturing partners to manufacture and supply the materials for our research and development and preclinical and clinical study supplies. We do not own manufacturing facilities or supply sources for such materials.

There can be no assurance that our supply of research and development, preclinical and clinical development biologics and other materials will not be limited, interrupted or restricted in certain geographic regions, be of satisfactory quality or continue to be available at acceptable prices. Replacement of a third-party manufacturer could require significant effort, cost and expertise because there may be a limited number of qualified replacements.

The manufacturing process for a drug candidate is subject to FDA and foreign regulatory authority review. Suppliers and manufacturers must meet applicable manufacturing requirements and undergo rigorous facility and process validation tests required by regulatory authorities in order to comply with regulatory standards. In the event that any of our suppliers or manufacturers fails to comply with such requirements or to perform its obligations to us in relation to quality, timing or otherwise, or if our supply of components or other materials becomes limited or interrupted for other reasons, we may be forced to manufacture the materials ourselves or enter into an agreement with another third party, which would be costly and delay any future clinical trials.

Further, if any third-party provider fails to meet its obligations to manufacture our products, or fails to maintain or achieve satisfactory regulatory compliance, the development of such substances and the commercialization of any therapies, if approved, could be stopped, delayed or made commercially unviable, less profitable or may result in enforcement actions against us.

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***Our research and development efforts will be jeopardized if we are unable to retain key personnel and cultivate key academic and scientific collaborations*.**

Changes in our senior management can be disruptive to our business and may adversely affect our operations. For example, when we have changes in senior management positions, we may elect to adopt different business strategies or plans. Any new strategies or plans, if adopted, may not be successful and if any new strategies or plans do not produce the desired results, our business may suffer.

Moreover, competition among biotechnology and pharmaceutical companies for qualified employees is intense and as such we may not be able to attract and retain personnel critical to our success. Our success depends on our continued ability to attract, retain and motivate highly qualified management, clinical and scientific personnel, manufacturing personnel, sales and marketing personnel and on our ability to develop and maintain important relationships with clinicians, scientists and leading academic and health institutions. If we fail to identify, attract, retain and motivate these highly skilled personnel, we may be unable to continue our product development and commercialization activities.

In addition, biotechnology and pharmaceutical industries are subject to rapid and significant technological change. Our drug candidates may be or become uncompetitive. To remain competitive, we must employ and retain suitably qualified staff that are continuously educated to keep pace with changing technology but may not be in a position to do so.

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***We may encounter difficulties in managing our growth, which could negatively impact our operations.***

As we advance our clinical development programs for drug candidates, seek regulatory approval in the United States and elsewhere and increase the number of ongoing product development programs, we anticipate that we will need to increase our product development, scientific and administrative headcount. We will also need to establish commercial capabilities in order to commercialize any drug candidates that may be approved. Such an evolution may impact our strategic focus and our deployment and allocation of resources.

Our ability to manage our operations and growth effectively depends upon the continual improvement of our procedures, reporting systems and operational, financial and management controls. We may not be able to implement administrative and operational improvements in an efficient or timely manner and may discover deficiencies in existing systems and controls. If we do not meet these challenges, we may be unable to execute our business strategies and may be forced to expend more resources than anticipated addressing these issues.

We may acquire additional technology and complementary businesses in the future. Acquisitions involve many risks, any of which could materially harm our business, including the diversion of management's attention from core business concerns, failure to effectively exploit acquired technologies, failure to successfully integrate the acquired business or realize expected synergies or the loss of key employees from either our business or the acquired businesses.

In addition, in order to continue to meet our obligations as a publicly listed company in both Australia and the United States and to support our anticipated long-term growth, we will need to increase our general and administrative capabilities. Our management, personnel and systems may not be adequate to support this future growth.

If we are unable to successfully manage our growth and the increased complexity of our operations, our business, financial position, results of operations and prospects may be harmed.

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***Future potential sales of our drug candidates may suffer if they are not accepted in the marketplace by physicians, patients and the medical community*.**

There is a risk that our drug candidates may not gain market acceptance among physicians, patients and the medical community, even if they are approved by the regulatory authorities. The degree of market acceptance of any of our approved drug candidates will depend on a variety of factors, including:

● timing of market introduction, number and clinical profile of competitive products;

● our ability to provide acceptable evidence of safety and efficacy and our ability to secure the support of key clinicians and physicians for our drug candidates;

● cost-effectiveness compared to existing and new treatments;

● availability of coverage, reimbursement and adequate payment from health maintenance organizations and other third party payers;

● prevalence and severity of adverse side effects; and

● other advantages over other treatment methods.

Physicians, patients, payers or the medical community may be unwilling to accept, use or recommend our drug candidates which would adversely affect our potential revenues and future profitability. Adverse publicity or public perception regarding our drug candidates may negatively influence the success of these therapies.

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***We face competition from entities that may develop drug candidates for our target disease indications, including companies developing novel treatments and technology platforms based on modalities and technology similar to ours.***

The development and commercialization of drug candidates is highly competitive. Multinational pharmaceutical companies and specialized biotechnology companies could develop drug candidates and processes competitive with our drug candidates. Competitive therapeutic treatments include those that have already been approved and accepted by the medical community, patients and third party payers, and any new treatments that enter the market.

There may be a significant number of products that are currently under development, and may become commercially available in the future, for the treatment of conditions for which we are developing, and may in the future try to develop, drug candidates.

Multinational pharmaceutical companies and specialized biotechnology companies could have significantly greater financial, technical, manufacturing, marketing, sales and supply resources and experience than we have. If we successfully obtain approval for any drug candidate, we could face competition based on many different factors, including the safety and effectiveness of our drug candidates, the ease with which our drug candidates can be administered and the extent to which patients accept relatively new routes of administration, the timing and scope of regulatory approvals for these drug candidates, the availability and cost of manufacturing, marketing and sales capabilities, price, reimbursement coverage and patent position.

Competing products could present superior treatment alternatives, including by being more effective, safer, less expensive or marketed and sold more effectively than any products we may develop. Competitive products may make any products we develop obsolete or non-competitive before we recover the expense of developing and commercializing our drug candidates. Such competitors could also recruit our employees, which could negatively impact our level of expertise and our ability to execute our business plan.

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***If healthcare insurers and other organizations do not pay for our drug candidates or impose limits on reimbursement, our future business may suffer.***

Our drug candidates may be rejected by the market due to many factors, including cost. The continuing efforts of governments, insurance companies and other payers of healthcare costs to contain or reduce healthcare costs may affect our future revenues and profitability. In Australia and certain foreign markets, the pricing of pharmaceutical products is subject to government control. We expect initiatives for similar government control to continue in the United States and elsewhere. The adoption of any such legislative or regulatory proposals could harm our business and prospects.

Successful commercialization of our drug candidates will depend in part on the extent to which reimbursement for the cost of our products and related treatment will be available from government health administration authorities, private health insurers and other organizations. Our drug candidates may not be considered cost-effective and reimbursement may not be available to consumers or may not be sufficient to allow our products to be marketed on a competitive basis. Third-party payers are increasingly challenging the price of medical products and treatment. If third party coverage is not available for our drug candidates, then the market acceptance of these drug candidates will be reduced. Cost-control initiatives could decrease the price we might establish for drug candidates, which could result in product revenues lower than anticipated. If the price for our drug candidates decreases or if governmental and other third-party payers do not provide adequate coverage and reimbursement levels our potential revenue and prospects for profitability will suffer.

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***We could become exposed to product liability claims that could harm our business.***

The testing, marketing and sale of therapeutic products entails an inherent risk of product liability. We rely on a number of third-party researchers and contractors to produce, collect, and analyze data regarding the safety and efficacy of our drug candidates. We also have quality control and quality assurance in place to mitigate these risks, as well as professional liability and clinical trial insurance to cover financial damages in the event that human testing is done incorrectly or the data is analyzed incorrectly.

Notwithstanding our control procedures, we may face product liability exposure related to the testing of our drug candidates in human clinical trials. If any of our drug candidates are approved for sale, we may face exposure to claims by an even greater number of persons than were involved in the clinical trials once marketing, distribution and sales of our drug candidates begin. Regardless of merit or eventual outcome, liability claims may result in:

● decreased demand for our drug candidates;

● injury to our reputation;

● withdrawal of clinical trial participants;

● costs of related litigation;

● substantial monetary awards to patients and others;

● loss of revenues; and

● the inability to commercialize drug candidates.

With respect to product liability claims, we could face additional liability beyond insurance limits if testing mistakes were to endanger any human subjects. In addition, if a claim is made against us in conjunction with these research testing activities, the market price of our ADSs may be negatively affected.

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***The outbreak of a pandemic could adversely impact our business, including our non-clinical studies and clinical trials.***

Public health crises such as pandemics or similar outbreaks might adversely impact our business. In December 2019, a novel strain of coronavirus (COVID-19) first surfaced in China and subsequently spread to most countries in the world.

As a result of the COVID-19 outbreak, or similar pandemics, we have and may in the future experience disruptions that could severely impact our business, preclinical studies and clinical trials, including:

● delays or difficulties in enrolling patients in our clinical trials;

● delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators and clinical site staff;

● delays or disruptions in non-clinical experiments and investigational new drug application-enabling good laboratory practice standard toxicology studies due to unforeseen circumstances at contract research organizations and vendors along their supply chain;

● increased rates of patients withdrawing from our clinical trials following enrollment as a result of contracting COVID-19, being forced to quarantine, or not wanting to attend hospital visits;

● diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trials;

● interruption of key clinical trial activities, such as clinical trial site data monitoring, due to limitations on travel imposed or recommended by national, state or local governments, employers and others or interruption of clinical trial subject visits and study procedures (particularly any procedures that may be deemed non-essential), which may impact the integrity of subject data and clinical study endpoints;

● interruption or delays in the operations of the U.S. Food and Drug Administration, the European Medicines Agency, the Australian Therapeutic Goods Administration or other foreign regulatory agencies, which may impact approval timelines;

● interruption of, or delays in receiving, supplies of our drug candidates from our contract manufacturing organizations due to staffing shortages, production slowdowns or stoppages and disruptions in our supply chain or distribution vendors' ability to ship drug candidates; and

● limitations on employee resources that would otherwise be focused on the conduct of our non-clinical studies and clinical trials, including because of sickness of employees or their families, the desire of employees to avoid contact with large groups of people, an increased reliance on working from home or mass transit disruptions.

**Risks Related to Intellectual Property**

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***Our success depends on our ability to protect our intellectual property and our proprietary technology.***

Our success is to a certain degree also dependent on our ability to obtain and maintain patent protection or where applicable, to receive/maintain orphan drug designation/status and resulting marketing exclusivity for our drug candidates.

We may be materially adversely affected by our failure or inability to protect our intellectual property rights. Without the granting of these rights, the ability to pursue damages for infringement would be limited. Similarly, any know-how that is proprietary or particular to our technologies may be subject to risk of disclosure by employees or consultants despite having confidentiality agreements in place.

Any future success will depend in part on whether we can obtain and maintain patents to protect our own products and technologies; obtain licenses to the patented technologies of third parties; and operate without infringing on the proprietary rights of third parties. Biotechnology patent matters can involve complex legal and scientific questions, and it is impossible to predict the outcome of biotechnology and pharmaceutical patent claims. Any of our future patent applications may not be approved, or we may not develop additional products or processes that are patentable. Some countries in which we may sell our drug candidate or license our intellectual property may fail to protect our intellectual property rights to the same extent as the protection that may be afforded in the United States or Australia. Some legal principles remain unresolved and there has not been a consistent policy regarding the breadth or interpretation of claims allowed in patents in the United States, the United Kingdom, the European Union, Australia or elsewhere. In addition, the specific content of patents and patent applications that are necessary to support and interpret patent claims is highly uncertain due to the complex nature of the relevant legal, scientific and factual issues. Changes in either patent laws or in interpretations of patent laws in the United States, the United Kingdom, the European Union or elsewhere may diminish the value of our intellectual property or narrow the scope of our patent protection. Even if we are able to obtain patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors from competing with us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our patents by developing similar or alternative technologies or products in a non-infringing manner. We may also fail to take the required actions or pay the necessary fees to maintain our patents.

Moreover, any of our pending applications may be subject to a third party pre-issuance submission of prior art to the U.S. Patent and Trademark Office, or USPTO, the European Patent Office, or EPO, the Intellectual Property Office, or IPO, in the United Kingdom, the Australian Patent and Trademark Office and/or any patents issuing thereon may become involved in opposition, derivation, reexamination, post grant review, interference proceedings or other patent office proceedings or litigation, in the United States or elsewhere, challenging our patent rights. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights, and allow third parties to commercialize our technology or products and compete directly with us, without payment to us. In addition, if the breadth or strength of protection provided by our patents and patent applications is threatened, it could dissuade companies from collaborating with us to exploit our intellectual property or develop or commercialize current or future drug candidates.

The issuance of a patent is not conclusive as to the inventorship, scope, validity or enforceability, and our patents may be challenged in the courts or patent offices in the United States, the European Union, Australia and elsewhere. Such challenges may result in loss of ownership or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit the duration of the patent protection of our technology and products. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing products similar or identical to ours.

In addition, other companies may attempt to circumvent any regulatory data protection or market exclusivity that we obtain under applicable legislation, which may require us to allocate significant resources to preventing such circumvention. Such developments could enable other companies to circumvent our intellectual property rights and use our clinical trial data to obtain marketing authorizations in the European Union, Australia and in other jurisdictions. Such developments may also require us to allocate significant resources to prevent other companies from circumventing or violating our intellectual property rights.

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***Intellectual property rights of third parties could adversely affect our ability to commercialize our drug candidates, such that we could be required to litigate with or obtain licenses from third parties in order to develop or market our drug candidates.***

Our commercial success may depend upon our future ability and the ability of our potential collaborators to develop, manufacture, market and sell our drug candidates without infringing valid intellectual property rights of third parties.

If a third-party intellectual property right exists it may require the pursuit of litigation or administrative proceedings to nullify or invalidate the third-party intellectual property right concerned, or entry into a license agreement with the intellectual property right holder, which may not be available on commercially reasonable terms, if at all.

Third-party intellectual property right holders, including our competitors, may bring infringement claims against us. We may not be able to successfully settle or otherwise resolve such infringement claims. If we are unable to successfully settle future claims or otherwise resolve such claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable and time-consuming litigation and may be prevented from, or experience substantial delays in, marketing our drug candidate.

If we fail to settle or otherwise resolve any such dispute, in addition to being forced to pay damages, we or our potential collaborators may be prohibited from commercializing any drug candidates we may develop that are held to be infringing, for the duration of the patent term. We might, if possible, also be forced to redesign our formulations so that we no longer infringe such third-party intellectual property rights. Any of these events, even if we were ultimately to prevail, could require us to divert substantial financial and management resources that we would otherwise be able to devote to our business.

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***Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed*.**

Because we collaborate with various organizations and academic institutions on the advancement of our technology and drug candidates, we may, at times, share trade secrets with them. We seek to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements, collaborative research agreements, consulting agreements or other similar agreements with our collaborators, advisors, employees and consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third parties to use or disclose our confidential information, such as trade secrets. Despite these contractual provisions, the need to share trade secrets and other confidential information increases the risk that such trade secrets become known by potential competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, discovery by a third party of our trade secrets or other unauthorized use or disclosure would impair our intellectual property rights and protections in our drug candidates.

In addition, these agreements typically restrict the ability of our collaborators, advisors, employees and consultants to publish data potentially relating to our trade secrets. Our academic collaborators typically have rights to publish data, provided that we are notified in advance and may delay publication for a specified time in order to secure our intellectual property rights arising from the collaboration. In other cases, publication rights are controlled exclusively by us. In other cases, we may share these rights with other parties. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets, either through breach of these agreements, independent development or publication of information including our trade secrets in cases where we do not have proprietary or otherwise protected rights at the time of publication.

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***Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.***

Periodic maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and applications are required to be paid to the United State Patent and Trademark Office and other governmental patent agencies outside of the United States in several stages over the lifetime of the patents and applications. The USPTO and various corresponding governmental patent agencies outside of the United States require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process and after a patent has issued. There are situations in which non-compliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction.

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***We may become involved in lawsuits to protect and defend our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.***

Competitors may infringe our patents or other intellectual property and we may inadvertently infringe the patent or intellectual property of others. To counter infringement or unauthorized use, we may be required to file claims, and any related litigation and/or prosecution of such claims can be expensive and time consuming. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their intellectual property. In addition, in a patent infringement proceeding, a court may decide that a patent of ours is invalid in whole or in part, unenforceable, or construe the patent's claims narrowly allowing the other party to commercialize competing products on the grounds that our patents do not cover such products.

Even if resolved in our favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our technical and management personnel from their normal responsibilities. Such litigation or proceedings could substantially increase our operating losses and reduce our resources available for development activities. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their substantially greater financial resources. The effects of patent litigation or other proceedings could therefore have a material adverse effect on our ability to compete in the marketplace.

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***Confidentiality and invention assignment agreements with our employees, advisors and consultants may not adequately prevent disclosure of trade secrets and protect other proprietary information.***

We consider proprietary trade secrets and/or confidential know-how and unpatented know-how to be important to our business. We may rely on trade secrets and/or confidential know-how to protect our technology, especially where patent protection is believed by us to be of limited value. However, trade secrets and/or confidential know-how can be difficult to maintain as confidential.

To protect this type of information against disclosure or appropriation by competitors, our policy is to require our employees, advisors and consultants to enter into confidentiality and invention assignment agreements with us. However, current or former employees, advisors and consultants may unintentionally or willfully disclose our confidential information to competitors, and confidentiality and invention assignment agreements may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Enforcing a claim that a third party obtained illegally and is using trade secrets and/or confidential know-how is expensive, time consuming and unpredictable. The enforceability of confidentiality and invention assignment agreements may vary from jurisdiction to jurisdiction.

Failure to obtain or maintain trade secrets and/or confidential know-how trade protection could adversely affect our competitive position. Moreover, our competitors may independently develop substantially equivalent proprietary information and may even apply for patent protection in respect of the same. If successful in obtaining such patent protection, our competitors could limit our use of our trade secrets and/or confidential know-how.

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***Intellectual property rights do not address all potential threats to our competitive advantage.***

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations, and may not adequately protect our business, or permit us to maintain our competitive advantage. The following examples are illustrative:

● Others may be able to make products that are similar to ours but that are not covered by our intellectual property rights.

● Others may independently develop similar or alternative technologies or otherwise circumvent any of our technologies without infringing our intellectual property rights.

● We or any of our collaboration partners might not have been the first to conceive and reduce to practice the inventions covered by the patents or patent applications that we own, license or will own or license.

● We or any of our collaboration partners might not have been the first to file patent applications covering certain of the patents or patent applications that we or they own or have obtained a license.

● It is possible that any pending patent applications that we have filed, or will file, will not lead to issued patents.

● Issued patents that we own may not provide us with any competitive advantage, or may be held invalid or unenforceable, as a result of legal challenges by our competitors.

● Our competitors might conduct research and development activities in countries where we do not have patent rights, or in countries where research and development safe harbor laws exist, and then use the information learned from such activities to develop competitive products for sale in our major commercial markets.

● Ownership of our patents or patent applications may be challenged by third parties.

● The patents of third parties or pending or future applications of third parties, if issued, may have an adverse effect on our business.

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***We may face difficulties with protecting our intellectual property in certain jurisdictions, which may diminish the value of our intellectual property rights in those jurisdictions.***

The laws of some jurisdictions do not protect intellectual property rights to the same extent as the laws in the United States and the European Union, and many companies have encountered significant difficulties in protecting and defending such rights in such jurisdictions. If we or our collaboration partners encounter difficulties in protecting, or are otherwise precluded from effectively protecting, the intellectual property rights important for our business in such jurisdictions, the value of these rights may be diminished and we may face additional competition from others in those jurisdictions.

Some countries in Europe and China have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we are, or any of our licensors is, forced to grant a license to third parties with respect to any patents relevant to our business, our competitive position or commercial advantage may be impaired and our business and results of operations may be adversely affected.

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***Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our drug candidates and any future drug candidates.***

As is the case with other biotechnology and pharmaceutical companies, our success is heavily dependent on intellectual property rights, particularly patents. Obtaining and enforcing patents in the biopharmaceutical industry involves technological and legal complexity, and obtaining and enforcing biopharmaceutical patents is costly, time-consuming and inherently uncertain. The U.S. Supreme Court in recent years has issued rulings either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations or ruling that certain subject matter is not eligible for patent protection. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents, once obtained. Depending on decisions by Congress, the federal courts, the USPTO and equivalent bodies in non-U.S. jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce existing patents and patents we may obtain in the future.

Patent reform laws, such as the Leahy-Smith America Invents Act, or the Leahy-Smith Act, as well as changes in how patent laws are interpreted, could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents. The Leahy-Smith Act made a number of significant changes to U.S. patent law. These include provisions that affect the filing and prosecution strategies associated with patent applications, including a change from a "first-to-invent" to a "first-inventor-to-file" patent system, and a change allowing third-party submission of prior art to the USPTO during patent prosecution and additional procedures to attack the validity of a patent by USPTO-administered post-grant proceedings, including post-grant review, *inter partes* review and derivation proceedings. The USPTO has developed regulations and procedures to govern administration of the Leahy-Smith Act, and many of the substantive changes to patent law associated with the Leahy-Smith Act and, in particular, the "first-inventor-to-file" provisions, became effective in 2013. The Leahy-Smith Act and its implementation may increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have harm our business, financial condition and results of operations.

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***Price controls may be imposed in non-U.S. markets, which may negatively affect our future profitability.***

In some countries, particularly EU member states, Japan, Australia and Canada, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations with governmental authorities can take considerable time after receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on prices and reimbursement levels, including as part of cost containment measures. Political, economic and regulatory developments may further complicate pricing negotiations, and pricing negotiations may continue after reimbursement has been obtained. Reference pricing used by various EU member states and parallel distribution, or arbitrage between low-priced and high-priced member states, can further reduce prices. In some countries, we or our collaborators may be required to conduct a clinical trial or other studies that compare the cost-effectiveness of our drug candidates to other available therapies in order to obtain or maintain reimbursement or pricing approval. Publication of discounts by third-party payors or authorities may lead to further pressure on the prices or reimbursement levels within the country of publication and other countries. If reimbursement of our drug candidates is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory levels, our business, revenues or profitability could be harmed.

**Risks Relating to Ownership of the ADSs**

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***The trading price of the ADSs may be volatile, and purchasers of the ADSs could incur substantial losses.***

The market price of our ordinary shares historically has been, and we expect our ordinary shares and ADSs will continue to be, subject to significant fluctuations over short periods of time. These fluctuations may be due to factors specific to us, to changes in analysts' recommendations and earnings estimates, to arbitrage between our Australian-listed ordinary shares and our Nasdaq-listed ADSs, to changes in exchange rates, or to factors affecting the biopharmaceutical industry or the securities markets in general. Market fluctuations, as well as general political and economic conditions, such as a recession, interest rate or currency fluctuations, could adversely affect the market price of our securities.

We may experience a material decline in the market price of our shares, regardless of our operating performance. Therefore, a holder of our ADSs may not be able to sell those ADSs at or above the price paid by such holder for such ADSs. Price declines in our ADSs could result from a variety of factors, including many outside our control. These factors include:

● the results of pre-clinical testing and clinical trials by us and our competitors;

● unforeseen safety issues or adverse side effects resulting from the clinical trials or the commercial use of our drug candidate;

● regulatory actions in respect of any of our drug candidates or the products of any of our competitors;

● announcements of the introduction of new products by us or our competitors;

● market conditions, including market conditions in the pharmaceutical and biotechnology sectors;

● increases in our costs or decreases in our revenues due to unfavorable movements in foreign currency exchange rates;

● developments or litigation concerning patents, licenses and other intellectual property rights;

● litigation or public concern about the safety of our drug candidates;

● changes in recommendations or earnings estimates by securities analysts;

● actual and anticipated fluctuations in our quarterly operating results;

● deviations in our operating results from the estimates of securities analysts;

● rumors relating to us or our competitors;

● additions or departures of key personnel;

● changes in third party reimbursement policies; and

● developments concerning current or future strategic alliances or acquisitions.

In addition, volatility and low market price of our ADSs may adversely impact investors' interest in our securities. A decline in investors' interest may prompt further volatility and decrease in market price.

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***If we are or become a passive foreign investment company ("PFIC"), then that would subject our U.S. shareholders to adverse tax rules.***

Holders of our ADSs who are U.S. taxpayers will be subject to particular income tax rules if we are a passive foreign investment company, or PFIC. These rules could result in a reduction in the after-tax return to a "U.S. Holder" of our ADSs and reduce the value of our ADSs. For U.S. federal income tax purposes, we will be classified as a PFIC for any taxable year in which (i) 75% or more of our gross income is passive income, or (ii) at least 50% of the average value of all of our assets for the taxable year produce or are held for the production of passive income. For this purpose, cash is considered to be an asset that produces passive income.

If we are classified as a PFIC in any year that a U.S. Holder owns ADSs, the U.S. Holder will generally continue to be treated as holding ADSs of a PFIC in all subsequent years, notwithstanding that we are not classified as a PFIC in a subsequent year. Dividends received by the U.S. Holder and gains realized from the sale of our ADSs would be taxed as ordinary income and subject to an interest charge. We urge U.S. investors to consult their own tax advisors about the application of the PFIC rules and certain elections that may help to minimize adverse U.S. federal income tax consequences in their particular circumstances. For further information, see Item 10.E – Additional Information – Taxation – U.S. Taxation.

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***The requirements of being a public company may strain our resources and divert management's attention.***

Upon listing on the Nasdaq Capital Market, we will become subject to the reporting requirements of the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act, the listing requirements of the Nasdaq Capital Market and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources. The Exchange Act requires that we file an annual report on Form 20-F. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight are required. As a result, management's attention may be diverted from other business concerns, which could adversely affect our business and results of operations.

The Sarbanes-Oxley Act requires that we assess the effectiveness of our internal control over financial reporting annually and disclosure controls and procedures quarterly. If we identify material weaknesses in future periods or we are not able to comply with the requirements of Section 404 in a timely manner, our reported financial results could be restated, we could be subject to investigations or sanctions by regulatory authorities, which would require additional financial and management resources, and the market price of our ordinary shares could decline.

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***We could become subject to the auditor attestation requirement under the Sarbanes-Oxley Act even if we have little or no revenue, thus imposing significant cost and administrative burden on us.***

We currently qualify as an "emerging growth company" and, as a result, are exempt from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of internal controls over financial reporting. We expect to remain an emerging growth company until the earlier of the last day of our fiscal year following the fifth anniversary of the completion of our first public offering in the United States or, as of the last business day of our most recently completed second fiscal quarter, our aggregate worldwide market value of the voting and non-voting common equity held by our non-affiliates is US$700 million or more. Once we cease to be an emerging growth company and the aggregate worldwide market value of our voting equity held by non-affiliates exceeds US$75 million as of our most recently completed second fiscal quarter, then we will be subject to the auditor attestation requirement in the assessment of the internal controls over financial reporting.

While the U.S. Securities and Exchange Commission ("SEC") has acknowledged the significant cost of the auditor attestation requirement for small companies and provided an exemption for U.S. "smaller reporting companies" with less than US$100 million in revenue, the SEC has decided not to similarly exempt foreign private issuers (such as Radiopharm) unless they comply with the reporting requirements for U.S. companies, including presenting financial statements in accordance with U.S. generally accepted accounting principles. Given the significant cost and administrative burden resulting from inconsistent reporting obligations under the rules of the SEC and ASX, it may not be feasible for us to comply with the SEC's reporting requirements for U.S. companies in the event Radiopharm were to cease being an "emerging growth company" and have aggregate worldwide market value of our voting equity held by non-affiliates exceeding US$75 million.

In such event, we could be obligated to incur significant compliance costs (which the SEC estimated to be US$210,000 per annum in 2019) and administrative burden given our limited number of personnel. If such costs were to become too significant, we could reconsider our listing on Nasdaq because, as the SEC has acknowledged, the savings for a small company could be put to more productive use such as developing the company.

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***Our issuance of additional ordinary shares in connection with financings, acquisitions, investments, or otherwise will dilute all other ADS holders.***

We expect to issue additional ordinary shares in the future that will result in dilution to all other ADS holders. We may also raise capital through equity financings in the future. As part of our business strategy, we may acquire or make investments in complementary companies, products, or technologies and issue equity securities to pay for any such acquisition or investment. While we will be subject to the constraints of the ASX Listing Rules regarding the percentage of our capital that we are able to issue within a 12-month period (subject to applicable exceptions), any such issuances of additional ordinary shares may cause ADS holders to experience significant dilution of their ownership interests and the per ADS value of our ADSs to decline.

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***As long as we remain subject to the rules of the ASX, we may be unable to conduct certain types of capital raisings without shareholder approval if such capital raising would result in an equity issuance above regulatory thresholds and, consequently, we could be unable to obtain financing sufficient to sustain our business if we are unsuccessful in soliciting requisite shareholder approvals.***

Our ability to access equity capital is limited by ASX Listing Rule 7.1, which provides that a company may not, subject to certain exceptions for certain types of offering (*e.g*., rights offers) or approval by shareholders, issue or agree to issue during any consecutive 12-month period any equity securities, or other securities with rights to conversion to equity, if the number of those securities in aggregate would exceed 15% of the number of ordinary securities on issue at the commencement of that 12-month period.

Our equity issuances will be limited by ASX Listing Rule 7.1 as long as we continue to be listed on the ASX and this constraint may prevent us from raising the full amount of equity capital needed for operations without prior shareholder approval or structuring the capital raising within one of the exceptions to this limitation such as a rights offer.

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***We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.***

Our ordinary shares are quoted in Australian dollars on the ASX and the ADSs will be quoted in U.S. dollars. Any significant change in the value of the Australian dollar may have a negative effect on the value of the ADSs in U.S. dollars. In addition, if the Australian dollar weakens against the U.S. dollar, then, if we decide to convert our Australian dollars into U.S. dollars for any business purpose, appreciation of the U.S. dollar against the Australian dollar would have a negative effect on the U.S. dollar amount available to us. To the extent that we need to convert U.S. dollars we receive into Australian dollars for our operations, appreciation of the Australian dollar against the U.S. dollar would have a negative effect on the Australian dollar amount we would receive from the conversion. Consequently, appreciation or depreciation in the value of the Australian dollar relative to the U.S. dollar would affect our financial results reported in U.S. dollar terms without giving effect to any underlying change in our business or results of operations. As a result of such foreign currency fluctuations, it could be more difficult to detect underlying trends in our business and results of operations.

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***Our ADS holders are not shareholders and do not have shareholder rights.***

Deutsche Bank, as depositary, registers and delivers our American Depositary Shares, or ADSs. Our ADS holders will not be treated as shareholders and do not have the rights of shareholders. The depositary will be the holder of the shares underlying our ADSs. Holders of our ADSs will have ADS holder rights. A deposit agreement among us, the depositary and our ADS holders, and the beneficial owners of 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. For a description of ADS holder rights, see "Description of Securities" in this Registration Statement.

Our shareholders have shareholder rights. Australian law and our constitution govern shareholder rights. For a description of our shareholders' rights, see "Memorandum and Articles of Association" in this Registration Statement. Shareholders are entitled to our notices of general meetings and to attend and vote at our general meetings of shareholders. At a general meeting, every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote on a show of hands. Every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote per fully paid ordinary share on a poll. This is subject to any other rights or restrictions which may be attached to any shares. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll.

Our ADS holders do not have the same voting rights as our shareholders. ADS holders may exercise voting rights with respect to the underlying ordinary shares only in accordance with the provisions of the deposit agreement. Under the deposit agreement, ADS holders vote by giving voting instructions to the depositary. Upon receipt of instructions, the depositary will try to vote in accordance with those instructions. Otherwise, ADS holders will not be able to vote unless they withdraw the ordinary shares underlying their ADSs.

If we ask for our ADS holders' instructions, the depositary will notify our ADS holders of the upcoming vote and arrange to deliver our voting materials and form of notice to them. The depositary will try, as far as practical, subject to Australian law and the provisions of the depositary agreement, to vote the shares as our ADS holders instruct. The depositary will not vote or attempt to exercise the right to vote other than in accordance with the instructions of the ADS holders. We cannot assure our ADS holders that they will learn of ordinary shareholders' meetings and receive the voting materials in time to instruct the depositary or withdraw the underlying ordinary shares. This means that there is a risk that our ADS holders may not be able to exercise voting rights and there may be nothing they can do if their shares are not voted as they requested.

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***Our ADS holders do not have the same rights to receive dividends or other distributions as our shareholders.***

Subject to any special rights or restrictions attached to a share, the directors may determine that a dividend will be payable on a share and fix the amount, the time for payment and the method for payment (although we have never declared or paid any cash dividends on our ordinary shares and we do not anticipate paying any cash dividends in the foreseeable future). Dividends may be paid on shares of one class but not another and at different rates for different classes. Dividends and other distributions payable to our shareholders with respect to our ordinary shares generally will be payable directly to them. Any dividends or distributions payable with respect to ordinary shares will be paid to the depositary, which has agreed to pay to our ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after deducting its fees and expenses. Our ADS holders will receive these distributions in proportion to the number of shares their ADSs represent. In addition, there may be certain circumstances in which the depositary may not pay to our ADS holders amounts distributed by us as a dividend or distribution.

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***There are circumstances where it may be unlawful or impractical to make distributions to the holders of our ADSs.***

The deposit agreement with the depositary generally requires the depositary to convert foreign currency it receives in respect of deposited securities into U.S. dollars and distribute the U.S. dollars to ADS holders, provided the depositary can do so on a reasonable basis. If it does not convert foreign currency, the depositary may distribute the foreign currency only to those ADS holders to whom it is possible to do so. If a distribution is payable by us in Australian dollars, the depositary 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. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, our ADS holders may lose some of the value of the distribution. The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. This means that our ADS holders may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available.

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 ***ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could augur less favorable results to the plaintiff(s) in any such action.***

The deposit agreement governing the ADSs representing our ordinary shares provides that holders and beneficial owners of ADSs irrevocably waive the right to a trial by jury in any legal proceeding arising out of or relating to the deposit agreement or the ADSs against us or the depositary, including any claim under the U.S. federal securities laws, to the fullest extent permitted by applicable law. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable law. If this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the deposit agreement, by a court of the State of New York or a federal court, which have non-exclusive jurisdiction over matters arising under the deposit agreement, applying such law. By agreeing to such provision, investors in the ADRs will not be deemed to have waived Radiopharm's or the Depositary's compliance with the U.S. federal securities laws and the rules and regulations thereunder. However, the jury trial waiver provision may limit access to information and lead to other imbalances of resources between Radiopharm and shareholders, and such provision may limit our shareholders' ability to bring a claim in a judicial forum that they find favorable.

In determining whether to enforce a jury trial waiver provision, New York courts and federal courts will consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement or the ADSs. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs or by us or the Depositary of compliance with any provision of the federal securities laws. If you or any other holder or beneficial owner of ADSs brings a claim against us or the Depositary in connection with matters arising under the deposit agreement or the ADSs, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the Depositary.

If a lawsuit is brought against us and/or the Depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may determine different results than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing such claims, and the venue of the hearing.

As the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that the waiver would likely continue to apply to purchasers of ADSs in secondary transactions. In addition, we believe that the waiver would likely continue to apply to ADS holders or beneficial owners who withdraw the ordinary shares from the ADS facility with respect to claims arising before the cancellation of the ADSs and the withdrawal of the ordinary shares, and the waiver would likely not apply to ADS holders or beneficial owners who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the applicability of the jury trial waiver to ADS holders or beneficial owners who withdraw the ordinary shares represented by the ADSs from the ADS facility. Nevertheless, if this jury trial waiver is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or the ADSs serves as a waiver by any owner or holder of ADSs or by us or the Depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

 ***The exclusive jurisdiction and arbitration provides in the deposit agreement may discourage claims or limit the ability of the ADS holders to bring a claim.***

In addition, any legal suit, action or proceeding, including claims under the Securities Act or the Exchange Act, against or involving Radiopharm or the Depositary that arise out of or are based upon the Deposit Agreement, ownership of the ADSs or the transactions contemplated by the deposit agreement (including any such action or proceeding which may arise under the Securities Act or Exchange Act) may only be instituted by holders of ADSs, including purchasers of ADSs in secondary transactions, in a state or federal court in the City of New York. Holders of ADSs irrevocably waive any objection which they may have to the laying of venue of any such proceeding, and irrevocably submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding. However, there is uncertainty as to whether a court outside of New York state would enforce such provision of the Deposit Agreement.

Thus, the exclusive jurisdiction and arbitration clauses in the deposit agreement could adversely affect an ADS holder's ability to file a claim against us or the depositary for any claim connected with the deposit agreement, including claims under the Securities Act and Exchange Act, in particular by increasing the costs of filing such claim or preventing ADS holders from bringing a claim in a favorable venue. However, by agreeing to such jurisdiction and arbitration provisions, investors in the ADRs will not be deemed to have waived Radiopharm's or the Depositary's compliance with the U.S. federal securities laws and the rules and regulations thereunder.

**Risks Relating to Our Location in Australia**

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***Australian takeovers laws may discourage takeover offers being made for us or may discourage the acquisition of large numbers of our shares.***

Radiopharm is incorporated in Australia and is subject to the takeover laws of Australia, including the Corporations Act 2001 (Commonwealth of Australia). Subject to a range of exceptions, the Corporations Act prohibits the acquisition of a direct or indirect interest in our issued voting shares (including through the acquisition of ADSs) if the acquisition of that interest will lead to a person's or someone else's voting power in us increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90%. Exceptions to the general prohibition include circumstances where the person makes a formal takeover bid for us, if the person obtains shareholder approval for the acquisition or if the person acquires less than 3% of the voting power of us in any rolling six-month period. Australian takeovers laws may discourage takeover offers being made for us or may discourage the acquisition of large numbers of our shares.

***Holders of our ordinary shares or ADSs may have difficulty in effecting service of process in the United States or enforcing judgments obtained in the United States.***

Holders of our ordinary shares or ADSs may have difficulties enforcing, in actions brought in courts in jurisdictions located outside the U.S., liabilities under U.S. securities laws. In particular, if such a holder sought to bring proceedings in Australia based on U.S. securities laws, the Australian court might consider:

● that it did not have jurisdiction; and/or

● that it was not an appropriate forum for such proceedings; and/or

● that, applying Australian conflict of laws rule, U.S. law (including U.S. securities laws) did not apply to the relationship between holders of our ordinary shares or ADSs and us or our directors and officers; and/or

● that the U.S. securities laws were of a public or penal nature and should not be enforced by the Australian court.

Holders of our ordinary shares and ADSs may also have difficulties enforcing in courts outside the United States judgments that are obtained in the U.S. courts against any of our directors and executive officers or us, including actions under the civil liability provisions of the U.S. securities laws.

***As a foreign private issuer whose shares are listed on the Nasdaq Capital Market, we may follow certain home country corporate governance practices instead of certain Nasdaq requirements.***

As a foreign private issuer whose ADSs will be listed on the Nasdaq Capital Market, we are permitted to follow certain home country corporate governance practices instead of certain requirements of The Nasdaq Marketplace Rules. As an Australian company listed on the Nasdaq Capital Market, we may follow home country practice in Australia with regard to the composition of the board of directors and director nomination process. In addition, we may follow Australian law instead of the Nasdaq Marketplace Rules that require that we obtain shareholder approval for certain dilutive events, such as for the establishment of equity-based compensation plans, an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20% or more interest in the company and certain acquisitions of the shares or assets of another company. Accordingly, our shareholders may not be afforded the same protection as provided under Nasdaq's corporate governance rules that are applicable to U.S. companies.

***As a foreign private issuer, we are exempt from a number of rules under the U.S. securities laws and are permitted to file less information with the SEC than a U.S. company.***

As a "foreign private issuer" (as defined in the SEC's rules), we are not subject to all the disclosure requirements applicable to U.S. public companies. For example, we are exempt from certain rules under the Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies under the Exchange Act. In addition, our senior management and directors are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover, while we currently make annual and semi-annual filings with respect to our listing on the ASX and expect to file financial reports on an annual and semi-annual basis, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public companies that file quarterly reports on Form 10-Q.

***Any loss of our foreign private issuer status in the future could result in significant additional cost.***

While we currently qualify as a foreign private issuer, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status if we to fail to meet the requirements necessary to maintain our foreign private issuer status as of the relevant determination date. For example, if 50% or more of our securities are held by U.S. residents and more than 50% of our senior management or directors are residents or citizens of the United States, we could lose our foreign private issuer status.

The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer could be significantly more than costs we incur as a foreign private issuer. If we were to cease to be a foreign private issuer, then we would be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which forms are more detailed and extensive in certain respects than the forms available to a foreign private issuer. We would be required to prepare our financial statements in accordance with U.S. GAAP rather than IFRS. Such conversion of our financial statements to U.S. GAAP would involve significant time and cost. In addition, we could lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers such as the ones described above and exemptions from procedural requirements related to the solicitation of proxies.

***U.S. investors may have difficulty enforcing civil liabilities against our company, our directors or members of senior management and the experts named in this Registration Statement.***

Certain members of our senior management and board of directors named in this Registration Statement are non-residents of the United States, and a substantial portion of the assets of such persons are located outside the United States. As a result, it may be impracticable to serve process on such persons in the United States or to enforce judgments obtained in U.S. courts against them based on civil liability provisions of the securities laws of the United States. Even if you are successful in bringing such an action, there is doubt as to whether Australian courts would enforce certain civil liabilities under U.S. securities laws in original actions or judgments of U.S. courts based upon these civil liability provisions. In addition, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in Australia or elsewhere outside the United States. An award for monetary damages under U.S. securities laws would be considered punitive if it does not seek to compensate the claimant for loss or damage suffered and is intended to punish the defendant.

The enforceability of any judgment in Australia will depend on the particular facts of the case as well as the laws and treaties in effect at the time. As a result, our shareholders may have more difficulty in protecting their interests through actions against us, our management or our directors than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***Our quorum requirements to vote at a shareholders meeting and our voting procedures may not protect our shareholders interests.***

Our Constitution provides that the quorum requirement for a shareholders meeting is two shareholders. In addition, our Constitution provides that voting at a shareholders meeting can be made on a show of hands. As a result, all our shareholders might be bound by a vote on a show of hands by only two shareholders. In this case, our Constitution may be unable to effectively protect the interests of our shareholders. In addition, neither the Corporations Act nor the ASX listing rules provide for any protection mechanism against binding decisions made at a shareholders meeting by only two shareholders on a show of hands.

In a show of hands voting at a shareholders meeting, votes can be cast by proxies, where one proxy appointed by a shareholder counts as one vote. However, the provisions of our Constitution may prevent proxies from being counted. Specifically, if a shareholder has appointed two persons as proxies to vote on its behalf, neither proxy may vote on a show of hands. In addition, if the person appointed as proxy has two or more appointments that specify different ways to vote on a resolution, the proxy must not vote on a show of hands. Our Constitution may also prevent a proxy to vote if the proxy is received less than 48 hours before the vote, or less than the period of time before the vote set by the company at its discretion.

We believe the risk of proxies not being counted, and thus being unable to cast their votes, is low because the Australian market practice is to timely request a poll voting at shareholders meeting. In particular, the ASX in its Guidance Note 35 has indicated that, as a matter of proper governance, all resolutions required under the ASX listing rules must be decided by a poll rather than a show of hands. Further, Recommendation 6.4 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (4th edition) provides that all substantive resolutions should be decided by a poll rather than a show of hands. In this regard, all resolutions at Radiopharm's most recent annual general meeting were decided by a poll. However, there is a possibility that, in the case of a show of hands voting, proxies representing the majority of the voting ordinary shares may not be counted. Thus, there is a risk that shareholders resolutions are approved only by a minority of the voting ordinary shares outstanding without regard to the interests of the majority of the voting ordinary shares.

 **Item 4. Information on the Company**

A. History and Development of the Company

Our legal name is Radiopharm Theranostics Limited ("Radiopharm"). We were incorporated in February 2021. We are incorporated in Australia and listed on the ASX under the symbol "RAD" in October 2021.

In July 2021, we entered into an exclusive license agreement with NanoMab Technologies Limited ("NanoMab"). Under the terms of the agreement, we have the exclusive rights to the technology NanoMab developed, and in particular Anti-HER-2, Anti-TROP-2, Anti-PD-L1 and Anti-PTK7. We have agreed to pay upfront license fees equivalent to US$3,000,000 in cash and US$9,500,000 in the form of ordinary shares, and performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes, as well as net sales-based royalty payments and sublicensing fees. This agreement was subsequently amended in August 2021 and October 2021 and pursuant to which an additional US$2,000,000 of upfront fees were payable and additional performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes was added.

In July 2021, we entered into an exclusive license agreement with TRIMT GmbH ("TRIMT"). Under the terms of the agreement, we have the exclusive rights to the Ga-Trivehexin technology TRIMT developed. We have agreed to pay upfront license fees equivalent to US$10,000,000 in the form of cash and shares, and performance-based consideration linked to the achievement of certain value-inflection development milestones and commercial outcomes, as well as net sales-based royalty payments and sublicensing fees.

In September 2021, we entered into an exclusive license agreement with Diaprost AB ("Diaprost") and Fredax AB ("Fredax"). Under the terms of the agreement, we have the exclusive rights to the technology Diaprost developed.

In August 2021, we entered into a license agreement for the F-FPIA Imaging Agent with Cancer Research Technology Limited, a company incorporated in the UK. Under the terms of the Agreement, we have the exclusive right to develop and commercialize the F-FPIA imaging Agent in the fields of diagnosis, imaging, prevention and treatment of diseases.

In September 2021, we issued 20,000,000 convertible notes at A$1.00 per note to a number of sophisticated investors. The subscription amounts were intended to satisfy upfront obligations under the current license agreements and to complete an initial public offer in Australia. The convertible notes were converted upon completion of Radiopharm's initial public offering in Australia in 2021.

In October 2021, we listed on the ASX under the symbol "RAD".

In June 2022, we entered into an exclusive sublicensing agreement with NeoIndicate, LLC ("NeoIndicate"), a U.S. limited liability company, to a PTPµ-targeted radiopharmaceutical agent, which was developed at Case Western Reserve University ("CWRU") in Ohio. The sublicensing agreement grants us the rights to develop the PTPµ-targeted agent as an imaging diagnostic and as a targeted radiopharmaceutical theranostic as part of our clinical development pipeline.

In March 2023, we acquired Pharma15 Corporation ("Pharma15"), a private US-based company that is developing next-generation therapeutic radiopharmaceuticals for prostate cancer. Pharma15 was founded by radiopharmaceutical scientist Professor David Ulmert and Suzanne Dance. Pharma15 is developing assets that seek to overcome resistance to prostate-specific membrane antigen (PSMA) targeting cancer therapies currently available or in late-stage development. In each case, the technologies are designed to exhibit highly specific targeting of receptors expressed on cancer cells, but not in healthy tissues. This selectivity may further limit toxicity in the new approaches to targeted radiotherapy in prostate cancer.

Our registered office is located at Suite 1, Level 3, 62 Lygon Street, Carlton, Victoria 3053, Australia, and our telephone number is +61 3 9824 5254. Our address on the Internet is www.radiopharmtheranostics.com. The information on, or accessible through, our website is not part of this Registration Statement on Form 20-F. We have included our website address in this Registration Statement on Form 20-F solely as an inactive textual reference. All information we file with the U.S. Securities and Exchange Commission ("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.

B. Business Overview

**Strategy** 

We are a research and development company that aims to develop and commercialize platforms of radiopharmaceutical products for both therapeutic and diagnostic applications in precision oncology.

We develop targeted and scientifically validated radiopharmaceutical technologies that are in both pre-clinical and clinical stages of development. These technologies span all size molecules comprising peptides, fatty acids and antibody targets attached to medical quality radioisotopes. We are pursuing registration and marketing approval for each product and therapy under development in the United States, the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel.

To achieve our goals, we intend to:

● **Focus on tumor types that can be considered radiosensitive**. There are several tumor types that are considered radiosensitive and that are difficult to detect and treat. We intend to develop theranostic clinical products that enable detection and treatment of solid tumor with high mortality rates that is more effective than what current treatments provide.

● **Expand our licensed platform technologies.** We have a pipeline of six licensed platform technologies and a joint venture with MD Anderson in Houston, one of the world's leading cancer research centers, called "Radiopharm Ventures LLC" which has been created to develop novel radiopharmaceutical products. All of the novel technologies in development focus both on diagnostic and therapeutic product candidates targeting high unmet medical needs. We intend to continue to expand our platforms to increase the number of clinical trials that we conduct.

● **Partner with nuclear medicine suppliers**. We need to obtain a constant supply of therapeutic isotopes that can be used in our clinical trials. We have partnered with nuclear medicine supplier to obtain access to high-quality isotopes that can be used efficiently in our clinical trials. We intend to maintain our current partnerships and expand the number of our partners to increase and improve our supply of isotopes.

● **Enter into license agreements to expand our clinical assets**. We have entered into license agreements with prestigious universities and institutions that have allowed us to exclusively use, globally, novel technology to develop our clinical assets. We intend to maintain the current license agreements in effect and seek other opportunities to expand our clinical assets.

● **Advance our investigational product candidates towards approval in the United States and elsewhere**. We intend to pursue FDA approval of all our product candidates currently in development. All preclinical and clinical trials are structured to ensure that each program is FDA compliant. We will be pursuing a New Drug Application ("NDA") with the FDA with respect to each of our product candidates. If the NDA is approved, the product may be marketed in the United States. If an NDA for one of our product candidates is approved in the United States, we plan to pursue marketing approval of our product candidates in other regions including the Europe Union, United Kingdom, China, Japan, Australia, Canada and Israel.

● **Enter into strategic partnership and collaborations to develop our product candidates**. We have entered into strategic partnerships and collaborations with prestigious universities and institutions to advance our clinical trials and progress their development. We intend to continue to seek partnerships and collaborations in the future to further develop the existing product candidates and explore opportunities for additional product candidates.

● **Maintain a strong intellectual property portfolio**. We have developed a global intellectual property strategy to support our commercial objectives. We are monitoring the results of our research and development programs to identify new intellectual property that aligns with those commercial objectives. We intend to take a global approach to our intellectual property strategy and we intend to pursue patent protection in key global markets, including the United States, the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel

**Clinical Approach**

We are pursuing FDA approval of all our drug candidates currently being developed. We will be working with the FDA to ensure each clinical program is structured to meet regulatory requirements. FDA approval will be sought following the completion of successful Phase III studies. If we receive FDA approval for our drug candidates, we will be able to commercialize our drug candidates in the United States and pursue regulatory approval for the drug to be made available in other jurisdictions, including the European Union, the United Kingdom, China, Japan, Australia, Canada and Israel. The graphic below represents our clinical development pipelines.

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The terms "ODD" and "RPDD" mean, respectively, "Orphan Drug Designation" and "Rare Pediatric
Disease Designation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The terms "DX" and "TX" mean, respectively, "Diagnostic" and "Therapeutic".

3. The further development of RAD201
 has been postponed until further decision is made in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. RAD601 and RAD602 Phase I trial will be conducted in Australia.

**Market Opportunity**

The combined annual global market size of the indications we are targeting is over US$6 billion, which is derived from the total addressable market for the treatment of medical conditions that drug candidates aim to address. Thus, there is significant economic potential to shareholders, as well as benefit to patients suffering from these medical conditions. Currently we do not have any products approved for commercial sale. Before receiving any approvals to commercialize our clinical products from the relevant regulators, we will need to conduct clinical trials according to the rules and regulations of the countries in which we will seek regulatory approvals, including the United States. As there is no certainty on whether we will obtain any regulatory approval in light of the several regulatory steps needed to receive such approvals, we are currently unable to determine what percentage of the addressable global market size we will be able to target with our clinical products.

**Nuclear Medicine and Theranostics** 

Nuclear medicine is a medical specialty that uses radioactive tracers (radiopharmaceuticals) to assess bodily functions and to diagnose and treat diseases, including tumors. Specially designed cameras allow doctors to track the path of these radioactive tracers. In particular, radiation methods are used to provide images of tumors and thus localize them. X-ray, computerized tomography ("CT") and magnetic resonance imaging ("MRI") are used to elucidate gross tumor characteristics, including size, shape, and position, and are often used to guide surgery or external beam radiation therapy. To improve resolution of a scan, contrast media may be injected into the patient. More recent developments employ intravenous administration of a radioisotopic tracer which localizes to specific areas or cells, such as tumors. The radiation emanating from the tracers are collected by an external detector such as a gamma camera revealing areas of accumulation. For example, a bone scan (using Technetium-99m, 99mTc) is used to identify bone metastases. However, the radioisotope is absorbed in areas of high bone turnover and, as such, is not specific for metastases with dark spots also resulting from bone healing (e.g. fracture) or infection (e.g. osteomyelitis). Similarly, some metastases may not be detected on a bone scan.

Positron emission tomography ("PET") and single photon emission computed tomography ("SPECT") are functional imaging techniques that use radiotracers to visualize and measure changes and staging for many cancers. A variety of different tracers are used but the most common used in PET is fluorodeoxyglucose ("FDG") which incorporates isotopic fluorine, <sup>18</sup>F. FDG is a glucose analog and concentrates in areas of high metabolic activity. Currently, more than 90% of clinical PET studies in cancer in the United States are performed with <sup>18</sup>F-FDG. However, FDG is physiologically absorbed in some parts of the human body, such as the brain, heart and urinary tract (it is excreted renally). In addition, false positives may result from infection, inflammation or granulomatous diseases. Thus, due to lack of sensitivity, FDG-PET/CT is not part of the recommended diagnostic methods in prostate, bladder, nor primary breast cancer.

Radiation methods are also used to treat tumors. In particular, X-rays or gamma- (y-) rays are used in treating tumors because they are able to penetrate the tumor in deep tissue regions. However, externally applied X-ray and y-ray radiations penetrate through normal cells to reach the tumor often leading to serious side effects. Another radiation method used to treat tumors is the external beam radiation procedure, which is one of the most widely used treatments for cancer, with approximately 50% of all cancer patients receiving radiation therapy as part of their treatment regimen. The external beam radiation procedure is highly effective in killing cancer cells and contributes towards approximately 40% of curative treatment for cancer. However, despite the successes, only a limited number of sites in the body can be irradiated at any time due to the off-target effects of radiation that can damage normal tissues and not all types of cancers can be treated with external beam radiation, as certain organs or tumor types may be difficult to access with radiation beams. As a result, its use has generally been restricted to treating localized tumors and it is not typically used as a monotherapy to treat patients who have metastatic disease.

A common method used to treat cancer is traditional chemotherapy, which is administered intravenously and releases medical radioisotopes. The radioisotopes target and destroy harmful cells in the body, and their effectiveness varies depending upon the type of radiation they emit and their half-life Over 40 million such nuclear medicine procedures are performed annually with the demand for medical radioisotopes increasing by around 5% each year. However, even if administered locally, traditional chemotherapy is not cancer specific. Thus, the radioisotopes cannot distinguish between tumor tissue and normal tissue. As a result, the radioisotopes released spread and destroy normal cells resulting in unavoidable side effects, such as appetite changes, nausea, vomiting, bowel issues, hair loss, fatigue and skin and nail changes.

Theranostics have the potential to address the shortcomings of traditional nuclear medicine. Theranostics refers to drugs or methods that have the potential to combine both the diagnosis of disease and its treatment, therapeutics. Theranostics in nuclear medicine employs a radioactive compound for diagnostic imaging, target-expression confirmation, and radionuclide therapy. Recently, there has been an increased focus on radiopharmaceuticals that function as theranostics. In particular, progress in antibody and small-molecule design for targeted delivery and the increased availability of radionuclides with potent therapeutic properties have fueled interest in the field of targeted radiotherapy. Research has focused on high linear energy transfer therapies which deliver ablative radioactive doses to cancerous cells over a small range, sparing adjacent non-targeted tissues.

There are two main classes of therapeutic radiopharmaceuticals, which differ based on the types of particles that are emitted, which are β-emitting radioisotopes and ɑ-emitting radioisotopes. Beta emitters kill cancer cells primarily by creating free radicals that damage cellular machinery and cause single-stranded DNA breaks which are potentially repairable by the cell. Alpha particles, in contrast, cause greater physical damage to cancer cells than β particles, including multiple double-stranded DNA breaks, which are highly lethal. Alpha particles are larger and have higher energy transfer rates than β particles. This higher energy transfer rate allows ɑ particles to deposit a greater amount of lethal energy over a short distance of one to two cells, compared to the relatively long distance of up to 12 mm for β particles, allowing a particles to limit damage only to cancer cells in close proximity while reducing off-target radiation risk. However, beta emitters have more proven and solid supply chain and already experienced FDA approvals in Prostate cancer and Neuro Endocrine Tumors

Radiopharmaceuticals also differ based on the technology that supports them and their effect and degree of penetration on tumor cells. There are certain radiopharmaceuticals that act on specific molecular targets associated with cancer. These include the larger "designer" antibodies, termed mAb, that identify surface markers which are more common on cancers than normal cells, or proteins which are altered or mutant on cancer. In particular, mAb may be used either alone to destroy cancer cells or as carriers of other substances used either for treatment or diagnostic purposes. For example, chemotherapeutic agents or radioactive substances can be attached to mAbs to deliver high concentrations of these toxic substances directly to the tumor cells, the cancer being destroyed by the agent, not the mAb. These targeted, or "silver bullet", approaches may be less toxic and produce better results than conventional chemotherapy or external beam radiation therapy because they reduce the delivery of harmful agents to normal tissues.

However, while mAb are more effective than traditional chemotherapy for targeting tumors, there are shortcomings. In particular, their use in molecular imaging and therapeutics is often impaired by their size resulting in long residence times in the body, associated with slow and low tumor uptake and with limited tumor penetration potential. Thus, we intend to develop theranostic radiopharmaceuticals that can provide a more effective diagnosis and treatment of the tumors our clinical products target.

The PSA-mAb technology is based on a highly selective novel human mAb (PSA-mAb) that identifies prostate specific antigen ("PSA") in prostate cancer. Their use in molecular therapeutics is not impaired by their size, which is less likely to result in long residence times in the body and slow and low tumor absorption and thus limited penetration. We intend to develop a novel human mAb that is addressing a new target (KLK3) in the prostate cancer cell, with the potential to deliver a more effective treatment compared to currently available radiopharmaceuticals.

Nanobodies provide an advantage over mAb in that nanobodies can be radiolabeled with short-lived radioisotopes and provide high contrast images within a few hours after injection, allowing early diagnosis and reduced radiation exposure of patients. In therapy, the small radioactively labelled nanobodies prove to be superior to radioactively labelled mAb due to their higher specificity and their pharmacodynamic profile.

Pivalate and Trivehexin (Avβ6-Integrin) are small molecules compared to antibodies and consequently may be expected to penetrate a tumor mass. FPIA is recruited by cells as part of a cancer-relevant biochemical pathway with the consequence that the labelled fluorine moity in <sup>18</sup>F-FPIA is absorbed into tumorous cells. We believe Pivalate has the unique advantage or crossing the blood brain barrier, ending up with significant uptake in the tumor lesions. Trivehexin is designed to bind to a unique cancer antigen called AvB6. This target is significantly different for integrins studied for many years that are targeting AvB3 and AvB5.

DUNP19 is a small antibody molecule that has a unique "dual action" ability to effectively find, internalize and destroy both cancer-, and tumor micro-environment ("TME") cells, such as stromal and immune cells, which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target TME cells. This double mechanism of action aims to address the cancer cells directly and the surrounding areas where tumor cells find elements critical for their growth. This antibody is applicable to a broad range of currently untreatable cancers.

PTPµ (PTPmu) targeted agent is a highly specific, targeted agent for the detection, imaging and treatment of tumors. When combined with low level radiation, the PTPµ-targeted agent functions as a highly specific Positron Emission Tomography (PET) imaging agent. When combined with high energy radiation, the PTPµ-targeted agent works as a radiopharmaceutical theranostic to destroy tumors. The PTPµ-targeted agent labels invading tumor cells far away from the main tumor mass, achieving specific recognition of the full extent of an invasive tumor. It also recognizes this fragment in multiple tumor types including brain tumors and gynecological cancers. The potential advantages compared to other molecules resides in the fact that the target (PTPu Ex) is present only on the tumor cells and not in the healthy tissue, potentially supporting the development of a more targeted therapy.

In addition, "Radiopharm Ventures LLC", a joint venture with MD Anderson, has been created to develop novel radiopharmaceutical products based on MD Anderson intellectual property.

We are developing theranostic radiopharmaceuticals based on six licensed platform technologies to target several indications of solid tumors. The clinical trials we intend to undertake are based upon novel licensed technology that aims to target cancer cells with innovative mechanisms of action (MoAs) and pathways

**Our Licensed Platform Technologies**

***Nano-mAbs***

Nano-mAbs is a novel radiopharmaceutical platform invented by Dr Hong Hoi Ting. Nano-mAbs are made using genetically engineered camelid derived single domain antibodies (sdAb) that can be labelled with radioisotopes in order to diagnose and treat specific cancers expressing HER-2, TROP-2, PD-L1 and PTK7 receptors.

Members of the Camelidae (including camels and llamas) produce, in addition to conventional antibodies, a unique type of antibody that lacks the structural feature known as light chains. The variable antigen-binding domains derived from these antibodies have been named "nanobodies" by one developer. Camelid sdAb demonstrate high specificity and affinity, when properly selected, and are more stable than conventional antibodies. Furthermore, their toxicity and immunogenicity are both low. They are easy to produce and their modularity makes them amenable for the generation of multivalent complexes. Due to their relatively small molecular weight ((-15 kDa) and lower complexity compared to mAb (-150 kDa) and antibody fragments, sdAb/nanobodies exhibit better pharmacokinetics for non-invasive targeted imaging. In addition, their properties such as shorter circulation times, deeper tumor penetration and high specificity to the target make them preferable.

A Phase I imaging trial is complete, with results indicating the potential for use as a whole - body assessment of HER-2+ cancers. A Phase I therapeutic trial in HER-2+ breast cancer and gastric cancer, and a Phase I therapeutic trial in PDL1+ non-small cell lung cancer is anticipated to start in the first half of 2023. We will seek Investigational New Drug ("IND") approval from the FDA in 2023 to start a Phase I trial with RAD202. In addition, we plan to request Ethics Committee approval in Australia to start a Phase I trial in 2023 for RAD204.

***Pivalate***

Pivalate is a small molecule <sup>18</sup>F-FPIA radiotracer and is the invention of Professor Eric Aboagye of Imperial College London ("ICL"). Pivalate was developed for the detection, characterization and progression monitoring of glioblastoma and brain metastases using the novel agent, Fluoropivalate (FPIA), tagged with the radioisotope Fluorine-18 (<sup>18</sup>F-FPIA) for imaging and potentially I-131 or At-211 for therapeutic use.

The technology is based on a short chain carbohydrate which utilizes the early steps of fatty acid oxidation and is very stable. Phase I diagnostic trial in high- and low-grade glioma is complete. The clinical trials were performed at ICL, after the investigator received Ethics Committee approval. Recent Phase IIa interim diagnostic results in Brain Metastases patients at ICL, showed high uptake regardless of origin of primary tumor. This indicates that Pivalate has the potential to detect and monitor cerebral metastases. Patients without previous external beam radiation showed higher tumor uptake of the radiotracer, while previously treated patients show a trend towards lower uptake of the radiotracer. There were no adverse safety events, confirming the Phase I result.

18F-FPIA essentially targets fatty acid synthetase, selectively overexpressed by tumors, but not by normal brain cells. Tumor cells have evolved unique biochemical pathways for de novo fatty acid synthesis aimed at preventing excessive oxidative stress, an outcome of which is cell death, and maintaining favourable cellular composition for membrane formation and proliferation. Part of this process is the uptake of short chain carboxylates by cells, such as acetate and propionate. Non-naturally occurring pivalate is retained in this process and the ICL researchers have shown that the analogue fluoropivalate (using 18F-FPIA) is imported into and retained by tumor cells. High tumor uptake of 18F-FPIA has been demonstrated in murine and human tumor xenografts (tumors implanted into mice) of the breast, brain, and prostate. We plan to request IND approval from the FDA for the next development trial in 2023 for RAD101. RAD 102 is in an early preliminary stage and we thus do not plan to submit an IND application with the FDA until we have gathered more preclinical data.

***Avβ6-Integrin (Trivehexin)***

Avβ6 is the invention of internationally regarded integrin expert Professor Johannes Notni, formerly at the Technical University of Munich and now senior executive at TRIMT. Avβ6-integrin is an antigen over-expressed in tumors such as pancreatic carcinoma, head-and-neck cancer, and certain lung cancers, as well as in fibrotic tissues. Avβ6 is a strong selective ligand for a cell surface protein called avβ6-integrin. As such, it can accumulate in tissue areas characterized by high avβ6-integrin levels.

Avβ6 aims to allow early detection of the above-mentioned conditions by PET imaging. A diagnostic compassionate use study in ongoing in Germany in pancreatic and head & neck cancer with 62 patients to date. Trivehexin received IND approval from the FDA in December 2022. A Phase I diagnostic trial is anticipated to start in the first quarter of calendar 2023 for RAD301.

Trivehexin is a novel molecule developed specifically for the proposed applications of imaging and diagnosis. The inventors designed the molecule on the belief that trimerization should result in elevated target-specific uptake and prolonged retention. 13 PET kinetics in limited human studies show rapid target specific (tumor) uptake, where it remains stable for 80 minutes or more, and fast clearance from non-target tissue (blood and muscle).

Avβ6-integrin is exclusively expressed on epithelial cells and overexpressed by carcinomas including Pancreatic ductal adenocarcinoma ("PDAC"), squamous cell carcinoma, gastric, colon, ovarian and lung (specifically NSCLC). It is commonly associated with invasive tumors. Avβ6-integrin is also involved in the development of fibrosis, for example interstitial pulmonary fibrosis and this may be an area of interest for RAD at some future point. Avβ6-integrin is completely absent in the normal pancreatic tissue according to immunohistochemistry but overexpressed in almost 90% of all PDAC.

***PSA-mAb***

PSA-mAb is the invention of Professor David Ulmert of UCLA and Essen University. PSA-mAb is a humanized monoclonal antibody, capable of targeting free human prostate kallikrien (or prostate specific antigen (PSA)) in prostate cancer cells. The antibody platform aims to provide a theranostic approach for prostate cancer. Attachment to 225Ac results in potentially curative treatment by sustained tumor regression and a significant increase in median survival time. PSA-mAb is at pre-clinical stage. A Phase I therapeutic trial in Australia with RAD401 and RAD402, is anticipated to start after Ethics Committee approval that we expect to request in mid 2023.

PSA is a 33 kD6 protein synthesised in the epithelial cells of the prostate gland. It is an enzyme or protease that belongs to the subgroup of kallikreins and has a function in facilitating sperm motility. PSA is present in small quantities in the serum of men with healthy prostates and is often elevated in the presence of prostate cancer, albeit it is not uniquely an indicator of prostate cancer as it may also be elevated in the non-cancerous conditions of prostatitis or benign prostatic hyperplasia.

***DUNP 19***

DUNP19 ("Dual Action LRRC15 targeting antibody") is a small antibody molecule discovered by UCLA's Technology Development Group, that has a unique "dual action" ability to target both tumor and the surrounding tumor micro-environment ("TME") cells, such as stromal and immune cells which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target TME cells. This antibody is applicable to a broad range of currently untreatable cancers. A Phase I therapeutic trial in osteosarcoma, an aggressive bone cancer expressing high levels of LRRC15 and that primarily targets children and young adults, is planned for the second half of 2023. In September 2022, the FDA granted Orphan Drug Designation and Pediatric Rare Disease Designation to DUNP19 in osteosarcoma We plan to request Ethics Committee approval in Australia to start Phase I for RAD502 in the third quarter of calendar 2023.

**PTPµ (PTPmu)**

PTPµ (PTPmu) is a peptide molecule biomarker, invented by Dr Susann Brady-Kalnay at Case Western Reserve University in Ohio. This molecule is highly specific targeting agent for the detection, imaging and treatment of tumors. When combined with low level radiation, the PTPµ biomarker functions as a highly specific PET imaging agent. When combined with high energy radiation, the PTPµ biomarker works as a radiopharmaceutical theranostic to destroy tumors. In therapeutic mode, the biomarker labels tumor cells far away from the main tumor mass, achieving specific recognition of the full extent of an invasive tumor. The biomarker recognizes PTPµ in multiple tumor types including brain and gynaecological tumors. Currently in pre-clinical stage, initial trial activity will focus on glioblastoma. We plan to request Ethics Committee approval in Australia to start Phase I in 2023 for RAD 601 and RAD602.

***Radiopharm Ventures LLC***

The joint venture between Radiopharm Ventures and MD Anderson will initially focus on developing at least four therapeutic products. The first potential therapeutic candidate is a humanized immunoglobulin G (IgG) antibody against tumor-specific antigen B7-H3, also known as CD276, which is highly expressed in several common tumors but not in healthy cells. Pre-clinical studies suggest the candidate antibody is effective in eliminating resistant colorectal cancers in lab models.

**Our Drug Candidates**

***<u>RAD101</u>****<u>(Pivalate Brain Metastasis Diagnostic) and **RAD102** (Pivalate Therapeutic)</u>*

We believe Pivalate will prove useful for the detection of glioblastoma and brain metastases, with potential for characterizing the grade of the disease and for monitoring progression and treatment related changes. The compound, fluoropivalate (FPIA) in which the fluorine moity has been substituted by the isotopic form, <sup>18</sup>F, as <sup>18</sup>F-fluoropivalate or <sup>18</sup>F-FPIA (or 3-18F-fluoro-2,2- dimethylpropionic acid), can be used for the imaging of tumors which have a high fatty acid turnover and/or are hypoxic or for which the commonly used <sup>18</sup>F-FDG imaging agent is sub-optimal. <sup>18</sup>F-FPIA attempts to overcome the limitations of currently available technologies such as PET, FDG and MRI, due to their necrotic, inflammatory and high sugar uptake confounding factors.

The ICL investigators believe that FPIA uptake will be higher in high-grade or fast-growing gliomas compared to less serious lower grade gliomas, because high-grade tumors have greater fatty acid oxidation as a result of biochemical processes aimed at overcoming oxidative stress.

The utility of <sup>18</sup>F-FPIA as an imaging agent has been evidenced in animal models of disease and it has been well-tolerated with no off-target tissue absorption in a human study. Low levels of accumulation in excretory organs are likely to be inconsequential, but may rule out use in liver, bladder and kidney cancers and may confound attempts to image prostate cancer.

The primary endpoint of RAD101 Phase I was safety and biodistribution. There was no secondary endpoint. In the Phase I diagnostic trial of <sup>18</sup>F-FPIA (RAD101) in high- and low-grade glioma, no adverse effects were recorded and tissue uptake, other than in the liver and kidneys, was low in 24 healthy volunteers.

In October 2022, the interim data of RAD101 Phase IIa imaging trial in 17 brain metastases from different primary tumors, were presented at the 34th Joint Meeting of the European Organization for Research and Treatment of Cancer (EORTC)/American Association for Cancer Research (AACR) / US National Cancer Institute (NCI) symposium in Barcelona. The trial analyzed whether RAD101 uptake is higher over background in cerebral metastases and whether Stereotactic Radiosurgery (SRS) impacts RAD101 uptake at early time points (4-8 weeks) when changes in imaging outcome can influence future patient management. There were two cohorts of patients, 11 treatment naïve and 6 SRS treated (4-8 weeks post treatment). The primary endpoint was biodistribution of <sup>18</sup>F-FPIA with different primary tumors. Tumor-to-background ratio was lower in the cohort that received radiotherapy 2.92 ± 0.26 (p = 0.074) and comparatively, dynamic contrast enhanced (DCE)-Kep - symmetric exchange rate of MRI contrast agent across the capillary wall - was markedly lower in the same group. The results showed statistical significance due to a high uptake regardless of origin of primary tumor, indicating RAD101 can be used to detect and monitor cerebral metastases, supporting therapeutic development. The results are to be published in a peer-reviewed journal.

RAD101 Phase II diagnostic renal and other solid tumors are also recruiting or underway.

Ongoing work at ICL will focus on therapeutic development, with a therapeutic candidate for RAD102 Phase I anticipated at the end of 2023 / beginning 2024. This work is supported by RAD through a Service Research Agreement with Imperial.

RAD101 Phase I and Phase II trials for brain metastases were conducted in United Kingdom. RAD101 Phase III is planned to be conducted in the United States with a start date expected in the third quarter of calendar 2023. The clinical data gathered outside the United States in Phase I and II may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. While RAD102 Phase I is planned to be conducted in United States, we cannot currently provide an expected start date.

***<u>RAD201</u>****<u>(Nano-mAb HER-2 Breast Diagnostic) and **RAD202** (Nano-mAb Her-2 Breast Therapeutic)</u>*

The camelid derived single domain antibody RAD201 is a novel antibody, engineered to bind to imaging isotope Tc-99m which targets a protein called human epidermal growth factor receptor 2 ("HER-2") often associated with breast cancer. HER-2 overexpression in breast cancer is often associated with aggressive disease and consequently, poor prognosis.

In December 2021, we announced the completion of a Phase I study investigating the potential safety, dosimetry and efficacy of RAD201 in HER-2 positive breast cancer subjects, in concert with its collaborators at Shanghai General Hospital in China and NanoMab in London, UK and Hong Kong, China. The study, conducted at Shanghai General Hospital under the direction of Dr Jinhua Zhao, imaged 40 histopathologically-proven breast cancer subjects. The procedure involved injecting the subject with RAD201, allowing time for the single domain antibody to localize at the HER-2 positive cancer and clear from non-target organs, then imaging the subject two hours post-injection using a Single Photon Emission Computed Tomography ("SPECT") camera. This procedure yielded clear and easy to interpret images. The images provided outstanding target-to-background, making quantification straightforward and RAD201 SPECT imaging a potentially fast and non-invasive way of gaining insight to HER-2 overexpression in breast cancer primary and metastatic lesions. No concerning safety signal was observed, with only a minor grade 1 adverse event reported as unrelated to RAD201.

RAD201 Phase I was performed in China after having received approval from the Ethics Committee of the Shanghai hospital where the trial was conducted. The clinical data gathered outside the United States in Phase I may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. Currently, we have postponed our plan to further develop RAD201. The postponement was decided in late 2022, when we reassessed the prioritization of the development of our clinical assets. In particular, we decided to prioritize the development of therapeutic clinical assets (such as RAD202) over diagnostic clinical assets (such as RAD201).

The results of RAD201 Phase I, however, supported our decision to start the RAD202 trial. In particular, we plan to initiate a Phase I therapy study for RAD202 as a company-sponsored Investigational New Drug ("IND") recognized by the FDA in the first half of 2023. RAD202 will be composed of the same single domain antibody construct as RAD201, but will incorporate the therapeutic, beta particle-emitting isotope, Lu177 that has the potential to kill cancer cells. RAD202 Phase I is planned to be conducted in United States with a start date expected in the third quarter of calendar 2023.

***<u>RAD203</u>****<u>(Nano-mAb PDL1 Non-small Cell Lung Diagnostic) **and RAD204** (Nano-mAb PDL1 Non-small Cell Lung Therapeutic)</u>*

The camelid derived single domain antibody RAD203 is engineered to bind to imaging isotope Tc-99m which targets a protein called programmed cell death ligand (PDL1) expressed in non-small cell lung cancer (NSCLC), the most common type of lung cancer and a high unmet medical need. NanoMab completed a Phase I imaging study in 40 NSCLC patients in Shanghai and London. RAD 203 has been licensed to Lantheus Molecular Imaging ("Lantheus") with worldwide rights (excluding China). Thus, Lantheus has been granted the rights to develop RAD203 and the rights to market it worldwide, while we retained the rights to develop RAD203 and the rights to market it in China only. The technology is currently in Phase II imaging trial in NSCLC.

In March 2022 Radiopharm signed a Letter of Intent with global oncology provider GenesisCare to commence a Phase I therapeutic trial using RAD204, incorporating the therapeutic, beta particle-emitting isotope, Lu177. It will be the first human clinical trial exposure to this compound and, if successful, will set the stage for expanded development in lung cancer patients whose cancer is sensitive to treatment with this type of immunotherapy. RAD204 will deliver increasing doses on Lu177 (beta emitter isotope) to the cancer cell, disrupting their tumor DNA and killing the tumor cell as a result. Potentially it could be used as a single agent or in combination with checkpoint inhibitors. RAD204 Phase I is planned to be conducted in Australia with a start date expected in the second quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase II may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD204 Phase II is planned to be conducted in United States with a start date expected in the third quarter of calendar 2024.

***<u>RAD301</u>****<u>(Avβ6-Integrin Pancreatic Diagnostic)</u>*

The company has published studies presenting evidence supporting the utility of 68Ga-Trivehexin coupled with PET/CT in localizing PDAC, parotid duct cancer metastasis and head and neck squamous cell carcinoma along with comparative scans obtained with a healthy subject. While these studies may be described as anecdotal, requiring validation in multi-patient cohorts, they provide a rationale for progression into a formal Phase I trial as a diagnostic product in multiple cancers.

In September 2022, the RAD301 asset was independently endorsed by a medical team in Dresden, in a presentation at the 35th Annual Congress of the European Association of Nuclear Medicine (EANM), titled "PET/CT and PET/MRI imaging with RAD301 in patients with pancreatic cancer – first clinical experience", highlighting the significance and growing recognition of the technology.

In December 2022, we received IND approval from the FDA. An IND approved Phase I is planned in the United States between December 2022 and February 2023 with an estimated completion date during the third quarter of calendar 2023.

***<u>RAD401</u>****<u>(PSA-mAb Prostate Cancer Diagnostic) and **RAD402** (PSA-mAb Prostate Cancer Therapeutic)</u>*

PSA-mAb is capable of targeting free human prostate kallikren (PSA) in prostate cancer cells. In addition, its combination with the radioisotope 225Ac results in potentially curative treatment by sustained tumor regression and a significant increase in median survival time.

PSA-mAb is at pre-clinical stage. The antibody was investigated in an independent study, involving many institutions including the Memorial Sloane Kettering Cancer Centre, using two murine models, (i) mice with xenografted prostate cancer (human androgen-sensitive prostate adenocarcinoma cells, "LNCaP-AR"), and (ii) PSA-expressing, cancer- susceptible transgenic mice (known as KLK3_Hi-Myc mice). The animals were imaged with 89Zr, or treated with 90Y or 225Ac-labelled PSA-mAb and subjected to gamma counting, PET, autoradiography, and microscopy for biodistribution and subcellular localisation of the labelled mAb. The potential therapeutic efficacy of 225Ac-PSA-mAb and 90Y-PSA-mAb in LNCaP-AR tumors was assessed by various measures including survival. An investigation of the pharmacokinetics of 89Zr-PSA-mAb PET were carried out in non-human primates ("NHP"), cynomolgus macaques – such studies aim to provide better guidance on the activity of the radiolabelled material in humans. 89Zr-PSA-mAb-PET visualisation in the NHP animals was conducted over a 2-week observation period.

In the mouse models, specific tumor uptake of radiolabelled PSA-mAb increased over time and correlated with PSA expression. Uptake was highly specific for the tumor masses as compared to healthy tissue. Administration of the three different radio-conjugates resulted in almost identical biodistributions, choice of chelate and radionuclide having negligible impact on tumor targeting and organ kinetics of PSA-mAb. Treatment with 90Y-/225Ac-PSA-mAb effectively reduced tumor burden and prolonged the animals' survival. Effects of 90Y-PSA-mAb were more immediate than 225Ac-PSA-mAb but less sustained. Complete responses were observed in seven of 18 225Ac-PSA-mAb and one of nine mice treated with 90Y- PSA-mAb. Pharmacokinetics of 89Zr-PSA-mAb were consistent between NHPs and comparable with those in mice. The studies also provided information on the biodistribution of the labelled agents. The authors concluded that their studies establish PSA-mAb as a new theranostic agent that allows highly specific and effective downstream targeting of AR in PSA-expressing tissue and that the data supports the clinical translation of radiolabelled PSA-mAb for treating prostate cancer.

A Phase I therapeutic trial using RAD 402 is anticipated to start in Australia after Ethics Committee approval, between January and March 2023. RAD401 and RAD402 Phase I are planned to be conducted in Australia with a start date expected in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I for RAD 401 and RAD402 may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD401 and RAD402 Phase II are planned to be conducted in the United States with a start date expected in the fourth quarter of calendar 2024.

***<u>RAD502</u>****<u>(DUNP-19 Osteosarcoma)</u>*

DUNP19 ("Dual Action LRRC15 targeting antibody") is a small antibody, that has a unique "dual action" ability to target both tumor and the surrounding tumor micro-environment ("TME") cells, such as stromal and immune cells which comprise more than 50% of tumor masses. Currently available antibodies for cancer treatment generally fail to target these cells.

LRRC15 expression is produced by cancer cells and the surrounding tumor micro-environment, but not by healthy normal tissues. Its production is very high in aggressive and treatment resistant tumors.

A Phase I therapeutic trial in osteosarcoma, an aggressive bone cancer expressing high levels of LRRC15 and that primarily targets children and young adults, is planned for the second half of 2023. In September 2022, the FDA granted Orphan Drug Designation and Pediatric Rare Disease Designation to DUNP19 in osteosarcoma. Orphan Drug Designation can be granted by the FDA for a drug or biologic product with the potential to diagnose, prevent or treat rare diseases and conditions. Recipients of the designation receive benefits and incentives including tax credits for qualified clinical trials, exemption form user fees and a potential seven years of market exclusivity following the drug's approval. However, drugs that receive Orphan Drug Designation go through the same rigorous scientific review process as any other drug for approval or licensing. Thus, the FDA Orphan Drug Designation does not eliminate any FDA regulatory requirements or guarantee a shortened regulatory review process or FDA approval.

The RPD program is aimed at advancing development of drugs with the potential to treat serious, rare pediatric diseases. RPD allows companies to receive a priority review voucher (PRV) from the FDA at the time a marketing authorization is granted. To be granted PRV, RAD502 would need to address a serious condition and demonstrate, through clinical trial data or other scientifically valid information, the potential to provide a significant improvement in safety or effectiveness over existing treatments. Such significant improvement could be demonstrated by, for example, evidence of increased effectiveness in treatment, prevention, diagnosis of condition or the elimination or substantial reduction of a treatment-limiting drug reaction. If we were granted PRV at the time a marketing authorization is granted, Radiopharm could redeem the "voucher" to speed up FDA review of a future, potentially more profitable, clinical product, at Radiopharm's choice, with a targeted review time of six months, rather than the 10-month standard review.

RAD502 Phase I is planned to be conducted in Australia with a start date in the fourth quarter of calendar 2023. We plan to request Ethics Committee approval in Australia to start the Phase I in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I for RAD502 may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD502 Phase II is planned to be conducted in the United States with a start date expected in the first quarter of calendar 2025.

***RAD601*** *(*PTPµ *Glioblastoma Diagnostic) and **RAD602** (*PTPµ *Glioblastoma Therapeutic)*

PTPµ is a unique biomarker present only in tumor cells but not healthy cells (see image below).

The technology has shown positive pre-clinical data in human glioblastoma tumor models.

The radionuclide carrying PTPµ-targeting agent holds the potential to be a therapy in a range of tumor types. The current standard of care is surgery followed by nonspecific radiation and chemotherapy. There is an immediate need for targeted therapies with high sensitivity and specificity.

Manufacturing of PTPµ is scheduled to commence in December 2022 and a Phase I glioblastoma imaging study using RAD601 attached to the isotope Gallium 68 (Ga86), is anticipated to start in 12 months' time.

RAD602 represents the following step in development. After proving tumor uptake with the RAD601imaging asset, we plan to start phase I development of RAD 602 in Glioblastoma between the end of 2023 and the beginning 2024, in combination with Lu177 or with Pb212, both Beta emitter isotopes.

We do not expect to start a clinical trial for RAD601 in the foreseeable future. RAD602 Phase I is planned to be conducted in Australia with a start date expected in the third quarter of calendar 2023. The clinical data that will be gathered outside the United States in Phase I may not be accepted by the FDA or other comparable foreign regulatory authorities, which could result in the need to conduct additional trials in the United States or elsewhere. RAD602 Phase II is planned to be conducted in the United States with a start date expected in the fourth quarter of calendar 2024.

**Intellectual Property**

We have implemented a patent filing strategy as we develop our products and therapies in conjunction with our scientific advisory board. Currently, we own 22 patents. A summary of the number of patents, patent types and jurisdictions in listed in the table below. Once converted to the complete/PCT stage, the provisional patents will also be applicable to all PCT contracting states. International search reports and written opinions of the International Search Authority have confirmed that the key claims in our filed Patent Cooperation Treaty applications are novel and inventive and that the invention meets the requirements of industrial applicability. The preparation of the International Search Report (ISR) and International Search Opinion (ISO) for PCT applications is one of the main procedural steps of the international phase of the Patent Cooperation Treaty (PCT). The purpose of conducting the searches at the international phase is to identify the relevant prior art and for the International Searching Authority to establish a preliminary opinion as to whether the claims are novel, involve an inventive step and are industrially applicable. While the ISR and the ISO are non-binding, in the sense that national patent offices are not obliged to accept any finding of the International Searching Authority, these reports often represented a useful guide in relation to the patentability of the subject matter claimed in the PCT application.

In the context of the PCT applications that cover our product candidates, the International Searching Authority is the Australian Patent Office. Accordingly, the opinion expressed in the ISR / ISO for each of these PCT applications is based on searches that have been conducted by Australian Patent Examiners.

In addition to pursing patent protection for all of our assets, we rely on unpatented trade secrets, know-how and other confidential information as well as proprietary technological innovation and expertise that are protected in part by confidentiality and invention assignment agreements with our employees, advisors and consultants.

Patent matters in biotechnology are highly uncertain and involve complex legal and factual questions. The availability and breadth of claims allowed in biotechnology and pharmaceutical patents cannot be predicted. Statutory differences in patentable subject matter may limit the scope of protection we can obtain on some or all of our licensed inventions or prevent us from obtaining patent protection either of which could harm our business, financial condition and results of operations. Since patent applications are not published until at least 18 months from their first filing date and the publication of discoveries in the scientific literature often lags behind actual discoveries, we cannot be certain that we, or any of our licensors, were the first creator of inventions covered by pending patent applications, or that we or our licensors, were the first to file patent applications for such inventions. Additionally, the grant and enforceability of a patent is dependent on a number of factors that may vary between jurisdictions. These factors may include the novelty of the invention, the requirement that the invention not be obvious in the light of prior art (including prior use or publication of the invention), the utility of the invention and the extent to which the patent clearly describes the best method of working the invention. In short, this means that claims granted in various territories may vary and thereby influence commercial outcomes.

While we have applied for and will continue to file for protection as appropriate for our therapeutic products and technologies, we cannot be certain that any future patent applications we file, or licensed to us, will be granted, or that we will develop additional proprietary products or processes that are patentable or that we will be able to license any other patentable products or processes. We cannot be certain that others will not independently develop similar products or processes, duplicate any of the products or processes developed or being developed by the company or licensed to us, or design around the patents owned or licensed by us, or that any patents owned or licensed by us will provide us with competitive advantages.

Furthermore, we cannot be certain that patents held by third parties will not prevent the commercialization of products incorporating the technology developed by us or licensed to us, or that third parties will not challenge or seek to narrow, invalidate or circumvent any of the issued, pending or future patents owned or licensed by us.

Our commercial success will also depend, in part, on our ability to avoid infringement of patents issued to others. If a court determines that we were infringing any third-party patents, we could be required to pay damages, alter our products or processes, obtain licenses or cease certain activities. We cannot be certain that the licenses required under patents held by third parties would be made available on terms acceptable to us or at all. To the extent that we are unable to obtain such licenses, we could be foreclosed from the development, export, manufacture or commercialization of the product requiring such license or encounter delays in product introductions while we attempt to design around such patents, and any of these circumstances could have a material adverse effect on our business, financial condition and results of operations. We may have to resort to litigation to enforce any patents issued or licensed to us or to determine the scope and validity of third-party proprietary rights. Such litigation could result in substantial costs and diversion of effort by us. We may have to participate in opposition proceedings before the Australian Patent and Trademark Office or another foreign patent office, or in interference proceedings declared by the United States Patent and Trademark Office, to determine the priority of invention for patent applications filed by competitors. Any such litigation interference or opposition proceeding, regardless of outcome, could be expensive and time consuming, and adverse determinations in any such proceedings could prevent us from developing, manufacturing or commercializing our products and could have a material adverse effect on our business, financial condition and results of operations.

As of December 31 2022, the Company also owns pending Australian trademark applications. The Company is yet to file applications in United States, Europe, United Kingdom, China and Japan. As of December 31, 2022, we added 1 new patent applications to our portfolio.

**Patent Portfolio**

The following table presents our portfolio of patents and patent applications, including their current status and title. We currently own 23 patents.

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**Competition** 

The table below outlines existing drugs and therapies used to treat the illnesses we aim to treat with our drug candidates.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company name** | **Ticker** | **Clinical stage** | **Products /Indications** | **Product Differences** |
| **AAA /Novartis** | SWX: NOVN | Commercial and Phase I to Phase III | Radioligand therapies for NET, prostate, glioblastoma, small cell lung cancer. Most recent product, Pluvicto (Lu177 PSMA-617) for progressive prostate cancer therapy FDA approved Mar 2022; Locametz (Ga68 PSMA) prostate cancer imaging FDA approved Mar 2022 | Only focuses on peptide, no SdmAb or IGG |
| **Telix** | ASX: TLX | Commercial and Phase I to Phase III | Therapeutics and imaging for various cancers:- prostate, kidney, brain, bone marrow. Lead agent Illuccix (Ga68 PSMA-11) for prostate cancer imaging FDA and TGA approved 2021 | Product uses different small molecule and monoclonal antibody targets |
| **Clarity** | ASX: CU6 | Phase I & Phase II | Therapeutics and imaging for prostate, breast and neuroblastoma | Focus on copper isotopes only |
| **Point Bio** | Nasdaq: PNT | Phase I to Phase III | Therapeutics for prostate and solid tumors expressing Fibroblast Activation Protein (FAP) | Preclinical stage with FAP targeting and Ac-225 in prostate with a different molecule |
| **Clovis** | Nasdaq: CLVS | Phase II | Therapeutics and imaging for multiple tumor types | Only one molecule in development targeting Fibroblast Activation Protein (FAP) |
| **RayzeBio** | Private | Preclinical | Therapeutic for gastroenteropancreatic neuroendocrine tumors | Ac225 Dotatate for neuroendocrine tumors, targeting different molecule |

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**Regulatory Authorities**

The ongoing research and development, clinical, regulatory, commercial and manufacturing activities of our drug candidates are subject to extensive regulation by numerous governmental authorities, including (i) in Australia, principally the Therapeutics Goods Administration, or TGA; (ii) in the United States, principally the Food and Drug Administration, or FDA; and (iii) in Europe, principally the European Medicines Agency, or EMA and local competent authorities, ethics committees (ECs), institutional research boards (IRBs) and other regulatory authorities at federal, state or local levels. We, along with our third-party contractors, will be required to navigate the various preclinical, clinical and commercial approval and post-approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies or seek approval or licensure of our drug candidates.

***United States***

*FDA process*

In the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act, or the FDCA, and its implementing regulations. Regulations that govern the pharmaceutical quality, safety, efficacy, labeling, storage, record keeping, advertising and promotion of such products under the Federal Food, Drug and Cosmetic Act, the Public Health Service Act, and their implementing regulations.

The process of obtaining FDA approval and achieving and maintaining compliance with applicable laws and regulations requires the expenditure of substantial time and financial resources. Failure to comply with applicable FDA or other requirements may result in refusal to approve pending applications, a clinical hold, warning letters, civil or criminal penalties, recall or seizure of products, partial or total suspension of production or withdrawal of the product from the market. FDA approval is required before any new drug or biologic, including a new use of a previously approved drug, can be marketed in the United States. All applications for FDA approval must contain, among other things, information relating to safety and efficacy, pharmaceutical quality, packaging, labeling and quality control.

Government oversight of the pharmaceutical industry is usually classified into pre-approval and post-approval categories. Most of the therapeutically significant innovative products marketed today are the subject of New Drug Applications, or NDAs, or Biologics License Applications, or BLAs. Pre-approval activities are used to assure the product is safe and effective before marketing.

*Drug Approval Process — FDA*

None of our drug candidates may be marketed in the United States until the drug has received FDA approval. The steps required before a drug may be marketed in the United States generally include the following:

● completion of extensive pre-clinical laboratory tests, animal studies, and formulation studies in accordance with the FDA's GLP and GMP regulations;

● submission to the FDA of an Investigational New Drug, or IND, application for human clinical testing, which must become effective before human clinical trials may begin;

● performance of adequate and well-controlled human clinical trials in accordance with GCP requirements to establish the safety and efficacy of the drug for each proposed indication;

● submission to the FDA of an NDA/BLA after completion of all pivotal clinical trials;

● satisfactory completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the active pharmaceutical ingredient, or API, and finished drug product are produced and tested to assess compliance with current Good Manufacturing Practices, or cGMPs; and

● FDA review and approval of the NDA/BLA prior to any commercial marketing or sale of the drug in the United States.

After the completion of clinical studies of a product candidate, FDA approval of a BLA must be obtained before commercial marketing of the biological product. The BLA must include results of product development, laboratory and animal studies, human studies, information on the manufacture and composition of the product, proposed labeling and other relevant information. In addition, under the Pediatric Research Equity Act ("PREA"), a BLA or supplement to a BLA must contain data to assess the safety and effectiveness of the product for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may grant deferrals for submission of data or full or partial waivers. Unless otherwise required by regulation, PREA does not apply to any biological product for an indication for which orphan designation has been granted. The testing and approval processes require substantial time and effort and there can be no assurance that the FDA will accept the BLA for filing and, even if filed, that any approval will be granted on a timely basis, if at all.

The manufacturing and quality, as well as preclinical and clinical testing and approval process requires substantial time, effort and financial resources, and we cannot guarantee approval of our drug candidates will be granted on a timely basis, if at all. Notably, the FDA may reach different conclusions than we have after analyzing the same data, or there may difference of opinion amongst members of FDA's review team.

The FDA may inspect and audit domestic and foreign development facilities, planned production facilities, clinical trial sites and laboratory facilities. There is a pre-approval inspection after submission to market a new product, routine inspection of a regulated facility and a "for-cause" inspection to investigate a specific problem that has come to FDA's attention. After the product is approved and marketed, the FDA uses different mechanisms for assuring that firms adhere to the terms and conditions of approval described in the application and that the product is manufactured in a consistent and controlled manner. This is done by periodic unannounced inspections of production and quality control facilities by FDA's field investigators and analysts.

Preclinical tests include laboratory evaluation of toxicity in animals and in vitro (laboratory tests). The results of preclinical tests, together with manufacturing information and analytical data, are submitted as part of an IND application to the FDA. The IND application is based on the results of initial testing done on animals for pharmacology and toxicity, which is used to develop a plan for testing the drug on humans. Only after preclinical testing, FDA determines whether the drug should be tested in people.

Further, an independent institutional review board, or IRB, covering each medical center proposing to conduct clinical trials must review and approve the plan for any clinical trial before it commences at that center and it must monitor the study until completed. The FDA, the IRB or the sponsor may suspend a clinical trial at any time on various grounds, including a finding that the subjects or patients are being exposed to an unacceptable health risk. Clinical testing also must satisfy extensive Good Clinical Practice, or GCP, regulations, which include requirements that all research subjects provide informed consent and that all clinical studies be conducted under the supervision of one or more qualified investigators.

Clinical trials (under an IND) involve administration of the investigational drug to human subjects under the supervision of qualified investigators. Clinical trials are conducted under protocols detailing the objectives of the study, the parameters to be used in monitoring safety and the effectiveness criteria to be evaluated. Each protocol must be provided to the FDA as part of a separate submission to the IND. Further, an Institutional Review Board, or IRB, for each medical center proposing to conduct the clinical trial must review and approve the study protocol and informed consent information for study subjects for any clinical trial before it commences at that center, and the IRB must monitor the study until it is completed. There are also requirements governing reporting of ongoing clinical trials and clinical trial results to public registries. Study subjects must sign an informed consent form before participating in a clinical trial.

Progress reports detailing the results of the clinical studies must be submitted at least annually to the FDA and safety reports must be submitted to the FDA and the investigators for serious and unexpected adverse reactions in case of an open IND. For purposes of an NDA or BLA submission and approval, human clinical trials are typically conducted in the following sequential phases, which may overlap:

● Phase I: Trials are initially conducted in a limited population of healthy human subjects or patients to test the drug candidate for safety and dose tolerance (in oncology Phase I trials are often conducted in patients). These studies are designed to test the safety, dosage tolerance, absorption, metabolism and distribution of the investigational product in humans, the side effects associated with increasing doses and, if possible, to gain early evidence on effectiveness.

● Phase II: The investigational product is administered to a limited patient population with a specified disease or condition to evaluate the preliminary efficacy, optimal dosages and dosing schedule and to identify possible adverse side effects and safety risks. Multiple Phase II clinical trials may be conducted to obtain information prior to beginning larger and more expensive Phase III clinical trials.

● Phase III: The investigational product is administered to an expanded patient population in adequate and well-controlled studies to further evaluate dosage, to provide statistically significant evidence of clinical efficacy and to further test for safety, generally at multiple geographically dispersed clinical trial sites. These clinical trials are intended to establish the overall risk/benefit relationship of the investigational product and to provide an adequate basis for product approval.

● Phase IV: In some cases, the FDA may condition approval of an NDA or BLA on the sponsor's agreement to conduct additional clinical trials to further assess the drug candidate's safety, purity and potency after NDA or BLA approval. Such post-approval trials are typically referred to as Phase IV clinical trials.

Concurrent with clinical studies, sponsors usually complete additional animal studies and must also develop additional information about the product and finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the drug candidate and, among other things, the manufacturer must develop and validate methods for testing the identity, strength, quality and purity of the final product. Moreover, appropriate packaging must be selected and tested and stability studies must be conducted to assure product integrity and demonstrate that the drug candidate does not undergo unacceptable deterioration over its shelf life.

The results of product development, preclinical studies and clinical trials, along with the aforementioned manufacturing information, are submitted to the FDA as part of a BLA/NDA. Under the Prescription Drug User Fee Act, or PDUFA, the FDA agrees to specific goals for NDA/BLA review time. The testing and approval process requires substantial time, effort and financial resources. The FDA will review the BLA/NDA and may deem it to be inadequate to support approval, and we cannot be sure that any approval will be granted on a timely basis, if at all. The FDA may also refer the application to the appropriate advisory committee, typically a panel of clinicians, for review, evaluation and a recommendation as to whether the application should be approved. The FDA is not bound by the recommendations of the advisory committee, but it typically follows such recommendations.

The FDA may deny approval of a BLA/NDA if the applicable regulatory criteria are not satisfied, or it may require additional clinical data or additional pivotal Phase III clinical trials. Even if such data are submitted, the FDA may ultimately decide that the NDA/BLA does not satisfy the criteria for approval. Data from clinical trials are not always conclusive and the FDA may interpret data differently than the sponsor does. Once issued, product approval may be withdrawn by the FDA if ongoing regulatory requirements are not met or if safety problems occur after the product reaches the market. In addition, the FDA may require testing, including Phase IV clinical trials, and surveillance programs to monitor the effect of approved products that have been commercialized, and the FDA has the power to prevent or limit further marketing of a product based on the results of these post-marketing programs which may include pediatric assessment, and potentially studies required for an application for a new indication, new dosage form, a new dosing regimen, a new route of administration or a new active ingredient. Products may be marketed only for the approved indications and in accordance with the provisions of the approved label. Further, if there are any modifications to the drug, including changes in indications, labeling or manufacturing processes or facilities, approval of a new or supplemental BLA may be required, which may involve conducting additional preclinical studies and clinical trials.

*Expedited Review and Approval*

The FDA has various programs, including fast track designation, priority review, accelerated approval, and breakthrough therapy designation, which are intended to expedite or simplify the process for reviewing drugs and/or provide for approval on the basis of surrogate endpoints. Even if a drug qualifies for one or more of these programs, the FDA may later decide that the drug no longer meets the conditions for qualification or that the time period for FDA review or approval will not be shortened. In particular, if accelerated approval is granted for any particular drug candidate, the FDA can subsequently revoke the marketing authorization for such product if post-market clinical trial results are unsuccessful. Generally, drugs that may be eligible for these programs are those for serious or life-threatening diseases or conditions, those with the potential to address unmet medical needs, and those that offer meaningful benefits over existing treatments.

*Other U.S. Regulatory Requirements*

After approval, products are subject to extensive continuing regulation by the FDA, which include company obligations to manufacture products in accordance with GMP, maintain and provide to the FDA updated safety and efficacy information, report adverse experiences with the product, keep certain records and submit periodic reports, obtain FDA approval of certain manufacturing or labelling changes and comply with FDA promotion and advertising requirements and restrictions. Failure to meet these obligations can result in various adverse consequences, both voluntary and FDA-imposed, including product recalls, withdrawal of approval, restrictions on marketing, and the imposition of civil fines and criminal penalties against the BLA holder — all of which may become public. In addition, later discovery of previously unknown safety or efficacy issues may result in restrictions on the product, manufacturer or application holder.

We, and any manufacturers of our drug candidates, are required to comply with applicable FDA manufacturing requirements contained in the FDA's GMP regulations. GMP regulations require, among other things, quality control and quality assurance as well as the corresponding maintenance of records and documentation. The manufacturing facilities for our drug candidates must meet GMP requirements. We, and any third-party manufacturers, are also subject to periodic inspections of facilities by the FDA and other authorities, including procedures and operations used in the testing and manufacture of our drug candidates to assess our compliance with applicable regulations.

With respect to post-market product advertising and promotion, the FDA imposes a number of complex regulations on entities that advertise and promote pharmaceuticals, which include, among others, standards for direct-to-consumer advertising, promoting products for uses or in patient populations that are not described in the product's approved labelling (known as "off-label use"), industry-sponsored scientific and educational activities, and promotional activities involving the Internet. Failure to comply with FDA requirements can have negative consequences, including adverse publicity, enforcement letters from the FDA, mandated corrective advertising or communications with doctors and civil or criminal penalties. Although physicians may prescribe legally available drugs for off-label uses, manufacturers may not market or promote such off-label uses.

Changes to some of the conditions established in an approved application, including changes in indications, labelling, or manufacturing processes or facilities, require submission and FDA approval of a new BLA or BLA supplement before the change can be implemented. A BLA supplement for a new indication typically requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing BLA supplements as it does in reviewing BLAs.

Adverse event reporting and submission of periodic reports is required following FDA approval of a BLA. The FDA also may require post-marketing testing, known as Phase IV testing, risk mitigation strategies, and surveillance to monitor the effects of an approved product or place conditions on an approval that could restrict the distribution or use of the product.

**Foreign Regulation**

In addition to regulations in the United States, we are subject to a variety of foreign regulations governing clinical trials and commercial sales and distribution of our drug candidates. Whether or not we obtain FDA approval for a product, we must obtain approval of a product by the comparable regulatory authorities of foreign countries before we can commence clinical trials or marketing of the product in those countries. The approval process varies from country to country and the time may be longer or shorter than that required for FDA approval. The requirements governing the conduct of clinical trials vary greatly from country to country.

***European Union and United Kingdom***

In the European Economic Area, or EEA, which is comprised of the Member States of the European Union plus Norway, Iceland and Liechtenstein, medicinal products can only be commercialized after obtaining a Marketing Authorization, or MA by the EMA. Under European Union regulatory systems, we must submit and obtain authorization for a clinical trial application in each member state in which we intend to conduct a clinical trial. When conducting clinical trials in the European Union, we must adhere to the provisions of the European Union Clinical Trials Directive (Directive 2001/20/EC) and the laws and regulations of the EU Member States implementing them. These provisions require, among other things, that the prior authorization of an Ethics Committee and the competent Member State authority is obtained before commencing the clinical trial. In April 2014, the European Union passed the Clinical Trials Regulation (Regulation 536/2014), which will replace the current Clinical Trials Directive. To ensure that the rules for clinical trials are identical throughout the European Union, the EU Clinical Trials Regulation was passed as a regulation that is directly applicable in all EU member states. All clinical trials performed in the European Union are required to be conducted in accordance with the Clinical Trials Directive until the Clinical Trials Regulation becomes applicable. According to the current plans of the EMA, the Clinical Trials Regulation is expected to become applicable.

After we have completed our clinical trials, we must obtain marketing authorization before we can market our product. We may submit applications for marketing authorizations under a centralized procedure. The centralized procedure provides for the grant of a single marketing authorization that is valid for all European Union member states.

The European Medicines Agency, or EMA, is a body of the European Union located in Amsterdam. The EMA is responsible for the scientific evaluation of medicines developed by pharmaceutical companies for use in the European Union. The EMA is involved in the scientific evaluation of medicines that fall within the scope of the centralized procedure. Like the FDA there is a harmonization between regulators and the EMA may inspect and audit the development facilities, planned production facilities, clinical trial sites and laboratory facilities. Additionally, after the product is approved and marketed, the EMA uses different mechanisms for assuring that firms adhere to the terms and conditions of approval described in the application and that the product is manufactured in a consistent and controlled manner. This is done by periodic unannounced inspections of production and quality control facilities.

If any of our drug candidates receive marketing approval in the EEA, we expect they will benefit from 8 years of data protection and 10 years of market protection. The periods run in parallel so effectively 8 years of data protection plus 2 years of market protection is granted. This means that a biosimilar application referencing our safety and efficacy data held on file at the EMA cannot be filed until the end of the data protection period of 8 years, and the biosimilar cannot be placed on the market until after a further 2 years have elapsed (8 + 2). Furthermore, an additional 1 year of market protection is available (8 + 2 + 1) where we obtain approval of a second indication having a significant clinical benefit in the initial 8-year period.

Similarly, since the Biologics Price Competition and Innovation Act (BPCIA) came into force in 2010, the United States provides 4 years of data exclusivity and 12 years of marketing exclusivity for a new biologic. The periods of exclusivity run in parallel, meaning that the FDA will not accept a biosimilar filing for 4 years and will not approve the biosimilar for a further 8 years (4 + 8).

*Regulation and Procedures Governing Approval of Medicinal Products in the European Union*

In order to market any product outside of the United States, a company must also comply with numerous and varying regulatory requirements of other countries and jurisdictions regarding quality, safety and efficacy and governing, among other things, clinical trials, marketing authorization, commercial sales and distribution of products. Whether or not it obtains FDA approval for a product, an applicant will need to obtain the necessary approvals by the comparable foreign regulatory authorities before it can initiate clinical trials or marketing of the product in those countries or jurisdictions. Specifically, the process governing approval of medicinal products in the European Union generally follows the same lines as in the United States, although the approval of a medicinal product in the United States is no guarantee of approval of the same product in the European Union, either at all or within the same timescale as approval may be granted in the United States. It entails satisfactory completion of pharmaceutical development, non-clinical studies and adequate and well-controlled clinical trials to establish the safety and efficacy of the medicinal product for each proposed indication. It also requires the submission to relevant competent authorities for clinical trials authorization for a marketing authorization application, or MAA, and granting of a marketing authorization by these authorities before the product can be marketed and sold in the European Union or its member states (as well as Iceland, Norway and Liechtenstein). If we fail to comply with applicable requirements, we may be subject to, among other things, fines, suspension of clinical trials, suspension or withdrawal of regulatory approvals, product recalls, seizure of products, operating restrictions and criminal prosecution.

*Clinical Trial Approval*

Pursuant to the currently applicable Clinical Trials Directive 2001/20/EC and the Directive 2005/28/EC on GCP, a system for the approval of clinical trials in the European Union has been implemented through national legislation of the member states. Under this system, an applicant must obtain approval from the national competent authority, or NCA, of a European Union member state in which the clinical trial is to be conducted or in multiple member states if the clinical trial is to be conducted in a number of member states. Furthermore, the applicant may only start a clinical trial at a specific study site after the independent ethics committee, or EC, has issued a favorable opinion in relation to the clinical trial. The clinical trial application must be accompanied by an investigational medicinal product dossier with supporting information prescribed by Directive 2001/20/EC and Directive 2005/28/EC and corresponding national laws of the member states and further detailed in applicable guidance documents. Under the current regime all suspected unexpected serious adverse reactions to the investigated drug that occur during the clinical trial have to be reported to the NCA and ECs of the member state where they occurred.

In April 2014, the European Union adopted a new Clinical Trials Regulation (EU) No 536/2014, which is set to replace the current Clinical Trials Directive 2001/20/EC. It will overhaul the current system of approvals for clinical trials in the European Union. Specifically, the new legislation, which will be directly applicable in all EU member states (meaning that no national implementing legislation in each European Union member state is required), aims at simplifying and streamlining the approval of clinical trials in the European Union. For instance, the new Clinical Trials Regulation provides for a streamlined application procedure via a single-entry point and strictly defined deadlines for the assessment of clinical trial applications. The new Clinical Trials Regulation became effective on January 31, 2022*.*

*Marketing Authorization*

To obtain a marketing authorization for a product in the European Economic Area (comprised of the EU member states plus Norway, Iceland and Liechtenstein), or EEA, an applicant must submit a MAA, either under a centralized procedure administered by the EMA or one of the procedures administered by competent authorities in the EEA member states (decentralized procedure, national procedure, or mutual recognition procedure). A marketing authorization may be granted only to an applicant established in the EEA.

The centralized procedure provides for the grant of a single marketing authorization by the European Commission that is valid throughout the EEA. For those products for which the use of the centralized procedure is not mandatory, applicants may elect to use the centralized procedure where either the product contains a new active substance indicated for the treatment of diseases other than those on the mandatory list, or where the applicant can show that the product constitutes a significant therapeutic, scientific or technical innovation, or for which a centralized process is in the interest of public health.

Under the centralized procedure, the Committee for Medicinal Products for Human use, or the CHMP, which is the EMA's committee that is responsible for human medicines, established at the EMA is responsible for conducting the assessment of whether a medicine meets the required quality, safety and efficacy requirements, and whether it has a positive risk/benefit/risk profile. Under the centralized procedure, the maximum timeframe for the evaluation of a MAA is 210 days from the receipt of a valid MAA, excluding clock stops when additional information or written or oral explanation is to be provided by the applicant in response to questions of the CHMP. Clock stops may extend the timeframe of evaluation of a MAA considerably beyond 210 days. Where the CHMP gives a positive opinion, it provides the opinion together with supporting documentation to the European Commission, who make the final decision to grant a marketing authorization. Accelerated evaluation may be granted by the CHMP in exceptional cases, when a medicinal product is of major interest from the point of view of public health and, in particular, from the viewpoint of therapeutic innovation. If the CHMP accepts such a request, the timeframe of 210 days for assessment will be reduced to 150 days (excluding clock stops), but it is possible that the CHMP may revert to the standard time limit for the centralized procedure if it determines that the application is no longer appropriate to conduct an accelerated assessment.

*PRIME Scheme*

EMA now offers a scheme that is intended to reinforce early dialogue with, and regulatory support from, EMA in order to stimulate innovation, optimize development and enable accelerated assessment of PRIority MEdicines, or PRIME. It is intended to build upon the scientific advice scheme and accelerated assessment procedure offered by EMA. The scheme is voluntary and eligibility criteria must be met for a medicine to qualify for PRIME.

The PRIME scheme is open to medicines under development and for which the applicant intends to apply for an initial marketing authorization application through the centralized procedure. Eligible products must target conditions for which where is an unmet medical need (there is no satisfactory method of diagnosis, prevention or treatment in the European Union or, if there is, the new medicine will bring a major therapeutic advantage) and they must demonstrate the potential to address the unmet medical need by introducing new methods or therapy or improving existing ones. Applicants will typically be at the exploratory clinical trial phase of development and will have preliminary clinical evidence in patients to demonstrate the promising activity of the medicine and its potential to address to a significant extent an unmet medical need. In exceptional cases, applicants from the academic sector or SMEs (small and medium sized enterprises) may submit an eligibility request at an earlier stage of development if compelling non-clinical data in a relevant model provide early evidence of promising activity, and first in man studies indicate adequate exposure for the desired pharmacotherapeutic effects and tolerability.

If a medicine is selected for the PRIME scheme, EMA:

● appoints a rapporteur from the CHMP or from the Committee for Advanced Therapies (CAT) to provide continuous support and to build up knowledge of the medicine in advance of the filing of a marketing authorization application;

● issues guidance on the applicant's overall development plan and regulatory strategy;

● organizes a kick-off meeting with the rapporteur and experts from relevant EMA committees and working groups;

● provides a dedicated EMA contact person; and

● provides scientific advice at key development milestones, involving additional stakeholders, such as health technology assessment bodies and patients, as needed.

Medicines that are selected for the PRIME scheme are also expected to benefit from EMA's accelerated assessment procedure at the time of application for marketing authorization. Where, during the course of development, a medicine no longer meets the eligibility criteria, support under the PRIME scheme may be withdrawn.

*Pediatric Development*

In the EEA, companies developing a new medicinal product must agree upon a Pediatric Investigation Plan, or PIP, with the EMA's Pediatric Committee, or PDCO, and must conduct pediatric clinical trials in accordance with that PIP, unless a waiver applies, (e.g., because the relevant disease or condition occurs only in adults). The PIP sets out the timing and measures proposed to generate data to support a pediatric indication of the drug for which marketing authorization is being sought. The marketing authorization application for the product must include the results of pediatric clinical trials conducted in accordance with the PIP, unless a waiver applies, or a deferral has been granted by the PDCO of the obligation to implement some or all of the measures of the PIP until there are sufficient data to demonstrate the efficacy and safety of the product in adults, in which case the pediatric clinical trials must be completed at a later date. Products that are granted a marketing authorization with the results of the pediatric clinical trials conducted in accordance with the PIP are eligible for a six-month extension of the protection under a supplementary protection certificate (if any is in effect at the time of approval) even where the trial results are negative. In the case of orphan medicinal products, a two-year extension of the orphan market exclusivity may be available. This pediatric reward is subject to specific conditions and is not automatically available when data in compliance with the PIP are developed and submitted.

*Regulatory Data Protection in the European Union*

<br> In the EEA, innovative medicinal products approved on the basis of a complete independent data package qualify for eight years of data exclusivity upon grant of a marketing authorization and an additional two years of market exclusivity pursuant to Regulation (EC) No. 726/2004, as amended, and Directive 2001/83/EC, as amended. Data exclusivity prevents generic and biosimilar applicants from referencing the innovator's preclinical and clinical trial data contained in the dossier of the reference product when applying for a marketing authorization for a period of eight years from the date on which the reference product was first authorized in the EEA. During the additional two-year period of market exclusivity, a generic or biosimilar marketing authorization application can be submitted, and the innovator's data may be referenced, but no generic or biosimilar medicinal product can be marketed until the expiration of the market exclusivity period. The overall 10-year period will be extended to a maximum of 11 years if, during the first eight years of those 10 years, the marketing authorization holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to authorization, is held to bring a significant clinical benefit in comparison with existing therapies. Even if a compound is considered to be an innovative medicinal product so that the innovator gains the prescribed period of data exclusivity, another company may market another version of the product if such company obtained marketing authorization based on a MAA with a completely independent data package of pharmaceutical tests, preclinical tests and clinical trials.

*Periods of Authorization and Renewals*

A marketing authorization is valid for five years, in principle, and it may be renewed after five years on the basis of a re-evaluation of the risk benefit balance by the EMA or by the competent authority of the authorizing member state. To that end, the marketing authorization holder must provide the EMA or the competent authority with a consolidated version of the file in respect of quality, safety and efficacy, including all variations introduced since the marketing authorization was granted, at least nine months before the marketing authorization ceases to be valid. Once renewed, the marketing authorization is valid for an unlimited period, unless the European Commission or the competent authority decides, on justified grounds relating to pharmacovigilance, to proceed with one additional five-year renewal period. Any authorization that is not followed by the placement of the product on the EEA market (in the case of the centralized procedure) or on the market of the authorizing member state within three years after authorization ceases to be valid.

*Regulatory Requirements After Marketing Authorization*

Following approval, the holder of the marketing authorization is required to comply with a range of requirements applicable to the manufacturing, marketing, promotion and sale of the medicinal product.

These include compliance with the European Union's stringent pharmacovigilance or safety reporting rules, pursuant to which post-authorization studies and additional monitoring obligations can be imposed. The holder of a marketing authorization must establish and maintain a pharmacovigilance system and appoint an individual qualified person for pharmacovigilance, who is responsible for oversight of that system. Key obligations include expedited reporting of suspected serious adverse reactions and submission of periodic safety update reports, or PSURs.

In addition, all new MAAs must include a risk management plan, or RMP, describing the risk management system that the company will put in place and documenting measures to prevent or minimize the risks associated with the product. The regulatory authorities may also impose specific obligations as a condition of the marketing authorization. Such risk-minimization measures or post-authorization obligations may include additional safety monitoring, more frequent submission of PSURs, or the conduct of additional clinical trials or post-authorization safety studies. RMPs and PSURs are routinely available to third parties requesting access, subject to limited redactions.

Furthermore, the manufacturing of authorized products, for which a separate manufacturer's license is mandatory, must also be conducted in strict compliance with the EMA's cGMP requirements and comparable requirements of other regulatory bodies in the European Union, which mandate the methods, facilities and controls used in manufacturing, processing and packing of products to assure their safety and identity.

Finally, the marketing and promotion of authorized products, including industry-sponsored continuing medical education and advertising directed toward the prescribers of products, are strictly regulated in the European Union under Directive 2001/83/EC, as amended. The advertising of prescription-only medicines to the general public is not permitted in the European Union, or in the UK under the Human Medicines Regulations 2021. Although general requirements for advertising and promotion of medicinal products are established under EU Directive 2001/83/EC as amended, the details are governed by regulations in each European Union member state (as well as Iceland, Norway and Liechtenstein) and can differ from one country to another.

***United Kingdom***

The United Kingdom (UK) left the European Union in 2021 and will declare its independent processes to approve clinical research and marketing authorizations. Since the regulatory framework in the UK covering quality, safety and efficacy of pharmaceutical products, clinical trials, marketing authorization, commercial sales and distribution of pharmaceutical products is derived from EU Directives and Regulations, Brexit could materially impact the future regulatory regime which applies to products and the approval of drug candidates in the UK, as UK legislation now has the potential to diverge from EU legislation. It remains to be seen how Brexit will impact regulatory requirements for drug candidates and products in the UK in the long-term. The MHRA has published detailed guidance for industry and organizations to follow from January 1, 2021, which will be updated as the UK's regulatory position on medicinal products evolves over time. How precisely clinical research within the UK will be performed and how approval for drugs will be organized is subject to ongoing discussions.

The UK will no longer be covered by centralized marketing authorizations (under the Northern Irish Protocol, centralized marketing authorizations will continue to be recognized in Northern Ireland). All medicinal products with a current centralized marketing authorization were automatically converted to Great Britain marketing authorizations on January 1, 2021. For a period of two years from January 1, 2021, the MHRA may rely on a decision taken by the European Commission on the approval of a new marketing authorization in the centralized procedure, in order to more quickly grant a new Great Britain marketing authorization. A separate application will, however, still be required.

***Australia***

In Australia, the relevant regulatory body responsible for the pharmaceutical industry is the Therapeutics Goods Administration, or TGA. As with the EMA and FDA there is a harmonization and collaboration between regulatory authorities. The TGA requires notification of all clinical trials via an electronic submission of a Clinical Trial Notification (CTN) prior to commencing the clinical trial.

***Third-Party Payer Coverage and Reimbursement***

Although our drug candidates have not been commercialized for any indication, if they are approved for marketing, commercial success of our drug candidates will depend, in part, upon the availability of coverage and reimbursement from third party payers at the federal, state and private levels.

In the United States and internationally, sales of any product that we market in the future, and our ability to generate revenues on such sales, are dependent, in significant part, on the availability of adequate coverage and reimbursement from third party payors, such as state and federal governments, managed care providers and private insurance plans.

Private insurers, such as health maintenance organizations and managed care providers, have implemented cost-cutting and reimbursement initiatives and likely will continue to do so in the future. These include establishing formularies that govern the drugs and biologics that will be offered and the out-of-pocket obligations of member patients for such products. We may need to conduct pharmacoeconomic studies to demonstrate the cost-effectiveness of our drug candidates for formulary coverage and reimbursement. Even with such studies, our drug candidates may be considered less safe, less effective or less cost-effective than existing products, and third-party payors may not provide coverage and reimbursement for our drug candidates, in whole or in part. In addition, particularly in the United States and increasingly in other countries, we are required to provide discounts and pay rebates to state and federal governments and agencies in connection with purchases of our drug candidates that are reimbursed by such entities. It is possible that future legislation in the United States and other jurisdictions could be enacted to potentially impact reimbursement rates for the drug candidates we are developing and may develop in the future and could further impact the levels of discounts and rebates paid to federal and state government entities. Any legislation that impacts these areas could impact, in a significant way, our ability to generate revenues from sales of drug candidates that, if successfully developed, we bring to market. Political, economic and regulatory influences are subjecting the healthcare industry in the United States to fundamental changes. There have been, and we expect there will continue to be, legislative and regulatory proposals to change the healthcare system in ways that could significantly affect our future business.

Similar political, economic and regulatory developments are occurring in the European Union and may affect the ability of pharmaceutical companies to profitably commercialize their products. In addition to continuing pressure on prices and cost containment measures, legislative developments at the European Union or member state level may result in significant additional requirements or obstacles. The delivery of healthcare in the European Union, including the establishment and operation of health services and the pricing and reimbursement of medicines, is almost exclusively a matter for national, rather than European Union, law and policy. National governments and health service providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that context. In general, however, the healthcare budgetary constraints in most EU member states have resulted in restrictions on the pricing and reimbursement of medicines by relevant health service providers. Coupled with ever-increasing EU and national regulatory burdens on those wishing to develop and market products, this could restrict or regulate post-approval activities and affect the ability of pharmaceutical companies to commercialize their products. In international markets, reimbursement and healthcare payment systems vary significantly by country, and many countries have instituted price ceilings on specific products and therapies. In the future, there may continue to be additional proposals relating to the reform of the healthcare system in the United States and international healthcare systems. Future legislation, or regulatory actions implementing recent or future legislation may have a significant effect on our business. Our ability to successfully commercialize products depends in part on the extent to which reimbursement for the costs of our drug candidates and related treatments will be available in the United States and worldwide from government health administration authorities, private health insurers and other organizations. The adoption of certain proposals could limit the prices we are able to charge for our drug candidates, the amounts of reimbursement available for our drug candidates, and limit the acceptance and availability of our drug candidates. Therefore, substantial uncertainty exists as to the reimbursement status of newly approved health care products by third party payors.

**Inflation and Seasonality** 

Management believes inflation has not had a material impact on our operations or financial condition. Management further believes that our operations are not currently subject to seasonal influences due to our current lack of marketed products. Moreover, the targets of our drug candidates, are not seasonal diseases. Accordingly, once we have marketed products, management does not expect that our business will be subject to seasonal influences.

**Manufacturing and Raw Materials** 

We do not require sourcing any raw materials, as we have no manufacturing capabilities. However, as a result, we are dependent on third parties for cost effective manufacture and manufacturing process development of our drug candidates. Problems with third party manufacturers or the manufacturing process as such may delay or jeopardize clinical trials and commercialization of our drug candidates.

C. Organizational Structure

Below is a list of our significant subsidiaries, including our ownership percentage, its date of formation and its jurisdiction. These subsidiaries were established to allow us to conduct commercial and clinical operations in Europe and the United States and expand our operations in Australia.

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Ownership** | **Date of <br> Formation/Acquisition** | **Jurisdiction** |
| Radiopharm Theranostics (USA) Inc. | 100% | 2021 | Nevada |
| Radiopharm Ventures, LLC | 51% | 2022 | Delaware |
| Pharma15 Corporation | 100% | 2023 | Delaware |

---

D. Property, Plants and Equipment

We own computer equipment, office furniture and laboratory equipment, which is primarily placed at our own offices and laboratories.

---

| | |
|:---|:---|
| **Office Location** | **Lease expiry<br> date** |
| Level 3, 62 Lygon Street, Carlton, Victoria 3053 |  |

---

 **Item 4a. Unresolved Staff Comments**

None.

 **Item 5. Operating and Financial Review and Prospects**

**Overview** 

Radiopharm Theranostics Limited was incorporated under the laws of Australia in February 2021. We are a clinical-stage radiotherapeutics company that focuses on the development of radiopharmaceutical products for diagnostic and therapeutic uses in areas of high unmet medical need.

We have incurred net losses since inception and expect to incur substantial and increasing losses for the next several years as we expand our research and development activities and move our drug candidate into later stages of development. The process of carrying out the development of our drug candidates to later stages of development may require significant additional research and development expenditures, including pre-clinical testing and clinical trials, as well as for obtaining regulatory approval. To date, we have funded our operations primarily through the sale of equity securities, proceeds from the exercise of options and interest income.

A. Operating Results

**Results of Operations**

 **Comparison of half-year ended December 31, 2022 to December 31, 2021**

The following tables set forth our results of operations in Australian dollars for the half-years ended December 31, 2022 and December 31, 2021.

---

| | | |
|:---|:---|:---|
|  | **Half-year ended December 31** | **Half-year ended December 31** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Revenue from contracts with customers | 292359 |  |
| Other income | 3969499 | 24 |
| Other losses | (16002) | (600441) |
| General and administrative expenses | (5398606) | (3293983) |
| Research and development | (9436143) | (2737396) |
| Share-based payments | (1455088) | (2240688) |
| Finance expenses | (499262) | (8518320) |
| Income tax expense | (41044) |  |
| Foreign currency translation | (911) | (12512) |
| Total comprehensive loss | (12585198) | (17403316) |

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 *Revenue from contracts with customers*

Revenue from contracts with customers increased from none in the half-year ended December 31, 2021 to A$292,359 to the half-year ended December 31, 2022, due to revenue received from Lantheus with respect to RAD203.

 *Other income*

 

Other income increased from A$24 in the half-year ended on December 31, 2021 to A$3,969,499 in the half-year ended December 31, 2022, due to an increase in the R&D tax incentives received from the Australian government.

 *Other losses*

 

Other losses decreased from A$600,441 in the half-year ended December 31, 2021 to A$16,002 in the half-year ended December 31, 2022, due to foreign exchange losses that arose principally from cash deposits denominated in U.S. dollars at the end of the half-year period and being converted into our functional currency, the Australian dollar.

*General and administrative expenses*

General and administrative expenses increased from A$3,293,983 in the half-year ended December 31, 2021 to A$5,398,606 in the half-year ended December 31, 2022, due to the hiring of additional employees and increased corporate activities. The primary expense in the half-year ended December 31, 2022 was employee benefits, which were $2,724,420 (or 50.5% of total general and administrative expenses).

 *Research and development expenses*

 

Research and development expenses increased from A$2,737,396 in the half-year ended December 31, 2021 to A$9,436,143 in the half-year ended December 31, 2022, due to expenses incurred to conduct our clinical trials. Amortization of intangible assets (licenses) was A$1,664,802 (or 17.6% of total R&D expenses) in the more recent period.

 *Share based payments*

 

Share-based payments expense decreased from A$2,240,688 in the half-year ended December 31, 2021 to A$1,455,088 in the half-year ended December 31, 2022, due to a decrease in the expense of options issued being recognized over their vesting period.

 *Finance expenses*

 

Finance expenses decreased from A$8,518,320 in the half-year ended December 31, 2021 to A$499,262 in the half-year ended December 31, 2022, as the amount in the half-year ended December 31, 2021 related to the conversion of convertible notes at the time of our initial public offering on ASX.

 *Income tax expense*

 

Income tax expense increased from none in the half-year ended December 31, 2021 to A$41,044 in the half-year ended December 31, 2022, due to the recognition of tax payable in Radiopharm (USA) Inc.

 

 *Foreign currency translation*

 

Foreign currency translation decreased from A$12,512 in the half-year ended December 31, 2021 to A$911 in the half-year ended December 31, 2022, due to the fluctuation in foreign exchange rates.

 *Total comprehensive loss*

Total comprehensive loss decreased from A$17,403,316 in the half-year ended December 31, 2021 to A$12,585,198 in the half-year ended December 31, 2022, due to an increase in other income and revenue from contracts with customers, and a decrease in share-based payment and finance expenses, partially offset by an increase in research and development and general and administrative expenses.

***Comparison of fiscal year ended June 30, 2022 to June 30, 2021***

 ****

The following tables set forth our results of operations in Australian dollars for the fiscal years ended June 30, 2022 and June 30, 2021.

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| | | |
|:---|:---|:---|
|  | **Fiscal year ended June 30,** | **Fiscal year ended June 30,** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Other income | 8831 |  |
| Other losses | (1, 109520) | (437) |
| General and administrative expenses | (7637884) | (125266) |
| Research and development | (7486616) |  |
| Share-based payments | (4800683) | (359487) |
| Finance expenses | (9349739) |  |
| Income tax expense | (44397) |  |
| Exchange differences on translation of foreign operations | (19043) | - |
| Total comprehensive loss | (30439051) | (485190) |

---

*Other income*

 

Other income increased from none in fiscal 2021 to A$8,831 in fiscal 2022, due to interest income.

*Other losses*

 

Other losses increased from A$437 in fiscal 2021 to A$1,109,520 in fiscal 2022, due to an increase in net foreign exchange losses for a full fiscal year. Foreign exchange loss arose principally from cash deposits denominated in U.S. dollars at the fiscal year end and being converted into our functional currency, the Australian dollar.

*General and administrative expenses*

 

General and administrative expenses increased from A$125,266 in fiscal 2021 to A$7,637,884 in fiscal 2022, reflecting expenses for a full 12 months for fiscal 2022 compared to five months in fiscal 2021. The primary expense in fiscal 2022 was employee benefits, which were $4,441,848 (or 58% of total general and administrative expenses). The increased expenditure is caused by the increased number of employees in fiscal 2022. For further detail, see note 2(b) to our financial statement for fiscal 2022.

*Research and development expenses*

 

Research and development expenses increased from none in fiscal 2021 to A$7,486,616 in fiscal 2022, reflecting the commencement of R&D activities in fiscal 2022. Amortization of intangible assets (licenses) was A$2,980,313 (or 40% of total R&D expenses) in fiscal 2022 while R&D expenses related to NanoMab were A$1,971,037 (26%) and AVb6 Integrin were A$1,920,558 (26%).

*Share based payments*

 

Share-based payments expense increased from A$359,487 in fiscal 2021 to A$4,800,683 in fiscal 2022, due to the issuance of many more options under our Omnibus Incentive Plan to directors, officers and employees in fiscal 2022 compared to fiscal 2021. For further detail, see note 14(a) to our financial statements for fiscal 2022.

*Finance expenses*

 

Finance expenses increased from none in fiscal 2021 to A$9,349,739 in fiscal 2022, due to the conversion of convertible notes attracting finance charges.

*Exchange differences on translation of foreign operations*

 

Exchange differences on translation of foreign operations increased from nil in fiscal 2021 to A$19,043 in fiscal 2022 due to differences in exchange rates between currencies used in the group. Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Australian dollar, which is Radiopharm's functional and presentation currency.

*Total comprehensive loss*

 

Total comprehensive loss increased from A$485,190 in fiscal 2021 to A$30,439,051 in fiscal 2022 due to an increase in other losses, research and development expenses, share-based payments, finance expenses and general and administrative expenses.

***Off-Balance Sheet Arrangements***

During fiscal years 2022 and 2021, we did not have any unconsolidated entities such as structured finance or special purpose entities that can be used to facilitate off-balance sheet arrangements.

***Tabular Disclosure of Contractual Obligations***

As of December 31, 2022, our contractual obligations were as set forth below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** | **Payments Due by Period A$** |
|  | **Total** | **Less than <br> 1 year** | **1 – 3 <br> years** | **3 – 5 <br> years** | **More than <br> 5 years** |
| Lease obligations |  |  |  |  |  |
| Other contractual obligations |  |  |  |  |  |

---

*Contingent liabilities*

 

We had contingent liabilities of A$19,705,721 outstanding as of December 31, 2022, that related to the potential milestone payments under several license agreements.

*Capital commitments*

 

We did not have any material capital expenditure commitments as of December 31, 2022.

**B. Liquidity and Capital Resources**

Since our inception, our operations have mainly been financed through the issuance of equity securities. Additional funding has come through interest earned from cash on term deposit.

*Capital Requirements*

 

As of December 31, 2022, we had cash and cash equivalents of A$24.2 million. We anticipate that our current cash will be sufficient to fund our operations until end of 2023. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially.

We anticipate that we will require substantial additional funds in order to achieve our long-term goals and complete the research and development of our current drug candidates. We do not expect to generate significant revenue until we obtain regulatory approval to market and sell our drug candidate and sales of our drug candidate have commenced. We therefore expect to continue to incur substantial losses in the near future.

We could incur liabilities that are contingent upon future events as set forth in various license agreements under which we have licensed technology. Such contingent liabilities include development milestone payments and royalties on net sales. It is uncertain whether milestones will be met due to factors beyond our control and we will not owe any royalties until earn income from the relevant licensed technology. For further information on such contingent liabilities, please see Note 12 to our fiscal 2022 audited financial statements in this Registration Statement.

Our future capital requirements are difficult to forecast and will depend on many factors, including:

● the scope, results and timing of preclinical studies and clinical trials;

● the amount and timing of milestone payments under license agreements;

● the costs and timing of regulatory approvals; and

● the costs of establishing sales, marketing and distribution capabilities.

**Cash Flows**

 ***Comparison of cash flows for the half-year ended December 31, 2022, with December 31, 2021***

  ****

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Half-year ended December 31,** | **Half-year ended December 31,** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Net cash used in operating activities | (12036665) | (4818313) |
| Net cash used in investing activities | (73306) | (27823106) |
| Net cash provided by financing activities | 9236522 | 65161148 |

---

  ****

 *Operating Activities*

 

Net cash used in operating activities increased from A$4,818,313 in the half-year ended December 31, 2021 to A$12,036,665 in the half-year ended December 31, 2022, due to a decrease in payments to employees and suppliers in the more recent half-year period.

  ****

 *Investing Activities*

 

Net cash used in investing activities decreased from A$27,823,106 in the half-year ended December 31, 2021 to A$73,306 in the half-year ended December 31, 2022 due to a decrease in payments for intellectual property.

 *Financing Activities*

 

Net cash provided by financing activities decreased from A$65,161,148 in the half-year ended December 31, 2021 to A$9,236,522 in the half-year ended December 31, 2022, due to a decrease in the number of shares issued to investors following our initial public offer on ASX.

***Comparison of cash flows for the fiscal year ended June 30, 2022, with June 30, 2021***

 ****

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2022** | **2021** |
|  | **A$** | **A$** |
| Net cash used in operating activities | (9, 906823) | (32909) |
| Net cash used in investing activities | (28, 378650) |  |
| Net cash provided by financing activities | 65110114 | 60000 |

---

*Operating Activities*

 

Net cash used in operating activities increased from A$32,909 in fiscal 2021 to A$9,906,823 in fiscal 2022, due to an increase in payments to employees and suppliers in fiscal 2022.

*Investing Activities*

 

Net cash used in investing activities increased from none in fiscal 2021 to A$28,369,819 in fiscal 2022, mostly due to A$28,378,650 in payments for intellectual property.

*Financing Activities*

 

Net cash provided by financing activities increased from A$60,000 in fiscal 2021 to A$65,110,114 in fiscal 2022, mainly due to net proceeds of A$65,169,114 from the issuance of ordinary shares in our Australian initial public offering with listing on the ASX during fiscal 2022.

C. Research and Development, Patents and Licenses

For a description of our research and development programs and activities, see "Item 4. Information on the Company—B—. Business Overview—Background".

For a description of the amount spent during each of the last two fiscal years on company-sponsored research and development activities, as well as the components of our research and development expenses, see note 1(b) to our financial statements for fiscal 2022.

D. Trend Information

One of our primary expenditures involves research and development costs. Increases or decreases in research and development expenditure are attributable to the level of clinical trial activity and the amount of expenditure on those trials.

E. Critical Accounting Estimates

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed here below.

The accounting areas involving significant estimates or judgments are:

● estimate of the useful life of intangible assets (see note 4(a) to our financial statements for fiscal 2022);

● estimate of contingent consideration under licenses (see note 3(d)(i) to our financial statements for fiscal 2022 and note 8 to our financial statements for the half-year ended December 31, 2022);

● impairment of patents and licenses (see note 4(a)(vi) to our financial statements for fiscal 2022);

● estimate of employee benefit obligations (see note 4(b)(i) to our financial statements for fiscal 2022);

● estimate of share-based payments (see note 14(a) to our financial statements for fiscal 2022 and note 8 to our financial statements for the half-year ended December 31, 2022); and

● estimate of employee forfeiture payments (see note 18(n)(iv) to our financial statements for fiscal 2022).

 **Item 6. Directors, Senior Management and Employees**

A. Directors and Senior Management

The following table sets forth our directors and senior management. There are no family relationships among any of the members of our board of directors and our senior management.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Riccardo Canevari | Chief Executive Officer and Managing Director |
| Paul Hopper | Executive Chairman |
| David Mozley | Chief Medical Officer |
| Thom Tulip | Chief Technology Officer |
| Vittorio Puppo | Chief Operating Officer |
| Hester Larkin | Non-Executive Director |
| Dr. Leila Alland | Non-Executive Director |
| Dr. Michael Baker | Non-Executive Director |
| Ian Turner | Non-Executive Director |
| Phillip Hains | Chief Financial Officer and Company Secretary |

---

**Riccardo Canevari.** Riccardo Canevari has been our Chief Executive Officer and Managing Director since September 2021. Mr. Canevari was previously Chief Commercial Officer of Novartis company, Advanced Accelerator Applications, from April 2020 to September 2021, one of the leading radiopharmaceutical and nuclear medicine companies globally. He was responsible for commercial strategy and country organizations in approximately 20 countries across North America, Europe and Asia. Prior to that, he was Senior Vice President and Global Head of the Breast Cancer Franchise for Novartis Oncology from 2017, where he oversaw the launch of major breast cancer products. Mr. Canevari has also held various management roles with Novartis Pharma and Ethicon/Johnson & Johnson.

 **Paul Hopper.** Paul Hopper is founder and Executive Chairman since February 2021. Mr. Hopper is also currently Executive Chairman at Imugene Limited (ASX: IMU), which he founded in October 2012 and Chimeric Therapeutics Limited (ASX:CHM), which he founded in 2019. Mr. Hopper was also previously Chairman at Viralytics Limited (ASX: VLA) until it was acquired by Merck in 2018. He was previously Executive Chairman of Arovella Therapeutics (ASX:PTX) between May 2019 and June 2022, as well as a director of Prescient Therapeutics Limited (ASX: PTX) from May 2014 to January 2020. Mr. Hopper brings 20 years' experience in the management and funding of biotechnology and healthcare companies in Australia and the United States.

**David Mozley.** David Mozley has been our Chief Medical Officer since February 2021. Prior to joining us, Professor Mozley was the Chief of Nuclear Medicine and the single-site principal investigator for first-in-human pharmaceutical industry contracts from three different companies at Cornell University from 2012 to 2015 and from 2017 to 2021. In addition, Mr. Mozely was Vice President of Imaging at Endocyte from 2015 to 2017, coordinating efforts to take imaging based theranostics to market. Professor Mozley was also a senior director at Merck & Co from 2005 to 2012, Chair of the Pharma Imaging Group from 2007 to January 2011 and Medical Advisor at Eli Lilly from 2001 to 2005. Prior to such roles, while at the University of Pennsylvania, Professor Mozley was awarded more than US$8 million in RO1 grants from the National Institutes of Health related to radiopharmaceutical development. He participated in more than 60 clinical trials at Eli Lily and over 100 trials at Merck in novel radiopharmaceutical development. Professor Mozley has co-authored more than 100 peer-review publications, mostly focused on radiopharmaceutical development.

**Thom Tulip.** Thom Tulip has been our Chief Technology Officer since February 2021. He is also currently a senior advisor to Cerveau Technologies since 2017. He has served in senior leadership roles most recently in Navidea BioPharmaceuticals Inc from 2011 to 2015 and prior to this, Alseres Pharmaceuticals, Lantheus Medical Imaging, Bristol Myers Squibb and DuPont. He was a board member of the Academy of Molecular Imaging and Chair of its Institute for Molecular Technologies from 2009 to 2010. Since 2011 has has been a boardmember of the Medical Imaging Technology Association and was previously Chair of the Society of Nuclear Medicine Corporate Advisory Board and served as a director of the Council of Radionuclides and Radiopharmaceuticals.

**Vittorio Puppo.** Vittorio Puppo became our Chief Operating Officer in June 2022. Prior to joining us, Vittorio was the Chief Marketing Officer at Italian-based company Bracco Imaging, a world leader in diagnostic imaging, from early 2021 to May 2022. At Bracco, he was President and CEO of the North America Operations from 2013 to 2022 leading the business to strong growth and launching innovative products. Prior to Bracco, Mr. Puppo was at Accuray from 2010 to 2011 where he managed the business in Europe and Asia. Before that he was responsible for the EMEA business for six years at Covidien/Mallinckrodt for diagnostic imaging and surgical devices. He spent 12 years at Amersham in a variety of roles from finance to marketing and business management. Mr. Puppo also served as a board member of Lice Sciences Capital, a venture capital fund that was a lead investor in Advanced Accelerator Applications, right through to its successful IPO in November 2015.

**Hester Larkin.** Hester Larkin has been a Director of Radiopharm since February 2022. Ms. Larkin is currently the Managing Director of Hester Larkin Associates Consulting. Since 2008 in this role, she has been providing consulting services to diagnostic imaging, pharmaceutical and biotech companies in projects ranging from pre-clinical, clinical, submission to the European Medicines Agency, EU medical advisory boards, EU manufacturing and commercial partnerships. Ms. Larkin has also held several board director and trustee positions in the United Kingdom and Belgium and currently sits on the board of directors of three charities. Prior to this, Ms. Larkin was the EMA General Manager BMS Medical Imaging at Bristol-Myers Squibb from 2002 to 2008 and held various roles in European marketing, European business development and general management at DuPont Pharmaceuticals from 1983 to 2008. Ms. Larkin holds a Bachelor of Laws from Holborn Law School London & University of Wolverhampton and a Bachelor of Psychology from Queens University in Belfast.

**Dr. Leila Alland.** Dr. Leila Alland has been a Director of Radiopharm since June 2022. Dr. Alland is currently the Chief Medical Officer of PMV Pharmaceuticals (NASDAQ: PMVP), a clinical stage precision oncology company, where she has been since December 2019. Dr. Alland also serves on the board of directors of several biopharmaceutical companies, including Abeona Therapeutics (NASDAQ: ABEO), where she has served since April 2021, and is a member of the Scientific Advisory Council of Columbia University's Center for Radiological Research. Previously, Dr. Alland served as Chief Medical Officer of Affimed (NASDAQ: AFMD), a clinical stage immune-oncology company, from March 2018 to November 2019. Dr. Alland holds a Bachelor of Arts from the University of Pennsylvania and a Medical Degree from New York University School of Medicine.

**Dr. Michael Baker.** Dr. Michael Baker has been a Director of Radiopharm since February 2021. Dr. Baker is currently the Chief Executive Officer and Managing Director of Arovella Therapeutics (ASX:ALA), where he has served since January 2020. Prior to that, Dr. Baker was an Investment Manager with the Australian life science fund, BioScience Managers Pty Ltd. From November 2017 to December 2019 and a Project Manager at Hexima Limited (ASX: HXL) from 2014 to 2017. Dr. Baker has a PhD in Biochemistry and an MBA.

**Ian Turner.** Ian Turner has been a Director of Radiopharm since February 2021. Since August 2022, he is also non-executive director at AtomVie Global Radiopharma Inc, a global contract development and manufacturing organisation, launched by the Centre for Probe Development and Commercialisation (CPDC). Mr. Turner was a director of Coqui Pharmaceuticals from Nov 2014 to Mar 2019. Mr. Turner was Chief Executive Officer at Siemens Radiopharmaceuticals, which operated a large PET radio-pharmacy network, from 2010 to 2012. Prior to that, he was General Manager of ANSTO Radiopharmaceuticals, which was Australia's leading manufacturer of radioisotopes for the nuclear medicine sector. Since 2013, Mr Turner is the CEO of the Turner Group LLC, a boutique management consulting firm that advises institutional investors on acquisition targets in the field of nuclear medicine, radiochemicals and radiopharmaceuticals.

**Phillip Hains.** Phillip Hains has been our Chief Financial Officer and Joint Company Secretary since February 2021. Mr. Hains is a Chartered Accountant with over 30 years of extensive experience in roles with a portfolio of ASX and NASDAQ listed companies and provides CFO services through his firm The CFO Solution. Prior to this point the Company had a similar arrangement with The CFO Solution, where it would engage and provide services of overall CFO, accounting and other finance related activities. He holds a Master of Business Administration from RMIT University and a Public Practice Certificate from the Chartered Accountants Australia and New Zealand.

***Scientific Advisory Board***

We have a scientific advisory board that we consult periodically on the development of our product candidates and clinical trials.

Our scientific advisory board is comprised of industry and academic experts familiar with our business and radiopharmaceuticals specifically, and some are the technology founders of the underlying assets in the company's portfolio. The current members of our advisory board are:

● Professor David Mozley (Chief Medical Officer and Scientific Advisory Board Chair);

● Professor Eric Aboagye (Professor of Cancer Pharmacology at Imperial College London and an inventor of Pivalate);

● Dr. Hong Hoi Ting (doctorate from the University of Oxford and expert in radiopharmaceutical and nuclear medicine and an inventor of the NanoMab technology);

● Dr. Johannes Notni (formerly Professor at the Technical University of Munich where his research interests included radiometal complexes for nuclear imaging and therapy and an inventor of the AVb6 Integrin technology);

● Dr. David Ulmert (Senior Research Scientist in the Medical Pharmacology Program and Technical Director for the Ludwig Center for Cancer Immunotherapy and an inventor of PSA-mAb);

● Dr. Sara Hurvitz (Professor of Medicine at UCLA and co-director of the Santa Monica-UCLA Outpatient Oncology Practice and Medical Director of the Clinical Research Unit of the Jonsson Comprehensive Cancer Center at UCLA);

● Dr. Susann Brady-Kalnay (Professor and researcher in the department of Molecular Biology & Microbiology, Neurosciences and Pathology at Case Western Reserve University and inventor of the PTPu technolog; and)

● Dr. Ken Herrmann (certified Nuclear Medicine physician who also holds an executive MBA from the University of Zurich and currently serves as Chair of the Department of Nuclear Medicine at Universitatsmedizin Essen, Germany).

B. Compensation

***Remuneration Principles***

Remuneration of all executive and non-executive directors and officers is determined by a committee of non-executive directors. The committee reviews and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets our remuneration principles. In particular, the Board aims to ensure that remuneration practices are competitive and reasonable, enabling Radiopharm to attract and retain key talent.

Key management personnel may receive their fixed remuneration as cash, or cash with non-monetary benefits such as health insurance and car allowances. Fixed annual renumeration is reviewed annually, or on promotion. It is benchmarked against market data for comparable roles in companies in a similar industry and with similar market capitalization. The committee aims to position executives at or near the median, with flexibility to take into account capability, experience, value to the organization and performance of the individual.

All executives are entitled to participate in a short-term incentive plan that provides for executive employees to receive a combination of short-term incentive as part of their total remuneration if they achieve certain performance indicators as set by the Board. The short-term incentive can be paid either by cash, or a combination of cash and the issue of equity in the Company, at the determination of the remuneration and nomination committee and Board.

Our Chief Executive Officer and Chief Medical Officer are entitled to short-term incentives in the form of cash bonus up to 50%, and 45% of their base salary, respectively, against agreed KPIs. On an annual basis, KPIs are reviewed and agreed in advance of each financial year and include financial (for CEO) and non-financial (for CEO and CMO) and individual performance goals. Additional shares or options can be granted at the discretion of the board based on performance.

Executives may also be provided with longer-term incentives through our Omnibus Incentive Plan that was approved by shareholders at the annual general meeting in October 2021. The aim of the OIP is to allow executives to participate in, and benefit from, the growth of the Company as a result of their efforts and to assist in motivating and retaining those key employees over the long-term. Continued service is the condition attached to the vesting of the options. The Board, as recommended by the Remuneration and Nomination Committee, determines the total number of options granted to each executive.

We aim to align our executive remuneration to our strategic and business objectives and the creation of shareholder wealth. However, these are not necessarily consistent with the measures used in determining the variable amounts of remuneration to be awarded to key management personnel. As a consequence, there may not always be a direct correlation between the statutory key performance measures and the variable remuneration awarded.

***Director Compensation***

 ****

Each non-executive Director receives a fee of A$50,000 per annum. A non-executive Director who is chair of a committee receives an additional $10,000 per annum and a non-executive Director who is a member of a committee an extra $5,000 per annum. They do not receive performance-based pay or retirement allowances. Fees are reviewed annually by the board taking into account comparable roles and market data provided by the board's independent remuneration adviser.

The maximum annual aggregate non-executive directors' fee pool limit is A$500,000 and was approved by shareholders in October 2021.

***Executive Compensation***

 ****

The following table sets forth all of the compensation awarded to, earned by or paid to each individual who served as directors and executive officers in fiscal 2022.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Short-term benefits** | **Post-<br> employment benefits** | **Long-term benefits** | **Share-based payments** | **Share-based payments** | |
|  | **Cash salary<br> and fees** | **Cash bonus** | **Benefits** | **Annual leave** | **Other** <br> **(2)**  | **401k** | **Forfeiture Payments** | **Options** | **Forfeiture shares** |<br> **Total** |
|  | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** | **A$** |
| **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** | **Directors** |
| Riccardo Canevari | 602377 | 238144 | 102975 | 51528 | 406811 | 57809 | 301702 | 1168092 | 303128 | 3232566 |
| Paul Hopper | 229167 | 61875 |  |  |  |  |  |  |  | 291042 |
| Ian Turner | 54583 |  |  |  | 112118 |  |  | 271314 |  | 438015 |
| Michael Baker | 54583 |  |  |  |  |  |  | 269422 |  | 324005 |
| Hester Larkin | 31667 |  |  |  |  |  |  | 108339 |  | 140006 |
| Leila Alland | 3598 |  |  |  |  |  |  | 19872 |  | 23470 |
| **Other Key Management** |  |  |  |  |  |  |  |  |  |  |
| Phillip Hains(1) |  |  |  |  |  |  |  | 88386 |  | 88386 |
| Thom Tulip | 358097 | 113322 |  |  | 20747 |  |  | 526069 |  | 1018235 |
| Vittorio Puppo | 54334 |  | 5280 | 4271 |  |  | 6291 | 33521 | 6412 | 110109 |
| David Mozley | 554716 | 173808 | 56139 | 37137 | 20822 | 18148 | - | 527116 | - | 1387886 |
| **Total Compensation** | 1943122 | 587149 | 164394 | 92936 | 560498 | 75957 | 307993 | 3012131 | 309540 | 7053770 |

---

(1) Mr.
 Hains resigned as director on September 13, 2021 but remains as Chief Financial Officer and
 Company Secretary. Phillip Hains is paid by The CFO Solution, which has a services contract
 with Radiopharm. Radiopharm paid A$410,977 to The CFO Solution for their services in fiscal
 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Other
 remuneration relates to the following: -
 Riccardo Canevari received his sign on bonus of A$406,811 in two installments in October and December 2021. -
 Ian Turner received A$112,118 for additional services on normal commercial terms. -
 Prof David Mozley and Thom Tulip received A$20,822 and A$20,747 respectively for work completed prior to employment commencing.

***Agreement with Kilinwata***

In February 2021, Radiopharm entered into an agreement with Kilinwata Investments Pty Ltd ("Kilinwata"), an entity controlled by Paul Hopper, as trustee for the Life Science Portfolio Managers Trust. Under the agreement, Kilinwata agreed to ensure that Paul Hopper provides services as Executive Chairman of the Company. The Company has agreed to pay Kilinwata a fee of A$20,833 per month which is reviewed annually, plus a 33% bonus according to agreed performance targets. The Company has the right to terminate Mr. Hopper's appointment by providing a 12-month notice to Kilinwata. Mr. Hopper is also entitled to options with details to be agreed and subject to shareholder approval.

***Agreement with CFO Solution HQ Pty Ltd***

In February 2021, we entered into an engagement letter with CFO Solution HQ Pty Ltd ("CFO Solution"). Under the terms of the agreement, CFO Solution agreed to provide company secretarial services, ASX and ASIC correspondence and lodgments services, internal audit and ASX compliance services, and legal compliance services. We agreed to pay A$10,000 per month (plus GST) for such services and we agreed to pay fees on a time-spent basis for other services that CFO Solution is asked to provide. The agreement may be terminated by either party for cause, and at will by providing to the other party a 3-month written notice.

Other key personnel have individual service agreements as follows:

---

| | |
|:---|:---|
| Riccardo Canevari | **Chief Executive Officer and Managing Director** |
| Agreement commenced: | September 13, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 12-months written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$550,000 per year. |
| Bonus | 50% of base salary. |
| Forfeiture Payments | The company has agreed to pay Mr Riccardo Canevari a total of €399,999 in cash and €399,999 in shares for forfeiture of long-term incentives with his former employment. The expense ins cumulative and vests over the service period on three separate vesting dates, and specifically September 13, 2022, 2023 and 2024. |
| David Mozley | **Chief Medical Officer** |
| Agreement commenced: | July 1, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 6-weeks written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$400,000 per year. |
| Bonus | 40% of base salary. |
| Thom Tulip | **Chief Technology Officer** |
| Agreement commenced: | August 1, 2021 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 30-days written notice. |
| Base salary | US$240,000 per year. |
| Bonus | 40% of base salary. |
| Vittorio Puppo | **Chief Operating Officer** |
| Agreement commenced: | June 1, 2022 |
| Details | The employment agreement has no fixed term. Each party can terminate at will by giving 6-months written notice during the first anniversary of commencement and thereafter two-months written notice. However, if the termination is for cause, no notice is required. |
| Base salary | US$460,000 per year. |
| Bonus | 40% of base salary. |
| Forfeiture Payments | The company has agreed to pay Mr. Vittorio Puppo a total of US$87,500 in cash and US$87,500 in shares for forfeiture of long-term incentives with his former employment. The expense ins cumulative and vests over the service period on three separate vesting dates, and specifically June 1, 2023, 2024 and 2025. |

---

***Omnibus Incentive Plan***

 ****

The Company has a long-term incentive plan known as Omnibus Incentive Plan. Certain eligible participants under the Omnibus Incentive Plan may receive ordinary shares, options or rights.

The vesting of shares, options or rights may be subject to the satisfaction of service-based conditions and performance hurdles which, when satisfied, will allow eligible participants to receive shares or vested options or rights which are exercisable over shares. Awards of fully paid ordinary shares, options, performance rights and share appreciation rights can be made under the Omnibus Incentive Plan.

Shares can be granted to eligible participants (which include directors employees, contractors and consultants) under a free grant (receiving an allocation of shares, options or rights for no consideration) or salary contribution agreement. An option confers a right to acquire a share during the exercise period, subject to the satisfaction of any vesting conditions, the payment of the exercise price for the option (including through a cashless exercise facility) set out in the offer, and otherwise in the manner required by the Board and specified by the offer. A performance right confers an entitlement to be issued, transferred or allocated one share after the vesting date, subject to any disposal restrictions, the satisfaction of the vesting conditions, and any other requirements contained in the offer. A share appreciation right confers an entitlement to be issued, transferred or allocated the number of shares calculated under the terms of the Omnibus Incentive Plan after the vesting date, subject to any disposal restrictions, the satisfaction of the vesting conditions and any other requirement contained in the offer. The Board may decide, in its absolute discretion to substitute the issue, transfer of allocation of these securities for the payment of a cash amount.

The Board may amend the Omnibus Incentive Plan in any manner it decides subject to Rule 17.2 of the Omnibus Incentive Plan, which prohibits the Board from making any amendment to the Omnibus Incentive Plan that would have the effect of materially adversely affecting or prejudicing the rights of any participant holding awards. The Omnibus Incentive Plan may be terminated or suspended at any time by the Board and that termination or suspension will not have any effect on or prejudice the rights of any participant holding awards at that time. The Board must not grant shares, options, performance rights and share appreciation rights under the Omnibus Incentive Plan if the number of shares that could be exercised in aggregate would exceed 5% of the total number of the Company's ordinary shares on issue at the date of the grant.

***Ordinary Share holdings***

As at December 31, 2022, the number of ordinary shares held by our directors and officers were as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> June 30,<br> 2022** | **Granted as<br> remuneration** | **Received on<br> exercise of<br> options** | **Other <br> changes \*** | **Balance at <br> December 31, 2022** |
| **Ordinary shares** | | | | | |
| Riccardo Canevari | 4350000 |  |  | 2374769 | 6724769 |
| Paul Hopper | 90650000 |  |  | 3571428 | 94221428 |
| Ian Turner | 513864 |  |  | 186156 | 700020 |
| Michael Baker | 39723 |  |  | 6260 | 45983 |
| Hester Larkin | 66114 |  |  |  | 66114 |
| Leila Alland |  |  |  |  |  |
| Phillip Hains | 91500 |  |  | 25774 | 117274 |
| Thom Tulip | 1000000 |  |  |  | 1000000 |
| Vittorio Puppo |  |  |  |  |  |
| David Mozley | 1240000 |  |  | - | 1240000 |
| **Total ordinary shares** | 97951161 |  |  | 6165387 | 104115588 |

---

\* The column "Other changes" incorporates changes resulting from the acquisition and disposal of shares.

***Options holdings***

 ****

As at December 31, 2022, the numbers of options held by our directors and officers were as follows. Each option grants the right to receive one fully paid ordinary share in Radiopharm.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Balance at <br> June 30,<br> 2022** | **Exercise<br> price A$** | **Expiration<br> date** | **Other<br> changes\*** | **Balance at <br> December 31,<br> 2022** |
| **Options** | | | | | |
|  Riccardo Canevari | 8666678 | 0.60 | 11-25-2026 |  | 8666678 |
|  Riccardo Canevari |  | 0.17 | 30-06-2027 | 12505088 | 12505088 |
|  Riccardo Canevari |  | 0.20 | 30-11-2026 | 1225352 | 1225352 |
|  Paul Hopper |  | 0.17 | 30-06-2027 | 4210329 | 4210329 |
|  Paul Hopper |  | 0.20 | 30-11-2026 | 3571428 | 3571428 |
|  Ian Turner | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
|  Ian Turner |  | 0.17 | 30-06-2027 | 1651510 | 1651510 |
|  Ian Turner |  | 0.20 | 30-11-2026 | 70422 | 70422 |
|  Michael Baker | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
|  Michael Baker |  | 0.20 | 30-11-2026 | 6260 | 6260 |
|  Hester Larkin | 1900002 | 0.60 | 11-16-2026 |  | 1900002 |
|  Leila Alland | 1900002 | 0.60 | 11-16-2026 |  | 1900002 |
|  Phillip Hains | 1900002 | 0.60 | 11-25-2025 |  | 1900002 |
|  Phillip Hains | 3546670 | 0.90 | 11-25-2024 |  | 3546670 |
|  Phillip Hains |  | 0.20 | 30-11-2026 | 1425774 | 1425774 |
|  David Mozley | 2533336 | 0.60 | 11-25-2026 |  | 2533336 |
|  David Mozley | - | 0.17 | 30-06-2027 | 6519115 | 6519115 |
|  **Total options** | 24246694 |  |  | 31185278 | 55431972 |

---

\* The column "Other changes" includes option holdings granted as remuneration up to December 31, 2022.

C. Board Practices

Our Board of Directors is elected by and accountable to our shareholders. It currently consists of six directors, including five non-executive directors, of which one is the non-executive Chairman of our Board of Directors. The Chairman of our Board of Directors is responsible for the management of the Board of Directors and its functions.

***Election of Directors***

 ****

Directors are elected at our annual general meeting of shareholders. Under our Constitution, a director, other than the Managing Director, must not hold office for more than three years or beyond the third annual general meeting following his appointment (whichever is the longer period) without submitting himself for re-election. Our Board of Directors has the power to appoint any person to be a director, either to fill a vacancy or as an additional director (provided that the total number of directors does not exceed the maximum allowed by law), and any director so appointed may hold office only until the next annual general meeting ("AGM") when he or she shall be eligible for election.

The appointment and expiration dates of each director in office on December 31, 2022, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Year first appointed** | **Current term expires** |
| Riccardo Canevari | Managing Director and CEO | 2021—<sup>(1)</sup> |  |
| Paul Hopper | Executive Chairman | 20212025 <sup>(2)(3)</sup> |  |
| Michael Baker | Non-Executive Director | 20212024 <sup>(2)</sup> |  |
| Ian Turner | Non-Executive Director | 20212024 <sup>(2)</sup> |  |
| Hester Larkin | Non-Executive Director | 20222025 <sup>(2)</sup> |  |
| Leila Alland | Non-Executive Director | 20222025 <sup>(2)</sup> |  |

---

(1) In accordance with our Constitution and Australian market
practice, the Managing Director's appointment is not subject to expiration.

(2) Term expires on the date of the AGM for that year. Our constitution
provides that at least one director has to be reappointed after two years instead of three years from their appointment

***Corporate Governance***

 ****

*ASX Corporate Governance Principles*

 

In Australia, there are no defined corporate governance structures and practices that must be observed by a company listed on the ASX, except that entities of a certain size are required to have audit and remuneration committees and, in some instances, trading policies for key management personnel. Instead, the ASX Corporate Governance Council has published the Corporate Governance Principles and Recommendations, which contains what are called the Recommendations which articulate eight core principles which are intended to provide a reference point for companies about their corporate governance structures and practices. Under ASX Listing Rule 4.10.3, companies are required to attach a copy of the Company's corporate governance statement (which has been approved by the Board) and provide a statement in their annual report to shareholders disclosing the extent to which they have followed the Recommendations in the reporting period and where they have not followed all the Recommendations, identify the Recommendations that have not been followed, and the reasons for not following them and what (if any) alternative governance practices it adopted in lieu of the recommendations during that period. It is not mandatory to follow the Recommendations. We believe we are in material compliance with the Recommendations except where otherwise stated in our periodic disclosures on ASX.

*Non-Executive and Independent Directors*

 

Australian law does not require a company to appoint a certain number of independent directors to its board of directors or audit committee. However, under the Corporate Governance Principles and Recommendations, the ASX recommends, but does not require, that an ASX-listed company have a majority of independent directors on its board of directors. Our Board of Directors has determined that each of Ian Turner, Michael Baker, Hester Larkin and Leila Alland qualifies as an independent director under the requirements of the ASX.

Our Board of Directors does not have regularly scheduled meetings at which only independent directors are present. The Board of Directors meets regularly and independent directors are expected to attend all such meetings.

*Audit Committee.*

 

Our Audit Committee assists our Board of Directors in overseeing the accounting and financial reporting processes of our company and audits of our financial statements, including the integrity of our financial statements, compliance with legal and regulatory requirements, our independent public accountants' qualifications and independence, and independent public accountants, and such other duties as may be directed by our Board of Directors. The Audit Committee is also required to assess risk management.

Our Audit Committee consists of three board members: Michael Baker, Hester Larkin and Leila Alland. Michael Baker is the Chairman of the Audit Committee. The audit committee meets at least two times per year.

Nasdaq Marketplace Rules require us to establish an audit committee comprised of at least three members, each of whom is financially literate and satisfies the respective "independence" requirements of the SEC and Nasdaq and one of whom has accounting or related financial management expertise at senior levels within a company.

Each of member of our Audit Committee satisfies the "independence" requirements of the U.S. Securities and Exchange Commission and Nasdaq Marketplace Rules and Dr. Baker is a "financial expert" for purposes of these rules.

*Renumeration and Nomination Committee*

 

Our Remuneration and Nomination Committee is comprised of non-executive directors and currently consists of the following: Michael Baker, Hester Larkin and Leila Alland.

The committee reviews and determines our remuneration policy and structure annually to ensure it remains aligned to business needs and meets our remuneration principles. In particular, the board aims to ensure that remuneration practices are:

● competitive and reasonable, enabling Radiopharm to attract and retain key talent;

● aligned to the group's strategic and business objectives and the creation of shareholder value;

● transparent and easily understood; and

● acceptable to shareholders.

***Corporate Governance Requirements under Nasdaq listing rules.***

 ****

As Radiopharm is incorporated in Australia, we are allowed to follow Australian "home country" corporate governance practices in lieu of the otherwise applicable Nasdaq corporate governance standards, as long as we disclose each requirement of Rule 5600 that we do not follow and describe the home country practice we follow in lieu of the relevant Nasdaq corporate governance standards. We intend to take all actions necessary to maintain compliance with applicable corporate governance requirements under the rules adopted by the SEC and listing standards of Nasdaq. We follow Australian corporate governance practices in lieu of the corporate governance requirements of the Nasdaq Marketplace Rules in respect of:

● Nasdaq requirement under Rule 5605(d) that a compensation committee be constituted — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a compensation committee. While we have a nominations (compensation) committee, given differences between ASX and Nasdaq rules, we expect to rely on an exemption from the requirement to constitute a compensation committee under the Nasdaq listing rules and we seek to claim such exemption.

● Nasdaq requirement under Rule 5605(e) that a nominations committee be constituted — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a nominations committee. While we have a compensation committee, given differences between ASX and Nasdaq rules, we expect to rely on an exemption from the requirement to constitute a nominations committee under the Nasdaq listing rules and we seek to claim such exemption.

● Nasdaq requirement under Rule 5620(c) that a quorum consist of holders of 33 1/3% of the outstanding ordinary shares — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a quorum of any particular number of the outstanding ordinary shares, but instead allow a listed issuer to establish its own quorum requirements. Our quorum is currently two or more persons who are entitled to vote. We believe this quorum requirement is consistent with the requirements of the ASX and is appropriate and typical of generally accepted business practices in Australia. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll. In a show of hands voting, votes may be cast via proxies. See the risk factor "*Our quorum requirements to vote at a shareholders meeting and our voting procedures may not protect our shareholders interests **"*** for further considerations on voting by proxy in show of hands voting.

● Nasdaq requirements under Rules 5605(b)(1) and (2) relating to director independence, including the requirements that a majority of the board of directors must be comprised of independent directors and that independent directors must have regularly scheduled meetings at which only independent directors are present — The Nasdaq and ASX definitions of what constitute an independent director are not identical and the requirements relating to the roles and obligations of independent directors are not identical. The ASX, unlike Nasdaq, permits an issuer to establish its own materiality threshold for determining whether a transaction between a director and an issuer affects the director's status as independent and it does not require that a majority of the issuer's board of directors be independent, as long as the issuer publicly discloses this fact. In addition, the ASX does not require that the independent directors have regularly scheduled meeting at which only independent directors are present. We believe that our Board composition is consistent with the requirements of the ASX and that it is appropriate and typical of generally accepted business practices in Australia.

● The requirement that our independent directors meet regularly in executive sessions under Nasdaq Listing Rules. The ASX Listing Rules and the Corporations Act do not require the independent directors of an Australian company to have such executive sessions.

● The Nasdaq requirements under Rules 5605(d) that compensation of an issuer's officers must be determined, or recommended to the Board for determination, either by a majority of the independent directors, or a compensation committee comprised solely of independent directors, and that director nominees must either be selected, or recommended for the Board's selection, either by a majority of the independent directors, or a nominations committee comprised solely of independent directors. The Nasdaq compensation committee requirements are not identical to the ASX remuneration and nomination committee requirements. Issuers listed on the ASX are recommended under applicable listing standards to establish a remuneration committee consisting of a majority of independent directors and an independent chairperson, or publicly disclose that it has not done so. We have a Remuneration and Nomination Committee, which is operated according to the listing rules and regulations of the ASX, and we will comply with such rules.

● The requirement prescribed by Nasdaq Listing Rules that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain share option, purchase or other compensation plans. Applicable Australian law and the ASX Listing Rules differ from Nasdaq requirements, with the ASX Listing Rules providing generally for prior shareholder approval in numerous circumstances, including (i) issuance of equity securities exceeding 15% (or 25% under certain circumstances) of our issued share capital in any 12-month period (but, in determining the 15% limit, securities issued under an exception to the rule or with shareholder approval are not counted), (ii) issuance of equity securities to related parties (as defined in the ASX Listing Rules) and (iii) issuances of securities to directors or their associates under an employee incentive plan.

***Indemnification of Directors and Officers***

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Our Constitution provides that, we must indemnify a person who is, or has been, a director or an officer of our company or a subsidiary, to the full extent permissible by law, out of our property against any liability incurred by such person as a director or an officer in defending proceedings, whether civil or criminal, and whatever their outcome.

In addition, our Constitution provides that to the extent permitted by law, we may pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a director or an officer of our company or one of our subsidiaries against any liability:

● incurred by the person in his or her capacity as a director or an officer of our company or a subsidiary of our company, and

● for costs and expenses incurred by that person in defending proceedings relating to that person acting as a director or an officer of our company or a subsidiary of our company, whether civil or criminal, and whatever their outcome.

We maintain a directors' and officers' liability insurance policy. We have established a policy for the indemnification of our directors and officers against certain liabilities incurred as a director or officer, including costs and expenses associated in successfully defending legal proceedings

Consistent with the Corporations Act, we have entered into standard deeds of indemnity agreements with each of our directors pursuant to which we indemnify each director against certain liabilities incurred as a director or officer, including costs and expenses associated in successfully defending legal proceedings and maintain directors' and officers' insurance cover in favor of the respective directors for seven years after they cease to be directors.

D. Employees

As of December 31, 2022, we had 5 employees. Of these employees, 3 were employed in research and development and 2 in general management and administration. As of December 31, 2022, no employees were employed in Australia, 1 employee was employed in France and 4 employees were employed in the United States. As at June 30, 2022, we had 12 employees.

Each of our full-time employees has entered into an agreement with an unlimited term. We may only terminate the employment of any of our employees in accordance with the relevant employee's contract of employment.

Our standard contract of employment for full time provides that we can terminate the employment of an employee without notice for serious misconduct or with between one to six months' notice without cause (as set out in the relevant employee's contract of employment).

E. Share Ownership

For a description of arrangements involving the employees in the capital of the Company, including any arrangement that involves the issue or grant of options or shares or securities of the Company, see "Item 6. Directors, Senior Management and Employees—B. Compensation—"Employee Share Option Plan" and "Performance Rights Plan."

***Ownership of Senior Management and Directors***

The following table sets forth certain information as of December 31, 2022, regarding the ownership of our ordinary shares by each of our directors and senior management and by all of our directors and senior management as a group. The percentages shown are based on 328,534,705 ordinary shares issued and outstanding as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of Ordinary Shares <br> Owned** | **Percentage of<br> Ownership** |
| Riccardo Canevari | 6724769 | 2.05% |
| Paul Hopper<sup>(1)</sup> | 94221428 | 28.68% |
| Michael Baker<sup>(2)</sup> | 45983 | \*% |
| Ian Turner | 700020 | \*% |
| Hester Larkin | 66114 | \*% |
| Leila Alland |  |  |
| Phillip Hains |  |  |
| Thom Tulip | 1000000 | \*% |
| Vittorio Puppo |  |  |
| David Mozley | 1240000 | \*% |
| All directors and executive officers as a group (10 persons) – | 103998314 | 31.66% |

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\* Less than 1% ownership.

(1) Paul Hopper holds (i) 400,000 ordinary shares in Radiopharm directly,
and (ii) 93,571,428 ordinary shares in Radiopharm through Kilinwata Investments Pty Ltd ("Kilinwata"), a controlled entity
of which Paul Hopper is a director. Additionally, the total number of ordinary shares includes beneficial ownership of 250,000 ordinary
shares owned directly by his wife Deborah Coleman.

(2) Michael Baker holds beneficial ownership of 45,983 ordinary shares
in Radiopharm as director of DMMY Holdings Pty Ltd, the record owner.

**Code of Conduct**

We have adopted a Code of Conduct applicable to our directors, officers and employees. Our Code of Conduct is available on our website at www.radiopharmtheranostics.com. We post on our website all disclosures that are required by law or the listing standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code of Conduct. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be a part of, this Registration Statement.

 **Item 7. Major Shareholders and Related Party Transactions**

A. Major Shareholders

The following table presents the beneficial ownership of our ordinary shares based on 328,534,705 ordinary shares outstanding at December 31, 2022, by each person known by us to be the beneficial owner of more than 5% of our ordinary shares.

We have determined beneficial ownership in accordance with the rules and regulations of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on information furnished to us, that the persons and entities named in the table below have sole voting and sole investment power with respect to all shares that they beneficially own.

In computing the number of shares beneficially owned by a person or entity and the percentage ownership of such person or entity, we deemed to be outstanding all shares subject to options and warrants held by the person or entity that are currently exercisable, or exercisable within 60 days of December 31, 2022. However, we did not deem such shares outstanding for the purpose of computing the percentage ownership of any other person or entity.

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| | | |
|:---|:---|:---|
| | **Ordinary Shares** <br>**Beneficially Owned**  | **Ordinary Shares** <br>**Beneficially Owned**  |
| <br>**Shareholder** | **Number** | **Percentage** |
| Paul Hopper <sup>(1)</sup> | 97792856 | 29.77% |
| NanoMab Technologies Limited | 28295131 | 8.61% |

---

(1) Paul Hopper holds (i) 400,000 ordinary shares in Radiopharm
directly, (ii) 93,571,428 ordinary shares in Radiopharm through Kilinwata, and (iii) 3,571,428 ordinary shares underlying options held
through Kilinwata. Additionally, his wife Deborah Coleman holds 250,000 ordinary shares in Radiopharm.

As of December 31, 2022, there were 2,153 holders of record of our ordinary shares, of which 6 had registered addresses in the United States. These numbers are not representative of the number of beneficial holders of our shares nor are they representative of where such beneficial holders reside, as many of these ordinary shares were held of record by brokers or other nominees.

In April 2022, Paul Hopper increased his ownership from 90,400,000 ordinary shares to 90,650,000 ordinary shares. In December 2021, Paul Hopper increased his ownership from 90,200,000 ordinary shares to 90,400,000 ordinary shares. In November 2021, Paul Hopper increased his ownership from 90,000,000 ordinary shares to 90,200,000 ordinary shares.

In March 2022, NanoMab increased its ownership from 26,999,909 ordinary shares to 28,295,131 ordinary shares. In February 2022, NanoMab increased its ownership from 21,111,111 ordinary shares to 26,999,909 ordinary shares.

To our knowledge, we are not directly or indirectly controlled by another corporation, by any foreign government or by any other natural or legal person severally or jointly. There are no agreements known to us, the operation of which may at a subsequent date result in a change in control of Radiopharm. All shareholders have the same voting rights.

B. Related Party Transactions

The following is a description of our related party transactions since the incorporation of Radiopharm in February 2021, and we note that they were negotiated at arm's length.

In fiscal 2021, Paul Hopper (our Chairman) loaned A$69,000 to Radiopharm to fund working capital in the Company at the time of inception. In fiscal 2022, the Company repaid the entire loan.

C. Interests of Experts and Counsel

Not applicable.

 **Item 8. Financial Information**

A. Consolidated Statements and Other Financial Information

Our audited consolidated financial statements for the fiscal years ending June 30, 2022 and 2021, and our unaudited consolidated financial statements for the half-year ended December 31, 2022, are included in Item 18 of this Registration Statement on Form 20-F, which is found immediately following the text of this Registration Statement on Form 20-F. The audit report of Grant Thornton Audit Pty Ltd as of June 30, 2022 and 2021, is included therein immediately preceding the financial statements.

*Legal Proceedings* 

We are not involved in any legal or arbitration proceedings that could have a material adverse impact on our financial position or profitability. We are not currently involved in any governmental proceedings and, to our knowledge, known are contemplated.

*Dividend Distribution Policy* 

We have never paid cash dividends to our shareholders. We intend to retain future earnings for use in our business and do not anticipate paying cash dividends on our ordinary shares in the foreseeable future. Any future dividend policy will be determined by the Board of Directors and will be based upon various factors, including our results of operations, financial condition, current and anticipated cash needs, future prospects, contractual restrictions and other factors as the Board of Directors may deem relevant. There is no assurance that dividends will ever be paid. See "Special Note Regarding Forward Looking Statements".

B. Significant Changes

No significant changes occurred since the date of the annual financial statements.

 **Item 9. The Offer and Listing**

A. Offer and Listing Details

We expect our ADSs to trade on the Nasdaq Capital Market under the symbol "RADX".

For a description of the rights of our ADSs, see "Item 12. Description of Securities Other Than Equity Securities—D. American Depositary Shares."

B. Plan of Distribution

Not applicable.

C. Markets

Our ordinary shares are listed and traded on the ASX, under the symbol "RAD".

We are filing this registration statement on Form 20-F in anticipation of the listing of the ADSs, each representing 50 of our ordinary shares, on the Nasdaq Capital Market under the symbol "RADX". Deutsche Bank Trust Company Americas, acting as depositary, will register and deliver the ADSs.

D. Selling Shareholders

Not applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

 **Item 10. Additional Information**

A. Share Capital

As of December 31, 2022, we had (i) 328,534,705 fully paid ordinary shares outstanding, and (ii) 152,410,315 options outstanding at a weighted average exercise price of A$0.086.

Since the incorporation of Radiopharm in February 2021, the following changes have been made to our ordinary share capital:

● we granted options to purchase an aggregate of 19,640,018 ordinary shares with a weighted-average exercise price of A$0.60 per share to employees, directors, officers and consultants. No options to purchase ordinary shares have been exercised during fiscal 2022;

● in November 2021, we issued 83,333,333 ordinary shares at a price of A$0.60 per share in our initial public offer in Australia with a concurrent private placement to institutional and professional investors in certain other countries, raising gross proceeds of approximately A$50 million.

● in October 2022, we issued 39,878,805 ordinary shares to institutional investors at a price of A$0.14 per share, and one free attaching option per ordinary shares issued at an exercise price of A$0.20 per option, under Regulation S and Section 4(a)(2) of the Securities Act.

● in November 2022, we issued 8,705,317 ordinary shares to retail shareholders in Australia and New Zealand, at a price of A$0.14 per share, and one free-attaching option per ordinary share issued at an exercise price of A$0.20 per option, under Regulation S of the Securities Act.

● In November 2022, we issued 23,367,918 ordinary shares, and one free-attaching option per ordinary share issued at an exercise price of A$0.20 per option, to an institutional investor in Australia, under Regulation S of the Securities Act.

B. Memorandum and Articles of Association

***General***

Our constituent document is a Constitution. The Constitution is subject to the terms of the Listing Rules of ASX Limited and the Corporations Act 2001. The Constitution may be amended or repealed and replaced by special resolution of shareholders, which is a resolution of which notice has been given and that has been passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution.

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***Purposes and Objects***

As a public company we have all the rights, powers and privileges of a natural person. Our Constitution does not provide for or prescribe any specific objects or purposes.

***The Powers of the Directors***

Under the provision of our Constitution our directors may exercise all the powers of our company except any powers that the Corporations Act or the constitution attributes to the Company.

 

*Interested Directors*

According to our constitution, if a Director discloses his or her interests in a matter that is being considered by the Board, in accordance with the Corporations Act, the director may (i) contract or make an arrangement with the Company, or a related body corporate of the Company or a body corporate in which the Company is interested, in any matter in any capacity, (ii) be counted in a quorum for a meeting of Directors considering the contract or arrangement provided that such Director is entitled to vote on at least one of the resolutions proposed at the same meeting, (iii) vote on whether the Company enters into the contract or arrangement, and on any matter that relates to the contract or arrangement, (iv) or witness the affixing of the common seal of the Company to, any document in respect of the contract or arrangement, (v) retain the benefits under the contract or arrangement. A director who has a material personal interest in a matter that is being considered by the directors must not be present at a meeting while the matter is being considered nor vote on the matter, except where permitted by the Corporations Act.

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

*Directors' compensation*

Our directors are paid remuneration for their services as directors. The total amount of remuneration given to all directors for their services as directors must not exceed in aggregate in any financial year the amount fixed by the company in general meeting. 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.

Remuneration payable to the director may be given in the manner as the directors decide, including by way of non cash benefit, such as a contribution to a superannuation fund. Remuneration paid to our executive directors must also not include a commission or percentage of operating revenue.

Pursuant to our Constitution, any director who devotes special attention to the business of the company, or who performs services that in the opinion of our board of directors, are outside the scope of the ordinary duties of a director, or who at the request of the directors engages in any journey on the business of the company, may be paid extra remuneration, which is determined by our board of directors.

In addition to other remuneration provided in our Constitution, all of our directors are entitled to be paid by us all travelling and other expenses incurred by the directors in attending to the company's affairs, including attending and returning from general meetings of the company, meetings of the directors or committee meetings of the directors.

In addition, in accordance with our Constitution, a director may be paid a retirement benefit as determined by our board of directors subject to the limits set out in the Corporations Act and the ASX Listing Rules which broadly restrict our ability to pay our officers a termination benefit in the event of a change of control of the Company or our subsidiaries as well as impose requirements for shareholder approval to be obtained to pay certain retirement benefits to our officers.

*Borrowing powers exercisable by Directors*

Pursuant to our Constitution, the management and control of our business affairs are vested in our board of directors. Thus, our board of directors has the power to raise or borrow money, and charge any of our property or business or any uncalled capital, and may issue debentures or give any other security for any of our debts, liabilities or obligations or of any other person, in each case, in the manner and on terms it deems fit.

 

*Retirement of Directors*

Pursuant to our Constitution and the ASX Listing Rules, each director, other than the managing director, must not hold office for more than three years or beyond the third annual general meeting following his or her appointment (whichever is longer). Further, at least one director is required to retire by rotation at each annual general meeting (such director being the director who has been longest in office since their last election). Directors who retire by rotation 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 Attached to Our Ordinary Shares***

The concept of authorized share capital no longer exists in Australia and as a result, our authorized share capital is unlimited. All our outstanding ordinary shares are validly issued, fully paid and non-assessable. The rights attached to our ordinary shares are as follows:

 

*Dividend Rights.*

The directors may declare that a dividend be paid to the members according to the shareholders' pro rata shareholdings and the directors may fix the amount, the time for payment and the method of payment. No dividend is payable except in accordance with the Corporations Act as amended from time to time and no dividend carries interest as against the Company.

 

*Voting Rights.*

Subject to the Constitution, at a general meeting, each shareholder has one vote on a show of hands and in the circumstance where the voting is carried out on a poll, each shareholder present has one vote for each fully paid ordinary share and a fraction of a vote equivalent to the proportion which the amount is paid up for any shares that is not fully paid Such voting rights may be affected by the grant of any special voting rights to the holders of a class of shares with preferential rights that may be authorized in the future.

The quorum required for a general meeting of shareholders consists of at least any two shareholders present in person and entitled to vote on a resolution at the meeting. According to our Constitution, a resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is demanded under which every ordinary shareholder present in person or by proxy has one vote for every ordinary share held. Under our Constitution, a poll may be demanded by the chairman, at least five members entitled to vote on the resolution; or by members with at least 5% of the votes that may be cast on the resolution on a poll.

A meeting adjourned for lack of a quorum generally is adjourned to the same day in the following week at the same time and place unless otherwise decided by the directors present at the meeting. At the reconvened meeting, the required quorum consists of any two members present in person. The meeting is dissolved if a quorum is not present within 30 minutes from the time appointed for the meeting.

An ordinary resolution of shareholders requires approval by a majority of votes cast by shareholders present at the meeting in person, by proxy, attorney or representative. Under our Constitution, the Corporations Act and the ASX Listing Rules, certain matters must be passed by way of a special resolution. A special resolution must be passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution and present at the meeting in person, by proxy, attorney or representative. Matters which are not required to be passed by special resolution are required to be passed by ordinary resolution.

*Rights in Our Profits.*

Subject to the share classes and the rights attached to each class of shares, our shareholders have the right to share in our profits distributed as a dividend and any other permitted distribution.

*Rights in the Event of Liquidation.*

Subject to the Constitution and the terms of issue of any shares or classes of shares, in the event the company is wound up, after satisfaction of debts and liabilities to creditors and any costs, charges or expenses incurred for the winding up, our assets will be divided and distributed among the shareholders to the number of shares held by them, irrespective of the amounts paid or credited as paid on the shares. The distribution to any shareholder of any partly paid share must be reduced by the unpaid amount as at the date of distribution. This right may be affected by the grant of preferential dividend or distribution rights to the shareholders of preference shares, such as the right in winding up to payment in cash of the amount then paid up on the share, and any arrears of dividend in respect of that share, in priority to any other class of shares.

 

*Directors may make calls*

Our Constitution provides that subject to the terms on which the shares have been issued directors may make calls on a shareholder for amounts unpaid on shares held by that shareholder, other than monies payable at fixed times under the conditions of allotment, require a call to be paid by instalments and revoke or postpone a call. The company must give notice of a call at least 30 business days (or any longer period required by the Listing Rules) before the amount called is due, specifying the time and place of payment.

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***Changing Rights Attached to Shares***

According to our Constitution, the rights attached to any class of shares, unless otherwise provided by the terms of the class, may be varied with either the written consent of the holders of not less than 75% of the issued shares of that class or the sanction of a special resolution passed at a separate general meeting of the shares of that class.

***Annual and Extraordinary Meetings***

Our directors must convene an annual meeting of shareholders at least once every calendar year. Notice of at least 28 days prior to the date of the meeting is required. A general meeting may be convened by a directors' resolution or as otherwise provided in the Corporations Act.

***Limitations on the Rights to Own Securities in Our Company***

Subject to certain limitations on the percentage of shares a person may hold in our company, neither our Constitution nor the laws of the Commonwealth of Australia restrict in any way the ownership or voting of shares in our company.

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***Changes in Our Capital***

Pursuant to the Listing Rules, our directors may in their discretion issue securities to persons who are not related parties of our company, without the approval of shareholders, if such issue, when aggregated with securities issued by our company during the previous 12-month period would be an amount that would not exceed 15% of our issued capital at the commencement of the 12-month period. Other allotments of securities require approval by an ordinary resolution of shareholders.

**C. Material Contracts**

**License Agreement with NanoMab**

In July 2021, Radiopharm entered into a license agreement with NanoMab Technology Limited ("NanoMab"). Under the terms of the agreement, NanoMab granted Radiopharm the exclusive worldwide, sub-licensable right to patents regarding Anti-HER2 Nanobody, anti-TROP2 Nanobody and anti-PTK-7 Nanobody and a non-exclusive license to certain related know-how connected to the patents licensed.

Subject to the filing of the Anti-TROP-2 patent, Radiopharm paid an upfront payment of US$12.5 million partly in cash and shares to NanoMab for the license of the Anti-HER-2, Anti-TROP-2 and Anti-PTK7 antibodies, an upfront payment up to US$12.5 million. Additionally, Radiopharm is required to pay NanoMab up to US$11.5 million upon the achievement of the several therapeutic milestones and single-digit royalty rates of Radiopharm's net sales of each patented licensed product subject to a valid claim.

The agreement is effective, on a country-by-country and product-by-product developed under the agreement basis, until the later of the fifth anniversary of the expiration of the last licensed patents or 5 years after expiring of any exclusivity, or price, reimbursement protection. The expected expiry date of the last-to-expire patent is 2041In addition, the agreement may be terminated by either party for cause or by Radiopharm at will by giving 90 days' written notice.

**Amended License Agreement with NanoMab**

In August 2021, Radiopharm entered into an amendment to the License Agreement with NanoMab for the additional licensing to Radiopharm of the anti-PDL-1 patent relating to nanobodies and coding sequences.

In addition to the amounts payable under the first agreement, Radiopharm must pay NanoMab an upfront payment up to US$2.0 million. Additionally, Radiopharm is required to pay NanoMab up to US$6.5 million upon the achievement of the several development milestones in connection with the PDL-1 therapeutic product.

**IP Assignment Agreement with NanoMab and NanoMab UK**

In January 2022, Radiopharm entered into an assignment agreement with NanoMab and NanoMab (UK) Limited ("NanoMab UK") pursuant to which NanoMab and NanoMab UK assigned their entire worldwide legal and beneficial rights in the Anti-HER2 Nanobody, anti-TROP2 Nanobody and anti-PTK-7 Nanobody patents and know-how (which includes pre-plinical and proof-of-concept data) to Radiopharm.

As consideration for the assignment, Radiopharm shall pay to NanoMab ordinary shares equivalent to US$0.5 million based of ordinary shares.

**License Agreement with TRIMT**

In July 2021, Radiopharm entered into an exclusive license agreement with TRIMT GmbH ("TRIMT") for the <sup>68</sup>Ga-Trivehexin technology. Under the terms of the agreement, TRIMT granted to Radiopharm the exclusive royalty-bearing and sublicensable right and license to the patent rights regarding Cyclic peptides and their conjugates for addressing alpha-v-beta-6-integrin in vivo and any other associated patent rights for all diagnostic and radiotherapeutic applications in the United States, Japan, Hong Kong, China and Australia. Radiopharm was also granted a non-exclusive, cost-free right and license for non-commercial research purposes to specific radionuclides for all diagnostic and radiotherapeutic applications. TRIMT retained rights with respect to the patents subject of the agreement with respect to countries other than those for which the patents were licensed to develop, use, offer for sale, sell, and otherwise commercialize in any manner whatsoever clinical products.

Radiopharm paid US$10 million as an upfront fee, partly in cash and in shares. Radiopharm shall pay TRIMT up to US$90 million upon achievement of the several development milestones and single-digit royalty rates on net sales of products covered by the licensed patents.

The agreement will expire, on a country-by-country and product-by-product developed under the agreement basis, at the later of (i) the fifth year after the last to expire patent right; or (ii) five years after expiring of any exclusivity (e.g. data/market exclusivity), or price, or reimbursement protection (e.g. orphan drug exclusivity in the United States); or (iii) ten years after the first commercial sale of a licensed product in the respective country. The expected expiry date of the last-to-expire patent is 2041.The agreement may also be terminated if the head license between TRIMT and Bayerische Patentallianz GmbH is terminated, and by either party for cause. In addition, Radiopharm may terminate the agreement at will upon delivering written notice.

**License Agreement with Diaprost and Fredax**

In September 2021, Radiopharm entered into a license agreement with Diaprost AB ("Diaprost") and Fredax AB ("Fredax"), a company related to Diaprost, for the development of antibodies used in diagnostics, prognostics and therapeutics for prostate cancer. Under this agreement, Fredax granted Radiopharm an exclusive, worldwide, sublicensable license of patent rights regarding antibody polypeptides and their uses. Diaprost granted Radiopharm an exclusive worldwide sublicensable sublicense of patent rights regarding antibody polypeptides and their uses.

Radiopharm has paid US$7 million in upfront fees. In addition, under the agreement, Radiopharm will pay Diaprost an aggregate amount equal to US$122 million upon achievement of several therapeutic clinical development and regulatory approval milestones as well as royalties upon entering into any sub-licensing agreement that are based upon industry standard royalty rates. For further details, please see Note 12(b) to our fiscal 2022 audited financial statements in this Registration Statement.

The agreement will be effective until the later of five years following the date of the last-to-expire patent right, whose expiration date is expected to be March 13, 2037 and the achievement of all milestone and completion of payments due. The agreement will be terminated if the license agreement between Diaprost and Memorial Sloan Kettering Cancer Center is terminated. Diaprost retained the right to terminate the sublicense if Radiopharm does not achieve certain milestones within the time specified in the agreement. The parties retain the right to terminate the agreement for cause, and Radiopharm retains the right to terminate the agreement at will upon delivery of prior written 90-day notice.

**License Agreement with Cancer Research Technology**

In October 2021, Radiopharm entered into a license agreement with Cancer Research Technology Limited ("CRT") for the <sup>18</sup>F-FPIA Imaging Agent. Under the terms of the agreement, Radiopharm was granted the exclusive, sublicensable, world-wide and royalty-bearing right to develop and commercialize <sup>18</sup>F-FPIA Imaging Agent in the field of diagnosis, imaging, prevention and treatment of disease relating and know-how that related to the licensed patents.

Radiopharm shall pay CRT up to £35.8 million upon achievement of the certain development milestones and single-digit royalty rates on net sales of products covered by the licensed rights. Radiopharm paid £180,000 as upfront fees

The agreement will expire on a country-by-country and licensed product-by-licensed product basis on the latter of (i) the date on which all valid claims covering the licensed products are expired, finally revoked, withdrawn, abandoned or finally disallowed, in each case, without the possibility of appeal or refiling of the claim, and expiry of the fifth year after the last to expire patents or five years after expiring of any exclusivity, or price, reimbursement protection; or (ii) ten years after the first commercial sale of a licensed product. The expected expiry date of the last-to-expire patent is 2035.The agreement may be terminated by either party for cause. Radiopharm has the right to terminate the agreement at will upon providing a 90-day notice.

**Sublicense Agreement with NeoIndicate**

In June 2022, Radiopharm entered into a sublicense agreement with NeoIndicate LLC ("NeoIndicate") pursuant to which NeoIndicate granted an exclusive, worldwide sublicensable sublicense to Radiopharm for certain parent rights concerning imaging and theranostics uses of molecular agents targeting cell surface receptor PTPmu developed by Case Western Reserve University ("CWRU"). Radiopharm has paid US$70,000 in upfront fees. In addition, under the terms of the agreement, Radiopharm will pay NeoIndicate up to US$278.3 million upon achievement of the certain development milestones and single-digit royalty rates on net annual sales of licensed products in the relevant fiscal year. For further details, please see Note 12(e) to our fiscal 2022 audited financial statements in this Registration Statement.

The term of the agreement shall conclude on the later of the end of 20 years from the effective date of the license agreement between CWRU and NeoIndicate, or on the expiration date of the last-to-expire patent covered by the agreement, or on the expiration date of the last-to-expire market exclusivity period. The expected expiry date of the last-to-expire patent 2037. Radiopharm may terminate the agreement by giving 60 days written notice to NeoIndicate. NeoIndicate retained the right to terminate the agreement if certain milestone developments are not achieved within the deadlines specified in the agreement.

**Exclusive License Agreement with The Regents of the University of California**

In March 2022, Radiopharm entered into a license agreement with The Regents of the University of California ("The Regents") pursuant to which The Regents granted Radiopharm an exclusive license to develop and commercialize clinical products under the patents licensed that concern immunotheranostic agent targeting mesenchymal stem cell-derived cancer cells and mesenchymal stem cell associated disease. The Regents retained the right to license the patents subject of the agreement to other companies exclusively in the imaging research field. In addition, The Regents also granted Radiopharm the right to sublicense the patents subject of the agreement.

Under the terms of the agreement, The Regents retained the right (i) for itself and other nonprofit and academic research institutions to use licensed patents and associated technology for educational and research purposes (including clinical research and research sponsored by commercial entities) and to publish their respective results, and (ii) for the University of California ("UC") to offer and perform clinical diagnostic and prognostic services for patients in the UC healthcare system.

Under the terms of the agreement, Radiopharm has agreed to pay a license issue fee of US$100,000 and, from the second anniversary of the effective date of the contract, a license maintenance fee of US$5,000 on each anniversary of the effective date for the contract until sales of clinical products developed using the licensed patents commences and royalties are paid. In addition, Radiopharm also agreed to pay US$12.4 million in total upon achievement of certain development and sales milestones as well as single-digit royalty rates. For further details, please see Note 12(f) to our fiscal 2022 audited financial statements in this Registration Statement.

The agreement will remain effective until the expiration or abandonment of the last of the patents licensed under the agreement, with the expiration date expected to be March 31, 2041. Regents may terminate the agreement for material breach if Radiopharm fails to remedy a notice of default. Regents may also terminate the agreement if Radiopharm fails to achieve, for clinical products both in the imaging field and in the therapeutics field to be developed using the patents licensed under the agreement, certain development milestones within the time determined in the agreement. Radiopharm retains the right to terminate the agreement at any time by providing a 60-day written notice.

 **Stock Purchase Agreement with Pharma15 and its selling stockholders**

In March 2023, Radiopharm and Radiopharm Theranostics (USA) Inc. entered into a Stock Purchase Agreement with Pharma 15 and its stockholders. Under the terms of the agreement, our wholly-owned subsidiary Radiopharm Theranostics (USA) Inc. acquired 100% of Pharma15's outstanding shares of common stock. As consideration, we agreed to pay US$4 million, as adjusted for any assets or liabilities held by Pharma15 and transaction expenses. In particular, we agreed to pay (i) at closing, US$1 million in cash and an amount of Radiopharm ordinary shares equivalent to US$1 million and (ii) post-closing, US$1 million in cash and an amount of Radiopharm ordinary shares equivalent to US$1 million. The closing occurred on March 6, 2023.

In addition, upon any grant of an IND by the FDA for a therapeutic product derived from or in connection with the Dual Action LRRC15 targeting antibody (DUNP19) technology in combination with an alpha or beta emitter isotope like Lutetium-177 and Actinium-225 subject of the license agreement with The Regents, we agreed to pay US$2.3 million to the selling stockholders of Pharma15, which payment could be made with Radiopharm's ordinary shares, depending on the price of Radiopharm's ordinary shares at the time such grant occurs. As Radiopharm can issue under the terms of the agreement a maximum of 47,000,000 ordinary shares, without shareholders approval pursuant to the ASX listing rules, if the number of Radiopharm's ordinary shares to be issued does not fully satisfy the contingent consideration, then we must pay any such balance in cash within five business days.

D. Exchange Controls

Australia has largely abolished exchange controls on investment transactions. The Australian dollar is freely convertible into U.S. dollars. In addition, there are currently no specific rules or limitations regarding the export from Australia of profits, dividends, capital or similar funds belonging to foreign investors, except that certain payments to non-residents must be reported to the Australian Cash Transaction Reports Agency, which monitors such transaction, and amounts on account of potential Australian tax liabilities may be required to be withheld unless a relevant taxation treaty can be shown to apply.

**The Foreign Acquisitions and Takeovers Act 1975**

Under Australian law, in certain circumstances foreign persons are prohibited from acquiring more than a limited percentage of the shares in an Australian company without approval from the Australian Treasurer. These limitations are set forth in the Australian *Foreign Acquisitions and Takeovers Act 1975* (Cth) ("FATA"), associated legislation and regulations. These limitations are in addition to the more general overarching Takeovers Prohibition of an acquisition of more than a 20% interest in a public company (in the absence of an applicable exception) under the takeover provisions of Australia's Corporations Act by any person whether foreign or otherwise.

If an investment is subject to foreign investment approval, it may have compulsory prior notification requirements, being a "notifiable action" or "notifiable national security action" or voluntary prior notification requirements being a "significant action" or "reviewable national security action". If an investment falls in this voluntary application category, the seeking of approval will extinguish certain future rights the Australian Treasurer has to review and approve the investment. Not applying for approval where the voluntary notification provisions apply will not be a breach of the FATA.

The Australian foreign investment regime applies differently to 'foreign government investors' and private foreign persons. Broadly, entities are considered as foreign persons if (i) a foreign holder (together with its associates) holds a direct or indirect interest of 20% or more in the entity or (ii) multiple foreign holders hold an aggregate interest (direct or indirect) of at least 40%. An entity will be a 'foreign government investor' if (i) a foreign government or foreign government owned entity, or a number of foreign government owned entities from the same country own a direct or indirect interest of 20% or (ii) or multiple foreign governments or foreign government owned entities from any country own a direct or indirect interest of 40%.

Under the FATA, foreign persons are required to notify and obtain prior approval from the Foreign Investment Review Board for a range of acquisitions of an interest in an Australian entity on a mandatory basis, including:

● acquisitions of a direct interest (generally 10% or more) by a foreign government investor in an Australian entity, irrespective of value;

● acquisitions by any foreign person of:

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| a 'substantial interest' (generally 20% or more) in an Australian entity valued above the relevant monetary threshold. This is generally A$289 million (indexed annually) or A$1,250 million in case of U.S. investors where the investment is being made directly by a U.S investor, in each case calculated by the higher of the total asset value and the total value of the issued securities of the Australian entity; or |
| a direct interest in a 'national security business' or entity that carries on a national security business, or holds 'national security land', irrespective of value; and |

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● acquisitions of interests in Australian entities operating in sensitive industries (such as media, telecommunications, and encryption and security technologies), land-rich Australian entities or agribusiness Australian entities.

Each foreign person seeking to acquire holdings in excess of the above caps (including their associates) would need to complete an application form setting out the proposal and relevant particulars of the acquisition/shareholding and pay the relevant application fees. The Australian Treasurer then has 30 days to consider the application and make a decision and a further 10 days to notify the applicant. However, the Australian Treasurer has broad powers to extend this time period, including extending the period by up to a further 90 days by publishing an interim order. Most commonly, the Australian Treasurer will request an applicant agree to an extension to avoid needing to publish the interim order, such agreement is usually in the best interest of the applicant as interim orders are made public and by agreeing to an extension the application process is kept confidential. Otherwise applications are strictly confidential and not released to the public.

The Australian Foreign Investment Review Board, an Australian advisory board to the Australian Treasurer has provided a guideline titled *Australia's Foreign Investment Policy,* which provides an outline of the policy. As for the risk associated with seeking approval, the policy provides, among other things, that the Treasurer will reject an application if it is contrary to the national interest.

If an application is made to the Australian Treasurer (whether voluntary or compulsory), the Australian Treasurer may either issue a non-objection notice, a non-objection notice with conditions or a rejection notice.

If the necessary approvals are not obtained, the Treasurer has a range of enforcement powers, including the power to make an order requiring the acquirer to dispose of the shares it has acquired within a specified period of time. Once a foreign person (together with any associate) holds a direct interest or a substantial interest in an entity, any further acquisition of interests, including in the course of trading in the secondary market, would require a new FIRB approval unless an exemption applies.

Once granted, a FIRB approval is valid for a 12 month period, meaning the proposed acquisition which was the subject of an application can occur any time during that 12 month period.

E. Taxation

The following is a discussion of Australian and United States tax consequences material to our shareholders. To the extent that the discussion is based on tax legislation which has not been subject to judicial or administrative interpretation, the views expressed in the discussion might not be accepted by the tax authorities in question or by court. The discussion is not intended, and should not be construed, as legal or professional tax advice and does not exhaust all possible tax considerations.

**Holders of our ADSs should consult their own tax advisors as to the United States, Australian or other tax consequences of the purchase, ownership and disposition of ADSs, including, in particular, the effect of any foreign, state or local taxes.** 

**U.S. Taxation**

The following is a summary of material U.S. federal income tax consequences that generally apply to U.S. Holders (as defined below) who hold ADSs as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"). This summary is based on the Code, its legislative history, final, temporary and proposed United States Treasury regulations promulgated thereunder, published rulings and court decisions, and the bilateral income tax convention between Australia and the United States (the "Treaty"), all as in effect on the date hereof and all of which are subject to change, or changes in interpretation, either prospectively or retroactively. This discussion does not address all of the tax consequences relating to the purchase, ownership, and disposition of ADSs and does not take into account U.S. Holders who may be subject to special rules, including financial institutions, insurance companies, tax-exempt organizations, real estate investment trusts, regulated investment companies, grantor trusts, non-resident aliens of the United States or taxpayers whose functional currency is not the U.S. dollar, persons who hold the ADSs through partnerships or other pass-through entities, persons who acquired their ADSs through the exercise or cancellation of any employee share options or otherwise as compensation for their services, investors that actually or constructively own 10% or more of our shares, dealers or traders in securities or currencies, certain former citizens or long-term residents of the United States, dual resident corporations, persons that generally mark their securities to market for United States federal income tax purposes, persons who are residents of Australia for Australian income tax purposes, and investors holding ADSs as part of a straddle or appreciated financial position or as part of a hedging or conversion transaction. This summary does not address the Medicare tax imposed on certain investment income, any state, local and foreign tax considerations or any U.S. federal estate, gift or alternative minimum tax considerations relevant to the purchase, ownership and disposition of our ADSs. In addition, this discussion is based in part upon representations of the depositary and the assumption that each obligation in the deposit agreement and any related agreements will be performed according to its terms.

If a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes owns ADSs, the U.S. federal income tax treatment of its partners will generally depend upon the status of the partner and the activities of the partnership. A partnership should consult its tax advisors regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of ADSs.

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of ADSs that is for U.S. federal income tax purposes: an individual who is a citizen or resident of the United States; a corporation that is created or organized in or under the laws of the United States or any political subdivision thereof; an estate whose income is subject to U.S. federal income tax regardless of its source; or a trust if (a) a court within the United States is able to exercise primary supervision over administration of the trust, and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

**Distributions**

For U.S. federal income tax purposes, a U.S. Holder of ADSs will be treated as owning the ordinary shares underlying the ADSs. Subject to the passive foreign investment company rules discussed below, the gross amount of any distribution received by a U.S. Holder with respect to our ordinary shares or ADSs, including the amount of any Australian taxes withheld therefrom, will be included in gross income as a dividend to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of a U.S. Holder's tax basis in the ADSs and thereafter will be treated as gain from the sale or exchange of the ADSs. We have not maintained and do not plan to maintain calculations of earnings and profits for U.S. federal income tax purposes. As a result, a U.S. Holder may need to include the entire amount of any such distribution in income as a dividend. Dividends will not, however, be eligible for the "dividends received deduction" generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.

The U.S. dollar value of any distribution on the ADSs made in Australian dollars generally should be calculated by reference to the spot exchange rate between the U.S. dollar and the Australian dollar in effect on the date the distribution is actually or constructively received by the U.S. Holder regardless of whether the Australian dollars so received are in fact converted into U.S. dollars. A U.S. Holder who receives payment in Australian dollars and converts those Australian dollars into U.S. dollars at an exchange rate other than the rate in effect on such day may have a foreign currency exchange gain or loss, which would generally be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes.

Subject to complex limitations and certain holding period requirements, a U.S. Holder may elect to claim a credit for Australian tax withheld from distributions against its U.S. federal income tax liability. The limitations set out in the Code include computational rules under which foreign tax credits allowable with respect to specific classes of income cannot exceed the U.S. federal income taxes otherwise payable with respect to each such class of income. Dividends generally will be treated as foreign-source passive category income for U.S. foreign tax credit purposes or in the case of certain U.S. Holders as foreign source "general category" income. A U.S. Holder that does not elect to claim a U.S. foreign tax credit may instead claim a deduction for Australian tax withheld.

Subject to certain limitations, dividends received by a non-corporate U.S. Holder are subject to tax at a reduced maximum tax rate of 20 percent if the dividends are "qualified dividends". Dividends are qualified dividends if: (a)(i) the issuer is entitled to benefits under the Treaty or (ii) the shares are readily tradable on an established securities market in the United States and (b) certain other requirements are met. We believe that we are entitled to benefits under the Treaty and that the ADSs currently are readily tradable on an established securities market in the United States. However, no assurance can be given that the ADSs will remain readily tradable. Further, the reduced rate does not apply to dividends if we are a PFIC in the year prior to or the year in which the dividend is paid.

The U.S. Treasury has expressed concerns that intermediaries in the chain of ownership between the holder of an ADS and the issuer of the security underlying the ADS may be taking actions that are inconsistent with the claiming of foreign tax credits for U.S. Holders of ADSs. Such actions would also be inconsistent with the claiming of the reduced rate of tax, described above, applicable to dividends received by certain non-corporate holders. Accordingly, the analysis of the creditability of Australian taxes and the availability of the reduced tax rate for dividends received by certain non-corporate holders, each described above, could be affected by actions taken by intermediaries in the chain of ownership between the holder of an ADS and our Company.

**Disposition of ADSs**

If you sell or otherwise dispose of ADSs, you will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. dollar value of the amount realized on the sale or other disposition and your adjusted tax basis in the ADSs. Subject to the passive foreign investment company rules discussed below, such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if you have held the ADSs for more than one year at the time of the sale or other disposition. In general, any gain that you recognize on the sale or other disposition of ADSs will be gain from U.S. sources for purposes of the foreign tax credit limitation; losses will generally be allocated against U.S. source income. The deduction of capital losses is subject to certain limitations under the Code.

In the case of a cash-basis U.S. Holder who receives Australian dollars in connection with the sale or other disposition of ADSs, the amount realized will be calculated based on the U.S. dollar value of the Australian dollars received as determined by reference to the spot rate in effect on the settlement date of such exchange. A U.S. Holder who receives payment in Australian dollars and converts Australian dollars into U.S. dollars at a conversion rate other than the rate in effect on the settlement date may have foreign currency exchange gain or loss that would be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes.

An accrual-basis U.S. Holder may elect the same treatment required of cash-basis taxpayers with respect to a sale or disposition of ADSs, provided that the election is applied consistently from year to year. Such election may not be changed without the consent of the Internal Revenue Service ("IRS"). In the event that an accrual-basis U.S. Holder does not elect to be treated as a cash-basis taxpayer (pursuant to the Treasury regulations applicable to foreign currency transactions), such U.S. Holder may have foreign currency gain or loss for U.S. federal income tax purposes because of differences between the U.S. dollar value of the currency received prevailing on the trade date and the settlement date. Any such currency gain or loss would be treated as ordinary income or loss from sources within the United States for U.S. foreign tax credit purposes. However, if 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 rules**

There is a risk that we may be a passive foreign investment company("PFIC"), for U.S. federal income tax purposes. Our treatment as a PFIC could result in a reduction in the after-tax return to the U.S. Holders of our ADSs and may cause a reduction in the value of such securities.

For U.S. federal income tax purposes, we will be classified as a PFIC for any taxable year in which (i) 75% or more of our gross income is passive income, or (ii) at least 50% of the average value of all of our assets for the taxable year produce or are held for the production of passive income. For this purpose, cash is considered to be an asset which produces passive income. Passive income for these purposes generally includes dividends, interest, royalties, rents, annuities and the excess of gains over losses from the disposition of assets which produce passive income. In making a PFIC determination, we will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the share capital. Based on the composition of our assets and income, we believe that we could be treated as a PFIC for U.S. federal income tax purposes with respect to fiscal 2022. However, the determination of PFIC status is a factual determination that must be made annually at the close of each taxable year and, therefore, there can be no certainty as to our status in this regard until the close of the current or any future taxable year. Changes in the nature of our income or assets or a decrease in the trading price of our ADSs may cause us to be considered a PFIC in the current or any subsequent year. If we were a PFIC in any year during a U.S. Holder's holding period for our ADSs, we would ordinarily continue to be treated as a PFIC for each subsequent year during which the U.S. Holder owned the ADSs.

Under the default PFIC "excess distribution" regime, if we are a PFIC in any taxable year during which a U.S. Holder owns ADSs, such U.S. Holder could be liable for additional taxes and interest charges upon (i) certain distributions by us (generally any distribution paid during a taxable year that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for the ADSs), and (ii) any gain realized on a sale, exchange or other disposition, including a pledge, of the ADSs, whether or not we continue to be a PFIC for the year of the disposition. In these circumstances, the tax will generally be determined by allocating such distributions or gain ratably over the U.S. Holder's holding period for the ADSs. The amount allocated to the current taxable year and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income (rather than capital gain) earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest applicable marginal rates for the year and an interest charge at the rate applicable to underpayments of tax will also be imposed on the amount of taxes allocated to such other taxable years.

An indirect shareholder may be taxed on a distribution paid to the direct owner of a PFIC and on a disposition of the share indirectly owned. Indirect shareholders are strongly urged to consult their tax advisors regarding the application of these rules.

If we are a PFIC and subsequently cease to be a PFIC in a future year, a U.S. Holder may avoid the continued application of the tax treatment described above by electing to be treated as if it sold its ADSs on the last day of the last taxable year in which we were a PFIC. Any gain would generally be recognized and subject to tax under the excess distribution regime described above. Loss would not be recognized. A U.S. Holder's basis in its ADSs would be increased by the amount of gain, if any, recognized on the deemed sale. A U.S. Holder would be required to treat its holding period for its ADSs as beginning on the day following the last day of the last taxable year in which we were a PFIC.

If the ADSs are considered "marketable stock" and if a U.S. Holder properly elects to "mark-to-market" its ADSs in a timely fashion, the U.S. Holder would not be subject to tax under the excess distribution regime described above. Instead, the U.S. Holder would generally include in income any excess of the fair market value of the ADSs at the close of each tax year over the adjusted tax basis of the ADSs. If the fair market value of the ADSs had depreciated below the adjusted basis at the close of the tax year, the U.S. Holder would be entitled to deduct the excess of the adjusted basis of the ADSs over their fair market value at that time. However, such deductions generally would be limited to the net mark-to-market gains, if any, the U.S. Holder included in income with respect to such ADSs in prior years. Income recognized and deductions allowed under the mark-to-market provisions, as well as any gain or loss on the disposition of ADSs with respect to which the mark-to-market election is made, is treated as ordinary income or loss (except that loss is treated as capital loss to the extent the loss exceeds the net mark-to-market gains, if any, that a U.S. Holder included in income with respect to such ordinary shares in prior years). However, gain or loss from the disposition of ADSs (as to which a "mark-to-market" election was properly made) in a year in which we are no longer a PFIC, will be capital gain or loss. Our ordinary shares or ADSs will be "marketable" stock as long as they remain regularly traded on a national securities exchange, such as the Nasdaq, or a foreign securities exchange regulated by a governmental authority of the country in which the market is located and which meets certain requirements, including that the rules of the exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter, but no assurances can be given in this regard. Our ordinary shares are traded on the ASX, which may qualify as an eligible foreign securities exchange for this purpose. Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes, including shares in any of our subsidiaries that are treated as PFICs.

A U.S. Holder of ADSs should not be able to avoid the tax consequences described above by electing to treat us as a qualified electing fund. In general, a qualified electing fund is, with respect to a U.S. person, a PFIC if the U.S. person has elected to include its proportionate share of a company's ordinary earnings and net capital gains in U.S. income on an annual basis. A qualified electing fund election can only be made with respect to us if we provide U.S. Holders with certain information on an annual basis and we do not intend to prepare the information that U.S. Holders would need to make the qualified electing fund election.

**Backup withholding and information reporting**

Payments in respect of ADSs may be subject to information reporting to the IRS and to U.S. backup withholding tax (at a rate of 24% under current law). Backup withholding will not apply, however, if a U.S. Holder (i) is a corporation, (ii) satisfies an applicable exemption, or (iii) furnishes correct taxpayer identification.

Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against a U.S. Holder's U.S. tax liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS.

**Australian Taxation** 

In this section we discuss the material Australian tax considerations that apply to non-Australian tax residents with respect to the acquisition, ownership and disposal of the absolute beneficial ownership of ADSs, which are evidenced by ADSs. This discussion 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 income tax law which may be important to particular investors in light of their individual investment circumstances, such as ADSs or shares held by investors subject to special tax rules (for example, financial institutions, insurance companies or tax exempt organizations). In addition, this summary does not discuss any foreign or state tax considerations, other than stamp duty. Prospective investors are urged to consult their tax advisors regarding the Australian and foreign income and other tax considerations of the purchase, ownership and disposition of the ADSs or shares.

**Nature of ADSs for Australian taxation purposes**

Holders of our ADSs should be treated as the owners of the underlying ordinary shares for Australian income tax and capital gains tax purposes. Therefore, dividends paid on the underlying ordinary shares will be treated for Australian tax purposes as if they were paid directly to the owners of ADSs, and the disposal of ADSs will be treated for Australian tax purposes as the disposal of the underlying ordinary shares. In the following analysis we discuss the application of the Australian income tax and capital gains tax rules to holders of ADSs which are not residents of Australia for tax purpose.

**Taxation of dividends**

Australia operates a dividend imputation system under which dividends may be declared to be "franked" to the extent they are paid out of company profits that have been subject to income tax. Fully franked dividends are not subject to dividend withholding tax when paid to non-Australian resident shareholders. Dividends that are not franked or are partly franked and are paid to non-Australian resident shareholders are subject to dividend withholding tax, but only to the extent the dividends are not franked.

Unfranked (or partially franked) dividends paid to a non-resident shareholder are subject to withholding tax at a 30% rate, unless the shareholder is a resident of a country with which Australia has a double taxation agreement.

In accordance with the provisions of the Double Taxation Convention between Australia and the United States, the maximum rate of Australian tax on any unfranked portion of a dividend to which a resident of the United States is beneficially entitled is reduced to 15%, where the U.S. resident holds less than 10% of the voting rights in our company, or 5% where the U.S. resident holds 10% or more of the voting rights in our company. Special rules apply to Regulated Investment Companies and Real Estate Investment Trusts that hold shares and receive dividends. The Double Taxation Convention between Australia and the United States does not apply to limit the tax rate on dividends where the ADSs are effectively connected to a permanent establishment or a fixed base carried on by the owner of the ADSs in Australia through which the shareholder carries on business or provides independent personal services, respectively.

**Tax on sales or other dispositions of shares — capital gains tax**

Australian capital gains derived by non-Australian residents in respect of the disposal of capital assets that are not taxable Australian property will be disregarded. Non-Australian resident shareholders will not be subject to Australian capital gains tax on the capital gain made on a disposal of our shares, unless they, together with associates, hold 10% or more of our issued capital, tested either at the time of disposal or over any continuous 12- month period in the 24 months prior to disposal, and the value of our shares at the time of disposal is principally attributable to Australian real property assets.

Australian capital gains tax applies to net capital gains at a taxpayer's marginal tax rate but for certain shareholders a discount capital gain may apply if the shares have been held for 12 months or more and the shareholder was a resident of Australia for some or all of the ownership period. For individuals, this discount is 50%. Net capital gains are calculated after reduction for capital losses (including certain prior year capital losses), which may only be offset against capital gains.

 

*Tax on Sales or other Dispositions of Shares — Shareholders Holding Shares on Revenue Account*

Some non-Australian resident shareholders may hold shares on revenue rather than on capital account, for example, share traders. These shareholders may have the gains made on the sale or other disposal of the shares included in their assessable income under the ordinary income provisions of the income tax law, if the gains are sourced in Australia.

Non-Australian resident shareholders assessable under these provisions in respect of gains made on shares held on revenue account would be assessed for such gains at the Australian tax rates for non-Australian residents, which start at a marginal rate of 32.5% for non-Australian resident individuals. Some relief from the Australian income tax may be available to such non-Australian resident shareholders under the Double Taxation Convention between the United States and Australia, for example, because the shareholder does not have a permanent establishment in Australia.

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

**Dual residency**

If a shareholder were 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 applicable would be limited by the Double Taxation Convention. Shareholders should obtain specialist taxation advice in these circumstances.

**No stamp duty**

A transfer of shares of an Australian company, such as Radiopharm, that is listed on the Australian Securities Exchange is generally not subject to Australian stamp duty.

**No Australian death duty / estate tax**

Australia does not have any estate tax or death duties. No capital gains tax liability is realized upon the inheritance of a deceased person's shares.

**Goods and Services Tax**

The issue or transfer of shares will not incur Australian goods and services tax.

F. Dividends and Paying Agents

Not applicable.

G. Statement by Experts

Not applicable.

H. Documents on Display

We are subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, as applicable to "foreign private issuers" as defined in Rule 3b-4 under the Exchange Act. As a foreign private issuer, we are exempt from certain provisions of the Exchange Act. Accordingly, our proxy solicitations are not subject to the disclosure and procedural requirements of regulation 14A under the Exchange Act, transactions in our equity securities by our officers and directors are exempt from reporting and the "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we file with the U.S. Securities and Exchange Commission an annual report on Form 20-F containing financial statements that have been examined and reported on, with and opinion expressed by an independent registered public accounting firm, and we submit reports to the U.S. Securities and Exchange Commission on Form 6-K containing (among other things) press releases and unaudited financial information for the first six months of each fiscal year. We post our annual and half-year reports on our website promptly following their filing with the U.S. Securities and Exchange Commission. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this Registration Statement on Form 20-F, and the reference to our website in this Registration Statement on Form 20-F is an inactive textual reference only.

This document and the exhibits thereto and any other document we file pursuant to the Exchange Act may be inspected without charge and copied at prescribed rates at the U.S. Securities and Exchange Commission public reference room at 100 F Street, N.E., Room 1580, Washington D.C. 20549. You may obtain information on the operation of the Securities and Exchange Commission's public reference room in Washington, D.C. by calling the U.S. Securities and Exchange Commission at 1-800-SEC-0330.

The U.S. Securities and Exchange Commission maintains a website at <u>www.sec.gov</u> that contains reports, proxy and information statements and other information regarding registrants that make electronic filings with the U.S. Securities and Exchange Commission using its EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system.

The documents concerning our company which are referred to in this document may also be inspected at our office located at Level 3, 62 Lygon Street, Carlton, VIC 3053, Australia.

I. Subsidiary Information

See Item 4C "Organizational Structure".

**Item 11. Quantitative and Qualitative Disclosures about Market Risk**

Our cash consist entirely of cash held in interest-bearing accounts with banks in Australia and overseas. Thus, our primary exposure to market risk are foreign exchange rate fluctuations and interest income sensitivity, which is affected by changes in the general level of interest rates. However, a sudden change in market interest rates would not be expected to have a material impact on our financial condition or results of operation. In addition, we are exposed to credit risk due to increased cash and cash equivalents. See note 9 in the notes to our financial statements for more information.

**Item 12. Description of Securities Other Than Equity Securities**

A. Debt Securities

Not applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.

D. American Depositary Shares

**American Depositary Shares** 

Deutsche Bank Trust Company Americas, as depositary, will register and deliver the ADSs. Each ADS will represent ownership of 50 ordinary shares, deposited with National Nominees Limited, as custodian for the depositary. Each ADS will also represent ownership of any other securities, cash or other property which may be held by the depositary. The depositary's corporate trust office at which the ADSs will be administered is located at 1 Columbus Circle, New York, NY 10019, USA

The Direct Registration System, or DRS, is a system administered by The Depository Trust Company, or DTC, pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements issued by the depositary to the ADS holders entitled thereto.

We will not treat ADS holders as our shareholders and accordingly, you, as an ADS holder, will not have shareholder rights. Australian law governs shareholder rights. The depositary will be the holder of the ordinary shares underlying your ADSs. As a holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary and you, as an ADS holder, and the beneficial owners of ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. The laws of the State of New York govern the deposit agreement and the ADSs. See "— Jurisdiction and Arbitration."

The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of American Depositary Receipt. For directions on how to obtain copies of those documents, see "Where You Can Find Additional Information."

**Holding the ADSs**

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***How will you hold your ADSs?***

You may hold ADSs either (i) directly (a) by having an American Depositary Receipt, or ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (b) by holding ADSs in DRS, or (ii) indirectly through your broker or other financial institution. If you hold ADSs directly, you are an ADS holder. This description assumes you hold your ADSs directly. ADSs will be issued through DRS, unless you specifically request certificated ADRs. 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.

**Dividends and Other Distributions**

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***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 ordinary 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 as of the record date (which will be as close as practicable to the record date for our ordinary shares) set by the depositary with respect to the ADSs.

●  ***Cash.*** The depositary will convert or cause to be converted any cash dividend or other cash distribution we pay on the ordinary shares or any net proceeds from the sale of any ordinary shares, rights, securities or other entitlements under the terms of the deposit agreement into U.S. dollars if it can do so on a practicable basis and can transfer the U.S. dollars to the United States and will distribute promptly the amount thus received. If the depositary shall determine in its judgment that such conversions or transfers are not practical or lawful or if any government approval or license is needed and cannot be obtained at a reasonable cost within a reasonable period or otherwise sought, the 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 or cause the custodian to hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid and such funds will be held for the respective accounts of the ADS holders. It will not invest the foreign currency and it will not be liable for any interest for the respective accounts of the ADS holders. Before making a distribution, any taxes or other governmental charges, together with fees and expenses of the depositary, that must be paid, will be deducted. See "Payment of Taxes." It will distribute only whole U.S. dollars and cents and will round down 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.

●  ***Shares*** . For any ordinary shares we distribute as a dividend or free distribution, either (1) the depositary will distribute additional ADSs representing such ordinary shares or (2) existing ADSs as of the applicable record date will represent rights and interests in the additional ordinary shares distributed, to the extent reasonably practicable and permissible under law, in either case, net of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. The depositary will only distribute whole ADSs. It will try to sell ordinary shares which would require it to deliver a fractional ADS and distribute the net proceeds in the same way as it does with cash. The depositary may sell a portion of the distributed ordinary shares sufficient to pay its fees and expenses, and any taxes and governmental charges, in connection with that distribution.

●  ***Elective Distributions in Cash or Shares*** . If we offer holders of our ordinary shares the option to receive dividends in either cash or shares, the depositary, after consultation with us and having received timely notice as described in the deposit agreement of such elective distribution by us, has discretion to determine to what extent such elective distribution will be made available to you as a holder of the ADSs. We must timely first instruct the depositary to make such elective distribution available to you and furnish it with satisfactory evidence that it is legal to do so. The depositary could decide it is not legal or reasonably practicable to make such elective distribution available to you. In such case, the depositary shall, on the basis of the same determination as is made in respect of the ordinary shares for which no election is made, distribute either cash in the same way as it does in a cash distribution, or additional ADSs representing ordinary shares in the same way as it does in a share distribution. The depositary is not obligated to make available to you a method to receive the elective dividend in shares rather than in ADSs. There can be no assurance that you will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of ordinary shares.

●  ***Rights to Purchase Additional Shares*** . If we offer holders of our ordinary shares any rights to subscribe for additional shares, the depositary shall having received timely notice as described in the deposit agreement of such distribution by us, consult with us, and we must determine whether it is lawful and reasonably practicable to make these rights available to you. We must first instruct the depositary to make such rights available to you and furnish the depositary with satisfactory evidence that it is legal to do so. If the depositary decides it is not legal or reasonably practicable to make the rights available but that it is lawful and reasonably practicable to sell the rights, the depositary will endeavor to sell the rights and in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper distribute the net 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 them.

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If the depositary makes rights available to you, it will establish procedures to distribute such rights and enable you to exercise the rights upon your payment of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. The Depositary shall not be obliged to make available to you a method to exercise such rights to subscribe for ordinary shares (rather than ADSs).

U.S. securities laws may restrict transfers and cancellation of the ADSs represented by shares purchased upon exercise of rights. For example, you may not be able to trade these ADSs freely in the United States. In this case, the depositary may deliver restricted depositary shares that have the same terms as the ADSs described in this section except for changes needed to put the necessary restrictions in place.

There can be no assurance that you will be given the opportunity to exercise rights on the same terms and conditions as the holders of ordinary shares or be able to exercise such rights.

●  ***Other Distributions*** . Subject to receipt of timely notice, as described in the deposit agreement, from us with the request to make any such distribution available to you, and provided the depositary has determined such distribution is lawful and reasonably practicable and feasible and in accordance with the terms of the deposit agreement, the depositary will distribute to you anything else we distribute on deposited securities by any means it may deem practicable, upon your payment of applicable fees, charges and expenses incurred by the depositary and taxes and/or other governmental charges. If any of the conditions above are not met, the depositary will endeavor to sell, or cause to be sold, what we distributed and distribute the net proceeds in the same way as it does with cash; or, if it is unable to sell such property, the depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration, such that you may have no rights to or arising from such property.

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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 anything else to ADS holders. This means that you may not receive the distributions we make on our shares or any value for them if we and/or the depositary determines that it is illegal or not practicable for us or the depositary to make them available to you.

**Deposit, Withdrawal and Cancellation**

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***How are ADSs issued?***

The depositary will deliver ADSs if you or your broker deposit ordinary shares or evidence of rights to receive ordinary shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock 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 entitled thereto.

No shares will be accepted for deposit prior to the date of effectiveness of this Registration Statement.

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***How do ADS holders cancel an American Depositary Share?***

You may turn in your ADSs at the depositary's corporate trust office or by providing appropriate instructions to your broker. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying the ADSs to you or a person you designate at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its corporate trust office, to the extent permitted by law.

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***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 you a statement confirming that you are the owner of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a 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**

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***How do you vote?***

You may instruct the depositary to vote the ordinary shares or other deposited securities underlying your ADSs at any meeting at which you are entitled to vote pursuant to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities. Otherwise, you could exercise your right to vote directly if you withdraw the ordinary shares. However, you may not know about the meeting sufficiently enough in advance to withdraw the ordinary shares.

If we ask for your instructions and upon timely notice from us by regular, ordinary mail delivery, or by electronic transmission, as described in the deposit agreement, the depositary will notify you of the upcoming meeting at which you are entitled to vote pursuant to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities, and arrange to deliver our voting materials to you. The materials will include or reproduce (a) such notice of meeting or solicitation of consents or proxies; (b) a statement that the ADS holders at the close of business on the ADS record date will be entitled, subject to any applicable law, the provisions of our constitution, and the provisions of or governing the deposited securities, to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the ordinary shares or other deposited securities represented by such holder's ADSs; and (c) a brief statement as to the manner in which such instructions may be given to the depositary. Voting instructions may be given only in respect of a number of ADSs representing an integral number of ordinary shares or other deposited securities. For instructions to be valid, the depositary must receive them in writing on or before the date specified. The depositary will try, as far as practical, subject to applicable law and the provisions of our constitution, to vote or to have its agents vote the ordinary shares or other deposited securities (in person or by proxy) as you instruct.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the ordinary shares underlying your ADSs. In addition, there can be no assurance that ADS holders and beneficial owners generally, or any holder or beneficial owner in particular, will be given the opportunity to vote or cause the custodian to vote on the same terms and conditions as the holders of our ordinary shares.

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 you may have no recourse if the ordinary shares underlying your ADSs 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 will give the depositary notice of any such meeting and details concerning the matters to be voted at least 28 Business Days in advance of the meeting date.

**Compliance with Regulations**

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***Information Requests***

Each ADS holder and beneficial owner shall (a) provide such information as we or the depositary may request pursuant to law, including, without limitation, relevant Australian law, any applicable law of the United States of America, our constitution, any resolutions of our Board of Directors adopted pursuant to such constitution, the requirements of any markets or exchanges upon which the ordinary shares, ADSs or ADRs are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or ADRs may be transferred, regarding the capacity in which they own or owned ADRs, the identity of any other persons then or previously interested in such ADRs and the nature of such interest, and any other applicable matters, and (b) be bound by and subject to applicable provisions of the laws of the Australia, our constitution, and the requirements of any markets or exchanges upon which the ADSs, ADRs or ordinary shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, ADRs or ordinary shares may be transferred, to the same extent as if such ADS holder or beneficial owner held ordinary shares directly, in each case irrespective of whether or not they are ADS holders or beneficial owners at the time such request is made.

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***Disclosure of Interests***

Each ADS holder and beneficial owner shall comply with our requests pursuant to Australian law, the rules and requirements of the Nasdaq and any other stock exchange on which the ordinary shares are, or will be, registered, traded or listed or our constitution, which requests are made to provide information, inter alia, as to the capacity in which such ADS holder or beneficial owner owns ADS and regarding the identity of any other person interested in such ADS and the nature of such interest and various other matters, whether or not they are ADS holders or beneficial owners at the time of such requests.

**Fees and Expenses**

As an ADS holder, you will be required to pay the following service fees to the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs):

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| | |
|:---|:---|
| **Service** | **Fees** |
| To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash) | Up to US$0.05 per ADS issued |
| Cancellation of ADSs, including the case of termination of the deposit agreement | Up to US$0.05 per ADS cancelled |
| Distribution of cash dividends | Up to US$0.05 per ADS held |
| Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements | Up to US$0.05 per ADS held |
| Distribution of ADSs pursuant to exercise of rights. | Up to US$0.05 per ADS held |
| Depositary services | Up to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank annually |

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As an ADS holder, you will also be responsible for paying certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your ADSs) such as:

● Taxes (including applicable interest and penalties) and other governmental charges;

● Fees for the transfer and registration of ordinary shares charged by the registrar and transfer agent for the ordinary shares in the Australian (i.e., upon deposit and withdrawal of ordinary shares).

● Expenses incurred for converting foreign currency into U.S. dollars.

● Expenses for cable, telex and fax transmissions and for delivery of securities.

● Taxes and duties upon the transfer of securities, including any applicable stamp duties, any stock transfer charges or withholding taxes (i.e., when ordinary shares are deposited or withdrawn from deposit).

● Fees and expenses incurred in connection with the delivery or servicing of ordinary shares on deposit.

● Fees and expenses incurred in connection with complying with exchange control regulations and other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and ADRs.

● Any applicable fees and penalties thereon.

The depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank to the holders of record of ADSs as of the applicable ADS record date.

The depositary fees payable for cash distributions are generally deducted from the cash being distributed or by selling a portion of distributable property to pay the fees. In the case of distributions other than cash (i.e., share dividends, rights), the depositary bank charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients' ADSs in DTC accounts in turn charge their clients' accounts the amount of the fees paid to the depositary banks.

In the event of refusal to pay the depositary fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.

The depositary may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time.

**Payment of Taxes**

You will be responsible for any taxes or other governmental charges payable, or which become payable, on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register or transfer 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 net proceeds, or send to you any property, remaining after it has paid the taxes. You agree to indemnify us, the depositary, the custodian and each of our and their respective agents, directors, employees and affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for you. Your obligations under this paragraph shall survive any transfer of ADRs, any surrender of ADRs and withdrawal of deposited securities or the termination of the deposit agreement.

**Reclassifications, Recapitalizations and Mergers**

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| | |
|:---|:---|
| **If we:** | **Then:** |
| Change the nominal or par value of our ordinary shares | The cash, shares or other securities received by the depositary will become deposited securities. |
| Reclassify, split up or consolidate any of the deposited securities | Each ADS will automatically represent its equal share of the new deposited securities. |
| Distribute securities on the ordinary shares that are not distributed to you, or recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action | The depositary may distribute some or all of the cash, shares or other securities it received. It may also deliver new ADSs or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities. |

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**Amendment and Termination**

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

We may agree with the depositary to amend the deposit agreement and the form of ADR 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, including expenses incurred in connection with foreign exchange control regulations and other charges specifically payable by ADS holders under the deposit agreement, or materially prejudices a substantial existing 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. If any new laws are adopted which would require the deposit agreement to be amended in order to comply therewith, we and the depositary may amend the deposit agreement in accordance with such laws and such amendment may become effective before notice thereof is given to ADS holders.

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

The depositary will terminate the deposit agreement if we ask it to do so, in which case the depositary will give notice to you at least 90 days prior to termination. The depositary may also terminate the deposit agreement if the depositary has told us that it would like to resign, or if we have removed the depositary, and in either case we have not appointed a new depositary within 90 days. In either such case, the depositary must notify you at least 30 days before termination.

After termination, the depositary and its agents will do the following under the deposit agreement but nothing else: collect distributions on the deposited securities, sell rights and other property and deliver ordinary shares and other deposited securities upon cancellation of ADSs after payment of any fees, charges, taxes or other governmental charges. Six months or more after the date of termination, the depositary may sell any remaining deposited securities by public or private sale. 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. After such sale, the depositary's only obligations will be to account for the money and other cash. After termination, we shall be discharged from all obligations under the deposit agreement except for our obligations to the depositary thereunder.

**Books of Depositary**

The depositary will maintain ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but solely for the purpose of communicating with other holders in the interest of business matters relating to the Company, the ADRs and the deposit agreement.

The depositary will maintain facilities in the Borough of Manhattan, The City of New York to record and process the issuance, cancellation, combination, split-up and transfer of ADRs.

These facilities may be closed at any time or from time to time when such action is deemed necessary or advisable by the depositary in connection with the performance of its duties under the deposit agreement or at our reasonable written request.

**Limitations on Obligations and Liability**

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

The deposit agreement expressly limits our obligations and the obligations of the depositary and the custodian. It also limits our liability and the liability of the depositary. The depositary and the custodian:

● are only obligated to take the actions specifically set forth in the deposit agreement without gross negligence or willful misconduct;

● are not liable if any of us or our respective controlling persons or agents are prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the deposit agreement and any ADR, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of our memorandum and articles of association or any provision of or governing any deposited securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure);

● are not liable by reason of any exercise of, or failure to exercise, any discretion provided for in the deposit agreement or in our memorandum and articles of association or provisions of or governing deposited securities;

● are not liable for any action or inaction of the depositary, the custodian or us or their or our respective controlling persons or agents in reliance upon the advice of or information from legal counsel, any person presenting ordinary shares for deposit or any other person believed by it in good faith to be competent to give such advice or information;

● 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;

● are not liable for any special, consequential, indirect or punitive damages for any breach of the terms of the deposit agreement, or otherwise;

● may rely upon any documents we believe in good faith to be genuine and to have been signed or presented by the proper party;

● disclaim any liability for any action or inaction or inaction of any of us or our respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting ordinary shares for deposit, holders and beneficial owners (or authorized representatives) of ADSs, or any person believed in good faith to be competent to give such advice or information; and

● disclaim any liability for inability of any holder to benefit from any distribution, offering, right or other benefit made available to holders of deposited securities but not made available to holders of ADS.

The depositary and any of its agents also disclaim any liability (i) for any failure to carry out any instructions to vote, the manner in which any vote is cast or the effect of any vote or failure to determine that any distribution or action may be lawful or reasonably practicable or for allowing any rights to lapse in accordance with the provisions of the deposit agreement, (ii) the failure or timeliness of any notice from us, the content of any information submitted to it by us for distribution to you or for any inaccuracy of any translation thereof, (iii) any investment risk associated with the acquisition of an interest in the deposited securities, the validity or worth of the deposited securities, the credit-worthiness of any third party, (iv) for any tax consequences that may result from ownership of ADSs, ordinary shares or deposited securities, or (v) for any acts or omissions made by a successor depositary, provided that in connection with the issue out of which such potential liability arises the depositary performed its obligations without gross negligence or willful misconduct while it acted as depositary.

In the deposit agreement, we agree to indemnify the depositary under certain circumstances.

**Jurisdiction and Arbitration**

Any legal suit, action or proceeding, including any claim under the Securities Act or the Exchange Act, against Radiopharm or the Depositary that arise out of or are based upon the Deposit Agreement, ownership of the ADSs or the transactions contemplated by the deposit agreement may only be instituted by holders of ADSs (including purchasers of ADSs in secondary transactions) in a state or federal court in the City of New York. Holders of ADSs irrevocably waive any objection which they may have to the laying of venue of any such proceeding, and submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding. By agreeing to such provision, investors in the ADRs will not be deemed to have waived Radiopharm's or the Depositary's compliance with the U.S. federal securities laws and the rules and regulations thereunder. In addition, there is uncertainty as to whether a court outside of New York state would enforce such provision of the Deposit Agreement. Thus, ADS holders might be able to bring a legal suit, action or proceeding, including any claim under the Securities Act or the Exchange Act, against Radiopharm or the Depositary that arise out of or are based upon the Deposit Agreement, ownership of the ADSs or the transactions contemplated by the Deposit Agreement, in a court outside New York state if such court determines that such exclusive jurisdiction provision in the Deposit Agreement is unenforceable.

**Jury Trial Waiver**

The deposit agreement provides that each party to the deposit agreement (including each holder, beneficial owner and holder of interests in the ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any lawsuit or proceeding against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable law. By agreeing to such provision, investors in the ADRs will not be deemed to have waived Radiopharm's or the Depositary's compliance with the U.S. federal securities laws and the rules and regulations thereunder. However, the jury trial waiver provision may limit access to information and lead to other imbalances of resources between Radiopharm and shareholders, and such provision may limit shareholders' ability to bring a claim in a judicial forum that they find favorable.

**Requirements for Depositary Actions**

Before the depositary will issue, deliver or register a transfer of an ADS, split-up, subdivide or combine ADSs, make a distribution on an ADS, or permit withdrawal of ordinary shares, the depositary may require:

● 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 ordinary shares or other deposited securities and payment of the applicable fees, expenses and charges of the depositary;

● satisfactory proof of the identity and genuineness of any signature or any other matters contemplated in the deposit agreement; and

● compliance with (A) any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal or delivery of deposited securities and (B) such reasonable regulations and procedures as the depositary may establish, from time to time, consistent with the deposit agreement and applicable laws, including presentation of transfer documents.

The depositary may refuse to issue and deliver ADSs or register transfers of ADSs generally when the register of the depositary or our transfer books are closed or at any time if the depositary or we determine that it is necessary or 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 ordinary shares at any time except:

● when temporary delays arise because: (1) the depositary has closed its transfer books or we have closed our transfer books; (2) the transfer of ordinary shares is blocked to permit voting at a shareholders' meeting; or (3) we are paying a dividend on our ordinary shares;

● when you owe money to pay fees, taxes and similar charges;

● 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, or other circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time); or

● for any other reason if the depositary or we determine, in good faith, that it is necessary or advisable to prohibit withdrawals.

The depositary shall not knowingly accept for deposit under the deposit agreement any ordinary shares or other deposited securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such ordinary shares.

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, or Profile, will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements issued by the depositary to the ADS holders entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an ADS holder, 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 such transfer.

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies**

Not applicable.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds**

Not applicable.

**Item 15. Controls and Procedures**

Not applicable.

**Item 16. Reserved**

Not applicable.

**Item 16a. Audit Committee Financial Expert**

Not applicable.

**Item 16b. Code of Ethics**

Not applicable.

**Item 16c. Principal Accountant Fees and Services**

Not applicable.

**Item 16d. Exemptions from the Listing Standards for Audit Committees**

Not applicable.

**Item 16e. Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

Not applicable.

**Item 16f. Change in Registrant's Certifying Accountant**

Not applicable.

**Item 16g. Corporate Governance**

Not applicable.

**Item 16h. Mine Safety Disclosure**

Not applicable.

**PART III**

**Item 17. Financial Statements**

We have elected to furnish financial statements and related information specified in Item 18.

**Item 18. Financial Statements**

The following financial statements are filed as part of this Registration Statement on Form 20-F. The financial statements are presented in Australian dollar, which is our functional and presentation currency.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Consolidated Financial Statements for the years ended June 30, 2022 and 2021 |  |
| [Report of Independent Registered Public Accounting Firm](#fin_001) | F-2 |
| [Consolidated Statements of Comprehensive Income/(Loss)](#fin_002) | F-3 |
| [Consolidated Statements of Financial Position](#fin_003) | F-4 |
| [Consolidated Statements of Changes in Equity](#fin_004) | F-5 |
| [Consolidated Statements of Cash Flows](#fin_005) | F-6 |
| [Notes to the Consolidated Financial Statements](#fin_006) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Board of Directors and Shareholders

Radiopharm Theranostics Limited

**Opinion on the financial statements** 

We have audited the accompanying consolidated statements of financial position of Radiopharm Theranostics Limited (the "Company") and subsidiary (collectively, the "Group") as of June 30, 2022 and 2021, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year ended June 30, 2022 and for the period from February 11to June 30, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as of June 30, 2022 and 2021, and the results of its operations and its cash flows for the year ended June 30, 2022 and for the period from February 11 to June 30, 2021, in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

**Basis for opinion**

These financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Material uncertainty related to going concern**

The accompanying financial statements have been prepared assuming that the Group will continue as a going concern. As discussed in Note 20(a)(v) to the financial statements, the Group incurred a net loss of $30,420,008 and had net assets of $62,692,719 during the year ended June 30, 2022. These conditions, along with other matters as set forth in Note 20(a)(v), raise substantial doubt about the Group's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 20(a)(v). The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ GRANT THORNTON AUDIT PTY LTD

We have served as the Company's auditor since 2021.

Melbourne, Australia

December 16, 2022

**Radiopharm Theranostics Limited**

**Consolidated statement of profit or loss and other comprehensive income**

**For the year ended 30 June 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes |<br>**30 June**<br> **2022**<br> **$** | From 11<br> February to<br>30 June <br> 2021 <br>$ |
| Other income |  | **8831** |  |
| Other losses | 2(a) | **(1109520)** | (437) |
| General and administrative expenses | 2(b) | **(7637884)** | (125266) |
| Research and development | 2(b) | **(7486616)** |  |
| Share-based payments |  | **(4800683)** | (359487) |
| **Operating loss** |  | **(21025872)** | (485190) |
| Finance expenses |  | **(9349739)** | - |
| **Loss before income tax** |  | **(30375611)** | (485190) |
| Income tax expense | 3 | **(44397)** | - |
| **Loss for the year/period** |  | **(30420008)** | (485190) |
| ***Other comprehensive loss**<br>*  |  |  |  |
| *Items that may be reclassified to profit or loss:* |  |  |  |
| Exchange differences on translation of foreign operations |  | (19043) | - |
| **Total comprehensive loss for the year/period** |  | **(30439051)** | (485190) |
|  |  | <br>**Cents** | <br>Cents |
| **Loss per share for loss attributable to the ordinary equity holders of the group:** |  |  |  |
| <br>Basic and diluted loss per share | 18 | **(17)** | (48519) |

---

*The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.*

 

**Radiopharm Theranostics Limited**

**Consolidated statement of financial position**

**As at 30 June 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | **30 June<br> 2022<br> $** | 30 June <br>2021 <br>$ |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| <br>Cash and cash equivalents | 4(a) | **26979105** | 27091 |
| Trade and other receivables |  | **56482** | 6347 |
| Other current assets |  | **228818** | - |
| **Total current assets** |  | **27264405** | 33438 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment |  | **1578** |  |
| Intangible assets | 5(a) | **56075308** |  |
| Other financial assets |  | **40000** | - |
| **Total non-current assets** |  | **56116886** | - |
| **Total assets** |  | **83381291** | 33438 |
| **Current liabilities** |  |  |  |
| **Trade and other payables** | 4(b) | **2153318** | 98376 |
| Borrowings |  | **-** | 59000 |
| Other financial liabilities | 4(c) | **5632168** |  |
| Employee benefit obligations | 5(b) | **93141** | 765 |
| **Total current liabilities** |  | **7878627** | 158141 |
| **Non-current liabilities** |  |  |  |
| Trade and other payables | 4(b) | **152447** |  |
| Other financial liabilities | 4(c) | **12387498** | - |
| **Total non-current liabilities** |  | **12539945** | - |
| **Total liabilities** |  | **20418572** | 158141 |
| **Net assets** |  | **62962719** | (124703) |
| **EQUITY** |  |  |  |
| Share capital | 6(a) | **86758783** | 1000 |
| Other reserves | 6(b) | **7109134** | 359487 |
| Accumulated losses |  | **(30905198)** | (485190) |
| **Total equity** |  | **62962719** | (124703) |

---

*The above consolidated statement of financial position should be read in conjunction with the accompanying*

 

**Radiopharm Theranostics Limited**

**Consolidated statement of changes in equity**

**For the year ended 30 June 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | |
|  | <br>Notes | **Share capital<br> $** | **Other reserves<br> $** | **Accumulated<br> losses<br> $** |<br>**Total<br> equity<br> $** |
| **Balance at 11 February 2021** |  | - | - | - | - |
| Loss for the period |  | - | - | (485190) | (485190) |
| **Total comprehensive loss for the period** |  | **-** | **-** | **(485190)** | **(485190)** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |
| Contributions of equity net of transaction costs | 6(a) | 1000 |  |  | 1000 |
| Issue of options | 6(b) | - | 359487 | - | 359487 |
|  |  | 1000 | 359487 | - | 360487 |
| **Balance at 30 June 2021** |  | **1000** | **359487** | **(485190)** | **(124703)** |
| **Balance at 1 July 2021** |  | 1000 | 359487 | (485190) | (124703) |
| Loss for the year |  |  |  | (30420008) | (30420008) |
| Other comprehensive loss |  | - | (19043) | - | (19043) |
| **Total comprehensive loss for the year** |  | **-** | **(19043)** | **(30420008)** | **(30439051)** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |
| Contributions of equity, net of transaction costs and tax | 6(a) | 43958325 |  |  | 43958325 |
| Issue of options | 6(b) |  | 6194825 |  | 6194825 |
| Equity-settled payments | 6(b) |  | 573865 |  | 573865 |
| Conversion of convertible notes | 6(a) | 26666667 |  |  | 26666667 |
| Issue of shares as part of license acquisitions | 6(a) | 16028683 |  |  | 16028683 |
| Issue of shares under the employee incentive <br>scheme | 6(a) | 104108 | - | - | 104108 |
|  |  | 86757783 | 6768690 | - | 93526473 |
| **Balance at 30 June 2022** |  | **86758783** | **7109134** | **(30905198)** | **62962719** |

---

*The above consolidated statement of changes in equity should be read in conjunction with the accompanying*

 

 

**Radiopharm Theranostics Limited**

**Consolidated statement of cash flows**

**For the year ended 30 June 2022**

---

| | | | |
|:---|:---|:---|:---|
|  |  | | From 11<br> February to |
|  | <br>Notes | **30 June**<br> **2022**<br> **$** | 30 June<br> 2021 <br>$ |
| **Cash flows from operating activities** |  |  |  |
| Payments to suppliers and employees (inclusive of GST) |  | **(9915654)** | (32909) |
| Interest received |  | **8831** | - |
| **Net cash (outflow) from operating activities** | 7(a) | **(9906823)** | (32909) |
| **Cash flows from investing activities** |  |  |  |
| Payments for property, plant and equipment |  | **(2749)** |  |
| Payments for intellectual property |  | **(28335901)** |  |
| Payments for financial assets at amortised cost |  | **(40000)** | - |
| **Net cash (outflow) from investing activities** |  | **(28378650)** | - |
| **Cash flows from financing activities** |  |  |  |
| Proceeds from issues of shares |  | **50000000** | 1000 |
| Proceeds from issue of convertible notes |  | **20000000** |  |
| Share issue transaction costs |  | **(4830886)** |  |
| Proceeds from borrowings |  | **10000** | 59000 |
| Repayment of borrowings |  | **(69000)** | - |
| **Net cash inflow from financing activities** |  | **65110114** | 60000 |
| **Net increase in cash and cash equivalents**  |  | **26824641** | 27091 |
| Cash and cash equivalents at the beginning of the year/period |  | **27091** |  |
| Effects of exchange rate changes on cash and cash equivalents |  | **127373** | - |
| **Cash and cash equivalents at end of the year/period** | 4(a) | **26979105** | 27091 |

---

 

*The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.*

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **1 Segment infotion**

Management has determined, based on the reports reviewed by the chief operating decision maker that are used to make strategic decisions, that the group has one reportable segment being the research, development and commercialisation of health technologies. The segment details are therefore fully reflected in the body of the financial report.

 **2 Other income and expense items**

(a) Other losses

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes |<br>**30 June<br> 2022<br> $** | From 11<br> February to <br>30 June <br> 2021 <br> $ |
| Net foreign exchange losses |  | **(1109520)** | (437) |
|  |  | **(1109520)** | (437) |

---

(b) Breakdown of expenses by nature

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022<br> $** | From 11<br> February to <br> 30 June <br> 2021<br> $ |
| **General and administrative expenses** |  |  |
| <br> Accounting and audit | **534165** | 70000 |
| Consulting | **691083** | 3999 |
| Depreciation | **1171** |  |
| Employee benefits | **4441848** | 13299 |
| Insurance | **253687** |  |
| Investor relations | **262642** | 919 |
| Legal | **364232** | 18364 |
| Listing and share registry | **208083** |  |
| Patent costs | **182318** | 14000 |
| Travel and entertainment | **379005** | 2585 |
| Other | **319650** | 2100 |
|  | **7637884** | 125266 |
| **Research and development** |  |  |
| Amortisation | **2980313** |  |
| AVb6 Integrin (TRIMT) | **1920558** |  |
| Consulting Fees (R&D) | **381551** |  |
| hu PSA Anti-body (Diaprost) | **82533** |  |
| NanoMab | **1971037** |  |
| Pharma15 | **90906** |  |
| UCLA | **59718** | - |
|  | **7486616** | - |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **3 Income tax expense**

(a) Australian tax expense

 *(i) Numerical reconciliation of income tax expense to prima facie tax payable*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Loss from continuing operations before income tax expense | **(28406113)** | (485190) |
| Tax at the Australian tax rate of 25% (2021: 26%) | **(7101528)** | (126149) |
| Tax effect of amounts which are not deductible (taxable) in calculating taxable income: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **166382** | 8840 |
| &nbsp;&nbsp;&nbsp;Employee leave obligations | **(191)** | 199 |
| &nbsp;&nbsp;&nbsp;Patent costs | **45580** | 3640 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **1200171** | 93467 |
| &nbsp;&nbsp;&nbsp;Unrealised currency (gains)/losss | **(31843)** | - |
| &nbsp;&nbsp;&nbsp;Subtotal | **1380099** | 106146 |
| Tax losses and other timing differences for which no deferred tax asset is recognised | **5721429** | 20003 |
| Income tax expense | **7101528** | 126149 |

---

*(ii) Tax losses*

---

| | | |
|:---|:---|:---|
|  | <br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $|
| Unused tax losses for which no deferred tax asset has been recognised | **22962651** | 76935 |
| Potential tax benefit at 25% (2021: 26%) | **5740663** | 20003 |

---

 

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 

 **3 Income tax expense (continued)**

(b) US tax expense

 *(i) Income tax expense*

 

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $ |
| *Current tax* |  |  |
| Current tax on profits for the year | **44397** |  |
| **Total current tax expense** | **44397** |  |
| **Income tax expense**  | **44397** |  |

---

*(ii) Numerical reconciliation of income tax expense to prima facie tax payable*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022<br> $** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Loss from continuing operations before income tax expense | **(1969498)** |  |
| Tax at the US tax rate of 27.5% (2021: 27.5%) | **(541612)** |  |
| Tax effect of amounts which are not deductible (taxable) in calculating taxable income: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **12854** |  |
| &nbsp;&nbsp;&nbsp;Employee leave obligations | **24330** |  |
| &nbsp;&nbsp;&nbsp;Subtotal | **37184** |  |
| Tax losses and other timing differences for which no deferred tax asset is recognised | **548825** |  |
| Income tax expense | **44397** |  |

---

*(iii) Tax losses*

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Unused tax losses for which no deferred tax asset has been recognised | **1995727** |  |
| Potential tax benefit @ 27.5% (2021: 27.5%) | **548825** |  |

---

 

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 

**4 Financial assets and financial liabilities**

**(a) Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2022<br> $** | 30 June<br>2021<br> $ |
| **Current assets**<br>| **26979105** | 27091 |
| Cash at bank and in hand | **26979105** | 27091 |

---

 

 *(i) Reconciliation to cash flow statement*

The above figures reconcile to the amount of cash shown in the consolidated statement of cash flows at the end of the financial year and period, respectively, as follows:

---

| | | |
|:---|:---|:---|
|  | **30 June<br> 2022 <br> $** | 30 June<br> 2021<br> $ |
| Balances as above | **26979105** | 27091 |
| Balances per statement of cash flows | **26979105** | 27091 |

---

 *(ii) Classification as cash equivalents*

 

Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest. See note 20(g) for the group's other accounting policies on cash and cash equivalents.

 *(iii) Risk exposure*

 

The group's exposure to interest rate risk is discussed in note 9. The maximum exposure to credit risk at the end of the reporting year is the carrying amount of each class of cash and cash equivalents mentioned above.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **4 Financial assets and financial liabilities (continued)**

(b) Trade and other payables

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **30 June 2022** | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 | 30 June 2021 |
|  | <br>Notes | **Current**<br>**$** | **Non-current**<br>**$** | **Total**<br>**$** | Current<br>$ | Non-current<br>$ | Total<br>$ |
| Trade payables |  | **1189640** | **-** | **1189640** | 64376 |  | 64376 |
| Amounts due to employees | 15(b) | **185244** | **152447** | **337691** |  |  |  |
| Accrued expenses |  | **746269** | **-** | **746269** | 34000 |  | 34000 |
| Other payables |  | **32165** | **-** | **32165** | - |  | - |
|  |  | **2153318** | **152447** | **2305765** | 98376 |  | 98376 |

---

**(c) Other financial liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **30 June 2022** | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 | 30 June 2021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Current**<br>**$** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Non-current**<br>**$** | <br>**Total**<br>**$** | <br>Current<br>$ | Non-current<br>$ | <br>Total<br>$ |
| Diaprost contingent consideration | **-** | **7592929** | **7592929** |  |  |  |
| NanoMab contingent consideration\* | **5588620** | **-** | **5588620** |  |  |  |
| NeoIndicate contingent consideration | **-** | **144207** | **144207** |  |  |  |
| NeoIndicate deferred consideration | **43548** | **-** | **43548** |  |  |  |
| TRIMT contingent consideration | **-** | **4650362** | **4650362** |  |  |  |
|  | **5632168** | **12387498** | **18019666** |  |  |  |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX. The contingent consideration meets the definition of a liability as there is a variable number of shares to be issued at a fixed value.

Deferred consideration includes amounts related to the provision of upfront license fees to NeoIndicate and contingent consideration includes amounts related to the provision of milestone payments. For more information, please refer to note 12.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **4 Financial assets and financial liabilities (continued)**

(d) Recognised fair value measurements

 *(i) Fair value hierarchy*

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Recurring fair value measurements*** | | | | |
| **At 30 June 2022** | **Level 1**<br>**$** | **Level 2**<br>**$** | **Level 3**<br>**$** | **Total**<br>**$** |
| **Financial Liabilities** |  |  |  |  |
| <br> NanoMab contingent consideration |  |  | **5588620** | **5588620** |
| Diaprost contingent consideration |  |  | **7592929** | **7592929** |
| TRIMT contingent consideration |  |  | **4650362** | **4650362** |
| NeoIndicate contingent consideration |  |  | **144207** | **144207** |
| **Total financial liabilities** |  |  | **17976118** | **17976118** |

---

The group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting year.

**Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting year. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

**Level 2:** The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

**Level 3:** If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

*Contingent consideration*

 

The fair value of contingent consideration relating to the acquisition of licences is estimated using a present value technique which discounts the management's estimate of the probability that the milestone will be achieved. For more information refer to note 12.

The discount rate used at 30 June 2022 was 4.52%. The discount rate is based on benchmark interest rates provided by the Australian Taxation Office for the income year that agreements are entered into. A discount rate is not applied to consideration that is expected to be paid within the next twelve months.

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair value at** | **Fair value at** | | **Range of inputs** | **Range of inputs** | |
| <br>**Description** | **30 June<br> 2022<br> $** | **30 June<br> 2021<br> $** | <br>**Unobservable inputs** | **2022** | **2021** | <br>**Relationship of unobservable inputs** |
| Contingent consideration | $17976118 | $0 | Risk-adjusted discount rate | 4.52% | n/a | A change in the discount rate by 100 bps would increase/decrease the FV by $200,178 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities**

(a) Intangible assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVb6<br> Integrin** <br> **$**  | **hu PSA<br> Anti-body<br> $** | **NanoMab<br> $** | **Pivalate<br> $** | **Other<br> Intellectual<br> Property<br> $** | **Total<br> $** |
| **At 30 June 2021** | | | | | | |
| Cost |  |  |  |  |  |  |
| Accumulated amortisation and impairment | - | - | - | - | - | - |
| Net book amount | - | - | - | - | - | - |
| **Year ended 30 June 2022** |  |  |  |  |  |  |
| Additions | 17691796 | 16212081 | 24354566 | 336055 | 461123 | 59055621 |
| Amortisation charge | (854020) | (892683) | (1188353) | (42210) | (3047) | (2980313) |
| Closing net book amount | 16837776 | 15319398 | 23166213 | 293845 | 458076 | 56075308 |
| **At 30 June 2022** |  |  |  |  |  |  |
| Cost | 17691796 | 16212081 | 24354566 | 336055 | 461123 | 59055621 |
| Accumulated amortisation and impairment | (854020) | (892683) | (1188353) | (42210) | (3047) | (2980313) |
| Net book amount | 16837776 | 15319398 | 23166213 | 293845 | 458076 | 56075308 |

---

The group's intellectual property is measured at initial cost, less any accumulated amortisation and impairment losses.

*(i) AVb6 Integrin*

The group has recognised the Intellectual Property "AVb6 Integrin" through the acquisition of a license developed at TRIMT GmbH (TRIMT), a world-renowned independent research and treatment centre specialising in cancer, based in Radeberg, Germany.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing the first therapeutic milestone (milestone 3). Other milestones were deemed uncertain as per managements assessment.

AVb6 Integrin is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(ii) hu PSA Anti-body*

The group has recognised the Intellectual Property "hu PSA Anti-body" through the acquisition exclusive license developed at Diaprost AB (Diaprost), a world-renowned independent research and treatment centre specialising in prostate cancer, based in Lund, Sweden.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(a) Intangible assets (continued)**

*(ii) hu PSA Anti-body (continued)*

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing milestones 1 and 2.

hu PSA Anti-body is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

*(iii) NanoMab*

The board has recognised the Intellectual Property "NanoMab" through the acquisition of a license developed at NanoMab Technology Limited, a world-renowned independent biopharmaceutical company focusing on cancer precision therapies through radiopharmaceuticals, based in Hong Kong.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing milestone 1 and also 70% probability of completing milestone 1 in the amended agreement.

NanoMab is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(iv) Pivalate*

The group has recognised the Intellectual Property "Pivalate" through the acquisition of a license developed at Cancer Research Technologies Limited (CRT), a world-renowned independent research and treatment centre for cancer, based in London, United Kingdom.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The group has reassessed the contingent consideration for Pivalate at 30 June 2022 deemed it not appropriate to include as the milestone targets were either concluded or ongoing, thus not payable by the group.

Pivalate is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

*(v) Other intellectual property*

Other intellectual property includes the following IP acquired by the group.

*<u>NeoIndicate</u>*

The group has recognised the Intellectual Property "NeoIndicate" through the acquisition of a sublicense developed at NeoIndicate LLC, a private research university based in Ohio.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements.

NeoIndicate is amortised over a period of 16 years, being management's assessed useful life of the intangible asset.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(a) Intangible assets (continued)**

*(v) Other intellectual property (continued)*

 

*<u>Pharma 15</u>*

The group has recognised the Intellectual Property "Pharma 15" through an agreement with Pharma 15 Corporation for the exclusive rights to purchase the Pharma 15 license from the corporation. It is the board's expectation that once the license is acquired, it will generate future economic benefits for the group. The amounts currently recognised are the upfront costs of signing the option agreement. The requirements of the agreement have been met and the negotiations are taking place at 30 June 2022. At the end of the reporting year management deemed the asset is not ready for use, thus no amortisation has been deducted from it.

*<u>UCLA</u>*

The group has recognised the Intellectual Property "UCLA" through the acquisition of a license developed at The Regents of the University of California, a university based in California.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration.

UCLA is amortised over a period of 19 years, being management's assessed useful life of the intangible asset.

*(vi) Impairment test for intellectual property*

Intellectual property held by the group is assessed for indicators of impairment annually. If an impairment indicator exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.

The group identified impairment indicators at 30 June 2022 and completed a valuation of the AVb6 Integrin, huPSA Antobody, NanoMab, Pivalate, and Pharma 15 licenses as of that date utilising the fair value less costs of disposal method. The assessment considered the status of advancement of R&D projects related to each of these licenses and identified that the fair value exceeded the carried amounts and are recoverable either through further development and commercial exploitation by the group or by out-licensing. The rest of the intangible assets have not been assessed for impairment due to the proximity of the acquisition dates to the reporting date, which led us to believe that the carrying amount approximates their fair value.

In addition, there have been no significant changes that have taken place during the year that have adversely affected the radiopharmaceutical sector or scientific results and progress of trials.

Based on this, we determined there was no impairment of intellectual property held by the group.

See note 20(k) for the other accounting policies relevant to intangible assets, and note 20(f) for the group's policy regarding impairments.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**5 Non-financial assets and liabilities (continued)**

**(b) Employee benefit obligations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Current<br> $** | **30 June<br> 2022<br> Non- current<br> $** | **Total<br> $** | Current<br> $ | 30 June<br> 2021<br> Non- current<br> $ | Total<br> $ |
| Leave obligations (i) | **93141** | – | 93141 | 765 | – | 765 |

---

*(i) Leave obligations*

The leave obligations cover the group's liabilities for long service leave and annual leave which are classified as either other long-term benefits or short-term benefits, as explained in note 20(n).

The current portion of this liability includes all of the accrued annual leave and pro-rata payments employees are entitled to in certain circumstances. The entire amount of the provision of $93,141 (2021: $765) is presented as current, since the group does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the group does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity**

**(a) Share capital**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Notes | **30 June<br> 2022<br> Shares** | 30 June<br> 2021<br> Shares | **30 June<br> 2022<br> $** | 30 June<br> 2021<br> $|
| Ordinary shares Fully paid |  | **255433248** | 1000 | **86758783** | 1000 |
|  | 6(a)(i) | **255433248** | 1000 | **86758783** | 1000 |

---

*(i) Movements in ordinary shares:*

---

| | | | |
|:---|:---|:---|:---|
| **Details** | **Notes** | **Number of<br> shares** | **Total<br> $** |
| **Balance at 11 February 2021** |  | **-** | **-** |
| Issue at $1.00 pursuant to private placement (2021-02-11) |  | 1000 | 1000 |
| **Balance at 30 June 2021** |  | **1000** | **1000** |
| Share split (2021-08-10) |  | 99999000 |  |
| Shares issued at $0.60 for licence acquisitions (2021-11-18) | 6(a)(ii) | 25555555 | 15333333 |
| Issue at $0.45 on conversion of convertible notes (2021-11-16) | 6(a)(iii) | 44444669 | 26666667 |
| Issue at $0.60 at initial public offering (2021-11-25) |  | 83333333 | 50000000 |
| Shares issued at $0.361 licence acquisitions (2022-01-27) | 6(a)(ii) | 1926177 | 695350 |
| Shares issued at $0.60 employee incentive scheme (2022-05-27) |  | 173514 | 104108 |
| Less: Transaction costs arising on share issues |  | - | (6041675) |
| **Balance 30 June 2022** |  | **255433248** | **86758783** |

---

*(ii) Shares issued on acquisition of licence*

The share price for shares issued for the acquisition of the licence were calculated by referencing to the IPO price and adjusted for uncertainty at the time of license acquisition date.

*(iii) Convertible notes*

In September 2021, the company issued 20,000,000 zero-coupon convertible notes at $1 per note ($20,000,000) to various convertible note holders. Prior to the completion of the IPO, the notes were converted to fully paid ordinary shares in the company. The notes converted at $0.45 per share into 44,444,669 shares and the value of the equity issued was determined to be $26,666,667.

The initial fair value and subsequent measurement of the convertible notes and embedded derivative was as disclosed on note 20(p).

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity (continued)**

(b) Other reserves

The following table shows a breakdown of the balance sheet line item 'other reserves' and the movements in these reserves during the year and period, respectively. A description of the nature and purpose of each reserve is provided below the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Notes | **Share- based <br> payments<br> $** | **Equity settled <br> payments<br> $** | **Foreign<br> currency <br> translation<br> $** | **Total other <br> reserves <br> $** |
| **At 11 February 2021** |  | **—** | **—** | **—** | **—** |
| Transactions with owners in their capacity as owners |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issue of shares as part of forfeiture payments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issue of options | 6(b)(ii) | 359487 |  |  | 359487 |
| **At 30 June 2021** |  | **359487** | **—** | **—** | **359487** |
| Currency translation differences |  |  |  | (19043) | (19043) |
| **Other comprehensive loss** |  |  |  | (19043) | (19043) |
| **Transactions with owners in their capacity as owners** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issue of shares as part of forfeiture payments |  |  | 573865 |  | 573865 |
| &nbsp;&nbsp;&nbsp;Issue of options | 6(b)(ii) | 6194825 |  |  | 6194825 |
| **At 30 June 2022** |  | **6554312** | **573865** | **(19043)** | **7109134** |

---

*(i) Nature and purpose of other reserves Share-based payments*

The share-based payment reserve records items recognised as expenses on valuation of share options issued to key management personnel, other employees and eligible contractors.

*Foreign currency translations*

Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note 20(d) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

*Equity settled payments*

Equity settled payments reserve records items recognised as expenses on valuation of shares to be issued to key management personnel and other employees for forfeiture of long term incentives at previous employers.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**6 Equity (continued)**

**(b) Other reserves (continued)**

*(ii) Movements in options:*

---

| | | |
|:---|:---|:---|
| **Details** | **Number of<br> options** | **Total <br> $** |
| **Balance at 11 February 2021** | **-** | **-** |
| Issue of ESOP unlisted options\* | 8233342 | 359487 |
| **Balance at 30 June 2021** | **8233342** | **359487** |
| Issue of ESOP unlisted options\* | 19640018 | 2067788 |
| Issue of unlisted options | 13680012 | 2767466 |
| Expense for share-based payments for options previously issued | - | 1359571 |
| **Balance at 30 June 2022** | **41553372** | **6554312** |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**7 Cash flow information**

**(a) Reconciliation of profit after income tax to net cash inflow from operating activities**

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022<br> $** | 30 June<br> 2021 <br> $ |
| **Loss for the year** |  |  |
| **Adjustments for** | **(30420008)** | (485190) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortisation | **2981484** |  |
| &nbsp;&nbsp;&nbsp;Finance costs | **9349746** |  |
| &nbsp;&nbsp;&nbsp;Leave provision | **-** | 765 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **4800683** | 359487 |
| &nbsp;&nbsp;&nbsp;Net foreign currency (gains)/losses<br>| **1128563** |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Movement in trade receivables | **(50135)** | (6347) |
| &nbsp;&nbsp;&nbsp;Movement in other current assets | **(228818)** |  |
| &nbsp;&nbsp;&nbsp;Movement in trade payables | **2531662** | 98376 |
| Net cash outflow from operating activities | **(9906823)** | (32909) |

---

**8 Critical estimates, judgements and errors**

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group's accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgements is included in other notes together with information about the basis of calculation for each affected line item in the financial statements.

(a) Significant estimates and judgements

The areas involving significant estimates or judgements are:

● Estimation of contingent consideration - note 4(d)(i)

● Impairment of patents, licences and other rights - note 5(a)(vi)

● Estimation of employee benefit obligations - note 5(b)(i)

● Estimation of share-based payments - note 16(a)

● Estimation of employee forfeiture payments - note 20(n)(iv)

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management**

This note explains the group's exposure to financial risks and how these risks could affect the group's future financial performance.

The group's risk management is predominantly controlled by the board. The board monitors the group's financial risk management policies and exposures and approves substantial financial transactions. It also reviews the effectiveness of internal controls relating to market risk, credit risk and liquidity risk.

(a) Market risk

*(i) Foreign exchange risk*

The group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations.

Foreign exchange rate risk arises from financial assets and financial liabilities denominated in a currency that is not the group's functional currency. Exposure to foreign currency risk may result in the fair value of future cash flows of a financial instrument fluctuating due to the movement in foreign exchange rates of currencies in which the group holds financial instruments which are other than the Australian dollar (AUD) functional currency of the group. This risk is measured using sensitivity analysis and cash flow forecasting. The cost of hedging at this time outweighs any benefits that may be obtained.

*Exposure*

The group's exposure to foreign currency risk at the end of the reporting year and period, respectively, expressed in Australian dollar, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **30 June 2022** | **30 June 2022** | 30 June 2021 | 30 June 2021 |
|  | **USD**<br>**$** | **EUR**<br>**$** | USD<br>$ | EUR<br>$ |
| Cash and cash equivalents | **2871338** | **-** |  |  |
| Trade payables | **438584** | **570688** | 2585 |  |
| **Total exposure** | **3309922** | **570688** | **2585** |  |

---

*Sensitivity*

As shown in the table above, the group is primarily exposed to changes in USD/AUD exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from USD denominated financial instruments.

The group has conducted a sensitivity analysis of its exposure to foreign currency risk. The group is currently materially exposed to the United States dollar (USD). The sensitivity analysis is conducted on a

currency-by-currency basis using the sensitivity analysis variable, which is based on the average annual movement in exchange rates over the past five years at year-end spot rates. The variable for each currency the group is materially exposed to is listed below:

● USD: 5.8% (2021: 4.9%)

● EUR: 3.4% (2021: 2.7%)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact on post-tax profit** | **Impact on post-tax profit** | **Impact on other components of equity** | **Impact on other components of equity** |
|  | **2022<br> $** | 2021 <br> $ | **2022<br> $** | 2021<br> $ |
| USD/AUD exchange rate - change by 5.8% (2021: 4.9%)\* | **191975** | 127 |  |  |
| EUR/AUD exchange rate - change by 3.4% (2021: 2.7%)\* | **19403** |  |  |  |
| \* Holding all other variables constant |  |  |  |  |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management (continued)**

**(a) Market risk (continued)**

*(i) Foreign exchange risk (continued)*

 

*Sensitivity (continued)*

Profit is more sensitive to movements in the AUD/USD exchange rates in 2022 than 2021 because of the increased amount of USD denominated cash and cash equivalents. The group's exposure to other foreign exchange movements is not material.

*(ii) Cash flow and fair value interest rate risk*

The group's main interest rate risk arises from cash and cash equivalents held, which expose the group to cash flow interest rate risk. During 2022 and 2021, the group's cash and cash equivalents at variable rates were denominated in Australian dollars.

The group's exposure to interest rate risk at the end of the reporting year and period, respectively, expressed in Australian dollars, was as follows:

---

| | | |
|:---|:---|:---|
|  | **30 June<br> 2022<br> $** | 30 June<br> 2021<br> $ |
| **Financial instruments with cash flow risk** |  |  |
| Cash and cash equivalents | **26979105** | 27091 |
| Other financial assets | **40000** | - |
|  | **27019105** | 27091 |

---

*Sensitivity*

The group's exposure to interest rate risk at the end of the reporting year and period, respectively, expressed in Australian dollars, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact on post-tax <br> profit** | **Impact on post-tax <br> profit** | **Impact on other <br> components of equity** | **Impact on other <br> components of equity** |
|  | **2022 <br> $** | 2021 <br> $ | **2022 <br> $** | 2021<br> $ |
| Interest rates - change by 121 basis points (2021: 31 basis points)\* | **326931** | 84 |  |  |
| \* Holding all other variables constant |  |  |  |  |

---

The use of 1.21 percent (2021: 0.31 percent) was determined based on analysis of the Reserve Bank of Australia cash rate change, on an absolute value basis, at 30 June 2022 and the previous four balance dates. The average cash rate at these balance dates was 0.77 percent (2021: 0.93 percent). The average change to the cash rate between balance dates was 157.03 percent (2021: 33.88 percent). By multiplying these two values, the interest rate risk was derived.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**9 Financial risk management (continued)**

(b) Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the group.

There has been an increase in the group's exposure to credit risk in 2022 due to increased cash and cash equivalents. The group's exposure to other classes of financial assets with credit risk is not material.

*(i) Risk management*

Risk is minimised through investing surplus funds in financial institutions that maintain a high credit rating.

*(ii) Impairment of financial assets*

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.

(c) Liquidity risk

Liquidity risk arises from the possibility that the group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The group manages this risk through the following mechanisms:

● preparing forward looking cash flow analyses in relation to its operating, investing and financing activities;

● obtaining funding from a variety of sources;

● maintaining a reputable credit profile;

● managing credit risk related to financial assets;

● investing cash and cash equivalents and deposits at call with major financial institutions; and

● comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

*(i) Maturities of financial liabilities*

The tables below analyse the group's financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual maturities of financial liabilities**<br>**At 30 June 2022** | **Less<br> than 6<br> months**<br>**$** | **6 - 12<br> months**<br>**$** | **Between 1<br> and 2 years**<br>**$** | **Between<br> 2 and 5<br> years**<br>**$** | **Over 5<br> years**<br>**$** | **Total<br> contractual<br> cash flows**<br>**$** | **Carrying<br> amount<br> liabilities**<br>**$** |
| Trade payables | **2153318** | **-** | **-** | **-** | **-** | **2153318** | **2153318** |
| Other financial liabilities | **5630420** | **-** | **13361881** | **-** | **-** | **18992301** | **18992301** |
| **Total non-derivatives** | **7783738** | **-** | **13361881** | **-** | **-** | **21145619** | **21145619** |

---

There is a portion of other financial liabilities that is payable in the next six months that is payable in shares. Refer to note 4(c) for further information.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**10 Capital management**

(a) Risk management

The group's objectives when managing capital are to

● safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and

● maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the group may issue new shares or reduce its capital, subject to the provisions of the group's constitution. The capital structure of the group consists of equity attributed to equity holders of the group, comprising contributed equity, reserves and accumulated losses. By monitoring undiscounted cash flow forecasts and actual cash flows provided to the board by the group's management, the board monitors the need to raise additional equity from the equity markets.

(b) Dividends

No dividends were declared or paid to members for the year ended 30 June 2022. The group's franking account balance was nil at 30 June 2022.

**11 Interests in other entities**

(a) Material subsidiaries

The group's principal subsidiaries at 30 June 2022 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.

---

| | | | |
|:---|:---|:---|:---|
| **Name of entity** | **Place of business/<br> country of<br> incorporation** | **Ownership interest held<br> by the group** | **Ownership interest held<br> by the group** |
|  |  | **2022** | 2021 |
|  |  | **%** | % |
| Radiopharm Theranostics (USA) Inc | United States | **100** | 100 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities**

(a) AVb6 Integrin intellectual property

The group has the licence agreement with TRIMT GmbH (TRIMT). The key financial terms of the license agreement includes payments of cash and shares in the group worth US$10 million. TRIMT received 4,444,444 ordinary shares as part of the transaction.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay TRIMT the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to TRIMT** |
| 1. | Commencement of Phase 3 diagnostic clinical trial for (68Ga-TRIVEHEXIN) (Diagnostic) | US$2m |
| 2. | Any Marketing Approval in Japan, China, Hong Kong or the United States of (68Ga-TRIVEHEXIN) for diagnostic application (Diagnostic) | US$3m |
| 3. | Last patient Phase 1 (Therapeutic) | US$5m |
| 4. | First patient Phase 2 (Therapeutic) | US$10m |
| 5. | Last patient Phase 2 (Therapeutic) | US$10m |
| 6. | First patient Phase 3 (Therapeutic) | US$15m |
| 7. | Last patient Phase 3 (Therapeutic) | US$15m |
| 8. | Any Marketing Approval in the Territory other than in Australia (Therapeutic) | US$30m |

---

Management expects milestone 3 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to milestone 3 for this current reporting year.

 

*(ii) Royalties on net sales*

The group is obliged to pay TRIMT royalties on net sales based on industry standard single digit royalty rates and also on sublicence revenues.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(b) hu PSA Anti-body intellectual property

The group has the licence agreement with Diaprost AB. The key financial terms of the licence agreement include upfront cash payments of US$7 million.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Diaprost the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Diaprost** |
| 1. | IND allowance | US$3m |
| 2. | Last patient Phase 1 | US$5m |
| 3. | First patient Phase 2 | US$11m |
| 4. | Last patient Phase 2B | US$11m |
| 5. | First patient Pivotal Study | US$15m |
| 6. | Upon the dosing of the final patient in a Pivotal Study | US$15m |
| 7. | FDA submission | US$7m |
| 8. | FDA approval | US$25m |
| 9. | EMA approval | US$10m |
| 10. | PMDA approval | US$5m |
| 11. | Second indication, approval at first of FDA, EMA, PMDA | US$10m |
| 12. | Approval at first of FDA, EMA, PMDA for Diagnostic trials. | US$5m |

---

Management expects milestones 1 and 2 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestones 1 and 2 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay Diaprost AB royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(c) NanoMab intellectual property

The group has the licence agreement with the NanoMab Technology Limited. The key financial terms of the license agreement includes payments of cash and shares in the group worth US$12.5 million. NanoMab received 21,111,111 ordinary shares as part of the transaction.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Nanomab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND allowance by the U.S. FDA or the EMA or the NMPA (for either the HER-2 or the TROP-2 Therapeutic) | US$5m\* |
| 2. | IND allowance by the U.S. FDA or the EMA or the NMPA (for the PKT-7 Therapeutic) | US$0.5m\* |
| 3. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 4. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 5. | First patient dosed in the first Phase 3 therapeutic clinical<br> trial, or approval of a Licensed Product | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 for this current reporting year.

Additionally, the group signed an amendment with NanoMab Technology Limited that included the additional milestones. Within 30 days after occurrence of each milestone below, the group is required to pay NanoMab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND submission to the U.S. FDA or the EMA or the NMPA for PDL-1 Therapeutic) | US$0.5m\* |
| 2. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 3. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 4. | First patient dosed in the first Phase 3 therapeutic clinical trial | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the company, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 to be met with 70% certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay Nanomab royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(d) Pivalate intellectual property

The group has the licence agreement with Cancer Research Technologies Limited (CRT). The key financial terms of the license agreement include an upfront cash payment of £180,000.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Phase 1 clinical trial commencement limited to each of the 1st<br> indication | £45k |
| 2. | Phase 2 clinical trial commencement limited to each of the 1st<br> 3 indications | £225k |
| 3. | Phase 3 clinical trial commencement limited to each of the 1st<br> 3 indications | £630k |
| 4. | Grant of US Regulatory Approval | £900k |
| 5. | Grant of EU (or UK) Regulatory Approval | £450k |
| 6. | First commercial sale | £900k |
| 7. | Aggregate Net Sales worldwide exceeding £10m | £630k |
| 8. | Aggregate Net Sales worldwide exceeding £50m | £3.15m |

---

Therapeutic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Clearing of IND in the US or any country in Territory | £90k |
| 2. | Phase 1 clinical trial/pivotal study commencement, limited to each of the 1st indication | £225k |
| 3. | Phase 2 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £630k |
| 4. | Phase 3 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £1.8m |
| 5. | Grant of US Regulatory Approval | £3.6m |
| 6. | Grant of MA in the EU (or UK) | £1.8m |
| 7. | First commercial sale | £4.5m |
| 8. | Aggregate Net Sales worldwide exceeding £100m | £2.7m |
| 9. | Aggregate Net Sales worldwide exceeding £500m | £13.5m |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(d) Pivalate intellectual property (continued)

*(i) Development milestone payments (continued)*

Management is uncertain whether milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for any milestones for this current reporting year.

*(ii) Royalties*

The group is obliged to pay CRT royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

(e) NeoIndicate intellectual property

The group has the sublicence agreement with NeoIndicate LLC (NeoIndicate). The key financial terms of the licence agreement include an upfront cash payment of US$100,000.

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay NeoIndicate the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND Diagnostic approval | US$75k |
| 2. | First dose of Diagnostic in Phase I anywhere in world | US$75k |
| 3. | First dose of Diagnostic in Phase II anywhere in world | US$150k |
| 4. | First dose of Diagnostic in Phase III anywhere in world | US$300k |
| 5. | US FDA Regulatory Approval Diagnostic | US$1m |
| 6. | Outside of US Regulatory Approval Diagnostic | US$0.5m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Diagnostic | US$0.75m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Diagnostic | US$3m |
| 9. | Upon first reaching cumulative aggregate gross sales of US$250M Diagnostic | US$7.5m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Diagnostic | US$15m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Diagnostic | US$30m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Diagnostic | US$60m |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(e) NeoIndicate intellectual property (continued)

*(i) Development milestone payments (continued)*

Therapeutic Licensed Product Milestone Payments:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND approval of therapeutic | US$100k |
| 2. | First dosing Therapeutic of patients in Phase I anywhere in world | US$100k |
| 3. | First dosing Therapeutic of patients in Phase II anywhere in world | US$200k |
| 4. | First dosing Therapeutic of patients in Phase III anywhere in world | US$0.5m |
| 5. | US FDA Approval Therapeutic | US$2m |
| 6. | Outside of US Regulatory Approval Therapeutic | US$1m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Therapeutic | US$1m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Therapeutic | US$5m |
| 9. | Upon first reaching cumulative aggregate gross sales of $250M Therapeutic | US$10m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Therapeutic | US$20m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Therapeutic | US$40m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Therapeutic | US$80m |

---

Management expects Diagnostic milestones 1 and 2 to be met with 70%, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the Diagnostic milestones 1 and 2 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay NeoIndicate royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**12 Contingent liabilities (continued)**

(f) UCLA intellectual property

The group has the licence agreement with The Regents of the University of California (UCLA). The key financial terms of the license agreement include an upfront cash payment of US$100,000

The company may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to UCLA** |
| 1. | Upon enrolling the first patient in a phase II clinical trial of a Licensed Product being developed in the Therapeutics Field | US$100k |
| 2. | Upon enrolling the first patient in a phase III clinical trial of a Licensed Product being developed in the Therapeutics Field | US$250k |
| 3. | Upon receiving FDA approval for a Licensed Product being developed in the Therapeutics Field | US$2.5m |
| 4. | Upon receiving EMA approval for a Licensed Product being developed in the Therapeutics Field | US$2m |
| 5. | Upon achieving a First Commercial Sale of a Licensed Product in the Therapeutics Field | US$1m |
| 6. | When cumulative Net Sales of all Licensed Products reaches fifty million dollars ($50000000) | US$1.5m |
| 7. | Cumulative Net Sales of all Licensed Products reaches two<br> hundred and fifty million dollars ($250000000) | US$5m |

---

Management is uncertain whether milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for any milestones for this current reporting year.

 

*(ii) Royalties*

The group is obliged to pay UCLA royalties upon entering into a sublicensing agreement. Royalties are based on industry standard royalty rates.

**13 Commitments**

(a) Research and development commitments

*(i) Pivalate intellectual property*

Under the License Agreement, a non-refundable annual license fee is payable to CRT of £9,000. This is payable within 30 days of the first, second, third and forth anniversaries of the effective date. Within 30 days of the fifth and each subsequent anniversary of the effective date and until the calendar year in which the first commercial sale of a licensed product occurs, Radiopharm shall pay to the CRT £18,000.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

 **14 Events occurring after the reporting year**

On 14 September 2022, Radiopharm Theranostics Limited and The University of Texas MD Anderson Cancer Center announced the launch of Radiopharm Ventures, LLC, a joint venture to develop novel radiopharmaceutical therapeutic products for cancer. The joint venture will focus initially on developing products based on MD Anderson intellectual property.

Radiopharm Ventures, LLC is a limited liability company jointly owned by Radiopharm Theranostics (USA) Inc. (a wholly owned subsidiary of Radiopharm) (51%) and MD Anderson (49%). The University of Texas MD Anderson Cancer Center has granted a license to Radiopharm Ventures for certain patent and technology rights for development and commercialization effective from 11 September 2022. The license may continue until the later of twenty years from the effective fate or the end of the life of the licensed patents. The license may be terminated at any time by mutual written agreement. The agreement between Radiopharm Ventures and MD Anderson includes royalty and milestone payment obligations that arise from the development and/or commercialization of licensed products. The costs will be shared by Radiopharm Theranostics (USA) Inc and MD Anderson and both parties will share ownership of the resultant intellectual property.

On 16 November 2022, shareholders approved the issue of 3,800,004 options exercisable at $0.60 and 18,366,927 options exercisable at $0.17 to directors.

No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial years.

**15 Related party transactions**

**(a) Key management personnel compensation**

---

| | | |
|:---|:---|:---|
|  |<br>**30 June**<br>**2022**<br> **$** | From 11<br>February to<br>30 June<br>2021<br> $ |
| Short-term employee benefits | **2820952** |  |
| Post-employment benefits | **47053** |  |
| Long-term benefits | **301702** |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | **2667283** | 359486 |
|  | **5836990** | 359486 |

---

Detailed remuneration disclosures are provided in the remuneration report on pages 53 to 66.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**15 Related party transactions (continued)**

(b) Transactions with key management personal

The following transactions occurred with key management personnel:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | From 11 <br>February to <br>30 June <br> 2021 <br>$ |
| *Other transactions* |  |  |
| &nbsp;&nbsp;&nbsp;Forfeiture payments expense to key management personnel | **337691** |  |

---

*(i) Forfeiture payments expense to key management personal*

The group has entered agreements to pay employees for forfeiture of long-term incentives with their former employment. At 30 June 2022 the group has recognised $185,244 as payable for the current year in cash. The expense is cumulative and vests dependent to the employees agreements with Radiopharm.

**(c) Loans to/from related parties**

---

| | | |
|:---|:---|:---|
|  | **30 June**<br>**2022**<br> **$** | 30 June<br>2021<br> $ |
| *Loans from key management personnel* |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of the year/period | **59000** |  |
| &nbsp;&nbsp;&nbsp;Loans advanced | **10000** | 59000 |
| &nbsp;&nbsp;&nbsp;Loans repayments made | **(69000)** | - |
| &nbsp;&nbsp;&nbsp;End of year/period | - | 59000 |

---

(d) Terms and conditions

At 30 June 2022 the group repaid the full amount owed to Paul Hopper amounting $69,000. These funds were originally received to fund working capital in the group at the time of inception.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**16 Share-based payments**

(a) Employee Option Plan

The establishment of the 'Omnibus Incentive Plan' (OIP) was approved by shareholders at the annual general meeting held on 22 November 2021, and will be subject to shareholder approval at the 2022 annual general meeting. The plan is designed to provide long-term incentives for employees (including directors) to deliver long-term shareholder returns. Participation in the plan is at the board's discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.

Set out below are summaries of all listed and unlisted options

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | 2021 | 2021 |
|  | **Average exercise price per share option** | **Number of <br> options** | Average exercise price <br>per share <br>option | Number of <br>options |
| As at 1 July 2021 and 11 February 2021 respectively | $**0.60** | **8233342** |  |  |
| Granted during the year/period | $**0.60** | **19640018** | $0.60 | 8233342 |
| As at 30 June | $**0.60** | **27873360** | $0.60 | 8233342 |
| Vested and exercisable at 30 June | $**0.60** | **4050535** |  |  |

---

Share options outstanding at the end of the year and period, respectively, have the following expiry date and exercise prices:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price** | **Share options <br> 30 June <br> 2022** | Share options <br> 30 June <br> 2021 |
| 2021-03-29 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-04-05 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-04-26 | 2025-11-25 | 0.60 | 1900002 | 1900002 |
| 2021-06-27 | 2026-11-25 | 0.60 | 2533336 | 2533336 |
| 2021-07-28 | 2026-11-25 | 0.60 | 2533336 |  |
| 2021-08-02 | 2026-11-25 | 0.60 | 8666678 |  |
| 2021-12-21 | 2025-12-21 | 0.60 | 1400000 |  |
| 2022-02-07 | 2026-11-16 | 0.60 | 1900002 |  |
| 2022-03-02 | 2027-05-27 | 0.60 | 740000 |  |
| 2022-04-22 | 2027-06-01 | 0.60 | 2500000 |  |
| 2022-05-26 | 2026-11-16 | 0.60 | 1900002 | - |
| Total |  |  | 27873360 | 8233342 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**16 Share-based payments (continued)**

(a) Employee Option Plan (continued)

The following options were granted outside of the OSIP plan, vesting immediately upon issue. The outstanding balance at the end of the year is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price** | **Share options<br> 30 June <br> 2022** | Share options<br> 30 June <br> 2021 |
| 2021-09-13 | 2024-11-25 | 0.90 | 13680012 | - |
| Total |  |  | 13680012 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Weighted average remaining contractual life of options outstanding at end of year/period |  |  | 3.62 | 4.72 |

---

*(i) Fair value of options granted*

 

The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions.

The model inputs for options granted during the year ended 30 June 2022 included:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise**<br> **price ($)** | **No. of**<br> **options** | **Share**<br> **price at**<br> **grant**<br> **date ($)** | **Expected**<br> **volatility** | **Dividend**<br> **yield** | **Riskfree**<br> **interest**<br> **rate** | **Fair value**<br> **at grant**<br> **date per**<br> **option ($)** |
| 2021-07-28 | 2026-11-25 | 0.60 | 2533336 | 0.420 | 100% | 0.00% | 0.55% | 0.2979 |
| 2021-08-02 | 2026-11-25 | 0.60 | 8666678 | 0.420 | 100% | 0.00% | 0.56% | 0.2976 |
| 2021-09-13 | 2024-11-25 | 0.60 | 13680012 | 0.420 | 100% | 0.00% | 0.18% | 0.2023 |
| 2021-12-21 | 2025-12-21 | 0.60 | 1400000 | 0.370 | 100% | 0.00% | 0.96% | 0.2253 |
| 2022-02-07 | 2026-11-16 | 0.60 | 1900002 | 0.305 | 100% | 0.00% | 1.39% | 0.1978 |
| 2022-03-02 | 2027-05-27 | 0.60 | 740000 | 0.310 | 100% | 0.00% | 1.75% | 0.2078 |
| 2022-04-22 | 2027-06-01 | 0.60 | 2500000 | 0.255 | 100% | 0.00% | 2.92% | 0.1678 |
| 2022-05-26 | 2026-11-16 | 0.60 | 1900002 | 0.190 | 100% | 0.00% | 2.74% | 0.1036 |

---

(b) Expenses arising from share-based payment transactions

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | 30 June <br>2021 <br>$ |
| Options issued | **6194825** | 359487 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**17 Remuneration of auditors**

During the year and period, respectively, the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms:

(a) Grant Thornton Australia

 *(i) Audit and other assurance services*

---

| | | |
|:---|:---|:---|
|  | **30 June <br> 2022 <br> $** | From 11 <br> February to <br> 30 June <br> 2021 <br> $ |
| Audit and review of financial statements | **111038** | 20000 |
| Total remuneration for audit and other assurance services | **111038** | 20000 |
| *(ii) Taxation services* |  |  |
| Tax compliance services | **16715** | - |
| Total remuneration for taxation services | **16715** | - |
| *(iii) Other services* |  |  |
| Investigating accountant's report | **42685** | - |
| Total remuneration for other services | **42685** | - |
| **Total auditors' remuneration** | **170438** | 20000 |

---

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**18 Loss per share**

(a) Reconciliations of loss used in calculating loss per share

---

| | | |
|:---|:---|:---|
|  | **30 June <br>2022 <br>$** | From 11 <br>February to <br>30 June <br>2021 <br>$ |
| *Basic and diluted loss per share* |  |  |
| Loss attributable to the ordinary equity holders of the group used in calculating loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;From continuing operations | 30420008 | 485190 |

---

 **(b) Weighted average number of shares used as the denominator**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022 <br>Number** | **2022 <br>Number** | 2021 <br>Number | 2021 <br>Number |
| Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | | 181,246,144 | | 1,000 |

---

On the basis of the group's losses, the outstanding options as at 30 June 2022 are considered to be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**19 Parent entity financial information**

(a) Summary financial information

The individual financial statements for the parent entity shows the following aggregate amounts:

---

| | | |
|:---|:---|:---|
|  | **30 June**<br> **2022**<br> **$** | 30 June <br>2021 <br>$ |
| Balance sheet |  |  |
| Current assets | **27264405** | 33438 |
| Non-current assets | **56116886** |  |
| Total assets | **83381291** | 33438 |
| Current liabilities | **7738746** | 158141 |
| Non-current liabilities | **12539945** |  |
| Total liabilities | **20278691** | 158141 |
| *Shareholders' equity* |  |  |
| Issued capital |  |  |
| &nbsp;&nbsp;&nbsp;Reserves | **86758783** | 1000 |
| &nbsp;&nbsp;&nbsp;Share-based payments | **6554312** | 359487 |
| &nbsp;&nbsp;&nbsp;Equity Settled Payments | **573865** |  |
| Retained earnings | **(28805674)** | (485190) |
|  | **65081286** | (124703) |
| **Loss for the year/period** | **28320485** | 485190 |
| **Total comprehensive loss** | **28320485** | 485190 |

---

(b) Guarantees entered into by the parent entity

The parent entity has not entered into any guarantees in relation to debts of its subsidiaries in the year ended 30 June 2022.

(c) Contingent liabilities of the parent entity

The parent entity had contingent liabilities at 30 June 2022 identical to those of the group, as outlined in note 12.

(d) Contractual commitments for the acquisition of property, plant or equipment

The parent entity has not entered into any contractual commitments for the acquisition of property, plant or equipment in the year ended 30 June 2022.

(e) Determining the parent entity financial information

The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except as set out below.

 *(i) Investments in subsidiaries, associates and joint venture entities*

Investments in subsidiaries are accounted for at cost in the financial statements of Radiopharm Theranostics Limited.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies**

(a) Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the *Corporations Act 2001*. Radiopharm Theranostics Limited is a for-profit entity for the purpose of preparing the financial statements.

 *(i) Nature of business*

Radiopharm Theranostics Limited ("Radiopharm") is an Australian research and development group. The aim of the group is focused on the development of radiopharmaceutical products for diagnostic an therapeutic uses in areas of high unmet medical need. Lead products under development by the group are Nano-mAbs and AVB6 Integrin.

 *(ii) General information*

These financial statements are consolidated financial statements for the group consisting of Radiopharm Theranostics Limited and its subsidiaries. A list of major subsidiaries is included in note 11.

The financial statements are presented in the Australian currency.

Radiopharm Theranostics Limited is a group limited by shares, incorporated and domiciled in Australia.

The principal place of business and registered office is:

Level 3, 62 Lygon Street

Carlton VIC 3053

The financial statements were authorized for issue by the directors on 30 September 2022. The directors have the power to amend and reissue the financial statements.

 *(iii) Compliance with IFRS*

The financial statements of the Radiopharm Theranostics Limited group also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

 *(iv) Historical cost convention*

The financial statements has been prepared on a historical cost basis.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(a) Basis of preparation (continued)

 *(v) Going concern*

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.

For the period ended 30 June 2022, the group incurred a net loss of $30,420,008 and had net assets of $62,962,719 as at 30 June 2022.

The ability of the group to continue as a going concern is principally dependent upon the ability of the group to raise sufficient capital.

The need to raise additional capital gives rise to a material uncertainty, which may cast significant doubt over the group's ability to continue as a going concern.

The directors believe that the group has the ability to raise capital as required based on the success of previous capital raises and the development progression of the group's research projects.

Based on the above, the directors are satisfied that the group has access to sufficient sources of funding to meet its commitments over the next 12 months, and for that reason the financial statements have been prepared on the basis that the group is a going concern.

Should the group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or to the amounts and classification of liabilities that might be necessarily incurred should the group not continue as a going concern.

 *(vi) New standards and interpretations not yet adopted*

There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting years and on foreseeable future transactions.

(b) Principles of consolidation

 *(i) Subsidiaries*

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the group.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(b) Principles of consolidation (continued)

*(i) Subsidiaries (continued)*

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

(c) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

(d) Foreign currency translation

*(i) Functional and presentation currency*

Items included in the financial statements of the group are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements is presented in the Australian dollar ($), which is Radiopharm Theranostics Limited's functional and presentation currency.

*(ii) Transactions and balances*

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings are presented in the consolidated statement of profit or loss and other comprehensive income, within finance costs. All other foreign exchange gains and losses are presented in the consolidated statement of profit or loss and other comprehensive income on a net basis within finance income.

(e) Income tax

The income tax expense or credit for the year is the tax payable on the current year's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting year in the countries where the group and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting year and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(f) Impairment of assets

Intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting year.

(g) Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position.

(h) Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance.

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the impairment allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial.

The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent year, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

(i) Investments and other financial assets

*(i) Classification*

The group classifies its financial assets in the following categories:

● those to be measured subsequently at fair value (either through OCI or through profit or loss), and

● those to be measured at amortised cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(i) Investments and other financial assets (continued)

*(ii) Recognition and derecognition*

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.

*(iii) Measurement*

At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

*(iv) Financial instruments*

Subsequent measurement of financial instruments depends on the group's business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the group classifies its financial instruments:

● Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss.

● FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the consolidated statement of profit or loss.

● FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the year in which it arises.

*(v) Impairment*

The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

(j) Classification and measurement of financial liabilities

Financial liabilities are initially measured at fair value, and where applicable adjusted for transaction costs unless the group designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss.

All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or finance income.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(k) Intangible assets

Intangible assets are initially measured at cost. Following initial recognition, intangible assets are carried at historical cost, less any accumulated amortisation and impairment losses. The useful lives of intangible assets that are available for use are assessed to be either finite or indefinite. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication of impairment. Amortisation methods and periods for an intangible asset with a finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation method and/or period, as appropriate, which is a change in accounting estimate and applied prospectively. The amortisation expense on intangible assets with finite lives is recognised in the consolidated statement of profit or loss and other comprehensive income.

*(i) Acquisition of intangible assets*

The group has applied judgement in determining the accounting treatment for the acquisition of license agreements. License agreements have been determined to be stand alone transactions, independent from any other agreement entered between the group and the licensor. Management has also made the decision to account for the cost of the asset conferred by the license agreement based on the milestones that are probable of being payable, that is, those for which there is judged to be a probability of greater than 50% that the milestone will be triggered and expected to be triggered within 24 months.

Future changes to probability of milestones becoming payable in subsequent periods will be captured in the consolidated statement of profit or loss and other comprehensive income.

*(ii) Research and development*

Expenditure on research activities, undertaken with the prospect of obtaining new scientific or technical knowledge and understanding, is recognised in the consolidated statement of profit or loss and other comprehensive income as an expense when it is incurred.

Expenditure on development activities, being the application of research findings or other knowledge to a plan or design for the production of new or substantially improved products or services before the start of commercial production or use, is capitalised if it is probable that the product or service is technically and commercially feasible, will generate probable economic benefits, adequate resources are available to complete development and cost can be measured reliably. Other development expenditure is recognised in the consolidated statement of profit or loss and other comprehensive income as an expense as incurred.

*(iii) Amortisation methods and useful lives*

Management has assessed capitalised patents, licences and other rights as available for their intended use. These assets are amortised on a straight-line basis over the period of their expected benefit.

(l) Trade and other payables

These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting year. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(m) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

(n) Employee benefits

*(i) Short-term obligations*

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting year and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

*(ii) Other long-term employee benefit obligations*

The group also has liabilities for long service leave and annual leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting year using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and years of service. Expected future payments are discounted using market yields at the end of the reporting year of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting year, regardless of when the actual settlement is expected to occur.

 *(iii) Share-based payments*

Share-based compensation benefits are provided to employees via the 'Omnibus Incentive Plan' (OIP). Information relating to these schemes is set out in note 16.

*Employee options*

The fair value of options granted under the OIP is recognised as a share-based payment expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

- including any market performance conditions (e.g. the company's share price)

- excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and

- including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each year, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

**Radiopharm Theranostics Limited**

**Notes to the financial statements**

**30 June 2022**

(continued)

**20 Summary of significant accounting policies (continued)**

(n) Employee benefits (continued)

*(iv) Forfeiture payments*

The group has incurred liabilities for forfeiture payments relating to the forfeiture of long-term incentive with their former employment. Costs are discounted using RBA risk-free rates based on the years until payment from the employees commencement date. The total expense is recognised over the vesting period, which is the period between the commencement of the employee and the date the payment is due.

(o) Contributed equity

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(p) Convertible notes

Convertible notes are assessed for embedded derivatives at issue. The embedded derivatives are separated from the notes and accounted for at the fair value through profit or loss. The residual vale of the note is accounted for at amortised cost using the effective interest method. Transaction costs of issues are allocated proportionately to the two components. Costs allocated to the note liability reduced the initial carrying value, while costs allocated to the embedded derivative were recognised in the profit or loss immediately. The fair value change for the derivative and effective interest for the note is accounted for until conversion where the note is converted to ordinary shares. The carrying values of both the note liability and derivative liability were transferred to share capital at conversion date.

(q) Loss per share

*(i) Basic loss per share*

Basic earnings per share is calculated by dividing:

● the profit attributable to owners of the group, excluding any costs of servicing equity other than ordinary shares

● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.

 ****

*(ii) Diluted loss per share*

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

● the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

(r) Rounding of amounts

The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the 'rounding off' of amounts in the financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest dollar.

(s) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the consolidated statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

 **INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  Consolidated Financial Statements for the years ended December 31, 2022 and December 31, 2021 |  |
|  [Consolidated Statements of Comprehensive Income/(Loss)](#fin_007) | F-48 |
|  [Consolidated Statements of Financial Position](#fin_008) | F-49 |
|  [Consolidated Statements of Changes in Equity](#fin_009) | F-50 |
|  [Consolidated Statements of Cash Flows](#fin_010) | F-52 |
|  [Notes to the Consolidated Financial Statements](#fin_011) | F-53 |

---

**Radiopharm Theranostics Limited**

 **Consolidated statement of profit or loss and other comprehensive income**

 **For the half-year ended 31 December 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | **31 December<br> 2022<br> $** | 31 December<br> 2021<br> $ |
| Revenue from contracts with customers |  | **292359** |  |
| Other income | 2(a) | **3969499** | 24 |
| Other losses |  | **16002** | (600441) |
| General and administrative expenses |  | **(5398606)** | (3293983) |
| Research and development |  | **(9436143)** | (2737396) |
| Share-based payments |  | **(1455088)** | (2240688) |
| **Operating loss** |  | **(12011977)** | (8872484) |
| Finance expenses |  | **(499262)** | (8518320) |
| **Loss before income tax** |  | **(12511239)** | (17390804) |
| Income tax expense |  | **(41044)** | - |
| **Loss for the period** |  | **(12552283)** | (17390804) |
| **Other comprehensive loss** | **Other comprehensive loss** | **Other comprehensive loss** | **Other comprehensive loss** |
| *Items that may be reclassified to profit or loss:* |  |  |  |
| Foreign currency translation | 5(b) | (911) | (12512) |
| **Total comprehensive loss for the period** |  | **(12553194)** | (17403316) |
| Total comprehensive income for the period is attributable to: |  |  |  |
| Owners of Radiopharm Theranostics Limited |  | **(12480413)** | (17403316) |
| Non-controlling interests | 7(b) | **(72781)** | - |
|  |  | **(12553194)** | (17403316) |
|  |  | **Cents** | Cents |
| **Loss per share for loss attributable to the ordinary equity holders of the group:** |  |  |  |
| Basic/diluted loss per share | 13 | **(4.54)** | (16.00) |

---

**Radiopharm Theranostics Limited**

 **Consolidated statement of financial position**

 **As at 31 December 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | **31 December<br> 2022<br> $** | 30 June<br> 2022<br> $ |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | **24245939** | 26979105 |
| Trade and other receivables | 3(a) | **4078533** | 56482 |
| Other current assets |  | **184524** | 228818 |
| **Total current assets** |  | **28508996** | 27264405 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment |  | **72648** | 1578 |
| Intangible assets | 4(a) | **56447112** | 56075308 |
| Other financial assets |  | **40000** | 40000 |
| **Total non-current assets** |  | **56559760** | 56116886 |
| **Total assets** |  | **85068756** | 83381291 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| **Current liabilities** |  |  |  |
| Trade and other payables | 3(b) | **1918307** | 2153318 |
| Employee benefit obligations |  | **175038** | 93141 |
| Other financial liabilities | 3(c) | **11790804** | 5632168 |
| **Total current liabilities** |  | **13884149** | 7878627 |
| **Non-current liabilities** |  |  |  |
| Trade and other payables | 3(b) | **144792** | 152447 |
| Other financial liabilities | 3(c) | **7914917** | 12387498 |
| **Total non-current liabilities** |  | **8059709** | 12539945 |
| **Total liabilities** |  | **21943858** | 20418572 |
| **Net assets** |  | **63124898** | 62962719 |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| Share capital | 5(a) | **95698275** | 86758783 |
| Other reserves | 5(b) | **9555691** | 7109134 |
| Accumulated losses |  | **(43384700)** | (30905198) |
| Non-controlling interests |  | **1255632** | - |
| **Total equity** |  | **63124898** | 62962719 |

---

 **Radiopharm Theranostics Limited**

 **Consolidated statement of changes in equity**

 **For the half-year ended 31 December 2022 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | **Attributable to owners of<br> Radiopharm Theranostics Limited** | | |
|  | <br> **Notes** | **Share capital<br> $** | **Other reserves<br> $** | **Accumulated losses<br> $** |<br> **Non- controlling interests<br> $** |<br> **Total<br> equity<br> $** |
| **Balance at 1 July 2021** |  | 1000 | 359487 | (485190) |  | (124703) |
| Loss for the period |  |  |  | (17390804) |  | (17390804) |
| Other comprehensive loss |  | - | (12512) | - |  | (12512) |
| **Total comprehensive loss for the period** |  | **-** | **(12512)** | **(17390804)** |  | **(17403316)** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |  |
| Contributions of equity, net of transaction costs and tax |  | 43940340 |  |  |  | 43940340 |
| Conversion of convertible notes |  | 26666667 |  |  |  | 26666667 |
| Issue of shares as part of license acquisitions |  | 15333333 |  |  |  | 15333333 |
| Shares to be issued |  |  | 103363 |  |  | 103363 |
| Equity-settled payments |  |  | 162939 |  |  | 162939 |
| Issue of options |  | - | 4741852 | - |  | 4741852 |
|  |  | 85940340 | 5008154 | - |  | 90948494 |
| **Balance at 31 December 2021** |  | **85941340** | **5355129** | **(17875994)** |  | **73420475** |

---

 **Radiopharm Theranostics Limited**

 **Consolidated statement of changes in equity**

 **For the half-year ended 31 December 2022 (unaudited)**

(continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Notes | **Share capital<br> $** | **Other reserves<br> $** | **Accumulated losses<br> $** | **Non-<br> controlling<br> interests<br> $** | **Total<br> equity<br> $** |
| **Balance at 1 July 2022** |  | 86758783 | 7109134 | (30905198) |  | 62962719 |
| Loss for the period |  |  |  | (12479502) | (72781) | (12552283) |
| Other comprehensive loss |  | - | (911) | - | - | (911) |
| **Total comprehensive loss for the period** |  | **86758783** | **7108223** | **(43384700)** | **(72781)** | **50409525** |
| **Transactions with owners in their capacity as owners:** |  |  |  |  |  |  |
| Non-controlling interest investment in Radiopharm Ventures, LLC |  |  |  |  | 1328413 | 1328413 |
| Contributions of equity, net of transaction costs and tax | 5(a) | 8742942 |  |  |  | 8742942 |
| Issue of options | 5(b) |  | 2350786 |  |  | 2350786 |
| Options forfeited |  |  | (133297) |  |  | (133297) |
| Equity-settled payments | 5(b) | 196550 | 229979 | - | - | 426529 |
|  |  | 8939492 | 2447468 | - | 1328413 | 12715373 |
| **Balance at 31 December 2022** |  | **95698275** | **9555691** | **(43384700)** | **1255632** | **63124898** |

---

**Radiopharm Theranostics Limited**

 **Consolidated statement of cash flows**

 **For the half-year ended 31 December 2022 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | **31 December<br> 2022<br> $** | 31 December<br> 2021<br> $ |
| **Cash flows from operating activities** |  |  |  |
| Receipts from customers (inclusive of GST) |  | **292352** |  |
| Payments to suppliers and employees (inclusive of GST) |  | **(12382543)** | (4818313) |
| Receipts collected on behalf of third parties |  | **1194681** |  |
| Payments to third parties with respect to receipts collected on their behalf |  | **(1194681)** |  |
| Interest received |  | **53526** | - |
| **Net cash outflow from operating activities** |  | **(12036665)** | (4818313) |
| **Cash flows from investing activities** |  |  |  |
| Payments for intellectual property |  | **-** | (27780357) |
| Payments for property, plant and equipment |  | **(73306)** | (2749) |
| Payments for financial assets at amortised cost |  | **-** | (40000) |
| **Net cash outflow from investing activities** |  | **(73306)** | (27823106) |
| **Cash flows from financing activities** |  |  |  |
| Proceeds from issues of shares and other equity securities |  | **10073286** | 50000000 |
| Share issue transaction costs |  | **(836764)** | (3538194) |
| Proceeds from issue of convertible notes |  | **-** | 18758342 |
| Proceeds from borrowings |  | **-** | 10000 |
| Repayment of borrowings |  | **-** | (69000) |
| **Net cash inflow from financing activities** |  | **9236522** | 65161148 |
| **Net (decrease)/increase in cash and cash equivalents** |  | **(2873449)** | 32519729 |
| Cash and cash equivalents at the beginning of the period |  | **26979105** | 27091 |
| Effects of exchange rate changes on cash and cash equivalents |  | **140283** | 42877 |
| **Cash and cash equivalents at end of the period** |  | **24245939** | 32589697 |

---

**Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

---

| | |
|:---|:---|
| **1** | **Segment information** |

---

Management has determined, based on the reports reviewed by the chief operating decision maker that are used to make strategic decisions, that the group has one reportable segment being the research, development and commercialisation of health technologies. The segment details are therefore fully reflected in the body of the financial report.

---

| | |
|:---|:---|
| **2** | **Other income and expense items** |

---

**(a)** **Other income** 

---

| | | |
|:---|:---|:---|
|  | **Consolidated entity** | **Consolidated entity** |
|  | **31 December<br> 2022<br> $** | 31 December<br> 2021<br> $ |
| Research and Development tax incentive (i) | **3915973** |  |
| Other items | **53526** | 24 |
|  | **3969499** | 24 |

---

*(i)* *Fair value of R&D tax incentive* 

At 31 December 2022, the group has accrued $3,915,973 (2021: nil) in relation to the research and development spend for the current period.

---

| | |
|:---|:---|
| **3** | **Financial assets and financial liabilities** |

---

**(a)** **Trade and other receivables** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **31 December<br> 2022** | **31 December<br> 2022** | **31 December<br> 2022** | 30 June<br> 2022 | 30 June<br> 2022 | 30 June<br> 2022 |
|  | **Current<br> $** | **Non-<br> current<br> $** | **Total<br> $** | Current<br> $ | Non-<br> current<br> $ | Total<br> $ |
| Trade receivables | **162254** |  | **162254** | 56409 |  | 56409 |
| Accrued receivables (i) | **3915973** |  | **3915973** |  |  |  |
| Other receivables | **306** |  | **306** | 73 |  | 73 |
|  | **4078533** |  | **4078533** | 56482 |  | 56482 |

---

*(i)* *Accrued receivables* 

Accrued receivables comprise $3,915,973 from the Australian Taxation Office in relation to the R&D tax incentive (30 June 2022: nil).

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **3** | **Financial assets and financial liabilities (continued)** |

---

**(b)** **Trade and other payables** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **31 December<br> 2022** | **31 December<br> 2022** | **31 December<br> 2022** | 30 June<br> 2022 | 30 June<br> 2022 | 30 June<br> 2022 |
|  | <br>Notes | **Current<br> $** | **Non-<br> current<br> $** | **Total<br> $** | Current<br> $ | Non-<br> current<br> $ | Total<br> $ |
| Trade payables |  | **935505** | **-** | **935505** | 1189640 |  | 1189640 |
| Amounts due to employees | 12(a) | **201481** | **144792** | **346273** | 185244 | 152447 | 337691 |
| Accrued expenses |  | **765867** | **-** | **765867** | 746269 |  | 746269 |
| Other payables |  | **15454** | **-** | **15454** | 32165 | - | 32165 |
|  |  | **1918307** | **144792** | **2063099** | 2153318 | 152447 | 2305765 |

---

**(c)** **Other financial liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **31 December<br> 2022** | **31 December<br> 2022** | **31 December<br> 2022** | 30 June<br> 2022 | 30 June<br> 2022 | 30 June<br> 2022 |
|  | **Current<br> $** | **Non-<br> current<br> $** | **Total<br> $** | Current<br> $ | Non-<br> current<br> $ | Total<br> $ |
| Diaprost contingent consideration | **5166052** | **2922559** | **8088611** |  | 7592929 | 7592929 |
| NanoMab contingent consideration | **5682657** | **-** | **5682657** | 5588620 |  | 5588620 |
| NeoIndicate contingent consideration | **113815** | **228705** | **342520** |  | 144207 | 144207 |
| NeoIndicate deferred consideration | **44280** | **-** | **44280** | 43548 |  | 43548 |
| Pivalate contingent consideration | **784000** | **-** | **784000** |  |  |  |
| TRIMT contingent consideration | **-** | **4763653** | **4763653** | - | 4650362 | 4650362 |
|  | **11790804** | **7914917** | **19705721** | 5632168 | 12387498 | 18019666 |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **3** | **Financial assets and financial liabilities (continued)** |

---

**(d)** **Recognised fair value measurements** 

*(i)* *Fair value hierarchy*

The following table provides the fair values of the group's financial instruments measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy. To provide an indication about the reliability of the inputs used in determining fair value, the group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  ***Recurring fair value measurements<br> Consolidated entity - At 31 December 2022*** | **Level 1<br> $** | **Level 2<br> $** | **Level 3<br> $** | **Total<br> $** |
| **Financial liabilities** |  |  |  |  |
| NanoMab contingent consideration |  |  | **5682657** | **5682657** |
| Diaprost contingent consideration |  |  | **8088611** | **8088611** |
| TRIMT contingent consideration |  |  | **4763653** | **4763653** |
| Pivalate contingent consideration |  |  | **784000** | **784000** |
| NeoIndicate contingent consideration |  |  | **228706** | **228706** |
| **Total financial liabilities** |  |  | **19547627** | **19547627** |

---

The group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

 **Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

 **Level 2:** The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

 **Level 3:** If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

*Contingent consideration*

The fair value of contingent consideration relating to the acquisition of licences is estimated using a present value technique which discounts the management's estimate of the probability that the milestone will be achieved. For more information refer to note 4(a).

The discount rate used was 4.52%. The discount rate is based on benchmark interest rates provided by the Australian Taxation Office for the income year that agreements are entered into.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **4** | **Non-financial assets and liabilities** |

---

**(a)** **Intangible assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AVb6 Integrin<br> $** | **hu PSA Anti-body<br> $** | **MAb<br> $** | **NanoMab<br> $** | **Other Intellectual Property<br> $** | **Total<br> $** |
| **Half-year ended 31 December 2022** | | | | | | |
| Opening net book amount | 16837776 | 15319398 |  | 23166213 | 751921 | 56075308 |
| Additions |  |  | 1328413 | 688193 |  | 2016606 |
| Amortisation charge | (446419) | (551187) | - | (646747) | (449) | (1644802) |
| **Closing net book amount** | **16391357** | **14768211** | **1328413** | **23207659** | **751472** | **56447112** |
| **At 31 December 2022** |  |  |  |  |  |  |
| Cost | 17691796 | 16212081 | 1328413 | 25042759 | 797178 | 61072227 |
| Accumulated amortisation and impairment | (1300439) | (1443870) | - | (1835100) | (45706) | (4625115) |
| **Net book amount** | **16391357** | **14768211** | **1328413** | **23207659** | **751472** | **56447112** |

---

The group's intellectual property is measured at initial cost, less any accumulated amortisation and impairment losses.

*(i)* *AVb6 Integrin*

The group has recognised the Intellectual Property "AVb6 Integrin" through the acquisition of a license developed at TRIMT GmbH (TRIMT), a world-renowned independent research and treatment centre specialising in cancer, based in Radeberg, Germany.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing the first therapeutic milestone (milestone 3). Other milestones were deemed uncertain as per managements assessment.

AVb6 Integrin is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(ii)* *hu PSA Anti-body*

The group has recognised the Intellectual Property "hu PSA Anti-body" through the acquisition exclusive license developed at Diaprost AB (Diaprost), a world-renowned independent research and treatment centre specialising in prostate cancer, based in Lund, Sweden.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licences fee paid in respect of the licence agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the licence agreements. The fair value of the contingent considerations was probability-adjusted based on the directors' assumptions, 70% probability of completing milestones 1 and 2.

hu PSA Anti-body is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **4** | **Non-financial assets and liabilities (continued)** |

---

**(a)** **Intangible assets (continued)** 

*(iii) NanoMab*

The board has recognised the Intellectual Property "NanoMab" through the acquisition of a licence developed at NanoMab Technology Limited, a world-renowned independent biopharmaceutical company focusing on cancer precision therapies through radiopharmaceuticals, based in Hong Kong.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement, value of equity issued to the licensor and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The fair value of the contingent consideration on licence acquisition was probability-adjusted based on directors assumptions on completing milestone 1. NanoMab is amortised over a period of 20 years, being management's assessed useful life of the intangible asset.

*(iv) MAb*

The group has recognised the Intellectual Property "MAb" through Radiopharm Ventures, LLC, a joint venture between Radiopharm Theranostics (USA), Inc and The Board of Regents of the University of Texas System and the MD Anderson Cancer Center.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to MD Anderson's investment in Radiopharm Ventures, LLC.

*(v) Other intellectual property*

Other intellectual property includes the following IP acquired by the group.

*<u>NeoIndicate</u>*

The group has recognised the Intellectual Property "NeoIndicate" through the acquisition of a sublicence developed at NeoIndicate LLC, a private research university based in Ohio.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licences fee paid in respect of the licence agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the licence agreements.NeoIndicate is amortised over a period of 16 years, being management's assessed useful life of the intangible asset.

*<u>Pharma 15</u>*

The group has recognised the Intellectual Property "Pharma 15" through an agreement with Pharma 15 Corporation for the exclusive rights to purchase the Pharma 15 license from the corporation. It is the board's expectation that once the license is acquired, it will generate future economic benefits for the group. The amounts currently recognised are the upfront costs of signing the option agreement. The requirements of the agreement have been met and the negotiations are taking place at 31 December 2022. At the end of the reporting year management deemed the asset is not ready for use, thus no amortisation has been deducted from it.

*<u>Pivalate</u>*

The group has recognised the Intellectual Property "Pivalate" through the acquisition of a license developed at Cancer Research Technologies Limited (CRT), a world-renowned independent research and treatment centre for cancer, based in London, United Kingdom.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **4** | **Non-financial assets and liabilities (continued)** |

---

**(a)** **Intangible assets (continued)** 

*(v) Other intellectual property (continued)*

*Pivalate (continued)*

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration. The contingent consideration arrangements require the group to pay the licensor at the completion of each milestone per the license agreements. The group has reassessed the contingent consideration for Pivalate at 31 December 2022. deemed it not appropriate to include as the milestone targets were either concluded or ongoing, thus not payable by the group.

Pivalate is amortised over a period of 15 years, being management's assessed useful life of the intangible asset.

*<u>UCLA</u>*

The group has recognised the Intellectual Property "UCLA" through the acquisition of a license developed at The Regents of the University of California, a university based in California.

It is the board's expectation that the acquired intellectual property will generate future economic benefits for the group. The amounts recognised as intangible assets relate to the upfront licenses fee paid in respect of the license agreement and contingent consideration.

UCLA is amortised over a period of 19 years, being management's assessed useful life of the intangible asset.

*(vi) Impairment test for intellectual property*

The group's accounting policies and approach to assessing for indications of impairment in respect of intangible assets in use are followed consistently in the interim financial statements as compared with the most recent annual financial statements.

---

| | |
|:---|:---|
| **5** | **Equity** |

---

**(a)** **Share capital** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **31 December<br> 2022<br> No.** | **31 December<br> 2022<br> $** | 30 June<br> 2022<br> No. | 30 June<br> 2022<br> $|
| Ordinary Shares Fully paid | **328534705** | **95698275** | 255433248 | 86758783 |

---

*(i) Movements in ordinary shares*

---

| | | | |
|:---|:---|:---|:---|
| **Details** | **Notes** | **Number of shares** | **Total<br> $** |
| **Balance at 1 July 2022** |  | **255433248** | **86758783** |
| Issue at $0.14 pursuant to institutional entitlement offer (2022-10-25) |  | 39878805 | 5583033 |
| Issue of forfeiture shares at $0.171 (2022-10-26) |  | 1149417 | 196550 |
| Issue at $0.14 pursuant to rights issue (2022-11-25) |  | 32073235 | 4490253 |
| Less: Transaction costs arising on share issues |  | - | (1330344) |
| **Balance at 31 December 2022** |  | **328534705** | **95698275** |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **5** | **Equity (continued)** |

---

**(b)** **Other reserves** 

The following table shows a breakdown of the balance sheet line item 'other reserves' and the movements in these reserves during the period. A description of the nature and purpose of each reserve is provided below the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Notes | **Share- based payments<br> $** | **Equity settled payments<br> $** | **Foreign currency translation<br> $** | **Total other reserves<br> $** |
| **At 1 July 2022** |  | **6554312** | **573865** | **(19043)** | **7109134** |
| Currency translation differences |  | - | - | (911) | (911) |
| **Other comprehensive loss** |  |  |  | (911) | (911) |
| Transactions with owners in their capacity as owners |  |  |  |  |  |
| Issue of shares as part of forfeiture payments |  |  | (196550) |  | (196550) |
| Provision of shares as part forfeiture payments |  |  | 203095 |  | 203095 |
| Issue of options |  | 2350786 |  |  | 2350786 |
| Provision of equity settled payments |  |  | 223434 |  | 223434 |
| Forfeiture of options |  | (133297) | - | - | (133297) |
| **At 31 December 2022** |  | **8771801** | **803844** | **(19954)** | **9555691** |

---

*(i) Movements in options:*

---

| | | |
|:---|:---|:---|
| **Details** | **Number of<br> options** | **Total<br> $** |
| **Opening balance 1 July 2022** | **41553372** | **6554312** |
| Issue of ESOP unlisted options | 32504903 | 685069 |
| Issue of listed options | 79352040 | 493580 |
| Forfeiture of ESOP unlisted options | (1000000) | (133297) |
| Expense for share-based payments for options previously issued | - | 1172137 |
| **Balance at 31 December 2022** | **152410315** | **8771801** |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **6** | **Share-based payments** |

---

**(a)** **Employee Option Plan** 

*(i) Fair value of options granted*

The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions.

The model inputs for options granted under ESOP during the half-year ended 31 December 2022 included:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price ($)** | **No. of options** | **Share price at grant date ($)** | **Expected volatility** | **Dividend yield** | **Risk- free interest rate** | **Fair value at grant date ($)** |
| 2022-07-01 | 2027-07-01 | 0.170 | 13137976 | 0.170 | 100% | 0.00% | 3.24% | 1692173 |
| 2022-11-16 | 2027-06-30 | 0.170 | 18366927 | 0.115 | 100% | 0.00% | 3.25% | 1529964 |
| 2022-11-25 | 2026-11-30 | 0.200 | 7400000 | 0.110 | 100% | 0.00% | 3.27% | 493580 |
| 2022-11-28 | 2028-01-09 | 0.123 | 1000000 | 0.110 | 100% | 0.00% | 3.30% | 82800 |
|  |  |  | **39904903** |  |  |  |  |  |

---

The model inputs for options re-valued under ESOP during the half-year ended 31 December 2022 included:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Expiry date** | **Exercise price ($)** | **No. of options** | **Share price at grant date ($)** | **Expected volatility** | **Dividend yield** | **Risk- free interest rate** | **Fair value at grant date ($)** |
| 2022-11-16 | 2026-12-01 | 0.600 | 3800004 | 0.115 | 100% | 0.00% | 3.25% | 194940 |
|  |  |  | **3800004** |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **7** | **Interests in other entities** |

---

**(a)** **Material subsidiaries** 

The group's principal subsidiaries at 31 December 2022 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of entity** | **Place of business/ country of incorporation** | **Ownership interest held by<br> the group** | **Ownership interest held by<br> the group** | **Ownership interest held by non-controlling interests** | **Ownership interest held by non-controlling interests** |
|  |  | **31 December<br> 2022<br> %** | 30 June<br> 2022% | **31 December<br> 2022<br> %** | 30 June<br> 2022% |
| Radiopharm Theranostics (USA) Inc | United States | **100** | 100 | **-** |  |
| Radiopharm Ventures LLC | United States | **51** |  | **49** |  |

---

On 9 July 2022, Radiopharm Theranostics (USA) Inc. and The University of Texas MD Anderson Cancer Center formed Radiopharm Ventures, LLC, a joint venture to develop novel radiopharmaceutical therapeutic products for cancer. The joint venture will focus initially on developing products based on MD Anderson intellectual property.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **7** | **Interests in other entities (continued)** |

---

**(a)** **Material subsidiaries (continued)** 

Radiopharm Ventures, LLC is a limited liability company jointly owned by Radiopharm Theranostics (USA) Inc. (a wholly owned subsidiary of Radiopharm) (51%) and MD Anderson (49%). The University of Texas MD Anderson Cancer Center has granted a license to Radiopharm Ventures for certain patent and technology rights for development and commercialisation effective from 11 September 2022. The license may continue until the later of twenty years from the effective fate or the end of the life of the licensed patents. The license may be terminated at any time by mutual written agreement. The agreement between Radiopharm Ventures and MD Anderson includes royalty and milestone payment obligations that arise from the development and/or commercialisation of licensed products. The costs will be shared by Radiopharm Theranostics (USA) Inc and MD Anderson and both parties will share ownership of the resultant intellectual property.

**(b)** **Non-controlling interests (NCI)** 

Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the group. The amounts disclosed for each subsidiary are before inter-group eliminations.

---

| | | |
|:---|:---|:---|
|  | **Radiopharm Ventures, LLC** | **Radiopharm Ventures, LLC** |
| **Summarised balance sheet** | **31 December 2022<br> $** | 31 December 2021<br> $ |
| Current assets | **1531167** |  |
| Current liabilities | **(147601)** |  |
| **Current net assets** | **1383566** |  |
| Non-current assets | **1328413** |  |
| **Non-current net assets** | **1328413** |  |
| **Net assets** | **2711979** |  |
| Accumulated NCI | **1255632** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Radiopharm Ventures, LLC** | **Radiopharm Ventures, LLC** |
| **Summarised statement of comprehensive loss** | **31 December 2022<br> $** | 31 December 2021<br> $ |
| Loss for the period | **(148532)** |  |
| **Total comprehensive loss** | **(148532)** |  |
| Loss allocated to NCI | **(72781)** |  |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **8** | **Critical estimates, judgements and errors** |

---

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group's accounting policies.

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

*Share-based payments*

The value attributed to share options issued is an estimate calculated using an appropriate mathematical formula based on an option pricing model. The choice of models and the resultant share option value require assumptions to be made in relation to the likelihood and timing of meeting the conditions of the shares and the value and volatility of the price of the shares.

*Estimation of contingent consideration*

Contingent consideration includes amounts related to the provision of fees for the completion of milestones to licensors. For more information, please refer to Note 9.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities** |

---

**(a)** **AVb6 Integrin intellectual property** 

The group has the licence agreement with TRIMT GmbH (TRIMT). The key financial terms of the licence agreement includes payments of cash and shares in the group worth US$10 million.

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay TRIMT the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to TRIMT** |
| 1. | Commencement of Phase 3 diagnostic clinical trial for (68Ga-TRIVEHEXIN) (Diagnostic) | US$2m |
| 2. | Any Marketing Approval in Japan, China, Hong Kong or the United States of (68Ga-TRIVEHEXIN) for diagnostic application (Diagnostic) | US$3m |
| 3. | Last patient Phase 1 (Therapeutic) | US$5m |
| 4. | First patient Phase 2 (Therapeutic) | US$10m |
| 5. | Last patient Phase 2 (Therapeutic) | US$10m |
| 6. | First patient Phase 3 (Therapeutic) | US$15m |
| 7. | Last patient Phase 3 (Therapeutic) | US$15m |
| 8. | Any Marketing Approval in Japan, China, Hong Kong or the United States (Therapeutic) | US$30m |

---

Management expects milestone 3 to be met with 70% (30 June 2022: 70%) certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to milestone 3 for this current reporting period.

*(ii) Royalties on net sales*

The group is obliged to pay TRIMT royalties on net sales based on industry standard single digit royalty rates and also on sublicence revenues.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(b)** **hu PSA Anti-body intellectual property** 

The group has the licence agreement with Diaprost AB. The key financial terms of the licence agreement include upfront cash payments of US$7 million.

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Diaprost the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Diaprost** |
| 1. | IND allowance | US$3m |
| 2. | Last patient Phase 1 | US$5m |
| 3. | First patient Phase 2 | US$11m |
| 4. | Last patient Phase 2B | US$11m |
| 5. | First patient Pivotal Study | US$15m |
| 6. | Upon the dosing of the final patient in a Pivotal Study | US$15m |
| 7. | FDA submission | US$7m |
| 8. | FDA approval | US$25m |
| 9. | EMA approval | US$10m |
| 10. | PMDA approval | US$5m |
| 11. | Second indication, approval at first of FDA, EMA, PMDA | US$10m |
| 12. | Approval at first of FDA, EMA, PMDA for Diagnostic trials. | US$5m |

---

Management expects milestones 1 and 2 to be met with 70% (30 June 2022: 70%) certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestones 1 and 2 for this current reporting period.

*(ii) Royalties*

The group is obliged to pay Diaprost AB royalties on sublicensing based on industry standard royalty rates.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(c)** **NanoMab intellectual property** 

The group has the licence agreement with the NanoMab Technology Limited. The key financial terms of the licence agreement includes payments of cash and shares in the group worth US$12.5 million.

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i)* *Development milestone payments* 

Within 30 days after the occurrence of each milestone below, the group is required to pay Nanomab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND allowance by the U.S. FDA or the EMA or the NMPA (for either the HER-2 or the TROP-2 Therapeutic) | US$5m\* |
| 2. | IND allowance by the U.S. FDA or the EMA or the NMPA (for the PKT-7 Therapeutic) | US$0.5m\* |
| 3. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 4. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 5. | First patient dosed in the first Phase 3 therapeutic clinical trial, or approval of a Licensed Product | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the group, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 and 2 to be met with 70% (30 June 2022: 70%) certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 and 2 for this current reporting period.

Additionally, the group signed an amendment with NanoMab Technology Limited that included the additional milestones. Within 30 days after occurrence of each milestone below, the group is required to pay NanoMab the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Nanomab** |
| 1. | IND submission to the U.S. FDA or the EMA or the NMPA for PDL-1 Therapeutic) | US$0.5m\* |
| 2. | First patient dosed in the first Phase 1 therapeutic clinical trial | US$1m\* |
| 3. | First patient dosed in the first Phase 2 therapeutic clinical trial | US$2m\* |
| 4. | First patient dosed in the first Phase 3 therapeutic clinical trial | US$3m\* |

---

\* Payment to be made in the form of ordinary shares in the group, based on the price of the 7 day volume weighted average price (VWAP) prior to the announcement of the milestone on the ASX.

Management expects milestone 1 to be met with 70% (30 June 2022: 70%) certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the milestone 1 for this current reporting period.

*(ii) Royalties*

The group is obliged to pay Nanomab royalties on net sales based on industry standard single digit royalty rates and also on sublicence revenues.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(d)** **Pivalate intellectual property** 

The group has the licence agreement with Cancer Research Technologies Limited (CRT). The key financial terms of the licence agreement include an upfront cash payment of £180,000.

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Phase 1 clinical trial commencement limited to each of the 1st indication | £45k |
| 2. | Phase 2 clinical trial commencement limited to each of the 1st 3 indications | £225k |
| 3. | Phase 3 clinical trial commencement limited to each of the 1st 3 indications | £630k |
| 4. | Grant of US Regulatory Approval | £900k |
| 5. | Grant of EU (or UK) Regulatory Approval | £450k |
| 6. | First commercial sale | £900k |
| 7. | Aggregate Net Sales worldwide exceeding £10m | £630k |
| 8. | Aggregate Net Sales worldwide exceeding £50m | £3.15m |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited**)

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(d)** **Pivalate intellectual property (continued)** 

*(i) Development milestone payments (continued)*

Therapeutic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to Imperial** |
| 1. | Clearing of IND in the US or any country in Territory | £90k |
| 2. | Phase 1 clinical trial/pivotal study commencement, limited to each of the 1st indication | £225k |
| 3. | Phase 2 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £630k |
| 4. | Phase 3 clinical trial/pivotal study commencement, limited to each of the 1st 3 indications | £1.8m |
| 5. | Grant of US Regulatory Approval | £3.6m |
| 6. | Grant of MA in the EU (or UK) | £1.8m |
| 7. | First commercial sale | £4.5m |
| 8. | Aggregate Net Sales worldwide exceeding £100m | £2.7m |
| 9. | Aggregate Net Sales worldwide exceeding £500m | £13.5m |

---

Management expects Diagnostic milestone 3 to be met with 70% (30 June 2022: nil) certainty, however it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the Diagnostic milestone 3 for this current reporting period.

*(ii) Royalties*

The group is obliged to pay CRT royalties on net sales based on industry standard single digit royalty rates.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(e)** **NeoIndicate intellectual property** 

The group has the sublicence agreement with NeoIndicate LLC (NeoIndicate). The key financial terms of the license agreement include an upfront cash payment of US$100,000.

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay NeoIndicate the amount indicated below:

Diagnostic development milestones:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND Diagnostic approval | US$75k |
| 2. | First dose of Diagnostic in Phase I anywhere in world | US$75k |
| 3. | First dose of Diagnostic in Phase II anywhere in world | US$150k |
| 4. | First dose of Diagnostic in Phase III anywhere in world | US$300k |
| 5. | US FDA Regulatory Approval Diagnostic | US$1m |
| 6. | Outside of US Regulatory Approval Diagnostic | US$0.5m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Diagnostic | US$0.75m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Diagnostic | US$3m |
| 9. | Upon first reaching cumulative aggregate gross sales of US$250M Diagnostic | US$7.5m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Diagnostic | US$15m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Diagnostic | US$30m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Diagnostic | US$60m |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(e)** **NeoIndicate intellectual property (continued)** 

*(i) Development milestone payments (continued)*

Therapeutic Licenced Product Milestone Payments:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to NeoIndicate** |
| 1. | eIND or IND approval of therapeutic | US$100k |
| 2. | First dosing Therapeutic of patients in Phase I anywhere in world | US$100k |
| 3. | First dosing Therapeutic of patients in Phase II anywhere in world | US$200k |
| 4. | First dosing Therapeutic of patients in Phase III anywhere in world | US$0.5m |
| 5. | US FDA Approval Therapeutic | US$2m |
| 6. | Outside of US Regulatory Approval Therapeutic | US$1m |
| 7. | Upon first reaching cumulative aggregate gross sales of $25M Therapeutic | US$1m |
| 8. | Upon first reaching cumulative aggregate gross sales of $100M Therapeutic | US$5m |
| 9. | Upon first reaching cumulative aggregate gross sales of $250M Therapeutic | US$10m |
| 10. | Upon first reaching cumulative aggregate gross sales of US$500M Therapeutic | US$20m |
| 11. | Upon first reaching cumulative aggregate gross sales of US$1 Billion Therapeutic | US$5m |
| 12. | Upon first reaching cumulative aggregate gross sales of US$2 Billion Therapeutic | US$10m |

---

Management expects Diagnostic milestones 1 and 2 to be met with 70% (30 June 2022: 70%), as well as Therapeutic milestones 1 to be met with 60% (30 June 2022: nil) certainty and milestone 2 80% (30 June 2022: nil) certainty. However it is uncertain whether other milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has accounted for those payments in relation to the Diagnostic and therapeutic milestones 1 and 2 for this current reporting year.

*(ii) Royalties*

The group is obliged to pay NeoIndicate royalties on net sales based on industry standard single digit royalty rates.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(f)** **UCLA intellectual property** 

The group has the licence agreement with The Regents of the University of California (UCLA). The key financial terms of the licence agreement include an upfront cash payment of US$100,000

The group may also incur liabilities contingent on future events in respect of the licence agreement, which are summarised below:

*(i) Development milestone payments*

Within 30 days after the occurrence of each milestone below, the group is required to pay Imperial the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Milestones** | **Requirements** | **Payment to UCLA** |
| 1. | Upon enrolling the first patient in a phase II clinical trial of a Licenced Product being developed in the Therapeutics Field | US$100k |
| 2. | Upon enrolling the first patient in a phase III clinical trial of a Licenced Product being developed in the Therapeutics Field | US$250k |
| 3. | Upon receiving FDA approval for a Licenced Product being developed in the Therapeutics Field | US$2.5m |
| 4. | Upon receiving EMA approval for a Licenced Product being developed in the Therapeutics Field | US$2m |
| 5. | Upon achieving a First Commercial Sale of a Licenced Product in the Therapeutics Field | US$1m |
| 6. | When cumulative Net Sales of all Licenced Products reaches fifty million dollars ($50000000) | US$1.5m |
| 7. | Cumulative Net Sales of all Licenced Products reaches two hundred and fifty million dollars ($250000000) | US$5m |

---

Management is uncertain whether milestones will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for any milestones for this current reporting year.

*(ii) Royalties*

The group is obliged to pay UCLA royalties on net sales based on industry standard single digit royalty rates.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **9** | **Contingent liabilities (continued)** |

---

**(g)** **Radiopharm Ventures LLC** 

Radiopharm Ventures, LLC has entered into a service agreement in order to complete research and development activities associated with the Mab license. The company may incur liabilities contingent on future events in respect of the of the service agreement, which are summarised below:

Within 30 days after the occurrence of each event, the company is required to pay the amount indicated below:

---

| | | |
|:---|:---|:---|
| **Event** | **Requirements** | **Payment** |
| 1. | Submission of the Final Study Report as a result of the performance of the services under the agreement. | US$100k |
| 2. | Upon IND approval of single domain antibody (sdAb) target 1 | US$200k |
| 3. | Upon IND approval of single domain antibody (sdAb) target 2 | US$200k |

---

Balances for events 2 and 3 will not be payable if the company fails to obtain IND approval of any sdAb target generated pursuant to the service agreement within 5 years from signing of the agreement.

Management is uncertain whether these events will be met due to number of factors which are outside the group's control affect this outcome. Hence, management has not accounted for the events for this current reporting year.

---

| | |
|:---|:---|
| **10** | **Commitments** |

---

**(a)** **Research and development commitments** 

*(i) Pivalate intellectual property*

Under the License Agreement, a non-refundable annual license fee is payable to CRT of £9,000. This is payable within 30 days of the first, second, third and forth anniversaries of the effective date. Within 30 days of the fifth and each subsequent anniversary of the effective date and until the calendar year in which the first commercial sale of a licensed product occurs, Radiopharm shall pay to the CRT £18,000.

---

| | |
|:---|:---|
| **11** | **Events occurring after the reporting period** |

---

On 14 February 2023, Radiopharm Theranostics Limited announced the initiation of the process to obtain a secondary listing on the Nasdaq Capital Market. The group has filed a registration statement on Form 20-F with the US Securities and Exchange Commission (SEC) and a listing application with Nasdaq.

No other matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial periods.

---

| | |
|:---|:---|
| **12** | **Events occurring after initial filing** |

---

On 3 March 2023, Radiopharm Theranostics Limited announced the acquisition of Pharma15 Corporation a private US-based venture which is developing next-generation therapeutic radiopharmaceuticals for Prostate Cancer through its wholly owned subsidiary Radiopharm Theranostics (USA) Inc.

Consideration for the acquisition has been structured to minimize impact on the group's cash flow. It comprises the issue of ordinary shares and cash up-front, with some consideration deferred and some subject to the achievement of significant clinical milestones.

No other matter or circumstance has occurred subsequent to initial filing that has significantly affected, or may significantly affect, the operations of the group, the results of those operations or the state of affairs of the group or economic entity in subsequent financial periods.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **13** | **Related party transactions** |

---

**(a)** **Transactions with key management personnel** 

The following transactions occurred with related parties:

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2022<br> $** | 30 June<br> 2022<br> $ |
| *Other transactions* |  |  |
| Forfeiture payments expense to key management personnel | **408333** | 337691 |

---

*(i)* *Forfeiture payments payable to key management personnel* 

The group has entered agreements to pay employees for forfeiture of long-term incentives with their former employment. At 31 December 2022 the group has recognised $346,273 as payable for the current period. The expense is cumulative and vests dependent to the employees agreements with Radiopharm.

---

| | |
|:---|:---|
| **14** | **Loss per share** |

---

**(a)** **Reconciliation of earnings used in calculating loss per share** 

---

| | | |
|:---|:---|:---|
|  | **31 December<br> 2022 <br> $** | 31 December<br> 2021<br> $ |
| *Basic and diluted loss per share* |  |  |
| Loss attributable to the ordinary equity holders of the group used in calculating basic/diluted loss per share: |  |  |
| From continuing operations | **(12552283)** | (17390804) |

---

**(b)** **Weighted average number of shares used as denominator** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31 December<br> 2022<br> Number** | **31 December<br> 2022<br> Number** | 31 December<br> 2021<br> Number | 31 December<br> 2021<br> Number |
| Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | | **276,641,824** | | 108,689,880 |

---

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **15** | **Basis of preparation of half-year report** |

---

This interim financial report for the half-year period ended 31 December 2022 have been prepared in accordance with Accounting Standard IAS 134 *Interim Financial Reporting*.

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2022 and any public announcements made by Radiopharm Theranostics Limited during the interim reporting period in accordance with the continuous disclosure requirements of the *Corporations Act 2001*.

*(i) Going concern*

The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.

For the period ended 31 December 2022, the group incurred a net loss of $12,552,283 and had cash outflows from operating activities of $12,036,665 as at 31 December 2022. The ability of the group to continue as a going concern is principally dependent upon the ability of the group to raise sufficient capital and manage operating cashflow.

The directors believe that the group can raise capital as required based on the success of previous capital raises and the continued development of the group's projects.

In addition, the group can employ cash management strategies such as delaying or reducing some operating activities.

Based on the above, the directors are satisfied that the group has access to sufficient sources of funding to meet its commitments over the next 12 months, and for that reason the financial statements have been prepared on the basis that the group is a going concern.

Should the above assumptions not prove to be appropriate, there is material uncertainty whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in these financial statements.

**15 Summary of significant accounting policies**

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements to the extent they have not already been disclosed in the other notes above. These policies have been consistently applied to all the periods presented, unless otherwise stated. The financial statements are for the group consisting of Radiopharm Theranostics Limited and its subsidiaries.

**(a) Licensing revenues, including milestone revenue**

For licence revenue, and in order to determine whether to recognise revenue, the group follows a 5-step process:

1) Identifying the contract with a customer;

2) Identifying the performance obligations;

3) Determining the transaction price;

4) Allocating the transaction price to the performance obligations;

5) Recognising revenue when / as performance obligation(s) are satisfied.

Revenue from licences of the group's intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the licence is transferred to the customer.

Licencing agreements are examined to determine whether they contain additional performance obligations, over and above the right to use the intellectual property. To the extent that additional performance obligations exist, the transaction price the consolidated entity expects to receive for the contract is allocated to the separate performance obligations.

 **Radiopharm Theranostics Limited**

 **Notes to the consolidated financial statements**

 **31 December 2022 (unaudited)**

(continued)

---

| | |
|:---|:---|
| **16** | **Summary of significant accounting policies (continued)** |

---

**(a)** **Licensing revenues, including milestone revenue (continued)** 

The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The transaction price of the contingent milestone is estimated using the most likely amount method. Within the transaction price, the price associated with the contingent milestone is included only to the extent that it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur. Milestone payments that are not within the control of the group, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are achieved.

**(b) Principal versus agent determination**

The group is required to determine whether it is acting as principal or agent with respect to various elements of agreements entered into as part of research and development collaborations. Whilst these collaborative arrangements may not fall directly within the scope of IFRS 15: revenue from contracts with customers, the group considers the guidance in IFRS 15 in order to determine whether it is the primary obligor and acting as principal for each element of the arrangement, or alternatively whether it is acting as Agent. If the group determines it is acting as principal revenue and expenses are presented gross within income statement. If the group is determined to be acting as an agent then the group recognises only the net amount to which it expects to be entitled when the respective performance obligation is satisfied.

 **(c) R&D rebate**

The group's research and development (R&D) activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognized when it has been established that the conditions of the tax incentive have been met, the expected amount can be reliably measured and there is reasonable assurance the amount will be received.

**Item 19. Exhibits**

The following exhibits are filed as part of this Registration Statement on Form 20-F:

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 1.1\* | [Constitution of Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex1-1_radiopharm.htm) |
| 2.1✓ | [Form of Deposit Agreement between Radiopharm Theranostics Limited and Deutsche Bank Trust Company Americas as Depositary](ea175009ex2-1_radiopharm.htm) |
| 2.2✓ | [Form of American Depositary Receipt (included in Exhibit 2.1)](ea175009ex2-1_radiopharm.htm) |
| 4.1\* | [Omnibus Incentive Plan](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-1_radiopharm.htm) |
| 4.2\* | [Service Agreement, dated August 1, 2021, between Radiopharm Theranostics (USA) Inc and Riccardo Canevari](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-2_radiopharm.htm) |
| 4.3\* | [Service Agreement, dated June 25, 2021, between Radiopharm Theranostics (USA) Inc and David Mozley](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-3_radiopharm.htm) |
| 4.4\* | [Service Agreement, dated July 28, 2021, between Radiopharm Theranostics (USA) Inc and Thom Tulip](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-4_radiopharm.htm) |
| 4.5\* | [Service Agreement, dated April 22, 2022, between Radiopharm Theranostics (USA) Inc and Vittorio Puppo](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-5_radiopharm.htm) |
| 4.6\* | [Form of Deed of Indemnity with Directors](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-6_radiopharm.htm) |
| 4.7\*# | [Exclusive License Agreement, dated July 9, 2021, between Radiopharm Theranostics Limited and NanoMab Technology Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-7_radiopharm.htm) |
| 4.8\* | [License Amendment, dated August 1, 2021, Agreement between NanoMab Technology Limited and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-8_radiopharm.htm) |
| 4.9\* | [Agreement for the Assignment of Intellectual Property, dated January 20, 2022, between NanoMab Technology Limited, NanoMab (UK) Limited and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-9_radiopharm.htm) |
| 4.10\*# | [Exclusive License Agreement, dated July 13, 2021, between TRIMT GmbH and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-10_radiopharm.htm) |
| 4.11\*# | [License Agreement, dated September 5, 2021, between Diaprost AB, Fredax AB and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-11_radiopharm.htm) |
| 4.12\*# | [Exclusive License Agreement, dated October 1, 2021, between Cancer Research Technology Limited and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-12_radiopharm.htm) |
| 4.13\*# | [Sublicence Agreement, dated June 7, 2022, between NeoIndicate LLC and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-13_radiopharm.htm) |
| 4.14\*# | [Exclusive License Agreement, dated March 22, 2022, between The Regents of the University of California and Radiopharm Theranostics Limited](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-14_radiopharm.htm) |
| 4.15\*# | [Agreement between Radiopharm Theranostics Limited and Kilinwata Investments Pty Ltd, dated February 11, 2021](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-15_radiopharm.htm) |
| 4.16\* | [Agreement between Radiopharm Theranostics Limited and CFO Solution HQ Pty Ltd, dated February 11, 2021](http://www.sec.gov/Archives/edgar/data/1949257/000121390023010446/ea172480ex4-16_radiopharm.htm) |
| 4.17✓ | [Stock Purchase Agreement between Radiopharm Theranostics (USA) Inc., Radiopharm Theranostics Limited, Pharma15 Corporation and the Selling Stockholders, dated March 2, 2023](ea175009ex4-17_radiopharm.htm) |
| 8.1✓ | [List of subsidiaries](ea175009ex8-1_radiophar.htm) |
| 15.1✓ | [Consent of Grant Thornton](ea175009ex15-1_radiopharm.htm) |

---

✓ Filed herewith

\* Previously filed

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

**SIGNATURES** 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.

---

| | | |
|:---|:---|:---|
|  | **Radiopharm Theranostics Limited** | **Radiopharm Theranostics Limited** |
|  | By: | /s/ Riccardo Canevari |
|  | Name: | Riccardo Canevari |
|  | Title: | Chief Executive Officer and Managing Director |
| Date: March 20, 2023 |  |  |

---

## Exhibit 2.1

**Exhibit 2.1**

**DEPOSIT AGREEMENT**

by and among

**RADIOPHARM THERANOSTICS LIMITED**

as Issuer,

**DEUTSCHE BANK TRUST COMPANY AMERICAS**

as Depositary,

AND

**THE HOLDERS AND BENEFICIAL OWNERS**

**OF AMERICAN DEPOSITARY SHARES EVIDENCED BY**

**AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER**

**Dated as of , 2023**

------

Confidential

**DEPOSIT AGREEMENT**

**DEPOSIT AGREEMENT**, dated as of , 2023, by and among (i) Radiopharm Theranostics Limited, a company incorporated in the Commonwealth of Australia, with its principal executive office at 62 Lygon Street, Level 3, Carlton, Victoria, 3053, Australia (together with its successors, the "**Company**"), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 1 Columbus Circle, New York, NY 10019, United States of America (the "**Depositary**", which term shall include any successor depositary hereunder) and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

**W I T N E S S E T H T H A T:**

**WHEREAS**, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited;

**WHEREAS**, the Depositary is willing to act as the depositary for such ADR facility upon the terms set forth in this Deposit Agreement;

**WHEREAS**, the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of <u>Exhibit A</u> and <u>Exhibit B</u> annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement;

**WHEREAS**, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the NASDAQ; and

**WHEREAS**, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein.

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I.**

**DEFINITIONS**

All capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

SECTION 1.1 "<u>Affiliate</u>" shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

SECTION 1.2 "<u>Agent</u>" shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any successor or addition thereto.

SECTION 1.3 "<u>American Depositary Share(s)" and "ADS(s)</u>" shall mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive 50 Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.

SECTION 1.4 "<u>Article</u>" shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto.

SECTION 1.5 "<u>ADS Record Date</u>" shall have the meaning given to such term in Section 4.7 hereof.

SECTION 1.6 "<u>Beneficial Owner</u>" shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

SECTION 1.7 "<u>Business Day</u>" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which ADSs are traded are closed.

SECTION 1.8 "<u>Commission</u>" shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

SECTION 1.9 "<u>Company</u>" shall mean Radiopharm Theranostics Limited, a company incorporated and existing under the laws of the Commonwealth of Australia, and its successors.

SECTION 1.10 "<u>Constitution</u>" shall mean the constituent document of Radiopharm Theranostics Limited.

SECTION 1.11 "<u>Corporate Trust Office</u>" when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

SECTION 1.12 "<u>Custodian</u>" shall mean, as of the date hereof, National Nominees Limited, having its principal office at Level 12, 500 Bourke Street, Melbourne, Victoria, 3000, Australia, as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the context shall require. The term "Custodian" shall mean all custodians, collectively.

SECTION 1.13 "<u>Deliver</u>", "<u>Deliverable</u>" and "<u>Delivery</u>" shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms "<u>execute</u>", "<u>issue</u>", "<u>register</u>", "<u>surrender</u>", "<u>transfer</u>" or "<u>cancel</u>" refer to applicable entries or movements to or within DRS/Profile.

SECTION 1.14 "<u>Deposit Agreement</u>" shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof.

SECTION 1.15 "<u>Depositary</u>" shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.

SECTION 1.16 "<u>Deposited Securities</u>" as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6.

SECTION 1.17 "<u>Dollars</u>" and "<u>$</u>" shall mean the lawful currency of the United States.

SECTION 1.18 "<u>DRS/Profile</u>" shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto.

SECTION 1.19 "<u>DTC</u>" shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the United States, and any successor thereto.

SECTION 1.20 "<u>DTC Participants</u>" shall mean participants within DTC.

SECTION 1.21 "<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.

SECTION 1.22 "<u>Foreign Currency</u>" shall mean any currency other than Dollars.

SECTION 1.23 "<u>Foreign Registrar</u>" shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company.

SECTION 1.24 "<u>Holder</u>" shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder's name.

SECTION 1.25 "<u>Indemnified Person" and "Indemnifying Person"</u> shall have the respective meanings set forth in Section 5.8 hereof.

SECTION 1.26 "<u>Losses</u>" shall have the meaning set forth in Section 5.8 hereof.

SECTION 1.27 "<u>Opinion of Counsel</u>" shall mean a written opinion from legal counsel to the Company who is acceptable to the Depositary.

SECTION 1.28 "<u>Receipt(s); "American Depositary Receipt(s)"; and "ADR(s)</u>" shall mean the certificate(s) or statement(s) (including DRS/Profile statements) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation, DRS/Profile, unless the context otherwise requires.

SECTION 1.29 "<u>Registrar</u>" shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary.

SECTION 1.30 "<u>Restricted Securities</u>" shall mean Shares which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Commonwealth of Australia, under a shareholders' agreement, shareholders' lock-up agreement or the Constitution or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the Shares are not, when held by such person, Restricted Securities.

SECTION 1.31 "<u>Securities Act</u>" shall mean the United States Securities Act of 1933, as from time to time amended.

SECTION 1.32 "<u>Shares</u>" shall mean ordinary shares in registered form of the Company, no par value, heretofore or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.9 hereof in respect of the Shares, the term "Shares" shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, reclassification, exchange, conversion or event.

SECTION 1.33 "<u>United States"</u> or <u>"U.S.</u>" shall mean the United States of America.

**ARTICLE II.<br>APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; <br> EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS**

SECTION 2.1 <u>Appointment of Depositary</u>. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and the applicable ADR(s) and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof).

SECTION 2.2 <u>Form and Transferability of Receipts</u>.

(a) <u>Form</u>. Receipts in certificated form shall be substantially in the form set forth in <u>Exhibit A</u> and <u>Exhibit B</u> annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been dated and signed by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding the fact that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs shall be evidenced by Receipts issued through any book-entry system, including, without limitation, DRS/Profile, unless certificated Receipts are specifically requested by the Holder. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile.

(b) <u>Legends</u>. In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.

(c) <u>Title</u>. Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.

SECTION 2.3 <u>Deposits</u>.

(a) Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary's fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement or as may be deemed by them to be appropriate in the circumstances, (C) if the Depositary so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the Commonwealth of Australia and any necessary approval has been granted by any governmental body in the Commonwealth of Australia, if any, which is then performing the function of the regulator of currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Constitution. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws in the United States and other applicable jurisdictions, provided that the Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company's instructions.

(b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

(c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian.

SECTION 2.4 <u>Execution and Delivery of Receipts</u>. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled.

SECTION 2.5 <u>Transfer of Receipts; Combination and Split-up of Receipts</u>.

(a) <u>Transfer</u>. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States , of the Commonwealth of Australia and of any other applicable jurisdiction. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.

(b) <u>Combination and Split Up</u>. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute and Deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

(c) <u>Co-Transfer Agents</u>. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

(d) <u>Substitution of Receipts</u>. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement (including but not limited to a DRS/Profile statement), as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the relevant Receipt substituted.

SECTION 2.6 <u>Surrender of Receipts and Withdrawal of Deposited Securities</u>. Upon surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all fees, applicable taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Constitution, Section 7.11 hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Constitution, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person.

The Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of the Receipt. Subject thereto, in the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.

At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary of such direction, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

SECTION 2.7 <u>Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.</u>

(a) <u>Additional Requirements</u>. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt hereto, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

(b) <u>Additional Limitations</u>. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.11 hereof.

(c) The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

SECTION 2.8 <u>Lost Receipts, etc.</u> To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and Delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

SECTION 2.9 <u>Cancellation and Destruction of Surrendered Receipts</u> . All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose.

SECTION 2.10 <u>Maintenance of Records</u>. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States.

**ARTICLE III.**<br>**CERTAIN OBLIGATIONS OF HOLDERS<br> AND BENEFICIAL OWNERS OF RECEIPTS**

SECTION 3.1 <u>Proofs, Certificates and Other Information</u>. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information, to execute such certifications and to make such representations and warranties and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.11 hereof, the Delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary's and the Company's satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company's sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide, any information requested by the Company or the Depositary pursuant to this Section 3.1 . Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

The obligations of Holders and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts or withdrawal of Deposited Securities or the termination of the Deposit Agreement.

SECTION 3.2 <u>Liability for Taxes and Other Charges</u>. If any present or future tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, to register the transfer, split-up or combination of ADRs and (subject to Section 7.11 hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to, and shall, indemnify the Depositary, the Company, the Custodian and each and every of their respective officers, directors, employees, agents (including, without limitation, Agents, in the case of the Depositary) and Affiliates against, and hold each of them harmless from, any claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Holder and/or Beneficial Owner. The liability of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

SECTION 3.3 <u>Representations and Warranties on Deposit of Shares</u>. Each person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all pre-emptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock- up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares**.** If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

SECTION 3.4 <u>Compliance with Information Requests</u>. Notwithstanding any other provision of the Deposit Agreement, the Constitution and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to law (including, without limitation, relevant Australian law, any applicable law of the United States, the Constitution, any resolutions of the Company's Board of Directors adopted pursuant to the Constitution, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), (b) be bound by and subject to applicable provisions of the laws of the Commonwealth of Australia, the Constitution and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made and, without limiting the generality of the foregoing, (c) comply with all applicable provisions of Australian law, the rules and requirements of any stock exchange on which the Shares are, or will be registered, traded or listed and the Constitution regarding any such Holder or Beneficial Owner's interest in Shares (including the aggregate of ADSs and Shares held by each such Holder or Beneficial Owner) and/or the disclosure of interests therein, whether or not the same may be enforceable against such Holder or Beneficial Owner. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company's expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

**ARTICLE IV.<br>THE DEPOSITED SECURITIES**

SECTION 4.1 <u>Cash Distributions</u>. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders of the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

SECTION 4.2 <u>Distribution in Shares</u>. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof.

SECTION 4.3 <u>Elective Distributions in Cash or Shares</u>. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (a) cash upon the terms described in Section 4.1 hereof or (b) additional ADSs representing such additional Shares upon the terms described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

SECTION 4.4 <u>Distribution of Rights to Purchase Shares</u>.

(a) <u>Distribution to ADS Holders</u>. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

(b) <u>Sale of Rights</u>. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1 hereof.

(c) <u>Lapse of Rights</u>. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse.

The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

SECTION 4.5 <u>Distributions Other Than Cash, Shares or Rights to Purchase Shares</u>.

(a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.

(b) Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable to the distribution.

(c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom.

SECTION 4.6 <u>Conversion of Foreign Currency</u>. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

In converting Foreign Currency, amounts received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license.

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.

Holders and Beneficial Owners are directed to refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

SECTION 4.7 <u>Fixing of Record Date</u>. Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the "ADS Record Date"), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share or for any other reason. Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

SECTION 4.8 <u>Voting of Deposited Securities</u>. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 28 Business Days prior to the date of such vote or meeting) and at the Company's expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, shall not be voted.

There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

Notwithstanding the above, save for applicable provisions of the law of the Commonwealth of Australia, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.

SECTION 4.9 <u>Changes Affecting Deposited Securities</u>. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company's approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company's expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications to the form of Receipt contained in <u>Exhibit A</u> and <u>Exhibit B</u> hereto, specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company's expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities.

SECTION 4.10 <u>Available Information</u>. The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the Commission's website at www.sec.gov or at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

SECTION 4.11 <u>Reports</u>. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company's expense, all such documents that it provides to the Custodian. Unless otherwise agreed in writing by the Company and the Depositary, the Depositary shall, at the expense of the Company and in accordance with Section 5.6 hereof, also mail to Holders by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) copies of notices and reports when furnished by the Company pursuant to Section 5.6 hereof.

SECTION 4.12 <u>List of Holders</u>. Promptly upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary.

SECTION 4.13 <u>Taxation; Withholding</u>. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner to provide and/or file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary's or the Custodian's obligations under applicable law. In the event that any Holder or Beneficial Owner of American Depositary Shares is not legally permitted to fulfill its obligations under the preceding sentence, such Holder or Beneficial Owner shall promptly surrender its American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby in accordance with Section 2.6 hereof. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian, the Agents and their respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial Owner or Holder or out of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder or Beneficial Owner. The obligations of Holders and Beneficial Owners under this Section 4.13 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a "Passive Foreign Investment Company" (as defined in the U.S. Internal Revenue Code of 1986, as amended and the regulations issued thereunder) or otherwise.

**ARTICLE V.**<br>**THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY**

SECTION 5.1 <u>Maintenance of Office and Transfer Books by the Registrar</u>. Until termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the Delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement.

The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary's or the Registrar's knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts.

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so.

Each Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.

SECTION 5.2 <u>Exoneration</u>. None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement and any Receipt, by reason of any provision of any present or future law, rule, regulation, order or decree of the United States or any state thereof, the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Constitution or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Constitution or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise.

The Depositary, its controlling persons, its agents (including without limitation, the Agents), the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of this Deposit Agreement.

SECTION 5.3 <u>Standard of Care</u>. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct.

Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, affiliates, employees or agents (including without limitation, the Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

The Depositary and its directors, officers, affiliates, employees and agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary.

SECTION 5.4 <u>Resignation and Removal of the Depositary; Appointment of Successor Depositary</u>. The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.

The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof.

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof if a successor depositary has not been appointed), and (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal.

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.

Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in this Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

SECTION 5.5 <u>The Custodian</u>. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders.

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

SECTION 5.6 <u>Notices and Reports</u>. On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Constitution that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.

The Company will also transmit to the Depositary (a) English language versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company's annual and other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company's expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company's expense) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the Constitution along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein, to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.

The Depositary will make available, at the expense of the Company, a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary's Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.

SECTION 5.7 <u>Issuance of Additional Shares, ADSs etc.</u> The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets, (viii) any reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities or (ix) a distribution of property other than cash, Shares or rights to purchase additional Shares it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company's expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested by the Depositary; (b) a written opinion of Australian counsel (satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Commonwealth of Australia and (2) all requisite regulatory and corporate consents and approvals have been obtained in the Commonwealth of Australia; and (c) as the Depositary may request, a written Opinion of Counsel in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction as well as certificates of the Company as to such matters as the Depositary may deem necessary or appropriate in the circumstances. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities unless such transaction and the securities issuable in such transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective).

Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction.

SECTION 5.8 <u>Indemnification</u>. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses of counsel together with, in each case, value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as "**Losses**") which the Depositary or any agent (including without limitation, the Agents) thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.

Any person seeking indemnification hereunder (an "**Indemnified Person**") shall notify the person from whom it is seeking indemnification (the "**Indemnifying Person**") of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person's rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld.

The obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

SECTION 5.9 <u>Fees and Charges of Depositary</u>. The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary's fees and related charges identified as payable by them respectively as provided for under Article (9) of the Receipt. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with Article (20) of the Receipt.

In connection with any payment by the Company to the Depositary:

(i) all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or
be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by
the Company upon demand therefor);

(ii) such payment shall be subject to all necessary applicable exchange control and other consents and approvals
having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be
obtained by it in this connection; and

(iii) the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the
Company, an Opinion of Counsel regarding U.S. law, the laws of the Commonwealth of Australia or of any other relevant jurisdiction,
to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity
of any action to be taken or instructed to be taken under this Agreement.

The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

All payments by the Company to the Depositary under this Section 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Commonwealth of Australia or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto.

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

SECTION 5.10 <u>Restricted Securities Owners/Ownership Restrictions</u>. From time to time or upon request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder. Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the Constitution or applicable Australian law as if they held the number of Shares their ADSs represent. The Company shall, in accordance with Article (24) of the Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Constitution or applicable Australian law, as such restrictions may be in force from time to time.

The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Constitution, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Constitution; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary's agreement to the foregoing is conditional upon it being advised of any applicable changes in the Constitution. The Depositary shall have no liability for any actions taken in accordance with such instructions.

**ARTICLE VI.**

**AMENDMENT AND TERMINATION**

SECTION 6.1 <u>Amendment/Supplement</u>. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary).The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations.

SECTION 6.2 <u>Termination</u>. The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

**ARTICLE VII.**

**MISCELLANEOUS**

SECTION 7.1 <u>Counterparts</u>. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.

SECTION 7.2 <u>No Third-Party Beneficiaries</u>. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships.

SECTION 7.3 <u>Severability</u>. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

SECTION 7.4 <u>Holders and Beneficial Owners as Parties; Binding Effect</u>. The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. The obligations of Holders and Beneficial Owners of Receipts under this Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement.

SECTION 7.5 <u>Notices</u>. Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Radiopharm Theranostics Limited, 62 Lygon Street, Level 3, Carlton, Victoria, 3053, Australia, Attention: Company Secretary or to any other address which the Company may specify in writing to the Depositary or at which it may be effectively given such notice in accordance with applicable law.

Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company's expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 1 Columbus Circle, New York, New York 10019, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile: + 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company.

Any and all notices to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company's expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.

Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be.

SECTION 7.6 <u>Governing Law and Jurisdiction</u>. This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Subject to the Depositary's rights under the third paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding the above, the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court having jurisdiction thereof. The Company irrevocably designates, appoints and empowers Vcorp Services, LLC, (the "**Process Agent**"), at 25 Robert Pitt Drive, Suite 204, Monsey, New York 10952, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

Holders and Beneficial Owners understand, and holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, the American Depositary Shares or Receipts, or the transactions contemplated hereby or thereby or by virtue of ownership thereof, may only be instituted in a state or federal court in New York, New York, and by holding an American Depositary Share or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Holders and Beneficial Owners agree that the provisions of this paragraph shall survive such Holders' and Beneficial Owners' ownership of American Depositary Shares or interests therein.

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part.

SECTION 7.7 <u>Assignment</u>. Subject to the provisions and exceptions set forth in Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or the Depositary.

SECTION 7.8 <u>Agents</u>. The Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the "**Agents**") of which it shall have control for the purpose, *inter alia*, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement.

SECTION 7.9 <u>Affiliates etc</u>. The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct, manage and/or execute any public and/or private sale of Shares, rights, securities, property or other entitlements hereunder and to engage in the conversion of Foreign Currency hereunder. It is anticipated that such division and/or Affiliate(s) will charge the Depositary a fee and/or commission in connection with each such transaction, and seek reimbursement of its costs and expenses related thereto. Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder and shall not be deemed to be fees of the Depositary under Article (9) of the Receipt or otherwise. Persons are advised that in converting foreign currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, "**DBAG**") to effect such conversion by seeking to enter into a foreign exchange ("**FX**") transaction with DBAG. When converting currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other person. Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker, and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers, including the Depositary. When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another customer. In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions, which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.

SECTION 7.10 <u>Exclusivity</u>. The Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

SECTION 7.11 <u>Compliance with U.S. Securities Laws</u>. Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

SECTION 7.12 <u>Titles</u>. All references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words "**this Deposit Agreement**", "**herein**", "**hereof**", "**hereby**", "**hereunder**", and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement. References herein to the laws of a jurisdiction shall include references to any and all of the laws, rules and regulations of such jurisdiction and any and all communities, provinces and states thereof. Words importing persons shall include individuals, firms, corporations, partnerships, trusts, limited liability companies, associations, joint ventures, unincorporated organizations, receivers, trustees and/or other entities, and any government, governmental department or agency or political subdivision thereof.

IN WITNESS WHEREOF, RADIOPHARM THERANOSTICS LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms hereof.

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| **RADIOPHARM THERANOSTICS LIMITED** | **RADIOPHARM THERANOSTICS LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| **DEUTSCHE BANK TRUST COMPANY AMERICAS** | **DEUTSCHE BANK TRUST COMPANY AMERICAS** |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |

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**EXHIBIT A**

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| |
|:---|
| CUSIP________ |
| ISIN________ |
| American Depositary<br> Shares (Each |
| American Depositary <br> Share |
| representing 50 |
| Fully Paid Ordinary <br> Shares) |

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**FORM OF FACE OF RECEIPT**

AMERICAN DEPOSITARY RECEIPT

for

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED ORDINARY SHARES

of

**RADIOPHARM THERANOSTICS LIMITED**

(Incorporated under the laws of the Commonwealth of Australia)

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the "**Depositary**"), hereby certifies that ________________ is the owner of ______________ American Depositary Shares (hereinafter "**ADS**"), representing deposited ordinary shares, no Par Value including evidence of rights to receive such ordinary shares (the "**Shares**") of Radiopharm Theranostics Limited, a company incorporated under the laws of the Commonwealth of Australia (the "**Company**"). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents 50 Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement is National Nominees Limited (the "**Custodian**"). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary's Corporate Trust Office is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

(1) <u>The Deposit Agreement</u>. This American Depositary Receipt is one of an issue of American Depositary Receipts ("**Receipts**"), all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of , 2023 (as amended from time to time, the "**Deposit Agreement**"), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called "**Deposited Securities**"). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian.

Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof). The obligations of Holders and Beneficial Owners of Receipts under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of the Deposit Agreement.

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the Constitution (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. References herein to the laws of a jurisdiction shall include references to any and all of the laws, rules and regulations of such jurisdiction and any and all communities, provinces and states thereof. Words importing persons shall include individuals, firms, corporations, partnerships, trusts, limited liability companies, associations, joint ventures, unincorporated organizations, receivers, trustees and/or other entities, and any government, governmental department or agency or political subdivision thereof. To the extent there is any inconsistency between the terms of this Receipt and the terms of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC (or its nominee), or (ii) DTC Participants (or their nominees).

(2) <u>Surrender of Receipts and Withdrawal of Deposited Securities</u>. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Constitution, Section 7.11 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. ADS may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary.

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the Deposit Agreement, to the Constitution, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

(3) <u>Transfers, Split-Ups and Combinations of Receipts</u>. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Commonwealth of Australia and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered.

(4) <u>Pre-Conditions to Registration, Transfer, Etc</u>. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law.

The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof.

The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

(5) <u>Compliance With Information Requests</u>. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Commonwealth of Australia, the rules and requirements of the NASDAQand any other stock exchange on which the Shares are, or will be registered, traded or listed, the Constitution, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

(6) <u>Liability of Holder for Taxes, Duties and Other Charges</u>. If any tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received.

The liability of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of the Deposit Agreement.

Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

(7) <u>Representations and Warranties of Depositors</u>. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

(8) <u>Filing Proofs, Certificates and Other Information</u>. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary's and the Company's satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company's sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

The obligations of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

(9) <u>Charges of Depositary</u>. The Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to be determined by the Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) reduced, cancelled or surrendered (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) held for the distribution of cash dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) held for the distribution of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for the operation and maintenance costs in administering the ADSs an annual fee not in excess of U.S. $5.00 per 100 ADSs (or portion thereof), such fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

In addition, Holders, Beneficial Owners, any person depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) taxes (including applicable interest and penalties) and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of the Depositary in the conversion of Foreign Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository for securities in the local market, where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary from time to time.

Any other fees and charges of, and expenses incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by Article (20) hereof.

The Depositary may make payments to the Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms and conditions as the Company and the Depositary may agree from time to time.

(10) <u>Title to Receipts</u>. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner's representative is the Holder registered on the books of the Depositary.

(11) <u>Validity of Receipt</u>. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.

(12) <u>Available Information; Reports; Inspection of Transfer Books</u>. The Company is subject to the periodic reporting requirements of the Exchange Act. applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.

The Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary's or the Registrar's knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts.

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (22) hereof.

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| | |
|:---|:---|
| Dated: | **DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary** |
|  | By: |
|  | By: |

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The address of the Corporate Trust Office of the Depositary is 1 Columbus Circle, New York, New York 10019, U.S.A.

**EXHIBIT B**

**[FORM OF REVERSE OF RECEIPT]**

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

(13) <u>Dividends and Distributions in Cash, Shares, etc</u>. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADSs representing such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held by such Holders as of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement.

In the event that (x) the Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the Commonwealth of Australia, in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

Notwithstanding anything herein to the contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine, after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.

If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances.

(14) <u>Fixing of Record Date</u>. Whenever necessary in connection with any distribution (whether in cash, Shares, rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (the "ADS Record Date"), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

(15) <u>Voting of Deposited Securities</u>. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 28 Business Days prior to the date of such vote or meeting) and at the Company's expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company's Constitution and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, shall not be voted.

There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

Notwithstanding the above, save for applicable provisions of the law of the Commonwealth of Australia, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.

(16) <u>Changes Affecting Deposited Securities</u>. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company's approval, and shall, if the Company shall so requests, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company's approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.

(17) <u>Exoneration</u>. None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States**,** the Commonwealth of Australia or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Constitution or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Constitution or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement or otherwise. Every Holder and Beneficial Owner agrees to, and shall, indemnify the Depositary, the Company, the Custodian and each and every of their respective officers, directors, employees, agents (including, without limitation, Agents) and Affiliates against, and hold each of them harmless from, any claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Holder and/or Beneficial Owner. The Depositary, its controlling persons, its agents (including without limitation, the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of the Deposit Agreement.

(18) <u>Standard of Care</u>. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or wilful misconduct. Without limitation to the foregoing, neither the Depositary nor the Company, nor any of their respective controlling person, its directors, officers, Affiliates, employees or agents (including, without limitation, Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of this Receipt, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). The Depositary and its agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary.

(19) <u>Resignation and Removal of the Depositary; Appointment of Successor Depositary</u>. The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in the Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

(20) <u>Amendment/Supplement</u>. Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations.

(21) Termination. The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, each Holder will, upon surrender of such Holder's Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

(22) <u>Compliance with U.S. Securities Laws; Regulatory Compliance</u>. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

(23) <u>Certain Rights of the Depositary</u>. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.

(24) <u>Ownership Restrictions</u>. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Constitution or applicable Australian law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.

(25) <u>Waiver.</u> EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

**(ASSIGNMENT AND TRANSFER SIGNATURE LINES)** 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises.

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| | |
|:---|:---|
|  | Name: |
| By: |  |
| Title: |  |
|  | NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. |
|  | If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt. |

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SIGNATURE GUARANTEED <br> <br>  

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| | | | |
|:---|:---|:---|:---|
| ARTICLE I. | DEFINITIONS | DEFINITIONS | 2.0 |
|  | SECTION 1.1 | "Affiliate" | 2.0 |
|  | SECTION 1.2 | "Agent" | 2.0 |
|  | SECTION 1.3 | "American Depositary Share(s)" and "ADS(s)" | 3.0 |
|  | SECTION 1.4 | "Article" | 3.0 |
|  | SECTION 1.5 | "ADS Record Date" | 3.0 |
|  | SECTION 1.6 | "Beneficial Owner" | 3.0 |
|  | SECTION 1.7 | "Business Day" | 3.0 |
|  | SECTION 1.8 | "Commission" | 3.0 |
|  | SECTION 1.9 | "Company" | 3.0 |
|  | SECTION 1.10 | "Constitution" | 3.0 |
|  | SECTION 1.11 | "Corporate Trust Office" | 3.0 |
|  | SECTION 1.12 | "Custodian" | 3.0 |
|  | SECTION 1.13 | "Deliver", "Deliverable" and "Delivery" | 4.0 |
|  | SECTION 1.14 | "Deposit Agreement" | 4.0 |
|  | SECTION 1.15 | "Depositary" | 4.0 |
|  | SECTION 1.16 | "Deposited Securities" | 4.0 |
|  | SECTION 1.17 | "Dollars" and "$" | 4.0 |
|  | SECTION 1.18 | "DRS/Profile" | 4.0 |
|  | SECTION 1.19 | "DTC" | 4.0 |
|  | SECTION 1.20 | "DTC Participants" | 4.0 |
|  | SECTION 1.21 | "Exchange Act" | 4.0 |
|  | SECTION 1.22 | "Foreign Currency" | 5.0 |
|  | SECTION 1.23 | "Foreign Registrar" | 5.0 |
|  | SECTION 1.24 | "Holder" | 5.0 |
|  | SECTION 1.25 | "Indemnified Person" and "Indemnifying Person" | 5.0 |
|  | SECTION 1.26 | "Losses" | 5.0 |
|  | SECTION 1.27 | "Opinion of Counsel" | 5.0 |
|  | SECTION 1.28 | "Receipt(s); "American Depositary Receipt(s)"; and "ADR(s)" | 5.0 |
|  | SECTION 1.29 | "Registrar" | 5.0 |
|  | SECTION 1.30 | "Restricted Securities" | 5.0 |
|  | SECTION 1.31 | "Securities Act" | 6.0 |
|  | SECTION 1.32 | "Share(s)" | 6.0 |
|  | SECTION 1.33 | "United States" or "U.S." | 6.0 |
| ARTICLE II. | APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS | APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS | 6.0 |
|  | SECTION 2.1 | Appointment of Depositary | 6.0 |
|  | SECTION 2.2 | Form and Transferability of Receipts | 7.0 |
|  | SECTION 2.3 | Deposits | 8.0 |
|  | SECTION 2.4 | Execution and Delivery of Receipts | 9.0 |
|  | SECTION 2.5 | Transfer of Receipts; Combination and Split-up of Receipts | 10.0 |
|  | SECTION 2.6 | Surrender of Receipts and Withdrawal of Deposited Securities | 10.0 |
|  | SECTION 2.7 | Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc. | 12.0 |
|  | SECTION 2.8 | Lost Receipts, etc. | 12.0 |
|  | SECTION 2.9 | Cancellation and Destruction of Surrendered Receipts | 13.0 |
|  | SECTION 2.10 | Maintenance of Records | 13.0 |

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| | | | |
|:---|:---|:---|:---|
| ARTICLE III. | CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS | CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS | 13 |
|  | SECTION 3.1 | Proofs, Certificates and Other Information | 13 |
|  | SECTION 3.2 | Liability for Taxes and Other Charges | 14 |
|  | SECTION 3.3 | Representations and Warranties on Deposit of Shares | 14 |
|  | SECTION 3.4 | Compliance with Information Requests | 15 |
| ARTICLE IV | THE DEPOSITED SECURITIES. | THE DEPOSITED SECURITIES. | 15 |
|  | SECTION 4.1 | Cash Distributions | 15 |
|  | SECTION 4.2 | Distribution in Shares | 16 |
|  | SECTION 4.3 | Elective Distributions in Cash or Shares | 16 |
|  | SECTION 4.4 | Distribution of Rights to Purchase Shares | 17 |
|  | SECTION 4.5 | Distributions Other Than Cash, Shares or Rights to Purchase Shares | 18 |
|  | SECTION 4.6 | Conversion of Foreign Currency | 18 |
|  | SECTION 4.7 | Fixing of Record Date | 19 |
|  | SECTION 4.8 | Voting of Deposited Securities | 19 |
|  | SECTION 4.9 | Changes Affecting Deposited Securities | 20 |
|  | SECTION 4.10 | Available Information | 21 |
|  | SECTION 4.11 | Reports | 21 |
|  | SECTION 4.12 | List of Holders | 21 |
|  | SECTION 4.13 | Taxation; Withholding | 21 |
| ARTICLE V. | THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY | THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY | 22 |
|  | SECTION 5.1 | Maintenance of Office and Transfer Books by the Registrar | 22 |
|  | SECTION 5.2 | Exoneration | 23 |
|  | SECTION 5.3 | Standard of Care | 23 |
|  | SECTION 5.4 | Resignation and Removal of the Depositary; Appointment of Successor Depositary | 24 |
|  | SECTION 5.5 | The Custodian | 25 |
|  | SECTION 5.6 | Notices and Reports | 25 |
|  | SECTION 5.7 | Issuance of Additional Shares, ADSs etc. | 26 |
|  | SECTION 5.8 | Indemnification | 27 |
|  | SECTION 5.9 | Fees and Charges of Depositary | 27 |
|  | SECTION 5.10 | Restricted Securities Owners/Ownership Restrictions | 28 |
| ARTICLE VI. | AMENDMENT AND TERMINATION | AMENDMENT AND TERMINATION | 29 |
|  | SECTION 6.1 | Amendment/Supplement | 29 |
|  | SECTION 6.2 | Termination | 30 |
| ARTICLE VII. | MISCELLANEOUS | MISCELLANEOUS | 31 |
|  | SECTION 7.1 | Counterparts | 31 |
|  | SECTION 7.2 | No Third-Party Beneficiaries | 31 |
|  | SECTION 7.3 | Severability | 31 |
|  | SECTION 7.4 | Holders and Beneficial Owners as Parties; Binding Effect | 31 |
|  | SECTION 7.5 | Notices | 31 |
|  | SECTION 7.6 | Governing Law and Jurisdiction | 32 |
|  | SECTION 7.7 | Assignment | 33 |
|  | SECTION 7.8 | Agents | 33 |
|  | SECTION 7.9 | Affiliates etc | 33 |
|  | SECTION 7.10 | Exclusivity | 33 |
|  | SECTION 7.11 | Compliance with U.S. Securities Laws | 33 |
|  | SECTION 7.12 | Titles | 33 |
| EXHIBIT A |  |  | A-1 |
| EXHIBIT B |  |  | B-1 |

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## Exhibit 4.17

**Exhibit 4.17**

**STOCK PURCHASE AGREEMENT**

**dated as of March 2, 2023**

**among**

**R** **ADIOPHARM THERANOSTICS (USA) INC.**

**a Nevada corporation**

and

**R** **ADIOPHARM THERANOSTICS LIMITED**

**incorporated under the laws of the Commonwealth of Australia**

**and**

**P** **HARMA15 CORPORATION**

**a Delaware corporation**

and

**the stockholders named on <u>Schedule 1</u> to this Agreement**

**Stock Purchase Agreement**

<u>**TABLE OF CONTENTS**</u>

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| | | | |
|:---|:---|:---|:---|
|  |  |  | *Page* |
| **Table of Contents** | **Table of Contents** | **Table of Contents** | **i** |
| **Index to Appendices** | **Index to Appendices** | **Index to Appendices** | **iv** |
| **Index to Exhibits** | **Index to Exhibits** | **Index to Exhibits** | **iv** |
| **List of Schedules** | **List of Schedules** | **List of Schedules** | **iv** |
| **Recitals** | **Recitals** | **Recitals** | **1** |
| **1.** | **Purchase and Sale of Shares** | **Purchase and Sale of Shares** | **1** |
|  | 1.01. | Purchase and Sale; Consideration | 1 |
|  | 1.02. | Purchase Price | 2 |
|  | 1.03. | Closing Adjustment | 2 |
|  | 1.04. | Post-Closing Adjustment | 3 |
|  | 1.05. | Contingent Consideration | 4 |
|  | 1.06. | No Fractional Shares | 4 |
|  | 1.07. | Withholding | 5 |
| **2.** | **Closing** | **Closing** | **5** |
|  | 2.01. | Closing Date; Effective Time | 5 |
|  | 2.02. | Conditions to the Obligations of the Parties | 5 |
|  | 2.03. | Conditions to Obligations of Parent and Buyer | 5 |
|  | 2.04. | Conditions to Obligations of Sellers and the Company | 6 |
|  | 2.05. | Expense Fund | 7 |
|  | 2.06. | Transfer Restrictions | 8 |
| **3.** | **Representations and Warranties of Sellers** | **Representations and Warranties of Sellers** | **8** |
|  | 3.01. | Capacity; Execution and Delivery; Validity | 8 |
|  | 3.02. | No Breach | 8 |
|  | 3.03. | Ownership | 8 |
|  | 3.04. | Litigation | 9 |
|  | 3.05. | Investment Intent | 9 |
|  | 3.06. | Brokerage | 9 |

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| | |
|:---|:---|
| **Pharma15 Corporation** | i |

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**Stock Purchase Agreement**

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| | | | |
|:---|:---|:---|:---|
| **4.** | **Representations and Warranties of the Company** | **Representations and Warranties of the Company** | **9** |
|  | 4.01. | Organization and Corporate Power | 9 |
|  | 4.02. | Capitalization | 9 |
|  | 4.03. | Subsidiaries | 10 |
|  | 4.04. | Title to Shares | 10 |
|  | 4.05. | Corporate Authorization | 10 |
|  | 4.06. | Non-Contravention; Filings and Consents | 10 |
|  | 4.07. | Books and Records | 11 |
|  | 4.08. | Financial Statements | 11 |
|  | 4.09. | Absence of Certain Changes | 11 |
|  | 4.10. | Employee Benefit Plans | 12 |
|  | 4.11. | Labor and Employment Matters | 12 |
|  | 4.12. | Litigation | 13 |
|  | 4.13. | Tax Matters | 13 |
|  | 4.14. | Compliance with Laws; Permits | 13 |
|  | 4.15. | Intellectual Property | 14 |
|  | 4.16. | Information Technology | 16 |
|  | 4.17. | Digital Assets | 16 |
|  | 4.18. | Real Property | 17 |
|  | 4.19. | Material Contracts | 17 |
|  | 4.20. | No Violation of Laws | 18 |
|  | 4.21. | Insurance | 18 |
|  | 4.22. | Transactions with Affiliates | 18 |
|  | 4.23. | Brokers; Certain Expenses | 19 |
|  | 4.24. | Completeness and Accuracy | 19 |
| **5.** | **Representations and Warranties of Parent and Buyer** | **Representations and Warranties of Parent and Buyer** | **19** |
|  | 5.01. | Organization | 19 |
|  | 5.02. | Authority for this Agreement | 19 |
|  | 5.03. | Consents and Approvals | 20 |
|  | 5.04. | Non-Contravention | 20 |
|  | 5.05. | Consideration Shares | 20 |
|  | 5.06. | Litigation | 20 |
|  | 5.07. | Brokerage | 21 |
|  | 5.08. | Sufficiency of Funds | 21 |
| **6.** | **Covenants and Agreements** | **Covenants and Agreements** | **21** |
|  | 6.01. | Conduct of Business of the Company Pending the Closing | 21 |
|  | 6.02. | Non-Solicitation | 23 |
|  | 6.03. | Access to Confidential Information | 24 |
|  | 6.04. | Cooperation | 24 |
|  | 6.05. | Confidentiality of Transaction; Publicity | 24 |
|  | 6.06. | Employment Matters | 25 |
|  | 6.07. | Third Party Consents | 25 |
|  | 6.08. | Expenses | 25 |
|  | 6.09. | Sellers' Representative | 26 |
|  | 6.10. | Sellers' Release | 27 |
|  | 6.11. | Termination of Voting Agreement | 27 |

---

---

| | |
|:---|:---|
| **Pharma15 Corporation** | ii |

---

**Stock Purchase Agreement**

---

| | | | |
|:---|:---|:---|:---|
| **7.** | **Termination** | **Termination** | **28** |
|  | 7.01. | Termination Events | 28 |
|  | 7.02. | Effect of Termination | 28 |
| **8.** | **Indemnification** | **Indemnification** | **29** |
|  | 8.01. | Survival | 29 |
|  | 8.02. | Indemnification by Seller | 29 |
|  | 8.03. | Indemnification by Buyer | 29 |
|  | 8.04. | Representation, Settlement and Cooperation | 30 |
|  | 8.05. | Notice and Satisfaction of Indemnification Claims | 30 |
|  | 8.06. | Payments | 30 |
|  | 8.07. | Certain Limitations | 30 |
|  | 8.08. | Set-Off | 31 |
|  | 8.09. | Tax Treatment of Indemnification Payments | 31 |
|  | 8.10. | Effect of Investigation | 31 |
|  | 8.11. | Exclusive Remedy | 31 |
| **9.** | **Notices** | **Notices** | **31** |
|  | 9.01. | Valid Notice | 31 |
|  | 9.02. | Company's Address for Notice | 32 |
|  | 9.03. | Seller's Address for Notice | 32 |
|  | 9.04. | Parent's and Buyer's Addresses for Notice | 32 |
| **10.** | **General Provisions** | **General Provisions** | **33** |
|  | 10.01. | Construction & Interpretation | 33 |
|  | 10.02. | Governing Law; Waiver of Jury Trial; Jurisdiction and Venue | 33 |
|  | 10.03. | Enforcement of Agreement | 34 |
|  | 10.04. | Waiver; Remedies Cumulative | 34 |
|  | 10.05. | Entire Agreement and Modification | 34 |
|  | 10.06. | Appendices and Schedules | 35 |
|  | 10.07. | Assignments, Successors and No Third-Party Rights | 35 |
|  | 10.08. | Severability | 35 |
|  | 10.09. | Time of Essence | 35 |
|  | 10.10. | Counterparts | 35 |
| **Signatures** | **Signatures** | **Signatures** | **36** |

---

---

| | |
|:---|:---|
| **Pharma15 Corporation** | iii |

---

**Stock Purchase Agreement**

---

| | | |
|:---|:---|:---|
| <u>INDEX TO APPENDICES</u> | <u>INDEX TO APPENDICES</u> | <u>INDEX TO APPENDICES</u> |
| **<u>Appendix A</u>** | **Definitions** | A-1 |
| **<u>Appendix B</u>** | **Future Payments** | **B-1** |
| **<u>Appendix C</u>** | **Transfer Restrictions** | **C-1** |
| <u>INDEX TO EXHIBITS</u> | <u>INDEX TO EXHIBITS</u> | <u>INDEX TO EXHIBITS</u> |
| **<u>Exhibit I</u>** | **New Assets Assignment** | **I-1** |
| <u>LIST OF SCHEDULES</u> | <u>LIST OF SCHEDULES</u> | <u>LIST OF SCHEDULES</u> |
| <u>Schedule 1</u> | Sellers; Ownership of Company Stock |  |
| <u>Schedule 1.02</u> | Seller Accounts for Payment |  |
| <u>Schedule 2.03(e)(iv)</u> | Required Consents |  |
| <u>Schedule 3.04</u> | Sellers' Proceedings |  |
| <u>Schedule 4.01</u> | Jurisdictions |  |
| <u>Schedule 4.02(b)</u> | Options, Warrants, and Other Obligations |  |
| <u>Schedule 4.08(b)</u> | Undisclosed Liabilities |  |
| <u>Schedule 4.09</u> | Certain Changes |  |
| <u>Schedule 4.11(b)</u> | Contract Workers and Independent Contractors |  |
| <u>Schedule 4.12</u> | Company Proceedings |  |
| <u>Schedule 4.15(a)</u> | Company Marks |  |
| <u>Schedule 4.15(b)</u> | Company Patents |  |
| <u>Schedule 4.15(c)</u> | Company Copyrights |  |
| <u>Schedule 4.15(e)</u> | Third Party Software Programs |  |
| <u>Schedule 4.15(f)</u> | Ownership of Intellectual Property |  |
| <u>Schedule 4.15(h)</u> | Intellectual Property Agreements |  |
| <u>Schedule 4.15(i)</u> | Licenses |  |
| <u>Schedule 4.17(a)</u> | Company Web Sites |  |
| <u>Schedule 4.17(b)</u> | Company Digital Accounts |  |
| <u>Schedule 4.19</u> | Material Contracts |  |
| <u>Schedule 4.22</u> | Transactions with Affiliates |  |
| <u>Schedule 6.01(a)</u> | Post-Closing Changes |  |
| <u>Schedule 6.01(a)(xv)</u> | Termination Payments |  |

---

---

| | |
|:---|:---|
| **Pharma15 Corporation** | iv |

---

**STOCK PURCHASE AGREEMENT**

This STOCK PURCHASE AGREEMENT (this "*Agreement*"), is made and entered into as of March 2, 2023 (the "*Agreement Date*"), by and among:

● **Radiopharm Theranostics Limited**, incorporated under the Laws of the Commonwealth of Australia ()"*Parent* ");

● **Radiopharm Theranostics (usa) Inc.**, a Nevada corporation ()"*Buyer* ");

● **Pharma15 Corporation**, a Delaware corporation (the "*Company* ");

● The stockholders of the Company named on <u>Schedule 1</u> to this Agreement ()"*Sellers* ");

and

● **Suzanne Dance**, an individual resident of New York, solely in her capacity as a representative of the Sellers (the "*Sellers' Representative* ").

<u>RECITALS</u>

A. Sellers collectively own all of the issued and outstanding
shares of Company Stock (the "*Shares* ").

B. Buyer desires to acquire from Sellers all of the Shares, on the terms and subject to the conditions set
forth in this Agreement.

C. Each Seller, for and on behalf of himself, herself or itself, desires to sell to Buyer such Seller's
Shares, on the terms and subject to the conditions set forth in this Agreement.

D. Capitalized terms used in this Agreement have the meanings given to those terms in <u>Appendix A</u> to this Agreement.

<u>AGREEMENT</u>

THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

**1. <u>Purchase and Sale of Shares</u>**

1.01. Purchase and Sale; Consideration

On the terms and subject to the conditions set forth in this Agreement, at the Closing, each Seller shall sell, transfer, convey, assign and deliver to Buyer, and Buyer shall purchase from each Seller, the number of Shares set forth across from such Seller's name under the heading titled "Purchased Shares" in the table in <u>Schedule 1</u>, free and clear of any and all Liens other than Permitted Liens, in exchange for (a) such Seller's Pro Rata Share of the Closing Consideration, (b) such Seller's Pro Rata Share of the Post-Closing Consideration, as it may be adjusted pursuant to Section 1.04, and (c) the contingent right of the Seller to receive his, her, or its Pro Rata Share of any amounts that become payable to the Sellers pursuant to Section 1.05.

**Pharma15 Corporation**<sub>1</sub>

**Stock Purchase Agreement**

1.02. Purchase Price

The aggregate purchase price for the Shares (the "*Purchase Price*") shall be equal to **Four Million and no/100 Dollars ($4,000,000.00)** *<u>plus</u>* the amount of Cash held by the Company as of the Closing Date, *<u>minus</u>* the amount of the Company's Indebtedness as of the Closing Date, *<u>minus</u>* the amount of the Transaction Expenses paid or payable by the Company (the "*Base Purchase Price*"), *<u>plus</u>* the Milestone Payment, to the extent payable. Subject to Section 1.06 below, the Base Purchase Price shall be paid as follows:

(a) At the Closing, **$2,000,000.00**, plus or minus any Closing Adjustment under
Section 1.03, and minus the Expense Fund Amount to be held by the Sellers' Representative under Section 2.05 (the "*Closing Consideration*") will be paid to the Sellers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **$1,000,000.00**, by the issuance to each Seller of such
Seller's Pro Rata Share of a number of Parent Shares determined by dividing $1,000,000.00 by the Parent Average Price determined
as of the date that is three Business Days prior to the Closing Date, subject to the provisions of Section 1.06; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **$1,000,000.00**, plus or minus any Closing Adjustment
under Section 1.03, and minus the Expense Fund Amount to be held by the Sellers' Representative under Section 2.05, by wire transfer
of each Seller's Pro Rata Share of such amount to the accounts designated by each Seller in <u>Schedule 1.02</u>.

(b) On the Post-Closing Payment Date, **$2,000,000.00**, plus or minus any Post-Closing Adjustment under
Section 1.04 (the "*Post-Closing Consideration*") will be paid to the Sellers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **$1,000,000.00**, by the issuance to each Seller of such
Seller's Pro Rata Share of a number of Parent Shares determined by dividing $1,000,000.00 by the Weighted Average Parent Share
Price determined as of the date that is three Business Days prior to the Post-Closing Payment Date, subject to the provisions of Section
1.06; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **$1,000,000.00**, plus or minus any Post-Closing Adjustment
under Section 1.03, by wire transfer of each Seller's Pro Rata Share of such amount to the accounts designated by each Seller in <u>Schedule 1.02</u>.

1.03. Closing Adjustment

(a) No later than three Business Days prior to the Closing Date, the Company will prepare
and deliver (or cause to be prepared and delivered) to Buyer a statement (the "*Estimated Closing Statement*") setting
forth the Company's good faith estimate of (i) Cash (the "*Estimated Cash* "), (ii) the aggregate amount of Indebtedness
(the "*Estimated Indebtedness* "), and (iii) the aggregate amount of Transaction Expenses (the "*Estimated Transaction Expenses* ").

(b) The "*Closing Adjustment*" shall be an amount equal to the Estimated
Cash minus the Estimated Indebtedness and minus the Estimated Transaction Expenses. If the Closing Adjustment is a positive number, the
portion of the Closing Consideration payable pursuant to Sections 1.02(a)(ii) and 2.04(c)(iv) shall be increased by the amount of the
Closing Adjustment. If the Closing Adjustment is a negative number, the portion of the Closing Consideration payable pursuant to Sections
1.02(a)(ii) and 2.04(c)(iv) shall be decreased by the amount of the Closing Adjustment.

**Pharma15 Corporation**<sub>2</sub>

**Stock Purchase Agreement**

1.04. Post-Closing Adjustment

(a) Within 90 days after the Closing Date, Parent shall prepare and deliver to Sellers'
Representative a statement (the "*Closing Statement*") setting forth in reasonable detail Parent's good faith calculation
(and attaching supporting schedules, working papers and all other relevant details to enable a review thereof by the Sellers'
Representative) of the following items: (i) Cash (as finally determined pursuant to this Section 1.04, the "*Final Cash* ");
(ii) the aggregate amount of Indebtedness (as finally determined pursuant to this Section 1.04, the "*Final Indebtedness* ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate amount of Transaction Expenses as of immediately
prior to the Closing (as finally determined pursuant to this Section 1.04, the "*Final Transaction Expenses* "); and
(iv) the resulting calculation of the Post-Closing Adjustment. Parent agrees that, following the Closing through the date that the Closing
Statement becomes conclusive and binding upon the Parties in accordance with this Section 1.04, it will not (and will cause its Affiliates
not to) take any actions with respect to any books, records, policies or procedures on which the Estimated Closing Statement is based
or on which the Closing Statement is to be based that are inconsistent with or that would impede or delay (A) the determination of the
amount of the Final Cash, the Final Indebtedness, or the Final Transaction Expenses or (B) the preparation of the Dispute Notice (as
defined below) or the Closing Statement in the manner and utilizing the methods required by this Agreement. If Parent fails to deliver
the Closing Statement within 60 calendar days after the Closing Date, the Sellers' Representative shall have the right, at its
election, to either (1) determine that the Estimated Closing Statement shall be deemed to be final for all purposes hereunder, and such
determination shall be binding on Buyer, with Buyer having no further rights to objection or require adjustments thereto, or (2) require
Buyer to deliver the Closing Statement within ten calendar days of the Sellers' Representative's demand therefor.

(b) After receipt of the Closing Statement, Sellers' Representative shall have
a period of 30 days (the "*Review Period*") to review the Closing Statement. During the Review Period, Sellers'
Representative and Sellers' accountants shall have reasonable access during normal business hours to Parent's (or Parent's
accountants') books and records of the Company, work papers and personnel who prepared the Closing Statement relating to the Closing
Statement as Sellers' Representative may reasonably request for the sole purpose of reviewing the Closing Statement and preparing
a Statement of Objections (defined below); *provided that* such access shall not interfere with the normal business operations of
Parent, Buyer, or the Company.

(c) On or prior to the last day of the Review Period, Sellers' Representative
may object to the Closing Statement by delivering to Buyer a written statement setting forth in reasonable detail Sellers' objections,
indicating each disputed item or amount and the basis for Sellers' disagreement (the "*Statement of Objections* ").
If Sellers' Representative delivers the Statement of Objections before the expiration of the Review Period, Buyer and Sellers'
Representative shall negotiate in good faith to resolve such objections within 30 days (the "*Resolution Period* "), and,
if all objections are resolved within the Resolution Period, the Closing Statement as adjusted and agreed to in writing by Buyer and Sellers'
Representative shall be final and binding on the Parties.

(d) If Sellers' Representative and Buyer fail to reach an agreement with
 respect to all objections set forth in the Statement of Objections before the expiration of the Resolution Period, then either Party
 may submit amounts still in dispute (the "*Disputed Amounts*") for resolution to an accountant with an independent
 accounting firm of recognized national standing mutually acceptable to Buyer and Sellers and which accountant is not then providing,
 and has not provided at any time during the period commencing two years prior to the Closing Date through the date of its
 determination pursuant to this Section 1.04(d), services to any of Buyer, Sellers, the Company or any of their respective Affiliates
 (the "*Independent Accountant* "). The Independent Accountant shall resolve the Disputed Amounts only and make any
 adjustments to the Closing Statement in connection therewith. The Parties agree that the Independent Accountant shall only decide
 the specific Disputed Amounts and no other amounts and that its decision for each Disputed Amount must be within the range of values
 assigned to such item in the Closing Statement and the Statement of Objections, respectively. The resolution of any dispute by the
 Independent Accountant shall be rendered within 30 days after submission of the dispute to the Independent Accountant, or within
 such time as the Parties shall agree in writing. The Parties agree that the Independent Accountant's resolution of the Disputed Amounts
and their adjustments to the Closing Statement shall be conclusive and binding upon the Parties. The fees and expenses of the Independent
Accountant shall be shared 50% by Sellers and 50% by Buyer.

**Pharma15 Corporation**<sub>3</sub>

**Stock Purchase Agreement**

(e) The "*Post-Closing Adjustment*" shall be an amount equal to (i)
the Final Cash minus the Estimated Cash, minus (ii) the Final Indebtedness, if any, minus the Estimated Indebtedness, minus (iii) the
Final Transaction Expenses minus the Estimated Transaction Expenses. If the Post-Closing Adjustment is a positive number, the portion
of the Post-Closing Consideration payable pursuant to Section 1.02(b)(ii) shall be increased by the amount of the Post-Closing Adjustment.
If the Post- Closing Adjustment is a negative number, portion of the Post-Closing Consideration payable pursuant to Section 1.02(b)(ii)
shall be decreased by the amount of the Post-Closing Adjustment.

**1.05.** **Contingent Consideration** 

Upon the occurrence of the Milestone Event, Buyer shall pay the Milestone Payment to the Sellers in accordance with the terms of <u>Appendix B</u>. In connection therewith, Buyer shall

(a) If a portion of the Milestone Payment is to be paid through the issuance of Parent Shares, issue to
 each Seller such Seller's Pro Rata Share of the number of Parent Shares determined by dividing (i) an amount equal to the portion of the Milestone Payment to be satisfied by the issuance of Parent Shares by (ii) the Parent Average Price determined as of the date on which the Milestone Payment became payable, subject in each case to the provisions of Section 1.06; and

(b) Make payment of the balance of the Milestone Payment within
five Business Days to each Seller, by wire transfer of immediately available funds, in an amount equal to such Seller's Pro Rata
Share of such Future Payment, in accordance with the wire transfer instructions designated in writing by each such Seller to the Sellers'
Representative.

The Parties hereby acknowledge and agree that any portion of a Milestone Payment that is paid to the Sellers under this Agreement shall be treated for all Tax purposes as deferred contingent purchase price eligible for installment sale treatment for purposes of Section 453 of the Code and any corresponding provision of state, local or non-U.S. Law, and no Party shall take any action or filing position inconsistent with such characterization, except as required by applicable Law.

1.06. Limitations

(a) Parent shall have no obligation under this Agreement to issue fractional Parent
Shares. Where the application of any formula for the calculation of the number of Consideration Shares to be issued under this Agreement
would result in the issuance of any fractional Parent Share to any Seller, the number of Consideration Shares shall be rounded up to the
nearest whole number, and the amount of the Closing Consideration, Post-Closing Consideration, or Milestone Payment to be paid to the
Seller by wire transfer of immediately available funds shall be decreased by a corresponding amount.

(b) Notwithstanding anything to the contrary contained in this Agreement, Parent shall
have no obligation under this Agreement to issue more than forty-seven million (47,000,000) Parent Shares, in the aggregate (the "*Parent Shares Limit* "), as Consideration Shares, unless any issuance in excess of the Parent Shares Limit has been approved by Parent's
shareholders in accordance with the ASX Listing Rules, including ASX Listing Rule 7.2 ("Parent Shareholder Approval"). Where
the application of any formula for the calculation of the number of Consideration Shares to be issued under this Agreement, when included
with all other Consideration Shares issued prior to such date, would exceed the Parent Shares Limit (to the extent Parent has not otherwise
obtained Parent Shareholder Approval for such issuance), then(A) the number of Consideration Shares to be issued shall be reduced to a
number that, taken with all other Consideration Shares previously issued pursuant to this Agreement, does
not exceed the Parent Shares Limit and (B) the remaining amount of the Closing Consideration, Post-Closing Consideration, or Milestone
Payment not satisfied by the issuance of Consideration Shares under clause (A) shall be paid to the Seller by wire transfer of immediately
available funds shall be increased by a corresponding amount.

**Pharma15 Corporation**<sub>4</sub>

**Stock Purchase Agreement**

1.07. Withholding

Buyer or Parent may deduct and withhold from any amounts payable to any Person in connection with the transactions contemplated in this Agreement such amounts that Buyer or Parent is required to deduct and withhold under the Code or any provision of state, local or non-U.S. Law; *provided, however*, that Buyer shall (a) Notify the Sellers' Representative of any such requirement to deduct or withhold (other than with respect to any amount treated as wages) three days before the payment to which such deduction or withholding would apply and (b) cooperate with any request to obtain reduction of or relief from such deduction or withholding. The Notice required by clause (a) of this Section 1.07 shall (i) include a copy of the calculation of the amount to be deducted and withheld and (ii) identify any applicable provision of the Code or state, local or foreign Tax Law pursuant to which such deduction or withholding is required. To the extent that Buyer satisfies its Notice obligation, any such amounts that are deducted and withheld, and timely paid in full to the appropriate Taxing Authority by Buyer, shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made. Notwithstanding the foregoing, assuming delivery of the certificate described in Section 2.03(e)(iii), no such deduction or withholding shall be permitted with respect to any payment due to any Seller, unless such withholding is required by a change in Law following the date of this Agreement, in which case the notice and cooperation provisions set forth above shall apply.

**2. <u>Closing</u>**

2.01. Closing Date; Effective Time

The closing of the Contemplated Transactions (the "*Closing*") shall take place by means of a remote or electronic exchange of documents in lieu of a physical closing following satisfaction of the conditions of the Closing set forth in Sections 2.02, 2.03 and 2.04 (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction of such conditions at the Closing), or on such other date not later than March 6, 2023, as the Parties may mutually agree. The date on and time at which the Closing occurs is referred to in this Agreement as the "*Closing Date*." The Closing will be deemed to occur at 12:01 a.m. on the Closing Date.

2.02. Conditions to the Obligations of the Parties

The obligation of each Party to consummate the Contemplated Transactions at the Closing is subject to the satisfaction, at or prior to the Closing Date, of each of the following conditions:

(a) *<u>No Laws or Orders</u>* . There shall not be any applicable
Law in effect that makes the consummation of the Contemplated Transactions illegal or any final and non-appealable Order in effect preventing
the consummation of the Contemplated Transactions.

2.03. Conditions to Obligations of Parent and Buyer

The obligations of Parent and Buyer to consummate the Contemplated Transactions at the Closing is subject to the satisfaction, at or prior to the Closing Date, of each of the following conditions:

(a) *<u>Accuracy of Representations and Warranties</u>* . Each of the representations
and warranties of Sellers and the Company set forth in this Agreement shall be true and correct on and as of the Closing Date with the
same force and effect as though made on and as of that date; *provided*, that any such representation and warranty that is specifically made
as of a particular date shall be true and correct in all respects as of such specified date.

**Pharma15 Corporation**<sub>5</sub>

(b) *<u>Performance and Compliance</u>* . Sellers and the Company shall have performed
or complied in all material respects with each covenant and agreement to be performed or complied with by them under this Agreement on
or prior to the Closing Date.

(c) *<u>Material Adverse Effect</u>* . No event shall have occurred and no condition
shall exist that constitutes or, with the giving of notice or the passage of time or both, is likely to constitute a Material Adverse
Effect.

(d) *<u>ASX Approval and Listing</u>* . The Contemplated Transactions shall have
been approved by the ASX, and the Consideration Shares shall have been accepted for listing on the ASX.

(e) *<u>Closing Deliveries</u>* . At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall deliver to Parent and Buyer a certificate executed by an authorized
Person of the Company, dated the Closing Date and certifying that each of the conditions specified in Sections 2.03(a), 2.03(b), and 2.03(c)
have been met by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall deliver to Parent and Buyer a certificate of the Secretary of
the Company, dated the Closing Date and certifying: (A) all requisite resolutions or actions of the Company's board of directors
approving the execution and delivery of this Agreement and the consummation of the Contemplated Transactions; and (B) the incumbency and
signatures of the officers of the Company executing this Agreement and any other document relating to the Contemplated Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company shall deliver to Buyer a duly executed certificate conforming with the
requirements of Treasury Regulations § 1.1445-2(c)(3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company shall have delivered to Buyer any consents necessary for the consummation
of the Contemplated Transactions as listed in <u>Schedule 2.03(e)(iv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall deliver to Buyer the written resignations, effective as of the
Closing, of those directors and officers of the Company that Parent designates in writing to the Company at least two Business Days prior
to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sellers shall deliver to Buyer all certificate(s) representing the Shares, duly
endorsed in blank or accompanied by any other proper instrument of assignment endorsed in blank in proper form for transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Sellers and the Company shall deliver to Parent and Buyer an Assignment of Antibody
Development Rights, in the form attached hereto as <u>Exhibit I</u> (the "*New Assets Assignment*" and such assets, the
" *Acquired Assets* "), duly executed by Sellers as assignors and the Company as assignee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company shall deliver to Parent and Buyer evidence of termination of the Consulting
Agreements executed with each of the Company's consultants.

2.04. Conditions to Obligations of Sellers and the Company

The obligations of Sellers and the Company to consummate the Contemplated Transactions at the Closing is subject to the satisfaction, at or prior to the Closing Date, of each of the following conditions:

(a) *<u>Accuracy of Representations and Warranties</u>* . The representations and
warranties of Buyer and Parent set forth in this Agreement shall be true and correct on and as of the Closing Date with the same force
and effect as though made on and as of that date.

(b) *<u>Performance and Compliance</u>* . Buyer and Parent shall have performed
or complied in all material respects with each covenant and agreement to be performed or complied with by them under this Agreement on
or prior to the Closing Date.

**Pharma15 Corporation**<sub>6</sub>

**Stock Purchase Agreement**

(c) *<u>Closing Deliveries</u>* . At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer shall deliver to Sellers and the Company a certificate executed by a duly
authorized officer of Buyer, dated the Closing Date and certifying that each of the conditions specified in Sections 2.04(a) and 2.04(b)
have been met by Buyer and Parent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall deliver to Sellers and the Company a certificate of the Secretary of
Buyer, dated the Closing Date and certifying: (A) all requisite resolutions or actions of Buyer's board of directors approving the
execution and delivery of this Agreement and the consummation of the Contemplated Transactions; and (B) the incumbency and signatures
of the officers of Buyer executing this Agreement and any other document relating to the Contemplated Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Parent shall deliver to Sellers and the Company a certificate of the Secretary of
Parent, dated the Closing Date and certifying: (A) all requisite resolutions or actions of Parent's board of directors approving
the execution and delivery of this Agreement and the consummation of the Contemplated Transactions; and (B) the incumbency and signatures
of the officers of Parent executing this Agreement and any other document relating to the Contemplated Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Buyer shall pay to Sellers the cash portion of the Closing Consideration, in accordance
with Section 1.02(a)(ii).

2.05. Expense Fund

An amount equal to $50,000 (the "*Expense Fund Amount*") will be delivered by Buyer to the Sellers' Representative and retained and disbursed by the Sellers' Representative pursuant to this Section 2.05. The Sellers' Representative shall hold the Expense Fund as an administrative convenience for the sole benefit of the Sellers and the Sellers' Representative, and neither Parent nor Buyer shall have any right, title or interest in the Expense Fund. The Sellers' Representative shall use the Expense Fund solely to pay after the Closing Date (on behalf and on account of the Sellers) any costs or expenses relating to the Contemplated Transactions that are a responsibility of the Sellers hereunder. Upon the Sellers' Representative's determination, in its sole discretion, that no further costs or expenses shall be incurred by the Sellers under this Agreement, the Sellers' Representative shall disburse any remaining amounts of the Expense Fund to each Seller, by wire transfer of immediately available funds, equal to each Seller's Pro Rata Share of such remaining amounts of the Expense Fund, in accordance with the wire transfer instructions designated in writing by each such Seller to the Sellers' Representative. Any of the costs and expenses incurred by the Sellers' Representative in connection with this Agreement in excess of the Sellers' Representative's Expense Fund shall be reimbursed to the Sellers' Representative by the Sellers, severally and not jointly and in accordance with their respective Pro Rata Share. The Sellers' Representative shall have the right to retain the Sellers' Representative's Expense Fund for as long as the Sellers' Representative deems necessary to discharge the Sellers' Representative's duties.

**Pharma15 Corporation**<sub>7</sub>

**Stock Purchase Agreement**

2.06. Transfer Restrictions

From and after the Closing Date, the Parent Shares to be issued and delivered to Sellers pursuant to Sections 1.02(a)(i), 1.02(b)(i), and 1.05(a) (the "*Consideration Shares*") shall be subject to the restrictions on sale, conveyance, pledge, gift, or other transfer of the Consideration Shares set forth in <u>Appendix C</u> to this Agreement. Each Seller, by acceptance of ownership of Consideration Shares pursuant to the Agreement, agrees to comply in all respects with the provisions of <u>Appendix C</u>.

**3. <u>Representations and Warranties of Sellers</u>**

As a material inducement to Buyer to enter into this Agreement, each Seller, separately and not jointly, represents and warrants to Parent and Buyer as of the Agreement Date as follows:

3.01. Capacity; Execution and Delivery; Validity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller has the legal capacity to enter into this Agreement and the Transaction
Documents to which he, she, they, or it is a party in connection with this Agreement, excluding this Agreement (collectively, the "*Seller's Transaction Documents* "), to perform the Seller's obligations under this Agreement and the Seller's Transaction Documents,
and to consummate the Contemplated Transactions. Without limiting the generality of the foregoing, Seller has all right, power, capacity,
and authority to sell, transfer, convey, and deliver the Shares owned by Seller as provided by this Agreement free and clear of all Liens,
other than Securities Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly and validly executed and delivered by the Seller and,
assuming this Agreement constitutes the legal, valid and binding agreement of the other Parties, constitutes a legal, valid and binding
agreement of the Seller, enforceable against the Seller in accordance with its terms, subject to the Enforcement Limitations. Upon the
execution and delivery by the Seller of the Seller's Transaction Documents, each of the Seller's Transaction Documents will
constitute the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject
to the Enforcement Limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Seller is an Entity, the execution, delivery and performance by the Seller
of this Agreement, and the consummation by the Seller of the Contemplated Transactions, have been duly and validly authorized by the Governing
Body of Seller, and no other Entity proceedings on the part of the Seller are necessary to authorize this Agreement, to consummate the
Contemplated Transactions, or to perform the respective obligations of the Seller under this Agreement.

3.02. No Breach

The execution by the Seller of this Agreement and the Seller's Transaction Documents and the consummation of the Contemplated Transactions do not and will not (a) conflict with, constitute a default under, or result in a violation of (i) the provisions of the Seller's Governing Documents, if applicable, or (ii) any indenture, mortgage, lease, loan agreement or other agreement or instrument to which the Seller is bound, or (iii) any Law to which the Seller or the Seller's assets are subject or any Order by to which the Seller or the Seller's properties are bound; or (b) result in the creation of a Lien upon the Shares held by Seller; or (c) require any Governmental authorization or Consent by or notice to any court or other Governmental Authority.

3.03. Ownership

The Seller is the record and beneficial owner of the number of Shares set forth across from the Seller's name under the heading titled "Purchased Shares" in the table in <u>Schedule 1</u>, free and clear of any Liens other than Securities Restrictions. Upon delivery of and payment for the Company Stock as provided in this Agreement, Buyer will acquire good and valid title to the Shares, free and clear of any Lien, other than Securities Restrictions.

**Pharma15 Corporation**<sub>8</sub>

**Stock Purchase Agreement**

3.04. Litigation

Except as set forth in <u>Schedule 3.04</u>, there is no Proceeding pending or, to the Seller's Knowledge, threatened against or involving the Seller, that would prevent or restrict Seller's performance of its obligations under this Agreement and/or the Seller's Transaction Documents or the consummation of the Contemplated Transactions.

3.05. Investment Intent

The Seller is acquiring the Consideration Shares issuable to such Seller solely for the Seller's own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution of the Consideration Shares. Seller acknowledges that (a) the Consideration Shares have not been and will not be registered under the Securities Act, or any state securities Laws; (b) the Consideration Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or an applicable exemption therefrom and subject to state securities Laws, as applicable; and (c) certificates representing the Consideration Shares issued to the Seller will contain a legend restricting transfer of them. Seller further acknowledges that: (i) the provisions of Appendix C to this Agreement will restrict the free transfer of the Consideration Shares; (ii) certificates representing the Consideration Shares issued to Seller will contain a restrictive legend to enforce the transfer-restriction provisions of <u>Appendix C</u>; and (iii) acceptance of the transfer restrictions set forth in <u>Appendix C</u> is a material consideration for Parent's agreement to enter into this Agreement and to issue Consideration Shares.

3.06. Brokerage

There are no claims for brokerage commissions, finders' fees or similar compensation in connection with the Contemplated Transactions based on any arrangement or agreement made by or on behalf of the Seller, either acting alone or with any other Seller or Sellers.

**4. <u>Representations and Warranties of the Company</u>**

As a material inducement to Buyer to enter into this Agreement, the Company represents and warrants to Buyer as of the Agreement Date as follows:

4.01. Organization and Corporate Power

The Company is a corporation duly incorporated, validly existing, and in good standing under the laws of the State of Delaware and has all corporate power and authority necessary to own or lease its properties and assets and to carry on its business as currently conducted. The Company is duly qualified or licensed to do business and is in good standing (or the equivalent thereof) in the State of Delaware and in each other jurisdiction in which the character of the properties owned or held under lease by the Company or the nature of the business transacted by it makes such qualification or licensing necessary; <u>Schedule 4.01</u> contains a complete and accurate list for the Company of each such jurisdiction.

4.02. Capitalization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized capital stock of the Company consists of 10,000,000 shares of Company
Stock. At the close of business on the Business Day immediately preceding the Agreement Date, 5,500,000 shares of Company Stock were issued
and outstanding. <u>Schedule 1</u> to this Agreement sets forth a true, correct, and complete list of the stockholders of the Company
and the number of shares of Company Stock held by each. All of the shares of Company Stock outstanding are duly authorized and validly
issued, fully paid and nonassessable and free of preemptive rights.

**Pharma15 Corporation**<sub>9</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Schedule 1</u> or <u>Schedule 4.02(b)</u>, there are as
of the Agreement Date no outstanding shares of capital stock of, or other equity or voting interest in, the Company, and no outstanding
(i) securities of the Company convertible into or exchangeable for shares of capital stock or voting securities or ownership interests
in the Company, (ii) options, warrants, rights, preemptive or other outstanding rights, or other agreements or commitments to acquire
from the Company, or obligations of the Company to issue, any capital stock, voting securities or other equity ownership interests in
(or securities convertible into or exchangeable for capital stock or voting securities or other equity ownership interests in) the Company,
(iii) obligations of the Company to grant, extend or enter into any subscription, warrant, right, convertible or exchangeable security
or other similar agreement or commitment relating to any capital stock, voting securities or other ownership interests in the Company,
or (iv) obligations (excluding Taxes and other fees) by the Company or any of its Affiliates to make any payments based on the market
price or value of the capital stock. As of the Agreement Date, neither the Company nor any of its Affiliates has outstanding obligations
to purchase, redeem or otherwise acquire any company securities described in clauses (i), (ii), (iii), and (iv) of this Section 4.02(b).

4.03. Subsidiaries

The Company has no Subsidiary and does not own, directly or indirectly, any shares of capital stock or other securities of any other Person.

4.04. Title to Shares

Sellers own and, as of immediately prior to the Closing, will own of record and beneficially all of the Shares, and Sellers will have good and valid title to the Shares, free and clear of all Liens other than Securities Restrictions. On consummation of the Closing, Buyer will acquire from Sellers legal and beneficial ownership of and good and valid title to the Shares, free and clear of all Liens other than Securities Restrictions.

4.05. Corporate Authorization

The Company has the requisite power and authority, including the corporate power and authority, to execute and deliver this Agreement, to perform the Company's obligations under it, and to consummate the Contemplated Transactions. The execution, delivery and performance by the Company of this Agreement, and the consummation by the Company of the Contemplated Transactions, have been duly and validly authorized by the Company's Governing Body, and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement, to perform the Company's obligations under it, or to consummate the Contemplated Transactions. This Agreement has been duly and validly executed and delivered by the Company and, assuming this Agreement constitutes the legal, valid and binding agreement of Buyer, constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforcement Limitations. Upon the execution and delivery by the Company of any other Transaction Document to which the Company is a party in connection with this Agreement, other than this Agreement (collectively, the "*Company Transaction Documents*"), each of the Company Transaction Documents will constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforcement Limitations.

4.06. Non-Contravention; Filings and Consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The execution, delivery and performance by the Company of this Agreement and the
Company Transaction Documents and the consummation by the Company of the Contemplated Transactions do not and will not (with or without
notice or lapse of time, or both):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contravene, conflict with, or result in any violation or breach of any provision
of the Governing Documents of the Company;

**Pharma15 Corporation**<sub>10</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assuming compliance with the matters referred to in Section 4.06(b), contravene,
conflict with or result in a violation or breach of any provision of any Law or Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require any Consent under, violate, conflict with, result in any breach of or any
loss of any benefit under, or constitute a change of control or Default under, or result in termination or give to others any right of
termination, vesting, amendment, acceleration or cancellation of any contract to which Seller is a party, or by which its properties or
assets may be bound or affected or any Governmental Authority affecting, or relating in any way to the Business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) result in the imposition or creation of any Lien on, or with respect to, the Acquired
Assets or any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by Sellers of this Agreement and the Seller's
Transaction Documents, and the consummation by Sellers of the Contemplated Transactions do not and will not require any Consent of, action
by, filing with or notification to, any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07. Books and Records

The books of account, minute books, stock record books, and other records of the Company, all of which have been made available to Buyer, are complete and correct and have been maintained in accordance with sound business practices and the requirements of Section 13(b)(2) of the Exchange Act (regardless of whether or not the Company is subject thereto), including the maintenance of an adequate system of internal controls. The minute books of the Company contain accurate and complete records of all meetings held of, and corporate action taken by, the stockholders, the Boards of Directors, and committees of the Boards of Directors of the Company, and no meeting of any such stockholders, Board of Directors, or committee has been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08. Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has delivered to the Buyer all financial information reasonably requested
by the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule 4.08(b)</u>, the Company has no Liabilities
except obligations under Contracts to which the Company is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09. Absence of Certain Changes

Except as set forth on <u>Schedule 4.09</u>, since the date of the Company's incorporation (a) the Company and its Affiliates have conducted their respective businesses only in the ordinary course of business, except for actions taken in respect of this Agreement, and (b) neither the Company nor any of its Affiliates has taken any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) merged or consolidated the Company or any of its Subsidiaries with any other Person,
except for any such transactions among wholly owned Subsidiaries of the Company, or restructured, reorganized or completely or partially
liquidated or otherwise entered into any agreements or arrangements imposing material changes or restrictions on its assets, operations
or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acquired assets outside of the ordinary course of business from any other Person
in any transaction or series of related transactions;

**Pharma15 Corporation**<sub>11</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) made or authorized any capital expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made any changes with respect to financial accounting policies or procedures, except
as required by changes in GAAP or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) settled any litigation or other proceedings before a Governmental Authority (i)
for an amount in excess of $5,000 or any obligation or Liability of the Company in excess of such amount, (ii) on a basis that would result
in (A) the imposition of any writ, judgment, decree, settlement, award, injunction or similar order of any Governmental Authority that
would restrict the future activity or conduct of the Company or any of its Subsidiaries or (B) a finding or admission of a violation of
Law or violation of the rights of any Person by the Company or any of its Subsidiaries, or (iii) that is brought by any current, former
or purported holders of any capital stock or debt securities of the Company or any of its Subsidiaries relating to the transactions contemplated
by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than in the ordinary course of business, (i) amended, modified or terminated
any Material Contract or License, (ii) taken or omitted to take any action that would cause any Company Intellectual Property, including
registrations thereof or applications for registration, to lapse, be abandoned or cancelled, or fall into the public domain, or (iii)
cancelled, modified or waived any debts or claims held by it or waive any rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except as otherwise required by applicable Law, (i) granted or provided any severance
or termination payments or benefits to any of its or its Subsidiaries' directors, officers, or employees, (ii) increased the compensation, bonus or pension, welfare, severance or other benefits of, pay any bonus to, or make any new equity awards to any of its or its Subsidiaries' directors, officers or employees, (iii) established, adopted, amended or terminated any "employee benefit plan" or amended the terms of any outstanding equity-based awards, (iv) forgiven any loans to any of its or of any of its Subsidiaries' directors, officers or employees, (v) terminated the employment (other than for cause) of any Company Employee, or hired any Company or Subsidiary employee, except for hiring in the ordinary course of business to fill an existing vacancy, or (vi) entered into any negotiations concerning any collective bargaining agreement or understanding with a labor union or organization with respect to any Company Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. Employee Benefit Plans

The Company does not maintain any "employee benefit plans" as defined in Section 3 of ERISA, and does not have any plan or commitment to establish any new "employee benefit plan".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. Labor and Employment Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company does not have any employees and has not had any employees since the
Company's inception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule 4.11(b)</u> contains a complete and accurate list of all Persons who
perform services for the Company and its Subsidiaries (i) under a leasing, contract worker, or similar arrangement with a third-party
employer, or (ii) as an independent contractor (excluding accounting, tax, legal, and similar service providers), along with, for each
Person described in clauses (i) and (ii), such Person's current compensation or fee, date of engagement, workplace location, and
the nature of the services they perform in respect of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and each Subsidiary has complied with all applicable Laws concerning labor and
 employment and the terms of each applicable employment or services agreement in respect of all of their respective current and
 former employees and independent contractors, including such Laws relating to wages, hours, discrimination in employment,
 whistleblower protections, retaliation, worker classification, workplace safety and health, immigration, employee data privacy and security, tax withholding and reporting,
workers' compensation, unemployment insurance and employment termination. Neither the Company nor any Subsidiary (i) has received
notice of any actual or alleged violation of any such Law or breach of any such agreement, and, to the Knowledge of any Seller or the
Company, there are no grounds therefor, or (ii) has been subject to or received notice of an audit or investigation by any Governmental
Authority relating to any employment- related matter.

**Pharma15 Corporation**<sub>12</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Company nor any Subsidiary is delinquent in payments to any Company
Employee or other individual who has performed services for the Company for wages, salaries, commissions, bonuses, fees or other compensation
for any services performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. Litigation

Except as set forth in <u>Schedule 4.12</u>, there is no Proceeding pending or, to the Knowledge of the Company, threatened against or affecting the Company, including any Proceeding in respect of the Contemplated Transactions. The Company has no Knowledge of any stated facts or contemplated events that reasonably could be expected to give ruse to any Proceeding. The Company is not subject to any outstanding Order (a) that prohibits the Company from conducting its business as now conducted or proposed to be conducted or (b) that would, individually or in the aggregate, have had or would reasonably be expected to have had a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. Tax Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has timely filed all federal, state, local and foreign Tax returns,
estimates, information statements and reports relating to any and all Taxes of the Company or its operations (the "*Tax Returns* ")
required to be filed by Law by the Company as of the Agreement Date. All such Tax Returns are true, correct and complete, and the Company
has timely paid all Taxes (including, without limitation, income, social security, and employment Tax withholding for all types of compensation)
attributable to the Company that that were due and payable by it as shown on such Tax Returns, except with respect to matters contested
in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Agreement Date, there is no written claim or assessment pending or, to
the Knowledge of the Company, threatened against the Company for any alleged deficiency in Taxes of the Company, and there is no audit
or investigation with respect to any liability of the Company for Taxes. the Company has not waived any statute of limitations with respect
to material Taxes or agreed to any extension of time with respect to a material Tax assessment or deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and each of its Affiliates have withheld from their employees (and timely
paid to the appropriate Governmental Authority) proper and accurate amounts for all periods through the Agreement Date in compliance with
all Tax withholding provisions of applicable federal, state, local and foreign Laws (including, without limitation, income, social security,
and employment Tax withholding for all types of compensation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company and each of its Affiliates have withheld (and timely paid to the appropriate
Governmental Authority) proper and accurate amounts for all periods through the Agreement Date in compliance with all Tax withholding
provisions of applicable federal, state, local and foreign Laws other than provisions of employee withholding (including, without limitation,
withholding of Tax on dividends, interest, and royalties and similar income earned by non-resident aliens and foreign corporations and
withholding of Tax on United States real property interests).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14. Compliance with Laws; Permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the date of the Company's incorporation, neither the Company nor any of its Affiliates
 has not been in conflict with, in default or, with notice, lapse of time or both, would be in default, with respect to or in violation of any Law, or of any Order
applicable to the Company or any of its Affiliates or by which any property or asset of the Company or any of its Affiliates is bound
or affected.

**Pharma15 Corporation**<sub>13</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the date of the Company's incorporation, neither the Company nor any
of its Affiliates has not received any written notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any default or violation as described in Section 4.14(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of any administrative, civil or criminal investigation or audit by any Governmental Authority relating
to the Company or any of its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from any Governmental Authority alleging that the Company or any of its Affiliates is not in compliance
with any Law or Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and each of its Affiliates has all Permits required to conduct its and
their businesses as currently conducted, and such Permits are valid and in full force and effect. The Company and each of its Affiliates
are in compliance with the terms of such Permits and, as of the Agreement Date, neither the Company nor any of its Affiliates has received
written notice from any Governmental Authority threatening to revoke, or indicating that it is investigating whether to revoke, any such
Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15. Intellectual Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 4.15(a)</u> contains a complete and accurate list of each Mark owned
or purported to be owned by the Company that is subject to any registration or application by or with any Governmental Authority. All
of the Marks listed or required to be listed on <u>Schedule 4.15(a)</u> (the "*Company Marks*") are to the Knowledge
of the Company valid and enforceable. No Company Mark is involved in any opposition, invalidation or cancellation Proceeding and to the
Knowledge of the Company, no such Proceeding is threatened with respect to any of the Company Marks. To the Knowledge of the Company,
no Person is engaging in any activity that infringes the Company Marks. To the Knowledge of the Company, none of the Company Marks nor
the conduct of the Business infringes any Mark of any other Person, and no claim to that effect is pending or (to the Knowledge of the
Company) threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule 4.15(b)</u> contains a complete and accurate list of each Patent owned
purported to be owned by the Company that is subject to any issuance or application by or with any Governmental Authority. All of the
Patents listed or required to be listed on <u>Schedule 4.15(b)</u> (the "*Company Patents*") are to the Knowledge of
the Company valid and enforceable. No Company Patent is involved in any interference, reissue, reexamination, or opposition Proceeding
and to the Knowledge of the Company, no such Proceeding is threatened with respect to any of the Company Patents. To the Knowledge of
the Company, no Person is engaging in any activity that infringes the Company Patents. To the Knowledge of the Company, none of the Company
Patents nor the conduct of the Business infringes any Patent or other proprietary right of any other Person, and no claim to that effect
is pending or (to the Knowledge of the Company) threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Schedule 4.15(c)</u> contains a complete and accurate list each Copyright owned
or purported to be owned by the Company in connection with the Business that is subject to any registration or application by or with
any Governmental Authority. All of the Copyrights listed or required to be listed on <u>Schedule 4.15(c)</u> (the "*Company Copyrights* ")
are to the Knowledge of the Company valid and enforceable. To the Knowledge of the Company, no Person is engaging in any activity that
infringes the Company Copyrights. To the Knowledge of the Company, none of the Company Copyrights nor the conduct of the Business infringes
upon any Copyright of any Person, and no claim to that effect is pending or (to the Knowledge of the Company) threatened.

**Pharma15 Corporation**<sub>14</sub>

**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of the Company, no Trade Secret owned or purported to be owned
by the Company (the "*Company Trade Secrets*") nor use of any Trade Secret by the Company in connection with the Business
misappropriates any Trade Secret or infringes any other Intellectual Property rights of any Person, and no claim to that effect is pending
or (to the Knowledge of the Company) threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Schedule 4.15(e)</u> sets forth a complete list of all Software Programs and
Databases developed by one or more third parties and used by the Company in connection with the Business, other than commercially available
Software Programs and Databases that carry an annual license, maintenance, or subscription cost of less than of $10,000 (the "*Third Party Software Programs* "). Pursuant to one or more Licenses, the Company has the right and license to use each Third Party Software
Program in the manner in which the Company currently is using such Third Party Software Program, and all use of each Third Party Software
Program by the Company has been in material compliance with the applicable License or Licenses. To the Knowledge of the Company, no Person
has asserted against the Company a written claim that the Company's use of the Third Party Software Program infringes, misappropriates
or contributes to the infringement of any patent claim, copyright or trade secret right of any Third Party, and to the Company's
Knowledge there is no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as set forth on <u>Schedule 4.15(f)</u>, the Company is the owner of all
right, title and interest in and to all of the Company Marks, Company Patents, Company Copyrights, and Company Trade Secrets (collectively,
the "*Company Intellectual Property* "), free and clear of all Liens other than Permitted Liens, and has the right to
use all Company Intellectual Property and Third-Party Software Programs without payment to a Third Party, other than in respect of Licenses
or Incidental Licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company has enforced commercially reasonable efforts to protect the confidentiality
of all Company Trade Secrets included in the Company Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as set forth on <u>Schedule 4.15(h)</u>, all personnel, including employees,
agents, consultants, and contractors, who have contributed to or participated in the conception and development of the Company Intellectual
Property have executed agreements with the Company that have (i) reasonable confidentiality and non-use protections for the Company Trade
Secrets and confidential information and (ii) assigning to the Company ownership of all such Company Intellectual Property rights or (iii)
have executed instruments of assignment in favor of the Company as assignee that have conveyed to the Company ownership of all such Intellectual
Property (including through the New Assets Assignment Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Schedule 4.15(i)</u> sets forth a complete list of all licenses, sublicenses,
agreements, and permissions, as amended to the Agreement Date, as to any Intellectual Property, licensed or sublicensed to the Company
by any Third Party other than Incidental Licenses (collectively, the "*Licenses* "). The Company previously has made available
to Buyer and Parent true, correct, and complete copies of all Licenses listed or required to be listed on <u>Schedule 4.15(i)</u> of the
Disclosure Schedule. With respect to each License listed or required to be listed on <u>Schedule 4.15(i)</u> of the Disclosure Schedule,
to the Knowledge of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The License is valid, binding, enforceable and in full force and effect, and will
continue to be legal, valid, binding, enforceable, and in full force and effect immediately after the Closing on terms and subject to
conditions materially similar to those prevailing for the Company as of the Agreement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no party to the License is in breach or default and no event has occurred which
with notice or lapse or time would constitute a breach or default under the License or permit termination, modification, or acceleration
of the License;

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no underlying item of the Intellectual Property covered by the License is subject
to any outstanding judgment, order, decree, stipulation, injunction, or charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Proceeding is pending or is threatened which challenges the legality, validity,
or enforceability of any underlying item of the Intellectual Property covered by the License; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company has not granted any sublicense or similar right with respect to any License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16. Information Technology

The electronic data processing, information, recordkeeping, communications, telecommunications, account management and other computer systems, including all software, firmware, hardware and related documentation, ("*IT Systems*") used by the Company in the operation of the Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are adequate in all material respects for their intended use and for the operation
of the Company's business as currently operated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Knowledge of the Company, are capable of being operated and maintained for
their intended use in connection with the operation of the Company's business as currently operated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the Knowledge of the Company, are free of any "back door," "time
bomb," "Trojan horse," "worm," "drop dead device," "virus" or other contaminant
that may be used to (i) permit unauthorized access to the IT Systems, or (ii) disable or erase software, hardware, or data within the
IT Systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the Knowledge of the Company, have not been compromised resulting in any loss
of client, employee or personally identifiable data in such a manner that would have required the Company to provide notification and/or
remediation to affected parties under applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17. Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 4.17(a)</u> contains a complete and accurate list and summary description
of all Web Sites used by the Company in connection with its business (the "*Company Web Sites* ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the Domain Names relating to the Company Web Sites:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) All Domain Names have been registered in the name of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To the Knowledge of the Company, no Domain Name relating to the Company Web Sites
has been or is now involved in any written dispute, and no such action is threatened with respect to any Domain Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the Company's Knowledge, the use of the Company Web Sites does not infringe
upon, misappropriate, or contribute to the infringement of, any Patent claim, Copyright, Mark, Trade Secret or any other Intellectual
Property right of any Third Party. To the Knowledge of the Company, no Person has asserted against the Company a written claim that the
use, license, sale or lease of any of Company Web Sites, infringes, misappropriates or contributes to the infringement of any Patent claim,
Copyright, Mark, or Trade Secret right of any Third Party, and to the Company's Knowledge there is no basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule 4.17(b)</u> contains a complete and accurate list of all Digital Accounts
used by the Company in connection with its business (the "*Company Digital Accounts* "). To the Knowledge of the Company,
the Company has the right and license to use each Company Digital Account in the manner in which the Company currently is using such Company
Digital Account, and all use of each Company Digital Account by the Company has been in material
compliance with the terms of use or access of the applicable social media provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is the owner of all right, title and interest in and to the Company
Digital Assets or has the valid right to use such Digital Assets, free and clear of all Liens other than Permitted Liens.

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18. Real Property

The Company does not (i) currently own, nor has it at any time since its inception owned, any real property or (ii) currently hold, nor has it at any time since its inception held, any leasehold or other interest in any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19. Material Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 4.19</u> lists as of the Agreement Date each of the following Contracts
to which the Company or any of its Subsidiaries is a party or which bind or affect their respective properties or assets (excluding (x)
Licenses, all of which Contracts are disclosed on <u>Schedule 4.15(i)</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Contract or group of related Contracts for the purchase or lease of services,
products, materials, supplies, goods, equipment, or other assets providing for either (A) annual payments by the Company in excess of
$5,000, including any and all purchase orders; or (B) give rise to anticipated receipts
by the counterparty to the Contract of more than $5,000 in any calendar year, in each case that cannot be terminated on more than ninety
(90) days' notice without payment by the Company of a penalty in excess of $5,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contract involving the obligation of the Company to sell products or services
pursuant to which the aggregate payments to become due to the Company exceeds $5,000 annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Contract relating to the acquisition or disposition of any material business
(whether by merger, stock sale, asset sale, or otherwise) pursuant to which the Company has material continuing obligations following
the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Contract relating to any swap, forward, futures, warrant, option or other derivative
transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Contract appointing any agent to act on behalf of the Company or any power of
attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any option, license, franchise or similar Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any employment, severance, retention, change in control or similar Contract with
any current or former director, officer or employee with the title of vice-president or higher of the Company in respect of which the
Company has or could reasonably be expected to have ongoing payment obligations after the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any Contract with a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Contract between the Company, on the one hand, and Seller or any of its Affiliates,
on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any Contract containing provisions that limit the ability of the Company or any
of its Affiliates (or which, following the consummation of the transactions contemplated hereby, could restrict the ability of Buyer or
any of its Affiliates) to compete in any business or with any Person or in any geographic area, or to sell, supply or distribute any of
the Company's services or products (including
any non-compete, exclusivity, "most-favored-nation" or similar requirements) or pursuant to which any benefit or right is
required to be given or lost, or any penalty or detriment is incurred, as a result of so competing or engaging;

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any Contract that provides for or governs the formation, creation, operation, management
or control of any strategic partnership, joint venture, joint development, or similar arrangement or partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any Contract that relates to Indebtedness having an outstanding principal amount
in excess of $1,000 or conditional sale arrangements, the sale, securitization or servicing of loans or loan portfolios, in each case,
in connection with which the aggregate actual contingent obligations of the Company and its Subsidiaries under such Contract is greater
than $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company previously has made available to Buyer and Parent true, correct, and
complete copies of all Contracts disclosed or required to be disclosed on <u>Schedule 4.19</u> (each, a "*Material Contract* ");
in the case of any oral Material Contract, <u>Schedule 4.19</u> sets forth a full and accurate written summary of the material terms of
such Contract. Each Material Contract is valid and binding on the Company or the Subsidiary of the Company that is a party thereto and
is in full force and effect and enforceable in accordance with its terms, subject to the Enforcement Limitations, and unless expired or
terminated in accordance with its terms. The Company, its Subsidiaries and, to the Knowledge of Sellers and the Company, each other party
to each Material Contract, have performed and complied with all obligations required to be performed or complied with by them under each
Material Contract. There is no default under any Material Contract by the Company or any of its Subsidiaries or by any other party, and
no event has occurred that with the lapse of time or the giving of either written or oral notice or both would constitute a default thereunder
by the Company or any of its Subsidiaries or by any other party to each Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20. No Violation of Laws

Neither the Company nor, to the Knowledge of the Company, the Company's constituents, is conducting or carrying on the Business in violation of any applicable Law, nor have any of them submitted for payment claims for services not rendered or goods not provided or that was otherwise false or in violation of applicable Law. Neither the Company nor, to its Knowledge, any of the Company's constituents, directly or indirectly, has (a) given or received, or agreed to give or receive, or is aware that there has been made or that there is an agreement to make or receive, any gift or gratitude payment of any kind, nature or description (whether in money, property or services) to any Person, or (b) made, or has agreed to make, or is aware that there is any agreement to make, a political contribution or other contribution, payments or gifts to or for the private use of any government official, employee or agent; or pursuant to circumstances in which the payment or the purpose of the contribution, payment or gift is illegal under Laws of the United States, any state thereof, or any other jurisdiction (foreign or domestic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21. Insurance

Since the Company's inception, it has not maintained and currently does not maintain any policies of insurance, including any property, fire, workers' compensation, products liability, directors' and officers' liability and other casualty and liability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22. Transactions with Affiliates

Except as disclosed on <u>Schedule 4.22</u>: (a) none of the customers, suppliers, distributors or sales representatives of the Company are Affiliates of the Company or of any of its officers, directors, stockholders, or any immediate family member of any officer, director, or Affiliate of Seller ("*Related Person*"); (b) none of the properties or assets of the Company are owned or used by or leased to any Affiliates of the Company or of any of its officers, directors or stockholders; (c) no Affiliate of the Company or of any of its officers, directors or stockholders is a party to any Company agreement; and (d) no Affiliate of the Company or of any of its officers, directors or stockholders provides any legal, accounting or other services to the Company.

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23. Brokers; Certain Expenses

No agent, broker, investment banker, financial advisor or other firm or Person is or shall be entitled to receive any brokerage, finder's, financial advisor's, transaction or other fee or commission in connection with this Agreement or the Contemplated Transactions based upon agreements made by or on behalf of the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24. Completeness and Accuracy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No representation or warranty of Sellers or the Company in this Agreement or in
any certificate, Appendix, Schedule, or Exhibit attached to this Agreement or furnished pursuant to it, or in any other agreement, instrument,
or document executed by or on behalf of Sellers or the Company in connection with the Contemplated Transactions, or delivered by or on
behalf of Seller or the Company in connection with Buyer's due diligence investigation of the Company contains, or on the Closing
Date will contain, any untrue statement of material fact or omits, or on the Closing Date will omit, to state any fact necessary in order
to make the statements contained therein not misleading in any material respect, and all such statements, representations, warranties,
certificates, Appendices, Exhibits, and Schedules shall be true and complete in all material respects on and as of the Closing Date as
though made on that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All documents referenced in the Appendices, Exhibits and Schedules to this Agreement
and previously provided to Buyer have been delivered to or made available to Buyer and are true and correct in all respects. The Company
has no Knowledge of any fact that has specific application to the Company (other than general economic or industry conditions) and that
may have a Material Adverse Effect that has not been set forth in this Agreement or the Disclosure Schedule.

**5. <u>Representations and Warranties of Parent and Buyer</u>**

Parent and Buyer jointly and severally represent and warrant to Sellers and the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01. Organization

Parent is a corporation duly incorporated, validly existing, and in good standing under the Laws of the Commonwealth of Australia. Buyer is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. Parent and Buyer each have the requisite corporate power to carry on their respective businesses as conducted on the Agreement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02. Authority for this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent and Buyer each have the requisite power and authority, including the corporate
power and authority, to execute and deliver this Agreement and the other Transaction Documents to which each of them is party (collectively,
the "*Buyer Transaction Documents* "), to consummate the Contemplated Transactions, and to perform their respective obligations
under this Agreement and the other Buyer Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by Parent and Buyer of this Agreement and
the other Buyer Transaction Documents, and the consummation by Parent and Buyer of the Contemplated Transactions, have been duly and validly
authorized by the respective Governing Bodies of Parent and Buyer, and no other corporate actions on the part of either Parent or Buyer
are necessary (i) to authorize this Agreement or the other Buyer Transaction Documents, (ii) to consummate the Contemplated Transactions, or (iii) to perform Parent's
and Buyer's respective obligations under this Agreement or the other Buyer Transaction Documents.

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly and validly executed and delivered by Parent and by
Buyer and constitutes a legal, valid and binding agreement of Parent and of Buyer, enforceable against each of Parent and Buyer in accordance
with its terms, assuming the Agreement constitutes the legal, valid and binding agreement of Sellers and the Company, and subject to the
Enforcement Limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the execution and delivery by Parent or Buyer, or both, of any other Buyer
Transaction Document, each Buyer Transaction Document will constitute the legal, valid, and binding obligation of Parent or Buyer or both,
as the case may be, enforceable against Parent or Buyer or both, as the case may be, in accordance with its terms, assuming the Buyer
Transaction Document constitutes the legal, valid and binding agreement of the Company or any Seller that is a party to it, and subject
to the Enforcement Limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03. Consents and Approvals

The execution, delivery and performance of this Agreement and the other Buyer Transaction Documents by Parent and Buyer and the consummation of the Contemplated Transactions by Parent and Buyer do not and will not require any Consent of, action by, filing with or notification to, any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04. Non-Contravention

The execution, delivery and performance by Parent and Buyer of this Agreement and the other Buyer Transaction Documents and the consummation by Parent and Buyer of the Contemplated Transactions do not and will not (with or without notice or lapse of time or both): (a) contravene, conflict with, or result in any violation or breach of any provision of the Governing Documents of either Parent or Buyer; (b) assuming compliance with the matters referred to in Section 5.03, contravene, conflict with or result in a violation or breach of any Law or Order applicable to Buyer; or (c) require any Consent under, violate, conflict with, result in any breach of any loss of any benefit under, or constitute a change of control or default under, or result in termination or give to others any right of termination, vesting, amendment, acceleration or cancellation of any contract to which Buyer is a party, or by which its properties or assets may be bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05. Consideration Shares

The Parent has reserved for issuance sufficient Parent Shares from its authorized capital stock for purposes of issuing the Consideration Shares in accordance with this Agreement. The Consideration Shares, when issued, sold, and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid, and nonassessable, and free of restrictions on transfer other than the restrictions set forth in <u>Appendix C</u> to this Agreement and Securities Restrictions. Assuming the accuracy of the representations of each Seller in Section 3.05 of this Agreement, the Consideration Shares will be issued in compliance with all applicable U.S. federal and state securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06. Litigation

There is no Proceeding pending or, to the Buyer's Knowledge, threatened against or involving the Buyer that would prevent or restrict the Buyer's performance of its obligations under this Agreement and/or the Buyer's Transaction Documents or the consummation of the Contemplated Transactions. There is no Proceeding pending or, to the Parent's Knowledge, threatened against or involving the Parent that would prevent or restrict the Parent's performance of its obligations under this Agreement and/or the Buyer's Transaction Documents to which the Parent is a party, or the consummation of the Contemplated Transactions.

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07. Brokerage

There are no claims for brokerage commissions, finders' fees or similar compensation in connection with the Contemplated Transactions based on any arrangement or agreement made by or on behalf of the Parent or the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08. Sufficiency of Funds

Each of the Parent and the Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to make the payment(s) contemplated to be made by it pursuant to this Agreement.

 **6. <u>Covenants and Agreements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01. Conduct of Business of the Company Pending the Closing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller, on the one hand, and the Company, on the other hand, each covenant and
agree that, during the period from the Agreement Date until the Closing Date, except with the prior written consent of Buyer, or as expressly
contemplated by this Agreement, or as set forth in <u>Schedule 6.01(a)</u>, or as required by Law, the business of the Company and its
Subsidiaries shall be conducted in the ordinary course of business consistent with past practice and the Company and its Subsidiaries
shall comply with all applicable Laws, rules and regulations and to the extent consistent therewith, preserve their business organizations
intact and maintain existing relations and goodwill with customers, suppliers, distributors, creditors, lessors, licensors, licensees,
Governmental Authorities, employees, agents, consultants, and business associates, to keep available the services of the Company's and
its Subsidiaries' present employees, agents and consultants. Without limiting the generality of the foregoing, from the Agreement Date
until the Closing Date, except with the prior written consent of Buyer, or as expressly contemplated by this Agreement, or as set forth
in <u>Schedule 6.01(a)</u>, or as required by Law, the Company will not and will not permit its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or propose any change to its Governing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) merge or consolidate the Company or any of its Subsidiaries with any other Person,
except for any such transactions among wholly owned Subsidiaries of the Company, or restructure, reorganize or completely or partially
liquidate or otherwise enter into any agreements or arrangements imposing material changes or restrictions on its assets, operations or
businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquire assets outside of the ordinary course of business from any other Person
in any transaction or series of related transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except for the issuance of shares upon the exercise of employee plan options outstanding
on the date of this Agreement, issue, sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition,
grant, transfer, lease, license, guarantee or encumbrance of, any shares of the Company stock or stock of any of its Subsidiaries (other
than the issuance of shares by a wholly owned Subsidiary of the Company to the Company or another wholly owned Subsidiary), or securities
convertible or exchangeable into or exercisable for any shares of such capital stock, or any options, warrants or other rights of any
kind to acquire any shares of such capital stock or such convertible or exchangeable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) create or incur any Lien on any assets of the Company or any of its Subsidiaries;

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make any loans, advances, guarantees or capital contributions to or investments
in any Person (other than the Company or any direct or indirect wholly owned Subsidiary of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) declare, set aside, make or pay any dividend or other distribution, payable in cash,
stock, property or otherwise, with respect to any of its capital stock (except for dividends paid by any direct or indirect wholly owned
Subsidiary to the Company or to any other direct or indirect wholly owned Subsidiary) or enter into any Contract with respect to the voting
of its capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire,
directly or indirectly, any of its capital stock or securities convertible or exchangeable into or exercisable for any shares of its capital
stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) incur, or enter into, amend, modify or terminate any Contract with respect to,
any Indebtedness for borrowed money or guarantee, or enter into, amend, modify or terminate any guarantee of, such Indebtedness of another
Person, or issue, sell, enter into, amend, modify or terminate any debt securities or warrants or other rights to acquire any debt security
of the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make or authorize any capital expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) make any changes with respect to financial accounting policies or procedures, except
as required by changes in GAAP or applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) settle any litigation or other proceedings before a Governmental Authority (A)
for an amount in excess of $5,000 or any obligation or Liability of the Company in excess of such amount, (B) on a basis that would result
in (I) the imposition of any writ, judgment, decree, settlement, award, injunction or similar order of any Governmental Authority that
would restrict the future activity or conduct of the Company or any of its Subsidiaries or (II) a finding or admission of a violation
of Law or violation of the rights of any Person by the Company or any of its Subsidiaries, or (C) that is brought by any current, former
or purported holders of any capital stock or debt securities of the Company or any of its Subsidiaries relating to the transactions contemplated
by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) other than in the ordinary course of business consistent with past practice, (A)
amend, modify or terminate any Material Contract or License, (B) take or omit to take any action that would cause any Company Intellectual
Property, including registrations thereof or applications for registration, to lapse, be abandoned or cancelled, or fall into the public
domain, or (C) cancel, modify or waive any debts or claims held by it or waive any rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) make any material tax election or material change in any tax election, change or
consent to change the Company's or any of its Subsidiaries' method of accounting for tax purposes, file any material amended Tax Return
or enter into any settlement or compromise of any material tax liability of the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) except as set forth in <u>Schedule 6.01(a)(xv)</u> or as otherwise required by applicable Law, (A)
 grant or provide any severance or termination payments or benefits to any of its or its Subsidiaries' directors, officers, or
 employees, (B) increase the compensation, bonus or pension, welfare, severance or other benefits of, pay any bonus to, or make any
 new equity awards to any of its or its Subsidiaries' directors, officers or employees, (C) establish, adopt, amend or
 terminate any "employee benefit plan" or amend the terms of any outstanding equity-based awards, (D) forgive any loans
 to any of its or of any of its Subsidiaries' directors, officers or employees, (E) terminate the employment (other than for
 cause) of any Company Employee, or hire any Company or Subsidiary employee, except for hiring in the ordinary course of business to
 fill an existing vacancy, *provided* that Sellers shall first obtain Buyer's written consent before the hiring of any (x)
 management or executive personnel, (y) individual for a position having an annual base compensation of over $25,000, or (z) group of
 individuals for positions having annual base compensation in the aggregate of over $50,000, or (F) enter into any negotiations
 concerning any collective bargaining agreement or understanding with a labor union or organization with respect to any Company
 Employees;

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) take any action or omit to take any action that is reasonably likely to result
in any of the conditions to the Closing set forth in Section 2 not being satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) agree, authorize or commit to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to making any written material broad-based communications to the directors,
officers or employees of the Company or any of its Subsidiaries pertaining to compensation or benefit matters that are affected by the
transactions contemplated by this Agreement, the Company shall provide Buyer with a copy of the intended communication, Buyer shall have
a reasonable period of time to review and comment on the communication, and Buyer and the Company shall cooperate in providing any such
mutually agreeable communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02. Non-Solicitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period commencing on the Agreement Date and ending on the Closing Date,
and during the Restricted Period (collectively, the "*Non-Solicitation Period* "), no Seller shall, directly or indirectly
(other than in connection with providing services to the Buyer, Parent or their Affiliates, including but not limited to the Company):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) induce or attempt to induce or encourage others to induce or attempt to induce,
any Person who is or, during the Non-Solicitation Period, becomes an employee of Parent, Buyer, or the Company to terminate such Person's
employment with Parent, Buyer, or the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) induce or attempt to induce or encourage others to induce or attempt to induce,
any Person who is or, during the Non-Solicitation Period, becomes a customer or client of Parent, Buyer, or the Company to terminate such
Person's business relationship with Parent, Buyer, or the Company.

<u>provided</u>, <u>however</u>, that nothing in this Agreement shall prevent or restrict any Seller from (i) employing any Person whose employment is terminated prior to any such solicitation or employment, or (ii) any general advertising or solicitation for employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Seller is in breach of any of the provisions of Section 6.02(a), then the time
periods set forth in those provisions shall, as they relate to the breaching Seller, be extended by the length of time during which the
breaching Seller is in breach of any of those provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Seller agrees that during the Restricted Period he, she, it, or they will not,
either on their own account or directly or indirectly in conjunction with or on behalf of any other Person, disparage or otherwise speak
or write negatively about Parent, Buyer, or the Company or cause any other person to disparage or speak or write negatively about Parent,
Buyer, or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Seller acknowledges and agrees that the Company would be irreparably damaged
if any of the provisions of this Section 6.02 are not complied with in accordance with their specific terms or are otherwise breached.
Accordingly, Parent, Buyer, and the Company shall be entitled to seek an injunction or injunctions to prevent breaches of this Section
6.02 and shall have the right to specifically enforce this Section
6.02 and its terms and provisions against Seller in addition to any other remedy to which Parent, Buyer, and/or the Company may be entitled
under this Agreement, at law or in equity.

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| | |
|:---|:---|
| **Pharma15 Corporation** | 23 |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is the intent of the Parties that each provision of this Section 6.02 be adjudicated
valid and enforced to the fullest extent permissible under the laws and public policies of each jurisdiction in which adjudication of
the validity or enforcement of this Section 6.02 is sought. In furtherance of that intent, each provision of this Section 6.02 shall be
severable from each other provision, and any provision of this Section 6.02 that is prohibited or unenforceable in any jurisdiction shall
be subject to the following: (i) if the prohibited or unenforceable provision is contrary to or conflicts with any requirement of any
statute, rule or regulation in effect in the jurisdiction, then the requirement shall be incorporated into, or substituted for, the prohibited
or unenforceable provision to the minimum extent necessary to make the provision valid or enforceable; (ii) the Governmental Authority,
arbitrator, or other adjudicatory body considering the matter is authorized to (or, if that Governmental Authority, arbitrator, or other
adjudicatory body is unwilling or fails to do so, then the parties shall) amend the unenforceable provision to the minimum extent necessary
to make the provision valid or enforceable, and the parties consent to the entry of an order amending the provision to that extent for
that purpose; and (iii) if any unenforceable provision cannot be or is not reformed and made valid or enforceable under this Section 6.02,
then the prohibited or unenforceable provision shall be ineffective in that jurisdiction to the minimum extent necessary to make the remainder
of this Section 6.02 valid or enforceable in that jurisdiction. Any application of the foregoing provisions to any provision of this Section
6.02 shall not (A) affect the validity or enforceability of any other provision of this Section 6.02 or (B) prevent the prohibited or
unenforceable provision from being adjudicated valid or enforced as written in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03. Access to Confidential Information

Each of Parent, Buyer, Sellers, and the Company will give the other and the other's counsel and other representatives, full access throughout the period prior to the Closing Date to all of its properties, books, contracts, commitments and records and furnish to the other during such period with all information concerning its affairs as reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04. Cooperation

All Parties will cooperate with the other Parties in good faith to assure that all requirements of applicable Laws (including, without limitation, all legal and ethical requirements) applicable to the consummation of the Contemplated Transactions and the conduct of business by Buyer through the Company thereafter shall have been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05. Confidentiality of Transaction; Publicity

It is the intention of the Parties that this Agreement and the Parties' performance under it, including any proceedings to resolve any disputes, shall remain confidential and not become part of the public domain. No Party will disclose to any third party any information regarding the existence of this Agreement, the Transaction Documents, the terms of the Contemplated Transactions, or the existence or status of negotiations with respect to them, except for discussions with their respective accountants and attorneys, their advisors, agents, representatives, material clients, landlords, lenders, financial advisors, referral sources, parties whose Consent is required under a Material Contract and disclosures required by Law and legal process. Except as otherwise required by Law, so long as this Agreement is in effect, none of the Buyer, the Parent, the Company, the Sellers' Representative nor the Sellers shall, nor shall they permit any of their respective constituents to, issue or cause the publication of any press release or other public announcement with respect to, or otherwise make any public statement concerning, this Agreement or the Contemplated Transactions without the Consent of the other, which Consent shall not be unreasonably withheld. Promptly after this Agreement has been executed by all Parties, Buyer and Sellers' Representative will join in publicly announcing such transaction, the contents of which will be mutually agreed upon by the Buyer and the Sellers' Representative. Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict the Sellers' Representative or any Seller from lawfully (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by any Governmental Authority regarding a possible violation of any Law; (ii) responding to any inquiry or legal process directed to such Party individually from any such Governmental Authority; (iii) testifying, participating or otherwise assisting in a Proceeding by any such Governmental Authority relating to a possible violation of Law; (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable Law; or (v) in the case of a Seller, use of such information as is necessary to prepare Tax Returns of such Seller or its Affiliates.

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| | |
|:---|:---|
| **Pharma15 Corporation** | 24 |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06. Employment Matters

Nothing contained in this Agreement shall be deemed to abrogate or impair the right of Parent and Buyer (and, after the Closing, the Company and its Subsidiaries) to determine which employees, if any, will continue to be employed by the Company and its Subsidiaries or to determine the compensation and benefits and other terms of employment for such employees after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07. Third Party Consents

To the extent that the Contemplated Transactions constitute an "assignment" of any Material Contract or License, or any other assets of the Company, as result of which Parent or Buyer may not exercise the Company's rights to the Material Contract or other asset without the Consent of another Person which has not been obtained, this Agreement shall not constitute an agreement to assign the same if an attempted assignment would constitute a breach thereof or be unlawful, and Sellers' Representative, at its expense, shall use commercially reasonable efforts to obtain any such required Consent(s) as promptly as possible. If any such Consent shall not be obtained or if any attempted assignment would be ineffective or would impair the rights of Buyer under the Acquired Assets in question so that Buyer would not in effect acquire the benefit of all such rights, Sellers' Representative, to the maximum extent permitted by law and the Acquired Assets, shall act after the Closing as the agent of Buyer in order to obtain for Buyer the benefits thereunder and shall cooperate, to the maximum extent permitted by law and the Acquired Assets, with Buyer in any other reasonable arrangement designed to provide such benefits to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08. Expenses

Except as otherwise provided in this Agreement, each Party to this Agreement will bear its respective fees and expenses incurred in connection with the preparation, negotiation, and execution of this Agreement and the other Transaction Documents and performance of the Contemplated Transactions, including all fees and expense of its representatives; *provided*, *however*, that if this Agreement is terminated pursuant to Section 7.01 by (i) any Party for failure to obtain the approval by the ASX of the Contemplated Transactions and acceptance of the listing of the Consideration Shares on the ASX to satisfy the condition set forth in Section 2.03(d) or (ii) the Company if the Closing has not occurred (other than through the failure of Company to comply with its obligations under this Agreement) on or before the Outside Date (as defined below), or such later date as the Parties may agree upon in writing, the Buyer shall pay the reasonable legal fees incurred by the Company in connection with the Contemplated Transactions, up to a maximum amount of $50,000.00. If this Agreement is terminated, the obligation of each Party to pay its own fees and expenses will be subject to any rights of such Party arising from a breach of this Agreement by another Party.

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| | |
|:---|:---|
| **Pharma15 Corporation** | 25 |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09. Sellers' Representative

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Agreement Date, Suzanne Dance shall be constituted and appointed as the Sellers'
 Representative, with full power and authority on each Seller's behalf: (i) to consummate the Contemplated Transactions in
 accordance with the terms and conditions set forth in this Agreement and the Transaction Documents; (ii) to receive, give receipt,
 and disburse any funds received under this Agreement on behalf of or to each Seller; (iii) to holdback from disbursement to all of
 the Sellers collectively any such funds to the extent the Sellers' Representative reasonably determines may be necessary or
 required under the terms and conditions of this Agreement; (iv) to execute and deliver on behalf of each Seller, all documents
 contemplated in this Agreement, and any amendment, waiver or Consent in connection with this Agreement or the Transaction Documents; (v) to take all other actions required to be
taken by or on behalf of the Sellers collectively under the terms and conditions of this Agreement and the Transaction Documents; (vi)
to give and receive notices on behalf of the Sellers collectively; and (vii) to do each and every act and exercise any and all rights
which the Sellers collectively are, permitted or required to do or exercise under this Agreement and the Transaction Documents, including
but not limited to (A) initiating or refraining from initiating or disputing or refraining from disputing any indemnity or other claim
under this Agreement and the Transaction Documents, as the Sellers' Representative, in its reasonable discretion, determines is
necessary or desirable, (B) negotiating, compromising, and resolving any dispute which may arise under this Agreement or the Transaction
Documents, as the Sellers' Representative, in its sole discretion, determines to be necessary or advisable, or (C) exercising or
refraining from exercising remedies available under this Agreement and the Transaction Documents and signing any release or other document
with respect to such dispute or remedy, as the Sellers' Representative, in reasonable discretion, determines to be necessary or
desirable. Each Seller, by accepting the consideration payable to him, her or it under this Agreement, irrevocably grants unto the Sellers'
Representative, as attorney-in-fact and agent, full power and authority to do and perform each and every act and thing necessary or required
to be done in connection with the Contemplated Transactions as fully to all intents and purposes as such Seller might or could do in
person. Such agency and proxy are coupled with an interest, are therefore irrevocable without the consent of the Sellers' Representative
and shall survive the death, incapacity or bankruptcy of any Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All decisions, actions, consents and instructions of the Sellers' Representative
authorized to be made, taken or given pursuant to this Section 6.09 shall be final and binding upon all the Sellers, and no Seller shall
have any right to object, dissent, protest or otherwise contest the same, except for fraud, bad faith or intentional and willful misconduct
of the Sellers' Representative in connection therewith. The Sellers' Representative will incur no Liability of any kind with
respect to any action or omission by the Sellers' Representative in connection with its services pursuant to this Agreement and
the Transaction Documents, except to the extent resulting from the Sellers' Representative's bad faith or willful misconduct.
The Sellers will indemnify, defend and hold harmless the Sellers' Representative from and against any and all Losses (including
the reasonable out-of-pocket fees and expenses of counsel and experts and their staffs and all reasonable expense of document location,
duplication and shipment) (collectively, "*Representative Losses*") to the extent arising out of the Sellers' Representative's
execution and performance of this Agreement and the Transaction Documents, in each case as such Representative Loss is suffered or incurred; *provided*, that in the event that any such Representative Loss is finally adjudicated to have been caused by the bad faith or willful
misconduct of the Sellers' Representative, the Sellers shall have no obligation under the foregoing indemnity and the Sellers'
Representative will immediately reimburse the Sellers the amount of such indemnified Representative Loss to the extent attributable to
such bad faith or willful misconduct. If not paid directly to the Sellers' Representative by the Sellers, any such Representative
Losses may be recovered by the Sellers' Representative from the funds in the Expense Fund; provided, that while this section allows
the Sellers' Representative to be paid from the Expense Fund, this does not relieve the Sellers from their obligation to promptly
pay such Representative Losses as they are suffered or incurred, nor does it prevent the Sellers' Representative from seeking any
remedies available to it at law or otherwise. In no event will the Sellers' Representative be required to advance its own funds
on behalf of the Sellers or otherwise. The Sellers acknowledge and agree that the foregoing indemnities will survive the resignation or
removal of the Sellers' Representative or the termination of this Agreement. The Sellers' Representative shall not have by
reason of this Agreement a fiduciary relationship in respect of any Seller, except in respect of amounts actually received on behalf of
such Seller. The Sellers' Representative shall not be required to make any inquiry concerning either the performance or observance
of any of the terms, provisions or conditions of this Agreement. The Sellers understand and agree that the Sellers' Representative
may have various actual, perceived or potential conflicts of interest and hereby waive and agree to waive any and all such conflicts of
interest, to not assert any claim on the basis thereof, and not to seek to disqualify the Sellers' Representative due to any and
all such conflicts of interest or potential conflicts of interest or appearances of impropriety. The Sellers' Representative will
also be fully protected in relying upon any written notice, demand, certificate or document that it in good faith believes to be genuine
(including facsimiles thereof).

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|:---|:---|
| **Pharma15 Corporation** | 26 |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Sellers' Representative becomes unable to perform the
Sellers' Representative's responsibilities or resigns from such position, the Sellers shall select another representative
to fill such vacancy and such substituted representative shall (i) be deemed to be the Sellers' Representative for all purposes
of this Agreement and (ii) exercise the rights and powers of, and be entitled to the indemnity, reimbursement and other benefits of, the
Sellers' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. Sellers' Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Closing, each Seller hereby releases, remises and forever discharges
the Company from any dispute, claim, controversy, demand, right, obligation, Liability arising out of any matter or event occurring prior
to the Closing, action or cause of action of every kind and nature, including any unknown, unsuspected or undisclosed claim or any claim
or right that may be asserted or exercised by such Seller against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The release contained in Section 6.10(a) does not include any release of such Seller's
rights and benefits, if any: (i) if such Seller is or was an officer or director of the Company with respect to rights to indemnification
rights set forth in Section 8.03 or under any indemnification agreement between such officer or director with the Company prior to the
Closing Date; (ii) to claims for earned but unpaid wages or vested employee benefits, including salary and reimbursements of expenses
incurred prior to the Closing and otherwise reimbursable in accordance with the Company's policies, continuation coverage benefits
under Section 4980B of the Code, or any other similar benefits required by applicable Law, workers' compensation insurance benefits
under the terms of any worker's compensation insurance policy, and matters which, under applicable Law or public policy, cannot
be released; (iii) under this Agreement or the Transaction Documents; (iv) arising under agreements between a Seller on the one hand,
and the Buyer and the Parent and their respective Affiliates (other than the Company), on the other, that are unrelated to such Seller's
position as a stockholder of the Company; (v) asserting a right of contribution against another Seller; and (vi) that cannot be released
or discharged under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. Termination of Voting Agreement

Contingent upon the Closing, each of the Sellers and the Company hereby agree that the Voting Agreement, dated January 18, 2021, among the Company, Hans Ulmert in his individual capacity, and the Sellers shall be terminated and of no further force and effect as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. Best Efforts

Parent and Buyer shall each use its best efforts to cause the approval by the ASX of the Contemplated Transactions and listing of the Consideration Shares to satisfy the condition set forth in Section 2.03(d), including but not limited to submitting the Contemplated Transactions for a vote by the Parent's shareholders at the next meeting of the Parent's shareholders to the extent required by the ASX; *provided, however*, that neither Parent nor Buyer shall be required to dispose of or make any change to their businesses, expend any material funds, or incur any other material obligation in order to comply with this Section 6.12. For the avoidance of doubt, submitting the Contemplated Transactions for a vote by the Parent's shareholders shall not be considered a change to the business of the Parent or Buyer, a material expenditure of funds or a material obligation.

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|:---|:---|
| **Pharma15 Corporation** | 27 |

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**Stock Purchase Agreement**

**7. <u>Termination</u>**

7.01. Termination Events

By notice given prior to or at the Closing, this Agreement may be terminated:

(a) by Parent, if a material breach of any provision of this
Agreement has been committed by any Seller and such breach has not been waived or, if capable of being cured, cured by such Seller, within
20 days (or such lesser period remaining prior to the date that is one Business Day prior to the Outside Date) after written notice therefrom
by Parent to such Seller;

(b) by the Company, if a material breach of any provision of this Agreement has been
committed by Parent or Buyer and such breach has not been waived or, if capable of being cured, cured by Parent or Buyer, as applicable,
within 20 days (or such lesser period remaining prior to the date that is one Business Day prior to the Outside Date) after written notice
therefrom by the Company to Parent or Buyer, as applicable;

(c) by Parent, if (i) any of the conditions in Sections 2.02 and 2.03 has not been
satisfied as of the Closing Date or if satisfaction of such a condition is or becomes impossible, other than through the failure of Parent
or Buyer to comply with their obligations under this Agreement, and (ii) Parent has not waived such condition on or before the Closing
Date;

(d) by the Company, if (i) any of the conditions in Sections 2.02 and 2.04 has not been
satisfied of the Closing Date or if satisfaction of such a condition is or becomes impossible, other than through the failure of Sellers
or the Company to comply with their obligations under this Agreement, and (ii) Sellers have not waived such condition
on or before the Closing Date;

(e) by mutual written consent of Parent and the Company; or

(f) by Parent or the Company if the Closing has not occurred (other than through the
failure of any Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement or to satisfy any condition
to closing required under this Agreement) on or before March 6, 2023 (the "*Outside Date* "), or such later date as the
Parties may agree upon in writing.

7.02. Effect of Termination

Each party's right of termination under Section 7.01 is in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement is terminated pursuant to Section 7.01, all further obligations of the parties under this Agreement will terminate, except that the obligations in Sections 6.05 and 6.08 will survive; *provided, however*, that if this Agreement is terminated by a party because of the breach of the Agreement by the other party or because one or more of the conditions to the terminating party's obligations under this Agreement is not satisfied as a result of the other party's failure to comply with its obligations under this Agreement, the terminating party's right to pursue all legal remedies will survive such termination unimpaired.

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|:---|:---|
| **Pharma15 Corporation** | 28 |

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**Stock Purchase Agreement**

**8. <u>Indemnification</u>**

8.01. Survival

The representations and warranties contained in this Agreement shall survive the Closing and shall remain in full force and effect until the first anniversary of the Closing Date, other than (a) the Fundamental Representations, which shall survive indefinitely; and (b) the representations and warranties set forth in Sections 3.05 (Investment Intent), 4.10 (Employee Benefit Plans), 4.13 (Tax Matters), and 4.15 (Intellectual Property), each of which shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus 60 days. All covenants and agreements of the Parties contained in this Agreement shall survive the Closing indefinitely or for the period explicitly specified in this Agreement. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching Party to the breaching Party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive until finally resolved.

8.02. Indemnification by Seller

From and after the Closing, each Seller shall, severally and not jointly and solely as to such Seller, defend, indemnify and hold harmless Parent, Buyer, and the Company (after the Closing) and their respective directors, managers, stockholders, officers, employees, and agents (each, a "*Buyer Indemnified Party*") from and against any and all Losses that constitute, or arise out of or in connection with:

(a) any inaccuracy or misrepresentation in, or breach of the
representations or warranty of Seller or the Company contained in this Agreement or the other Transaction Documents (a "*Seller Warranty Breach* "), in each case without giving effect to any qualification as to materiality, Material Adverse Effect or words
of similar import for purposes of determining whether there has been a breach or inaccuracy or the amount of any Loss;

(b) any default by (i) the Sellers' Representative at any time pursuant to this
Agreement or (ii) by the Company at or prior to the Closing Date in the performance or observance of any of its or her covenants, or agreements
under this Agreement; or

(c) any Liability incurred by the Company prior to the Closing Date.

8.03. Indemnification by Buyer

From and after the Closing, Buyer and Parent jointly and severally shall defend, indemnify and hold harmless each Seller and his, her, or its Affiliates, heirs, executors, administrators, members, managers, partners, directors, officers, employees and agents (each, a "*Seller Indemnified Party*") from and against any and all Losses that constitute, or arise out of or in connection with:

(a) any misrepresentation or breach of warranty of Buyer or Parent under Section 5 of
this Agreement or in the other Transaction Documents (a "*Buyer Warranty Breach* "), in each case without giving effect
to any qualification as to materiality, Material Adverse Effect or words of similar import for purposes of determining whether there has
been a breach or inaccuracy or the amount of any Loss;

(b) any default by Parent or Buyer in the performance or observance of any of its covenants
or agreements under this Agreement.

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|:---|:---|
| **Pharma15 Corporation** | 29 |

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**Stock Purchase Agreement**

8.04. Representation, Settlement and Cooperation

If any Proceeding is initiated against any Seller Indemnified Party or Buyer Indemnified Party (each, an "*Indemnitee*") and the Indemnitee intends to seek indemnification from the Sellers or the Buyer (each, an "*Indemnitor*"), as applicable, under this Section 8 on account of the Indemnitee's involvement in the Proceeding, then the Indemnitee shall Notify the applicable Indemnitor; but the failure to Notify the Indemnitor shall not relieve the Indemnitor of its obligations under this Section 8 except to the extent that the Indemnitor demonstrates that its ability to meet its obligations have been prejudiced by the Indemnitee's failure to Notify. Upon receipt of Notice of a Proceeding for which indemnification is available under this Section 8, the Indemnitor shall diligently defend against the Proceeding on behalf of the Indemnitee at the Indemnitor's own expense using counsel reasonably acceptable to the Indemnitee; *provided, however*, that if the Indemnitor shall fail or refuse to conduct the defense, or if the Indemnitee has been advised by counsel that it may have defenses available to it which are different from or in addition to those available to the Indemnitor or that its interests in the Proceeding are adverse to the Indemnitor's interests, then the Indemnitor will pay the reasonable fees and expenses of the Indemnitee's separate counsel, so long as such counsel has been approved by the Indemnitor. The Indemnitor or Indemnitee, as applicable, may participate in any Proceeding being defended against by the other at its own expense and shall not settle any Proceeding without the prior Consent of the other, which Consent shall not be unreasonably withheld. The Indemnitor and Indemnitee shall cooperate with each other in the conduct of any Proceeding.

8.05. Notice and Satisfaction of Indemnification Claims

No indemnification claim shall be deemed to have been asserted until the applicable Indemnitor has been Notified by the Indemnitee of the amount of the claim and the facts on which the claim is based (including evidence supporting the amount of the claim). For purposes of this Section 8, Notice of an indemnification claim shall be deemed to cover claims arising out of or in connection with all related Proceedings so long as, in the case of Proceedings instituted by third parties, the Indemnitee complies with Section 8.04. Indemnification claims shall be paid within 30 days after the Indemnitor's receipt of the Notice described in this Section 8.05 (including the required evidence of the amount of the claim). Evidence of the amount of the claims for which the Indemnitee seeks indemnification, and the Indemnitor's liability shall be in form and content reasonably satisfactory to the Indemnitor.

8.06. Payments

The Indemnifying Party shall satisfy its obligations within 15 Business Days by wire transfer of immediately available funds. The Parties agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of determination of the indemnifiable Loss to and including the date such payment has been made at a rate per annum equal to the prime rate established by JP Morgan Chase Bank plus two percent (2%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed.

8.07. Certain Limitations

The indemnification provided for in Section 8.02 and Section 8.03 shall be subject to the following limitations:

(a) The Sellers shall not be liable to the Buyer Indemnified
Parties for indemnification under Section 8.02 unless and until the aggregate amount of all Losses indemnified under such section exceeds
an amount equal to $30,000 (the "*Basket* "), in which event the Sellers shall be liable for Losses in excess of such
amount; provided, that the Basket will not apply to or otherwise be comprised of any Losses based upon, arising out of, with respect
to or by reason of (i) a breach of any Fundamental Representation, or (ii) for Fraud or willful misconduct.

(b) The amount of all Losses for which a Seller shall be liable for indemnification
under this Section 8 shall be capped at an aggregate amount not to exceed the amounts actually received by such Seller under this Agreement,
except with respect to any Losses based upon, arising out of, with respect to or by reason of Fraud on the part of such Seller.

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|:---|:---|
| **Pharma15 Corporation** | 30 |

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**Stock Purchase Agreement**

8.08. Set-Off

In the event that a Seller shall fail to promptly pay to Buyer the indemnifiable amount of such Losses in accordance with Section 8.06, each Seller, on a several and not joint basis, to the extent of each such Seller's Pro Rata Share, hereby authorizes Buyer to deduct such Losses from amounts which are due and owing by Buyer under this Agreement or any other agreement which provides for payment by Buyer to such Seller. Such rights to set-off are hereby explicitly granted to Buyer by each Seller.

8.09. Tax Treatment of Indemnification Payments

All indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the consideration for tax purposes, unless otherwise required by Law.

8.10. Effect of Investigation

The representations, warranties and covenants of the indemnifying Party, and the Indemnified Party's right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Indemnified Party (including by any of its Representatives) or by reason of the fact that the Indemnified Party or any of its representatives knew or should have known that any such representation or warranty is, was or might be inaccurate or by reason of the Indemnified Party's waiver of any condition set forth in this Agreement

8.11. Exclusive Remedy

Except for: (a) any equitable remedies which the Parties may pursue pursuant to Section 10.03, (b) enforcement actions of any kind or nature regarding the terms and provisions of this Section 8, or (c) Fraud or intentional willful misconduct, the indemnification under this Section 8 shall be the Parties' sole and exclusive remedy, each against another, with respect to matters arising under this Agreement. The Parties waive and release any other rights, remedies, causes of action or claims of any kind or nature arising under this Agreement.

**9. <u>Notices</u>**

9.01. Valid Notice

All Notices under this Agreement must be in writing in the English language. The effective date of any Notice will be (a) the date of actual receipt, when given by hand or confirmed electronic-mail transmission; (b) the third Business Day after delivery to the carrier, when given by reputable international overnight delivery service; or (c) the fifth Business Day after mailing, when given by international first-class registered or certified airmail, postage prepaid, return receipt requested. If Notice is provided in more than one format required or permitted by this Section 9.01, then the Notice is effective on the first effective date to occur as specified by clause (a), (b), or (c) of this Section 9.01, as applicable.

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|:---|:---|
| **Pharma15 Corporation** | 31 |

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**Stock Purchase Agreement**

9.02. Company's Address for Notice

All Notices to the Company, prior to the Closing, must be addressed to the Company at the following address:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharma15 Corporation** <br> Attention: Suzanne Dance, <br> CEO 17 West 10th Street, <br> Suite 2NS New York, NY <br> 10011<br> USA<br> email: suzanne@pharma15corporation.com | With a copy to:<br>**Fredrikson & Byron, P.A.** <br> Attention: Christopher J. Melsha <br> 200 South Sixth Street, Suite<br> 4000<br> Minneapolis, MN 55402<br> USA<br> email: cmelsha@fredlaw.com |

---

Seller (and the Company, prior to the Closing) may change their address for Notice by giving valid Notice to Buyer and Parent in accordance with this Section 9.

9.03. Seller's Address for Notice

All Notices to any Seller must be addressed to the Seller at the address set forth on across from the Seller's name under the heading titled "Purchased Shares" in the table in <u>Schedule 1</u>, with a copy to:

**Fredrikson & Byron, P.A.** <br> Attention: Christopher J. Melsha<br> 200 South Sixth Street, Suite<br> 4000<br> Minneapolis, MN 55402<br> USA<br> email: cmelsha@fredlaw.com<br>

Any Seller may change his, her, their, or its address for Notice by giving valid Notice to Buyer and Parent in accordance with this Section 9.

9.04. Parent's and Buyer's Addresses for Notice

All Notices to Parent and Buyer (and to the Company, from and after the Closing) must be addressed to Parent and Buyer at the following addresses:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Radiopharm Theranostics Limited**<br> Attention: CEO<br> Suite 1, Level 3, 62 Lygon <br> Street Carlton South, VIC <br> 3053 Australia<br> email: rc@radiopharmtheranostics.com<br>**Radiopharm Theranostics (USA), Inc.**<br> Attention: CEO | In either case, with a copy to:<br>**Morehous Legal Group, <br> PLLC** Attention: David L. <br> Morehous 301 N. Peters <br> Road, Suite 201<br> Knoxville, TN 37922 <br> USA<br> email: dmorehous@morehouslegal.com |

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Parent or Buyer (and the Company, from and after the Closing) may change its address for Notice by giving valid Notice to Sellers in accordance with this Section 9.

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| **Pharma15 Corporation** | 32 |

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**Stock Purchase Agreement**

**10. <u>General Provisions</u>**

10.01. Construction & Interpretation

(a) Each term defined in the singular form in <u>Appendix A</u> to this Agreement or elsewhere in this Agreement means the plural of the term whenever the plural form is used, and each term defined
in the plural form means the singular of the term whenever the singular form is used. The use of a pronoun of any gender is applicable
to all genders.

(b) All terms defined in this Agreement have the same meanings when used in any other
certificate, report or document made or delivered pursuant to this Agreement, unless otherwise defined in the certificate, report, or
document.

(c) Accounting terms used and not defined in this Agreement have the meanings given
to those terms in the generally accepted accounting principles of the United States, applied on a consistent basis throughout the period
in question.

(d) The words "*hereof*," "*herein*," "*hereunder* "
and similar terms when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement;
and section, subsection, schedule, and exhibit references in this Agreement are references to sections and subsections of and schedules
and exhibits to this Agreement unless otherwise specified.

(e) The words "*including*" and "*include*" mean including
without limiting the generality of any description preceding such term, the phrase "*may not*" is prohibitive and not
permissive, and the word "*or*" is not exclusive.

(f) Unless otherwise stated in this Agreement, in the computation of a period of time
from a specified date to a later specified date, the word "*from*" means "from but excluding" and the words
" *to*" and "*until*" each means "to and including."

(g) A reference to any agreement, document, or instrument refers to the agreement,
document or instrument as amended or modified and in effect from time to time in accordance with its terms and as permitted in this Agreement.

(h) Except as otherwise specified, a reference to any Law refers to the Law as amended,
modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, and to any rules and regulations promulgated
under the Law in question; and a reference to any section or other provision of any Law refers to that provision of the Law from time
to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of the referenced
section or other provision.

(i) The headings preceding the text of the sections of this Agreement and the exhibits
to this Agreement are for convenience only and are not a substantive part of this Agreement.

10.02. Governing Law; Waiver of Jury Trial; Jurisdiction and Venue

(a) This Agreement shall be governed and construed in accordance with the internal laws
of the State of Delaware as applied to contracts made and performed within the State of Delaware, without regard to the principles thereof
regarding resolution of conflicts of law.

(b) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY
IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF, CONNECTED WITH, OR RELATED OR INCIDENTAL TO THIS AGREEMENT, THE CONTEMPLATED TRANSACTIONS AND/OR THE RELATIONSHIPS ESTABLISHED
AMONG THE PARTIES UNDER THIS AGREEMENT. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

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| **Pharma15 Corporation** | 33 |

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**Stock Purchase Agreement**

(c) Parent, Buyer, Sellers, and the Company each hereby (i) submit
to the jurisdiction of the Identified Courts in any Proceeding arising out of, connected with, or related or incidental to this Agreement,
the Contemplated Transactions and/or the relationships established among the Parties under this Agreement; (ii) agree that all claims
in respect of the action or proceeding must be heard and determined in the Identified Courts; (iii) agree not to bring any action or
proceeding arising out of or relating to this Agreement or the Contemplated Transactions in any court other than one of the Identified
Courts; (iv) waive any defense of inconvenient forum to the maintenance of any action or proceeding brought in a Identified Court; and
(v) agree that a final judgment in any action or proceeding properly brought in a Identified Court shall be conclusive and may be enforced
by suit on the judgment or in any other manner provided by law or in equity.

10.03. Enforcement of Agreement

Sellers and the Company acknowledge and agree that Buyer and Parent would be irreparably damaged if any of the provisions of this Agreement are not performed in accordance with their specific terms and that any material breach of this Agreement by Sellers or the Company could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or remedy to which any Party may be entitled, at law or in equity, either Buyer or Parent shall be entitled to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement.

10.04. Waiver; Remedies Cumulative

The rights and remedies of the Parties to this Agreement are cumulative and not alternative. Neither any failure nor any delay by any Party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or any of the documents referred to in this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be applicable except in the specific instance for which it is given; and (c) no Notice to or demand on one Party will be deemed to be a waiver of any obligation of that Party or of the right of the Party giving the Notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

10.05. Entire Agreement and Modification

This Agreement supersedes all prior agreements, whether written or oral, between the Parties with respect to its subject matter (including any letter of intent and any confidentiality agreement between Parent and the Company) and constitutes, together with the other Transaction Documents and the Appendices, Schedules and Exhibits to this Agreement, a complete and exclusive statement of the terms of the agreement between the Parties with respect to its subject matter. This Agreement may not be amended, supplemented, or otherwise modified except by a written agreement executed by the Party to be charged with the amendment.

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| **Pharma15 Corporation** | 34 |

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**Stock Purchase Agreement**

10.06. Appendices and Schedules

All Appendices and Schedules attached to this Agreement or referred to in it and the Recitals to this Agreement are (a) each hereby incorporated into and made a part of this Agreement as if set forth in full herein and (b) qualified in their entirety by reference to specific provisions of this Agreement.

10.07. Assignments, Successors and No Third-Party Rights

No Party may assign any of its rights or delegate any of its obligations under this Agreement without the prior written Consent of the other Parties, except that Parent or Buyer may assign any of its rights and delegate any of its obligations under this Agreement to any wholly owned subsidiary of Parent or Buyer and may collaterally assign its rights hereunder to any financial institution providing financing in connection with the Contemplated Transactions. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the Parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the Parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement, except such rights as shall inure to a successor or permitted assignee pursuant to this Section 10.07. No assignment of this Agreement permitted by this Section 10.07 shall operate as a release of the assigning Person's obligations under this Agreement.

10.08. Severability

If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

10.09. Time of Essence

With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

10.10. Counterparts

This Agreement may be executed in two or more counterparts in the English language; each counterpart is an original of this Agreement, and all counterparts constitute a single Agreement. In case of any conflict between the English version and any translated version of this Agreement, the English version will govern. Facsimile or PDF copies of signatures will be treated as original signatures for all purposes. The Parties agree that, in order to fulfill the written form requirement of this Agreement, eSignatures of duly authorized representatives of the Parties may be used as alternative to handwritten signatures on a hardcopy to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**\* Signatures appear on following page \***

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| **Pharma15 Corporation** | 35 |

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 ****

**Stock Purchase Agreement**

<u>SIGNATURES</u>

IN WITNESS WHEREOF, the Parties have executed this Agreement (in the case of Parent, Buyer, the Company, and any Seller that is an Entity, through their respective officers thereunto duly authorized) as of the Agreement Date.

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| | | |
|:---|:---|:---|
| | *<u>Parent</u>*: | *<u>Parent</u>*: |
|  | **Radiopharm Theranostics Limited**, | **Radiopharm Theranostics Limited**, |
|  | incorporated under the Laws of the Commonwealth of Australia | incorporated under the Laws of the Commonwealth of Australia |
|  | By: | /s/ Riccardo Canevari |
|  |  | Riccardo Canevari |
|  |  | Chief Executive Officer |

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| | | |
|:---|:---|:---|
| | *<u>Buyer</u>*: | *<u>Buyer</u>*: |
|  | **Radiopharm Theranostics (usa), Inc.**, a | **Radiopharm Theranostics (usa), Inc.**, a |
|  | Nevada corporation | Nevada corporation |
|  | By: | /s/ Riccardo Canevari |
|  |  | Riccardo Canevari |
|  |  | Chief Executive Officer |

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| | | |
|:---|:---|:---|
| | *<u>Company</u>*: | *<u>Company</u>*: |
|  | **Pharma15 Corporation**, a Delaware | **Pharma15 Corporation**, a Delaware |
|  | corporation | corporation |
|  | By: | /s/ Suzanne Dance |
|  | Name: | Suzanne Dance |
|  | Title: | Chief Executive Officer |

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| | | |
|:---|:---|:---|
| | *<u>Sellers' Representative</u>*: | *<u>Sellers' Representative</u>*: |
|  | **Suzanne Dance**, an individual resident of the<br> State of New York | **Suzanne Dance**, an individual resident of the<br> State of New York |
|  | By: | /s/ Suzanne Dance |

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**\* Signatures continue on following page \***

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|:---|:---|
| **Pharma15 Corporation** | ***Signature Page*** |

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**Stock Purchase Agreement**

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|:---|:---|:---|
| | *<u>Sellers</u>*: | *<u>Sellers</u>*: |
|  | **FLoCEll Ab**, incorporated under the Laws of the Kingdom of Sweden | **FLoCEll Ab**, incorporated under the Laws of the Kingdom of Sweden |
|  | By: | /s/ Hans Ulmert |
|  | Name: | Hans Ulmert |
|  | Title: | MD |

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 ****

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| | |
|:---|:---|
| **Suzanne Dance**, an individual resident of the State of New York | **Suzanne Dance**, an individual resident of the State of New York |
| Signed: | /s/ Suzanne Dance |
| **Humanndiagnostics Gmbh**, incorporated under the Laws of the Federal Republic of Germany | **Humanndiagnostics Gmbh**, incorporated under the Laws of the Federal Republic of Germany |
| By: | /s/ Joerg Traub |
| Name: | Joerg Traub |
| Title: | CEO |
| **Norbert Peekhaus**, an individual resident of the State of California | **Norbert Peekhaus**, an individual resident of the State of California |
| Signed: | /s/ Norbert Peekhaus |
| **Daniel Thorek**, an individual resident of the State of Missouri | **Daniel Thorek**, an individual resident of the State of Missouri |
| Signed: | /s/ Daniel Thorek |
| **Robert Damoiseaux**, an individual resident of the State of California | **Robert Damoiseaux**, an individual resident of the State of California |
| Signed: | /s/ Robert Damoiseaux |

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**\* Signatures continue on following page \***

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|:---|:---|
| **Pharma15 Corporation** | ***Signature Page*** |

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**Stock Purchase Agreement**

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|:---|:---|:---|
| | *<u>Sellers</u>* (continued): | *<u>Sellers</u>* (continued): |
|  | **Kjell Torsten SjÖStrÖM**, an individual resident of the Kingdom of Sweden | **Kjell Torsten SjÖStrÖM**, an individual resident of the Kingdom of Sweden |
|  | Signed: | /s/ Kjell Torsten Sjöström |
|  | **Tine Kold Olesen**, an individual resident of the Kingdom of Denmark | **Tine Kold Olesen**, an individual resident of the Kingdom of Denmark |
|  | Signed: | /s/ Tine Kold Olesen |
|  | **Mohamed Altai**, an individual resident of the Kingdom of Sweden | **Mohamed Altai**, an individual resident of the Kingdom of Sweden |
|  | Signed: | /s/ Mohamed Altai |

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| **Pharma15 Corporation** | ***Signature Page*** |

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**Stock Purchase Agreement**

<u>APPENDIX A</u>

**Definitions**

In this Agreement, the following words and expressions have the following meanings:

(a) "*Affiliate*" means, with respect to any
Person: (i) any director, officer, employee, stockholder, partner or principal of that Person; (ii) any other Person of which that Person
is a director, officer, employee, stockholder, partner or principal; (iii) any Person who directly or indirectly controls or is controlled
by, or is under common control with, that Person; and (iv) with respect to any Person described above who is a natural person, any spouse
and any relative (by blood, adoption or marriage) within the third degree of consanguinity of the Person; and the term "*control* "
means, with respect to any Person, the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

(b) "*ASX*" means the Australian Securities Exchange.

(c) "*ASX Listing Rules*" means the listing rules of the ASX.

(d) "*Base Purchase Price*" is defined in Section 1.02.

(e) "*Basket*" is defined in Section 8.07(a).

(f) "*Business*" means the business of the Company as conducted on
the Agreement Date, which is the development of antibody-based molecular platforms for therapeutic and/or diagnostic compounds targeting
cancer and other malignancies.

(g) "*Business Day*" means a day, other than a Saturday or Sunday or
public holiday in Wilmington, Delaware, on which commercial banks are open in for general commercial purposes.

(h) "*Buyer*" is defined in the preamble to this Agreement.

(i) "*Buyer Indemnified Party*" is defined in Section 8.02.

(j) "*Buyer Warranty Breach*" is defined in Section 8.03(a).

(k) "*Buyer's Transaction Documents*" is defined in Section 5.02(a).

(l) "*Cash*" means cash and cash equivalents of the Company, including
checks, commercial paper, treasury bills, cash on deposit and over-the-counter bank deposits as of immediately prior to the Closing, which
shall include deposits in transit and be net of outstanding checks, as determined in accordance with GAAP, consistently applied.

(m) "*Closing*" is defined in Section 2.01.

(n) "*Closing Adjustment*" is defined in Section 1.03(b).

(o) "*Closing Balance Sheet*" is defined in Section 1.04.

(p) "*Closing Consideration*" is defined in Section 1.02(a).

(q) "*Closing Date*" is defined in Section 2.01.

(r) "*Closing Statement*" is defined in Section 1.04.

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| **Pharma15 Corporation** | A-1 |

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**Stock Purchase Agreement**

(s) "*Code*" means the Internal Revenue Code of 1986, as amended.

(t) "*Company*" is defined in the preamble to this Agreement.

(u) "*Company Copyrights*" is defined in Section 4.15(c).

(v) "*Company Digital Accounts*" is defined in Section 4.17(b).

(w) "*Company Digital Assets*" is defined in Section 4.17(b).

(x) "*Company Employees*" is defined in Section 4.11(a).

(y) "*Company Intellectual Property*" is defined in Section 4.15(f).

(z) "*Company Marks* "
is defined in Section 4.15(a).

(aa) "*Company Patents*" is defined in Section
4.15(b).

(bb) "*Company Stock* "
means the common stock, par value $0.0001, of the Company.

(cc) "*Company Trade Secrets*" is defined in
Section 4.15(d).

(dd) "*Company Transaction Documents*" is defined in Section 4.05.

(ee) "*Company Web Sites*" is defined in Section
4.17(a).

(ff) "*Consent* "
means any approval, consent, ratification, waiver, or other authorization.

(gg) "*Consideration Shares*" is defined in Section
2.06. (hh) "*Contemplated Transactions*" means all of
the transactions contemplated by this Agreement and the other Transaction Documents, including the purchase of the Shares from the Sellers,
the conveyance of the Acquired Assets to the Company pursuant to the New Assets Assignment, and the payment to Sellers of the Purchase
Price.

(ii) "*Contract*" means any legally binding contract,
subcontract, agreement, license, sublicense, lease, sublease, instrument, indenture, promissory note or other written or oral and legally
binding commitment or undertaking.

(jj) "*Copyrights*" means all copyrightable works,
copyrights, and applications, registrations, and renewals in connection with any of them.

(kk) "*Current Financial Statements*" is defined
in Section 4.08.

(ll) "*Database*" means any database of information
and any and all data included therein, whether maintained in machine-readable form or otherwise, including the related Programming Code
and Documentation

(mm) "*Digital Account*" means any social media
or account, including Facebook, Google Plus, LinkedIn, Pinterest, Tumblr, Twitter, and YouTube accounts.

(nn) "*Digital Assets*" means all Web Sites, Digital Accounts, and Domain Names.

(oo) "*Disputed Amounts*" is defined in Section
1.04(d).

(pp) "*Documentation*" means, with respect to
a Software Program, Database or Web Site: (i) the Source Code (with comments), as well as any pertinent programming notes within the
Source Code; and; and (ii) any and all prepared and deliverable manuals relating to the Software Program, Database, or Web Site, including
all notes, flow charts, and programmer's or user's manuals.

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|:---|:---|:---|
| **Pharma15 Corporation** | A-2 | APPENDIX A |

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**Stock Purchase Agreement**

(qq) "*Domain Name*" means an Internet address
or Uniform Resource Locators for a particular Web Site.

(rr) "*Enforcement Limitations*" means any applicable
bankruptcy, reorganization, insolvency, moratorium or other similar Law from time to time in effect affecting creditors' rights
generally, and principles governing the availability of equitable remedies.

(ss) "*Entity*" means any corporation (wherever
incorporated), firm, joint venture, works council or employee representative body, limited liability company, partnership, association,
trust, estate or other entity or organization, including a Governmental Authority.

(tt) "*ERISA*" means the Employee Retirement Security
Act of 1974 (93 P.L. 406).

(uu) "*eSignature*" means a signature that consists
of one or more letters, characters, numbers, or other symbols in digital form incorporated in, attached to, or associated with an electronic
document, that (i) is unique to the person executing the signature; (ii) the technology or process used to make the signature is under
the sole control of the person making the signature; (iii) the technology or process can be used to identify the person using the technology
or process; and (iv) the electronic signature can be linked with an electronic document in such a way that it can be used to determine
whether the electronic document has been changed since the electronic signature was incorporated in, attached to or associated with the
electronic document.

(vv) "*Estimated Cash*" is defined in Section
1.03(a).

(ww) "*Estimated Closing Statement*" is defined
in Section 1.03(a).

(xx) "*Estimated Indebtedness*" is defined in
Section 1.03(a).

(yy) "*Estimated Transaction Expenses*" is defined
in Section 1.03(a).

(zz) "*Exchange Act*" means the Securities Exchange
Act of 1934, as amended.

(aaa) "*Expense Fund*" means the Expense Fund Amount
held by the Sellers' Representative in accordance with Section 2.05.

(bbb) "*Expense Fund Amount*" is defined in Section
2.05. (ccc) "*Final Cash*" is defined in Section 1.04(a).

(ddd) "*Final Closing Statement*" is defined in
Section 1.04(a).

(eee) "*Final Indebtedness*" is defined in Section
1.04(a).

(fff) "*Final Transaction Expenses*" is defined in Section 1.04(a).

(ggg) "*Financial Statements*" is defined in Section
4.08. (hhh) "*Financial Statement Date*" is defined in
Section 4.08.

(iii) "*Fraud*" means common law fraud with a specific
intent to deceive based on a representation or warranty contained in this Agreement or with reckless disregard as to the accuracy or
inaccuracy of a representation or warranty contained in this Agreement.

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|:---|:---|:---|
| **Pharma15 Corporation** | A-3 | APPENDIX A |

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**Stock Purchase Agreement**

(jjj) "*Fundamental Representations*" means the
representations and warranties set forth in Section 3.01 (Capacity; Execution and Delivery; Validity), Section 3.03 (Ownership), Section
4.01 (Organization and Corporate Power), Section 4.02 (Capitalization), Section 4.03 (Subsidiaries), Section 4.05 (Corporate Authorization),
Section 4.06 (Non-Contravention; Filings and Consents), Section 4.23 (Brokers; Certain Expenses), Section 5.01 (Organization), Section
5.02 (Authority for this Agreement), Section 5.05 (Consideration Shares), Section 5.07 (Brokerage) and Section 5.08 (Sufficiency of Funds).

(kkk) "*GAAP*" means United States generally accepted
accounting principles and practices in effect from time to time applied consistently throughout the periods involved.

(lll) "*Governing Body*" means (i) with respect
to the Company, the Board of Directors of the Company; and (ii) with respect to any other corporation or other Entity, its board of directors
or the equivalent.

(mmm) "*Governing Documents*" means (i) with respect
to the Company, the Certificate of Incorporation and Bylaws of the Company, both as amended through the Agreement Date; (ii) with respect
to any other corporation, its charter (or certificate or articles of incorporation) and bylaws; (iii) with respect to any limited liability
company, its certificate or articles of formation or organization and its limited liability company agreement or operating agreement;
and (iv) with respect to any other Entity, the equivalent under applicable Law of the documents described in clauses (i), (ii), and (iii)
of this paragraph (mmm),

(nnn) "*Governmental Authority*" means any national,
state or local, domestic or foreign or international, government or any judicial, legislative, executive, administrative or regulatory
authority, tribunal, agency, body, entity or commission or other governmental, quasi-governmental or regulatory authority or agency,
domestic or foreign or international.

(ooo) "*Improvements*" means all buildings, structures,
fixtures and other improvements included in the Real Property.

(ppp) "*Incidental License*" means any (i) permitted
use right to confidential information in a non-disclosure agreement; (ii) Contract for commercially-available Software Programs with
an overall replacement or annual license, subscription or maintenance cost of no more than $10,000 and (iii) non-exclusive license that
is not otherwise a Material Contract and merely incidental to the transaction contemplated in the Contract, the commercial purpose of
which is primarily for something other than such license, such as any: (A) Contract for the sale of advertising; (B) sales or marketing
or similar Contract that includes a license to use the Trademarks and Copyrights of the Company for the purposes of promoting Company
products and services and (C) vendor Contract that includes permission for the vendor to identify the Company as a customer of the vendor.

(qqq) "*Indebtedness*" means, with respect to the
Company as of immediately prior to the Closing, without duplication: (i) the principal amount, plus any related accrued and unpaid interest,
fees and prepayment premiums or penalties, of all indebtedness for borrowed money; (ii) the principal amount, plus any related accrued
and unpaid interest, fees and prepayment premiums or penalties, of all indebtedness evidenced by any note, bond, debenture, mortgage
or other debt instrument or debt security; (iii) all indebtedness of the types described in clauses (i) and (ii) above of any Person
in respect of which the Company has guaranteed payment; and (iv) the aggregate dollar amount of any funded letters of credit; *provided*,
that "Indebtedness" shall not include (A) accounts payable to trade creditors, purchase commitments incurred in the ordinary
course of business, accrued expenses or deferred revenue, or (B) any fees and expenses to the extent incurred by or at the direction
of Parent or Buyer or otherwise in connection with any financing contemplated to be obtained by Parent or Buyer or any of Parent's
Affiliates in connection with the Contemplated Transactions or any other Liabilities or obligations incurred or arranged by or on behalf
of Parent or Buyer or any of Parent's Affiliates in connection with the Contemplated Transactions or otherwise. To the extent any
Indebtedness will be retired or discharged at the Closing, "Indebtedness" shall also include any and all amounts necessary
and sufficient to retire such Indebtedness, including principal (including the current portion thereof), accrued interest or finance
charges, and other fees, penalties or payments (prepayment or otherwise) necessary and sufficient to retire such Indebtedness at Closing.

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| **Pharma15 Corporation** | A-4 | APPENDIX A |

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**Stock Purchase Agreement**

(rrr) "*Indemnitee* "
is defined in Section 8.04.

(sss) "*Indemnitor*" is defined in Section 8.04.

(ttt) "*Identified Court*" means the Chancery Court
of the State of Delaware or the United States District Court for the District of Delaware.

(uuu) "*Independent Accountant*" is defined in
Section 1.04(d).

(vvv) "*Intellectual Property*" means all (i) Marks;
(ii) Patents; (iii) Copyrights; (iv) Mask Works; (v) Trade Secrets; (vi) Software Programs, including machine-readable object code, Source
Code, and Documentation; (vii) any intellectual property rights in and to Databases ; (viii) other proprietary rights of any kind or
nature; and (ix) moral rights with respect to any Copyrights.

(www) "*IRS*" means the United States Internal
Revenue Service.

(xxx) "*IT Systems*" is defined in Section 4.15.

(yyy) "*Knowledge*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual will be deemed to have "Knowledge"
of a particular fact or matter if the individual has actual knowledge of such fact or matter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Entity will be deemed to have "Knowledge" of
a particular fact or matter only if any individual who, as of a given time of determination, is a director, officer, manager, partner,
executor, or trustee of such Entity (or in any similar capacity) has, or at any time had, Knowledge of such fact or matter; provided,
that "Knowledge" as it relates to the Company shall mean the knowledge of Suzanne Dance, Hans Ulmert and Ken Hermann, in
each case, following reasonable inquiry of the personnel of the Company who would be reasonably be expected to have knowledge regarding
the matter in question.

(zzz) "*Law*" means any statute, law, ordinance,
rule, regulation or requirement of a Governmental Authority.

(aaaa) "*Liability*" means, with respect to any
Person, any liability or obligation of such Person of any kind, character or description, whether known or unknown, absolute or contingent,
accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due,
vested or unvested, executory, determined, determinable or otherwise, and whether or not the same is required to be accrued on the financial
statements of such Person.

(bbbb) "*Licenses*" is defined in Section 4.15(i).

(cccc) "*Lien*" means, with respect to any property
or asset, all pledges, liens, mortgages, charges, encumbrances, hypothecations, options, rights of first refusal, rights of first offer
and security interests of any kind or nature whatsoever.

(dddd) "*Losses*" means any and all Liabilities,
obligations, claims, contingencies, Taxes, fines, deficiencies, demands, assessments, losses (including diminution in value), damages,
costs and expenses, including all corrective and remedial actions, all court costs and reasonable attorneys' fees, and all reasonable
amounts paid in investigation, defense, or settlement of the foregoing; provided, that Losses shall not include any punitive or exemplary
damages, unless and solely to the extent such Losses are owed by a Party to a third party.

---

| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | A-5 | APPENDIX A |

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**Stock Purchase Agreement**

(eeee) "*Marks*" means all trademarks, service marks,
trade dress, logos, trade names, and corporate names, together with translations, adaptations, derivations, and combinations of them,
and including goodwill associated with any of them, and all applications, registrations, and renewals in connection with any of them.

(ffff) "*Material Adverse Effect*" means any state
of facts, change, development, event, effect, condition, occurrence, action or omission that, individually or in the aggregate, is reasonably
expected to (i) result in a material adverse effect on the business, prospects, assets, properties, financial condition, results of operations,
or prospects of the Company and its Subsidiaries, taken as a whole; or (ii) prevent, materially impede, or materially delay the consummation
by Seller of the Contemplated Transactions.

(gggg) "*Material Contract*" is defined in Section
4.19(b).

(hhhh) "*Notice*" means written notice given in
a manner permitted or required by Section 9 and within the shortest time limit required by applicable Laws or by an applicable provision
of this Agreement; and "*Notify*" means to provide Notice.

(iiii) "*Object Code*" is defined in paragraph (yyyy)
of this <u>Appendix A</u>.

(jjjj) "*Order*" means any order, judgment, writ,
decree or injunction issued by any court, agency or other Governmental Authority.

(kkkk) "*Outside Date*" is defined in Section 7.01(f).

(llll) "*Parent*" is defined in the preamble to
this Agreement.

(mmmm) "*Parent Average Price*" means, as of any
date, the volume-weighted average price of a Parent Share on the ASX equity market during the seven consecutive Trading Days ending at
the close of "normal trading" in the ASX equity market on the Trading Day preceding such date.

(nnnn) "*Parent Share*" means one common share of Parent.

(oooo) "*Parent Shares Limit*" is defined in Section
1.06(b).

(pppp) "*Party*" means any one of the following:
(i) Sellers (and the Company, prior to the Closing) and Sellers' Representative, considered collectively; or (ii) Buyer and Parent
(and the Company, following the Closing), considered collectively.

(qqqq) "*Parties*" means Sellers, Sellers'
Representative, the Company, Buyer, and Parent, considered collectively.

(rrrr) "*Patents*" means all patents, patent applications,
and patent disclosures, together with reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations of
them; and all inventions (whether patentable or unpatentable and whether or not reduced to practice) and improvements to any invention.

(ssss) "*Permit*" means any permit, license, authorization,
Consent, approval, or franchise from any Governmental Authority.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | A-6 | APPENDIX A |

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**Stock Purchase Agreement**

(tttt) "*Permitted Liens*" means (i) Liens for Taxes
not yet due and payable or that are being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance
with GAAP have been established; (ii) mechanics', carriers', workmen's, repairmen's, materialmen's and
other Liens arising by operation of Law; (iii) Liens or security interests that arise or are incurred in the ordinary course of business
relating to obligations not yet due on the part of Seller or secure a liquidated amount that are being contested in good faith and by
appropriate proceedings and for which adequate reserves in accordance with GAAP have been established; (iv) pledges or deposits to secure
obligations under workers' compensation Laws or similar Laws or to secure public or statutory obligations; (v) pledges and deposits
to secure the performance of bids, trade contracts, leases, surety and appeal bonds, performance bonds and other obligations of a similar
nature, in each case in the ordinary course of business; (vi) easements, encroachments, declarations, covenants, conditions, reservations,
limitations and rights of way (unrecorded and of record) and other similar restrictions or Liens of record, zoning, building and other
similar ordinances, regulations, variances and restrictions, and all defects or irregularities in title, including any condition or other
matter, if any, that may be shown or disclosed by a current and accurate survey or physical inspection; (vii) pledges or deposits to
secure the obligations under the existing indebtedness of Seller; (viii) all Liens created or incurred by any owner, landlord, sublandlord
or other Person in title; (ix) non-exclusive licenses to Intellectual Property granted or entered into the ordinary course of business
and (x) any other Liens which do not materially interfere with Sellers' use and enjoyment of real property or materially detract
from or diminish the value thereof.

(uuuu) "*Person*" means any individual, Entity,
or Governmental Authority.

(vvvv) "*Post-Closing Adjustment*" is defined in Section 1.04(e).

(wwww) "*Post-Closing Consideration*" is defined
in Section 1.02(b).

(xxxx) "*Post-Closing Payment Date*" means the date
that is the first Business Day after the first anniversary of the Closing Date; *provided*, that Buyer and Parent in their sole
discretion may establish an earlier date for the Post-Closing Payment Date, by Notice to Sellers' Representative.

(yyyy) "*Proceeding*" means any action, arbitration,
audit, hearing, investigation, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether formal
or informal, whether public or private) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental
Authority or arbitrator.

(zzzz) "*Programming Code*" means computer programming
code, including (i) the machine-readable form of the code ()"*Object Code* "), (ii) the human-readable form of the code
including all comments and any procedural code ()"*Source Code* ").

(aaaaa) "*Pro Rata Share*" means the proportion of
the total consideration payable pursuant to this Agreement to which each Seller is entitled, as set forth across from the Seller's
name under the heading titled "Seller's Pro Rata Share" in the table in <u>Schedule 1</u>.

(bbbbb) "*Purchase Price*" is defined in Section 1.02.

(ccccc) "*Related Person*" is defined in Section
4.22. (ddddd) "*Release*" means any release, spill, leaking,
dumping, pouring, emitting, emptying, pumping, discharge, injection, escaping, leaching, dispersal, disposal of or migration into or
through the environment or within any building, structure, or facility.

(eeeee) "*Representative*" means, with respect to
any Person, any and all directors, officers, managers, employees, consultants, financial advisors, counsel, accountants and other representatives
and agents of such Person.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | A-7 | APPENDIX A |

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**Stock Purchase Agreement**

(fffff) "*Resolution Period*" is defined in Section
1.04(c).

(ggggg) "*Restricted Period*" means the period from
the Closing Date until the second anniversary of the Closing Date.

(hhhhh) "*Review Period*" is defined in Section 1.04(b).

(iiiii) "*Securities Act*" means the Securities Act
of 1933.

(jjjjj) "*Securities Restrictions*" means transfer
restrictions or other Liens arising out of, under, or in connection with (i) the Securities Act, the Exchange Act, or other applicable
federal, state, and local securities Laws and (ii) restrictions on transfer, hypothecation, or similar actions contained in any Governing
Documents.

(kkkkk) "*Sellers*" is defined in the preamble.

(lllll) "*Seller Indemnified Party*" is defined in Section 8.03.

(mmmmm) "*Seller Warranty Breach*" is defined in
Section 8.02(a).

(nnnnn) "*Sellers' Representative*" is defined
in the preamble.

(ooooo) "*Seller's Transaction Documents*" is defined in Section 3.01(a).

(ppppp) "*Shares*" is defined in Recital A.

(qqqqq) "*Software Program*" means any computer software
program, including the related Programming Code and Documentation.

(rrrrr) "*Source Code*" is defined in paragraph (yyyy)
of this <u>Appendix A</u>.

(sssss) "*Statement of Objections*" is defined in
Section 1.04(c),

(ttttt) "*Subsidiary*" means an Entity owned wholly
or in part by another Person, which other Person, directly or indirectly, owns more than 50% of the stock or other equity interests of
such entity having voting power to elect a majority of the board of directors or other governing body of such entity.

(uuuuu) "*Tax*" (collectively, "*Taxes* ")
means any and all U.S. federal, state, local and non-U.S. taxes, assessments and other governmental charges, duties (including stamp
duty), impositions and liabilities, including capital gains tax, taxes based upon or measured by gross receipts, income, profits, sales,
use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll, recapture, employment, escheat, excise and
property taxes as well as public imposts, fees and social security charges (including health, unemployment, workers' compensation
and pension insurance), together with all interest, penalties, and additions imposed by a Governmental Authority with respect to such
amounts.

(vvvvv) "*Tax Returns*" is defined in Section 4.13(a).

(wwwww) "*Third Party Software Programs*" is defined
in Section 4.15(e).

(xxxxx) "*Trading Day*" means a day on which (i)
ASX conducts equity market trading during its full "normal trading" hours and (ii) Parent Shares are traded in the ASX equity
market during "normal trading" hours.

(yyyyy) "*Transaction Documents*" means the New Asset
Assignment and the other agreements, certificates, instruments, and documents required to be delivered at the Closing.

(zzzzz) "*Transaction Expenses*" means, to the extent
not paid prior to Closing, without duplication, (i) all fees, costs and expenses (including fees, costs and expenses of third-party advisors,
legal counsel, investment bankers or other Representatives) incurred by the Company through the Closing in connection with the negotiation
of this Agreement and the other agreements contemplated hereby and the consummation of the transactions contemplated hereby and thereby,
and (ii) any retention, transaction or change in control bonuses payable by the Company to any employee of the Company solely as a result
of the consummation of the transactions contemplated by this Agreement.

(aaaaaa) "*Web Site*" means any home or location on
the Internet and all of the Web pages and text, audio, video and other dynamic and/or static materials associated with such home or location.

---

| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | A-8 | APPENDIX A |

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**Stock Purchase Agreement**

<u>APPENDIX B</u>

**Future Payments**

Capitalized terms used but not defined in this <u>Appendix B</u> shall have the meanings set forth in the Agreement.

1. Milestones

(a) *<u>Milestone Event</u>* . The Milestone Event and corresponding Milestone Payment and Equity Percentages
are as follows:

---

| | | |
|:---|:---|:---|
| *Milestone Event* | *Milestone<br> Payment\** | *Equity<br> Percentage* |
| FDA IND Allowance for a Therapeutic Product | $2300000 | 100% |

---

<u>Notes to Table</u>:

\* All amounts in US dollars.

(b) *<u>Milestone Payments</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Milestone Payment will be paid in cash unless otherwise provided for in Section 1(a) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the remainder of this <u>Appendix B</u>, after the occurrence of the applicable Milestone
Event, Parent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) issue to each Seller such Seller's Pro Rata Share of the number of Parent
Shares determined by the following formula:

(𝑀𝑖𝑙𝑒𝑠𝑡𝑜𝑛𝑒 𝑃𝑎𝑦𝑚𝑒𝑛𝑡) 𝑥 (𝐸𝑞𝑢𝑖𝑡𝑦 𝑃𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒)

𝑃𝑎𝑟𝑒𝑛𝑡 𝑀𝑖𝑙𝑒𝑠𝑡𝑜𝑛𝑒 𝑃𝑟𝑖𝑐𝑒

subject in each case to the ASX Listing Rules, including ASX Listing Rule 7.2 Exemption 17 (if applicable), and the provisions of Section 1.06 of the Agreement, and provided the Parent Milestone Price is greater than the Floor Price (provided further, that if the Parent Milestone Price is less than the Floor Price, the Floor Price will be the Parent Milestone Price for purposes of the formula); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) pay to each Seller, by wire transfer of immediately available funds, in accordance
with the wire transfer instructions designated in writing by each Seller to the Sellers' Representative, such Seller's Pro
Rata Share of the balance of the Milestone Payment associated with the Milestone Event;

in each case as provided for in Section 1.05 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Milestone Payment shall become payable upon the occurrence of the Milestone Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Parties agree that any right to receive equity in Parent under this Agreement as part of a Milestone
Payment lapses five years from the Effective Date.

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| | |
|:---|:---|
| **Pharma15 Corporation** | B-1 |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any exchange rate calculations from United States Dollars to Australian Dollars
shall be calculated by the Parent's company secretary having regard to the relevant rate(s) published by the Reserve Bank of Australia
at www.rba.gov.au.

(c) *<u>Notice and Payment</u>* . Within 60 days from the
end of each Calendar Quarter, Parent shall (i) Notify the Sellers' Representative of the occurrence of such Milestone Event (a
" *Milestone Statement* "), and (ii) provide a report identifying the applicable Product(s), the corresponding Milestone
Payment, and the corresponding number of Consideration Shares to be issued to Sellers. Within 30 days after receipt of a written invoice
with respect to the Milestone Payment from the Sellers' Representative, Parent shall pay the corresponding Milestone Payment and
issue the applicable Equity Percentage of the Milestone Payment as Consideration Shares, both as set forth on this <u>Appendix B</u> and the Agreement. Parent shall pay interest on any payments that are not paid on or before the date such payments are due under this <u>Appendix B</u> at the Late Interest Rate based on the days payment is delinquent. The Milestone Payment to be made by or on behalf
of Parent pursuant to this <u>Appendix B</u> and the Agreement shall be non-refundable and non-creditable, and shall be made in U.S.
dollars by wire transfer of immediately available funds. If the day a payment is due pursuant to this <u>Appendix B</u> is not a Business
Day, such payment shall be due on the first subsequent Business Day.

(d) *<u>Progress Reports</u>* . Within 60 days after the end of each Calendar Year
during the Milestone Efforts Period, Parent shall provide written notice to the Sellers' Representative with a written summary report
of its activity and progress toward developing the Products and achievement of the Milestone Event during the previous Calendar Year.
Parent shall keep data and records in accordance with its customary internal practices concerning the activity and progress related to
any Products, including, as applicable, research and development activities, clinical trials and Regulatory Approvals, to the extent relating
to a Milestone Event. During the Milestone Efforts Period, Parent agrees to meet with the Sellers' Representative or its designee(s)
upon reasonable advance written notice from the Sellers' Representative and during normal business hours for the purposes of discussing
Parent's most recent report on its progress toward report of its activity and progress toward developing and filing for Regulatory
Approval for the Products and achievement of the applicable Milestone Event; *provided, however*, that the Sellers' Representative
shall not request such meetings, and Parent shall have no obligation to attend any such meetings, more than one time during any Calendar
Year. Each such meeting shall be held either telephonically, by video conference, or at Parent's, Buyer's, or the Company's
offices.

(e) *<u>Milestone Event Disputes</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Parent shall keep, and shall cause the other Parent Parties to keep, adequate books
and records of accounting for the purpose of confirming whether the Milestone Event has occurred for a period of three years following
the end of the Calendar Year to which each pertain. If the Sellers' Representative believes that the Milestone Event has occurred,
or that any Milestone Statement is inaccurate in whole or in part, then the Sellers' Representative shall deliver to Parent written
notice thereof (a "*Milestone Dispute Notice*") in reasonable detail. Following the delivery of a Milestone Dispute Notice,
Parent and the Sellers' Representative shall first attempt in good faith to resolve by negotiation and consultation between themselves,
any dispute as to whether the Milestone Event has occurred and whether the Milestone Payment is payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Parent and the Sellers' Representative do not reach agreement with respect to any dispute relating to any such matter within 60 days after a Milestone Dispute Notice is delivered to Parent by the Sellers' Representative, the parties shall submit for arbitration all matters under this <u>Appendix B</u> that remain in dispute to a disinterested individual who has appropriate scientific, technical and regulatory expertise (as relevant) to resolve any disputes referred to him or her under this <u>Appendix B</u> (a "*Dispute Expert*") who is mutually agreed to by Parent and the Sellers' Representative; *provided, however*, that such Dispute Expert shall not be or have been at any time within the previous five years an Affiliate, employee, consultant, officer or director of Parent, the Company, any Seller or any of their respective Affiliates.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | B-2 | APPENDIX B |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If Parent and the Sellers' Representative cannot agree on a mutually acceptable
Dispute Expert within 30 days after either party has determined that the parties cannot reach agreement with respect to a dispute, then
within twenty 20 Business Days after the expiration of such 30-day period, each of Parent and the Sellers' Representative shall
appoint one Dispute Expert who shall jointly select a third Dispute Expert within 10 Business Days after the last to occur of their respective
appointments to arbitrate the referred matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Dispute Expert mutually agreed by the parties under Section 1(e)(ii) or, if
the parties cannot agree, the third Dispute Expert selected by the party-appointed Dispute Experts under Section 1(e)(iii), is referred
to as the "*Selected Dispute Expert* ". Parent and the Sellers' Representative shall instruct the Selected Dispute
Expert to determine as promptly as practicable, but in no event later than 30 days after such person's appointment (the "*Determination Period* "), whether the disputed Milestone Event has occurred. The Selected Dispute Expert's determination shall be made
based on the submission of documents and evidence by the parties (including any Sellers' documentation or evidence reasonably requested
by the Selected Dispute Expert, which the Sellers' Representative or Parent shall provide upon request) and, upon the Selected Dispute
Expert's request, by third parties, unless the Selected Dispute Expert determines that an oral hearing is necessary. The Selected
Dispute Expert shall determine deadlines (which Parent and the Sellers' Representative shall deem to be fair and appropriate) within
the Determination Period for submitting documents and dates, if any, of oral hearings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of Parent and the Sellers' Representative (on behalf of the Sellers)
shall pay its own expenses of arbitration, and the fees, costs and expenses of the Selected Dispute Expert shall be equally shared between
Parent and the Sellers' Representative (on behalf of the Sellers). All proceedings conducted by the Selected Dispute Expert shall
take place in New York City, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any decision rendered by the Selected Dispute Expert shall be final and binding
upon the parties. Any underpayments of the Milestone Payment shall be paid by Parent within 30 days receipt of a written invoice with
respect to the amount for further distribution in accordance with the terms of the Agreement, including Section 1.05 of the Agreement
and this <u>Appendix B</u>.

2. Diligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Diligence</u>* . During the Milestone Efforts Period, Parent shall use
(and shall cause the other Parent Parties to use) Commercially Reasonable Efforts to develop and file for Regulatory Approval for at least
one Product in at least three Major Market Countries. Parent will perform all development, Regulatory Approval and commercialization activities
relating to Products in compliance with all applicable Laws (including the Bayh-Dole Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Efforts Standard</u>* . Except as otherwise set forth the Agreement or
in this <u>Appendix B</u>, following the Closing, the Parties intend the express provisions of the Agreement and this <u>Appendix B</u> (including the definition of "Commercially Reasonable Efforts" where such term is expressly applicable) to govern their contractual
relationship and to supersede any standard of efforts or implied covenant of good faith and fair dealing that might otherwise be imposed
by any court or other Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Other Payment Obligations</u>* . As between the Parties, Parent or the Parent
Parties will be solely responsible for all payments due under all Licenses and all other agreements with third parties relating to any
of the Products.

---

| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | B-3 | APPENDIX B |

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**Stock Purchase Agreement**

3. Divestitures

If at any time after the Closing until the payment in full of the Milestone Payment, Parent or the Parent Parties Divests to a Third Party or an Affiliate any product, program, technology, process or indication covered by a Milestone Event or any Intellectual Property of the Company (collectively, "*Divested Assets*" and the party receiving any Divested Assets the "*Transferee*"), Parent will: (a) (i) make provision for the Transferee to assume and succeed to the obligations of Parent set forth in this <u>Appendix B</u> or (ii) if the Divestiture is in the form of a license, Parent may elect to retain the obligations of Parent set forth in this <u>Appendix B</u>; and (b) prior to or simultaneously with the consummation of any such Divestiture, cause such Transferee to provide to the Sellers' Representative an instrument of assumption in a form reasonably acceptable to the Sellers' Representative, for the benefit of the Sellers, effecting the assumption and succession described in the foregoing clause (a). Parent will remain liable to the Sellers for all obligations set forth in this <u>Appendix B</u> following any such Divestiture except if a Divestiture is made to a global pharmaceutical company with annual product sales of at least $100 million.

4. Definitions

For purpose of this <u>Appendix B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "*Calendar Quarter*" means each of the three-month periods beginning
on January 1, April 1, July 1, and October 1 of each Calendar Year; for the avoidance of doubt, the period from the Closing Date until
March 31, 2023 shall be considered a "Calendar Quarter" for all purposes under this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*Calendar Year*" means January 1st to December 31st of a given
year; for the avoidance of doubt, the period from the Closing Date until December 31, 2023 shall be considered a "Calendar Year"
for all purposes under this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "*Commercially Reasonable Efforts*" means, with respect to the
efforts to be expended by Parent and the Parent Parties with respect to the Milestone Event and contingent sales payments, the level of
effort, budget and resources normally used by Parent and the Parent Parties for a product owned or controlled by it, which is of similar
projected profitability and at a similar stage in its development or product life, taking into account with respect to a product any issues
of patent coverage, safety and efficacy, product profile, the proprietary position of the product, the then- current competitive environment
for the product and the likely timing of the product(s) entry into the market, the regulatory environment of the product and other relevant
scientific, technical, economic and commercial factors, but without reference to any payments owed to the Sellers under this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "*Determination Period*" is defined in Section 1(e)(iv) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "*Dispute Expert*" is defined in Section 1(e)(ii) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "*Divestiture*" (and other correlative terms) means any transaction
in which any Product or any intellectual property assets related to either of the foregoing are divested or transferred by any means,
including by way of merger, consolidation, asset acquisition or sale, option, license, sublicense, purchase, sale, assignment or other
similar transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "*Divested Assets*" is defined in Section 3 of this <u>Appendix B</u>.

---

| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | B-4 | APPENDIX B |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "*EMA*" means the European Medicines Agency and any successor Governmental
Authority having substantially the same function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "*Equity Percentage*" means, with respect to each Milestone Event,
the percentage set forth across from the description of the Milestone Event, under the heading "Equity Percentage", in the
table set forth under Section 1(a) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "*FDA*" means the United States Food and Drug Administration and
any successor Governmental Authority having substantially the same function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *"Floor Price"* means the volume-weighted average price of a Parent
Share on the ASX equity market during the 20 consecutive Trading Days ending at the close of "normal trading" in the ASX equity
market on the Trading Day immediately preceding the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *"IND"* means an Investigational New Drug application filed with
the medical regulatory authority in any country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "*IND Allowance or Equivalent*" means, with respect to a Product,
the FDA allowance of an investigational new drug application for the initiation of a clinical study of one or more human subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "*Late Interest Rate*" means the "prime rate" as published
in THE WALL STREET JOURNAL, Eastern Edition, in effect on the date such payment was required to be made through the date of payment (calculated
daily on the basis of a year of 365 days and the actual number of days elapsed, without compounding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "*Licensed Patents*" and "*Licensed Intellectual Property* "
have the meanings given to those terms in the UCLA License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "*Major Market Countries*" means United States, Japan, Germany,
Spain, Italy, France and United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "*Milestone Dispute Notice*" is defined in Section 1(e)(i) of this <u>Appendix B</u>.

(r) "*Milestone Efforts Period*" means the period commencing on the Closing Date and ending
when the Milestone Payment has been paid by Parent.

(s) "*Milestone Event*" means the events described under the heading "Milestone Event"
in the table set forth under Section 1(a) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "*Milestone Payment*" means, with respect to the Milestone Event,
the amount set forth across from the description of the Milestone Event, under the heading "Milestone Payment", in the table
set forth under Section 1(a) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "*Milestone Statement*" is defined in Section 1(c) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "*Parent Parties*" means Parent and its Affiliates (including at
the Closing, the Company), and any licensees or sublicensees of Parent and its Affiliates of any Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "*Product*" means any product, in all forms, presentations, formulation,
and dosage forms, that incorporates, constitutes or contains any product or composition that is claimed or covered by one or more Valid
Claims of any Licensed Patents or that utilizes or otherwise exploits, or was validated or developed using or in reliance on, any Licensed
Intellectual Property.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | B-5 | APPENDIX B |

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**Stock Purchase Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "*Regulatory Approval*" means, with respect to any product in
any regulatory jurisdiction, approval from the applicable Governmental Authority sufficient to manufacture, distribute, use (including
in clinical trials) of any product in such regulatory jurisdiction in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "*Regulatory Authority*" means any Governmental Authority involved
in granting Regulatory Approvals of pharmaceutical products, including the FDA, any similar agency in any regulatory jurisdiction, and
any agency or authority involved in radiation protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "*Selected Dispute Expert*" is defined in Section 1(e)(iv) of this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "*Therapeutic Product*" means any Product
derived from or in connection with the Dual Action LRRC15 targeting antibody (**DUNP19**) technology in combination with an alpha
or beta emitter isotope like Lutetium-177 and Actinium-225 subject of the UCLA License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "*Transferee*" is defined in Section 3 of
this <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "*UCLA License*" means that certain License
Agreement dated April 4, 2022 between Parent and Regents of the University of California, a California constitutional corporation, acting
on behalf of its Los Angeles campus, pursuant to which Parent licensed the DUNP19 antibody as an antibody- drug conjugate within radiotherapy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "*Valid Claim*" means any composition of
matter claim contained in any of: (i) an issued and unexpired patent included in the Licensed Intellectual Property that has not been
abandoned, lapsed, disclaimed, or held unenforceable, unpatentable or invalid by a decision of a court or tribunal of competent jurisdiction
that is unappealable or unappealed within the time allowed for appeal; and/or (ii) a pending application included in the Licensed Intellectual
Property.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | B-6 | APPENDIX B |

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**Stock Purchase Agreement**

<u>APPENDIX C</u>

**Transfer Restrictions**

Capitalized terms used but not defined in this <u>Appendix C</u> shall have the meanings set forth in the Agreement.

1. General Restriction; Notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consideration Shares issued pursuant to this Agreement may be Transferred to
any other Person only subject to this <u>Appendix C</u>. Parent shall not recognize, and shall issue stop-transfer instructions to the
transfer agent for the Parent Shares with respect, to any Transfer other than upon the conditions specified in this <u>Appendix C</u>.
Any Seller intending to make a Transfer of Consideration Shares, including a Permitted Transfer, will cause any proposed Transferee to
agree to take and hold the Consideration Shares subject to the terms upon the conditions specified in this <u>Appendix C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before any proposed Transfer of any Consideration Shares, the Seller shall Notify
Parent of the Seller's intention to effect the Transfer, describing the manner and circumstances of the proposed Transfer in sufficient
detail for Parent to evaluate the Transfer under this <u>Appendix C</u>.

2. Transfer and Encumbrance of Membership Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Permitted Transfers</u>* . Subject to the other provisions of this <u>Appendix C</u>, including compliance with the requirements of Section 3 if applicable, a Seller may make a Permitted Transfer of Consideration
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>No Encumbrance</u>* . Without the prior written consent of Parent, a Seller
may not Encumber any or all of his, her, their, or its Consideration Shares in connection with any debt. No such Encumbrance shall entitle
the holder of the related Lien to exercise any proxy or other voting rights with respect to the Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Transfer Upon Death</u>* . On the death of Seller who is an individual,
the Seller's Personal Representative may distribute the Consideration Shares to the Person or Persons entitled to receive such portion
of the estate of the deceased Seller under applicable Law. The Consideration Shares so distributed shall remain subject to the provisions
of this <u>Appendix C</u>.

(d) *<u>Termination</u>* . The Consideration Shares shall vest such that the provisions of Section 1
and Section 2 of this <u>Appendix C</u> shall lapse with respect to such Consideration Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Parent Shares issued and delivered to Sellers on the Closing Date pursuant to Section
1.02(a)(i) shall vest in four (4) approximately equal quarterly installments commencing on the date that is three (3) months following
the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Parents Shares issued and delivered to Sellers on the Post-Closing Payment Date
pursuant to Section 1.02(b)(i) shall vest in four (4) approximately equal quarterly installments commencing on the date that is three
(3) months following the Post-Closing Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Parent Shares issued and delivered to Sellers as a Milestone Payment pursuant to <u>Appendix B</u> shall vest in four (4) approximately equal quarterly installments commencing on the date that is three (3) months following
the Issue Date.

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| | |
|:---|:---|
| **Pharma15 Corporation** | C-1 |

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**Stock Purchase Agreement**

3. Securities Restrictions

Unless a registration statement under the Securities Act covering the proposed transaction is in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If reasonably requested by Parent, the Seller's Notice under Section 1(b)
shall be accompanied at the Seller's expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion
shall, be reasonably satisfactory to Parent, addressed to Parent, to the effect that the proposed transaction may be effected without
registration under the Securities Act; (ii) a "no action" letter from the SEC to the effect that the proposed Transfer of
Consideration Shares without registration will not result in a recommendation by the staff of the SEC that action be taken with respect
thereto; or (iii) any other evidence reasonably satisfactory to counsel to Parent to the effect that the proposed Transfer of the Consideration
Shares may be effected without registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation will not require such a legal opinion or "no action"
letter under Section 3(a) in any transaction (i) in compliance with SEC Rule 144; or (ii) in any transaction in which the Seller distributes
the Consideration Shares to an Affiliate of such Seller for no consideration; provided that each Transferee agrees in writing to be subject
to the terms of this <u>Appendix C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon Seller's compliance with Section 3(a) to Parent's reasonable satisfaction
(which shall be presumed if Seller obtains a "no action" letter), or in the cases described in Section 3(b), the Seller shall
be entitled to Transfer the Consideration Shares in accordance with the terms of the Notice given by the Seller to Parent under Section
1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each certificate, instrument, or book entry representing Consideration Shares Transferred
as provided in this Section 3 shall be notated with the appropriate restrictive legend set forth in Section 4(a), except that such certificate
instrument, or book entry shall not be notated with such restrictive legend if (i) the Transfer is made pursuant to SEC Rule 144 or (ii)
in the opinion of counsel for Seller and counsel for Parent, such legend is not required in order to establish compliance with any provisions
of the Securities Act.

4. Stock Certificate Legends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each certificate, instrument, or book entry representing the Consideration Shares,
or any other securities issued in respect of the Consideration Shares upon any stock split, stock dividend, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 3(d)) be notated with a legend substantially
in the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "*ACT*"). SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sellers consent to Parent making a notation in its records and giving instructions
to any transfer agent for the Parent Shares in order to implement the restrictions on transfer set forth in this <u>Appendix C</u>.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | C-2 | APPENDIX C |

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**Stock Purchase Agreement**

5. Definitions

For purposes of this <u>Appendix C</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "*Encumber*" means to pledge, hypothecate, or otherwise secure
any type of debt or obligation with one or more Consideration Shares in any manner whatsoever, whether such debt is incurred voluntarily
or involuntarily; and "*Encumbrance*" means any type of Lien created as a result of such pledge, hypothecation or other
security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "*Issue Date*" means, with respect to any Consideration Share proposed
to be Transferred, the date on which the Consideration Share was issued or issuable to the Seller pursuant to Section 1.02(a)(i), 1.02(b)(i),
or 1.05(a) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "*Joint Owner*" means an individual who, together with one or more
other individuals, jointly owns any Consideration Shares, whether as joint tenants (with or without right of survivorship) or as tenants
in common.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "*Permitted Transfer*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Seller is an individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The disposition to the Seller of the community property interest of the Seller's
spouse in all or any part of the Consideration Shares held by the Seller, upon the death of the Seller's spouse or in connection
with the termination of the marital relationship between the Seller and the Seller's spouse; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The conveyance of Consideration Shares by a Seller to the Seller's spouse
pursuant to the final Order of the applicable Governmental Authority in connection with a divorce proceeding between the Seller and the
Seller's spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The gift of Consideration Shares by a Seller to the Seller's spouse (other
than in connection with a divorce proceeding), great-grandparents, or any lineal descendant of his or her great-grandparents, or the spouse
of any such lineal descendant, or a trust solely for the benefit of any such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Where Consideration Shares are held by Joint Owners, the disposition upon the death
of a Joint Owner of the ownership interest of the deceased Joint Owner to the other Joint Owners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The distribution by a Seller that is an Entity of all of its Consideration Shares
to its shareholders, members, partners, or other Persons in connection with the complete liquidation and dissolution of the Seller; *provided*,
that each such Transferee agrees in writing in advance to be bound by and comply with all applicable provisions of this <u>Appendix C</u> to the same extent as such Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "*Personal Representative*" means a conservator, guardian, trustee,
or other fiduciary representative appointed for an individual under a disability, or an administrator, conservator, executor, trustee,
or other fiduciary representative appointed for the estate of a deceased individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "*SEC Rule 144*" means Rule 144 promulgated by the U.S. Securities
and Exchange Commission under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "*Transfer*" means any sale, transfer, gift, assignment, distribution,
Encumbrance, or other disposition, including any transfer of bankruptcy assets pursuant to the U.S. Bankruptcy Code.

(h) "*Transferee*" means any Person to whom Consideration Shares are proposed to be Transferred
in any Transfer by a Seller.

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| | | |
|:---|:---|:---|
| **Pharma15 Corporation** | C-3 | APPENDIX C |

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**Stock Purchase Agreement**

<u>EXHIBIT I</u>

**New Assets Assignment**

See attached.

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| | |
|:---|:---|
| **Pharma15 Corporation** | I-1 |

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## Exhibit 8.1

**Exhibit 8.1**

**Subsidiaries of Radiopharm Theranostics Limited**

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| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction** |
| Radiopharm Theranostics (USA) Inc. | Nevada |
| Radiopharm Ventures, LLC | Delaware |
| Pharma15 Corporation | Delaware |

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## Exhibit 15.1

**Exhibit 15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated December 16, 2022 with respect to the consolidated financial statements of Radiopharm Theranostics Limited contained in the Registration Statement. We consent to the use of the aforementioned report in the Registration Statement.

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| |
|:---|
| /s/ GRANT THORNTON AUDIT PTY LTD |
| Melbourne, Australia |
| March 20, 2023 |

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