# EDGAR Filing Document

**Accession Number:** 0001075880
**File Stem:** 0001193125-25-272284
**Filing Date:** 2025-11
**Character Count:** 695516
**Document Hash:** 0be5cd966b6fae5944240efeacabefb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272284.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272284

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-29962
- **FILM NUMBER:** 251462476

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

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

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

?xml version='1.0' encoding='ASCII'? 20-F

##### [**Table of Contents**](#toc)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 20-F

#### (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

#### For the fiscal year ended June 30, 2025

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

☐ 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

#### For the transition period from to

#### Commission file number 0-29962

## Kazia Therapeutics Limited

#### ACN 063 259 754

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

#### Not Applicable

#### (Translation of Registrant's name into English)

#### New South Wales, Australia

#### (Jurisdiction of incorporation or organization)

#### Three International Towers, Level 24, 300 Barangaroo Avenue, Sydney, New South Wales 2000, Australia

#### (Address of principal executive offices)

#### John Friend, M.D.

#### (e)John.Friend@kaziatherapeutics.com (t) +61-2-9472-4101

#### Three International Towers, Level 24, 300 Barangaroo Avenue, Sydney, New South Wales 2000, Australia

#### (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 |
| American Depositary Shares, each representing five-hundred<br> Ordinary Shares\* | KZIA | The Nasdaq Capital Market |

---

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

#### None
\* Not for trading, but only in connection with the registration of American Depositary Shares.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

#### Not Applicable
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

#### The number of outstanding Ordinary Shares of the issuer as at 30 June 2025, was 809,418,734.
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 ☐ 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. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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 ☒

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##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  **[FORWARD-LOOKING STATEMENTS](#tx908386_1)** | **[FORWARD-LOOKING STATEMENTS](#tx908386_1)** | **1** |
|  **[PART I](#tx908386_2)** |  | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 1.* | *[Identity of Directors, Senior Management and Advisors](#tx908386_3)* | *2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 2.* | *[Offer Statistics and Expected Timetable](#tx908386_4)* | *2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 3.* | *[Key Information](#tx908386_5)* | *2* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4.* | *[Information on the Company](#tx908386_6)* | *32* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4A.* | *[Unresolved Staff Comments](#tx908386_7)* | *47* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 5.* | *[Operating and Financial Review and Prospects](#tx908386_8)* | *47* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 6.* | *[Directors, Senior Management and Employees](#tx908386_9)* | *55* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 7.* | *[Major Shareholders and Related Party Transactions](#tx908386_10)* | *65* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 8.* | *[Financial Information](#tx908386_11)* | *67* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 9.* | *[The Offer and Listing](#tx908386_12)* | *68* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 10.* | *[Additional Information](#tx908386_13)* | *69* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 11.* | *[Quantitative and Qualitative Disclosures about Market Risk](#tx908386_14)* | *81* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 12.* | *[Description of Securities Other than Equity Securities](#tx908386_15)* | *81* |
|  **[PART II](#tx908386_16)** | **[PART II](#tx908386_16)** | **83** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 13.* | *[Defaults, Dividend Arrearages and Delinquencies](#tx908386_17)* | *83* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 14.* | *[Material Modifications to the Rights of Security Holders and the Use of Proceeds](#tx908386_18)* | *83* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 15.* | *[Controls and Procedures](#tx908386_19)* | *83* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16.* | *[\[Reserved\]](#tx908386_20)* | *84* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16A.* | *[Audit Committee Financial Expert](#tx908386_21)* | *84* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16B.* | *[Code of Ethics](#tx908386_22)* | *84* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16C.* | *[Principal Accounting Fees and Services](#tx908386_23)* | *84* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16D.* | *[Exemptions from the Listing Standards for Audit Committees](#tx908386_24)* | *85* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16E.* | *[Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#tx908386_25)* | *85* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16F.* | *[Changes in Registrant's Certifying Accountant](#tx908386_26)* | *85* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16G.* | *[Corporate Governance](#tx908386_27)* | *85* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16H.* | *[Mine Safety Disclosure](#tx908386_28)* | *86* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16I.* | *[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#tx908386_29)* | *86* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16J.* | *[Insider trading policies](#tx908386_30)* | *86* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 16K.* | *[Cybersecurity](#tx908386_31)* | *87* |
|  **[PART III](#tx908386_32)** | **[PART III](#tx908386_32)** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 17.* | *[Financial Statements](#tx908386_33)* | *87* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 18.* | *[Financial Statements](#tx908386_34)* | *87* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 19.* | *[Exhibits](#tx908386_35)* | *88* |

---

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##### [**Table of Contents**](#toc)

#### FORWARD-LOOKING STATEMENTS
This Annual Report on Form 20-F includes forward-looking statements, which involve a number of risks and uncertainties. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "will," "intend," "plan," "believe," "anticipate," "expect," "estimate," "predict," "potential," "continue," "likely," or "opportunity," the negative of these words or other similar words. Similarly, statements that describe our future plans, strategies, intentions, expectations, objectives, goals or prospects and other statements that are not historical facts are also forward-looking statements. Discussions containing these forward-looking statements may be found, among other places, in "Business Overview" and "Operating and Financial Review and Prospects" in this Annual Report on Form 20-F.

These forward-looking statements include, without limitation, statements about the following:

• the cost, timing and results of preclinical studies and clinical trials and other development activities by us and our collaborative partners;

• the likelihood of our clinical programs being executed on timelines provided and reliance on our contract research organizations (CROs) and predictability of timely enrollment of subjects and patients to advance our clinical trials and maintain their own operations;

• our reliance on contract manufacturers to supply materials for research and development and the risk of supply interruption from a contract manufacturer;

• the potential for future data to alter initial and preliminary results of early-stage clinical trials;

• the unpredictability of the duration and results of the regulatory review of applications or clearances that are necessary to initiate and continue to advance and progress our clinical programs, and the ability to successfully submit the necessary applications or to obtain the necessary clearances;

• the ability to secure, maintain and realize the intended benefits of collaborations with partners;

• the possible impairment of, inability to obtain, and costs to obtain intellectual property rights;

• our ability to attract and retain key scientific and/or management personnel; our ability to obtain funding for our operations, including funding necessary to complete further development and commercialization of our product candidates, if approved;

• the accuracy of our estimates of our future revenue, expenses, capital requirements and needs for additional financing;

• our estimates regarding the market opportunities for our current and future programs and any future product candidates;

• the impact on our operations and activities that may be slowed or halted by shortage and/or pressure on supply and logistics on the global market, U.S. government shutdown, and/or the impact of the COVID-19 pandemic;

• general business, financial and accounting risks and risks related to litigation and disputes with third parties; and

• the other risks and uncertainties, including those listed under the caption "Risk Factors."

For such statements, we claim the protection of the Private Securities Litigation Reform Act of 1995 and section 27A of the Securities Act and Section 21E of the Exchange Act. Readers of this Annual Report on Form 20-F are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the time this Annual Report on Form 20-F was filed with the Securities and Exchange Commission, or SEC. These forward-looking statements are based largely on our expectations and projections about future events and future trends affecting our business and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, without limitation, those discussed in "Risk Factors" and in "Operating and Financial Review and Prospects" of this Annual Report on Form 20-F. In addition, past financial or operating performance is not necessarily a reliable indicator of future performance, and you should not use our historical performance to anticipate results or future period trends. We can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition. Except as required by law, we undertake no obligation to update publicly or revise our forward-looking statements to reflect events or circumstances that arise after the filing of this Annual Report on Form 20-F.

In this Annual Report on Form 20-F, "Kazia," "Company," "Consolidated Entity," "we," "us" and "our" refer to Kazia Therapeutics Limited and its wholly owned subsidiaries on a consolidated basis, unless the context otherwise provides.

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##### [**Table of Contents**](#toc)
We effected an ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to ten (10) ordinary shares to a new ratio of one ADS to one-hundred (100) ordinary shares, or the "October 2024 ADS Ratio Change," on October 28, 2024, and subsequently effected a second ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to one-hundred (100) ordinary shares to a new ratio of one ADS to five hundred (500) ordinary shares (the "April 2025 ADS Ratio Change", and together with the October 2024 ADS Ratio Change, the "ADS Ratio Changes") on April 17, 2025. Unless otherwise expressly indicated, the amounts and sales prices of the ADSs disclosed in this Form 20-F have been adjusted to reflect the cumulative effect of the ADS Ratio Changes, except for such amounts and sales prices of the ADSs that were sold prior to October 28, 2024, which have not been adjusted to reflect any ADS Ratio Changes effected after any such sale of ADSs, and except for such amounts and sales prices of the ADSs that were sold prior to April 17, 2025 but after October 28, 2024, which have not been adjusted to reflect the April 2025 ADS Ratio Change effected after any such sale of ADSs.

#### PART I
**Item 1.** **Identity of Directors, Senior Management and Advisors** <br>

Item 1 details are not required to be disclosed as part of the Annual Report.

**Item 2.** **Offer Statistics and Expected Timetable** <br>

Item 2 details are not required to be disclosed as part of the Annual Report.

**Item 3.** **Key Information** <br>

*A. Reserved* 

*B. Capitalization and Indebtedness.* 

Not applicable.

*C. Reasons for the Offer and Use of Proceeds.* 

Not applicable.

*D. Risk factors* 

*Investment in our securities involves a high degree of risk. You should consider carefully the risks described below, together with other information in this Annual Report on Form 20-F and our other public filings, before making investment decisions regarding our securities. If any of the following events actually occur, our business, operating results, prospects or financial condition could be materially and adversely affected. This could cause the trading price of our ADSs to decline and you may lose all or part of your investment. Moreover, the risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business, operating results, prospects or financial condition.* 

#### Risks Related to Our Financial Condition and Capital Requirement
***We have incurred significant net losses since our inception. We expect to incur significant net losses for the foreseeable future and may never achieve or maintain profitability.***

We have incurred significant net losses. We anticipate that we will continue to incur significant net losses for the foreseeable future and we may never achieve or maintain profitability. We are a biotechnology company and have not yet generated significant revenue. We have incurred losses of A$20.5, A$26.8 million, and A$20.7 million for the fiscal years ended 2023, 2024, and 2025, respectively. We generated revenues of A$42 thousand during 2025 from the licensing of our development stage drug candidates. We generated revenues of A$2.3 million during 2024 from the licensing of our development stage drug candidates. We did not generate any revenues from sales of any of our product candidates in prior financial years.

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##### [**Table of Contents**](#toc)
As of 30 June 2025, we had accumulated losses of A$134.8 million. We have devoted most of our financial resources to research and development, including our clinical development activities. To date, we have financed our operations primarily through the issuance of equity securities, research and development grants from the Australian government and payments from our collaboration partners. While we have generated significant revenue in recent fiscal years from license transactions, the nature of such revenue is irregular and unpredictable, and is based upon achievement of milestones over which we have limited or no control. As a consequence, we expect to continue to incur significant operating losses for the foreseeable future due to the cost of research and development including clinical trials and the regulatory approval process for product candidates. The amount of our future net losses is uncertain and will depend, in part, on the rate of our future expenditures. Our ability to continue operations will depend on, among other things, our ability to obtain funding through equity or debt financings, strategic collaborations or grants.

We anticipate that our expenses will increase substantially if and as we:

• continue our research and clinical development of our product candidates;

• expand the scope of our current clinical studies for our product candidates or initiate additional clinical or other studies for product candidates;

• seek regulatory and marketing approvals for any of our product candidates that successfully complete clinical trials;

• further develop the manufacturing process for our product candidates;

• change or add additional manufacturers or suppliers;

• seek to identify and validate additional product candidates;

• acquire or in-license other product candidates and technologies;

• maintain, protect and expand our intellectual property portfolio;

• create additional infrastructure to support our operations as a public company in the United States and our product development and future commercialization efforts; and

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

The net losses we incur may fluctuate significantly from year to year, such that a period-to-period comparison of our results of operations may not be a good indication of our future performance.

#### We have a history of operating losses and we expect to continue to incur losses and may never be profitable.
Our ability to generate significant revenue and achieve profitability depends on our ability, alone or with strategic collaboration partners, to successfully complete the development of and obtain the regulatory approvals for our product candidates, to manufacture sufficient supply of our product candidates, to establish a sales and marketing organization or suitable third-party alternative for the marketing of any approved products and to successfully commercialize any approved products on commercially reasonable terms. All of these activities will require us to raise sufficient funds to finance business activities. In addition, we do not anticipate generating revenue from commercializing product candidates for the foreseeable future, if ever. Our ability to generate future revenues from commercializing product candidates depends heavily on:

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##### [**Table of Contents**](#toc)
• successfully initiating and completing clinical trials of our product candidates;

• the timing of the initiation and completion of pre-clinical studies and clinical trials;

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

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

• expectations about the successful completion of clinical trials;

• obtaining regulatory and marketing approvals for product candidates for which we complete clinical trials;

• the timing of expected regulatory filings;

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

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

• potential licenses of intellectual property and collaborations;

• the commercialization of our product candidates, if approved;

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

• our financial performance;

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

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

• maintaining, protecting and expanding our intellectual property portfolio, and avoiding infringing on intellectual property of third parties;

• establishing and maintaining successful licenses, collaborations and alliances with third parties;

• developing a sustainable, scalable, reproducible and transferable manufacturing process for our product candidates;

• establishing and maintaining supply and manufacturing relationships with third parties that can provide products and services adequate, in amount and quality, to support clinical development and commercialization of our product candidates, if approved;

• launching and commercializing any product candidates for which we obtain regulatory and marketing approval, either by collaborating with a partner or, if launched independently, by establishing a sales, marketing and distribution infrastructure;

• obtaining market acceptance of any product candidates that receive regulatory approval as viable treatment options;

• the outcome of corresponding endeavors in respect of competitive or potentially competitive product candidates by other drug development companies;

• obtaining favorable coverage and reimbursement rates for our products from third-party payers;

• addressing any competing technological and market developments;

• identifying and validating new product candidates; and

• negotiating favorable terms in any collaboration, licensing or other arrangements into which we may enter.

Even if one or more of our product candidates is approved for commercial sale, we may incur significant costs associated with commercializing any approved product candidate. As one example, our expenses could increase beyond expectations if we are required by the U.S. Food and Drug Administration ("FDA") or other regulatory agencies, domestic or foreign, to perform clinical and other studies in addition to those that we currently anticipate. Even if we are able to generate revenues from the sale of any approved products, we may not become profitable and may need to obtain additional funding to continue operations, which could have an adverse effect on our business, financial condition, results of operations and prospects.

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***We will need additional funding to operate our business; such funding may not be available or, if it is available, such financing is likely to substantially dilute our existing shareholders***

During the year ended 30 June 2025 we raised A$16 million from the sale of ADSs. We will need to secure additional financing in order to continue to meet our longer-term business objectives, including advancement of our research and development programs and we may also require additional funds to pursue regulatory clearances, defend our intellectual property rights, establish commercial scale manufacturing facilities, develop marketing and sales capabilities and fund operating expenses. We intend to seek such additional funding through public or private financings and/or through licensing of our assets or strategic alliances or other arrangements with corporate partners.

Until we can generate a sufficient amount of product revenue to finance our cash requirements, which we may never achieve, we expect to finance our cash needs primarily through public or private equity offerings, debt financings or through strategic alliances. We cannot be certain that additional funding will be available on acceptable terms or at all. If we are not able to secure additional funding when needed, we may have to delay, reduce the scope of, or eliminate one or more of our clinical trials, collaborative research or development programs or future commercialisation initiatives. In addition, any additional funding that we do obtain will dilute the ownership held by our existing security holders. The amount of this dilution may be substantially increased if the trading price of our shares is lower at the time of any financing. Regardless, the economic dilution to shareholders will be significant if our stock price does not increase significantly, or if the effective price of any sale is below the price paid by a particular shareholder. Any debt financing could involve substantial restrictions on activities and creditors could seek a pledge of some or all of our assets. We have not identified potential sources for the additional financing that we will require, and we do not have commitments from any third parties to provide any future financing, other than the equity line program with Alumni Capital L.P., which is subject to certain restrictions. If we fail to obtain additional funding as needed, we may be forced to cease or scale back operations, and our results, financial condition and stock price would be adversely affected.

***The Company has two product candidates currently in clinical trials. Failure of one or both of these product candidates to show benefit to patients could materially and adversely affect the continuity of our business and our financial condition.***

The Company's lead programs include Paxalisib (formerly GDC-0084), a small molecule inhibitor of the PI3K/Akt/mTOR pathway, and EVT801, a small molecule selective inhibitor of vascular endothelial growth factor receptor 3 ("VEGFR3"). However, even though progress has been made, such as the clinical validation of the PI3K/Akt/mTOR pathway as a target for oncology therapies, development of our product candidates may prove unsuccessful, after completion of clinical trials, due to any failure to provide adequate beneficial effect to cancer patients. It is possible that either or both product candidates may fail to show sufficient benefit as an intended treatment for the specific cancer indication to become commercially viable products, which could materially and adversely affect the continuity of our business and our financial condition.

***The Company has ongoing clinical trials in which experimental therapies are administered to human subjects. If profound and unexpected safety concerns are encountered in clinical trials, it may materially and adversely affect the continuity of our business and our financial condition.***

Despite all applicable efforts to characterize the safety profile of our drug development candidates through animal studies and other mechanisms, the possibility of unexpected safety concerns remains. If one or both of our clinical stage candidates were found to be associated with profound and unexpected toxicity or other safety concerns, the Company may be required to cease development of one or both candidates, and may additionally incur other impairments to the business including reputational damage, which may materially and adversely affect the continuity of our business and our financial condition.

#### There is substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing.
The Company has limited cash resources and will periodically need additional funds to maintain the planned level of R&D activity. We expect to consume cash and incur operating losses for the foreseeable future as the Company continues developing its oncology drug candidates. The impact on cash resources and results from operations will vary with the extent and timing of future clinical trial programs. While it is not possible to make accurate predictions of future operating results, we expect existing cash and cash equivalents, including the capital raised under our ATM facility and equity line of credit facility with Alumni Capital L.P., will be sufficient to enable us to continue our research and development activities until approximately March 2026.

As of 30 June 2025, we had cash on hand at the bank of A$4.3 million. The consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of normal activities and realization of assets and settlement of liabilities in the

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normal course of business. As is often the case with drug development companies, our ability to continue as a going concern is dependent upon our ability to derive sufficient cash from investors, from licensing and partnering and collaboration activities and from other sources of revenue such as grant funding.

Furthermore, we are limited by General Instruction I.B.5 to Form F-3 (the "Baby Shelf Rule") as of the filing of this Annual Report, until such time as our non-affiliate public float exceeds $75 million. The amount of funds we can raise through primary non-affiliate public offerings of securities in any 12-month period using our registration statement on Form F-3 is limited to one-third of the aggregate market value of the ordinary shares held by non-affiliates of the Company, which limitation may change over time based on our stock price, number of ordinary shares outstanding and the percentage of ordinary shares held by non-affiliates. These factors raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The independent auditor's report for the fiscal year ended 30 June 2025 included an explanatory paragraph in relation to the going concern uncertainty.

If the Company is unable to obtain additional funds on favorable terms or at all, it may be required to cease or reduce its operations. Our future success is dependent upon our ability to obtain additional funding. There can be no assurance, however, that we will be successful in obtaining such funding in sufficient amounts, on terms acceptable to us, or at all. Also, if the Company raises more funds by selling additional securities, the ownership interests of holders of its securities will be diluted.

***Global economic uncertainty caused by rising inflation, political instability, and conflicts and other events of geopolitical significance, such as the conflict between Russia and Ukraine, and the recent conflict between Israel and Gaza, the evolving regulatory activities and economic policies under the current U.S. government, events related thereto, such as changes to candidates or political unrest or otherwise, and changing interest rates and the imposition of tariffs, could adversely affect our business and financial performance.***

Negative global economic conditions may pose challenges to the Company's business strategy, which relies on access to capital from financial markets and/or investment by other companies. Failure to obtain sufficient funding on acceptable terms could have a material adverse effect on our business, results of operations and financial condition. Negative conditions in the global economy, including credit markets and the financial services industry, have generally made equity and debt financing more difficult to obtain, and may negatively impact the Company's ability to complete financing transactions. We are currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by the geopolitical instability due to the ongoing military conflict between Russia and Ukraine and the conflict between Israel and Gaza. Our business, financial condition, and results of operations may be materially adversely affected by the negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions. U.S. and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions, including the military conflict between Russia and Ukraine and the conflict between Israel and Gaza as well as any additional escalations that may develop in the Middle East region. Although the length and impact of these ongoing military conflicts are highly unpredictable, the conflict in Ukraine and the conflict between Israel and Gaza have led to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain disruptions.

Additionally, various of Russia's actions have led to sanctions and other penalties being levied by the U.S., Australia, the European Union, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal. Additional potential sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could further adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds.

The duration and severity of these conditions is uncertain, as is the extent to which they may adversely affect the Company's business and the business of current and prospective vendors and collaborators. If negative global economic conditions persist or worsen, the Company may be unable to secure additional funding to sustain its operations or to find suitable collaborators to advance its internal programs, even if positive results are achieved from research and development efforts.

Any of the above-mentioned factors could affect our business, prospects, financial condition, and operating results. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial.

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In addition, there have been, and may continue to be, significant changes to U.S. trade policies, sanctions, legislation, treaties and tariffs, including, but not limited to, trade policies and tariffs affecting products from outside of the U.S. The extent and duration of increased tariffs and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as negotiations between the U.S. and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand in affected markets. Supply chain disruptions and delays as a result of any new tariff policies or trade restrictions could also negatively impact our cost of materials and production processes. If we are unable to obtain these chemical or biological intermediates in sufficient quantity and in a timely manner due to disruptions in the global supply chain caused by macroeconomic events and conditions, the development, testing and clinical trials of paxalisib and EVT801 or any other current or future product candidates may be delayed or infeasible, and regulatory approval or commercial launch of any resulting product may be delayed or not obtained, which could significantly harm our business.

If we are unable to raise sufficient funding on acceptable terms due to these or other factors, we may be unable to continue to operate. There is no assurance that we will be successful in obtaining sufficient financing on acceptable terms and conditions to fund continuing operations, if at all. Our failure to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on our business, results of operations and financial condition.

#### Changes in tax law could adversely affect our business and financial condition.
The rules dealing with U.S. federal, state, local and international income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. For example, the One Big Beautiful Bill Act, or the OBBBA, was signed into law on July 4, 2025 and made significant changes to the U.S. federal tax law. Changes to tax laws (which changes may have retroactive application) could adversely affect us or holders of our common stock. For example, under Section 174 of the Internal Revenue Code of 1986, as amended, or the IRC, in taxable years beginning after December 31, 2021, expenses that are incurred for research and development performed outside the U.S. will be capitalized and amortized, which may have an adverse effect on our cash flow. The OBBBA provides that for taxable years beginning after December 31, 2024, expenses that are incurred for research and development performed in the U.S. may, at the taxpayer's election, be immediately deducted or capitalized and amortized. In addition, the OBBBA provides that for taxable years beginning after December 31, 2021 and before January 1, 2025, certain eligible taxpayers generally may elect to retroactively deduct expenses for research and development performed in the U.S. in such taxable years by filing amended tax returns for such taxable years, and all other taxpayers that are not eligible to make such an election and that amortized expenses for research and development performed in the U.S. in such taxable years generally may elect to accelerate and deduct the remaining unamortized amounts of such research and development expenses (i) in the first taxable year beginning after December 31, 2024, or (ii) ratably over the two-taxable year period beginning with the first taxable year beginning after December 31, 2024. In recent years, many changes to tax laws have been made and changes are likely to continue to occur in the future. Future changes in tax laws could have a material adverse effect on our business, cash flow, financial condition or results of operations. We urge investors to consult with their legal and tax advisers regarding the implications of potential changes in tax laws on an investment in our common stock.

***Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.***

Events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Although we do not currently have investments with any financial institution that has experienced such events, if any financial institution with which we have a relationship were to be placed into receivership, we may be unable to access such funds. In addition, if any parties with whom we conduct business are unable to access funds pursuant to instruments or lending arrangements with such a financial institution, such parties' ability to pay their obligations to us or to enter into new commercial arrangements requiring additional payments to us could be adversely affected.

Inflation and increases in interest rates have led to a decline in the trading value of previously issued government securities with interest rates below current market interest rates. Although the U.S. Department of Treasury, Federal Deposit Insurance Corporation ("FDIC"), and Federal Reserve Board have announced a program to provide up to $25 billion of loans to financial institutions secured by certain government securities held by financial institutions to mitigate the risk of potential losses on the sale of such instruments, widespread demands for customer withdrawals or other liquidity needs of financial institutions for immediate liquidity may exceed the capacity of such program. Additionally, there is no guarantee that the U.S. Department of Treasury, FDIC and Federal Reserve Board will provide access to uninsured funds in the event of the closure of other banks or financial institutions in the future, or that they would do so in a timely fashion.

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Although we assess our banking relationships as we believe necessary or appropriate, our access to funding sources in amounts adequate to finance or capitalize our current and projected future business operations could be significantly impaired by factors that affect us, the financial institutions with which we have financial arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations, result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and results of operations.

#### Risks Related to Our Business Operations and Employee Matters
***We may not successfully engage in strategic transactions or enter into new collaborations, which could adversely affect our ability to develop and commercialize product candidates, impact our cash position, increase our expenses and present significant distractions to our management.***

From time to time, we may consider additional strategic transactions, such as collaborations, acquisitions, asset purchases or sales and out- or in-licensing of product candidates or technologies. In particular we will evaluate and, if strategically attractive, seek to enter into additional collaborations, including with major biotechnology or pharmaceutical companies. For example, on October 7, 2025, we announced an exclusive collaboration and in-licensing agreement with QIMR Berghofer Medical Research Institute ("QIMR") for a first-in-class PD-L1 degrader program. The lead optimized compound, NDL2, is an advanced PD-L1 protein degrader currently in development and represents a new and innovative frontier of cancer immunotherapy. On September 12, 2024, we announced that an agreement has been executed with QIMR to obtain an exclusive license to certain intellectual property rights in relation to combination therapies consisting of PI3K inhibitor drugs, and one or more immunotherapy or PARP inhibitor drugs (PI3K combination). The competition for collaborators is significant, and the negotiation process is time-consuming and complex. Any new collaboration may be on terms that are not optimal for us, and we may not be able to maintain any new or existing collaboration if, for example, development or approval of a product candidate is delayed, sales of an approved product candidate do not meet expectations or the collaborator discontinues the collaboration. Any such collaboration, or other strategic transaction, may require us to incur non-recurring or other charges, increase our expenditures, pose significant integration or implementation challenges or disrupt our management or business.

These transactions would entail numerous operational and financial risks, including exposure to unknown liabilities, incurrence of substantial debt or dilutive issuances of equity securities to pay transaction consideration or costs, higher than expected collaboration, acquisition or integration costs, write-downs of assets or goodwill or impairment charges, increased amortization expenses, difficulty and cost in facilitating the collaboration or combining the operations and personnel of any acquired business, impairment of relationships with key suppliers, manufacturers or customers of any acquired business due to changes in management and ownership and the inability to retain key employees of any acquired business.

Accordingly, although there can be no assurance that we will undertake or successfully complete any additional transactions of the nature described above, any transactions that we do complete may be subject to the foregoing or other risks and have a material adverse effect on our business, results of operations, financial condition and prospects. Conversely, any failure to enter any collaboration or other strategic transaction that would be beneficial to us could delay and make more expensive the development and potential commercialization of our product candidates and have a negative impact on the competitiveness of any product candidate that reaches market.

#### Any inability to attract and retain qualified key management and technical personnel would impair our ability to implement our business plan.
Our success largely depends on the continued service of key management and other specialized personnel. The loss of one or more members of our management team or other key employees or advisors could delay or increase the cost of our research and development programs and materially harm our business, financial condition, results of operations and prospects. The relationships

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that our key managers have cultivated within our industry make us particularly dependent upon their continued employment with us. We are dependent on the continued service of our technical personnel because of the highly technical nature of our product candidates and the specialized nature of the regulatory approval process for our product candidates. Because our management team and key employees are not obligated to provide us with continued service, they could terminate their employment with us at any time without penalty. We do not maintain key person life insurance policies on any of our management team members or key employees. Our future success will depend in large part on our continued ability to attract and retain other highly qualified scientific, technical and management personnel, as well as personnel with expertise in clinical testing, manufacturing, governmental regulation and commercialization. We face competition for personnel from other companies, universities, public and private research institutions, government entities and other organizations.

***The Company previously identified material weaknesses in connection with its internal control over financial reporting. Although the Company has remediated these material weaknesses, the Company may identify other material weaknesses in the future, which could have a significant adverse effect on its business and the trading price of the ADSs.***

For the year ended 30 June 2025, pursuant to Section 404 of the Sarbanes-Oxley Act, the Company was required to furnish a report by our senior management on our internal control over financial reporting. This report is required to include disclosure of any material weaknesses identified by the Company's management in its internal control over financial reporting. However, while the Company remains an non-accelerated filer, it will not be required to include an attestation report on internal control over financial reporting issued by the Company's independent registered public accounting firm. To achieve compliance with Section 404 of the Sarbanes-Oxley Act, the Company has been engaged in a process to document and evaluate its internal control over financial reporting, which is both costly and challenging. In this regard, the Company will need to continue to dedicate internal resources, potentially continue to engage outside consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. In addition, we may identify deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our ADSs. For example, management previously reported, in the Company's Annual Report for the year ended 30 June 2023, a material weakness in its internal control over financial reporting related to the incorrect application of accounting standards in relation to the acquisition of the EVT-801 intangible asset and the related contingent consideration. The calculation was found to contain errors as discounting for the time value of money was not considered on initial recognition. This was the result of a lack of personnel with specialist accounting knowledge. The material weakness as reported in the Company's Annual Report for the year ended 30 June 2023 has been remediated as of 30 June 2024. However, we may identify other material weaknesses in the future, which could have a significant adverse effect on its business and the trading price of the ADSs.

#### Our collaborations with outside scientists and consultants may be subject to restriction and change.
We work with medical experts, chemists, biologists and other scientists at academic and other institutions, and consultants who assist us in our research, development and regulatory efforts, including the members of our scientific advisory board. In addition, these scientists and consultants have provided, and we expect that they will continue to provide, valuable advice regarding our programs and regulatory approval processes. These scientists and consultants are not our employees and may have other commitments that would limit their future availability to us. If a conflict of interest arises between their work for us and their work for another entity, we may lose their services. In addition, we are limited in our ability to prevent them from establishing competing businesses or developing competing products. For example, if a key scientist acting as a principal investigator in any of our future clinical trials identifies a potential product or compound that is more scientifically interesting to professional interests, their availability to remain involved in any future clinical trials could be restricted or eliminated.

***We face potential product liability claims, and, if successful claims are brought against us, we may incur substantial liability and costs. If the use of our product candidates harms patients, or is perceived to harm patients even when such harm is unrelated to our product candidates, our regulatory approvals could be revoked or otherwise negatively impacted and we could be subject to costly and damaging product liability claims.***

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The use of our product candidates in clinical trials and the sale of any products for which we may in the future obtain marketing approval exposes us to the risk of product liability claims. Product liability claims might be brought against us by consumers, healthcare providers, pharmaceutical companies or others selling or otherwise coming into contact with our product candidates. There is a risk that our product candidates may induce adverse events. If we cannot successfully defend against product liability claims, we could incur substantial liability and costs. In addition, regardless of merit or eventual outcome, product liability claims may result in:

• impairment of our business reputation;

• withdrawal of clinical trial participants;

• costs due to related litigation;

• distraction of management's attention from our primary business;

• substantial monetary awards to patients or other claimants;

• the inability to commercialize our product candidates;

• decreased demand for our product candidates, if approved for commercial sale; and

• increased cost, or impairment of our ability, to obtain or maintain product liability insurance coverage.

***We may use our limited financial and human resources to pursue a particular research program or product candidate and fail to capitalize on programs or product candidates that may be more profitable or for which there is a greater likelihood of success.***

Because we have limited resources, we may forego or delay pursuit of opportunities with certain programs or product candidates or for indications that later prove to have greater commercial potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs for product candidates may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may relinquish valuable rights to that product candidate through strategic collaboration, licensing or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate, or we may allocate internal resources to a product candidate in a therapeutic area in which it would have been more advantageous to enter into a collaboration arrangement.

***Our internal computer and information technology systems, or those of our collaborators and other development partners, third-party Contract Research Organizations ("CROs") or other contractors or consultants, may fail or suffer security breaches, which could result in a disruption of our product development programs.***

Despite the implementation of security measures, our internal computer and information technology systems and those of our current and any future CROs and other contractors, consultants and collaborators are vulnerable to damage from computer viruses, cyber-attacks, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. Such events could cause interruptions of our operations. While we have not experienced any material system failure, accident or security breach to date, if such an event were to occur and cause interruptions in our operations, it could result in a disruption of our development programs and our business operations, whether due to a loss of our trade secrets or other similar disruptions. One of our major suppliers did experience a cyber attack in April 2023 but it did not result in any material system failure and had no long term impact on our business. For example, the loss of clinical trial data from ongoing or future clinical trials or data from pre-clinical studies could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. Likewise, we rely on third parties to manufacture our product candidates and will rely on third parties to conduct future clinical trials, and similar events relating to their computer systems could also have similar consequences to our business. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development and commercialization of our product candidates could be delayed and become more expensive.

#### Our ability to utilize our net operating losses and certain other tax attributes may be limited.
We have substantial carried forward tax losses which may not be available to offset any future assessable income. In order for an Australian corporate taxpayer to carry forward and utilize tax losses, the taxpayer must pass either the continuity of ownership test (the "COT"), or, if it fails the COT, the same business test ("SBT"), or similar business test, in respect of relevant tax losses.

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We have not carried out any formal analysis as to whether we have met the COT or, failing the COT, the SBT or similar business test over relevant periods. In addition, future shareholding changes may result in a significant ownership change for us. It is therefore uncertain as to whether any of our tax losses carried forward as of 30 June 2025 will be available to be carried forward and available to offset our assessable income, if any, in future periods.

***Inadequate funding for the FDA, the SEC, the National Institutes of Health ("NIH"), and other government agencies, including from government shutdowns, or other disruptions to these agencies' staffing and operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.***

Currently, federal agencies in the U.S. are operating under a federal government shutdown due to the expiration of the continuing resolution on September 30, 2025. The duration of the current government shutdown is unknown. In addition, the current U.S. administration is focused on reducing costs of the federal government generally, including significantly reducing the number of government employees. Without appropriation of additional funding to federal agencies, our business operations related to our product development activities for the U.S. market could be impacted. The ability of the FDA to review and approve new products and NIH's ability to conduct and partner with industry on important research can be affected by a variety of factors, including government budget and funding levels, the ability to hire and retain key personnel and accept the payment of user fees, layoffs, and statutory, regulatory and policy changes. Average review times at the agency have fluctuated in recent years as a result. In addition, government funding of the SEC and other government agencies on which our operations may rely, including those that fund research and development activities, is subject to the political process, including executive and congressional priorities, which is inherently fluid and unpredictable.

Disruptions at the FDA and other federal agencies, including substantial leadership departures, personnel cuts, and policy changes, may also slow the time necessary for new drugs to be reviewed and/or approved, which would harm our business. Changes and cuts in FDA staffing have been reported by some within the pharmaceutical industry as creating instances of delays in the FDA's responsiveness or in its ability to review IND submissions or applications, issue regulations or guidance, or implement or enforce regulatory requirements in a timely fashion or at all.

There is also substantial uncertainty as to how regulatory reform measures being implemented by the administration, and other political developments, such as government shutdowns or work stoppages, would impact other U.S. regulatory agencies, such as the FDA, SEC and USPTO, on which our operations rely. For example, over the last several years, the U.S. government has shut down and certain regulatory agencies, such as the FDA and the SEC, have had to furlough critical employees and stop critical activities. In addition, the current U.S. administration has proposed substantial reductions in force at various government agencies that, if applied in a material way, could significantly reduce the FDA's and other agencies' capacities to perform their functions in a manner consistent with past practices. If the current U.S. federal government shutdown is prolonged or if the FDA, NIH, SEC or the USPTO experiences significant decreases in funding or personnel, it could significantly impact the ability of the FDA to issues licenses needed for conduct of our clinical trials, the NIH to conduct research or provide grants, and the abilities of the FDA and the USPTO to timely review and process our regulatory submissions, which could have a material adverse effect on our business and our timelines. Further, future government shutdowns could impact our ability to access the public markets and obtain necessary capital in order to properly capitalize and continue our operations.

With the change in the U.S. presidential administration in 2025, there is substantial uncertainty as to whether and how the current administration will seek to modify or revise the requirements and policies of the FDA and other regulatory agencies with jurisdiction over our product candidates and any products for which we obtain approval. This uncertainty could present new challenges and/or opportunities as we navigate development and approval of our product candidates. Additionally, the new administration could issue or promulgate executive orders, regulations, policies or guidance that adversely affect us or create a more challenging or costly environment to pursue the development of new therapeutic candidates.

***The U.S. Congress, the current administration, or any new administration may make substantial changes to fiscal, tax, and other federal policies that may adversely affect our business.***

Since the start of the Trump administration in 2025, U.S. policy changes have been implemented at a rapid pace and additional changes are likely. Changes to U.S. policy implemented by the U.S. Congress, the current administration or any new administration have impacted and may in the future impact, among other things, the U.S. and global economy, international trade relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business. Until we know what policy changes are made, whether those policy changes are challenged and subsequently upheld by the court system and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

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***Our employees, independent contractors, consultants, collaborators and CROs may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.***

We are exposed to the risk that our employees, independent contractors, consultants, collaborators and CROs may engage in fraudulent conduct or other illegal activity. Misconduct by those parties could include intentional, reckless and/or negligent conduct or disclosure of unauthorized activities to us that violates:

• FDA regulations or similar regulations of comparable non-U.S. regulatory authorities, including those laws requiring the reporting of true, complete and accurate information to such authorities;

• manufacturing standards;

• federal and state healthcare fraud and abuse laws and regulations and similar laws and regulations established and enforced by comparable non-U.S. regulatory authorities; and

• laws that require the reporting of financial information or data accurately.

Activities subject to these laws also involve the improper marketing, use or misrepresentation of information obtained in the course of clinical trials, creating fraudulent data in our preclinical studies or clinical trials or illegal misappropriation of product materials, which could result in regulatory sanctions and serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws, standards or regulations. Additionally, we are subject to the risk that a person or government could allege such fraud or other misconduct, even if none occurred. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business and results of operations, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, disgorgement, integrity oversight and reporting obligations, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of our operations, any of which could have a material adverse effect on our ability to operate our business and our results of operations.

#### Risks Related to the Product Development and Regulatory Approval of Our Product Candidates

#### We may not be able to obtain orphan drug exclusivity, where relevant, in all markets for our product candidates.
Regulatory authorities in some jurisdictions, including the United States, may designate drugs for relatively small patient populations as orphan drugs. Under the Orphan Drug Act, the FDA may designate a product as an orphan drug if it is a product intended to treat a rare disease or condition, which is generally defined as a patient population of fewer than 200,000 individuals annually in the United States. The FDA may also designate a product as an orphan drug if it is intended to treat a disease or condition of more than 200,000 individuals in the United States and there is no reasonable expectation that the cost of developing and making a drug or biological product available in the United States for this type of disease or condition will be recovered from sales of the product candidate.

Generally, if a product with an orphan drug designation subsequently receives the first marketing approval for the indication for which it has such designation, the product is entitled to a period of marketing exclusivity, which precludes the FDA from approving another marketing application for the same drug for such indication for that time period. The applicable period is seven years in the United States. Orphan drug exclusivity may be lost if the FDA determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition.

Paxalisib (formerly GDC-0084) was granted orphan drug designation by the FDA in February 2018 for the treatment of glioblastoma, in August 2020 for the treatment of malignant glioma, which includes diffuse intrinsic pontine glioma ("DIPG"), a rare and highly aggressive childhood brain cancer, and in June 2022 for the treatment of atypical rhabdoid / teratoid tumors ("AT/RT"). However, even if we obtain orphan drug exclusivity for additional products in the United States or other jurisdictions, that exclusivity may not effectively protect the product from competition because different drugs can be approved for the same condition, and the same drug could be approved for a different condition. Moreover, even after an orphan drug is approved, the FDA can subsequently approve the same drug, made by a competitor, for the same condition if the FDA concludes that the competitive product is clinically superior in that it is shown to be safer, more effective or makes a major contribution to patient care.

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#### Positive results from pre-clinical studies of our product candidates are not necessarily predictive of the results of our planned clinical trials of our product candidates.
Positive results in pre-clinical proof of concept and animal studies of our product 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 pre-clinical development or early-stage clinical trials, and we cannot be certain that we will not face similar setbacks. These setbacks have been caused by, among other things, pre-clinical findings made while clinical trials were underway or safety or efficacy observations made in clinical trials, including adverse events. Moreover, pre-clinical and clinical data are often susceptible to varying interpretations and analyses, and many companies that believed their product candidates performed satisfactorily in pre-clinical 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 product candidates, the development timeline and regulatory approval and commercialization prospects for our product candidates, and, correspondingly, our business and financial prospects, would be negatively impacted.

***Even if the Company receives regulatory approval to commercialize its drug candidates, the ability to generate revenues from any resulting products will be subject to a variety of risks, many of which are out of the Company's control.***

Regardless of regulatory approval, products arising from the development process may not gain market acceptance among physicians, patients, healthcare payers or the medical community. The Company believes that the degree of market acceptance and its ability to generate revenues from such products will depend on a number of factors, including, but not limited to:

• advancements in the treatment of cancer that make our treatments obsolete;

• market exclusivity and competitor products;

• timing of market introduction of the Company's drugs and competitive drugs;

• actual and perceived efficacy and safety of the Company's drug candidates;

• prevalence and severity of any side effects;

• potential or perceived advantages or disadvantages over alternative treatments;

• strength of sales, marketing and distribution support;

• price of future products, both in absolute terms and relative to alternative treatments;

• the effect of current and future healthcare laws on the Company's drug candidates; and

• availability of coverage and reimbursement from government and other third-party payers.

If any of the Company's drugs are approved and fail to achieve market acceptance, the Company may not be able to generate significant revenue to achieve or sustain profitability.

#### Risks Related to Commercialization of Our Product Candidates
***The markets for paxalisib for brain cancer and EVT801 for advanced solid tumors, and for any other product candidates we are currently developing or may in the future develop or acquire, may be smaller than we expect.***

We have historically focused our research and product development on treatments of brain cancer, advanced breast cancer and advanced solid tumors. We base our market opportunity estimates on a variety of factors, including our estimates of the number of people who have these diseases, the potential scope of our approved product labels, the subset of people with these diseases who have the potential to benefit from treatment with paxalisib, EVT801 or any other current or future product candidates, various pricing scenarios, and our understanding of reimbursement policies for rare diseases in particular countries. These estimates are based on many assumptions and may prove incorrect, and new studies may reduce the estimated incidence or prevalence of these diseases. Estimating market opportunities can be particularly challenging for rare indications, such as the ones we currently address, as

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epidemiological data is often more limited than for more prevalent indications and can require additional assumptions to assess potential patient populations. If we are unable to identify patients and successfully commercialize paxalisib, EVT801 or any other current or future product candidates with attractive market opportunities, our future product revenues may be smaller than anticipated, and our business may suffer.

Patient identification efforts also influence the ability to address a patient population. If efforts in patient identification are unsuccessful or less impactful than anticipated, for instance, because of a lack of diagnostic initiatives, inadequate disease awareness among healthcare professionals, difficulties in identifying and accessing patients outside of larger treatment centers or otherwise, we may not address the entirety of the opportunity we are seeking. As a result, patients may be difficult to identify and access, the addressable patient population in the countries in which we are seeking authorization and elsewhere may turn out to be lower than expected, or patients may not be otherwise amenable to treatment with our products, all of which would adversely affect our business, financial condition, results of operations and prospects.

***The Company may not be able to establish the contractual arrangements necessary to develop, market and distribute the product candidates. Our failure to do so may adversely affect our business, results of operations and financial condition.***

The Company has been successful in executing contractual agreements with strategic partners. This remains a key part of the Company's business plan and the Company must continue to partner with third parties to manufacture clinical grade drug product and conduct key pre-clinical and clinical investigations. Strategic agreements around packaging, branding, market access and distribution for its drug products will also eventually be required.

However, potential partners could be discouraged by the Company's limited operating history. There is no assurance that the Company will be able to negotiate commercially acceptable licensing or other agreements for the future exploitation of its drug product candidates including continued clinical development, manufacture or marketing. If the Company is unable to successfully contract for these services, or if arrangements for these services are terminated, the Company may have to delay the commercialization program which will adversely affect its ability to generate operating revenues.

***The Company's commercial opportunity will be reduced or eliminated if competitors develop and market products, devices or other treatments that are more effective, have fewer side effects or are less expensive than its drug candidates.***

The development of drug candidates is highly competitive and is high risk. A number of other companies have products or drug candidates in various stages of pre-clinical or clinical development that are intended for the same therapeutic indications for which the Company's drug candidates are being developed. Some of these potential competing drugs are further advanced in development than the Company's drug candidates and may be commercialized sooner. Even if the Company is successful in developing effective drugs, its compounds may not compete successfully with products produced by its competitors.

The Company's competitors include pharmaceutical companies and biotechnology companies, as well as universities and public and private research institutions. In addition, companies active in different but related fields represent substantial competition. Many of the Company's competitors developing oncology drugs have significantly greater capital resources, larger R&D staff and facilities and greater experience in drug development, regulation, manufacturing and marketing. These organizations also compete with the Company and its service providers, to recruit qualified personnel, and to attract partners for joint ventures and to license technologies. As a result, the Company's competitors may be able to develop technologies and products that would render the Company's technologies or its drug candidates obsolete or non-competitive.

***We are currently developing, and in the future may develop, product candidates in combination with other approved or investigational therapies, and that may expose us to additional risks.***

We are currently developing, and may develop future product candidates, for use in combination with one or more currently approved or other investigational therapies. For example, Paxalisib is currently being tested in combination with several other therapies. If any of the investigational therapies do not receive approval, or if any of the approved therapies we currently or may, in the future, use in combination with a current or future product candidate is found defective, removed from the market, or otherwise becomes unavailable, our clinical trials may face significant delays, be suspended, or terminated. Any such events would likely have a material impact on our operations and the development of the affected product candidate(s) and may ultimately prevent the approval of such product candidate or render continued development efforts too costly to proceed.

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Even if a current or future product candidate were to receive FDA approval to be commercialized in the U.S. for use in combination with one or more new or existing therapies, we would continue to be subject to the risk that the FDA or similar foreign regulatory authorities could revoke approval of the therapy used in combination with our product candidate or that safety, efficacy, manufacturing or supply issues could arise with any such existing therapies. This could result in our own products being removed from the market or cause material delays in, or the suspension or discontinuation, of our production and/or distribution of the applicable product, as our ability to market any such product will be limited to the extent specified in the FDA's approval, if granted.

***The regulatory approval processes of the FDA and comparable foreign health authorities are lengthy, time consuming, expensive and inherently unpredictable. If we will not be able to obtain regulatory approvals for our products, our business will be substantially harmed.***

The time required to obtain approval by the FDA and comparable foreign health authorities is unpredictable, typically takes many years following the commencement of clinical studies and depends upon numerous factors. In addition, approval policies, regulations, or the type and amount of clinical data necessary to gain approval may change during the course of a product candidate's clinical development and may vary among jurisdictions, which may cause delays in the approval or the decision not to approve a marketing application. The likelihood of such difficulties may be increased by our multi-national development and trials. We have not obtained regulatory approval for any product candidate, and it is possible that none of our existing product candidates or any product candidates we may seek to develop in the future will ever obtain regulatory approval.

• Applications for our product candidates could fail to receive regulatory approval for many reasons, including but not limited to the following:

• the FDA or comparable foreign health regulatory authorities may disagree with the design or implementation of our clinical studies;

• we may be unable to demonstrate to the FDA or comparable foreign health regulatory authorities that a product candidate's safety-benefit ratio for its proposed indication is acceptable;

• the population studied in the clinical development program may not be sufficiently broad or representative to assure safety in the full population for which we seek approval;

• the FDA or comparable foreign health regulatory authorities may disagree with our interpretation of data from preclinical or clinical studies;

• the data collected from clinical studies of our product candidates may not be sufficient to support the submission of a new drug application, or NDA, or a Biologics License Application, or a BLA, or other submission or to obtain regulatory approval in the United States or elsewhere;

• the FDA and/or comparable foreign health regulatory authorities may fail to approve the manufacturing processes, test procedures and specifications, or facilities of third-party manufacturers with which we contract for clinical and commercial supplies; and

• the approval policies or regulations of the FDA or comparable foreign health regulatory authorities may significantly change in a manner rendering our clinical data insufficient for approval.

The approval process is lengthy and expensive. In addition, results of clinical studies are unpredictable and we may fail to obtain regulatory approval to market any of our product candidates, which would significantly harm our business, results of operations, and prospects.

***Even if our drug candidates receive regulatory approval, we may still face future development and regulatory difficulties in the same or other jurisdictions, and we and our products will our products will remain subject to regulatory scrutiny.***

Our product candidates, if approved, will also be subject to ongoing regulatory requirements for labeling, packaging, storage, advertising, promotion, record-keeping and submission of safety and other post market information. In addition, approved products, manufacturers and manufacturers' facilities are required to comply with extensive FDA and EMA requirements and requirements of other similar agencies, including ensuring that quality control and manufacturing procedures conform to current good manufacturing practices ("cGMPs"). As such, we and our contract manufacturers will be subject to continual review and periodic inspections to assess compliance with cGMPs. Accordingly, we and others with whom we work must continue to expend time, money and effort in all areas of regulatory compliance, including manufacturing, production and quality control. We will also be required to report certain

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adverse reactions and production problems, if any, to the FDA and EMA and other similar agencies and to comply with requirements concerning advertising and promotion for our products. Promotional communications with respect to prescription drugs are subject to a variety of legal and regulatory restrictions and must be consistent with the information in the product's approved label. Accordingly, we may not promote our approved products, if any, for indications or uses for which they are not approved.

If a regulatory agency discovers previously unknown problems with a product, such as adverse events of unanticipated severity or frequency, or disagrees with the promotion, marketing or labeling of a product, such regulatory agency may impose restrictions on that product or us, including requiring withdrawal of the product from the market. If we fail to comply with applicable regulatory requirements, a regulatory agency or enforcement authority may, among other things:

• issue warning letters;

• impose civil or criminal penalties;

• suspend or withdraw regulatory approval;

• suspend any of our ongoing clinical studies;

• refuse to approve pending applications or supplements to approved applications submitted by us; or

• seize or detain products, or require a product recall.

Any government investigation of alleged violations of law could require us to expend significant time and resources in response and could generate negative publicity. Any failure to comply with ongoing regulatory requirements may significantly and adversely affect our ability to commercialize and generate revenue from our product candidates. If regulatory sanctions are applied or if regulatory approval is withdrawn, the value of our company and our operating results will be adversely affected.

***If we fail to obtain coverage and reimbursement for paxalisib, EVT801 or any other current or future product candidates in new geographies, it could make it difficult for us to sell paxalisib, EVT801 or any other current or future product candidates profitably.***

The success of paxalisib, EVT801 and any of our other current or future product candidates, if approved, depends on the availability of adequate coverage and reimbursement from third-party payors. Because paxalisib, EVT801 and any other current or future product candidates represent new approaches to the treatment of the diseases they target, we cannot be sure that coverage and reimbursement will be available for, or accurately estimate the potential revenue from, paxalisib, EVT801 and any other current or future product candidates or for any product that we may develop. If we are unable to obtain adequate levels of reimbursement, our ability to successfully market and sell any such product candidates will be adversely affected. The manner and level at which reimbursement is provided for services related to any current or future product candidates we may develop (e.g., for the administration of our product candidate to patients) is also important. Inadequate reimbursement for such services may lead to physician and payor resistance and adversely affect our ability to market or sell paxalisib, EVT801 or any other current or future product candidates we may develop. In addition, we may need to develop new reimbursement models, in order to realize adequate value. Payors may not be able or willing to adopt such new models and patients may be unable to afford that portion of the cost that such models may require them to bear. If we determine such new models are necessary, but we are unsuccessful in developing them, or if payors do not adopt such models, our business, financial condition, results of operations and prospects could be adversely affected.

Patients who are provided medical treatment for their conditions generally rely on third-party payors to reimburse all or part of the costs associated with their treatment. Adequate coverage and reimbursement from governmental healthcare programs, such as Medicare and Medicaid, and commercial payors, such as private health insurers and health maintenance organizations, are critical to new product acceptance. Government authorities and other third-party payors decide which drugs and treatments they will cover and the reimbursement amount. Coverage and reimbursement by a third-party payor may depend upon a number of factors.

In the U.S., no uniform policy of coverage and reimbursement for products exists among third-party payors. As a result, obtaining coverage and reimbursement approval of a product from a government or other third-party payor is a time consuming and costly process that could require us to provide to each payor supporting scientific, clinical and cost-effectiveness data for the use of our products on a payor-by-payor basis, with no assurance that coverage and adequate reimbursement from third-party payors will be obtained. There is significant uncertainty related to the insurance coverage and reimbursement of newly approved products, which

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uncertainty may be heightened where the product is subject to post-marketing conditions or requirements to provide additional clinical data. In the U.S., the principal decisions about reimbursement for new medicines are typically made by the Centers for Medicare & Medicaid Services ("CMS"), an agency within the U.S. Department of Health and Human Services, as CMS decides whether and to what extent a new medicine will be covered and reimbursed under Medicare. Private payors tend to follow CMS to a substantial degree. Even if we obtain coverage for a given product, the resulting reimbursement payment rates might not be adequate for us to achieve or sustain profitability or may require co-payments that patients find unacceptably high. Future coverage and reimbursement may be subject to increased restrictions, such as prior authorization requirements, both in the U.S. and in international markets. Orphan drugs are typically placed on the highest cost-sharing tier and a substantial percentage are subject to prior authorization requirements. Reimbursement agencies in the EU may be more conservative than CMS.

Outside the U.S., international operations are generally subject to extensive governmental price controls and other market regulations, and we believe the increasing emphasis on cost-containment initiatives in Canada, the EU and other countries has and will continue to put pressure on the pricing and usage of drug products such as paxalisib, EVT801 and any other current or future product candidates we may develop, if approved. We may also incur additional challenges when seeking reimbursement from public and private payers where paxalisib, EVT801 or any future product candidate has been approved subject to post-marketing conditions. Moreover, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that delay or might even prevent our commercial launch of the product, possibly for lengthy periods of time. To obtain reimbursement or pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our product candidate to other available therapies. In general, the prices of products under such systems are substantially lower than in the U.S. Other countries allow companies to fix their own prices for products but monitor and control company profits. Additional foreign price controls or other changes in pricing regulation could restrict the amount that we are able to charge for product candidates. Accordingly, in markets outside the U.S., the reimbursement for paxalisib, EVT801 and any other current or future product candidates we may develop may be reduced compared with the U.S. and may be insufficient to generate commercially reasonable revenues and profits.

#### Ongoing healthcare legislative and regulatory reform measures may have a material adverse effect on our business and results of operations.
Changes in regulations, statutes or the interpretation of existing regulations could impact our business in the future by requiring, for example: (i) changes to our manufacturing arrangements; (ii) additions or modifications to product labeling; (iii) the recall or discontinuation of our products; or (iv) additional record-keeping requirements. If any such changes were to be imposed, they could adversely affect the operation of our business.

On April 15, 2025, the Trump Administration published Executive Order 14273, "Lowering Drug Prices by Once Again Putting Americans First," which generally directs the federal government to take measures to reduce drug prices, including eliminating the so-called "pill penalty" under the Inflation Reduction Act that creates a distinction between small molecule and large molecule products for purposes of determining when a drug may be eligible for drug price negotiation. On May 12, 2025, the Trump Administration published Executive Order 14297, "Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients" which generally, among other things, directs the federal government to establish and communicate most-favored-nation price targets to pharmaceutical manufacturers to bring prices for American patients in line with comparably developed nations. Further, the Executive Order directs the federal government to support regulatory paths to allow direct-to-patient sales for companies that meet these targets. It also states that the Administration will take additional aggressive action (for example, examining whether marketing approvals should be modified or rescinded or opening the door for individual drug importation waivers) should manufacturers fail to offer American consumers the most-favored-nation lowest price. It also directs the Secretary of Commerce and the U.S. Trade Representative to "take all necessary and appropriate action to ensure foreign countries are not engaged in any act, policy, or practice that may be unreasonable or discriminatory or that may impair United States national security . . . including by suppressing the price of pharmaceutical products below fair market value in foreign countries." Notably, a similar "Most Favored Nation" pricing rule enacted under the first Trump Administration was subject to an injunction resulting from judicial challenges to the rule, which was formally rescinded by the former Biden Administration in August 2021.

In addition, at the state level, legislatures have increasingly passed legislation and implemented regulations similar to those under consideration at the federal level, as well as laws designed to control pharmaceutical and biotherapeutic product pricing, including restrictions on pricing or reimbursement at the state government level, limitations on discounts to patients, marketing cost disclosure and transparency measures, restrictions or other limitations on patient assistance, and, in some cases, policies to encourage importation from other countries (subject to federal approval) and bulk purchasing. Certain states are also pursuing cost containment efforts through Prescription Drug Affordability Boards ("PDABs"), and similar entities.

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We cannot predict the initiatives that may be adopted in the future. The continuing efforts of the government, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce costs of healthcare and/or impose price controls may adversely affect:

• the demand for paxalisib and EVT801 or any other current or future product candidates;

• our ability to set a price that we believe is fair for our approved products;

• our ability to generate revenue and achieve or maintain profitability;

• the level of taxes that we are required to pay; and

• the availability of capital.

These laws and future state and federal healthcare reform measures that may be adopted in the future may result in additional reductions in Medicare and other healthcare funding and otherwise affect the prices we may obtain for paxalisib, EVT801 or any other current or future product candidates for which we may obtain regulatory approval or the frequency with which any such product candidate is prescribed or used. For example, the Inflation Reduction Act of 2022 ("IRA"), contains provisions that require companies to pay rebates to Medicare for certain drug prices that increase faster than inflation. In addition, any reduction in reimbursement from Medicare or other government programs may result in a similar reduction in payments from private payors. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, sustain profitability or commercialize our product candidates.

Moreover, increasing efforts by governmental and third-party payors in the U.S. and abroad to cap or reduce healthcare costs may cause such organizations to limit both coverage and the level of reimbursement for newly approved products and, as a result, they may not cover or provide adequate payment for our product candidates. There has been increasing legislative and enforcement interest in the U.S. with respect to specialty drug pricing practices. Specifically, there have been several recent U.S. Congressional inquiries and proposed and enacted federal and state legislation designed to, among other things, bring more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient programs, and reform government program reimbursement methodologies for drugs. The effect of these reform efforts on our business and the healthcare industry in general is not yet known.

Additional state and federal healthcare reform measures are expected to be adopted in the future, any of which could limit the amounts that federal and state governments will pay for healthcare products and services, which could result in reduced demand for certain pharmaceutical products or additional pricing pressures.

While some of these and other proposed measures may require additional authorization to become effective, Congress and the Biden Trump administration have each indicated that it will continue to seek new legislative and/or administrative measures to decrease pharmaceutical prices in the United States.

#### Governments outside the U.S. may impose strict price controls, which may adversely affect our revenues, if any.
In some countries, including Canada and certain Member States of the EU, the pricing of prescription drugs is, in part, subject to governmental control. Additional countries may adopt similar approaches to the pricing of prescription drugs. In such countries, pricing negotiations with governmental authorities can take considerable time after receipt of regulatory 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 coverage and reimbursement have been obtained. Reference pricing used by various countries and parallel distribution, or arbitrage between low-priced and high-priced countries, can further reduce prices. In some countries, we may be required to conduct a clinical trial or other trials that compare the cost-effectiveness of paxalisib, EVT801 or any other current or future product candidates to other available therapies in order to obtain or maintain reimbursement or pricing approval, which is time-consuming and costly. We cannot be sure that such prices and reimbursement will be acceptable to us. 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 pricing is set at unsatisfactory levels or if reimbursement of our products is unavailable or limited in scope or amount, our revenues from sales by us or our strategic partners and the potential profitability of paxalisib, EVT801 or any other current or future product candidates in those countries would be negatively affected.

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***Compliance with global privacy and data security requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data globally, and the failure to comply with such requirements could subject us to significant fines and penalties, which may have a material adverse effect on our business, financial condition or results of operations.***

The regulatory framework for the collection, use, safeguarding, sharing, transfer and other information processing worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future. Globally, virtually every jurisdiction in which we operate has established its own data security and privacy frameworks with which we must comply. For example, the collection, use, disclosure, transfer, or other processing of personal data regarding individuals in the European Economic Area (the "EEA"), including personal health data, is subject to the EU General Data Protection Regulation (the "GDPR"), and similarly, processing of personal data regarding individuals in the UK, including personal health data, is subject to the UK General Data Protection Regulation and the UK Data Protection Act 2018 (collectively, the "UK GDPR," and together with the EU GDPR, the "GDPR"). The GDPR is wide-ranging in scope and imposes numerous requirements on companies that process personal data, including requirements relating to processing health and other sensitive data, obtaining the consent of the individuals to whom the personal data relates, providing detailed information to individuals regarding data processing activities, implementing safeguards to protect the security and confidentiality of personal data, providing notification of data breaches, and taking certain measures when engaging third-party processors. The GDPR also imposes strict rules on the transfer of personal data to countries outside the EEA/UK that are not considered by the European Commission and the UK government as providing "adequate" protection to personal data, including the U.S., and, as a result, increases the scrutiny that clinical trial sites located in the EEA should apply to transfers of personal data from such sites to countries that are considered to lack an adequate level of data protection, such as the U.S. Such transfers of personal data outside of the EEA and UK are prohibited unless a valid GDPR transfer mechanism (for example, the European Commission approved Standard Contractual Clauses, or SCCs, and the UK International Data Transfer Agreement/Addendum, or UK IDTA) has been put in place. Where relying on the SCCs /UK IDTA for data transfers, we may also be required to carry out transfer impact assessments to assess whether the recipient is subject to local laws which allow public authority access to personal data. The international transfer obligations under the EEA/UK data protection regimes will require significant effort and cost, and may result in us needing to make strategic considerations around where EEA/UK personal data is transferred and which service providers we can utilize for the processing of EEA/UK personal data. Any inability to transfer personal data from the EEA and UK to the United States in compliance with data protection laws may impede our ability to conduct trials and may adversely affect our business and financial position. The GDPR also permits data protection authorities to require the destruction of improperly gathered or used personal information and or impose substantial fines for violations of the GDPR, which can be up to four percent of global revenues or €20 million (£17.5 million under the UK GDPR), whichever is greater and it also confers a private right of action on data subjects and consumer associations to lodge complaints with supervisory authorities, seek judicial remedies, and obtain compensation for damages resulting from violations of the GDPR. Although the UK is regarded as a third country under the EU GDPR, the European Commission has now issued a decision recognizing the UK as providing adequate protection under the EU GDPR, or Adequacy Decision, and, therefore, transfers of personal data originating in the EEA to the UK remain unrestricted. The UK Government has introduced a Data Protection and Digital Information Bill, or UK Bill, into the UK legislative process to reform the UK's data protection regime, and if passed, the final version of the UK Bill may have the effect of further altering the similarities between the UK and EEA data protection regimes and threaten the UK Adequacy Decision from the European Commission, which may lead to additional compliance costs for us and could increase our overall risk. It is unclear how UK data protection laws and regulations will develop in the medium to longer term, and how data transfers to and from the UK will be regulated in the long term. Although the EU GDPR and the EU GDPR currently impose substantially similar obligations, it is possible that over the time the UK GDPR could become less aligned with the EU GDPR. In addition, EU member states have adopted national laws to supplement the EU GDPR, which may partially deviate from the EU GDPR, and the competent authorities in the EU Member States may interpret EU GDPR obligations slightly differently from country to country, such that we do not expect to operate in a uniform legal landscape in the EEA with respect to data protection regulations. The potential of the respective provisions and enforcement of the EU GDPR and UK GDPR further diverging in the future creates additional regulatory challenges and uncertainties for us. The lack of clarity on future UK laws and regulations and their interaction with EU laws and regulations could add legal risk, uncertainty, complexity and cost to the handling of European personal data and our privacy and data security compliance programs could require us to implement different compliance measures for the UK and EEA.

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applicants and retirees residing in California. Similar broad consumer privacy laws have already been passed in numerous states, and laws in Virginia, Colorado and Connecticut already have entered into force. In addition, bills for broad consumer privacy laws are being considered in numerous other states and at the federal level.

Compliance with the above requirements and any other data privacy and data security laws and regulations is a rigorous and time-intensive process and requires significant resources and an ongoing review of our technologies, systems and practices, as well as those of any third-party collaborators, service providers, contractors or consultants that process or transfer personal data. The GDPR and other changes in laws or regulations associated with the enhanced protection of certain types of sensitive data, such as healthcare data or other personal information from our clinical trials, could require us to change our business practices and put in place additional compliance mechanisms, may interrupt or delay our development, regulatory and commercialization activities and increase our cost of doing business, and could lead to government enforcement actions, private litigation and significant fines and penalties against us and could have a material adverse effect on our business, financial condition or results of operations.

***Artificial intelligence presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.***

Issues in the development and use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. As with many technological innovations, artificial intelligence presents risks and challenges that could impact our business. We may adopt and integrate generative artificial intelligence tools into our systems for specific use cases reviewed by legal and information security. Our vendors may incorporate generative artificial intelligence tools into their offerings without disclosing this use to us, and the providers of these generative artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors' ability to maintain an adequate level of service and experience. If we, our vendors, or our third-party partners experience an actual or perceived breach or privacy or security incident because of the use of generative artificial intelligence, we may lose valuable intellectual property and confidential information and our reputation and the public perception of the effectiveness of our security measures could be harmed. Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

#### Risks Related to Our Intellectual Property
***If we are unable to protect intellectual property rights related to our product candidates, we may not be able to obtain exclusivity for our product candidates or prevent others from developing similar competitive products.***

We rely upon a combination of patents, know-how, trade secret protection and confidentiality agreements to protect the intellectual property related to our product candidates. The strength of patents in the biotechnology and pharmaceutical field involves complex legal and scientific questions and can be uncertain. The patent applications that we own or in-license may fail to result in issued patents with claims that cover our product candidates in the United States or other jurisdictions. In addition, we cannot guarantee that any patents will issue from any pending or future patent applications owned by or licensed to us. There is no assurance that all of the potentially relevant prior art relating to our patents and patent applications has been found. If such prior art exists, it can invalidate a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue and even if such patents cover our product candidates, third parties may initiate opposition, interference, re-examination, post-grant review, inter parties review, nullification or derivation action in court or before patent offices or similar proceedings challenging the validity, enforceability or scope of such patents, which may result in the patent claims being narrowed or invalidated. Furthermore, even if our patents and patent applications are unchallenged, they may not adequately protect our intellectual property, provide exclusivity for our product candidates or prevent others from designing around our claims. Any of these outcomes could impair our ability to prevent competition from third parties.

If the patent applications we hold or have in-licensed with respect to our programs or product candidates fail to issue, or are revoked, if the breadth or strength of our patent protection is threatened, or if our patent portfolio fails to provide meaningful exclusivity for our product candidates, it could dissuade companies from collaborating with us to develop product candidates and threaten our ability to commercialize future products. Any successful opposition to any patents owned by or licensed to us could deprive us of rights necessary for the successful commercialization of any product candidates that we may develop. Further, if we encounter delays in regulatory approvals, the period of time during which we could market a product candidate under patent protection could be reduced. Even where we have a valid and enforceable patent, we may not be able to exclude others from practicing our invention where the other party can show that they used the invention in commerce before our filing date or the other party benefits from a compulsory

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license. In addition, patents have a limited lifespan. In the United States, the natural expiration of a patent is generally 20 years after it is filed. Various extensions may be available, but the life of a patent, and the protection it affords, is limited. Even if patents covering our product candidates are obtained, once the patent life has expired for a product, we may be open to competition from competitive medications, including biosimilar or generic medications. This risk is material in light of the length of the development process of our products and lifespan of our current patent portfolio.

Even if they are unchallenged, our patents and pending patent applications, if issued, may not provide us with any meaningful protection or prevent competitors from designing around our patent claims to circumvent our patents by developing similar or alternative technologies or therapeutics in a non-infringing manner. For example, a third party may develop a competitive therapy that provides benefits similar to one or more of our product candidates but that uses a formulation and/or a device that falls outside the scope of our patent protection. If the patent protection provided by the patents and patent applications we hold or pursue with respect to our product candidates is not sufficiently broad to impede such competition, our ability to successfully commercialize our product candidates could be negatively affected, which would harm our business. Similar risks would apply to any patents or patent applications that we may own and those which we may license in the future. In many cases, in-licensed intellectual property is at greater risk, as we may not have access to all information or to prosecution and other aspects of the acquisition, maintenance and enforcement of the in-licensed intellectual property.

Patent positions of life sciences companies can be uncertain and involve complex factual and legal questions. The scope of patent protection in jurisdictions outside of the United States is also uncertain. Changes in either the patent laws or their interpretation in any jurisdiction that we seek patent protection may diminish our ability to protect our inventions, maintain and enforce our intellectual property rights; and, more generally, may affect the value of our intellectual property, including the narrowing of the scope of our patents and any that we may license.

The patent prosecution process is complex, expensive, time-consuming and inconsistent across jurisdictions. We may not be able to file, prosecute, maintain, enforce, or license all necessary or desirable patent rights at a commercially reasonable cost or in a timely manner. In addition, we may not pursue or obtain patent protection in all relevant markets. It is possible that we will fail to identify important patentable aspects of our research and development efforts in time to obtain appropriate or any patent protection. While we enter into non-disclosure and confidentiality agreements with parties who have access to confidential or patentable aspects of our research and development efforts, including for example, our employees, corporate collaborators, external academic scientific collaborators, CROs, contract manufacturers, consultants, advisors and other third parties, any of these parties may breach the agreements and disclose such output before a patent application is filed, thereby endangering our ability to seek patent protection. In addition, publications of discoveries in the scientific and scholarly literature often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until 18 months after filing, or in some cases not until issuance as a patent. Consequently, we cannot be certain that we were the first to file for patent protection on the inventions claimed in our patents or pending patent applications.

Courts outside the United States are sometimes less willing to protect trade secrets. If we choose to go to court to stop a third party from using any of our trade secrets, we may incur substantial costs. These lawsuits may consume our time and other resources even if we are successful. For example, significant elements of our products, including confidential aspects of sample preparation, methods of manufacturing, cell culturing conditions, computational-biological algorithms, and related processes and software, are based on unpatented trade secrets. Although we take steps to protect our proprietary information and trade secrets, including through contractual means with our employees and consultants, third parties may independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets or disclose our technology.

We may not be able to meaningfully protect our trade secrets. It is our policy to require our employees, consultants, outside scientific collaborators, sponsored researchers and other advisors to execute confidentiality agreements upon the commencement of employment or consulting relationships with us. These agreements provide that all confidential information concerning our business or financial affairs developed or made known to the individual or entity during the course of the party's relationship with us is to be kept confidential and not disclosed to third parties except in specific circumstances. In the case of employees, the agreements provide that all inventions conceived by the individual, and which are related to our current or planned business or research and development or made during normal working hours, on our premises or using our equipment or proprietary information, are our exclusive property. In addition, we take other appropriate precautions, such as physical and technological security measures, to guard against misappropriation of our proprietary technology by third parties. We have also adopted policies and conduct training that provides guidance on our expectations, and our advice for best practices, in protecting our trade secrets. Despite these undertakings, we may not be able to effectively protect our trade secrets.

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The issuance, scope, validity, enforceability and commercial value of our patent rights are highly uncertain. Further, the scope of the invention claimed in a patent application can be significantly reduced before the patent is issued, and this scope can be reinterpreted after issuance. Even where patent applications we currently own, license, or that we may license in the future issue as patents, they may not issue in a form that will provide us with adequate protection to prevent competitors or other third parties from competing with us, or otherwise provide us with a competitive advantage. Any patents that eventually issue may be challenged, narrowed or invalidated by third parties. Consequently, we do not know whether any of our product candidates will be protectable or remain protected by valid and enforceable patent rights.

The issuance or grant of a patent is not irrefutable as to its inventorship, scope, validity or enforceability, and our patents may be challenged in the courts or patent offices in the United States and abroad. There may be prior art of which we are not aware that may affect the validity or enforceability of a patent claim. There also may be prior art of which we are aware, but which we do not believe affects the validity or enforceability of a claim, which may, nonetheless, ultimately be found to affect the validity or enforceability of a claim. We may in the future, become subject to a third-party pre-issuance submission of prior art or opposition, derivation, revocation, re-examination, post-grant and *inter partes* review, or interference proceeding and other similar proceedings challenging our patent rights or the patent rights of others in the U.S. Patent and Trademark Office, or the USPTO, or other foreign patent office. An unfavorable determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights, allow third parties to commercialize our technology or products and compete directly with us, without payment to us, or extinguish our ability to manufacture or commercialize products without infringing third-party patent rights.

In addition to the protection afforded by patents, we rely on trade secret protection and confidentiality agreements to protect proprietary know-how that is not patentable or that we elect not to patent, processes for which patents are difficult to enforce and any other elements of our product candidate discovery and development processes that involve proprietary know-how, information or technology that is not covered by patents. However, trade secrets can be difficult to protect. What constitutes a trade secret and what protections are available for trade secrets varies from state to state in the United States and country by country worldwide. We seek to protect our proprietary technology and processes, in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors and contractors. We also seek to preserve the integrity and confidentiality of our data and trade secrets by maintaining physical security of our premises and physical and electronic security of our information technology systems. Security measures may be breached, and we may not have adequate remedies for any breach. In addition, our trade secrets may otherwise become known or be independently discovered by competitors. Although we expect all of our employees and consultants to assign their inventions to us, and all of our employees, consultants, advisors and any third parties who have access to our proprietary know-how, information or technology to enter into confidentiality agreements, we cannot provide any assurances that all such agreements have been duly executed or that our trade secrets and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques.

***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 USPTO and various 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.

#### Our success depends, in part, on our ability to protect our intellectual property and our technologies.
Our commercial success depends, in part, on our ability to obtain and maintain patent and trade secret protection for our technologies, our traits, and their uses, as well as our ability to operate without infringing upon the proprietary rights of others. If we do not adequately protect our intellectual property, competitors may be able to use our technologies and erode or negate any competitive advantage we may have, which could harm our business and ability to achieve profitability.

Filing, prosecuting and defending patents on product candidates in all countries around the world would be prohibitively expensive. In addition, we may at times in-license third-party technologies for which limited international patent protection exists and for which the time period for filing international patent applications has passed. Consequently, we may not be able to prevent third parties from practicing our inventions, or from selling or importing products made using our inventions. Potential competitors may use our

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technologies in jurisdictions where we have not obtained patent protection to develop their own products and further, may export otherwise infringing products to territories where we have patent protection but enforcement is difficult. These products may compete with our product candidates, if approved, and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.

Many companies have encountered significant problems in protecting and defending intellectual property rights around the world. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protection, particularly those relating to biotechnology products, which could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

#### Third-party claims of intellectual property infringement may prevent or delay our product discovery and development efforts.
Our commercial success depends in part on our avoiding infringement of the patents and proprietary rights of third parties. There is a substantial amount of litigation involving the infringement of patents and other intellectual property rights in the biotechnology and pharmaceutical industries. We may be exposed to, or threatened with, future litigation by third parties having patent or other intellectual property rights and who allege that our product candidates, uses and/or other proprietary technologies infringe their intellectual property rights. Numerous U.S. and foreign issued patents and pending patent applications, which are owned by third parties, exist in the fields in which we are developing our product candidates. As the biotechnology and pharmaceutical industries expand and more patents are issued, the risk that our product candidates may give rise to claims of infringement of the patent rights of others increases. Moreover, it is not always clear to industry participants, including us, which patents exist which may be found to cover various types of drugs, products or their methods of use or manufacture. Thus, because of the large number of patents issued and patent applications currently pending in our fields, there may be a risk that third parties may allege they have patent rights which are infringed by our product candidates, technologies or methods.

If a third party alleges that we infringe its intellectual property rights, we may face a number of issues, including, but not limited to:

• infringement and other intellectual property misappropriation which, regardless of merit, may be expensive and time-consuming to litigate and may divert our management's attention from our core business;

• substantial damages for infringement or misappropriation, which we may have to pay if a court decides that the product candidate or technology at issue infringes on or violates the third-party's rights, and, if the court finds we have willfully infringed intellectual property rights, we could be ordered to pay treble damages and the patent owner's attorneys' fees;

• an injunction prohibiting us from manufacturing, marketing or selling our product candidates, or from using our proprietary technologies, unless the third party agrees to license its patent rights to us;

• even if a license is available from a third party, we may have to pay substantial royalties, upfront fees and other amounts, and/or grant cross-licenses to intellectual property rights protecting our products; and

• we may be forced to try to redesign our product candidates or processes so they do not infringe third-party intellectual property rights, an undertaking which may not be possible or which may require substantial monetary expenditures and time.

Some of our competitors may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially greater resources. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material adverse effect on our ability to raise the funds necessary to continue our operations or could otherwise have a material adverse effect on our business, results of operations, financial condition and prospects.

Third parties may assert that we are employing their proprietary technology without authorization. Generally, conducting preclinical and clinical trials and other development activities in the United States is not considered an act of infringement. If one of our product candidates is approved by the FDA, a third party may then seek to enforce its patent by filing a patent infringement lawsuit against us. While we may believe that patent claims or other intellectual property rights of a third party would not have a materially adverse effect

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on the commercialization of our product candidates, we may be incorrect in this belief, or we may not be able to prove it in litigation. In this regard, patents issued in the United States by law enjoy a presumption of validity that can be rebutted only with evidence that is "clear and convincing," a heightened standard of proof. There may be issued third-party patents of which we are currently unaware with claims to compositions, formulations, methods of manufacture or methods for treatment related to the use or manufacture of our product candidates. Patent applications can take many years to issue. There may be currently pending patent applications which may later result in issued patents that may be infringed by our product candidates. Moreover, we may fail to identify relevant patents or incorrectly conclude that a patent is invalid, not enforceable, exhausted, or not infringed by our activities. If any third-party patents, held now or obtained in the future by a third party, were found by a court of competent jurisdiction to cover the manufacturing process of our product candidates, constructs or molecules used in or formed during the manufacturing process, or any final product or methods use of the product, the holders of any such patents may be able to block our ability to commercialize the product candidate unless we obtained a license under the applicable patents, or until such patents expire or they are finally determined to be held invalid or unenforceable. Similarly, if any third-party patent were held by a court of competent jurisdiction to cover any aspect of our formulations, any combination therapies or patient selection methods, the holders of any such patent may be able to block our ability to develop and commercialize the product candidate unless we obtained a license or until such patent expires or is finally determined to be held invalid or unenforceable. In either case, such a license may not be available on commercially reasonable terms or at all. If we are unable to obtain a necessary license to a third-party patent on commercially reasonable terms, or at all, our ability to commercialize our product candidates may be impaired or delayed, which could in turn significantly harm our business. Even if we obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed 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 license, develop or commercialize current or future product candidates.

Parties making claims against us may seek and obtain injunctive or other equitable relief, which could effectively block our ability to further develop and commercialize our product candidates. Defense of these claims, regardless of their merit, could involve substantial litigation expense and would be a substantial diversion of employee resources from our business. In the event of a successful claim of infringement against us, we may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement, obtain one or more licenses from third parties, pay royalties or redesign our infringing products, which may be impossible or require substantial time and monetary expenditure. We cannot predict whether any such license would be available at all or whether it would be available on commercially reasonable terms. Furthermore, even in the absence of litigation, we may need or may choose to obtain licenses from third parties to advance our research or allow commercialization of our product candidates. We may fail to obtain any of these licenses at a reasonable cost or on reasonable terms, if at all. In that event, we would be unable to further develop and commercialize our product candidates, which could harm our business significantly.

***We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time-consuming and unsuccessful.***

Competitors may infringe our patents or the patents of our licensors. To counter infringement or unauthorized use, we may be required to take legal action to enforce our patents or our licensors' patents against such infringing activity. Such enforcement proceedings against infringers can be expensive and time-consuming.

In addition, in an infringement proceeding, a court may decide that one or more of our patents is not valid or is unenforceable, or may refuse to stop the other party from using the technology at issue on the grounds that our patents do not cover the compositions or activities in question. An adverse result in any litigation or defense proceedings could put one or more of our patents at risk of being invalidated, held unenforceable, or interpreted narrowly and could put our patent applications at risk of not issuing. Defense against these assertions, non-infringement, invalidity or unenforceability regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of employee resources from our business. In the event of a successful claim of infringement against us, we may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement, obtain one or more licenses from third parties, pay royalties or redesign our infringing products, which may be impossible or require substantial time and monetary expenditure.

Post-grant proceedings provoked by third parties or brought by the USPTO may be brought to determine the validity or priority of inventions with respect to our patents or patent applications or those of our licensors. An unfavorable outcome could result in a loss of our current patent rights and could require us to cease using the related technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does not offer us a license on commercially reasonable terms. Litigation or post-grant proceedings may result in a decision adverse to our interests and, even if we are successful, may result in substantial costs and distract our management and other employees. We may not be able to prevent, alone or with our licensors, misappropriation of our trade secrets or confidential information, particularly in countries where the laws may not protect those rights as fully as those within the United States.

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Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our common shares.

***Changes to patent law in the United States and in foreign jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.***

As is the case with other drug and biopharmaceutical companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the drug and biopharmaceutical industry involves both technological and legal complexity, and is therefore costly, time-consuming and inherently uncertain. In addition, the United States has passed wide-ranging patent reform legislation under the AIA. Moreover, recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations. 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 the U.S. Congress, the federal courts, and the USPTO, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain in the future. We cannot predict how future decisions by the courts, Congress or the USPTO may impact the value of our patents. Similarly, any adverse changes in the patent laws of other jurisdictions could have a material adverse effect on our business and financial condition. Changes in the laws and regulations governing patents in other jurisdictions could similarly have an adverse effect on our ability to obtain and effectively enforce our patent rights.

#### We have limited foreign intellectual property rights and may not be able to protect our intellectual property rights throughout the world.
Certain of our key patent families have been filed in the United States; however, we have less robust intellectual property rights outside the United States, and, in particular, we may not be able to pursue patent coverage of our product candidates in certain countries outside of the United States. Filing, prosecuting and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States may be less extensive than those in the United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws in the United States. The breadth and strength of our patents issued in foreign jurisdictions or regions may not be the same as the corresponding patents issued in the United States. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and further, may export otherwise infringing products to certain territories where we have patent protection, but enforcement is not as strong as that in the United States. These products may compete with our products and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing. Most of our patent portfolio is at the very early stage. We will need to decide whether and in which jurisdictions to pursue protection for the various inventions in our portfolio prior to applicable deadlines.

Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protections, particularly those relating to drug and biopharmaceutical products. This difficulty with enforcing patents could make it difficult for us to stop the infringement of our patents or marketing of competing products otherwise generally in violation of our proprietary rights. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly, put our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

#### We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
We generally enter into confidentiality and intellectual property assignment agreements with our employees, consultants, and contractors. These agreements generally provide that inventions conceived by the party in the course of rendering services to us will be our exclusive property. However, those agreements may not be honored and may not effectively assign intellectual property rights to us. Moreover, there may be some circumstances, where we are unable to negotiate for such ownership rights. Disputes regarding ownership or inventorship of intellectual property can also arise in other contexts, such as collaborations and sponsored research. If we are subject to a dispute challenging our rights in or to patents or other intellectual property, such a dispute could be expensive and time-consuming. If we were unsuccessful, we could lose valuable rights in intellectual property that we regard as our own.

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#### We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.
We have received confidential and proprietary information from third parties. In addition, we employ individuals who were previously employed at other biotechnology or pharmaceutical companies. We may be subject to claims that we or our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed confidential information of these third parties or our employees' former employers or our consultants' or contractors' current or former clients or customers. Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims, litigation could result in substantial cost and be a distraction to our management and employees. If we are not successful, we could lose access or exclusive access to valuable intellectual property.

#### Risks Related to Our Reliance on Third Parties
***The Company relies on third parties to conduct its pre-clinical studies and clinical trials. If those parties do not successfully carry out their contractual duties or meet expected deadlines, the Company's drug candidates may not advance in a timely manner or at all.***

In the course of discovery, pre-clinical testing and clinical trials, the Company relies on third parties, including laboratories, investigators, clinical CROs, and manufacturers, to perform critical services. For example, the Company relies on third parties to conduct all of its pre-clinical and clinical studies. These third parties may not be available when the Company needs them or, if they are available, may not comply with all regulatory and contractual requirements or may not otherwise perform their services in a timely or acceptable manner, and the Company may need to enter into new arrangements with alternative third parties and the studies may be extended, delayed or terminated. These independent third parties may also have relationships with other commercial entities, some of which may compete with the Company. As a result of the Company's dependence on third parties, it may face delays or failures outside of its direct control. These risks also apply to the development activities of collaborators, and the Company does not control their research and development, clinical trial or regulatory activities.

***The Company has no direct control over the cost of manufacturing its drug candidates. Increases in the cost of manufacturing the Company's drug candidates would increase the costs of conducting clinical trials and could adversely affect future profitability.***

The Company does not intend to manufacture the drug product candidates in-house, and it will rely on third parties for drug supplies both for clinical trials and for commercial quantities in the future. The Company has taken the strategic decision not to manufacture active pharmaceutical ingredients ("API") for the drug candidates, as these can be more economically supplied by third parties with particular expertise in this area. The Company outsources the manufacture of its drug products and their testing to FDA requirements. The Company uses contract facilities that are registered with the FDA, have a track record of large-scale API manufacture, and have already invested in capital and equipment. The Company has no direct control over the cost of manufacturing its product candidates. If the cost of manufacturing increases, or if the cost of the materials used increases, these costs may be passed on, making the cost of conducting clinical trials more expensive. Increases in manufacturing costs could adversely affect the Company's future profitability if it was unable to pass all of the increased costs along to its customers.

***The Company relies on third-party contract manufacturing organizations to manufacture its drug product candidates. If one or more of these vendors were unable to meet the Company's needs, it may materially and adversely impact our business.***

Manufacture of pharmaceutical material for human administration is technically complex and highly regulated. If one or more of the Company's vendors failed to produce drug product to the requisite standard, the continuity of the Company's operations may be severely disrupted. Even if a vendor was found deficient in respect of another product, it may impair the confidence of regulatory agencies in our product candidates, thereby disrupting our operations.

Global contract manufacturing capacity is limited, and the manufacturing process is not readily portable. As a result, the Company's ability to manufacture its product candidates in a timely manner is dependent on the availability of suitable capacity at its vendors.

The manufactured drug products, and their intermediaries, are of significant financial value. Loss, damage, or theft of this material, for example while in storage or transit, may result in significant detriment to the Company, which may be incompletely cured by insurance.

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***Our reliance on third parties for research and development and manufacturing requires us to share our trade secrets, which increases the possibility that our trade secrets will be misappropriated or disclosed, and confidentiality agreements with employees and third parties may not adequately prevent disclosure of trade secrets and protect other proprietary information.***

We consider proprietary trade secrets or confidential know-how and unpatented know-how to be important to our business. We may rely on trade secrets or confidential know-how to protect our technology, especially where patent protection is believed by us to be of limited value. We rely on third parties for research and development work, and expect to rely on third parties for future manufacturing of our proprietary product candidate, paxalisib and EVT801, and any other current or future product candidates. We also expect to collaborate with third parties on the development of paxalisib and EVT801, and any other current or future product candidates. As a result of the aforementioned collaborations, we must, at times, share trade secrets with our collaborators.

Trade secrets 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, consultants, contractors and advisors to enter into confidentiality agreements and, if applicable, material transfer agreements, consulting agreements or other similar agreements with us 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, including our trade secrets. However, current or former employees, consultants, contractors and advisers may unintentionally or willfully disclose our confidential information to competitors, and confidentiality agreements may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. The need to share trade secrets and other confidential information increases the risk that such trade secrets become known by our 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, a competitor's discovery of our trade secrets or other unauthorized use or disclosure would impair our competitive position and may have an adverse effect on our business and results of operations. Enforcing a claim that a third party obtained illegally and is using trade secrets or confidential know-how is expensive, time consuming and unpredictable. Moreover, the enforceability of confidentiality agreements may vary from jurisdiction to jurisdiction.

In addition, these agreements typically restrict the ability of our advisors, employees, third-party contractors and consultants to publish data potentially relating to our trade secrets, although our agreements may contain certain limited publication rights. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets, either through breach of our agreements with third parties, independent development or publication of information by any of our third-party collaborators. A competitor's discovery of our trade secrets would impair our competitive position and have an adverse impact on our business.

#### Risks Related to our Securities

#### Enforceability of civil liabilities under the federal securities laws against the Company or the Company's officers and directors may be difficult.
The Company is a public company limited by shares and is registered and operates under the *Corporations Act 2001* (Cth) ("Corporation Act"). Half of the Company's directors and officers reside outside of the United States. In addition, a substantial portion of the directly owned assets of the Company are located outside of the United States. As a result, it may be difficult or impossible for investors to effect service of process within the United States against the Company or its directors and officers or to enforce against them any of the judgments, including those obtained in original actions or in actions to enforce judgments of the U.S. courts, predicated upon the civil liability provisions of the federal or state securities laws of the United States. There is doubt as to the enforceability in the Commonwealth of Australia, in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely upon federal or state securities laws of the U.S., especially in the case of enforcement of judgments of U.S. courts where the defendant has not been properly served in Australia.

***The Company's failure to meet the continued listing requirements of Nasdaq could result in a delisting of the ADSs, which could negatively impact the market price and liquidity of the Company's securities and its ability to access the capital markets.***

The ADSs are listed on the Nasdaq Capital Market. If the Company fails to satisfy the continued listing requirements of Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist the ADSs. Such a delisting would have a negative effect on the price of the Company's securities, impair the ability to sell or purchase our ADSs when persons wish to do so, and any delisting materially adversely affect the Company's ability to raise capital or pursue strategic restructuring, refinancing or other transactions on acceptable terms, or at all. Delisting from the Nasdaq Capital Market could also have other negative results, including the potential loss of institutional investor interest and fewer business development opportunities. In the event of a delisting, the Company would attempt to take actions to restore its compliance with Nasdaq's listing requirements, but the Company can provide no assurance that any such action taken by it would allow the ADSs to become listed again, stabilize the market price or improve the liquidity of the ADSs, prevent the ADSs from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq's listing requirements.

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On May 12, 2025, the Company received a notification (the Notification) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (Nasdaq) notifying the Company that from March 28, 2025 to May 9, 2025, the Company's Market Value of Listed Securities (MVLS) was below the minimum of $35 million. The Notification has no immediate impact on the Company's operations or listing and Kazia's American Depositary Shares (ADSs) will continue to trade on the Nasdaq Capital Market under the ticker "KZIA". In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days to regain compliance with the MVLS Requirement. Such notification stated that, to regain compliance with the MVLS Requirement, our MVLS must close at $35 million or more for a minimum of ten consecutive business days during the compliance period ending on November 10, 2025. Additionally, the Notice also stated that as of May 9, 2025, the Company did not meet the alternatives of maintaining minimum stockholders' equity requirement of $2.5 million or net income from continuing operations of $0.5 million in its most recently completed fiscal year or in two of its three most recently completed fiscal years per Listing Rule 5550(b)(3), and as such, the Company did not comply with the Listing Rule 5550 for continued listing on the Nasdaq Capital Market.

However, if we do not regain compliance with the relevant listing requirement during the applicable compliance period, Nasdaq will notify us in writing of its determination to delist our ADSs, at which point we would have an opportunity to appeal the delisting determination. However, there can be no assurance that, if we receive a delisting notice from the Staff and appeal the delisting determination, such appeal would be successful. We intend to actively monitor our MVLS and will take all reasonable measures available to us to regain compliance with the MVLS requirement. There can be no assurance that we will be able to regain compliance with this listing requirement or otherwise maintain compliance with any other listing requirements.

We cannot assure you that we will regain compliance with the MVLS requirement or remain in compliance with all applicable requirements for continued listing on Nasdaq. If we fail to regain or sustain compliance with all applicable requirements for continued listing on Nasdaq, the ADSs may be subject to delisting by Nasdaq.

This could inhibit the ability of holders of the ADSs to trade their ADSs in the open market, thereby severely limiting the liquidity of such ADSs. Although holders of the ADSs may be able to trade such ADSs on the over-the-counter market, there can be no assurance that this would occur. Further, the over-the-counter market provides significantly less liquidity than Nasdaq and other national securities exchanges, is thinly traded and highly volatile, has fewer market makers and is not followed by analysts. As a result, your ability to trade or obtain quotations for these securities may be more limited than if they were quoted on Nasdaq or other national securities exchanges.

***The trading price of the ADSs is highly volatile. Your investment could decline in value and the Company may incur significant costs from class action litigations.***

The trading price of the ADSs is highly volatile in response to various factors, many of which are beyond the Company's control, including:

• unacceptable toxicity findings in animals and humans;

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

• announcements of technological innovations by the Company and its competitors;

• new products introduced or announced by the Company or its competitors;

• changes in financial estimates by securities analysts;

• actual or anticipated variations in operating results;

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

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

• changes in the market values of similar companies;

• changes in the broader macroeconomic environment;

• the liquidity of any market for the Company's securities; and

• additional sales by the Company of its shares.

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

If the market price of the ADSs falls and remains below US$5.00 per share, under stock exchange rules, the Company's stockholders will not be able to use such ADSs as collateral for borrowing in margin accounts. This inability to use ADSs as collateral may depress demand as certain institutional investors are restricted from investing in securities priced below US$5.00 and may lead to sales of such ADSs, creating downward pressure on and increased volatility in the market price of the Company's ordinary shares and ADSs.

#### The delisting of the Company's ordinary shares on the ASX may adversely affect the price, liquidity and value of the ADSs.
On 11 October 2023, the Company announced its intention to delist from the Australian Securities Exchange (the "ASX"), which became effective on 15 November 2023. Upon completion of the delisting, the Company's ordinary shares were no longer quoted or traded on the ASX and only the ADSs are listed on the Nasdaq Capital Market, and as a result, shareholders were no longer able to trade their ordinary shares on the ASX. Following the completion of the delisting, the Company's ordinary shares are only capable of being traded on Nasdaq in the form of ADSs, which will require shareholders to transfer their ordinary shares to ADSs to trade on Nasdaq and engage a suitably qualified Australian broker or a U.S. based broker who is able to trade on Nasdaq, or by off-market, private transactions, which will require shareholders to identify and agree terms with potential purchasers of ordinary shares. In addition, the Company is no longer subject to the ASX Listing Rules. Accordingly, as there is only one market on which to trade the Company's securities, the delisting of the Company from the ASX may have impaired the development or liquidity of an active trading market for the ADSs in the U.S. and in turn the values of the ADSs.

***If the Company fails to comply with the rules under the Sarbanes-Oxley Act of 2002 related to accounting controls and procedures in the future, or, if the Company discovers material weaknesses and other deficiencies in our internal control and accounting procedures, the price of the ADSs could decline significantly and raising capital could be more difficult.***

If the Company fails to comply with the rules under the Sarbanes-Oxley Act of 2002 related to disclosure controls and procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal control and accounting procedures, our stock price could decline significantly and raising capital could be more difficult. Section 404 of the Sarbanes-Oxley Act requires annual management assessments of the effectiveness of our internal control over financial reporting. As of 30 June 2025, the Company's management determined that we had no material weaknesses in our internal control over financial reporting. If material weaknesses or significant deficiencies are discovered or if the Company otherwise fails to achieve and maintain the adequacy of its internal controls, the Company may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Moreover, effective internal controls are necessary for the Company to produce reliable financial reports and are important to helping prevent financial fraud. If the Company cannot provide reliable financial reports or prevent fraud, its business and operating results could be harmed, investors could lose confidence in its reported financial information, and the trading price of the ADSs could drop significantly.

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

In certain circumstances, holders of ADSs may have limited rights relative to holders of ordinary shares. The rights of holders of ADSs with respect to the voting of ordinary shares and the right to receive certain distributions may be limited in certain respects by the deposit agreement entered into by us and The Bank of New York Mellon. For example, although ADS holders are entitled under the deposit agreement, subject to any applicable provisions of Australian law and of our Constitution, to instruct the depositary as to the exercise of the voting rights pertaining to the ordinary shares represented by the ADSs, and the depositary has agreed that it will try, as far as practical, to vote the ordinary shares so represented in accordance with such instructions, ADS holders may not receive notices sent by the depositary in time to ensure that the depositary will vote the ordinary shares. This means that, from a practical point of view, the holders of ADSs may not be able to exercise their right to vote. Holders of ADSs in respect of which no timely voting instructions have been received shall be deemed to have instructed the depositary to give a discretionary proxy to a person designated by us to vote the ordinary shares represented by such holders' ADSs; provided, however, that no such discretionary proxy shall be given with respect to any matter to be voted upon as to which we inform the depositary that (i) we do not wish such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of ordinary shares may be materially and adversely affected. In addition, under the deposit agreement, the depositary has the right to restrict distributions to holders of the ADSs in the event that it is unlawful or impractical to make such distributions. We have no obligation to take any action to permit distributions to holders of our ADSs. As a result, holders of ADSs may not receive distributions.

#### Holders of the ADSs are not treated as holders of our ordinary shares.
Holders of ADSs are not treated as holders of our ordinary shares, unless they withdraw the ordinary shares underlying their ADSs in accordance with the deposit agreement and applicable laws and regulations. The depositary is the holder of the ordinary shares underlying the ADSs. Holders of ADSs therefore do not have any rights as holders of our ordinary shares, other than the rights that they have pursuant to the Deposit Agreement.

#### You may be subject to limitations on transfer of the ADSs.
The ADSs are only transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary deem it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the Deposit Agreement, or for any other reason.

#### If we are, a passive foreign investment company, or PFIC, there could be adverse U.S. federal income tax consequences to U.S. investors.
Based on the composition of our assets and income, we believe that we were not a PFIC for U.S. federal income tax purposes with respect to our 2024 taxable year or our 2025 taxable year. However, even if we will not be considered a PFIC in the 2024 taxable year or the 2025 taxable year, there can be no assurance that we will not be considered a PFIC in the current taxable year or for any future taxable year. Our treatment as a PFIC could result in a reduction in the after-tax return to the U.S. holders of our ordinary shares or ADSs and would likely cause a reduction in the value of such ordinary shares or ADSs. For U.S. federal income tax purposes, we will be classified as a PFIC for any taxable year in which either (i) 75% or more of our gross income is passive income, or (ii) at least 50% of the average quarterly value of all of our assets for the taxable year produce or are held for the production of passive income. If we are classified as a PFIC for U.S. federal income tax purposes, highly complex rules will apply to U.S. holders owning ordinary shares or ADSs. Accordingly, you are urged to consult your tax advisors regarding the application of such rules. See Item 10-Additional Information-Taxation, United States Federal Income Tax Consequences for a more complete discussion of the U.S. federal income tax risks related to owning and disposing of our ordinary shares or ADSs.

***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal, accounting and other expenses.***

We are a foreign private issuer. In order to maintain our current status as a foreign private issuer, at least 50% of our outstanding ordinary shares must continue to be either directly or indirectly owned of record by non-residents of the United States. If more than 50% of our outstanding ordinary shares are instead held by U.S. residents, then in order to continue to maintain our foreign private issuer status, (i) a majority of our executive officers or directors must not be U.S. citizens or residents, (ii) more than 50% of our assets must not be located in the United States, and (iii) our business must be administered principally outside the United States.

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Losing our status as a foreign private issuer would require us to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable to U.S. domestic issuers. We also will be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws, if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer, would be significantly higher than the cost we would incur as a foreign private issuer. As a result, we would expect that a loss of foreign private issuer status will increase our legal and financial compliance costs and will make some activities highly time consuming and costly. We also expect that if we will be required to comply with the rules and regulations applicable to U.S. domestic issuers, it will make it more difficult and expensive for us to obtain director and officer liability insurance; we may therefore be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

***Australian takeover laws may discourage takeover offers being made for us or may discourage the acquisition of a significant position in our ordinary shares and ADSs.***

We are incorporated in Australia and are subject to the takeover laws of Australia. Among other things, we are subject to the Corporations Act. Subject to a range of exceptions, the Corporations Act prohibits the acquisition of a direct or indirect interest in our issued voting shares if the acquisition of that interest will lead to a person's voting power in us increasing to more than 20%, or increasing from a starting point that is above 20% and below 90%. Australian takeover laws may discourage takeover offers being made for us or may discourage the acquisition of a significant position in our ordinary shares. This may have the ancillary effect of entrenching our board of directors and may deprive or limit our shareholders' and ADS holders' opportunity to sell their ordinary shares and ADSs and may further restrict the ability of our shareholders and ADS holders to obtain a premium from such transactions. See Item 10.B "Additional Information - Our Constitution."

***Unfavorable macroeconomic conditions or market volatility resulting from national or global economic conditions, including those affecting the financial services industry, could adversely affect our business, financial condition or results of operations.***

Adverse macroeconomic conditions or market volatility resulting from national or global economic developments, political unrest, high inflation, elevated interest rates, international tariffs, changes in international trade relationships and military conflicts, such as the ongoing conflict between Russia and Ukraine, potential for significant changes in U.S. policies or regulatory environment or other factors, could materially and adversely affect our business operations. Sanctions imposed by the U.S. and other countries in response to such conflicts may also continue to adversely impact the financial markets and the global economy, and any economic countermeasures by the affected countries or others could exacerbate market and economic instability. For example, in early 2025, the U.S. imposed blanket 10% tariffs on virtually all imports to the U.S. and significantly higher tariffs applicable to imports from many countries, which have resulted in other countries imposing additional tariffs on imports from the U.S., and is likely to continue to result in more retaliatory tariffs. In addition, the current U.S. administration has expressed an intent to impose tariffs on pharmaceutical imports, with the stated policy objective of reshoring pharmaceutical manufacturing to the United States. Among other means, such tariffs may be imposed by the United States under Section 232 of the Trade Expansion Act of 1962, as amended, pursuant to which the U.S. Department of Commerce recently initiated an investigation to determine the effects of importing pharmaceuticals and pharmaceutical ingredients on national security. The Trump administration has continued to broadly impose tariffs, which could lead to corresponding punitive actions by the countries with which the U.S. trades. While certain tariffs have been suspended, modified or temporarily reduced, we cannot predict the results of the U.S. government's trade negotiations or the outcome of ongoing legal challenges to specific tariff policies. There can be no assurance that deterioration in credit and financial markets and confidence in economic conditions will not occur. For instance, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. In addition, any deterioration in the macro-economy or financial services industry could lead to losses or defaults by our suppliers, which in turn, could have a material adverse effect on our current and/or planned business operations and our current or projected results of operations and financial condition. Also, current inflationary trends in the global economy may impact salaries and wages, costs of goods and transportation expenses, among other things, and recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures may create market and economic instability. A severe or prolonged economic downturn or additional global financial crises could result in a variety of risks to our business, including weakened demand for any product candidates we develop or our ability to raise additional capital when needed on acceptable terms, if at all.

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Further, U.S. government appropriations have been affected by larger U.S. government budgetary issues and related legislation. Government spending levels are difficult to predict beyond the near term due to numerous factors, including the external threat environment, future government priorities and the state of government finances. Significant changes in government spending or changes in U.S. government priorities, policies and requirements could have a material adverse effect on our results of operations, financial condition or liquidity.

Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business.

**Item 4.** **Information on the Company** <br>

*A. History and development of the Company* 

Kazia Therapeutics Limited ("Kazia" or the "Company"), a public company limited by shares, was incorporated in March 1994 and registered in New South Wales, Australia. Kazia is registered and operates under the Corporations Act.

Kazia has its registered office at Three International Towers, Level 24, 300 Barangaroo Avenue, Sydney, NSW 2000, Australia. Its telephone number and other contact details are: Phone +61-2-9472 4101; email info@kaziatherapeutics.com; and website, <u>www.kaziatherapeutics.com</u> (the information contained in the website does not form part of the Annual Report). Our agent for service of process in the United States is Vcorp Services, LLC, 25 Robert Pitt Drive, Suite 204, Monsey, New York 10952.

The Company's ADSs, each representing five-hundred Ordinary Shares, trade on the Nasdaq Capital Market under the symbol 'KZIA'. The Depositary for the Company's ADSs is The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286. All information we file with the SEC is available through the SEC's Electronic Data Gathering, Analysis and Retrieval system, which may be accessed through the SEC's website at <u>www.sec.gov</u>.

*B. Business overview* 

The ongoing principal business of the Company has been pharmaceutical drug development. The Company is an emerging oncology-focused biotechnology company that has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best-in-class agents in a range of oncology indications.

#### Paxalisib
Kazia's lead program is Paxalisib, (formerly known as GDC-0084), an investigational brain-penetrant inhibitor of the PI3K / Akt / mTOR pathway, that was specifically designed to treat brain cancer.

Paxalisib was developed by Genentech, Inc (South San Francisco, California) and the company entered into a worldwide exclusive license for the asset in October 2016. Prior to this transaction, Genentech had completed an extensive pre-clinical development program that provided convincing validation for Paxalisib as a potential drug for brain cancer. Genentech also completed a phase I clinical trial in 47 patients with advanced recurrent grade III and grade IV glioma (NCT01547546). The most common adverse events were oral mucositis and hyperglycemia. Per ANO criteria, 40% of patients exhibited a best observable response of stable disease, and 26% demonstrated a metabolic partial response on FDG-PET.

The development candidate was granted the International Non-Proprietary Name (INN) 'Paxalisib' by the World Health Organisation in December 2019. This was confirmed as the United States Adopted Name ("USAN") by the USAN Council in April 2020. Paxalisib is orally administered and is presented in a 15mg capsule formulation. The development candidate is the subject of IND 112,608 with the U.S. Food and Drug Administration ("FDA").

Paxalisib is a potent and selective inhibitor of all four isoforms of phosphoinositide-3-kinase (PI3K) and a moderate inhibitor of the mammalian target of rapamycin ("mTOR"). The PI3K / Akt / mTOR signaling axis has been shown to be dysregulated in approximately 85-90% of cases of glioblastoma, per Cancer Genome Atlas, and is considered a promising target in this disease. More generally, five PI3K inhibitors have thus far been approved by FDA, for a range of hematological malignancies and solid tumors, making this a well-validated target in cancer. Paxalisib is distinguished from these products by the fact that it is the only PI3K inhibitor in mainstream clinical development which is known to cross the blood-brain barrier, a crucial prerequisite for any novel treatment in brain cancer.

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Paxalisib's mechanism is therefore entirely distinct from that of temozolomide, the existing FDA-approved standard of care treatment. Temozolomide functions primarily by alkylating guanine residues in DNA, thereby inhibiting cell division in the rapidly-growing tumor. Paxalisib, by contrast, inhibits a biochemical control signal, and is therefore associated with a very different resistance and toxicity profile.

Paxalisib is the subject of granted or pending composition-of-matter patents in all key territories. In general, the expiry of these patents is in December 2031. However, the company expects that it will be able to secure patent term extensions in the most substantial markets, including US, EU, China, Japan, and Korea, and that these extensions will provide effective protection until 2036. In addition, the company has recently received notice of grant for a patent protecting the manufacturing process associated with Paxalisib, and this will provide an additional layer of protection in relevant territories until 2036.

Paxalisib was granted orphan drug designation ("ODD") by the FDA for glioblastoma in February 2018, and for the broader indication of glioma in August 2020 and ODD for atypical rhabdoid/teratoid tumours ("AT/RT"), a rare highly-aggressive childhood brain cancer, in June 2022. The development candidate also received Fast Track designation ("FTD") for glioblastoma in August 2020, and Rare Pediatric Disease Designation ("RPDD") for diffuse midline gliomas in August 2020. On July 6, 2023, Kazia announced that Paxalisib had been awarded FTD by the FDA for the treatment of solid tumor brain metastases harboring PI3K pathway mutations in combination with radiation therapy. Collectively, these designations provide opportunities for enhanced access to FDA, a waiver of Prescription Drug Use Fee Act ("PDUFA") fees, a period of regulatory exclusivity and, in the specific case of RPDD, the potential to secure a pediatric Priority Review Voucher (pPRV) should this program be legislatively extended after statutory sunset dates, and if paxalisib is the first approved product in this indication.

Brain cancers account for about 15% of pediatric cancers and are the second most common type of cancer in children whereas over 300,000 adults are diagnosed every year with primary brain cancer. We believe Paxalisib, by design, has the potential to be an integral component to precision medicine. As a targeted therapeutic, we have focused many of the ongoing trials to evaluate Paxalisib in patients who have PI3K pathway mutations. Enrolling clinical trials with patients who have the potential to have the greatest response and benefits accelerates clinical trial recruitment and time to commercialization. The overall clinical development strategy for Paxalisib has been crafted into three core pillars. Within the adult brain cancer pillar, we have four ongoing clinical studies across three different patient populations. There are two actively recruiting clinical studies and one recently completed study in the pediatric brain cancer pillar. Within the brain metastases pillar, there are three ongoing studies.

#### Paxalisib in Adult Brain Cancer
Glioblastoma ("GBM") is a fast-growing and aggressive brain tumour. Paxalisib is being developed primarily for the ~65% of newly-diagnosed unmethylated GBM patients who generally do not respond to existing chemotherapy with temozolomide. The final data from a phase II study in newly diagnosed GBM patients reported promising signals of clinical activity with Paxalisib and was presented at two global conferences in 2023.

<u>GBM AGILE Pivotal study Phase II / III Clinical Trial in Glioblastoma (NCT03970447)</u> 

Paxalisib commenced recruitment to GBM AGILE a phase II / III adaptive clinical trial in glioblastoma, in January 2021. GBM AGILE (Glioblastoma Adaptive Global Innovative Learning Environment) is sponsored by the Global Coalition for Adaptive Research, a US-based 501<sup>©</sup>(3) non-profit organization dedicated to advancing the development of new therapies via the application of cutting-edge statistical methodologies. The goal is to expedite the approval of new drugs for this disease. The study is a platform study, or master protocol study, in which multiple experimental agents are evaluated in parallel, and are compared against a shared control arm. The Paxalisib arm enrolled two patient populations: newly diagnosed patients with unmethylated MGMT promotor status, and recurrent patients.

On 1 August 2022, the Consolidated Entity announced that it had been informed by GCAR that the Paxalisib arm had not graduated to the second stage of the GBM AGILE study, and that recruitment had therefore completed with approximately 150 patients enrolled to the first stage. Those patients remain ongoing, with initial data obtained in 1H CY2024. The interim 'graduation' analysis may have been affected by the rapid and back-loaded recruitment profile of the study and does not preclude a positive outcome in the final data.

On 10 July, 2024, Kazia announced results from the GBM-AGILE study. A total of 313 newly diagnosed unmethylated ("NDU") patients and recurrent patients being treated at top U.S. cancer hospitals were randomized to either a Paxalisib treatment arm (up to 60 mg/day) or the Standard of Care ("SOC") concurrent control arm from January 2021 to May 2022. For the primary analysis the median Overall Survival ("OS") was 14.77 months for Paxalisib-treated NDU patients (n=54) versus 13.84 months for cumulative SOC NDU patients (n=75). For a prespecified secondary analysis in the NDU patients, median OS was 15.54 months in the Paxalisib

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arm (n=54) versus 11.89 months for concurrent SOC (n=46). In addition, a prespecified sensitivity analysis in NDU patients showed similar median OS difference between Paxalisib treated patients (15.54 months) and concurrent SOC patients (11.70 months). An efficacy signal was not detected in the recurrent disease population (median OS of 9.69 months for concurrent SOC (n=113) versus 8.05 months for Paxalisib (n=100). Based on the totality of clinical and preclinical data from all completed studies of Paxalisib in newly diagnosed unmethylated glioblastoma (GBM), Kazia has met with the U.S. Food and Drug Administration (FDA) in December 2024 to review the results. Following this discussion, the FDA indicated that the current data are not sufficient to support a new drug application (NDA) at this time and recommended that Kazia obtain additional clinical evidence to further characterize Paxalisib's efficacy and safety in this population. The Company is evaluating these recommendations and potential next steps for Paxalisib, including the design of future clinical studies and potential regulatory pathways.

<u>LUMOS2 phase II study</u> 

Kazia is supporting the University of Sydney on a molecularly guided phase II clinical study evaluating Paxalisib in adult patients with recurrent/progressive isocitrate dehydrogenase (IDH) mutant grade 2 and 3 gliomas (G2/3 gliomas). The LUMOS2 study is sponsored by the University of Sydney with a goal of investigating targeted therapeutics in these patients who have limited options. The study is expected to enroll up to 76 patients with PI3K pathway mutations and will be a multicenter study at several Australian sites, with the potential to expand internationally. Enrollment in the study is ongoing.

<u>Weill Cornell Medicine Phase II Study in Glioblastoma in Combination with Ketogenesis (NCT05183204)</u> 

In June 2021, the company entered into an agreement with Weill Cornell Medicine for an investigator-initiated phase II clinical trial combining Paxalisib with ketogenesis in patients with newly- diagnosed and recurrent glioblastoma. The study is actively enrolling in two cohorts of GBM patients, and we anticipate providing an update to this study in 2025.

<u>Dana Farber Cancer Institute (DFCI) Phase II Study in Primary Central Nervous System Lymphoma (PCNSL) (NCT04906096)</u> 

Professor Lakshmi Nayak is the Principal Investigator to a phase II clinical study of Paxalisib in patients with primary CNS lymphoma (PCNSL) (NCT04906096). We believe the unique brain-penetrant qualities of Paxalisib make it suitable for investigation in this patient group. Study enrollment is ongoing and expected to recruit approximately 25 patients.

#### Paxalisib in Pediatric Brain Cancer
Brain cancer is the most common malignancy of childhood and represents about one third of all childhood cancer deaths. The PI3K/AKT/mTOR pathway is frequently upregulated in pediatric cancers and therefore therapeutics that target those pathways could lead to well long-awaited regulatory approvals. DIPG is the most common of a group of childhood brain cancers known as diffuse midline gliomas ("DMGs"). The disease has no FDA approved drug treatments and average survival from diagnosis is approximately 10 months. Kazia recognizes the critical importance and immense unmet need and is exploring Paxalisib in two common forms of childhood cancer-DIPGs and Advanced Childhood Cancer with PI3K/mTOR mutations.

<u>St Jude Children's Hospital Phase I Study in Diffuse Intrinsic Pontine Glioma (DIPG) (NCT03696355)</u> 

In February 2020, the company's collaborators at St Jude Children's Research Hospital in Memphis, TN completed recruitment to a phase I investigator- initiated clinical study of Paxalisib in diffuse intrinsic pontine glioma (DIPG), a rare but highly aggressive childhood brain cancer with no approved pharmacological treatments. The St Jude study (NCT03696355) sought to establish a maximum tolerated dose ("MTD") in the pediatric population before enrolling an expansion cohort to seek definitive signals of efficacy. In September 2019, the company announced that a pediatric MTD of 27 mg/m2 had been determined, which is approximately comparable to the doses used in adult clinical studies. The investigators reported interim data in an oral presentation at the SNO Annual Meeting in November 2020. The study met its primary objective and determined a maximum tolerated dose for pediatric use of 27 mg/m2. 27 patients were recruited, of whom 24 received at least one dose of Paxalisib. The safety profile and pharmacokinetics were highly consistent with the adult data. Clinical study report is anticipated in 2026.

<u>PNOC022 phase II Study in Diffuse Intrinsic Pontine Glioma (DIPG) (NCT05009992)</u> 

In December 2020, the company entered into a letter of intent with the Pacific Pediatric Neuro-Oncology Consortium (PNOC), an international consortium focused on the development of novel combination therapies, to execute an investigator-initiated phase II adaptive platform study of Paxalisib in patients with DIPG and other DMGs, a group which collectively constitutes one of the most aggressive childhood cancers. The study will explore Paxalisib in combination with ONC-201, a small-molecule investigational new

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drug which targets dopamine receptor D2 (DRD2), and which is manufactured by Oncoceutics, Inc, a wholly-owned subsidiary of Chimerix, Inc. Preliminary results were presented at Society of Neuro-Oncology 2023 Annual meeting on November 19, 2023. Sixty-eight patients with DMG were enrolled and the Median OS from time of diagnosis was 16.5 months (lower 95% confidence interval ("CI") 11.6 months) with a median follow-up time of 9.9 months (95% CI: 8.5, 11.4). Most common grade 3 and above treatment-related adverse events were decreased neutrophil count (n=4); mucositis (n=3); and, colitis, drug reaction with eosinophilia and systemic symptoms, decreased lymphocyte count, hyperglycemia, and hypokalemia (n=2). On 27 June, 2024, Kazia announced that updated clinical data from the study will be presented at 21st International Symposium on Pediatric Neuro-Oncology. Highlights of the presentation included median overall survival of 13.2 months in Cohort 1 (newly diagnosed, enrolled pre-radiation n=33), 15.8 months in Cohort 2 (newly diagnosed, enrolled post-radiation n=69) and 8.8 months in Cohort 3 (relapsed patients, enrolled after progression n=30). Further analyses are ongoing by Pediatric Neuro-Oncology Consortium ("PNOC") researchers and updates are expected in 2025.

<u>OPTIMISE phase II study</u> 

Kazia entered into a collaboration with the Australian and New Zealand Children's Haematology / Oncology Group in March 2023 for a phase II clinical study examining Paxalisib as a targeted therapeutic in children with advanced solid tumours, including brain tumours. The study, named OPTIMISE, is the first Australian-led clinical trial to combine Paxalisib and chemotherapy for children with PI3K pathway mutations in their tumours. Enrollment for this study is ongoing.

#### Paxalisib in Brain Metastases
Brain metastases occur when cancer cells spread from their original site to the brain, and treatment options are very limited. Brain metastases are a common complication of many tumours, but are particularly common in breast cancer, lung cancer, and melanoma and account for 67% to 89% of all cancers. Brain metastases are typically highly resistant to treatment and survival rates are generally low. Radiotherapy is a common treatment modality for brain metastases. Despite some efficacy, patients typically become resistant over time, and repeat courses of radiotherapy can be associated with significant neurological toxicity. Additionally, PI3K pathway mutations are common in brain metastasis and are frequently associated with a worse prognosis.

<u>MSKCC phase I clinical study in Brain Metastases in Combination with Radiotherapy (NCT04192981)</u> 

Paxalisib is the subject of an ongoing phase I clinical study in patients with brain metastases and leptomeningeal metastases who harbor PI3K pathway mutations in combination with radiotherapy sponsored by Memorial Sloan Kettering Cancer Center in New York, NY. Encouraging safety and clinical activity from this study was presented by the lead investigator, Dr. Jonathan Yang in August 2022 at the ASCO/SNO CNS meeting held in Toronto, Canada. Interim data from the first stage of the study indicated that all 9 evaluable patients experienced complete or partial response, representing an overall response rate (ORR) of 100%, according to RANO-BM criteria. The patients comprised a range of primary tumors, with breast cancer the most common, representing one third of patients. The company announced that the phase I expansion cohort had reached an early conclusion based on positive safety data and positive clinical response findings observed to date. Final analyses is ongoing and clinical study report is anticipated in 2026. .

<u>Alliance for Clinical Trials in Oncology Phase II Genomically-Guided Study in Brain Metastases (NCT03994796)</u> 

The Alliance for Clinical Trials in Oncology is sponsoring a phase II multi-drug study of multiple agents in the treatment of brain metastases from any primary tumour (NCT03994796) and substantially funded by the US National Cancer Institute. Three patient cohorts are enrolled in the Paxalisib arm: breast cancer, lung cancer, and other tumors. The enrollment is ongoing for all cohorts including the expansion stage of the study in breast cancer brain metastases patients.

<u>Dana Farber Cancer Institute (DFCI) Phase II Study in HER2+ Breast Cancer Brain Metastases in Combination with Trastuzumab (NCT03765983)</u> 

Dr Jose Pablo Leone is the Principal Investigator for a phase II study in patients with HER2-positive breast cancer brain metastases, a population for which there are no approved pharmacological treatments, in which Paxalisib is administered in combination with Herceptin (trastuzumab), sponsored by Dana-Farber Cancer Institute in Boston, MA. Study enrollment is complete and final clinical study report is anticipated in 2026.

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<u>Fast Track Designation</u> 

We received FTD by the FDA in July 2023 for Paxalisib for the treatment of solid tumour brain metastases harboring PI3K pathway mutations in combination with radiation therapy, based on the promising clinical data from an interim analysis of the MSKCC phase 1 trial.

To be awarded FTD, drugs must generally be able to show some potential advantage over existing therapies, either in terms of safety or efficacy. The key benefits of FTD comprise enhanced access to FDA, with regular and more frequent opportunities for consultation and discussion. In addition, drugs with FTD may be eligible for Accelerated Approval, in which a new medicine is approved based on a surrogate endpoint, and Priority Review, in which the standard 12-month review process may be reduced to eight months. Drugs with FTD may also receive a 'rolling review' of their NDA submission, in which sections are submitted for review as they become available, potentially expediting the approval process.

<u>Paxalisib in Advanced Breast Cancer</u> 

Preclinical studies conducted in collaboration with QIMR Berghofer demonstrated that Paxalisib, exerts potent epigenetic and immunomodulatory effects in triple-negative breast cancer (TNBC) models. These studies showed that Paxalisib downregulates tumor-intrinsic resistance pathways and enhances immune recognition when combined with checkpoint blockade. The results provided the mechanistic rationale for advancing Paxalisib into a company-sponsored Phase 1b clinical trial evaluating its combination with pembrolizumab (Keytruda<sup>®</sup>) and chemotherapy in patients with Stage IV TNBC. The ongoing study is designed to establish the recommended Phase 2 dose, assess preliminary safety and efficacy, and explore biomarkers of response. Patient enrollment commenced in 2025, with full enrollment anticipated in 2026. Findings from this program are expected to inform future development of Paxalisib-based immunotherapy regimens in breast cancer and potentially in other solid tumors.

#### EVT801
Kazia is also developing EVT801, a small-molecule selective inhibitor of VEGFR3. EVT801 was originally discovered by Sanofi SA and was licensed to Evotec SE as part of a broader transaction. Evotec conducted an extensive program of pre-clinical development, which showed compelling evidence of activity in broad range of animal models. The drug was licensed to Kazia in April 2021.

#### EVT801 Worldwide Exclusive License and Intellectual Property
The Company entered into an exclusive worldwide license agreement with Evotec SE in April 2021, under which Kazia has the right to develop and commercialize the asset in all indications. Evotec stands to receive up to €301 million in contingent milestone payments, and a royalty on net sales. Evotec has no right to direct the development of EVT801, no right of approval for Kazia to sub-license, and no right of first refusal. However, in the event of sub-licensing, Kazia may under certain circumstances share a portion of receipts from a sub-licensee with Evotec.

EVT801 is protected by granted or pending composition-of-matter patents in all key territories, with exclusivity generally through to the early 2030s.

For several decades, it has been clear that growing tumors require an extensive network of newly formed blood vessels and lymphatic vessels to satisfy their substantial nutrient requirements. Drugs which inhibit the formation of new blood vessels (angiogenesis inhibitors) have proven effective in a wide range of solid tumors, with Avastin (bevacizumab) being the best-known example of the class. However, the use of such drugs is limited by hypoxia- induced resistance mechanisms and, in the case of many small-molecule inhibitors, by toxicity. EVT801 was designed to respond to these challenges by selectively targeting lymphangiogenesis, the formation of new lymphatic vessels. Doing so, and with a high degree of selectivity, is expected to provide many of the same benefits as inhibition of angiogenesis, but without the attendant problems of resistance and toxicity.

In addition, drugs which target VEGF receptors have shown the potential to alter the population of immune cells within the tumour micro-environment, thereby potentially making 'cold' tumors more susceptible to immuno-oncology agents such as checkpoint inhibitors. We believe that pre-clinical evidence supports this hypothesis with EVT801 and may provide a second and almost entirely distinct mechanism of action through which the EVT801 may provide benefit to cancer patients.

<u>Phase I Study in Advanced Solid Tumors (NCT05114668)</u> 

In November 2021, Kazia commenced recruitment to a phase I, first-in-human, multiple-ascending-dose, clinical trial of EVT801 in patients with advanced solid tumors which seeks to explore both of these mechanisms (inhibition of lymphangiogenesis and

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modulation of tumor immune micro-environment), The trial is being performed at two hospitals in France: Oncopole in Toulouse and Centre Léon Bérard in Lyons and will aim to recruit up to 60 patients with advanced cancer. In addition to the primary endpoints of safety and tolerability, the study is designed to include a rich array of biomarkers that will allow a deeper understanding of the drug's pharmacology and may inform design of subsequent studies.

On 1 May, 2024, Kazia announced that Stage 1 of the study was complete, and that the primary and secondary endpoints were achieved. A total of 32 patients were enrolled in the study with 26 patients treated across 6 dosing cohorts ranging from 50mg once daily to 500mg twice daily (BID). The MTD was identified as 500mg BID with 400mg BID being the recommended phase 2 dose when given as a monotherapy. Patients with eleven different cancer types (ex. colon, renal cell, pancreatic) were enrolled in the study, with advanced ovarian cancer being the most prevalent indication (11 patients). EVT801 was generally well tolerated across all doses with the majority of toxicities being mild to moderate and transient in nature. In addition, biomarkers have shown strong VEGFR3 expression in multiple indications, and we have observed encouraging clinical activity in High Grade Serous ovarian cancer patients with forty-six percent (46%) having stable disease or for at least three cycles and one patient had a partial response (-39% decrease) after two cycles of EVT801 therapy.

Over the course of FY 2024, interim results from the phase I study including clinical and biomarker EVT801 data have been presented at a number of global conferences, including the American Association for Cancer Research ("AACR") and the European Society for Medical Oncology ("ESMO"). We anticipate providing additional EVT801 updates and presentations of data at future medical conferences. Plans for phase 2 clinical trial are on hold while exploring regional and strategic partnerships.

#### Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Consolidated Entity during the financial year.

#### Anticipated milestones
We anticipate that during fiscal year 2026:

• Completion of enrollment in the company-sponsored Phase 1b clinical trial evaluating Paxalisib in combination with pembrolizumab (Keytruda<sup>®</sup>) and chemotherapy in patients with advanced triple-negative breast cancer (TNBC);

• Preliminary analyses from the expanded-access clinical experience with Paxalisib in TNBC will be published, providing additional insight into clinical activity and biomarkers of response;

• Updated data will be presented from the Phase 2 PNOC022 clinical trial of Paxalisib in combination with ONC201 in pediatric patients with diffuse midline glioma (DMG), including survival outcomes and biomarker correlations; and

• Preliminary analyses from several investigator initiated studies including Cornell Weill (GBM), Dana Farber (PCNSL) and Alliance (brain mets).

#### R&D Pipeline

#### Paxalisib in solid tumours
Kazia's collaboration with QIMR, one of Australia's foremost cancer research centers, is currently exploring novel uses of Paxalisib in solid tumours. The collaboration is based on research that identified an entirely separate effect of PI3K inhibition: as a modulator of the immune microenvironment within and around the tumour. Administration of PI3K inhibitors such as Paxalisib, at doses and frequencies different to those conventionally used, may activate the immune system in the tumour, making it more susceptive to immunotherapy. This could therefore open up an important opportunity for Paxalisib in combination with other drugs for the treatment of diseases such as breast cancer and lung cancer. The collaboration is ongoing and will build on initial research that has already led to the filing of a provisional patent in 2022, including the use of Paxalisib as an immune modulator in the treatment of diseases such as breast cancer. On 12 September, 2024, Kazia announced that an agreement had been executed with QIMR Berghofer Medical Research Institute, one of Australia's foremost cancer research centers, to obtain an exclusive license to certain intellectual property rights in relation to combination therapies consisting of PI3K inhibitor drugs, and one or more immunotherapy or PARP inhibitor drugs (PI3K combination).

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#### Broad Clinical Program Ongoing

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sponsor** | **Phase** | **Indication** | **Registration** |
| &nbsp;&nbsp;&nbsp;**PAXALISIB** | &nbsp;&nbsp;&nbsp;**PAXALISIB** | &nbsp;&nbsp;&nbsp;**PAXALISIB** | &nbsp;&nbsp;&nbsp;**PAXALISIB** |
| &nbsp;&nbsp;&nbsp;Kazia Therapeutics | I | Advanced Breast Cancer | ACTRN12624001340527 |
| &nbsp;&nbsp;&nbsp;Global Coalition for Adaptive Research | II / III | Glioblastoma | NCT03970447 |
| &nbsp;&nbsp;&nbsp;Weill Cornell Medicine | II | Glioblastoma *(with ketogenesis)* | NCT05183204 |
| &nbsp;&nbsp;&nbsp;Alliance for Clinical Trials in Oncology | II | Brain metastases | NCT03994796 |
| &nbsp;&nbsp;&nbsp;Dana-Farber Cancer Institute | II | Breast cancer brain metastases *(with Herceptin)* | NCT03765983 |
| &nbsp;&nbsp;&nbsp;Dana-Farber Cancer Institute | II | Primary CNS lymphoma | NCT04906096 |
| &nbsp;&nbsp;&nbsp;University of Sydney | I/II | Grade 2/3 IDH-mutant adult gliomas | ACTRN12623000096651 |
| &nbsp;&nbsp;&nbsp;Pacific Pediatric Neuro-Oncology Consortium | II | DIPG (childhood brain cancer) | NCT05009992 |
| &nbsp;&nbsp;&nbsp;Aus. & NZ Children's Oncology Group | II | Advanced solid tumours in children | NCT06208657 |
| &nbsp;&nbsp;&nbsp;St Jude Children's Research Hospital | I | DIPG | NCT03696355 |
| &nbsp;&nbsp;&nbsp;Memorial Sloan Kettering Cancer Center | I | Brain metastases *(with radiotherapy)* | NCT04192981 |
| &nbsp;&nbsp;&nbsp; **EVT801** | &nbsp;&nbsp;&nbsp; **EVT801** | &nbsp;&nbsp;&nbsp; **EVT801** | &nbsp;&nbsp;&nbsp; **EVT801** |
| &nbsp;&nbsp;&nbsp;Kazia Therapeutics | I | Advanced solid tumours | NCT05114668 |

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#### Patent Protection
The Company has an aggressive global Intellectual Property ("IP") strategy to protect its key assets and we have partnered with a large Australian law firm to lodge patents that seek to provide protection for our assets. The patent strategy is adapted for each technology platform and the principle mode of protection is through the patenting procedure, seeking to obtain exclusive licenses for all its key inventions and drug pipeline. The overarching strategy in the IP portfolio is to cover the three critical corner stones of pharmaceutical patent: composition of matter (the breadth structures covered in the patent), method of manufacture (the chemical processes used to manufacture the compounds disclosed in the patent) and method of use. Patents are submitted initially as provisional applications and after 12 months' progress through to a Patent Cooperation Treaty application.

We are continuing to expand our pre-clinical work on Paxalisib and EVT801 through collaborations with research institutions. Where the research programs result in the generation of further patentable subject matter, the Company will pursue an aggressive patent filing strategy based on multiple jurisdictions with a focus on those member countries offering the most significant market opportunities for future development.

#### Regulatory requirements

#### Australian Regulatory Requirements
The Therapeutic Goods Act 1989 ("1989 Act") and its subordinate legislation, sets out the legal requirements for the import, export, manufacture and supply of therapeutic goods, including medicines in Australia. The 1989 Act requires that all therapeutic goods imported into, supplied in, manufactured in or exported from Australia be included in the Australian Register of Therapeutic Goods ("ARTG"), unless specifically exempted or authorized under the 1989 Act.

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Medicines with a higher level of risk (prescription medicines, most over-the-counter medicines) are evaluated by the Therapeutic Goods Administration ("TGA") for quality, safety and efficacy before registration on the ARTG. Medicines with a lower risk (some over the counter medicines and most complementary medicines, including vitamins) are not individually assessed by the TGA for quality, safety and efficacy prior to listing on the ARTG unless they are "assessed listed medicines" which are subject to pre-market TGA assessment of efficacy (but not quality and safety). Medicines included in the ARTG can be identified by the AUST R number (for registered medicines), AUST L number (for listed medicines) and AUST L(A) number (for assessed listed medicines) which appears on the label of the medicine.

In order to include a product on the ARTG, a sponsoring company must make an application to the TGA. The application usually consists of a form accompanied by data presented in the Common Technical Document (CTD) format to support the quality, safety and efficacy of the product for its intended use and payment of a fee. Application details are available on the TGA website <u>www.tga.gov.au</u>.

The standard application process for prescription medicines consists of eight separate phases which are summarized below:

1. <u>Pre-submission</u>, which involves lodgement of a pre-submission planning form that provides the TGA with necessary information on the scope and scale of an application for the purposes of arranging appropriate resourcing for the processing and evaluation of the application;

2. <u>Submission</u>, which involves processing activities in preparation for application evaluation, including consideration of the application by the TGA against regulatory requirements;

3. <u>First round assessment</u>, which involves consideration by the TGA of the data provided in the application, informal requests for information by the TGA and a formal consolidated "section 31" request for information;

4. <u>Consolidated section 31 request response</u>, which involves the applicant considering the TGA's consolidated, section 31 request for information or documents, preparation of a response and sending a response to the TGA (in CTD format);

5. <u>Second round assessment</u>, which involves the TGA evaluators considering the response provided by the applicant to the section 31 request and completing evaluation of the data;

6. <u>Expert advisory review</u>, which involves the TGA obtaining independent advice (if required) on issues concerning the application from advisory groups such as the Advisory Committee on Medicines (the main advisory group for prescription medicines);

7. <u>Decision</u>, which involves the TGA determining whether the application is to be approved (possibly modified or varied) or rejected and imposition of any conditions associated with approval for registration on the ARTG. Where any outstanding issues may affect the decision, this may involve further correspondence with the applicant before the decision is finalised

8. <u>Post-Decision</u>, which involves completion of administrative and regulatory activities such as finalisation of outstanding payments and the ARTG entry.

During the above process, applicants will be able to comment on evaluation reports to highlight any errors of fact or major omissions and comment on the request for advice from the independent Advisory Committee on Medicines when such advice is sought.

In relation to Phase 2 ("Submission"), above, the TGA must notify the applicant of an acceptance or rejection of the application within 40 working days following receipt of an application, although this usually occurs within 15 or 21 calendar days. Once accepted for evaluation, the TGA has 255 working days to complete its evaluation and make a decision on the registration of the product (excluding any time spent waiting for the applicant to respond to the TGA's questions).

Aside from the standard application pathway outlined above, the TGA has a priority review pathway and a provisional approval pathway which fast tracks the assessment of eligible prescription medicines (both new medicines and new uses for already approved medicines) onto the Australian market.

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A medicine may be eligible for *priority determination* if the following criteria are met:

• the medicine is a new prescription medicine OR a new indications medicine;

• an indication of the medicine is the treatment, prevention or diagnosis of a life-threatening or seriously debilitating condition;

• there are no therapeutic goods that are intended to treat, prevent or diagnose the condition in the ARTG OR if there is such a therapeutic good included in the ARTG, there is substantial evidence demonstrating that the medicine provides a significant improvement in the efficacy or safety of the treatment, prevention or diagnosis of the condition compared to those goods; and

• there is substantial evidence demonstrating that the medicine provides a major therapeutic advance.

A medicine may be eligible for *provisional determination* if the following criteria are met:

• the medicine is a new prescription medicine OR a new indications medicine;

• an indication of the medicine is the treatment, prevention or diagnosis of a life threatening or seriously debilitating condition;

• there are no therapeutic goods that are intended to treat, prevent or diagnose the condition on the ARTG OR if there is such a therapeutic good included in the ARTG, there is preliminary clinical data demonstrating that the medicine is likely to provide a significant improvement in the efficacy or safety of the treatment, prevention or diagnosis of the condition compared to those goods;

• there is preliminary clinical data demonstrating that the medicine is likely to provide a major therapeutic advance; and

• there is sufficient evidence of a plan to submit comprehensive clinical data on the safety and efficacy of the medicine within 6 years of the date of provisional registration.

#### U.S. Regulatory Requirements
The FDA regulates and imposes substantial requirements upon the research, development, pre-clinical and clinical testing, labelling, manufacture, quality control, storage, approval, advertising, promotion, marketing, distribution, import and export of pharmaceutical products including drugs and biologics, as well as significant reporting and record-keeping obligations. State governments may also impose obligations in some of these areas.

In the United States, pharmaceutical products are primarily regulated by the FDA under the Federal Food, Drug, and Cosmetic Act ("FDCA") and its implementing regulations, and in the case of biologics, the Public Health Service Act and its implementing regulations. The Company believes that the FDA will regulate its products as drugs. The process required by the FDA before drugs may be marketed in the United States generally involves the following:

• pre-clinical laboratory evaluations, including formulation and stability testing, and animal tests performed under the FDA's Good Laboratory Practices regulations to assess pharmacological activity and toxicity potential;

• submission and review of an IND Application, including results of pre-clinical studies, clinical experience (if any), manufacturing information, and protocols for clinical trials, which must become effective before clinical trials may begin in the United States;

• obtaining approval of Institutional Review Boards ("IRBs"), to administer the products to human subjects in clinical trials;

• adequate and well-controlled human clinical trials to establish the safety and efficacy of the product for the product's intended use;

• development of manufacturing processes which conform to FDA current Good Manufacturing Practices ("GMPs"), as confirmed by FDA inspection;

• submission of results for pre-clinical and clinical studies, and chemistry, manufacture and control information on the product to the FDA in a New Drug Approval ("NDA") Application; and

• FDA review and approval of an NDA, prior to any commercial sale, promotion or shipment of a product.

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The testing and approval process requires substantial time, effort, and financial resources, and the Company cannot be certain that any approval will be granted on a timely basis, if at all.

The results of the pre-clinical studies, clinical experience together with initial specified manufacturing information, the proposed clinical trial protocol, and information about the participating investigators are submitted to the FDA as part of an IND, which must become effective before the Company may begin human clinical trials in the U.S. Additionally, an independent IRB must review and approve each study protocol and oversee conduct of the trial. An IND becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day period, raises concerns or questions about the conduct of the trials as outlined in the IND and imposes a clinical hold. If the FDA imposes a clinical hold, the IND sponsor must resolve the FDA's concerns before clinical trials can begin. Pre-clinical tests and studies can take several years to complete, and there is no guarantee that an IND submitted, based on such tests and studies, will become effective within any specific time period, if at all.

Human clinical trials are typically conducted in three sequential phases that may overlap, which are:

• *Phase I:* The drug is initially introduced into healthy human subjects or patients and tested for safety and dosage tolerance. For oncology medicines, patients with the target disease are usually enrolled rather than healthy patients. Absorption, metabolism, distribution, and excretion testing, among other tests, are generally performed at this stage. These studies may also provide early evidence of effectiveness. The maximum tolerated dose of the drug may be calculated from phase I studies;

• *Phase II*: The drug is studied in controlled, exploratory therapeutic trials in a limited number of subjects with the disease or medical condition for which the new drug is intended to be used in order to identify possible adverse effects and safety risks, to determine the preliminary or potential efficacy of the product for specific targeted diseases or medical conditions, and to determine dosage tolerance and the optimal effective dose; and

• *Phase III*: While phase II studies help demonstrate that a specific dosage range of the drug may be effective and the drug has an acceptable safety profile, controlled, large-scale therapeutic, phase III trials are undertaken at multiple study sites to demonstrate clinical efficacy and to further test for safety in an expanded patient population. These studies are used to evaluate the overall benefit - risk relationship of the drug and provide a basis for physician labelling.

The Company cannot be certain that it will successfully complete phase I, phase II or phase III testing of its products within any specific time period, if at all. Furthermore, the FDA, the IRB or the Company may suspend or terminate clinical trials at any time on various grounds, including a finding that the subjects or patients are being exposed to an unacceptable health risk.

Results of pre-clinical studies and clinical trials, as well as detailed information about the manufacturing process, quality control methods, and product composition, among other things, are submitted to the FDA as part of an NDA seeking approval to market and commercially distribute the product on the basis of a determination that the product is safe and effective for its intended use. Before approving an NDA, the FDA will inspect the facilities at which the product is manufactured and will not approve the product unless GMP compliance is satisfactory. If applicable regulatory criteria are not satisfied, the FDA may deny the NDA or require additional testing or information. As a condition of approval, the FDA also may require post-marketing testing or surveillance to monitor the product's safety or efficacy. Even after an NDA is approved, the FDA may impose additional obligations or restrictions (such as labelling changes), or even suspend or withdraw a product approval on the basis of data that arise after the product reaches the market, or if compliance with regulatory standards is not maintained. The Company cannot be certain that the FDA on a timely basis, if at all will approve any NDA it submits. Also, any such approval may limit the indicated uses for which the product may be marketed. Any refusal to approve, delay in approval, suspension or withdrawal of approval, or restrictions on indicated uses could have a material adverse impact on the Company's business prospects.

A user fee, pursuant to the requirements of the PDUFA, and its amendments, applies to NDAs, unless exempted. The FDA adjusts the PDUFA user fees on an annual basis. PDUFA also imposes an annual product fee for prescription drugs and biologics, and an annual establishment fee on facilities used to manufacture prescription drugs and biologics. A written request can be submitted for a waiver under certain circumstances. Waivers may be possible for the application fee for the first human drug application that is filed by a small business, as defined by the FDCA, but there are no small business waivers for product or establishment fees. Waivers may also be possible for one or more fees, upon written request, when a waiver or reduction is necessary to protect the public health, the user fees would present a significant barrier to innovation, or the fees are anticipated to exceed the present or future costs incurred by FDA. Applications for products designated as orphan drugs are not subject to the application fee unless the application includes an indication for other than a rare disease or condition. The Company is not at the stage of development with its products where it is subject to these fees, but they are significant expenditures that may be incurred in the future and must be paid at the time of application submissions to FDA, as applicable.

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Satisfaction of FDA requirements for product approval typically takes several years. The actual time required varies substantially, based upon the type, complexity, and novelty of the pharmaceutical product, among other things. Government regulation imposes costly and time-consuming requirements and restrictions throughout the product life cycle and may delay product marketing for a considerable period of time, limit product marketing, or prevent marketing altogether. Success in pre-clinical or early stage clinical trials does not ensure success in later stage clinical trials. Data obtained from pre-clinical and clinical activities are not always conclusive and may be susceptible to varying interpretations that could delay, limit, or prevent marketing approval. Even if a product receives marketing approval, the approval is limited to specific clinical indications. Further, even after marketing approval is obtained, the discovery of previously unknown problems with a product may result in restrictions on the product or even complete withdrawal of the product from the market.

After product approval, there are continuing significant regulatory requirements imposed by the FDA, including record-keeping requirements, obligations to report adverse events in patients using the products, and restrictions on advertising and promotional activities. Quality control and manufacturing procedures must continue to conform to GMPs, and the FDA periodically inspects facilities to assess GMP compliance. Additionally, post-approval changes in ingredient composition, manufacturing processes or facilities, product labelling, or other areas may require submission of an NDA Supplement to the FDA for review and approval. New indications will require additional clinical studies and submission of an NDA Supplement. Failure to comply with FDA regulatory requirements may result in an enforcement action by the FDA, including warning letters, product recalls, suspension or revocation of product approval, seizure of product to prevent distribution, impositions of injunctions prohibiting product manufacture or distribution, and civil and criminal penalties. Maintaining compliance is costly and time-consuming. The Company cannot be certain that it, or its present or future suppliers or third-party manufacturers, will be able to comply with all FDA regulatory requirements, and potential consequences of noncompliance could have a material adverse impact on its business prospects.

The FDA's policies may change, and additional governmental regulations may be enacted that could delay, limit, or prevent regulatory approval of the Company's products or affect its ability to manufacture, market, or distribute its products after approval. Moreover, increased attention to the containment of healthcare costs in the U.S. and in foreign markets could result in new government regulations that could have a material adverse effect on the business. The Company's failure to obtain coverage, an adequate level of reimbursement, or acceptable prices for future products could diminish any revenues the Company may be able to generate. The Company's ability to commercialize future products will depend in part on the extent to which coverage and reimbursement for the products will be available from government and health administration authorities, private health insurers, and other third-party payers. EU member states and U.S. government and other third-party payers increasingly are attempting to contain healthcare costs by consideration of new laws and regulations limiting both coverage and the level of reimbursement for new drugs. The Company cannot predict the likelihood, nature or extent of adverse governmental regulation that might arise from future legislative or administrative action, either in the U.S. or abroad.

The Company's activities may also be subject to state laws and regulations that affect its ability to develop and sell products. The Company is also subject to numerous federal, state, and local laws relating to such matters as safe working conditions, clinical, laboratory, and manufacturing practices, environmental protection, fire hazard control, and disposal of hazardous or potentially hazardous substances. The Company may incur significant costs to comply with such laws and regulations now or in the future, and the failure to comply may have a material adverse impact on the Company.

The FDA provides programs intended to facilitate and expedite development and review of new products that are intended to address an unmet medical need in the treatment of a serious or life-threatening disease or condition. These programs are referred to as fast track designation, breakthrough therapy designation and priority review designation. These designations are not mutually exclusive, and a product candidate may qualify for one or more of these programs. While these programs are intended to expedite product development and approval, they do not alter the standards for FDA approval. The FDA may designate a product for fast-track designation if it is intended, whether alone or in combination with one or more other products, for the treatment of a serious or life-threatening disease or condition, and it demonstrates the potential to address unmet medical needs for such a disease or condition. For products with fast-track designation, sponsors may have more frequent interactions with the FDA, the product is potentially eligible for accelerated approval and priority review, if relevant criteria are met. A product may be designated as a breakthrough therapy if it is intended, either alone or in combination with one or more other products, to treat a serious or life-threatening disease or condition and preliminary clinical evidence indicates that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. The FDA may take certain actions with respect to breakthrough therapies, including holding meetings with the sponsor throughout the development process; providing timely advice to the product sponsor regarding development and approval; involving more senior staff managers in

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the review process; assigning a cross-disciplinary lead for the review team; and taking other steps to design the clinical trials in an efficient manner. The FDA may designate a product for priority review if it is a product that treats a serious condition and, if approved, would provide a significant improvement in safety or effectiveness when compared with other available therapies. Additionally, drug approval under the accelerated approval pathway may be based on evidence of clinical effect on a surrogate endpoint or intermediate clinical endpoint that is reasonably likely to predict clinical benefit. A post-marketing clinical study will be required to verify clinical benefit, and other restrictions to assure safe use may be imposed.

Under the Drug Price Competition and Patent Term Restoration Act of 1984, a sponsor may obtain marketing exclusivity for a period of time following FDA approval of certain drug applications, regardless of patent status, if the drug is a new chemical entity or if new clinical studies were required to support the marketing application for the drug. This marketing exclusivity prevents a third party from obtaining FDA approval for an identical or nearly identical drug under an Abbreviated New Drug Application. The statute also allows a patent owner to obtain an extension of applicable patent terms for a period equal to one-half the period of time elapsed between the filing of an IND and the filing of the corresponding NDA plus the period of time between the filing of the NDA and FDA approval, with reductions taken for any time an applicant did not act with due diligence. There is a five-year maximum patent extension and a maximum of 14 years protection from product approval. The Company cannot be certain that it will be able to take advantage of either the patent term extension or marketing exclusivity provisions of these laws.

#### European Union Regulatory Requirements
Outside the United States, the Company's ability to market its products will also be contingent upon receiving marketing authorizations from the appropriate regulatory authorities and compliance with applicable post-approval regulatory requirements. Although the specific requirements and restrictions vary from country to country, as a general matter, foreign regulatory systems include risks similar to those associated with FDA regulation, described above. In the EU, a marketing authorization application may be submitted either under a centralized or a national procedure. Under the centralized procedure, a single application to the European Medicines Agency ("EMA") leads to an approval granted by the European Commission that permits the marketing of the product throughout the EU and in the additional member states of the European Economic Area (Norway, Iceland and Liechtenstein). The centralized procedure is mandatory for specific products, including for medicines produced by certain biotechnological processes, products designated as orphan medicinal products, advanced therapy medicinal products (gene therapy, somatic cell therapy and tissue-engineered products) and products with a new active substance indicated for the treatment of certain diseases, including products for the treatment of HIV, AIDS, cancer, diabetes, neurodegenerative diseases, auto-immune and other immune dysfunctions and viral diseases. The centralized procedure is optional for any other products containing new active substances not authorized in the EU or for products which constitute a significant therapeutic, scientific, or technical innovation or for which a centralized authorization is in the interests of patients at EU level. Under the centralized procedure the maximum timeframe for the evaluation of a marketing authorization application by the EMA is 210 days, excluding clock stops, when additional written or oral information is to be provided by the applicant in response to questions asked by the EMA's Committee for Medicinal Products for Human Use ("CHMP"). Clock stops may extend the timeframe of evaluation of a marketing authorization application 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, which is issued within 67 days of receipt of the EMA's recommendation. Accelerated assessment might be granted by the CHMP in exceptional cases, when a medicinal product is expected to be of major public health interest, particularly from the point of view of therapeutic innovation. The timeframe for the evaluation of a marketing authorization application under the accelerated assessment procedure is 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.

As with FDA approval, the Company may not be able to secure regulatory approvals in the EU in a timely manner, if at all. Additionally, as in the U.S., post-approval regulatory requirements, such as those regarding product manufacture, marketing, or distribution, would apply to any product that is approved in the EU, and failure to comply with such obligations could have a material adverse effect on the Company's ability to successfully commercialize any product.

The conduct of clinical trials in the EU is governed by the Clinical Trials Regulation (EU) No 536/2014 ("CTR"), which replaced the previous Clinical Trials Directive 2001/20/EC on 31 January, 2022. No clinical trial may be commenced in the EU without a clinical trial authorization from the applicable national competent authorities and favourable ethics approval. Under the CTR, a single application can be made through the Clinical Trials Information System for authorization of a clinical trial in up to 30 EU/ European Economic Area countries at the same time and with a single set of documentation.

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The assessment of applications for clinical trials is divided into two parts (Part I contains scientific and medicinal product documentation and Part II contains the national and patient-level documentation). Part I is assessed by a coordinated review by the competent authorities of all EU member states in which an application for authorization of a clinical trial has been submitted (Member States Concerned) of a draft report prepared by a Reference Member State. Part II is assessed separately by each Member State Concerned. The role of the relevant ethics committees in the assessment procedure continues to be governed by the national law of the Member State Concerned, however overall related timelines are defined by the CTR. The new CTR also provides for simplified reporting procedures for clinical trial sponsors.

The European Commission introduced legislative proposals in April 2023 that, if implemented, will replace the current regulatory framework in the EU for all medicines (including those for rare diseases and for children). The European Commission has provided the legislative proposals to the European Parliament and the European Council for their review and approval. In April 2024, the European Parliament adopted its position on the legislative proposals and, in June 2025, the European Council adopted its position. The European Council, European Parliament and European Commission will enter into trilogue negotiations aimed at reaching a consensus on a final version of the legislation.

#### Environmental, social and governance (ESG) report

#### Environmental
The Consolidated Entity is not currently subject to any significant or unusual environmental regulation under Australian Commonwealth or State law. We are considering ways in which environmental impacts can be monitored however we do not foresee a material impact.

#### Sustainability
Kazia's head office is located in a sustainable carbon neutral commercial precinct. The serviced office is located in a building with a five star NABERS energy rating.

#### Climate Change
Kazia is mindful of its impact on the environment and strives to reduce its carbon footprint. The Kazia business model is based on outsourcing, and we are working with major partners who are focused on reducing climate change and enhancing climate protection.

#### Society

#### Community Contribution

#### Compassionate Use Program
In rare circumstances, after careful discussion with the treating clinician, Kazia is sometimes able to provide its drug candidates for compassionate use on an individual named patient basis.

Our compassionate use program has treated over 40 patients in 7 countries since its inception in 2018.

Countries we treat compassionate patients in: Australia, USA, Israel, Spain, Switzerland, England and Ireland

#### Social and Governance
Social and governance matters cover a vast range of potential issues including responsible business policies. Our policies set out our commitment to high social standards.

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The following policies are in place and available on our website:

• Anti-Corruption Compliance

• Continuous Disclosure

• Corporate Governance

• Expanded Access

• Shareholder Communications

• Whistleblower

• FDA review and approval of an NDA, prior to any commercial sale, promotion or shipment of a product.

#### Employees
The Consolidated Entity aims to ensure that it has a safe operating environment with an inclusive and diverse culture and the best talent and skills for our future success. The following employee policies are in place:

• Code of Business Conduct & Ethics

• Recruitment and retention

• Inclusion and diversity

• Parents returning to work

• Education and training

• Employee Share Option Plan

• Health and safety

• Whistleblowing

• Equal Employment Opportunity and Diversity

• Harassment and Discrimination

• Anti-corruption and anti-bribery policies

• Public disclosures

• Securities trading

• Scientific integrity

#### Product and Corporate Developments during Fiscal Year 2025
The Company continued to pursue its strategy of focusing resources on clinical programs, being specifically those most likely to provide a return to shareholders.

Paxalisib is involved in ten clinical trials, all being conducted by world renowned research organizations and principally funded by parties other than the Company, giving us multiple opportunities to realise value from this product candidate.

EVT801's phase I clinical trial was completed and clinical study report is anticipated in 2026.

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#### At-The-Market (ATM) Facility
Kazia established an 'at-the-market' equity program (the "ATM facility") with Oppenheimer & Co. Inc. ("Oppenheimer"), as sales agent, in April 2022. Under the ATM facility, Kazia may offer and sell through Oppenheimer up to an aggregate amount of US$50 million of its ordinary shares, in the form of ADSs. During the fiscal year ended 30 June 2025, Kazia sold an aggregate amount of US$4,556,252 (2024 US$1,656,016) of ADSs under the ATM facility. The agreement with Oppenheimer was terminated in July 2025.

On July 25, 2025, Kazia entered into a new ATM facility pursuant to an At the Market Offering Agreement with Rodman & Renshaw LLC ("Rodman"), as sales agent, under which the Company may offer and sell, from time to time through Rodman, ADSs, each ADS representing five hundred (500) ordinary shares. The offer and sale of the ADSs, if any, will be made pursuant to the Company's shelf registration statement previously declared effective by the SEC on September 12, 2024, as supplemented by the prospectus supplement relating to the ADSs which may be issued from time to time pursuant to the agreement with Rodman. Pursuant to the agreement with Rodman and the prospectus supplement filed by the Company on July 25, 2025, the Company may offer and sell up to US$1,906,196 of ADSs.

The ATM facility allows Kazia to raise capital dynamically in the open market, with no discount, no warrant coverage, and modest banking fees, allowing it to fund operations with minimal dilution to existing shareholders.

#### January 2025 Registered Direct Offering and Concurrent Private Placement
On January 10, 2025, Kazia entered into a securities purchase agreement with Alumni Capital LP, pursuant to which the Company issued and sold (A) in a registered direct offering, 553,440 ADSs and the pre-funded warrants to purchase up to 779,893 ADSs, and (B) in a concurrent private placement, the ordinary warrants to purchase up to 1,333,333 ADSs, which have an exercise price of $1.5 per ADS, are exercisable immediately and will expire on July 14, 2030 (the "Ordinary Warrants"). As part of the compensation to Maxim Group LLC, who acted as the placement agent in connection with such offering in January 2025, Kazia issued to Maxim Partners LLC, the designee of Maxim Group LLC, unregistered placement agent warrants (the "Placement Agent Warrants"), to purchase up to an aggregate of 40,000 ADSs at an exercise price of $1.5 per ADS, pursuant to the Placement Agency Agreement between Kazia and Maxim Group LLC. The Placement Agent Warrants expire on July 14, 2030. The net proceeds to the Company from the Offerings were approximately $1.7 million, after deducting placement agent's fees and estimated offering expenses.

#### August 2025 Private Placement
On July 31, 2025, Kazia entered into the Securities Purchase Agreements with certain institutional and accredited purchasers (the "Purchasers") in connection with a private placement of equity securities, pursuant to which Kazia issued and sold (i) 14,204,500 ordinary shares, at a purchase price of $0.0176 per share, and (ii) pre-funded warrants to purchase up to 204,547 ADSs, each ADS representing five hundred ordinary shares, at a purchase price of $8.7999 per pre-funded warrant. Each pre-funded warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the Pre-Funded Warrant, is immediately exercisable, and will expire when exercised in full. The net proceeds to the Company from the Private Placement were approximately $2 million, after deducting estimated offering expenses.

#### Voluntary Delisting from ASX
On 11 October 2023 Kazia announced that it submitted a formal application to the ASX to be removed from the official list of the ASX (the "Official List") in accordance with ASX Listing Rule 17.11. On 15 November 2023, Kazia was removed from the Official List and its ordinary shares ceased to be traded on the ASX.

#### Equity Line of Credit
On 19 April 2024, Kazia entered into a purchase agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"). Pursuant to the Purchase Agreement, the Company may sell to Alumni Capital up to an aggregate of $15,000,000, of ADSs from time to time during the term of the Purchase Agreement. During the fiscal year ended 30 June 2025, Kazia sold an aggregate amount of US$2,015,435 (A$5,638,016) of ADSs under the Purchase Agreement.

#### ADS Ratio Change
On 15 October 2024, Kazia announced that it planned to effect an ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to ten ordinary shares to the new ratio of one ADS to one-hundred ordinary shares. The ADS ratio change will have the same effect as a one-for-ten reverse ADS split for Kazia's ADS holders. There will be no change to Kazia's underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS ratio change. The ADS ratio change became effective on 28 October 2024.

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On 1 April 2025, Kazia announced that it planned to affect an ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to one hundred ordinary shares to the new ratio of one ADS to five hundred ordinary shares. The ADS ratio change will have the same effect as a one-for-five reverse ADS split for Kazia's ADS holders. There will be no change to Kazia's underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS ratio change. The ADS ratio change became effective on 17 April 2025

*C. Organizational structure* 

Kazia Therapeutics Limited is incorporated in Australia and has the following wholly-owned subsidiaries:

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| | |
|:---|:---|
| Name | Country of incorporation |
| Kazia Laboratories Pty Ltd | Australia |
| Kazia Research Pty Ltd | Australia |
| Kazia Therapeutics Inc. | United States (Delaware) |
| Glioblast Pty Ltd | Australia |

---

*D. Property, plant and equipment* 

During fiscal year 2025, the Company continued to work out of a serviced office in Sydney that is subject to a renewable one-year workspace license agreement. In addition, the company extended an office membership agreement with Deerfield Management that is subject to renewable one-year agreement at The Cure, Deerfield's innovation campus at 345 Park Avenue South, New York, NY.

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| | |
|:---|:---|
| **Item 4A.** | **Unresolved Staff Comments**  |

---

None.

**Item 5.** **Operating and Financial Review and Prospects** <br>

#### Critical accounting policies
We prepare our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). As such, we are required to make certain estimates, judgments, and assumptions that management believes are reasonable based upon the information available. These estimates, judgments and assumptions affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. The critical accounting policies are summarized in Item 18. "Financial Statements-Note 3 - Critical accounting judgements, estimates and assumptions".

*The following discussion and analysis should be read in conjunction with Item 18. "Financial Statements" included below. Operating results are not necessarily indicative of results that may occur in future periods. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in the forward-looking statements as a result of many factors including, but not limited to, those set forth under "Forward-Looking Statements" and "Risk Factors" in Item 3 "Key Information" included above in this Annual Report on Form 20-F. All forward-looking statements included in this document are based on the information available to the Company on the date of this document and the Company assumes no obligation to update any forward-looking statements contained in this Annual Report on Form 20-F.* 

A. Operating results

The following discussion relates to our consolidated results of operations, financial condition and capital resources.

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The following tables provide a summary of Revenue, Finance income and Other income for the past three fiscal years:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal year ended 30 June,** | **For the fiscal year ended 30 June,** | **For the fiscal year ended 30 June,** |
|  | **2025** | **2024** | **2023** |
|  | **A$'000** | **A$'000** | **A$'000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | 42 | 2308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance income | 72 | 12 | 22 |
|  Other income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development rebate | 209 | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sundry income | 1578 |  | 1 |
|  Total Other income | 1787 | 173 | 1 |
|  Total Revenue, Finance and Other income | $1901 | 2493 | 23 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development expense | (7326) | (17380) | (15564) |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative expense | (8720) | (13563) | (8583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of intangible assets | (13379) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on remeasurement of other financial liabilities | (2478) | 1257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on remeasurement of promissory note |  | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on remeasurement of contingent consideration | 7554 | 119 | 3388 |
|  **Loss before income tax benefit** | (22448) | (27049) | (20736) |
|  **Loss before income tax benefit** | 1746 | 271 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | (20702) | (26778) | (20465) |
|  **Loss after income tax benefit** |  |  |  |
|  **Other comprehensive loss** |  |  |  |
|  *Items that may be reclassified subsequently to profit or loss* |  |  |  |
|  Net exchange difference on translation of financial statements of foreign controlled entities, net of tax | (23) | (8) | 110 |
|  Other comprehensive loss, net of tax | (23) | (8) | 110 |
|  **Total comprehensive loss** | (20725) | (26786) | (20355) |

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#### Fiscal year 2025 compared to fiscal year 2024 and fiscal year 2024 compared to fiscal year 2023
*Revenue, finance income and other income* 

In fiscal year 2025, the Company received a grant of A$42 thousand from the sale of Paxalisib to the Michael J Fox Foundation to explore the therapeutic potential of Paxalisib as a treatment for Parkinson's disease (PD). In fiscal year 2024, the Company generated revenue of A$2.3 million from contracts with customers that was the result of up-front license fees received from partnering transactions pertaining to the out-license agreements entered into for one of the Company's assets, Paxalisib. During fiscal year 2023, the Company did not generate any revenue from contracts with customers.

The Company earns interest income derived from interest bearing bank accounts, which is directly linked with the amounts held on deposit. The amount of finance income earned increased as a result of increased cash balances as well as higher interest rates in effect during the year.

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The Company recognized research and development rebate in fiscal year 2025 of A$209 thousand. The Company recognized research and development rebate in fiscal year 2024 of A$173 thousand. The Company did not recognize any research and development rebate in 2023. We anticipate applying for the rebate in future fiscal years as the Company advances Paxalisib development in Australia.

The Company recognized other income in fiscal year 2025 of A$1.6 million from the sale of cantrixil to Vivesto AB. The Company did not recognize other income in fiscal year 2024. The Company recognized other income in fiscal year 2023 of A$1 thousand.

*Expenses* 

Research and development expenses decreased from A$17.4 million in fiscal year 2024 to A$7.3 million in fiscal year 2025 (-58%). The decrease was mainly a result of lower R&D expenses related EVT-801 and Paxalisib in fiscal year 2025. Research and development expenses increased from A$15.6 million in fiscal year 2023 to A$17.4 million in fiscal year 2024 (12%). The increase was mainly a result of transaction fee expenses of A$6.0 million in fiscal year 2023 partially offset by less clinical expenses relating to Paxalisib and lower personnel costs.

General and administrative costs decreased from A$13.6 million in fiscal year 2024 to A$8.7 million in fiscal year 2025 (36%), due to decreased costs related to the lower directors and officers liability and business insurance costs, capital raising costs, and salaries and wages, partially offset by increase share based payment expense. General and administrative costs increased from A$8.6 million (restated) in fiscal year 2023 to A$13.6 million in fiscal year 2024 (58%), due to increased costs related to the issuance of certain warrants to service providers, audit and NASDAQ fees, offset by lower directors and officers liability and business insurance costs.

*Net loss after income tax benefit* 

The Company's loss after income tax benefit was A$20.7 million in fiscal year 2025 compared to A$26.8 million in fiscal year 2024. The change was mainly a result of a decrease R&D expenditures and gain on remeasurement of contingent consideration, offset by impairment expense of intangible assets.

The Company's loss after income tax benefit was A$26.8 million in fiscal year 2024 compared to A$20.5 million in fiscal year 2023. The change was mainly a result of the additional R&D expenditures and a dramatic increase in NASDAQ, legal and audit fees, offset by lower personnel expenses, D&O insurance and public relation costs.

B. Liquidity and capital resources

We have incurred cumulative losses and negative cash flows from operations since our inception and, as of 30 June 2025, we had accumulated losses of A$134.8 million. We anticipate that we will continue to incur losses for at least the next several years. We expect that our research and development expenditure will continue to increase and, as a result, we will need additional capital to fund our operations, which we may raise through a combination of equity offerings, other third-party funding, and other collaborations, strategic alliances and licensing arrangements.

There was a premium funding facility in place in fiscal year 2025, 2024, and 2023 for the insurance program.

As of 30 June 2025, we had cash and cash equivalents of A$4.3 million held in both Australian dollars and U.S. dollars. Cash in excess of immediate requirements is invested in accordance with our investment policy primarily with a view to liquidity and capital preservation. Currently, our cash and cash equivalents are held in bank accounts with approximately 95.9% of funds being held in U.S. dollars.

#### Going Concern
We expect to consume cash and incur operating losses for the foreseeable future as the Company continues developing its oncology drug candidates. The impact on cash resources and results from operations will vary with the extent and timing of the future clinical trial programs. The consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of normal activities and realization of assets and settlement of liabilities in the normal course of business. As is often the case with drug development companies, the Company's ability to continue its development activities as a going concern is dependent upon deriving sufficient cash from investors, from licensing and partnering activities and from other sources of revenue such as grant funding. We may be required to delay, scale-back, or eliminate certain of our activities and other aspects of our operations until such time as we are successful in securing additional funding. We are exploring various dilutive and non-dilutive sources of funding, including equity and debt financings, strategic alliances, business development and other sources. Our future success is dependent upon our ability to obtain additional funding. There can be no assurance, however, that we will be successful in obtaining such funding in sufficient amounts, on

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terms acceptable to us, or at all. Furthermore, under General Instruction I.B.5 to Form F-3 (the "Baby Shelf Rule") the amount of funds we can raise through primary public offerings of securities in any 12-month period using our registration statement on Form F-3 is limited to one-third of the aggregate market value of the ordinary shares held by non-affiliates of our company, which limitation may change over time based on our stock price, number of ordinary shares outstanding and the percentage of ordinary shares held by non-affiliates. We therefore are limited by the Baby Shelf Rule as of the filing of this Annual Report until such time as our non-affiliate public float exceeds $75 million. There is substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements for the fiscal year ended 30 June 2025 are issued.

#### Cash flows
The following table sets forth the sources and uses of cash for the past three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **(in A$ thousands)** | **2025** | **2024** | **2023** |
|  Net cash used in operating activities | $(13278) | $(9581) | $(15156) |
|  Net cash provided by financing activities | $15982 | $5985 | $12972 |

---

*Operating activities.* Net cash used in operating activities for the three fiscal years primarily represents net outflows for the cost of our R&D programs and general and administrative costs of running the business. This amount is heavily impacted by the cost of our clinical programs, as well as cost containment measures adopted to manage the general and administrative costs of the business.

*Financing activities.* Net cash from the financing activities in fiscal year 2025 arose as a result of the placement of warrants and the sale of ordinary shares in the form of ADSs, using our ATM facility. Net cash from the financing activities in fiscal year 2024 arose as a result of the placement of warrants and the sale of ordinary shares in the form of ADSs, using our ATM facility. Net cash from financing activities in fiscal years 2023 arose as a result of professional placements of the Company's ordinary shares to institutional investors in certain countries as well as Share Purchase Plans to shareholders in Australia. In addition, net cash from financing activities in fiscal years 2025, 2024, and 2023 was the result of the funds received from our sale of ordinary shares using our ATM facility.

As of 30 June 2025 and 2024, the Company did not hold any derivative financial instruments for managing its foreign currency; however, the Company may from time to time enter into hedging arrangements where circumstances are deemed appropriate.

The Company believes that its future ability to fund its operations will depend on deriving sufficient cash from investors through successful capital raises, from licensing and partnering activities, and government grants.

The Company had no commitments for capital expenditures or material contractual obligations at the end of fiscal year 2025 and 2024. The Company continuously pursues opportunities for non-dilutive funding such as grant applications.

The Company cannot provide assurance that it or its subsidiaries will be able to raise the funds necessary to complete the planned clinical trial programs or find appropriate collaboration or licensing opportunities.

The Company does not have any off-balance sheet arrangements.

#### Financing activities

#### Equity issues
The Company has historically financed its operations primarily from issuing equity capital. The amounts of ADSs issued by the Company or issuable by the Company upon exercise of warrants and the corresponding purchase price or exercise price disclosed in this section have not been adjusted to reflect the effect of the ADS Ratio Change.

During fiscal year 2024 the Company issued 104,821,670 ordinary shares. The details of those share issues are as follows:

• In July 2023, the Company issued 8,148,140 ordinary shares at a price of A$0.1856 per share under our ATM facility raising A$1,512,522 before transaction costs.

• In July 2023, the Company issued 157,120 ordinary shares at a price of A$0.1647 per share under our ATM facility raising A$25,877 before transaction costs.

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• In August 2023, the Company issued 15,000 ordinary shares at a price of A$0.1679 per share under our ATM facility raising A$2,519 before transaction costs.

• In November 2023, the Company issued 1,066,070 ordinary shares under our ATM facility raising A$107,268 before transaction costs.

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

• In December 2023, we issued unregistered warrants to purchase up to 4,444,445 ADSs representing 44,444,450 ordinary shares at an exercise price of US$0.583 per ADS in a private placement for an aggregate consideration of approximately US$2.6 million.

• December 2023, we issued placement agent warrants to purchase up to 311,111 ADSs representing 3,111,110 ordinary shares at an exercise price of US$0.5625 per ADS pursuant to the Engagement Letter.

• In February 2024, the Company issued 25,910 ordinary shares at a price of A$0.0466 per share under our ATM facility raising A$1,207 before transaction costs.

• In February 2024, the Company issued 319,650 ordinary shares at a price of A$0.0464 per share under our ATM facility raising A$14,834 before transaction costs.

• In February 2024, the Company issued 2,195,980 ordinary shares at a price of A$0.0468 per share under our ATM facility raising A$102,825 before transaction costs.

• In February 2024, the Company issued 205,260 ordinary shares at a price of A$0.0614 per share under our ATM facility raising A$12,597 before transaction costs.

• In February 2024, the Company issued 8,626,580 ordinary shares at a price of A$0.0595 per share under our ATM facility raising A$513,584 before transaction costs.

• In February 2024, the Company issued 18,244,450 ordinary shares in the form of ADSs at an exercise price of US$0.01 per ADS in connection with the exercise of a warrant.

• In February 2024, the Company issued 316,540 ordinary shares at a price of A$0.0461 per share under our ATM facility raising A$14,584 before transaction costs.

• In February 2024, the Company issued 304,860 ordinary shares at a price of A$0.0464 per share under our ATM facility raising A$14,147 before transaction costs.

• In February 2024, the Company issued 250,000 ordinary shares at a price of A$0.0460 per share under our ATM facility raising A$11,502 before transaction costs.

• In May 2024, the Company issued 2,112,560 ordinary shares at a price of A$0.0478 per share under our ATM facility raising A$100,961 before transaction costs.

• In May 2024, the Company issued 375,410 ordinary shares at a price of A$0.0457 per share under our ATM facility raising A$17,147 before transaction costs.

• In May 2024, the Company issued 288,900 ordinary shares at a price of A$0.0469 per share under our ATM facility raising A$13,544 before transaction costs.

• In May 2024, the Company issued 790,100 ordinary shares at a price of A$0.0456 per share under our ATM facility raising A$36,024 before transaction costs.

• In May 2024, the Company issued 20,000 ordinary shares at a price of A$0.0455 per share under our ATM facility raising A$910 before transaction costs.

• In May 2024, the Company issued 242,170 ordinary shares at a price of A$0.0450 per share under our ATM facility raising A$10,891 before transaction costs.

• In June 2024, the Company issued 5,916,970 ordinary shares represented by 591,697 ADSs as repayment of a promissory note.

• In June 2024, the Company issued 29,000,000 ordinary shares under a private ELOC placement raising A$776,031 before transaction costs.

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During fiscal year 2025 the Company issued 482,484,920 ordinary shares. The details of those share issues are as follows:

• In July 2024, the Company issued 14,400,000 ordinary shares at a price of A$0.1534 per share under our ATM facility raising A$2,209,677 before transaction costs.

• In July 2024, the Company issued 25,786,480 ordinary shares represented by 2,578,648 ADSs pursuant to a warrant exercise for US$0.1939 per ADSs.

• In July 2024, the Company issued 11,000,000 ordinary shares represented by 1,100,000 ADSs pursuant to a warrant exercise for US$0.27 per ADSs.

• In July 2024, the Company issued 5,488,230 ordinary shares at a price of A$0.1445 per share under our ATM facility raising A$792,915 before transaction costs.

• In July 2024, the Company issued 4,177,340 ordinary shares at a price of A$0.1075 per share under our ATM facility raising A$449,260 before transaction costs.

• In July 2024, the Company issued 15,000,000 ordinary shares at a price of A$0.0542 per share under a private ELOC placement raising A816,373 before transaction costs.

• In August 2024, the Company issued 2,061,820 ordinary shares at a price of A$0.0624 per share under our ATM facility raising A$128,633 before transaction costs.

• In August 2024, the Company issued 408,270 ordinary shares at a price of A$0.0641 per share under our ATM facility raising A$26,172 before transaction costs.

• In August 2024, the Company issued 2,283,350 ordinary shares at a price of A$0.0617 per share under our ATM facility raising A$140,884 before transaction costs.

• In August 2024, the Company issued 8,660 ordinary shares at a price of A$0.0606 per share under our ATM facility raising A$525 before transaction costs.

• In August 2024, the Company issued 5,250,000 ordinary shares at a price of A$0.0616 per share under our ATM facility raising A$323,403 before transaction costs.

• In August 2024, the Company issued 308,700 ordinary shares at a price of A$0.0591 per share under our ATM facility raising A$18,242 before transaction costs.

• In September 2024, the Company issued 3,000,000 ordinary shares at a price of A$0.0616 per share under our ATM facility raising A$184,682 before transaction costs.

• In September 2024, the Company issued 837,030 ordinary shares at a price of A$0.0638 per share under our ATM facility raising A$53,439 before transaction costs.

• In September 2024, the Company issued 16,049,020 ordinary shares at a price of A$0.0554 per share under our ATM facility raising A$889,682 before transaction costs.

• In September 2024, the Company issued 2,503,820 ordinary shares at a price of A$0.0552 per share under our ATM facility raising A$130,741 before transaction costs.

• In November 2024, the Company issued 442,400 ordinary shares at a price of A$0.0891 per share under our ATM facility raising A$39,420 before transaction costs.

• In November 2024, the Company issued 185,100 ordinary shares at a price of A$0.0881 per share under our ATM facility raising A$16,312 before transaction costs.

• In November 2024, the Company issued 262,200 ordinary shares at a price of A$0.0848 per share under our ATM facility raising A$22,240 before transaction costs.

• In November 2024, we issued 896,700 ordinary shares at a price of A$0.0858 per share under our ATM facility raising A$76,970 before transaction costs.

• In November 2024, we issued 364,700 ordinary shares at a price of A$0.0818 per share under our ATM facility raising A$29,832 before transaction costs.

• In December 2024, we issued 2,926,100 ordinary shares at a price of A$0.0778 per share under our ATM facility raising A$227,709 before transaction costs.

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• In December 2024, we issued 403,300 ordinary shares at a price of A$0.0787 per share under our ATM facility raising A$31,754 before transaction costs.

• In December 2024, we issued 460,800 ordinary shares at a price of A$0.0781 per share under our ATM facility raising A$36,012 before transaction costs.

• In December 2024, we issued 142,200 ordinary shares at a price of A$0.0665 per share under our ATM facility raising A$9,464 before transaction costs.

• In December 2024, we issued 522,100 ordinary shares at a price of A$0.0631 per share under our ATM facility raising A$32,938 before transaction costs.

• In December 2024, the Company issued 15,000,000 ordinary shares at a price of A$0.0537 per share under a private ELOC raising A$874,939 before transaction costs.

• In December 2024, we issued 6,421,800 ordinary shares at a price of A$0.0596 per share under our ATM facility raising A$382,576 before transaction costs.

• In December 2024, the Company issued 20,000,000 ordinary shares at a price of A$0.0437 per share under a private ELOC raising A$804,870 before transaction costs.

• In December 2024, we issued 4,000,000 ordinary shares at a price of A$0.0322 per share under our ATM facility raising A$128,729 before transaction costs.

• In January 2025, we issued 2,939,500 ordinary shares at a price of A$0.0292 per share under our ATM facility raising A$85,921 before transaction costs.

• In January 2025, we issued 10,668,100 ordinary shares at a price of A$0.0286 per share under our ATM facility raising A$305,565before transaction costs.

• In January 2025, we issued 2,453,900 ordinary shares at a price of A$0.0289 per share under our ATM facility raising A$70,828 before transaction costs.

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

• In February 2025, we issued 60,000,000 ordinary shares at a price of A$0.0153 per share under a private ELOC raising A$917,450 before transaction costs.

• In May 2025, the Company issued 15,000,000 ordinary shares at a price of A$0.0094 per share under a private ELOC placement raising A$141,489 before transaction costs.

• In June 2025, the Company issued 32,500,000 ordinary shares at a price of A$0.1550 per share under a private ELOC placement raising A$504,043 before transaction costs.

• In June 2025, the Company issued 35,000,000 ordinary shares at a price of A$0.0280 per share under a private ELOC placement raising A$979,179 before transaction costs.

• In June 2025, the Company issued 30,000,000 ordinary shares at a price of A$0.0200 per share under a private ELOC placement raising A$599,674 before transaction costs.

In fiscal years 2025 and 2024, the Company held a significant proportion of its cash balances in U.S. dollars and there were no conversion losses. During fiscal year 2023, the Company held the majority of its cash balances in U.S. dollars and there were no conversion losses. See Item 18. "Financial Statements - Note 22 - Financial Instruments" for disclosures about financial risk management including interest rate risk, foreign currency risk and liquidity risk.

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C. Research and development, Patents and Licenses, etc.

Expenditures during the research phase of a project are recognized as an expense when incurred. Development costs are capitalized only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.

Research and development expenses consist primarily of costs incurred for the development of our product candidates, which include:

• expenses incurred under agreements with academic research centers, clinical research organizations and investigative sites that conduct our clinical trials; and

• the cost of acquiring, developing, and manufacturing clinical trial materials.

We cannot determine with certainty the duration and completion costs of the current or future product development, pre-clinical studies or clinical trials of our product candidates. The duration, costs, and timing of clinical trials and development of our product candidates will depend on a variety of factors, including:

• the scope, rate of progress, and expense of our ongoing as well as any additional clinical trials and other research and development activities;

• the countries in which trials are conducted;

• future clinical trial results;

• uncertainties in clinical trial enrollment rates or drop-out or discontinuation rates of patients;

• potential additional safety monitoring or other studies requested by regulatory agencies;

• significant and changing government regulation; and

• the timing and receipt of any regulatory approvals.

A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA, or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required to complete clinical development of a product candidate or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time on the completion of clinical development.

In fiscal years 2025, 2024, 2023 we spent a total of A$7.3 million, A$17.4 million, and A$15.6 million, respectively, on company-sponsored research and development activities.

D. Trend Information

Further to the risk factors discussed in Item 3D, we note that the financial information disclosed in the SEC Form 20-F may not be indicative of future results in the following areas:

• While we anticipate that funds will continue to be spent on research and development of our drug candidates, the amounts expended in recent years may not be indicative of the amounts to be expended in future years, because we may have more or fewer drug candidates, they may be at different stages of their lifecycle and the trials deemed suitable for their development may be more or less costly;

• We did not generate material revenue from licensing transactions in fiscal years 2025 and 2023 and we may not generate any revenue in future years. Should the Company generate revenues in future years, the amounts generated in fiscal year 2021 may not be representative of any such revenues in future years. This could be as a result of whether any further licensing transactions are entered into, as well as whether any milestones are met in relation to license agreements already in place; and

• The quantum of general and administrative expenditures in recent years may not be indicative of the expenditures required in future years.

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**E. Critical Accounting Estimates - see Note** 2**. Material accounting policies** 

**Item 6.** **Directors, Senior Management and Employees** <br>

A. Directors and Senior Management

The names and details of the Company's Directors and senior management at the date of this report are as follows:

---

| | |
|:---|:---|
| John Friend | Chief Executive Officer |
| Bryce Carmine | Chairman, Non-Executive Director |
| Steven Coffey | Non-Executive Director |
| Ebru Davidson | Non-Executive Director |
| Robert Apple | Non-Executive Director |
| Jeffrey Bonacorda | Vice President, Finance and Controller |
| Elissa Hansen | Company Secretary |

---

Directors were in office for the entire period unless otherwise stated.

#### Names, titles, experience and expertise

---

| | |
|:---|:---|
| Name: | **Bryce Carmine** |
| Title: | Chairman, Non-Executive Director |
| Qualifications: | B.Sc., Biochemistry, Microbiology & Genetics |
| Experience and expertise: | Bryce spent 36 years working for Eli Lilly & Co. and retired as Executive Vice President for Eli Lilly & Co, and President, Lilly Bio-Medicines. Prior to this he led the Global Pharmaceutical Sales and Marketing and was a member of the Company's Executive Committee. Bryce previously held a series of product development portfolio leadership roles culminating when he was named President, Global Pharmaceutical Product Development, with responsibility for the entire late-phase pipeline development across all therapeutic areas for Eli Lilly. During his career with Lilly, Bryce held several country leadership positions including President Eli Lilly Japan, Managing Dir. Australia/NZ & General Manager of a JV for Lilly in Seoul, Korea. Most recently, Bryce was Chairman and CEO of HaemaLogiX Pty Ltd, a Sydney based privately owned biotech until December 2023. Bryce has been a director of HaemaLogiX Pty Ltd since January 2024. |
| Special responsibilities: | Chair of Remuneration and Nomination Committee, member of Audit, Risk and Governance Committee. |
| Name: | **Steven Coffey** |
| Title: | Non-Executive Director |
| Qualifications: | B. Comm, CA |
| Experience and expertise: | Steven is a Chartered Accountant and registered company auditor and has over 35 years experience in the accounting and finance industry. He has been a partner with the chartered accounting firm Watkins Coffey Martin which recently merged with Charternet Chartered Accountants and Steven is a consultant to that group. Steven sits on the board of a number of large private family companies and audits a number of large private companies and not-for-profit entities. Previously, Steven was a director of Ansarada Group Limited (ASX: AND) (formerly The Docyard Limited (ASX:TDY)). |
| Special responsibilities: | Chair of Audit, Risk and Governance Committee, member of Remuneration and Nomination Committee. |

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| | |
|:---|:---|
| Name: | **Ebru Davidson** |
| Title: | Non-Executive Director |
| Qualifications: | BSc, JD (Hons), AGIA, GAICD |
| Experience and expertise: | Ms Davidson is a highly experienced corporate lawyer and is currently the General Counsel for QBiotics Group Limited since 2021, an unlisted public Australian life sciences company. Prior to this, Ms Davidson was a partner at national law firm Thomson Geer Lawyers from 2017 until 2021 and has over 14 years' experience in equity capital markets, private and public mergers and acquisitions, corporate transactions and corporate governance. Ms Davidson also has extensive experience in advising listed and unlisted entities on compliance and regulatory matters working closely with the Australian Securities and Investment Commission and Australian Securities Exchange. |
| Special responsibilities: | Chair of Remuneration and Nomination Committee |
| Name: | **Robert Apple** |
| Title: | Non-Executive Director |
| Qualifications: | B.A. |
| Experience and expertise: | Mr Robert Apple has more than 25 years of senior leadership experience in the pharmaceutical industry, including 16 years with Antares Pharma, Inc. as Senior Vice President, Chief Financial Officer and Corporate Secretary, before going on to become President and Chief Executive Officer from 2016 until its acquisition by Halozyme Therapeutics in 2022. Mr. Apple also served on the Board of Directors at Antares from 2016 until May 2022. He previously served on the Board of Directors of InKine Pharmaceutical, PaxMedica Inc., and Kerathin Inc. Prior to joining Antares, Mr. Apple served as Chief Operating and Financial Officer at InKine Pharmaceutical. He also held prior roles at Genaera Corporation, Liberty Technologies, and Arthur Andersen & Company. |
| Special responsibilities: |  |
| Name: | **Dr John Friend** |
| Title: | Chief Executive Officer (appointed 1 May 2023) |
|  | Managing Director (appointed 1 August 2023 through December 2024) |
|  | Interim Chairman of the Board (appointed 11 August 2023) |
|  | Chief Medical Officer to 30 April 2023 |
| Qualifications: | B.A., M.D |
| Experience and expertise: | Dr Friend is a highly experienced physician executive who has previously worked with companies ranging from start-up biotechnology companies to multinational pharmaceutical companies. Over the past 15 years, his focus has been in the oncology and hematology therapeutic space. Dr. Friend is a US-trained physician who practiced medicine in North Carolina before transitioning to drug development. Before joining Kazia Therapeutics in November 2021 he was Chief Medical Officer and member of the executive management team at Cellectar Biosciences, Inc, a US publicly traded biopharmaceutical company. |
| Special responsibilities: |  |
| Name: | **Jeffrey Bonacorda** |
| Title: | Vice President, Finance and Controller |
| Qualifications: | B.A. |

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| | |
|:---|:---|
| Experience and expertise: | Mr. Jeffrey Bonacorda is a senior accounting professional with more than thirty years of experience in the pharmaceutical, consumer products and service industries.<br> Prior to joining Kazia, Mr Bonacorda held several senior finance positions supporting global R&D development programs and on market pharmaceuticals. |
| Name: | **Elissa Hansen** |
| Title: | Company Secretary (Appointed 14 June 2024) |
| Qualifications: | Bc., Grad.Dip. AICD, FGIA, |
| Experience and expertise: | Ms Elissa Hansen has over 20 years' experience as a company secretary and governance professional for both listed and unlisted companies. She is a Chartered Secretary who brings best practice governance advice, ensuring compliance with the Corporations Act and other relevant legislation. Since 2015, she has been Principal at CoSec Services, which provides Company Secretarial and Corporate Governance consulting services. |

---

B. Compensation

#### Principles used to determine the nature and amount of remuneration
*Remuneration philosophy* 

Remuneration for Directors and Senior Executives is based on the overall objective of attracting and retaining people of high quality who will make a worthwhile contribution to Kazia in the short, medium and long term, and thereby contribute to long term shareholder value. The Board and its Remuneration and Nomination Committee take a balanced position between the need to pay market rates to attract talent, and the financial resources of Kazia, in determining remuneration.

*Non-Executive Directors remuneration* 

The Constitution of Kazia specifies that the aggregate remuneration of Non-Executive Directors shall be determined from time to time by General Meeting. The last determination for the Consolidated Entity was at the Annual General Meeting held on 16 November 2022 when the shareholders approved the new constitution with an aggregate remuneration of $560,000.

Non-Executive Directors' fees are reviewed periodically by the Board and are regularly compared with those of companies of comparable market capitalization and stage of development. The Chairman's fees are determined independently to the fees of other non-executive Directors based on comparative roles in the external market.

The Non-Executive Directors fee structure is a fixed fee model and includes superannuation for Australian based directors.

*Executive Directors and other Key Management Personnel ("KMP")* 

The Board and the Remuneration and Nomination Committee, in consultation with the Managing Director, have put in place a remuneration structure which provides incentive for employees to drive the activities of the company forward. These arrangements are reviewed annually at the end of the calendar year.

The Board determines an appropriate level of fixed remuneration for the CEO and Group Executives, as well as the proportion of performance-based remuneration.

The executive remuneration and reward framework has three components:

• fixed remuneration

• short-term performance incentives - cash bonus

• share-based payments - award of options through the Employee Share Option Plan ("ESOP")

Fixed remuneration is reviewed annually by the Remuneration and Nomination Committee based on individual performance, the overall performance of Kazia and comparable market remunerations.

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The short-term incentives program is designed to align the targets of Kazia with the performance hurdles of executives. Short-term incentive payments are granted to executives based on specific annual performance objectives, metrics and performance appraisals. Annual performance reviews are conducted at the end of each calendar year and bonuses are paid shortly after the performance reviews are completed. Annual performance objectives cover matters such as progress in clinical trials, and management of the Company's financial resources.

The Board or the Remuneration and Nomination Committee may, at its discretion, award bonuses for exceptional performance.

The long-term incentive comprises equity-based payments. The Consolidated Entity aims to attract and retain high calibre executives, and align their interests with those of the shareholders, by granting equity-based payments which are issued at the share price on date of issue and vest in tranches based on tenure. The share-options issued to executives are governed by the ESOP.

*Employee share option plan* 

The Employee Share Option Plan ('ESOP') was most recently approved by shareholders on 10 November 2021.

The ESOP provides for the issue of options to eligible individuals, being employees, Officers and Non-executive directors of Kazia.

Each option issued under the ESOP entitles its holder to acquire one fully paid ordinary share and is exercisable at a price based on a formula, which includes the weighted average price of such shares at the close of trading on the Australian Securities Exchange for the five days prior to the date of issue. The number of options offered, the amount payable, the vesting period, the option period, the conditions of exercise or any other factors are at the discretion of the Board of Directors.

Kazia issued 33,467 ADS options under the ESOP during the financial year ended 30 June 2025, of which 6,000 were issued to KMP.

Any change to the ESOP will require approval by shareholders.

*Use of remuneration consultants* 

During fiscal year 2025, the Company did not engage remuneration consultants to assist with the determination of remuneration levels.

*Details of remuneration* 

#### Amounts of remuneration
Details of the remuneration of key management personnel of Kazia are set out in the following tables, reported in Australian dollars, the functional currency of the Company, unless otherwise noted.

The KMP of Kazia consisted of the following directors of Kazia Therapeutics Limited:

• Bryce Carmine - Non-Executive Director, Chairman from 1 February 2024

• Steven Coffey - Non-Executive Director

• Ebru Davidson - Non-Executive Director - from 5 June 2023

• Robert Apple - Non-Executive Director - from 15 January 2024

And the following persons:

• Dr John Friend - Chief Executive Officer

• Jeffrey Bonacorda - Vice President, Finance and Controller

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Short-term<br> benefits | Short-term<br> benefits | Short-term<br> benefits | Short-term<br> benefits | Short-term<br> benefits | Post-<br> employment<br> benefits | Share-based<br> payments | |
|  | Salary & fees<br> Cash | Bonus<br> Cash | Movements<br> in accrued<br> leave<br> Non-<br> monetary | Movements<br> in long<br> service leave<br> Non-<br> monetary | Healthcare &<br> Insurance<br> Cash | Super-<br> annuation | Options<br> Equity-<br> settled | Total |
| **2025** | $ | $ | $ | $ | $ | $ | $ | $ |
|  Non-Executive Directors: |  |  |  |  |  |  |  |  |
|  B Carmine | 110000 |  |  |  |  |  | 7833 | 117833 |
|  S Coffey | 85000 |  |  |  |  | 9775 | 7833 | 102608 |
|  E Davidson | 85000 |  |  |  |  | 9775 | 15666 | 110441 |
|  R Apple | 85000 |  |  |  |  |  | 15666 | 100666 |
|  Other Key Management Personnel: |  |  |  |  |  |  |  |  |
|  J Friend \* | 850677 |  |  |  | 52587 | 19140 | 341352 | 1258853 |
|  J Bonacorda \* | 248639 | 77267 |  |  | 36734 | 12432 | 16863 | 406546 |
|  E Hansen | 48000 |  |  |  |  |  |  | 48000 |
|  | 1512316 | 77267 |  |  | 89321 | 51122 | 405213 | 2144947 |

---

\* Salary paid in USD, but disclosed in Australian dollars using conversion rate of 0.6471.

*Service agreements* 

Under Remuneration and Nomination Committee policy, employment contracts are entered into with each of the executives who is considered to be KMP. Under the terms of the contracts, remuneration is reviewed at least annually. The employment contracts of KMPs include a termination clause whereby a party can terminate the agreement on notice. Notice required is 6 months. Under the terms of each contract, payment in lieu can be made by the Consolidated Entity to substitute the notice period. The Consolidated Entity may terminate the contracts at any time without cause if serious misconduct has occurred. In the event that employment is terminated for cause, no severance pay or other benefits are payable by the Consolidated Entity.

Remuneration and other terms of employment for key management personnel are formalized in service agreements. Details of these agreements are as follows:

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| | |
|:---|:---|
| Name:<br> Title:<br> Agreement commenced:<br> Term of agreement:<br> Details: | Dr John Friend<br> Chief Executive Officer<br> 1 May 2023<br> Full time employment<br> Base salary for the year ended 30 June 2025 of USD550,000 and healthcare and insurance benefits to be reviewed annually by the Remuneration and Nomination Committee. A bonus of up to 60% of base salary, subject to attainment of key objectives and at the discretion of the board. John's employment with the Consolidated Entity is at-will, and if terminated, it must pay any outstanding entitlements due to him. |

---

Key management personnel have no entitlement to termination payments in the event of removal for misconduct.

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#### Share-based compensation
*Issue of options* 

The options issued on 11 September 2024 were to Ebru Davidson, Robert Apple, Bryce Carmine, and Stephen Coffey for 6,000 ADS options with an exercise price set at the volume weighted average (VWAP) of ADS during the 5 trading days immediately prior to the issue date with a value of A$23,500. Service conditions are that any unvested options are forfeited on cessation of employment. There are no performance conditions, consistent with the Company's Employee Share Option Plan rules, as re-approved by shareholders on 6 November 2021.

The terms and conditions of each grant of options over ordinary shares granted as remuneration to Directors or other Key Management Personnel in this financial year or future financial years are set out below.

#### Issue of ADS options

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Grant date | Vesting date and<br> exercisable date | Expiry date | Exercise price | Exercise price | Fair value<br> per option<br> at grant date | Fair value<br> per option<br> at grant date |
| 20 | 11 September 2024 | 11 September 2024 | 11 September 2029 | A$ | 24.8 | A$ | 23.50 |

---

Options granted carry no dividend or voting rights. Each ADS option is convertible to 500 ordinary share upon exercise.

#### Pension benefits
The Company paid A$51,122 during fiscal year 2025 for employee superannuation benefits and pension benefits related to KMPs.

C. Board Practices

The role of the Board is as follows:

• representing and serving the interests of shareholders by overseeing and appraising the strategies, policies and performance of the Company. This includes overviewing the financial and human resources the Company has in place to meet its objectives and the review of management performance;

• protecting and optimizing Company performance and building sustainable value for shareholders in accordance with any duties and obligations imposed on the Board by law and the Company's Constitution and within a framework of prudent and effective controls that enable risk to be assessed and managed; responsible for the overall Corporate Governance of Kazia Therapeutics Limited and its subsidiaries, including monitoring the strategic direction of the Company and those entities, formulating goals for management and monitoring the achievement of those goals;

• setting, reviewing and ensuring compliance with the Company's values (including the establishment and observance of high ethical standards); and

• ensuring shareholders are kept informed of the Company's performance and major developments affecting its state of affairs.

Responsibilities/functions of the Board include:

• selecting, appointing and evaluating from time to time the performance of, determining the remuneration of, and planning for the successor of, the CEO;

• reviewing procedures in place for appointment of senior management and monitoring of its performance, and for succession planning. This includes ratifying the appointment and the removal of the Company Secretary;

• overseeing the Company, including its control and accountability systems;

• input into and final approval of management development of corporate strategy, including setting performance objectives and approving operating budgets;

• reviewing and guiding systems of risk management and internal control and ethical and legal compliance. This includes reviewing procedures in place to identify the main risks associated with the Company's businesses and the implementation of appropriate systems to manage these risks;

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• overseeing and monitoring compliance with the Code of Conduct and other corporate governance policies;

• monitoring corporate performance and implementation of strategy and policy;

• approving major capital expenditure, acquisitions and divestitures, and monitoring capital management;

• monitoring and reviewing management processes in place aimed at ensuring the integrity of financial and other reporting;

• monitoring and reviewing policies and processes in place relating to occupational health and safety, compliance with laws, and the maintenance of high ethical standards; and

• performing such other functions as are prescribed by law or are assigned to the Board.

In carrying out its responsibilities and functions, the Board may delegate any of its powers to a Board committee, a director, employee or other person subject to ultimate responsibility of the directors under the Corporations Act.

Matters which are specifically reserved for the Board or its committees include the following:

• appointment of a Chair;

• appointment and removal of the managing director;

• appointment of directors to fill a vacancy or as additional directors;

• establishment of Board committees, their membership and delegated authorities;

• approval of dividends;

• development and review of corporate governance principles and policies;

• calling of meetings of shareholders (which may also be requisitioned by shareholders in accordance with the terms of the Corporations Act)

#### Structure of the Board
The Company's Constitution governs the regulation of meetings and proceedings of the Board. The Board determines its size and composition, subject to the terms of the Constitution. The Board does not believe that it should establish a limit on tenure other than stipulated in the Company Constitution (refer to 'Term of Directors' below).

While tenure limits can help to ensure that there are fresh ideas and viewpoints available to the Board, they hold the disadvantage of losing the contribution of directors who have been able to develop, over a period of time, increasing insight in the Company and its operation and, therefore, an increasing contribution to the Board as a whole. It is intended that the Board should comprise a majority of independent non-executive directors and comprise directors with a broad range of skills, expertise and experience from a diverse range of backgrounds. The Board regularly reviews the independence of each director in light of the interests disclosed to the Board.

The Board only considers directors to be independent where they are independent of management and free of any business or other relationship that could materially interfere with, or could reasonably be perceived to interfere with, the exercise of their unfettered and independent judgment. The Board has adopted a definition of independence based on that set out in Principle 2.3 of the ASX Corporate Governance Principles and Recommendations (4th edition). The Board will review the independence of each director in light of interests disclosed to the Board from time to time. In accordance with the definition of independence above, and the materiality thresholds set, the Board considers Bryce Carmine, Steven Coffey, Robert Apple, and Ebru Davidson to be independent directors.

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There are procedures in place, agreed by the Board, to enable directors in furtherance of their duties to seek independent professional advice at the Company's expense. The appointment and expiration dates of each director in office at the date of this report is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Year First Appointed** | **Current term expires** |
|  Bryce Carmine | Non-executive Director | 2015 | Nov-26 |
|  Steven Coffey | Non-executive Director | 2012 | Nov-25 |
|  Ebru Davidson (appointed 5 June 2023) | Non-executive Director | 2023 | Nov-26 |
|  Robert Apple (appointed 15 January 2024) | Non-executive Director | 2024 | Nov-27 |

---

Further details on each director can be found in "Names, titles, experience and expertise" above.

*Term of Directors* 

Other than the Managing Director, under the Company's Constitution:

• a Director must not hold office without re-election: (a) following the third Annual General Meeting of the Company after that Director's last appointment or re-election; or (b) for more than 3 years, whichever is longer; and

• if no Director is required to retire at an Annual General Meeting of the Company, then the Director to retire will be the one who has been longest in office since that Director's last election.

The Board of Directors has the power to appoint any person to be a director either to fill a casual vacancy or as an additional director (up to a maximum of 10).

*Board of Directors* 

The Board of Kazia is elected by and accountable to shareholders. The Board monitors and directs the business and is responsible for the corporate governance of the Company. As of 30 June 2025, the Board comprised of four directors, all of whom were non-executive directors.

*Committees* 

The Board has established an Audit, Risk and Governance Committee and a Remuneration and Nomination Committee.

#### Audit, Risk and Governance Committee
The Board has established an Audit, Risk and Governance Committee which operates under a Charter approved by the Board, which is available on the Company's website. It is the Board's responsibility to ensure that an effective internal control framework exists within the entity. This includes internal controls to deal with both the effectiveness and efficiency of significant business processes, the safeguarding of assets, the maintenance of proper accounting records, and the reliability of financial information as well as non-financial considerations such as the benchmarking of operational key performance indicators. The Board has delegated responsibility for establishing and maintaining a framework of internal control and ethical standards to the Audit, Risk and Governance Committee.

The Committee also provides the Board with additional assurance regarding the reliability of financial information for inclusion in the financial reports.

Members of the Audit, Risk and Governance Committee are Ebru Davidson (Chairman), Steven Coffey, Robert Apple and Bryce Carmine, each of whom is an independent director.

#### Remuneration and Nomination Committee
The purpose of the Remuneration and Nomination Committee is to assist and advise the Board to develop, implement and, from time to time, update policies in relation to:

• the selection, nomination and appointment processes for directors; and

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• the remuneration of key management personnel and directors.

This committee is accountable to the Board for its performance and is subject to an annual review by the Board. Members of the Remuneration and Nomination Committee are Bryce Carmine (Chairman), Steven Coffey, Ebru Davidson and Robert Apple each of whom is an independent director.

#### Performance
The performance of the Board and key executives is reviewed regularly using both measurable and qualitative indicators.

On at least a bi-annual basis, directors will provide written feedback in relation to the performance of the Board and its Committees against a set of agreed criteria:

• each Committee of the Board will also be required to provide feedback in terms of a review of its own performance;

• feedback will be collected by the chair of the Board, or an external facilitator, and discussed by the Board, with consideration being given as to whether any steps should be taken to improve performance of the Board or its Committees;

• the Chief Executive Officer will also provide feedback from senior management in connection with any issues that may be relevant in the context of Board performance review; and

• where appropriate to facilitate the review process, assistance may be obtained from third party advisors.

#### Remuneration
It is the Company's objective to provide maximum shareholder benefit from the retention of a high-quality Board and executive team by remunerating directors and key executives fairly and appropriately with reference to relevant employment market conditions. To assist in achieving this objective, the Board, in assuming the responsibilities of assessing remuneration to employees, links the nature and amount of executive directors' and officers' remuneration to the Company and Company's financial and operational performance.

The expected outcomes of the remuneration structure are:

• retention and motivation of key executives;

• attraction of high-quality management to the Company; and

• performance incentives that allow executives to share in the success of Kazia Therapeutics Limited.

For a more comprehensive explanation of the Company's remuneration framework and the remuneration received by directors and key executives in the current period, please refer to the section "Compensation" above.

There is no plan to provide retirement benefits to executive or non-executive directors, except for the Australian Government Superannuation Guarantee.

The Remuneration and Nomination Committee is responsible for determining and reviewing compensation arrangements for the directors themselves and the Chief Executive Officer and executive team.

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D. Employees

As of the end of each of the last three fiscal years, the Company employed the following number of people-FTEs:

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| | | | |
|:---|:---|:---|:---|
| *Category of Activity* | **2025** | **2024** | **2023** |
|  Research and Development | 5 | 5 | 6.8 |
|  Finance and Administration | 1 | 1.8 | 2 |
|  **Total** | **6** | **6.8** | **8.8** |
| *Geographic Location* | **2025** | **2024** | **2023** |
|  Australia | 2 | 3 | 4.8 |
|  United States | 4 | 3.8 | 4 |
|  **Total** | **6.0** | **6.8** | **8.8** |

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E. Share Ownership

#### Directors' and KMP interests in the shares and options of the Company for fiscal year 2025:
*Shareholding* 

The number of shares in the company held during the financial year by each director and other members of Key Management Personnel of the Consolidated Entity, including their personally related parties, is set out below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Balance at<br> the start of<br> the year | Purchased<br> on market | Share<br> Purchase<br> Plan | Off market<br> additions/<br> disposals | Disposed\*<br> (For KMP<br> reporting<br> purposes<br>only) | Balance at<br> the end of<br> the year |
|  *Ordinary shares* |  |  |  |  |  |  |
|  B Carmine | 856681 |  |  |  |  | 856681 |
|  S Coffey | 991993 |  |  |  |  | 991993 |
|  J Friend |  | 4000000 |  |  |  | 4000000 |
|  | 1848674 | 4000000 |  |  |  | 5848674 |

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Each Director and Key Management Personnel owns less than 1% of shareholding.

Other transactions with key management personnel and their related parties

John Friend was reimbursed for travel and accommodation expenses of $107,932.

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*Option holding* 

The number of options over ordinary shares in the company held during the financial year by each Director and other members of Key Management Personnel of Kazia, including their personally related parties, is set out below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Balance at<br> the start of<br> the year | Granted as<br>renumeration | Forfeited | Disposed\*<br> (For KMP<br> reporting<br> purposes<br>only) | Balance at<br> the end of<br> the year |
|  *Options over ordinary shares* |  |  |  |  |  |
|  I Ross | 400000 |  | (400000) |  |  |
|  B Carmine | 400000 |  | (400000) |  |  |
|  S Coffey | 400000 |  | (400000) |  |  |
|  J Friend | 4800000 |  |  |  | 4800000 |
|  | 6000000 |  | (1200000) |  | 4800000 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Balance at<br> the start of<br> the year | Balance at<br> the start of<br> the year | Granted as<br> remuneration | Forfeited | Disposed<br> (for KMP<br> reporting<br> purposes<br> only) | Balance at<br> the end of<br> the year | Balance at<br> the end of<br> the year |
|  *Options over ADS* |  |  |  |  |  |  |  |
|  J Friend |  | 30000 |  |  |  |  | 30000 |
|  |  | 30000 |  |  |  |  | 30000 |

---

*Share-based compensation* 

There were no shares issued to Directors or other KMP as part of compensation during fiscal year 2025.

**Item 7.** **Major Shareholders and Related Party Transactions** <br>

*A. Major shareholders* 

The following table sets forth information with respect to the beneficial ownership of our ADSs as at September 23, 2025 by:

• each of the members of our board and senior management; and

• each person, or group of affiliated persons, known by us to beneficially own more than 5% of our ADSs.

The percentage of shares beneficially owned is based on a total of 835,288,734 ordinary shares, or 1,670,577 ADSs, outstanding as at September 23, 2025. The numbers and percentages of ADSs beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities. Under the applicable SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares voting power, which includes the power to vote or direct the voting of such security, or investment power, which includes the power to dispose of or to direct the disposition of such security, or to receive the economic benefit of ownership of the securities. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days of September 23, 2025, and such securities are considered outstanding for the purpose of calculating the percentage ownership of that person but not for the purpose of calculating the percentage ownership of any other person. Under these rules, more than one person may be deemed beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Except as otherwise indicated, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated ordinary shares, subject to community property laws, where applicable.

Unless otherwise indicated, all information contained in the table below and the footnotes thereto is based upon information provided to us by the shareholders and the public information available to us. Except as otherwise set forth below, the address of the beneficial owner is c/o Kazia Therapeutics Limited, Level 24, Three International Towers, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia.

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| | | |
|:---|:---|:---|
|  | **ADSs Beneficially<br>Owned** | **ADSs Beneficially<br>Owned** |
| **Name and Address of Beneficial Owner** | **Number** | **Percentage** |
|  **Major Shareholders:** |  |  |
|  Alumni Capital LP <sup>1</sup> | 182260<sup>2</sup> | 9.99% |
|  Chernett Jorey <sup>3</sup> | 137200<sup>4</sup> | 8.2% |
|  Dauntless Investment Group, LLC<sup>5</sup> | 115769<sup>6</sup> | 6.9% |
|  **Board Members and Senior Management** |  |  |
|  John Friend <sup>7</sup> | 8000 | 0.5% |
|  Bryce Carmine <sup>8</sup> | 1713 | 0.1% |
|  Steven Coffey <sup>9</sup> | 1983 | 0.1% |
|  Ebru Davidson |  | —% |
|  Robert Apple |  | —% |
|  Jeffrey Bonacorda |  | —% |
|  Elissa Hansen |  | —% |
|  **All board members and senior management as a group (7 persons) <sup>1</sup>** | **11696** | **0.7%** |

---

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

2. Consists of (i) 14,204,500 ordinary shares held by Alumni Capital LP based on information provided to us by Alumni Capital LP (ii) 153,851 ADSs issuable upon exercise of the Ordinary Warrants held by Alumni Capital LP and the remaining portion of the Alumni Warrant issued to Alumni Capital LP on April 19, 2024, after giving effect to the exercise limitations of such warrants which prevent its exercise to the extent that such exercise would result in the beneficial ownership by Alumni Capital LP and its affiliates to exceed 9.99% of the ADSs outstanding. The Alumni Warrant allows Alumni Capital LP to purchase a variable number of ordinary shares in the form of ADSs based on the number of ordinary shares outstanding as of the date of exercise. Based on 835,288,734 Ordinary Shares outstanding as of September 23, 2025, if the remaining portion of the Alumni Warrant were to be exercised on September 23, 2025, it was exercisable for up to 69,607 ADSs, representing 34,803,500 ordinary shares.

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3. Information is based on a report on Schedule 13G filed on June 12, 2025 by Chernett Jorey. The business address of Chernett Jorey is 6222 Indianwood Trail, Bloomfield Hills, MI 48301.

4. Information is based on a report on Schedule 13G filed on June 12, 2025 by Chernett Jorey.

5. Information is based on a report on Schedule 13G/A filed on August 5, 2025 by Dauntless Investment Group, LLC. The business address of Dauntless Investment Group, LLC is 8567 Hummingbird, Commerce Township, MI 48382.

6. Information is based on a report on Schedule 13G/A filed on August 5, 2025 by Dauntless Investment Group, LLC.

7. Consists of 8,000 ADSs.

8. Consists of 856,681 ordinary shares, represented by 1,713 ADSs.

9. Consists of 1983 restricted ADSs and 13 ordinary shares.

#### Significant Changes in the Ownership of Major Shareholders
On April 19, 2024, we entered into a purchase agreement (the "Purchase Agreement") with Alumni Capital LP, pursuant to which we may sell to Alumni Capital LP up to $15,000,000 (the "Investment Amount") of ADSs, representing fully paid ordinary shares, from time to time during the term of the Purchase Agreement. In consideration for Alumni Capital LP's execution and delivery of the Purchase Agreement, we issued a warrant (the "Alumni Warrant") to Alumni Capital LP, valid for a term of three (3) years, entitling Alumni Capital LP to purchase ADSs (the "Warrant ADSs") with a value (calculated based on the then-current ADS to ordinary share ratio) equal to five percent (5%) of the Investment Amount. The Alumni Warrant exercise price is variable and is equal to $6,000,000 divided by the number of outstanding ordinary shares as of the time of exercise, multiplied by the then-current ADS to ordinary shares ratio.

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

On July 31, 2025, we entered into the Securities Purchase Agreements with Alumni Capital LP, Pointillist Global Macro Series of Pointillist Partners, LLC, Daniel Herr and Lauren Rimoin Living Trust and MK Plumeria, LLC in connection with a private placement, pursuant to which we issued and sold (i) 14,204,500 ordinary shares at a purchase price of $0.0176 per share, and (ii) pre-funded Warrants to purchase up to 204,547 ADSs, each ADS representing five hundred ordinary shares, at a purchase price of $8.7999 per pre-funded Warrant. Each pre-funded Warrant is exercisable for one ADS at an exercise price of $0.0001 per ADS underlying the pre-funded Warrant, is immediately exercisable, and will expire when exercised in full.

#### Major Shareholders Voting Rights
All of our shareholders, including the shareholders listed below, have the same voting rights attached to their ordinary shares.

#### Record Holders
As of October 10, 2025, there were 2,187 Kazia shareholders holding 917,300,734 fully paid ordinary shares. These numbers are not representative of the number of beneficial holders of our shares nor are they representative of where such beneficial holders reside, since many of these ordinary shares were held of record by brokers or other nominees. The majority of trading by our U.S. investors is done by means of ADS that are held of record by HSBC Custody Nominees (Australia) Ltd., which held 866,587,053 (96.65%) of our ordinary shares as of such date.

*B. Related party transactions* 

During fiscal year 2023, 2024, and 2025, and up to the date of this report, we did not enter into any transactions or loans with any: (i) enterprises that directly or indirectly, through one or more intermediaries, control, are controlled by or are under common control with us; (ii) associates; (iii) individuals owning, directly or indirectly, an interest in our voting power that gives them significant influence over us, and close members of any such individual's family; (iv) executive officers and close members of such individuals' families; or (v) enterprises in which a substantial interest in our voting power is owned, directly or indirectly, by any person described in (iii) or (iv) or over which such person is able to exercise significant influence.

Transactions between related parties, when they occur, are on normal commercial terms and the conditions no more favorable than those available to other non-related parties.

*C. Interests of Experts and Counsel* 

Not applicable.

**Item 8.** **Financial Information** <br>

*A. Consolidated Statements and Other Financial Information* 

Consolidated financial statements are included in Item 18. "Financial Statements" commencing on page F-1.

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*Legal proceedings* 

From time to time we could be involved in legal proceedings that arise in the ordinary course of business. As at June 30, 2025, we believe no proceedings exists of which the outcome, if determined adversely, would have a material adverse effect on our financial position. During the period covered by the audited and approved financial statements contained herein, we have not been a party to or paid any damages in connection with litigation that has had a material adverse effect on our financial position. Any future litigation may result in substantial costs and be a distraction to management and employees. No assurance can be given that future litigation will not have a material adverse effect on our financial position. Refer to Item 3.D: "Risk factors."

*Dividends* 

There were no dividends paid, recommended or declared during fiscal years 2025, 2024 or 2023.

*B. Significant Changes* 

On October 15, 2024, Kazia announced that it planned to effect an ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to ten ordinary shares to the new ratio of one ADS to one hundred ordinary shares. The ADS ratio change will have the same effect as a one-for-ten reverse ADS split for Kazia's ADS holders. There will be no change to Kazia's underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS ratio change. The ADS ratio change became effective on October 28, 2024.

On 1 April 2025, Kazia announced that it planned to affect an ADS ratio change to change the ratio of ADSs to ordinary shares from one ADS to one hundred ordinary shares to the new ratio of one ADS to five hundred ordinary shares. The ADS ratio change will have the same effect as a one-for-five reverse ADS split for Kazia's ADS holders. There will be no change to Kazia's underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with the ADS ratio change. The ADS ratio change became effective on 17 April 2025.

**Item 9.** **The Offer and Listing** <br>

*A. Offer and listing details* 

See Item 9C for more information.

*B. Plan of Distribution* 

Not applicable.

*C. Markets* 

Kazia's ordinary shares trade in the U.S. in the form of ADSs on the Nasdaq Capital Market. Each ADS represents 500 ordinary shares of Kazia. The trading symbol on the Nasdaq Capital Market is 'KZIA'. Kazia has entered into a Deposit Agreement with The Bank of New York Mellon under which the Bank of New York, acting as depository, issues the ADSs.

*D. Selling Shareholders* 

Not applicable.

*E. Dilution* 

Not applicable.

*F. Expenses of the issue* 

Not applicable.

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**Item 10.** **Additional Information** <br>

*A. Share Capital* 

Not applicable.

*B. Our Constitution* 

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

Under Australian law, a company has the legal capacity and powers of an individual both within and outside Australia. The material provisions of our Constitution are summarized below. This summary is not intended to be complete nor to constitute a definitive statement of the rights and liabilities of our shareholders, and is qualified in its entirety by reference to the complete text of our Constitution, a copy of which is incorporated by reference as Exhibit 1.1 to this Annual Report.

#### Interested Directors
Subject to the Corporations Act, neither a director nor that director's alternate may vote in respect of any contract or arrangement in which the director has, directly or indirectly, any material interest according to our Constitution. However, that director may execute or otherwise act in respect of that contract or arrangement notwithstanding any material personal interest. Unless a relevant exception applies, the Corporations Act requires our directors to provide disclosure of any material personal interest, and prohibits directors from voting on matters in which they have a material personal interest or being present while such matter is being considered at the board meeting. In addition, the Corporations Act requires shareholder approval of any provision of related party benefits to our directors.

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

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

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

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

#### Borrowing powers exercisable by Directors
Our board of directors has the power to raise or borrow money or obtain other financial accommodation for Company purposes, and may grant security for the repayment of that sum or sums or the payment, performance or fulfilment of any debts, liabilities, contracts or obligations incurred or undertaken by the Company in any manner and on any terms and conditions as our board thinks fit.

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

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

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

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

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

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

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

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

• a special resolution passed at a meeting of members holding shares in that class; or

• the written consent of members with at least 75% of the shares in that class.

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

#### General Meetings of Shareholders
General meetings of shareholders may be called by our board of directors. Except as permitted under the Corporations Act, shareholders may not convene a meeting. The Corporations Act requires the directors to call and arrange to hold a general meeting on the request of shareholders with at least 5% of the votes that may be cast at a general meeting. Notice of the proposed meeting of our shareholders is required at least 21 days prior to such meeting under the Corporations Act.

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

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

• by non-associated foreign persons that would result in such foreign persons having an aggregate interest in 40% or more of the issued shares of, or control of 40% or more of the voting power in, an Australian company, where the Australian company is valued above the monetary threshold prescribed by Foreign Takeovers Act.

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

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

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

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

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

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

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

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

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

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

If, at a particular time:

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

• the person has:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*C. Material contracts* 

#### License Agreement with Genentech Inc.
In October 2016, the Company entered into a worldwide licensing agreement with Genentech, a member of the Roche Group, to develop and commercialize GDC-0084, a small molecule inhibitor of the phosphoinositide-3-kinase (PI3K) pathway. Under the terms of the agreement, the Company paid Genentech an upfront payment of US$5 million. In addition, the terms of the agreement call for performance-related consideration linked to regulatory and commercial outcomes and royalty payments in-line with industry benchmarks.

#### Acquisition of Glioblast Pty Ltd-Share Sale Agreement with Kilinwata Investments Pty. Ltd., Mi Ok Chong and Paul Hopper
In October 2016, the Company acquired 100% of the issued shares of Glioblast Pty Ltd, a privately-held, neuro-oncology-focused Australian biotechnology company. The transaction included an upfront payment of A$2.1 million, comprising A$600,000 in cash and ordinary fully-paid shares valued at A$1.5 million, with the actual number of shares determined on the basis of the volume-weighted average price of the Company's shares on the ASX in the seven days prior to this announcement. The shareholders of Glioblast will be eligible for further payments in cash or equity on the achievement of performance related milestones. The first two of these milestones provide for the issue of ordinary fully-paid shares valued at A$1.25 million respectively on commencement and successful completion of a phase II clinical trial of GDC-0084, with the actual number of shares determined on the basis of the volume-weighted average price of the Company's shares on the ASX in the seven days prior to satisfaction of the relevant milestone being announced. A further two milestones may trigger payments in cash or equity at the Company's sole discretion. Any issue of equity in the Company will be subject to a minimum six-month escrow period.

At the date of this report, one milestone has lapsed and two have been settled in shares. The remaining milestone relates to the successful completion of a phase II trial in GDC-0084.

#### Clinical Trial Collaboration and Supply Agreement with the Global Coalition for Adaptive Research
In October 2020, the Company entered into a Clinical Trial Collaboration and Supply Agreement with the Global Coalition for Adaptive Research (GCAR), a US-based 501(C)(3) non-profit organisation. The agreement relates to the inclusion of Kazia's investigational new drug, Paxalisib (GDC-0084) in a phase II/III adaptive clinical trial known as GBM AGILE (NCT03970447), which is expected to serve as the pivotal study for registration of Paxalisib in glioblastoma by the US Food and Drug Administration (FDA). Under the terms of the agreement, the Company paid GCAR an upfront payment of US$5 million on execution, and will make further payments to GCAR throughout the course of the study, as defined milestones are met, with the total cost of the study capped at a pre-defined amount under the terms of the agreement. GCAR will serve as the sponsor of GBM AGILE and the company will supply investigational product for conduct of the study at its sole expense. It is expected that Paxalisib's participation in GBM AGILE will be approximately three to four years in duration.

On 1 August 2022, the Consolidated Entity announced that it had been informed by GCAR that the Paxalisib arm had not graduated to the second stage of the GBM AGILE study, and that recruitment had therefore completed with approximately 150 patients enrolled to the first stage. Those patients remain ongoing, with initial data obtained in 1H CY2024. The interim 'graduation' analysis may have been affected by the rapid and back-loaded recruitment profile of the study and does not preclude a positive outcome in the final data.

#### License Agreement with Vivesto AB (formerly Oasmia Pharmaceutical AB)
In March 2021, the Company entered into an exclusive worldwide license agreement with Vivesto AB, (formerly Oasmia Pharmaceutical AB), an innovation-focused specialty pharmaceutical company, for Cantrixil (TRX-E-002-1), a clinical-stage, first-in-class drug candidate under development for the treatment of ovarian cancer. Under the terms of the agreement, Vivesto assumed worldwide exclusive rights to develop and commercialize Cantrixil for all indications, with an initial focus on ovarian cancer. During fiscal 2021, Vivesto made an up-front payment of US$4 million, with contingent milestones of up to US$42 million and double-digit royalties on commercial sales.

In March, 2025 the Company sold all intellectual property and trademarks rights to Cantrixil for USD $1 million, ending the March 2021 license agreement.

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#### License Agreement with Simcere Pharmaceutical Group Ltd
In March 2021, the Company entered into a licensing agreement with Simcere Pharmaceutical Group Ltd ("Simcere") to develop and commercialize the Company's investigational new drug, Paxalisib, in Greater China. Under the terms of the agreement, Simcere assumed responsibility for the development, registration and commercialization of Paxalisib in Greater China (a territory which includes Mainland China, Hong Kong, Macau and Taiwan). The Company received an upfront payment of US$11 million comprising US$7 million in cash and a US$4 million equity investment, priced at a 20% premium to recent trading. The Company will also receive contingent milestone payments of up to US$281 million for glioblastoma, with further milestones payable for indications beyond glioblastoma. Simcere will additionally pay mid-teen percentage royalties on commercial sales.

#### License Agreement with Evotec SE
In April 2021, the Company entered into a worldwide exclusive licensing agreement with Evotec SE, a leading European drug discovery and development company, for EVT801, a small-molecule, first-in-class oncology drug candidate. Under the terms of the agreement, Evotec has granted Kazia an exclusive license to develop, manufacture, and commercialize EVT801 in all territories and indications. The Company paid an up-front amount of €1 million (approximately A$1.6 million). In addition, the terms of the agreement call for performance-related consideration linked to regulatory and commercial outcomes up to a maximum of €308 million (approximately A$480 million) and tiered single-digit royalty payments.

#### License Agreement with Sovargen Co. Ltd
On 21 March 2024, the Company announced that it has entered into an exclusive licensing agreement with Sovargen Co., Ltd, a biotechnology company specializing in central nervous system (CNS) diseases, to develop, manufacture and commercialize Paxalisib as a potential treatment of intractable epilepsy in focal cortical dysplasia type 2 (FCD T2) and tuberous sclerosis complex (TSC) disease. Under the agreement, Kazia received an upfront payment of US$1.5 million, potential milestone payments of up to US$19 million upon the achievement of development and regulatory milestones, and a percentage of sub-licensing revenues and royalties on net sales of products incorporating Paxalisib. The licensing agreement includes all countries worldwide, excluding mainland China, Hong Kong, Macao and Taiwan.

#### License Agreements with QIMR Berghofer Medical Research Institute
On 12 September, 2024, the Company announced that an agreement has been executed with QIMR to obtain an exclusive license to certain intellectual property rights in relation to combination therapies consisting of PI3K inhibitor drugs, and one or more immunotherapy or PARP inhibitor drugs (PI3K combination). Under the license agreement, Kazia receives an exclusive, worldwide, sub-licensable and royalty-bearing licence to certain intellectual property for the development of any drugs or product candidates within the PI3K inhibitor class in combination with immunotherapy or PARP inhibitors. Paxalisib, Kazia's lead product candidate, is a member of the PI3K inhibitor class. The exclusive license agreement follows a collaboration between Kazia and QIMR Berghofer which began in December 2022 and has already led to the filing of supportive patents which include the use of paxalisib as an immune modulator in the treatment of diseases such as breast cancer. The terms of the license include standard provisions for an upfront license fee and development milestones related to the initiation of Phase 1, Phase 2 trial, first Phase 3 trial, first product approval.

On October 7, 2025, the Company announced an exclusive collaboration and in-licensing agreement with QIMR for a first-in-class PD-L1 degrader program. The lead optimized compound, NDL2, is an advanced PD-L1 protein degrader currently in development and represents a new and innovative frontier of cancer immunotherapy. The program will initially target advanced breast cancer and non-small cell lung cancer (NSCLC), where PD-1/PD-L1 immunotherapies are widely used but resistance remains common. IND-enabling studies are expected to commence within six months, with a goal of initiating first-in-human studies within approximately 15 months. Kazia also intends to explore synergistic opportunities to combine NDL2 with its existing pipeline assets, including paxalisib (a pan-PI3K/mTOR inhibitor) and EVT801 (a selective VEGFR3 inhibitor), given their complementary mechanisms of action in modulating the tumor microenvironment. Under the terms of this agreement, Kazia agreed to make a one-time payment of approximately $1.39 million 15 business days after signing,and is responsible for all development costs. Kazia will receive a percentage of commercialization revenue ranging from mid-to-high double digits depending on the stage of development, which includes any out-licensing payments received from third parties.

*D. Exchange controls* 

Australia has largely abolished exchange controls on investment transactions. The Australian dollar is freely convertible into U.S. dollars. In addition, (other than as specified under "taxation" below and certain restrictions imposed under Australian law in relation to dealings with the assets of and transactions with, designated countries, entities and persons specified by the Australian Government Department of Foreign Affairs and Trade from time to time, including, persons connected with terrorism) 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 Transaction Reports and Analysis Centre, which monitors such transactions.

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The circumstances in which review and approval by the Australian Federal Treasurer may be required under the Foreign Takeovers Act are summarized above under section B entitled "Foreign Ownership Regulation" in this Annual Report on Form 20-F.

*E. Taxation* 

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

For purposes of this description, a "U.S. holder" is a beneficial owner of ordinary shares or ADSs who holds such ordinary shares or ADSs as capital assets within the meaning of the Internal Revenue Code of 1986, as amended, and is, for U.S. federal income tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation created or organized in or under the laws of the United States or any state thereof, including the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust that either (a) is subject to the supervision of a court within the United States and has one or more U.S. persons with authority to control all substantial decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

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

The discussion is based on the Internal Revenue Code of 1986, as amended, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury Regulations, all as of the date hereof, changes to any of which may affect the tax consequences described herein - possibly with retroactive effect. There can be no assurances that the Internal Revenue Service (the "IRS") will not take a contrary or different position concerning the tax consequences of the ownership and disposition of our ordinary shares or ADSs or that such a position would not be sustained by a court. We have not obtained, nor do we intend to obtain, a ruling with respect to the U.S. federal income tax considerations relating to the purchase, ownership or disposition of our ordinary shares or ADSs. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our ordinary shares or ADSs in their particular circumstances.

This section is in part based on the representations of the Depositary and the assumption that each obligation in the deposit agreement and any related agreement will be performed in accordance with its terms. In general, for U.S. federal income tax purposes, a holder of ADSs will be treated as the owner of the ordinary shares represented by those ADSs. Exchanges of ordinary shares for ADSs, and ADSs for ordinary shares generally will not be subject to U.S. federal income tax.

#### Distributions
Subject to the Passive Foreign Investment Company ("PFIC") rules discussed below, U.S. holders generally will include as dividend income the U.S. dollar value of the gross amount of any distributions of cash or property (without deduction for any withholding tax), other than certain pro rata distributions of ordinary shares, with respect to ordinary shares or ADSs to the extent the distributions are made from our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. A U.S. holder will include the dividend income on the day actually or constructively received (i) by the holder, in the case of ordinary shares, or (ii) by the depositary, in the case of ADSs. We do not intend to maintain calculations of earnings and profits, as determined for U.S. federal income tax purposes. Consequently, any distributions generally will be treated as dividend income.

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

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

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

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

The U.S. dollar value of any foreign currency received upon a sale or other disposition of ordinary shares or ADSs will be calculated by reference to the spot rate in effect on the date of sale or other disposal (or, in the case of a cash basis or electing accrual basis taxpayer, at the spot rate of exchange on the settlement date). A U.S. holder will have a tax basis in the foreign currency received equal to that U.S. dollar amount, and generally will recognize foreign currency gain or loss on a subsequent conversion or other disposal of the foreign currency. This foreign currency gain or loss generally will be treated as U.S. source ordinary income or loss for foreign tax credit limitation purposes. If such foreign currency is converted into U.S. dollars on the date received by the U.S. holder, a cash basis or electing accrual basis U.S. holder should not recognize any gain or loss on such conversion.

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

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

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

Passive income does not include rents and royalties derived from the active conduct of a trade or business. If the stock of a non-U.S. corporation is publicly traded for the taxable year, the asset test is applied using the fair market value of the assets for purposes of measuring such corporation's assets. If we own at least 25% (by value) of the stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of the other corporation's assets and receiving our proportionate share of the other corporation's income for purposes of the PFIC income and asset tests. If the stock of a non-U.S. corporation is publicly-traded for the taxable year, the asset test is applied using the fair market value of the assets for purposes of measuring such corporation's assets. If we were a PFIC in any year during a U.S. holder's holding period for our ordinary shares or ADSs, we would ordinarily continue to be treated as a PFIC for each subsequent year during which the U.S. holder owned the ordinary shares or ADSs, regardless of whether we continue to meet the tests described above unless (a) we ceased to be a PFIC and (b) the U.S. holder has made a deemed sale election under the PFIC rules which may result in recognition of gain (but not loss), taxable under the PFIC rules described below, without the receipt of any corresponding cash. Based on the composition of our assets and income, we believe that we were not a PFIC for U.S. federal income tax purposes with respect to our 2024 taxable year or our 2025 taxable year. However, the determination of PFIC status is a fact-intensive determination that must be made annually at the close of each taxable year applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. As a result, even if we will not be treated as a PFIC in the 2024 taxable year or the 2025 taxable year there can be no assurance that we will not be treated as a PFIC for 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 ordinary shares or ADSs may cause us to be considered a PFIC in the current or any subsequent taxable year.

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If we are a PFIC, and you are a U.S. holder, then unless you make one of the elections described below, a special tax regime will apply to both (a) any "excess distribution" by us to you (generally, your ratable portion of distributions in any year which are greater than 125% of the average annual distribution received by you in the shorter of the three preceding years or your holding period for our ordinary shares) and (b) any gain realized on the sale or other disposition of the ordinary shares. Under this regime, any excess distribution and realized gain will be treated as ordinary income and will be subject to tax as if (a) the excess distribution or gain had been realized ratably over your holding period, (b) the amount deemed realized in each year had been subject to tax in each year of that holding period at the highest marginal rate for such year (other than income allocated to the current period or any taxable period before we became a PFIC, which would be subject to tax at the U.S. holder's regular ordinary income rate for the current year and would not be subject to the interest charge discussed below), and (c) the interest charge generally applicable to underpayments of tax had been imposed on the taxes deemed to have been payable in those years. In addition, dividend distributions made to you will not qualify for the lower rates of taxation applicable to long-term capital gains discussed above under "Distributions."

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

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

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

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

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

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

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

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

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

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

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

#### Australian Tax Considerations
In this section, we discuss the material Australian income tax, stamp duty and goods and services tax considerations related to the acquisition, ownership and disposal by the absolute beneficial owners of the ordinary shares or ADSs.

It is based upon existing Australian tax law as of the date of this registration statement, which is subject to change, possibly retrospectively. This discussion does not address all aspects of Australian tax law which may be important to particular investors in light of their individual investment circumstances, such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies, superannuation funds, trusts or tax-exempt organizations). In addition, this summary does not discuss any 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 acquisition, ownership and disposition of the shares. Unless otherwise mentioned, this summary is based upon the premise that the holder is not an Australian tax resident holds their shares on capital account for Australian tax purposes, and is not carrying on business in Australia through a permanent establishment (referred to as a "Non-Australian Shareholder" in this summary).

#### Australian Income Tax

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

#### Taxation of Dividends
Australia operates a dividend imputation system under which dividends may be declared to be "franked" to the extent of tax paid on company profits. Fully franked dividends are not subject to dividend withholding tax. Dividends payable to Non-Australian Shareholders will be subject to dividend withholding tax, to the extent the dividends are not declared to be conduit foreign income, or CFI, and are unfranked. Dividend withholding tax will be imposed at 30%, unless a shareholder is a resident of a country with which

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Australia has a double taxation agreement and qualifies for the benefits of the treaty. In accordance with the provisions of the Double Taxation Convention between Australia and the United States, the maximum rate of Australian withholding tax on any unfranked portion of a dividend to which a tax resident of the United States is beneficially entitled may be reduced to 15%, with a potential further reduction to 5% where the U.S. resident beneficially entitled to the dividends is a company which holds directly 10% or more of the voting power in our company. To rely on the Double Taxation Convention a U.S. tax resident must also be a "qualified person" within the meaning of the Double Taxation Convention. Shareholders seeking to rely on the Double Taxation Convention should obtain specialist taxation advice.

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

Non-Australian Shareholders who own a 10% or more interest in the company, either alone or together with their associates, should be subject to Australian capital gains tax if more than 50% of the company's assets held directly or indirectly, determined by reference to market value of the assets at the time of sale, consists of Australian real property (which includes land and leasehold interests) or Australian mining, quarrying or prospecting rights. In the 2024-25 Federal Budget, the Australian government announced its intention to: (a) amend this point-in-time principal asset test to a 365-day testing period (i.e. the testing period being the 365 days before the time of disposal of the shares), (b) clarify and broaden the types of assets Australia can tax foreign residents on to include direct and indirect sales of assets with a close economic connection to Australian land and/or natural resources (e.g. leases or licenses to use Australian land, infrastructure and machinery installed on land situated in Australia) and (c) require foreign residents disposing of shares exceeding A$20 million in value to notify the Australian Tax Office prior to the transaction being executed, effective from 1 July 2025. However in the 2025-26 Federal Budget, it was announced that the start date would be deferred to the later of (a) 1 October 2025; and (b) the first 1 January, 1 April, 1 July or 1 October (i.e. start of the first quarter) after the legislation receives Royal Assent. No legislation has been released to date so these rule should apply from the start of the first quarter after the legislation receives Royal Assent. The Double Taxation Convention between the United States and Australia is unlikely to limit the amount of this taxable gain. Australian capital gains tax applies to net capital gains of foreign shareholders at the Australian tax rates for non-Australian residents, which start at a marginal rate of 30% for individuals & 25%-30% for companies, depending on the size of the company. Net capital gains of foreign shareholders are included in the taxpayer's assessable income and subject to income tax at the taxpayer's marginal tax rate. For the year ended 30 June 2025, the marginal tax rates for non-Australian residents, starts at 30% for individuals. The company tax rate is 30% which may be reduced to 25% for the year ended 30 June 2025 onwards for certain small businesses. Net capital gains are calculated by reducing the taxpayer's capital gains for the income year by its capital losses, which may only be offset against capital gains. Net capital losses may be carried forward to offset against capital gains derived in future income years. Specific loss recoupment rules apply to companies and trusts. These rules may, among other things, limit the ability to offset or obtain capital losses in a current or future income year. Shareholders should obtain specialist tax advice as to how these rules apply.

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

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

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

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

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

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

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

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

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

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

#### Goods and Services Tax
The supply of ADSs or ordinary shares in Kazia will not be subject to Australian goods and services tax.

*F. Dividends and paying agents* 

Not applicable.

*G. Statement by experts* 

Not applicable.

*H. Documents on Display* 

The Company is subject to the reporting requirements of the Exchange Act that are applicable to a foreign private issuer. Under the Exchange Act, the Company is required to file periodic reports and other information with the SEC. These materials, including this Annual Report and the exhibits hereto, may be inspected without charge and copied at established rates at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC at 1-800-SEC-0330 to obtain information on the operation of the public reference room. Such materials can also be obtained at the SEC's website at <u>www.sec.gov</u>.

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##### [**Table of Contents**](#toc)
*I. Subsidiary Information* 

Not applicable.

**Item 11.** **Quantitative and Qualitative Disclosures about Market Risk** <br>

*Interest rate risk* 

The Company's exposure to market interest rates relates primarily to the investments of cash balances. The Company has cash reserves held in both Australian dollars and U.S. dollars, and places funds on deposit with financial institutions for periods generally not exceeding three months.

*Credit risk* 

The Company places its deposits with high credit quality financial institutions, and, by policy, limits the amount of credit exposure to any single counterparty. The Company is averse to principal loss and ensures the safety and preservation of its invested funds by limiting default risk, market risk and reinvestment risk. The Company mitigates default risk by depositing funds with only the safest and highest credit quality financial institutions and by constantly positioning its portfolio to respond appropriately to a significant reduction in a credit rating of any financial institution.

The Company has no interest rate exposure due to rate changes for long-term debt obligations. The Company primarily enters into debt obligations to support general corporate purposes, including capital expenditures and working capital needs. The Company does not consider the effects of interest rate movements to be a material risk to its financial condition.

For additional disclosure regarding interest rate risk see Item 18. "Financial Statements - Note 22 - Financial Instruments".

*Foreign currency risk* 

The Company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar. Foreign exchange risk arises from future transactions and recognized assets and liabilities denominated in a currency that is not the entity's functional currency and net investments in foreign operations.

As of 30 June 2025, the Company did not hold derivative financial instruments in managing its foreign currency, however, the Company may from time to time enter into hedging arrangements where circumstances are deemed appropriate. The Company used natural hedging to reduce the foreign currency risk, which involved processing U.S. Dollar ("USD") payments from cash held in USD. Foreign subsidiaries with a functional currency of Australian Dollar ("AUD") have exposure to the local currency of these subsidiaries and any other currency these subsidiaries trade in.

For additional disclosure regarding market risk see Item 18. "Financial Statements - Note 22 - Financial Instruments".

**Item 12.** **Description of Securities Other than Equity Securities** <br>

*A. Debt Securities* 

Not applicable.

*B. Warrants and Rights* 

Not applicable.

*C. Other Securities* 

Not applicable.

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##### [**Table of Contents**](#toc)
*D. American Depositary Shares* 

The depository for the Company's American Depository Shares ("ADSs") is the Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286. The depository collects its fees for delivery and surrender of American Depository Shares directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depository collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depository may collect its annual fee for depository services by deductions from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depository may generally refuse to provide fee-attracting services until its fees for those services are paid. The depository may collect any of its fees by deduction from any cash distribution payable to you that are obligated to pay those fees.

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

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| | |
|:---|:---|
| **Persons depositing or withdrawing shares must pay:** | **For:** |
| US$5.00 (or less) per 500 ADSs (or portion of 500 ADSs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates<br>|
| US$.05 (or less) per ADS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any cash distribution to ADS registered holders<br>|
| A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders<br>|
| US$.05 (or less) per ADSs per calendar year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Depositary services<br>|
| Registration or transfer fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Transfer and registration of shares on the Company's share register to or from the name of the depositary or its agent when you deposit or withdraw shares<br>|
| Expenses of the depositary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Converting foreign currency to U.S. dollars<br>|
| Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As necessary<br>|
| Any charges incurred by the depositary or its agents for servicing the deposited securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As necessary<br>|

---

The Depositary may collect any of the fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to holders that are obligated to pay those fees.

See Exhibit 2.2 "Description of Securities" for additional information on the ADSs.

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##### [**Table of Contents**](#toc)

#### PART II
**Item 13.** **Defaults, Dividend Arrearages and Delinquencies** <br>

This item is not applicable.

**Item 14.** **Material Modifications to the Rights of Security Holders and the Use of Proceeds** <br>

This item is not applicable.

**Item 15.** **Controls and Procedures** <br>

*(a) Disclosure controls and procedures* 

We maintain "disclosure controls and procedures," as this term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's ("SEC") rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Vice President of Finance and Controller, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer, Vice President of Finance and Controller and Chief Financial Officer recognize that these controls, no matter how well designed and operated, cannot provide absolute assurance that the objectives of these controls will be met.

Our management, with the participation of our Chief Executive Officer, and Vice President of Finance and Controller , has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of 30 June 2025. Based upon that evaluation, our Chief Executive Officer, and Vice President of Finance and Controller concluded that the controls and procedures were effective as of 30 June 2025 to ensure that material information was accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

*(b) Management's annual report on internal control over financial reporting* 

The management of Kazia Therapeutics Limited is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer, and Vice President of Finance and Controller, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of 30 June 2025, based on the criteria set forth in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of 30 June 2025. Kazia Therapeutics Limited's internal control over financial reporting was designed to provide reasonable assurance to the Company's management and Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

*(c) Attestation Report of the Registered Public Accounting Firm* 

Not applicable.

*(d) Changes in Internal Control over Financial Reporting* 

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the year ended 30 June 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**Item 16.** **[Reserved]** <br>

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| | |
|:---|:---|
| **Item 16A.** | **Audit Committee Financial Expert**  |

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(1) The board of directors has determined that the Company:

(i) Has one audit committee financial expert serving on its audit committee

(2) Steven Coffey is the audit committee expert and is independent, as that term is defined in the listing standards applicable to the registrant if the registrant is a listed issuer, as defined in 17 CFR 240.10A-3. Steven Coffey meets the independence requirements of the Nasdaq Capital Market and SEC's rules and regulations as he is a qualified Chartered Accountant and has spent over 30 years in public practice. He is also a registered company auditor.

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| | |
|:---|:---|
| **Item 16B.** | **Code of Ethics**  |

---

The Company has adopted a Code of Ethics and Business Conduct (the "Code"). The Code establishes a clear set of values that emphasize a culture encompassing strong corporate governance, sound business practices and good ethical conduct. The Code confirms the Company's belief in treating all individuals with respect and recognizes that different skills and diversity are essential to enrich the Company's perspective, improve corporate performance, increase shareholder value and maximize the achievement and goals of the Company. The Code applies to all Company employees, including management and Directors. The Code is available on the Company's website <u>www.kaziatherapeutics.com</u>.

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| | |
|:---|:---|
| **Item 16C.** | **Principal Accounting Fees and Services**  |

---

BDO Audit Pty Ltd ("BDO") has audited the Company's annual financial statements acting as the independent registered public accounting firm for the fiscal year ended 30 June 2025.

The table below set forth the total fees for services performed by BDO in fiscal years 2025 and 2024 and summarizes these amounts by the category of service.

---

| | | |
|:---|:---|:---|
|  | **2025**<br> **A$** | **2024**<br> **A$** |
|  *Audit services - BDO Audit Pty Ltd* |  |  |
|  Audit or review of the financial statements | 385000 | 418039 |
|  *Other services BDO Audit Pty Ltd* |  |  |
|  Comfort letters | 107528 | 28774 |
|  Consent letter - F-1 | 78080 | 104687 |
|  Consent letter - F-3 | 91408 | 11199 |
|  | 662016 | 562699 |

---

#### Audit fees
The audit fees include the aggregate fees incurred in fiscal years 2025 and 2024 for professional services rendered in connection with the audit of the Company's annual financial statements and for related services that are reasonably related to the performance of the audit or services that are normally provided by the auditor in connection with regulatory filings of engagements for those financial years (including review of the Company's Annual Report on Form 20-F, consents and other services related to SEC matters).

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#### Pre-approval policies and procedures
The Audit Committee Charter sets forth the Company's policy regarding the appointment of independent auditors. The Audit Committee Charter also requires the Audit Committee to review and approve in advance the appointment of the independent auditors for the performance of 100% of all audit services and, after taking into account the opinion of management, 100% of lawfully permitted non-audit services. The Audit Committee may delegate authority to one or more members of the Audit Committee where appropriate, but no such delegation is permitted if the authority is required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

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| | |
|:---|:---|
| **Item 16D.** | **Exemptions from the Listing Standards for Audit Committees**  |

---

This item is not applicable.

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| | |
|:---|:---|
| **Item 16E.** | **Purchases of Equity Securities by the Issuer and Affiliated Purchasers**  |

---

This item is not applicable.

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| | |
|:---|:---|
| **Item 16F.** | **Changes in registrant's Certifying Accountant**  |

---

This item is not applicable.

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| | |
|:---|:---|
| **Item 16G.** | **Corporate Governance**  |

---

#### Implications of Being a Foreign Private Issuer
We are also considered a "foreign private issuer." In our capacity as a foreign private issuer, we are exempt from certain rules under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our ordinary shares. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information.

#### Exemptions from Certain Corporate Governance Rules of the Nasdaq Stock Market, LLC
Exemptions from the corporate governance standards of the Nasdaq Stock Market, LLC ("Nasdaq") are available to foreign private issuers such as Kazia when those standards are contrary to a law, rule or regulation of any public authority exercising jurisdiction over such issuer or contrary to generally accepted business practices in the issuer's country of domicile. In connection with Kazia's National Market Listing Application, Nasdaq granted Kazia exemptions from certain corporate governance standards that were contrary to the laws, rules, regulations or generally accepted business practices of Australia. These exemptions and the practices followed by Kazia are described below:

• Kazia is exempt from Nasdaq's requirement that each Nasdaq issuer shall require shareholder approval of a plan or arrangement in connection with the acquisition of the stock or assets of another company if "any director, officer or substantial shareholder of the issuer has a 5 percent or greater interest (or such persons collectively have a 10 percent or greater interest), directly or indirectly, in the company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5 percent or more". The Corporations Act to which Kazia is also subject generally requires shareholder approval for a transaction with a director or director-controlled entity unless on arm's length terms.

• Nasdaq requirement under Rule 5620(c) that a quorum consist of holders of 33 1/3% of the outstanding ordinary shares. Our quorum is currently three shareholders. We believe this quorum requirement is generally appropriate and typical of generally accepted business practices in Australia.

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##### [**Table of Contents**](#toc)
• 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 Corporations Act does not impose any mandatory requirements on director independence or the number of independent directors required for an Australian company. However, in performing their role, directors of Australian companies are subject to a range of duties and obligations under the Corporations Act, the common law and a company's constitution, which indirectly regulate directors' independence (including in respect of managing conflicts of interest). We believe that our Board composition is consistent with the requirements of the Corporations Act 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 Corporations Act does not require the independent directors of an Australian company to have such executive sessions.

• The Nasdaq requirements under Rules 5605(d) and 5605(e) 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 reasonable remuneration of officers of a public company is an exception under the Corporations Act to the requirement to obtain shareholder approval for related party benefits. Accordingly, the Corporations Act does not generally impose mandatory requirements in respect of the remuneration of officers of Australian companies which are not listed on financial markets operating in Australia. However, the replaceable rules (which do not apply in relation to Kazia) provide that directors are to be paid the remuneration that a company determines by resolution. This is largely reflective of accepted business practices in Australia and largely aligns with our Constitution, which provides that:

• Kazia in general meeting may from time to time determine the maximum aggregate remuneration to be provided to or for the benefit of its non-executive directors for services rendered as non-executive directors ("Remuneration") and until a different amount is determined, the amount of Remuneration is $560,000 per annum; and

• the directors may divide the Remuneration among themselves in any proportions and in any manner as they may from time to time determine. If the directors do not or are unable to make a determination as to the apportionment of the Remuneration, it must be divided among them equally.

Despite its delisting from the ASX, for good corporate governance, Kazia has, and expects to continue to have, a Remuneration and Nomination Committee consisting of three non-executive directors.

• 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 differs from Nasdaq requirements, with the Corporations Act not explicitly requiring shareholder approval for these types of matters, unless certain other triggers are met for example where the issuance is made to a related party (and no exceptions apply)). However, under Australian law, the constituent documents of a company may list other circumstances in which shareholder approval is required, and this can extend to circumstances concerning 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. Our Constitution does not contain such restrictions.

---

| | |
|:---|:---|
| **Item 16H.** | **Mine Safety Disclosure**  |

---

This item is not applicable.

---

| | |
|:---|:---|
| **Item 16I.** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **Item 16J.** | **Insider trading policies**  |

---

The Company has adopted a Securities Trading Policy that governs the purchase, sale, and other dispositions of the Company's securities by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the registrant. A copy of the Company's Securities Trading Policy is filed as Exhibit 11.1 hereto.

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#### **Table of Contents**

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| | |
|:---|:---|
| **Item 16K.** | **Cybersecurity**  |

---

#### Cybersecurity Risk Management and Strategy
We operate in the biotechnology sector, which is subject to various cybersecurity risks that could adversely affect our business, financial condition, and results of operations, including intellectual property theft; fraud; extortion; harm to employees; violation of privacy laws and other litigation and legal risk; and reputational risk. We recognize the importance of developing, implementing, and maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. We have adopted and maintain a cybersecurity risk management program, in accordance with our risk profile and business, that is informed by industry standards.

We implement various cybersecurity tools and technologies, including multi-factor authentication, and the establishment of an incident response plan, to help protect our systems from cybersecurity threats. We also engage a third-party service provider to help us assess and identify cybersecurity risks to our information systems. Further, with help from our third party consultant, we will be conducting a cybersecurity risk assessment and then adapt recommendations from this assessment into our cyber risk strategy.

To date, we have not identified any cybersecurity incidents which have materially affected, or are reasonably likely to materially affect, our business strategy, results of operations or financial condition. However, like other companies in our industry, we and our third-party vendors may from time to time experience threats and other security events that could affect our information or systems. For more information, please see the section entitled "Risk Factors" in this Annual Report on Form 20-F.

#### Governance
Our Chief Executive Officer ("CEO") and Vice President of Finance and Controller ("VP of Finance") are principally responsible for overseeing the day-to-day management of the Company's cybersecurity risk management program. The individual currently serving as the VP of Finance maintains approximately 20 years of experience in advising on risk management, including on the management of risks relating to cybersecurity. The VP of Finance will receive additional technical support in managing cybersecurity risk from our third-party consultant.

The Company's Audit Committee, which reports directly to the board of directors, in conjunction with management, oversees the assessment of the Company's risk management program including the prevention and mitigation of cybersecurity risk. The Company's Audit Committee receives updates from the CEO with respect to risk management, including the management of risks from cybersecurity threats.

#### PART III
**Item 17.** **Financial Statements** <br>

Refer to "Item 18 - Financial Statements" below.

**Item 18.** **Financial Statements** <br>

The consolidated financial statements filed as part of this Annual Report commencing on page F-1.

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##### [**Table of Contents**](#toc)
**Item 19.** **Exhibits** <br>

(a) Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Constitution of Kazia Therapeutics Limited, as amended and restated on November 16, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 filed with the SEC on January 31, 2024 (File No. 333-276774)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524019734/d709814dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | [Amended and Restated Deposit Agreement, dated as of June 13, 2016 among Novogen Limited, The Bank of New York, as Depositary, and owners and holders from time to time of ADSs issued thereunder (incorporated by reference to Exhibit 2.1 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex21.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | [Description of Securities (incorporated by reference to Exhibit 2.2 to the Company's Annual Report on Form 20-F filed with the SEC on November 15, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524259805/d872361dex22.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | [Form of Warrant to purchase Ordinary Shares represented by American Depositary Shares (incorporated by reference to Exhibit 4.2 to the Form 6-K filed by the Company with the SEC on December 6, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312523289588/d620025dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | [Form of Placement Agent Warrant to purchase Ordinary Shares represented by American Depositary Shares (incorporated by reference to Exhibit 4.3 to the Form 6-K filed by the Company with the SEC on December 6, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312523289588/d620025dex43.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Lease Agreement, dated November 1, 2015 between Coal Services Pty Limited and Novogen (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [Convertible Note Deed Poll with Triaxial Pty Ltd Noteholders dated December 6, 2012 (incorporated by reference to Exhibit 4.6 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex46.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | [Amendment to Convertible Note Deed Poll with Triaxial Pty Ltd Noteholders dated December 4, 2014 (incorporated by reference to Exhibit 4.7 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex47.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4# | [Kazia Therapeutics Officers' and Employees' Share Option Plan (incorporated by reference to Exhibit 4.10 to the Company's Annual Report on Form 20-F filed with the SEC on October 27, 2016 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312516748662/d272985dex410.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5✓ | [Share Sale Agreement dated October 31, 2016 between Kilinwata Investments Pty. Ltd., Mi Ok Chong, Paul Hopper and Novogen Limited (incorporated by reference to Exhibit 4.11 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex411.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6✓ | [Exclusive License Agreement dated October 25, 2016 between Genentech, Inc. and Novogen Limited (incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex412.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | [Sabio Solutions Pty Limited Letter of Appointment – Company Secretary, dated as of September 1, 2016 (incorporated by reference to Exhibit 4.17 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex417.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | [Sabio Solutions Pty Limited Contract Extension Letter, dated as of March 1, 2017 (incorporated by reference to Exhibit 4.18 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex418.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.9 | [Sabio Solutions Pty Limited Contract Extension Letter, dated as of August 23, 2017 (incorporated by reference to Exhibit 4.19 to the Company's Annual Report on Form 20-F filed with the SEC on October 25, 2017 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312517318584/d464682dex419.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | [Investigator Initiated Clinical Trial Agreement between Kazia Therapeutics Limited and Dana-Farber/Partners Cancer Care Inc dated 17 October 2018 (incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex412.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.11 | [Research Funding and Supply Agreement between Alliance for Clinical Trials in Oncology Foundation and Kazia Therapeutics Limited, dated 11 June 2019 (incorporated by reference to Exhibit 4.13 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex413.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.12 | [Master Clinical Trial Agreement between St Jude Children's Hospital Inc. and Kazia Laboratories Pty Limited dated 17 November 2017 and associated work order date 7 June 2019 (incorporated by reference to Exhibit 4.14 to the Company's Annual Report on Form 20-F filed with the SEC on October 21, 2019 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312519270437/d759444dex414.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | [Memorial Sloan Kettering Cancer Center Investigator-Initiated Clinical Trial Agreement with Kazia Therapeutics Limited dated as 22 July 2019 (incorporated by reference to Exhibit 4.15 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex415.htm) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | [Investigator Initiated Clinical Trial Agreement with Kazia Therapeutics Limited Agreement dated as 18 September 2020 (incorporated by reference to Exhibit 4.16 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex416.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15✓ | [Global Coalition for Adaptive Research, ("GCAR") Clinical trial collaboration and supply agreement dated as 15 October 2020 (incorporated by reference to Exhibit 4.17 to the Company's Annual Report on Form 20-F filed with the SEC on October 22, 2020 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312520274018/d92594dex417.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.16✓ | [Development and Commercialisation Licence Agreement between Kazia Therapeutics Limited and Oasmia Pharmaceutical AB, dated March 1, 2021. (incorporated by reference to Exhibit 4.18 to the Company's Annual Report on Form 20-F filed with the SEC on October 7, 2021 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex418.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.17✓ | [License Agreement between Kazia Therapeutics Limited and Simcere Pharmaceutical Co., Ltd., dated March 29, 2021 (incorporated by reference to Exhibit 4.19 to the Company's Annual Report on Form 20-F filed with the SEC on October 7, 2021 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex419.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.18✓ | [License Agreement between Kazia Therapeutics Limited and Evotec (France) SAS, dated April 19, 2021 (incorporated by reference to Exhibit 4.20 to the Company's Annual Report on Form 20-F filed with the SEC on October 7, 2021 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312521293688/d185056dex420.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.19# | [Employment agreement between Kazia Therapeutics Inc. and John Friend dated September 20, 2021 (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 20-F filed with the SEC on October 17, 2022 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312522263335/d251611dex421.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20# | [Addendum to employment agreement between Kazia Therapeutics Inc. and John Friend dated June 7, 2023 (incorporated by reference to Exhibit 4.23 to the Company's Annual Report on Form 20-F filed with the SEC on October 26, 2023 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312523263551/d536161dex423.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.21# | [Employment agreement between Kazia Therapeutics Inc. and Jeffrey Bonacorda dated April 25, 2024 (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 20-F filed with the SEC on November 15, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524259805/d872361dex421.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.22\* | [Asset Transfer Agreement between Kazia Therapeutics Limited and Vivesto AB (publ), dated March 30, 2025.](d908386dex422.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.23\*✓ | [License and Commercialisation Agreement between Kazia Therapeutics Limited and QIMR BERGHOFER, known officially The Counsel of the Queensland Institute of Medical Research, dated October 3, 2025.](d908386dex423.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | [Company Subsidiaries (incorporated by reference to Exhibit 8.1 to the Company's Annual Report on Form 20-F filed with the SEC on October 24, 2018 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312518305893/d600370dex81.htm) |
| 11.1 | [Securities Trading Policy (incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F filed with the SEC on November 15, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524259805/d872361dex111.htm) |
| 12.1\* | [Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.](d908386dex121.htm) |
| 12.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.](d908386dex122.htm) |
| 13.1\*\* | [Certification of Principal Executive Officer and the Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.](d908386dex131.htm) |
| 15.1\* | [Consent of Independent Registered Public Accounting Firm.](d908386dex151.htm) |
| 97.1 | [Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 20-F filed with the SEC on November 15, 2024 (File No. 000-29962)).](http://www.sec.gov/Archives/edgar/data/1075880/000119312524259805/d872361dex971.htm) |
| 101.INS | Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

✓ 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.

\*\* Indicates that the exhibit is being furnished and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. Such exhibit will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically incorporated by reference into such filing. 

# Indicates management contract or compensatory plan or arrangement.

------

##### [**Table of Contents**](#toc)

#### 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 Annual Report on its behalf.

---

| |
|:---|
| **KAZIA THERAPEUTICS LIMITED** |
| /s/ John Friend |
| Dr John Friend |
| Chief Executive Officer |
| Date: 7 November 2025 |

---

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##### [**Table of Contents**](#toc)
Index to Financial Statements

---

| | |
|:---|:---|
|  | Page |
|  Consolidated Financial Statements for 30 June 2025, 2024, and 2023 and the years then ended: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (BDO Audit Pty Ltd, Sydney, Australia PCAOB ID:# 02256)](#fin908386_1) | F-2 |
| [Consolidated Statement of Profit or Loss and Other Comprehensive Income](#fin908386_2) | F-4 |
| [Consolidated Statement of Financial Position](#fin908386_3) | F-5 |
| [Consolidated Statement of Changes in Equity](#fin908386_4) | F-6 |
| [Consolidated Statement of Cash Flows](#fin908386_5) | F-7 |
| [Notes to Consolidated Financial Statements](#fin908386_6) | F-8 |

---

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#### **Table of Contents**

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### Shareholders and Board of Directors

#### Kazia Therapeutics Limited
Sydney, Australia, New South Wales

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Kazia Therapeutics Limited (the 'Company') as of June 30, 2025 and 2024, the related consolidated statements of profit or loss and other comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended June 30, 2025 , and the related notes (collectively referred to as the 'consolidated financial statements'). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025 in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

#### Substantial doubt about the Company's ability to continue as a going concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the consolidated financial statements, the Company has suffered recurring losses from operations, has a net capital deficiency, and negative cash flows from operations that raises substantial doubt about its ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

#### Basis for opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated 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 Company 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 consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company 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 Company'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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical audit matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

#### Carrying Value of Intangible Assets
As of June 30, 2025, the Company had a total carrying value of A$1,086,516 for intangible assets, as disclosed in Note 12 of the consolidated financial statements. The Company is applying judgement to determine whether any indicators of impairment exist, and reference is made to the considerations included in IAS 36, Impairment of Assets, in this assessment. If an impairment trigger is found to exist, the recoverable amount of the asset is determined.

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#### **Table of Contents**
We identified the assessment of the recoverable amount of intangible assets as a critical audit matter due to the material nature of the balance and the significant estimates and judgments applied by management in determining the status of various drug development programs and associated costs, including probabilities of achieving certain development milestones, assessment of clinical trial outcomes and regulatory feedback. Auditing the Company's assessment of the recoverable amount of intangible assets involved auditor judgment due to the nature and extent of audit effort required to address these matters.

The primary procedures we performed to address this critical audit matter included:

• Assessing the reasonableness of timing and probabilities of milestone assumptions against: (i) publicly available information, (ii) published clinical trial updates and results, and (iii) review of a sample of contracts;

• Evaluating the consistency and accuracy of management's historical judgments against actual outcomes;

• Assessing impairment indicators under IAS 36, including trial outcomes, and funding constraints.

#### Valuation of classification of prefunded and ordinary warrants
As of June 30, 2025, the Company had an A$3,150,301 financial liability recorded in the consolidated financial statements as disclosed in Note 14 of the consolidated financial statements. The financial liability represents the fair value of the prefunded and ordinary warrants. The valuation and classification of the recorded amount of the prefunded warrants and ordinary warrants requires the Company to make significant estimates and assumptions.

We identified the valuation and classification of the prefunded and ordinary warrants as a critical audit matter. The valuation of the prefunded and ordinary warrants requires management to determine significant assumptions including estimated capital to be raised, exercise date, estimated stock price and risk-free rate. The classification of the prefunded and ordinary warrants requires management's judgment in evaluating contractual terms and applying relevant accounting guidance. Auditing the Company's valuation involved auditor judgment due to the nature and extent of audit effort required to address these matters, including the extent of specialized skill or knowledge needed.

The primary procedures we performed to address this critical audit matter included:

• Assessing the reasonableness of assumptions used in the managements' expert valuation report against industry data, a sample of contracts and other relevant evidence.

• Assessing the appropriateness of the classification by reviewing a sample of contracts against relevant accounting guidance.

• Utilizing professionals with specialized skills and knowledge in valuation to assist in assessing the reasonableness of the valuation methodology applied, including evaluating the reasonableness of the risk-free rate and the volatility assumptions.

/s/ BDO Audit Pty Ltd

We have served as the Company's auditor since 2023.

Sydney, Australia

November 7, 2025

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#### **Table of Contents**

#### Consolidated statements of profit or loss and other comprehensive income

#### For the year ended 30 June 2025, 2024, and 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2025<br>A$'000 | 2024<br>A$'000 | 2023<br>A$'000 |
|  Revenue from continuing operations |  |  |  |  |
|  Revenue | 4 | 42 | 2308 |  |
|  Other income | 6 | 1787 | 173 | 1 |
|  Finance income |  | 72 | 12 | 22 |
|  Expenses |  |  |  |  |
|  Research and development expense | 7 | (7326) | (17380) | (15564) |
|  General and administrative expense | 7 | (8720) | (13563) | (8583) |
|  Impairment of intangible assets | 11 | (13379) |  |  |
| (Loss) gain on remeasurement of other financial liabilities | 17 | (2478) | 1257 |  |
|  Gain on remeasurement of promissory note |  |  | 25 |  |
|  Gain on remeasurement of contingent consideration | 15 | 7554 | 119 | 3388 |
|  Loss before income tax benefit |  | (22448) | (27049) | (20736) |
|  Income tax benefit | 8 | 1746 | 271 | 271 |
|  Loss after income tax benefit |  | (20702) | (26778) | (20465) |
|  **Other comprehensive income/(loss)** |  |  |  |  |
|  Items that may be reclassified subsequently to profit or loss |  |  |  |  |
|  Net exchange difference on translation of financial statements of foreign controlled entities, net of tax |  | (23) | (8) | 110 |
|  Other comprehensive income (loss), net of tax |  | (23) | (8) | 110 |
|  **Total comprehensive income/(loss)** |  | (20725) | (26786) | (20355) |
|  | Note | 2025<br> A$Cents | 2024<br> A$Cents | 2023<br> A$Cents |
|  Earnings per share for loss attributable to the owners of Kazia Therapeutics Limited |  |  |  |  |
|  Basic and diluted earnings per share | 29 | (3.78) | (10.16) | (11.23) |

---

The above consolidated statements of profit or loss and other comprehensive income should be read with the accompanying notes

------

#### **Table of Contents**

#### Consolidated statements of financial position

#### As of 30 June 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Note | 2025<br> A$'000 | 2024<br> A$'000 |
|  Assets: |  |  |  |
|  Current assets: |  |  |  |
|  Cash and cash equivalents |  | 4345 | 1657 |
|  Trade and other receivables | 9 | 98 | 3897 |
|  Other current assets | 10 | 491 | 591 |
|  Total current assets |  | 4934 | 6145 |
|  Non-current assets: |  |  |  |
|  Other receivables | 9 | 40 | 40 |
|  Intangibles | 11 | 1087 | 15400 |
|  Total non-current assets |  | 1127 | 15440 |
|  Total assets |  | 6061 | 21585 |
| Liabilities: |  |  |  |
|  Current liabilities |  |  |  |
|  Trade and other payables | 12 | 10117 | 15067 |
|  Other financial liabilities | 17 | 3150 | 6478 |
|  Borrowings | 13 | 396 | 634 |
|  Employee benefits | 14 | 390 | 365 |
|  Contingent consideration | 15 |  | 3253 |
|  Total current liabilities |  | 14053 | 25797 |
|  Non-Current liabilities |  |  |  |
|  Deferred tax | 16 | 272 | 2018 |
|  Employee benefits | 14 | 37 | 35 |
|  Contingent consideration | 15 |  | 3752 |
|  Total non-current liabilities |  | 309 | 5805 |
|  Total liabilities |  | 14362 | 31602 |
|  Shareholders' equity: |  |  |  |
|  Contributed equity | 18 | 123046 | 101638 |
|  Other contributed equity | 19 | 380 |  |
|  Reserves | 20 | 3100 | 3475 |
|  Accumulated losses |  | (134827) | (115130) |
|  Total deficit |  | (8301) | (10017) |
|  Total liabilities and shareholders' deficit |  | 6061 | 21585 |

---

The above consolidated statements of financial position should be read with the accompanying notes

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#### **Table of Contents**

#### Consolidated statements of changes in equity

#### For the year ended 30 June 2025, 2024, and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Contributed<br>equity<br>A$'000 | Other<br>Contributed<br>equity<br>A$'000 | Reserves<br>A$'000 | Accumulated<br>Losses<br>A$'000 | Total<br>equity<br>(deficit)<br>A$'000 |
|  Balance at 1 July 2024 | 101638 |  | 3475 | (115130) | (10017) |
|  Loss after income tax benefit |  |  |  | (20702) | (20702) |
| Other comprehensive income, net of tax |  |  | (23) |  | (23) |
| Total comprehensive income/(loss) for the year |  |  | (23) | (20702) | (20725) |
|  Transactions with owners in their capacity as owners |  |  |  |  |  |
|  Shares issued (note 18) | 22500 |  |  |  | 22500 |
|  Share issue cost (note 18) | (712) |  |  |  | (712) |
|  Share based payment (note 29) |  |  | 653 |  | 653 |
|  Expired options |  |  | (1005) | 1005 |  |
|  Unissued equity (note 19) | (380) | 380 |  |  |  |
|  Balance at 30 June 2025 | 123046 | 380 | 3100 | (134827) | (8301) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Contributed<br> equity<br> A$'000 | Other<br> Contributed<br> equity<br> A$'000 | Reserves<br> A$'000 | Accumulated<br> Losses<br> A$'000 | Total<br> equity<br> (deficit)<br> A$'000 |
|  Balance at 1 July 2023 | 97452 |  | 3681 | (89083) | 12050 |
|  Loss after income tax benefit |  |  |  | (26778) | (26778) |
|  Other comprehensive income, net of tax |  |  | (8) |  | (8) |
| Total comprehensive income/(loss) |  |  | (8) | (26778) | (26786) |
|  Transactions with owners in their capacity as owners |  |  |  |  |  |
|  Shares issued (note 18) | 4182 |  |  |  | 4182 |
|  Share issue cost (note 18) | (376) |  |  |  | (376) |
|  Share based payment (note 29) |  |  | 533 |  | 533 |
|  Expired options |  |  | (731) | 731 |  |
|  Shares issued upon conversion of convertible note | 380 |  |  |  | 380 |
|  Balance at 30 June 2024 | 101638 |  | 3475 | (115130) | (10017) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Contributed<br>equity<br>A$'000 | Other<br>Contributed<br>equity<br>A$'000 | Reserves<br>A$'000 | Accumulated<br>Losses<br>A$'000 | Total<br>equity<br>(deficit)<br>A$'000 |
|  Balance at 1 July 2022 | 84480 |  | 2412 | (68617) | 18275 |
|  Loss after income tax benefit |  |  |  | (20465) | (20465) |
|  Other comprehensive income, net of tax |  |  | 110 |  | 110 |
| Total comprehensive income/(loss) |  |  | 110 | (20465) | (20355) |
|  Transactions with owners in their capacity as owners |  |  |  |  |  |
|  Shares issued (note 18) | 13373 |  |  |  | 13373 |
|  Share issue cost (note 18) | (401) |  |  |  | (401) |
|  Share based payment (note 29) |  |  | 1159 |  | 1159 |
|  Balance at 30 June 2023 | 97452 |  | 3681 | (89083) | 12050 |

---

The above consolidated statements of changes in equity should be read with the accompanying notes

------

#### **Table of Contents**

#### Consolidated statements of cash flows

#### For the year ended 30 June 2025, 2024 and 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
|  Loss after income tax expense for the year |  | $(20702) | $(26778) | $(20465) |
|  Adjustments for: |  |  |  |  |
|  Amortisation | 11 | 934 | 1869 | 1869 |
|  Issuance of liability classified warrants for services | 17 | 1496 | 5961 |  |
|  Share-based payments | 29 | 653 | 533 | 1159 |
|  Foreign currency loss / (gain) | 7 | 310 | (20) | 46 |
|  Loss / (gain) on remeasurement of contingent consideration | 15 | (7554) | 134 | (2097) |
|  Interest on unwinding of contingent consideration | 15 | 232 |  |  |
|  Gain on remeasurement of promissory note |  |  | (25) |  |
|  Loss / (gain) on remeasurement of financial liabilities | 17 | 982 | (1257) |  |
|  Impairment of intangible assets | 11 | 13379 |  |  |
|  |  | (10270) | (19583) | (19488) |
|  Change in operating assets and liabilities: |  |  |  |  |
|  Trade and other receivables |  | 3799 | 5 | 3450 |
|  Other assets |  | 100 | 1041 | 365 |
|  Trade and other payables |  | (4950) | 10738 | 569 |
|  Other provisions |  | 27 | (349) | 264 |
|  Deferred tax liability |  | (1746) | (271) | (271) |
|  Borrowings |  | (238) | (1162) | (45) |
| Net cash used in operating activities |  | (13278) | (9581) | (15156) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
|  Proceeds from issuance of shares, net of transaction costs | 18 | 11770 | 2914 | 12972 |
|  Proceeds from issuance of equity and pre-funded warrants | 17 | 3034 | 2666 |  |
|  Proceeds from exercise of ordinary warrants | 17 | 1178 |  |  |
|  Proceeds from promissory note |  |  | 776 |  |
|  Repayment of promissory note |  |  | (371) |  |
| Net cash provided by financing activities |  | 15982 | 5985 | 12972 |
|  Net (decrease)/increase in cash and cash equivalents |  | 2704 | (3596) | (2184) |
|  Cash and cash equivalents at the beginning of the financial year |  | 1657 | 5241 | 7361 |
|  Effects of exchange rate changes on cash |  | (16) | 12 | 64 |
|  Cash and cash equivalents at the end of the financial year |  | $4345 | $1657 | $5241 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES |  |  |  |  |
|  Conversion of convertible promissory note | 18 |  | 380 |  |
|  Unissued equity | 19 | 380 |  |  |
|  Exercise of pre-funded warrants | 17 | 8840 | 864 |  |

---

The above consolidated statements of changes in equity should be read with the accompanying notes

------

#### **Table of Contents**

#### Notes to the consolidated financial statements
30 June 2025

#### Note 1. General information
The consolidated financial statements cover Kazia Therapeutics Limited (the "Consolidated Entity", the "Company" or "Kazia") as a consolidated entity which consists of Kazia Therapeutics Limited and its subsidiaries. The consolidated financial statements are presented in Australian dollars, which is Kazia Therapeutics Limited's functional and reporting currency.

Kazia Therapeutics Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Three International Towers

Level 24, 300 Barangaroo Avenue

Sydney NSW 2000

The consolidated financial statements were authorized for issue, in accordance with a resolution of Directors, on 7 November 2025. The Directors have the power to amend and reissue the consolidated financial statements.

#### Note 2. Material accounting policies
The material accounting policies adopted in the preparation of the consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

#### New or amended Accounting Standards and Interpretations adopted
The Consolidated Entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the International Accounting Standards Board ("IASB") that are mandatory for the current reporting period.

The adoption of these standards has not had any material impact on the disclosures or amounts reported in these consolidated financial statements.

#### New Accounting Standards and Interpretations not yet mandatory or early adopted
In April 2024, IFRS 18, "Presentation and Disclosure in Financial Statements" was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, "Presentation of Financial Statements," impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measure to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after 1 January 2027, including interim financial statements, and require retroactive application. The Consolidated Entity is currently assessing the impact of the new standard.

The Consolidated Entity is currently analyzing the potential impact of the amendments to IFRS 9, "Financial Instruments," IFRS 7 "Financial Instruments: Disclosures", and small changes to various standards or interpretations as part of the annual improvements to IFRS project. The amendments are effective for reporting periods beginning on or after 1 January 2026.

There were no other new accounting standards and interpretations not yet adopted by the Consolidated Entity for the 30 June 2025 reporting period that are expected to materially impact the Consolidated Entity.

#### Going concern
The Consolidated Entity incurred a loss after income tax of A$20.7 million, was in a net current liability position of A$9.1 million and had net cash outflows from operating activities of A$13.3 million as at and for the year ended 30 June 2025.

As at 30 June 2025 the Consolidated Entity had cash and cash equivalents of A$4.3 million.

The consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of normal activities and realization of assets and settlement of liabilities in the normal course of business. As is often the case with drug development companies, the Company has not generated significant revenues nor does the Company anticipate generating significant revenues in the near future. The ability of the Consolidated Entity to continue its development activities as a going concern is dependent upon it deriving sufficient cash from investors, from licensing and partnering activities, and from other sources of revenue such as grant funding.

The events and conditions noted above give rise to the existence of a material uncertainty that may cast substantial doubt about the Consolidated Entity's ability to continue as a going concern and, therefore, the Consolidated Entity may be unable to realise its assets and discharge its liabilities in the normal course of business.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 2. Material accounting policies (continued)

The directors have considered the cash flow forecasts and the funding requirements of the business and continue to explore grant funding, licensing opportunities and equity investment opportunities in the Company. The Directors note the following with regards to the ability of the Consolidated Entity to continue as a going concern:

• On 12 May 2025, the Company received a notification (the Notification) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (Nasdaq) notifying the Company that from 28 March 2025 to 9 May 2025, the Company's Market Value of Listed Securities (MVLS) was below the minimum of $35 million. The Notification has no immediate impact on the Company's operations or listing and Kazia's American Depositary Shares (ADSs) will continue to trade on the Nasdaq Capital Market under the ticker "KZIA". In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days to regain compliance with the MVLS Requirement;

• The at-the-market' equity program ("ATM") allows the Company to raise capital dynamically in the market, with no discount, no warrant coverage, and modest banking fees, allowing it to fund operations with minimal dilution to existing shareholders. An ATM with Oppenheimer & Co. Inc. (Oppenheimer) as sales agent was established in April 2022. Under the ATM, Kazia offered and sold via Oppenheimer, in the form of American Depository Shares (ADSs), with each ADS representing 500 ordinary shares. Kazia entered into an Equity Distribution Agreement, dated as of 22 April 2022 (the "Sales Agreement"), with Oppenheimer, acting as sales agent for an initial capacity of US$35 million. On 4 September 2024, the Equity Distribution Agreement was amended to increase the aggregate offering price to US$50 million. On 10 July 2025, the Company terminated the ATM with Oppenheimer and on July 25, 2025, Kazia entered into an At the Market Offering Agreement with Rodman & Renshaw LLC ("Rodman"), as sales agent, under which the Company may offer and sell, from time to time through Rodman, American Depositary Shares ("ADSs"), each ADS representing five hundred (500) ordinary shares, no par value per share, of the Company (the "Ordinary Shares").

• During the year ended 30 June 2025, US$4,556,252 was drawn down from the ATM facility compared to US$1,656,016 for the year ended 30 June 2024. At 30 June 2025 the remaining capacity of the ATM was US$36.63 million.

• From July through October 2025, the Consolidated Entity raised total proceeds of US$1,441,826 using the ATM facility and the company executed a private placement of equity securities (PIPE), raising US$2,049,992. The Company continues to seek additional funding sources both in Australia and overseas.

The directors have considered the cash flow forecasts and the funding requirements of the business and continue to explore additional funding sources in both Australia and overseas including grant funding, licensing opportunities and equity investment opportunities in the Company.

Accordingly, the directors have prepared the consolidated financial statements on a going concern basis. Should the above circumstances do not eventuate the entity may be unable to realise its assets and discharge it liabilities in the normal course of business and at the amounts stated in these consolidated financial statements.

#### Basis of preparation
These general purpose consolidated financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ("AASB") and the Corporations Act, as appropriate for for-profit oriented entities. These consolidated financial statements also comply with International Financial Reporting Standards as issued by the IASB.

Critical accounting estimates

The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Consolidated Entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.

#### ADS Ratio Changes
On 28 October 2024, the Company changed its ratio of ADSs ordinary shares from one ADS representing 10 ordinary shares to one ADS representing 100 ordinary shares.

On 1 April 2025, the Company changed its ratio of its ADSs to ordinary shares from one ADS representing 100 ordinary shares to one ADS representing 500 ordinary shares.

As a result of the ratio changes, all references in these consolidated financial statements and accompanying notes to units of ordinary shares underlying ADSs are reflective of the ratio change for all periods presented. In addition, the exercise prices and the numbers of ordinary shares issuable upon the exercise of any outstanding options to purchase ordinary shares were proportionally adjusted pursuant to the respective anti-dilution terms of the share-based payment plans.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 2. Material accounting policies (continued)

#### Parent entity information
In accordance with the Corporations Act, these consolidated financial statements present the results of the Consolidated Entity only. Supplementary information about the parent entity is disclosed in note 26.

#### Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Kazia Therapeutics Limited. Kazia Therapeutics Limited and its subsidiaries together are referred to in these consolidated financial statements as the 'Consolidated Entity'.

Subsidiaries are all those entities over which the Consolidated Entity has control. The Consolidated Entity controls an entity when the Consolidated Entity 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 Consolidated Entity. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealized gains on transactions between entities in the Consolidated Entity are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Consolidated Entity.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference is between the consideration transferred and the book value.

Where the Consolidated Entity loses control over a subsidiary, it derecognize the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The Consolidated Entity recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

#### Operating segments
Operating segments are presented using the 'management approach' where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ("CODM"). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. The CODM is considered to be the Board of Directors.

#### Foreign currency translation
The consolidated financial statements are presented in Australian dollars.

Foreign currency transactions

Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at reporting date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rate at the date of the transaction, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation is disposed of.

Exchange differences arising on a monetary item that forms part of a reporting entity's net investment in a foreign operation shall be recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment.

#### Financial Instruments
Subsequent measurement of financial assets

For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition:

• financial assets at amortized cost

• financial assets at fair value through profit or loss ("FVPL")

Classifications are determined by both:

• the entity's business model for managing the financial asset

• the contractual cash flow characteristics of the financial assets

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 2. Material accounting policies (continued)

All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses.

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):

• they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and

• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Consolidated Entity's cash and cash equivalents, trade and most other receivables fall into this category of financial instruments.

Classification and measurement of financial liabilities

The Consolidated Entity's financial liabilities comprise trade and other payables. Financial liabilities, borrowings and contingent consideration for business combination and licensing agreement acquisitions are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Consolidated Entity designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method, except for contingent consideration in a business combination and liability classified warrants, which are measured at fair value.

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.

Revenue from contracts with customers

Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised using a five step approach in accordance with IFRS 15, "Revenue from Contracts with Customers" to depict the transfer of promised services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Consolidated Entity expects to be entitled to from the customer in exchange for services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction price is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognised when, or as, performance obligations are satisfied, which is when control of the promised service is transferred to the customer. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue. Amounts expected to be recognised as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognised as revenue within the 12 months following the balance sheet date are classified within non-current liabilities.

The Consolidated Entity recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in its consolidated statement of financial position. Similarly, if the Consolidated Entity satisfies a performance obligation before it receives the consideration, the Consolidated Entity recognizes either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due.

Licensing revenues, including milestone revenue

Revenue from licensees of the Consolidated Entity'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 license is transferred to the customer.

Licensing 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.

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 a contingent milestone is included only to the extent that it is highly probable that a significant 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.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 2. Material accounting policies (continued)
Finance income

Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Grant income

A government grant is considered as assistance by a state authority in the form of transfers of resources to the Group in return for past or future compliance with certain conditions relating to the operation of the Group. The R&D Tax Incentive Scheme is considered a government grant. Although the Australian R&D Tax Incentive Scheme is administered by the government through the ATO, it is not linked to the level or availability of taxable profits (except in the case of non-refundable R&D tax offsets). Broadly, under the Australian R&D Tax Incentive Scheme, an Australian company which incurs expenditure in relation to eligible R&D activities undertaken by the company may be entitled to either: (a) a refundable tax offset if its aggregated turnover is less than $20 million provided it is not controlled by income tax exempt entities; or (b) a non-refundable tax offset for other entities. Where a non-refundable R&D tax offset exceeds the income tax liability, the excess is not refunded to the company. Rather, the excess is carried forward and can be used in subsequent years, provided it meets the relevant carry-forward rules.

Grant income is recognised as receivable at fair value where there is reasonable assurance that the grant will be received, and all grant conditions have been satisfied which requires judgement.

Other income

Other income is recognised when it is received or when the right to receive payment is established.

#### Income tax
Income tax expense or benefit for the period is the tax payable on that period'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, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Kazia Therapeutics Limited and its wholly-owned Australian controlled entities have formed an income tax consolidated group under the tax consolidation regime. Kazia Therapeutics Limited as the parent entity discloses all of the deferred tax assets of the tax consolidated group in relation to tax losses carried forward (after elimination of inter-group transactions). The tax consolidated group has applied the 'separate taxpayer in the group' allocation approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

As the tax consolidation group continues to generate tax losses there has been no reason for the Company to enter a tax funding agreement with members of the tax consolidation group.

Uncertain tax positions

IFRIC 23 clarified the application of the recognition and measurement criteria of IAS 12, "Income Taxes," where there is uncertainty over income tax treatments and requires an assessment of each uncertain tax position as to whether it is probable that a taxation authority will accept the position. Where it is not probable, the effect of the uncertainty is reflected in determining the relevant taxable profit or loss, tax bases, unused tax losses and unused tax credits or tax rates. The amount is determined as either the single most likely amount or the sum of the probability weighted amounts in a range of possible outcomes, whichever better predicts the resolution of the uncertainty. Management believes that historical tax losses are not expected to be available for offset against the deferred tax liability at 30 June 2025 and 2024.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 2. Material accounting policies (continued)

#### Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is current when: it is expected to be realized or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the Consolidated Entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

#### Cash and cash equivalents
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.

#### Research and development
Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalized only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.

#### Intangible assets
Separately acquired intangible assets are shown at historical cost. The cost of intangible assets acquired as part of a business combination is their fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortization method or period. Amortization expense is included in research and development expenditure.

Licensing agreement for Paxalisib

The Paxalisib licensing agreement asset was acquired as part of a business combination and up until 31 December 2024 was being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent which was 15 years from the date of acquisition.

At 1 January 2025, Kazia determined that the intangible asset value is not based on incurred development costs and as such have applied a weighting based on the number of studies against the FDA clinical trial phases (i.e. preclinical to commercialisation) as a reasonable approach to allocate the current cost to each clinical study.

Licensing agreement for EVT801

The EVT801 licensing agreement asset was acquired via an asset acquisition and was being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent, which was 12.5 years from the date of acquisition.

At 1 January 2025 Kazia determined that the intangible asset no longer had any value and was written down to nil.

#### Impairment of non-financial assets
Non-financial assets with finite useful lives are reviewed 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.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

#### Provisions
Provisions are recognised when the Consolidated Entity has a present (legal or constructive) obligation as a result of a past event, it is probable the Consolidated Entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 2. Material accounting policies (continued)

#### Employee benefits
Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

#### Share-based payments
Equity-settled share-based compensation benefits are provided to employees under the terms of the Employee Share Option Plan ("ESOP") and consultants as compensation for services performed.

Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services.

The value of the instruments is measured by reference to the fair value of the underlying instruments on grant date, as required by IFRS 2, "Share-Based Payments." Fair value is estimated using an appropriate option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Consolidated Entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The cumulative charge to profit or loss until settlement of the options is calculated as follows:

• during the options vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.

• from the end of the option vesting period until settlement of the award, the liability is the full fair value of the option at the reporting date.

Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification.

If the non-vesting condition is within the control of the Consolidated Entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Consolidated Entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.

If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.

#### Finance costs
Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed in the period in which they are incurred, including interest on short-term and long-term borrowings.

#### Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 2. Material accounting policies (continued)

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

#### Issued capital
Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options, including share-based payments relating to the issue of shares, are shown in equity as a deduction, from the proceeds.

#### Earnings per share
Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Kazia Therapeutics Limited, 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 financial year.

Diluted earnings 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 shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.

#### Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the 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 tax authority is included in other receivables or other payables in the 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 tax authority, are presented as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.

#### Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated 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 (refer to the respective notes) within the next financial year are discussed as follows:

Research and development expenses

The Directors do not consider the development programs to be sufficiently advanced to reliably determine the economic benefits and technical feasibility to justify capitalization of development costs. These costs have been recognised as an expense when incurred.

Research and development expenses relate primarily to the cost of conducting human clinical and pre-clinical trials. Clinical development costs are a significant component of research and development expenses. Estimates have been used in determining the expense liability under certain clinical trial contracts where services have been performed but not yet invoiced. Generally the costs, and therefore estimates, associated with clinical trial contracts are based on the number of patients, drug administration cycles, the type of treatment and the outcome being measured. The length of time before actual amounts can be determined will vary depending on length of the patient cycles and the timing of the invoices by the clinical trial partners.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 3. Critical accounting judgements, estimates and assumptions (continued)

Clinical trial expenses

The timing of payment for work conducted under clinical trials often bears little relation to the timing of the work effort. Detailed estimates are made to determine the amount of work effort expended during a reporting period in order to determine the appropriate expense to be recognised, with the resulting prepayments or un-invoiced amounts being recognised as a prepayment or an accrual respectively.

Share-based payment transactions

The Consolidated Entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is estimated using an appropriate option pricing model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

Contingent consideration

Contingent consideration relates to the intangible assets acquired, and the fair value of contingent consideration is dependent on the key assumptions used in accounting for the acquisition of those intangible assets. These assumptions include the probability of milestones occurring, and can also include the anticipated timing of settlement and discount rates used.

In the case where contingent consideration is recognised on the basis that the liability is probable of occurring, judgement is used in determining which milestones are considered probable of being triggered and the timing thereof.

Intangible assets available for use

The Consolidated Entity has exercised judgement in determining that its intangible assets, being license agreements, have a finite life and are available for use once acquired. As the business model is to acquire such assets and then develop them to generate returns from future license transactions or other means, management have determined that the assets are available for use from the time that they are acquired. In each case the assigned useful life is the remaining life of the patent over the asset, unless other factors over-ride this assessment.

Impairment of licensing agreements and other indefinite life intangible assets

The Consolidated Entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the Consolidated Entity and to the particular asset that may lead to impairment. Judgement is used to determine whether any indicators of impairment exist, and reference is made to the considerations included in AASB 136 Impairment of Assets in this assessment. If an impairment trigger is found to exist, the recoverable amount of the asset is determined.

During the financial year, there has been an impairment in relation to the Paxalisib and EVT-801 licensing agreements which have been further disclosed in Note 11.

#### Note 4. Revenue

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| | | | |
|:---|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  Licensing revenue |  | 2301 |  |
|  Sale of Paxalisib | 42 | 7 |  |
|  | 42 | 2308 |  |

---

Disaggregation of revenue

The disaggregation of revenue from contracts with customers is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  Geographical regions |  |  |  |
|  South Korea |  | 2308 |  |
|  Israel | 42 |  |  |
|  | 42 | 2308 |  |
|  Timing of revenue recognition |  |  |  |
|  Licensing revenue recognised at a point in time |  | 2301 |  |
|  Sale of Paxalisib at a point in time | 42 | 7 |  |
|  | 42 | 2308 |  |

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 4. Revenue (continued)

#### License Agreement with Oasmia Pharmaceutical AB
In March 2021, the Company entered into an exclusive worldwide license agreement with Oasmia Pharmaceutical AB ("Osmia"), an innovation-focused specialty pharmaceutical company, for Cantrixil (TRX-E-002-1), a clinical stage drug candidate for the treatment of ovarian cancer. During fiscal 2021, Oasmia made an upfront payment of US$4 million with contingent milestones of up to US$42 million and double-digit royalties on commercial sales. For the years ended 30 June 2025, 2024, and 2023, no contract milestones were met, therefore no revenue was recognized.

#### License Agreement with Simcere Pharmaceutical Group Ltd.
In March 2021, the Company entered into a licensing agreement with Simcere Pharmaceutical Group LTD ("Simcere") to develop and commercialize the Company's investigational drug candidate, Paxalisib, in Greater China. Under the terms of the agreement, Simcere assumed responsibility for the development, registration and commercialization of Paxalisib in Greater China (a territory that includes Mainland China, Hong Kong, Macau and Taiwan). The Company received an upfront payment of US$11 million comprising US$7 million in cash and a US$4 million equity investment, priced at a 20% premium to recent trading. The Company will also receive contingent milestone payments of up to US$281 million for glioblastoma, with further milestones payable for indications beyond glioblastoma. Simcere will additionally pay mid-teen percentage royalties on commercial sales. For the years ended 30 June 2025, 2024, and 2023, no contract milestones were met, therefore no revenue was recognized.

#### License Agreement with Sovargen Co Ltd.
In March 2024, the Company entered into a licensing agreement with Sovargen Co Ltd. ("Sovargen") to develop and commercialize the Company's investigational drug candidate, Paxalisib, for countries except mainland China, Hong Kong, Macao and Taiwan. Under the terms of the agreement, Sovargen assumed responsibility for the development, registration and commercialization of Paxalisib in countries except for China, Hong Kong, Macao and Taiwan. The Company received an upfront payment of US$1.5 million. The Company will also receive contingent milestone payments of up to US$19 million upon achievement of development and regulatory milestones, and a percentage of sub-licensing revenues and royalties on net sales of products incorporating Paxalisib. For the years ended 30 June 2025, 2024, and 2023, no contract milestones were met, therefore no revenue was recognized.

During fiscal year 2024, the Company recognised A$2.30 million of revenue from the license agreements described in the above paragraphs in accordance with the terms of the agreements and revenue recognition policy in accordance with note 2.

During fiscal year 2024, the Company recognized A$2.3 million of revenue from the license agreements described in the above paragraphs in accordance with the terms of the agreements and revenue recognition policy in accordance with Note 2. No revenue was recognized during fiscal year 2025

#### License Agreement with QIMR
On 12 September, 2024, the Company announced that an agreement has been executed with QIMR to obtain an exclusive license to certain intellectual property rights in relation to combination therapies consisting of PI3K inhibitor drugs, and one or more immunotherapy or PARP inhibitor drugs (PI3K combination). Under the license agreement, Kazia receives an exclusive, worldwide, sub-licensable and royalty-bearing licence to certain intellectual property for the development of any drugs or product candidates within the PI3K inhibitor class in combination with immunotherapy or PARP inhibitors. Paxalisib, Kazia's lead product candidate, is a member of the PI3K inhibitor class. The exclusive license agreement follows a collaboration between Kazia and QIMR Berghofer which began in December 2022 and has already led to the filing of supportive patents which include the use of paxalisib as an immune modulator in the treatment of diseases such as breast cancer. The terms of the license include standard provisions for an upfront license fee and development milestones related to the initiation of Phase 1, Phase 2 trial, first Phase 3 trial, first product approval.

#### Note 5. Other income

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  Grant income | 209 | 173 |  |
|  Other sundry income | 1578 |  | 1 |
|  | 1787 | 173 | 1 |

---

Other sundry income represents the sale of all intellectual property and trademark rights to Cantrixil for US$1 million (A$1.6 million).

#### Note 6. Operating segments
Identification of reportable operating segments

The Consolidated Entity's operating segment is based on the internal reports that are reviewed and used by the Board of Directors (being the CODM) in assessing performance and in determining the allocation of resources.

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 6. Operating segments (continued)

The Consolidated Entity operates in the pharmaceutical research and development business. There are no operating segments for which discrete financial information exists.

The information reported to the CODM, on at least a quarterly basis, is the consolidated results as shown in the statement of profit or loss and other comprehensive income and statement of financial position.

#### Note 7. Expenses
Loss before income tax includes the following specific expenses:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  Research and development expense |  |  |  |
|  EVT-801 program costs | 1391 | 5277 | 5060 |
|  Cantrixil program costs | 2 | 1 | 5 |
|  Paxalisib program costs | 3031 | 7551 | 5618 |
|  Scientific Advisory Board costs |  |  | 31 |
|  Employee benefits expense<br> - salaries & wages and staff benefits | 1761 | 2161 | 2250 |
|  - superannuation | 34 | 36 | 29 |
|  - share based payments | 172 | 485 | 702 |
|  Total research & development expense (excluding amortisation) | 6391 | 15511 | 13695 |
|  Amortisation |  |  |  |
|  Paxalisib licensing agreement | 542 | 1084 | 1084 |
|  Evotech licensing agreement | 392 | 785 | 785 |
|  Total amortisation | 934 | 1869 | 1869 |
|  Total research & development expense | 7325 | 17380 | 15564 |
|  Net foreign exchange loss |  |  |  |
|  Net foreign exchange loss/(gain) | 310 | (20) | 46 |
|  Lease |  |  |  |
|  Expense relating to short term lease | 59 | 124 | 152 |
|  Superannuation expense |  |  |  |
|  Defined contribution superannuation expense | 54 | 88 | 131 |
|  Employee benefits expense G&A |  |  |  |
|  - salaries & wages and staff benefits | 1062 | 486 | 1467 |
|  - superannuation | 20 | 52 | 102 |
|  - share based payments | 481 | 48 | 457 |
|  Total employee benefits expense G&A | 1563 | 586 | 2026 |

---

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 8. Income taxes

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025<br>A$'000 | 2025<br>A$'000 | 2024<br>A$'000 | 2024<br>A$'000 | 2023<br>A$'000 | 2023<br>A$'000 |
|  Numerical reconciliation of income tax benefit and tax at the statutory rate |  |  |  |  |  |  |
|  Loss before income tax benefit |  | (22448) |  | (27049) |  | (20736) |
|  Tax at the statutory tax rate of 25% |  | (5612) |  | (6762) |  | (5184) |
|  Tax effect amounts which are not deductible/(taxable) in calculating taxable income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortisation of intangibles |  | 234 |  | 467 |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments |  | 163 |  | 133 |  | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on intangible assets |  | 3345 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on remeasurement of contingent consideration |  | (1888) |  | (22) |  | (847) |
|  | (3758 | (3758) | (6184 | (6184) | (5275 | (5275) |
|  Tax losses and timing differences not recognised |  | 2012 |  | 5913 |  | 5004 |
|  Income tax benefit |  | (1746) |  | (271) |  | (271) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2023<br> A$'000 |
|  Tax losses not recognised: |  |  |  |
|  Unused tax losses for which no deferred tax asset has been recognised-Australia | 148506 | 139430 | 120412 |
|  Potential tax benefit at 25% - Australia | 37126 | 34858 | 30103 |
|  Unused tax losses for which no deferred tax asset has been recognised - US | 12671 | 7836 | 4305 |
|  Potential tax benefit at statutory rate - 21% - US | 2661 | 1646 | 904 |

---

#### Note 9. Trade and other receivables

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
| Current assets |  |  |
| GBM Agile deposit |  | 3756 |
| GST receivable | 90 | 133 |
| Deposits held | 8 | 8 |
|  | 98 | 3897 |
| Non-current assets |  |  |
| Corporate credit card deposit | 40 | 40 |
|  | 40 | 40 |

---

The GBM Agile deposit was advanced to GCAR at the start of the GBM Agile trial and was utilized against trial expenses.

#### Note 10. Other current assets

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
|  Prepayments | 491 | 591 |

---

Other assets is comprised of the prepayment of invoices in relation to the annual insurance renewal program. An offsetting borrowing for the funding of this prepayment is included in Borrowings - See Note 13 Borrowings.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 11. Intangibles

---

| | | |
|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 |
|  Licensing agreement - Paxalisib | 1087 | 16408 |
|  Less: Accumulated amortisation |  | (8335) |
|  | 1087 | 8073 |
|  Licensing agreement - EVT-801 |  | 9813 |
|  Less: Accumulated amortisation |  | (2486) |
|  |  | 7327 |
|  | 1087 | 15400 |

---

Reconciliations

Reconciliations of the carrying values at the beginning and end of the current and previous financial year are set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | EVT-801 licensing<br> agreement<br> A$'000 | Paxalisib licensing<br> agreement<br> A$'000 | Total<br> A$'000 |
|  Balance at 1 July 2023 | 8112 | 9157 | 17269 |
|  Amortisation expense | (785) | (1084) | (1869) |
|  Balance at 30 June 2024 | 7327 | 8073 | 15400 |
|  Impairment of assets | (6935) | (6444) | (13379) |
|  Amortisation expense | (392) | (542) | (934) |
|  Balance at 30 June 2025 |  | 1087 | 1087 |

---

EVT-801 licensing agreement

As at 30 June 2024, the carrying value of the EVT-801 intangible asset was $7.3 million, representing the amortised cost from the date of acquisition.

In accordance with IAS 136 Impairment of Assets, the Group has reviewed the recoverable amount of the EVT-801 asset as at 30 June 2025. During the financial year, the Consolidated Entity undertook a strategic review of its research and development pipeline and determined to focus its resources and efforts on the Paxalisib program. As a result, the EVT-801 program has been deprioritised and no further development activities are planned.

Given the decision to cease active development, the Company determined that the recoverable amount of the EVT-801 intangible asset is nil. Accordingly, an impairment loss of A$6.9 million has been recognised in the consolidated statement of profit or loss for the year ended 30 June 2025, fully writing down the asset.

This impairment reflects management's assessment that no future economic benefits are expected to be derived from the EVT-801 program under the current strategic direction.

The strategic shift has implications for the contingent consideration associated with the EVT-801 licensing agreement. The probability of achieving future development milestones has been reassessed in light of the decision to cease active development. As a result, Milestone 3, 4 and 5 are no longer considered probable and has been derecognised (refer to Note 15).

Paxalisib licensing agreement

As at 30 June 2024, the carrying value of the Paxalisib intangible asset was $8.1 million, representing the amortised cost from the date of acquisition.

In accordance with IAS 36 Impairment of Assets, the Consolidated Entity has assessed the recoverable amount of the Paxalisib asset. During the year ended 30 June 2025, the Company identified indicators of impairment based on recent trial outcomes, feedback received from the FDA, and funding constraints wiht respect to ongoing and future trials. Given the asset is not based on incurred development costs, the Consolidated Entity applied a valuation methodology that allocates the carrying value across the clinical development pipeline. This approach considers:

• The number of ongoing studies (11 in total),

• The stage of each study within the FDA clinical trial phases (from Preclinical to Commercialisation),

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 11. Intangibles (continued)

• Probability of success rates for progression through each phase, as published by the FDA.

Each phase was assigned a weighted value based on the number of studies and their respective stage in the development lifecycle. The carrying value was then probability-weighted using FDA success rates to estimate the expected recoverable amount.

Following this assessment, the recoverable amount of the Paxalisib intangible asset was determined to be A$1.09 million, resulting in an impairment loss of A$6.44 million recognised in the consolidated statement of profit or loss for the year ended 30 June 2025.

This impairment reflects the Consolidated Entity's best estimate of the asset's recoverable value, considering current clinical progress, regulatory benchmarks, and market conditions.

The recent facts and circumstances have implications for the contingent consideration associated with the Paxalisib licensing agreement. The probability of achieving future development milestones has been reassessed and as a result, Milestone 2 and 5 are no longer considered probable and have been derecognised (refer to Note 15).

#### Note 12. Trade and other payables

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
|  Trade payables | 5645 | 4548 |
|  Accrued payables | 4472 | 10519 |
|  | 10117 | 15067 |

---

Refer to Note 22 for further information on financial instruments.

#### Note 13. Borrowings
Current liabilities

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
|  Insurance premium funding | 396 | 634 |

---

Borrowings related to the annual insurance renewal program. An offsetting prepayment of insurance invoices is included in Prepayments - See Note 10 Other Assets.

#### Note 14. Employee benefits

---

| | | |
|:---|:---|:---|
|  | 2025<br> A$'000 | 2024<br> A$'000 |
|  Current Liabilities |  |  |
|  Annual leave | 390 | 365 |
|  | 390 | 365 |
|  Non-Current Liabilities |  |  |
|  Long service leave | 37 | 35 |
|  | 427 | 400 |

---

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 15. Contingent consideration

---

| | | |
|:---|:---|:---|
|  | 2025<br>A$'000 | 2024<br>A$'000 |
| Current Liabilities |  |  |
| Contingent consideration - EVT801 |  | 3253 |
|  |  | 3253 |
| Non-current Liabilities |  |  |
| Contingent consideration - Paxalisib |  | 1266 |
| Contingent consideration - EVT801 |  | 2486 |
|  |  | 3752 |
|  |  | 7005 |

---

#### Reconciliations
Reconciliation of the balance at the beginning and end of the reporting period is set out below:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
| Contingent consideration at start of period (current and non-current) | 7005 | 6871 |
| Interest on unwinding of discount | 232 | 339 |
| Foreign currency loss / (gain) | 317 | (86) |
| Gain on remeasurement of contingent consideration | (7554) | (119) |
|  |  | 7005 |

---

#### Contingent consideration - Paxalisib
The total amount of milestone payments not recognised as a liability at year end for Paxalisib totals US$1,000,000 (A$2,776718) (2024: nil). Refer to Note 11.

#### Contingent consideration - EVT801
The total amount of milestone payments not recognised as a liability at year end for EVT-801 totals €306,000,000 (A$547,798,067) (2024: €300,500,000 (A$496,287,928)). Refer to Note 11.

#### Note 16. Deferred tax

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  | A$'000 | A$'000 |
| Deferred tax liability associated with Licensing Agreement | 272 | 2018 |

---

The Company completed an analysis of the availability of historical tax losses to offset the deferred tax liability concluding the historical tax losses are not expected to be available for offset against the deferred tax liability

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 17. Other financial liabilities

---

| | | |
|:---|:---|:---|
|  | June<br>2025 | June<br>2024 |
|  | A$'000 | A$'000 |
| Current liabilities |  |  |
| Prefunded and ordinary warrants | 3150 | 6478 |
| Reconciliation |  |  |
| Opening balance | 6478 |  |
| Prefunded and ordinary warrants at initial recognition | 3034 | 8599 |
| Prefunded and ordinary warrants exercised | (8840) | (864) |
| Loss / (gain) on remeasurement of other financial liabilities | 2478 | (1257) |
| Prefunded and ordinary warrants at period end | 3150 | 6478 |

---

On 30 November, 2023, the Consolidated Entity entered into the Securities Purchase Agreement with an institutional investor, pursuant to which we issued and sold (A) in a registered direct offering, 52,400 ADSs and pre-funded warrants to purchase up to 36,488 ADS, and (B) in a concurrent private placement, the Ordinary Warrants to purchase up to 88,888 ADSs, for nil consideration, which have an exercise price of US$29.150 per ADS, are exercisable immediately and will expire on 5 June, 2029. The Ordinary Warrants were determined to be classified as a financial liability and a derivative under IAS 32 because they are denominated in a foreign currency, causing the value to vary with the USD/AUD exchange rate and the Consolidated Entity's share price, requires a smaller net investment, and is settled at a future date. The initial fair value of the Ordinary Warrants was A$3,020,316. Additionally, as a part of the Securities Purchase Agreement, warrants were issued to the broker with an initial fair value of A$132,763. Transaction costs of A$382,463 were incurred. Gross proceeds from the pre-funded warrants and Ordinary Warrants totaled A$2,637,853. On 21 February, 2024, the pre-funded warrants were exercised for gross proceeds of A$27,725.

In connection with the Purchase Agreement with Alumni Capital described in Note 18, the Consolidated Entity issued warrants to purchase ADSs ("Warrant ADS") that are accounted for at fair value through profit and loss. The Warrant ADS were determined to be classified as a financial liability and a derivative under IAS 32 because they are denominated in a foreign currency, causing the value to vary with the USD/AUD exchange rate and the Consolidated Entity's share price, requires a smaller net investment, and is settled at a future date. The initial fair value of the warrants issued was A$5,445,887. Alumni Capital can purchase a number of Warrant ADSs from the Consolidated Entity, calculated as 5% of the total commitment amount minus any previous exercises, divided by the exercise price on the exercise date. The exercise price for each Warrant ADS is determined by dividing US$6,000,000 by the total number of ordinary shares on the exercise date, then multiplying by the current ADS to ordinary share ratio.

On the 17 May 2024 the above terms were amended such that the outstanding warrants had an amended exercise price to US$13.50 per ADS and new warrant to purchase up to 22,000 ADSs issued with an exercise price of US$13.50 per ADS.

On 11 July 2024, warrants to purchase 22,000 ADSs with an exercise price of US$13.50 per ADS representing 11,000,000 ordinary shares were exercised along with 2/3 of the warrants Alumni Capital were entitled to (outlined in the paragraph above). Alumni Capital purchased 515,729 ADSs representing 25,786,480 ordinary shares for US$0.9695 per ADS as a result of that exercise. The exercised fair value of the warrants exercised was A$6,459,840. The Company received gross proceeds of US$1,178,106. As of 30 June 2025 there are 5,000 Warrant ADS outstanding related to the Purchase Agreement.

On 14 January 2025, the Consolidated Entity entered into a securities purchase agreement with an institutional investor (the "January SPA"), pursuant to which we issued and sold (A) in a registered direct offering, 110,688 ADSs and pre-funded warrants to purchase up to 155,979 ADS, and (B) in a concurrent private placement, the Ordinary Warrants to purchase up to 266,667 ADSs, for nil consideration, which have an exercise price of US$7.50 per ADS, are exercisable immediately and will expire on 14 June, 2030. The Ordinary Warrants were determined to be classified as a financial liability and a derivative under IAS 32 because they are denominated in a foreign currency, causing the value to vary with the USD/AUD exchange rate and the Consolidated Entity's share price, requires a smaller net investment, and is settled at a future date. The initial fair value of the Ordinary Warrants and pre-funded warrants was A$2,545,276 and A$1,908,568, and A$76,358, respectfully. Additionally, as a part of the January SPA, Ordinary Warrants to purchase up to 8,000 ADS representing 200,000 ordinary shares were issued to the broker with an initial fair value of A$76,358. Transaction costs of A$228,422 were incurred. Because the total fair value of the instruments issued (A$4,530,203) exceeded the total gross proceeds of A$3,263,047, the excess of A$1,495,705 was expensed.

On 30 January 2025, the pre-funded warrants were exercised at a fair value of A$2,380,271 and is included as an addition to share capital.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 18. Equity - contributed equity

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
|  | Shares | Shares | Shares | A$'000 | A$'000 | A$'000 |
|  Ordinary shares - fully paid | 809418734 | 332850784 | 228029114 | 123046 | 101638 | 97452 |

---

Movements in ordinary share capital

---

| | | | | |
|:---|:---|:---|:---|:---|
| Details | Date | Shares | Issue price | A$ |
|  Balance | 1 July 2022 | 138755376 |  | 84480249 |
|  ATM issue of shares No. 8 | 7 July 2022 | 573370 | $0.71 | 407201 |
|  ATM issue of shares No. 9 | 8 August 2022 | 8561490 | $0.33 | 2839346 |
|  ATM issue of shares No. 10 | 9 August 2022 | 10000 | $0.27 | 2723 |
|  ATM issue of shares No. 11 | 10 August 2022 | 158020 | $0.25 | 38949 |
|  ATM issue of shares No. 12 | 11 August 2022 | 330960 | $0.24 | 79868 |
|  ATM issue of shares No. 13 | 12 August 2022 | 1247440 | $0.25 | 308050 |
|  ATM issue of shares No. 14 | 12 September 2022 | 651030 | $0.22 | 143964 |
|  ATM issue of shares No. 15 | 13 September 2022 | 28350 | $0.22 | 6200 |
|  Shares issued to Scientific Advisory Board | 14 September 2022 | 60000 | $0.21 | 12600 |
|  ATM issue of shares No. 16 | 7 October 2022 | 736760 | $0.18 | 131797 |
|  ATM issue of shares No. 17 | 28 October 2022 | 12296180 | $0.19 | 2293288 |
|  ATM issue of shares No. 18 | 11 January 2023 | 20000 | $0.14 | 2761 |
|  Professional and sophisticated investors placement - 1st tranche | 16 January 2023 | 25387018 | $0.11 | 2792572 |
|  Professional and sophisticated investors placement - 2nd tranche | 28 February 2023 | 15522075 | $0.11 | 1707428 |
|  Share Placement Plan | 3 March 2023 | 23691045 | $0.11 | 2606000 |
|  Less: share issue transaction costs |  |  |  | (400750) |
|  Balance | 30 June 2023 | 228029114 |  | 97452246 |
|  Balance | 01 July 2023 | 228029114 |  | 97452246 |
|  ATM issue of shares No. 19 | 06 July 2023 | 8148140 | $0.19 | 1512523 |
|  ATM issue of shares No. 20 | 07 July 2023 | 157120 | $0.16 | 25877 |
|  ATM issue of shares No. 21 | 03 August 2023 | 15000 | $0.17 | 2519 |
|  ATM issue of shares No. 22 | 29 November 2023 | 1066070 | $0.10 | 107268 |
|  Registered Direct Offering | 05 December 2023 | 26200000 | $— |  |
|  ATM issue of shares No. 23 | 13 February 2024 | 25910 | $0.05 | 1207 |
|  ATM issue of shares No. 24 | 14 February 2024 | 319650 | $0.05 | 14834 |
|  ATM issue of shares No. 25 | 15 February 2024 | 2195980 | $0.05 | 102825 |
|  ATM issue of shares No. 26 | 16 February 2024 | 205260 | $0.06 | 12597 |
|  Armistice warrants | 21 February 2024 | 18244450 | $0.05 | 892655 |
|  ATM issue of shares No. 27 | 21 February 2024 | 8626580 | $0.06 | 513584 |
|  ATM issue of shares No. 28 | 22 February 2024 | 316540 | $0.05 | 14584 |
|  ATM issue of shares No. 29 | 23 February 2024 | 304860 | $0.05 | 14147 |
|  ATM issue of shares No. 30 | 26 February 2024 | 250000 | $0.05 | 11502 |
|  ATM issue of shares No. 31 | 01 May 2024 | 2112560 | $0.05 | 100961 |
|  ATM issue of shares No. 32 | 02 May 2024 | 375410 | $0.05 | 17147 |
|  ATM issue of shares No. 33 | 03 May 2024 | 288900 | $0.05 | 13544 |
|  ATM issue of shares No. 34 | 07 May 2024 | 790100 | $0.05 | 36024 |

---

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 18. Equity - contributed equity (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  ATM issue of shares No. 35 | 10 May 2024 | 20000 | $0.05 | 910 |
|  ATM issue of shares No. 36 | 16 May 2024 | 242170 | $0.05 | 10891 |
|  Repayment of promissory note | 19 June 2024 | 5916970 | $0.06 | 380223 |
|  Equity line of credit | 24 June 2024 | 29000000 | $0.03 | 776264 |
|  Less: share issue transaction costs |  |  |  | (376573) |
|  Balance | 30 June 2024 | 332850784 |  | 101637758 |
|  Balance | 30 June 2024 | 332850784 |  | 101637758 |
|  Conversion of Warrants exercised | 11 July 2024 |  | $— | 6459830 |
|  Cancellation of convertible note shares | 02 July 2024 | (5916970) | $— | (380224) |
|  ATM issue of shares No. 37 | 12 July 2024 | 14400000 | $0.15 | 2209677 |
|  Alumni warrants shares issued | 11 July 2024 | 25786480 | $0.29 | 739536 |
|  Armistice warrants shares issued | 11 July 2024 | 11000000 | $0.04 | 438571 |
|  ATM issue of shares No. 38 | 15 July 2024 | 5488230 | $0.14 | 792915 |
|  ATM issue of shares No. 39 | 16 July 2024 | 4177340 | $0.11 | 449260 |
|  Alumni Equity Line of Credit | 18 July 2024 | 15000000 | $0.05 | 816373 |
|  ATM issue of shares No. 40 | 09 August 2024 | 2061820 | $0.06 | 128633 |
|  ATM issue of shares No. 41 | 13 August 2024 | 408270 | $0.06 | 26172 |
|  ATM issue of shares No. 42 | 14 August 2024 | 2283350 | $0.06 | 140884 |
|  ATM issue of shares No. 43 | 15 August 2024 | 8660 | $0.06 | 525 |
|  ATM issue of shares No. 44 | 28 August 2024 | 5250000 | $0.06 | 323403 |
|  ATM issue of shares No. 45 | 29 August 2024 | 308700 | $0.06 | 18242 |
|  ATM issue of shares No. 46 | 03 September 2024 | 3000000 | $0.06 | 184690 |
|  ATM issue of shares No. 47 | 04 September 2024 | 837030 | $0.06 | 53439 |
|  ATM issue of shares No. 48 | 13 September 2024 | 16049020 | $0.06 | 889682 |
|  ATM issue of shares No. 49 | 14 September 2024 | 2503820 | $0.05 | 130741 |
|  ATM issue of shares No. 50 | 25 November 2024 | 442400 | $0.09 | 39420 |
|  ATM issue of shares No. 51 | 26 November 2024 | 185100 | $0.09 | 16312 |
|  Alumni Equity Line of Credit | 09 December 2024 | 15000000 | $0.05 | 804869 |
|  ATM issue of shares No. 52 | 27 November 2024 | 262200 | $0.08 | 22239 |
|  ATM issue of shares No. 53 | 29 November 2024 | 896700 | $0.09 | 76970 |
|  ATM issue of shares No. 54 | 02 December 2024 | 364700 | $0.08 | 29832 |
|  ATM issue of shares No. 55 | 03 December 2024 | 2926100 | $0.08 | 227709 |
|  ATM issue of shares No. 56 | 04 December 2024 | 403300 | $0.08 | 31753 |
|  ATM issue of shares No. 57 | 05 December 2024 | 460800 | $0.08 | 36011 |
|  ATM issue of shares No. 58 | 10 December 2024 | 142200 | $0.07 | 9463 |
|  ATM issue of shares No. 59 | 11 December 2024 | 522100 | $0.06 | 32938 |
|  Alumni Equity Line of Credit | 16 December 2024 | 20000000 | $0.04 | 874939 |
|  ATM issue of shares No. 60 | 17 December 2024 | 6421800 | $0.06 | 382576 |
|  ATM issue of shares No. 61 | 02 January 2025 | 4000000 | $0.03 | 128729 |
|  ATM issue of shares No. 62 | 03 January 2025 | 2939500 | $0.03 | 85921 |
|  ATM issue of shares No. 63 | 06 January 2025 | 10668100 | $0.03 | 305565 |
|  ATM issue of shares No. 64 | 07 January 2025 | 2453900 | $0.03 | 70828 |
|  Maxim Warrants exercised | 30 January 2025 | 55344000 | $0.02 | 988042 |
|  Alumni Warrants exercised | 30 January 2025 | 55334000 | $0.02 | 987797 |

---

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 18. Equity - contributed equity (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Perishing Warrants exercised | 30 January 2025 | 22655300 | $0.02 | 404432 |
| Alumni Prefunded Warrants shares issued | 30 January 2025 |  | $— | 127 |
| Alumni Equity Line of Credit | 11 February 2025 | 60000000 | $0.02 | 917450 |
| Alumni Equity Line of Credit | 06 May 2025 | 15000000 | $0.01 | 141489 |
| Alumni Equity Line of Credit | 06 June 2025 | 32500000 | $0.02 | 504043 |
| Alumni Equity Line of Credit | 12 June 2025 | 35000000 | $0.03 | 979179 |
| Alumni Equity Line of Credit | 18 June 2025 | 30000000 | $0.02 | 599674 |
| Less: share issue transaction costs |  |  | $— | (712515) |
| Balance | June 30, 2025 | 809418734 |  | 123045899 |

---

The ATM allows the Company to raise capital dynamically in the market, with no discount, no warrant coverage, and modest banking fees, allowing it to fund operations with minimal dilution to existing shareholders. An ATM with Oppenheimer & Co. Inc. (Oppenheimer) as sales agent was established in May 2022. Under the ATM, Kazia may offer and sell via Oppenheimer, in the form ofADSs, with each ADS representing 500 ordinary shares. Kazia entered into an Equity Distribution Agreement, dated as of 22 April 2022 (the "Sales Agreement"), with Oppenheimer, acting as sales agent for an initial capacity of US$35 million. On 4 September 2024, the Equity Distribution Agreement was amended to increase the aggregate offering price to US$50 million. During the year ended 30 June 2025 US$4,556,252 was drawn down from the ATM facility compared to US$1,656,016 for the year ended 30 June 2024.

During fiscal year 2024, Kazia entered into a purchase agreement (the "Purchase Agreement") with Alumni Capital LP ("Alumni Capital"). Pursuant to the Purchase Agreement, the Company may sell to Alumni Capital up to an aggregate of $15,000,000, of ADSs from time to time during the term of the Purchase Agreement. During the fiscal year ended 30 June 2025, Kazia sold an aggregate amount of A$5,638,016 of ADSs under the Purchase Agreement compared to A$776,264 for the year ended 30 June 2024.

On 14 January 2025 the Company executed a direct offering with existing fundamental healthcare investor, Alumni Capital LP, of 1,333,333 of the Company's ADSs (or ADS equivalents in lieu thereof), each ADS representing 100 ordinary shares of the Company, at a purchase price of US$1.50 per ADS (or ADS equivalent in lieu thereof) and concurrent private placement of unregistered warrants to purchase up to an aggregate of 1,333,333 ADSs. The warrants will have an exercise price of US$1.50 per ADS, will be immediately exercisable upon issuance, and will expire five and one-half years from the date of issuance. Additionally, on 14 January 2025, Maxim (broker) received 40,000 warrants - ex price $1.50 with an expiry of 14 July 2030. Further, Alumni Capital LP received 553,440 ADSs paying US$1.50 per ADS for a total of US$830,160 and received 779,893 pre-funded warrants with an ex-price of US$0.0001 paying US$1.4999 per prefunded warrant for a total of US$1,169,762.51. All 779,893 warrants were exercised on 30 January 2025. After fees of $140,000. were paid, the Company received US$1,860,000.

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorized capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back

There is no current on-market share buy-back.

Capital risk management

The Consolidated Entity's objectives when managing capital are to safeguard its ability to continue as a going concern so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

Capital is regarded as total equity, as recognized in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents.

The capital structure of the Consolidated Entity consists of cash and cash equivalents and equity attributable to equity holders. The overall strategy of the Consolidated Entity is to continue its drug development programs, which depends on raising sufficient funds, through a variety of sources including issuing of additional share capital, as may be required from time to time.

The capital risk management policy remains unchanged from the prior year.

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 19. Unissued equity
On 23 October 2023, the Company entered into a securities purchase agreement with an accredited investor, pursuant to which the Company issued a six-month unsecured convertible promissory note (the "Note") in the principal amount of A$776,670 (US$500,000). The Note bears interest at a rate of 10% per annum. On 23 December 2023, the investor called upon 50% of the Note, and cash of US$253,014 was paid, which represented US$250,000 of principal and US$3,014 of interest (total payment of A$380,224). The investor exercised their option to receive the remaining 50% in ADSs on 20 December 2023, which resulted in 11,834 ADS to be issued. On 19 June 2024, 11,834 ADSs representing 5,916,970 ordinary shares were issued at a price of A$0.0643 per ordinary share. Subsequent to 30 June 2024, the investor was unable to meet their obligations for transfer of the shares and on 2 July 2024 the share allocation was cancelled and remains recognised as unissued equity as at 30 June 2025.

#### Note 20. Reserves

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
|  | A$'000 | A$'000 | A$'000 |
| Foreign currency reserve | (773) | (750) | (742) |
| Share-based payments reserve | 3873 | 4225 | 4423 |
|  | 3100 | 3475 | 3681 |

---

Foreign currency translation reserve

The reserve is used to recognize exchange differences arising from translation of the consolidated financial statements of foreign operations to Australian dollars.

Share based payments reserve

The reserve is used to recognize the value of equity benefits provided to employees and executive directors as part of their remuneration, and other parties as part of their compensation for services.

For the year ended 30 June 2025, there were A$0.7 million (2024: A$0.5 million) issuances from the share-based payment reserve for Employee Share Option plan and A$1.0 million (2024: A$0.7 million) expirations and forfeitures.

#### Note 21. Dividends
Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

#### Note 22. Financial instruments

#### Financial risk management objectives
The Consolidated Entity's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Consolidated Entity uses different methods to measure and manage the different types of risks to which it is exposed. These methods include monitoring the levels of exposure to interest rates and foreign exchange, aging analysis and monitoring of specific credit allowances to manage credit risk, and, rolling cash flow forecasts to manage liquidity risk.

#### Market risk
Foreign currency risk

The Consolidated Entity operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollars ('USD'). Foreign exchange risk arises from future transactions and recognised assets and liabilities denominated in a currency that is not the entity's functional currency and net investments in foreign operations.

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the Company's functional currency. The Company is exposed to foreign currency risk on fluctuations related to cash and cash equivalents, trade and other receivables, trade and other payables, and derivative financial liabilities on warrants that are denominated in foreign currencies. The Company has not used derivative instruments to reduce its exposure to foreign currency risk nor has it entered into foreign exchange contracts to hedge against gains or losses from foreign exchange fluctuations. Foreign subsidiaries with a functional currency of Australian Dollars ('AUD') have exposure to the local currency of these subsidiaries and any other currency these subsidiaries trade in.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 22. Financial instruments (continued)

The carrying amount of the Consolidated Entity's foreign currency denominated financial assets and financial liabilities at the reporting date was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets | Assets | Liabilities | Liabilities |
|  | 2025<br> A$'000 | 2024<br> A$'000 | 2025<br> A$'000 | 2024<br> A$'000 |
|  US dollars | 4206 | 3329 | 5854 | 7420 |
|  Euros |  |  | 6738 | 7320 |
|  Pound Sterling |  |  | 9 | 18 |
|  | 4206 | 3329 | 12601 | 14758 |

---

The Consolidated Entity had net liabilities denominated in foreign currencies of A$8.4 million as at 2025 (2024: net liabilities A$11.4 million).

If all currencies had strengthened and weakened against the USD by 10% (2024:10%) then this would have had the following impact:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AUD strengthened | AUD strengthened | AUD strengthened | AUD weakened | AUD weakened | AUD weakened |
| Consolidated - 2025 | % change | Effect on<br> profit before<br> tax<br> A$'000 | Effect on<br> equity<br> A$'000 | % change | Effect on<br> profit before<br> tax<br> A$'000 | Effect on<br> equity<br> A$'000 |
|  US dollars | 10% | (165) | (165) | (10)% | 165 | 165 |
|  Euros | 10% | (674) | (674) | (10)% | 674 | 674 |
|  Pound Sterling | 10% | (1) | (1) | (10)% | 1 | 1 |
|  |  | (840) | (840) |  | 840 | 840 |
|  | AUD strengthened | AUD strengthened | AUD strengthened | AUD weakened | AUD weakened | AUD weakened |
| Consolidated - 2024 | % change | Effect on<br> profit before<br> tax<br> A$'000 | Effect on<br> equity<br> A$'000 | % change | Effect on<br> profit before<br> tax<br> A$'000 | Effect on<br> equity<br> A$'000 |
|  US dollars | 10% | (409) | (409) | (10)% | 409 | 409 |
|  Euros | 10% | (732) | (732) | (10)% | 732 | 732 |
|  Pound Sterling | 10% | (2) | (2) | (10)% | 2 | 2 |
|  |  | (1143) | (1143) |  | 1143 | 1143 |

---

Price risk

The Consolidated Entity is not exposed to any significant price risk.

Interest rate risk

The Consolidated Entity's exposure to market interest rates relate primarily to the investments of cash balances.

The Consolidated Entity has cash reserves held primarily in Australian dollars and United States dollars and places funds on deposit with financial institutions for periods generally not exceeding three months.

As at the reporting date, the Consolidated Entity had the following variable interest rate balances:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
|  | Weighted<br> average<br> interest rate% | Balance<br> A$'000 | Weighted<br> average<br> interest rate% | Balance<br> A$'000 |
|  Cash and cash equivalents | 1.79 | 4345 | 0.39 | 1657 |
|  Net exposure to cash flow interest rate risk |  | 4345 |  | 1657 |

---

The Consolidated Entity has cash and cash equivalents totaling A$4.3 million (2024: A$1.7 million). An increase/decrease in interest rates of 100 basis points (2024: 100 basis points) would have a favorable/adverse effect on profit before tax and equity of $43,446 (2024 $16,575) per annum. The percentage change is based on the expected volatility of interest rates using market data and analysts forecasts.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 22. Financial instruments (continued)

#### Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Consolidated Entity. The Consolidated Entity is not exposed to significant credit risk on receivables.

The Consolidated Entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the Consolidated Entity based on recent sales experience, historical collection rates and forward-looking information that is available.

The Consolidated Entity places its cash deposits with high credit quality financial institutions and by policy, limits the amount of credit exposure to any single counterparty. The Consolidated Entity is averse to principal loss and ensures the safety and preservation of its invested funds by limiting default risk, market risk, and reinvestment risk.

The Consolidated Entity mitigates default risk by constantly positioning its portfolio to respond appropriately to a significant reduction in a credit rating of any financial institution.

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than one year.

There are no significant concentrations of credit risk within the Consolidated Entity. The credit risk on liquid funds is limited as the counter parties are banks with high credit ratings.

Credit risk is managed by limiting the amount of credit exposure to any single counter-party for cash deposits.

#### Liquidity risk
The Consolidated Entity manages liquidity risk by maintaining adequate cash reserves and by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.

#### Remaining contractual maturities
The following tables detail the Consolidated Entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 22. Financial instruments (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2025 | 1 year or less<br>A$'000 | Between<br>1 and 2 years<br>A$'000 | Between<br>2 and 5 years<br>A$'000 | Over<br>5 years<br>A$'000 | Remaining<br>contractual<br>maturities<br>A$'000 | Carrying<br>Amount<br>A$'000 |
| Non-derivatives |  |  |  |  |  |  |
| Trade payables | 5645 |  |  |  | 5645 | 5645 |
| Accrued payables | 4472 |  |  |  | 4472 | 4472 |
| Total non-derivatives | 10117 |  |  |  | 10117 | 10117 |
| Derivatives |  |  |  |  |  |  |
| Other financial liabilities |  |  | 3150 |  | 3150 | 3150 |
| Total derivatives |  |  | 3150 |  | 3150 | 3150 |
| Total undiscounted financial liabilities | 10117 |  | 3150 |  | 13267 | 13267 |
| 2024 | 1 year or less<br>A$'000 | Between<br>1 and 2 years<br>A$'000 | Between<br>2 and 5 years<br>A$'000 | Over<br>5 years<br>A$'000 | Remaining<br>contractual<br>maturities<br>A$'000 | Carrying<br>Amount<br>A$'000 |
| Non-derivatives |  |  |  |  |  |  |
| Trade payables | 4548 |  |  |  | 4548 | 4548 |
| Accrued payables | 10519 |  |  |  | 10519 | 10519 |
| Contingent consideration | 3389 |  | 4549 |  | 7938 | 7005 |
| Total non-derivatives | 18456 |  | 4549 |  | 23005 | 22072 |
| Derivatives |  |  |  |  |  |  |
| Other financial liabilities |  |  | 6478 |  | 6478 | 3150 |
| Total derivatives |  |  | 6478 |  | 6478 | 3150 |
| Total undiscounted financial liabilities | 18456 |  | 11027 |  | 29483 | 25222 |

---

The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.

#### Note 23. Fair value measurement
Fair value hierarchy

The following tables detail the Consolidated Entity's liabilities, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly

Level 3: Unobservable inputs for the liability

---

| | | | | |
|:---|:---|:---|:---|:---|
| Consolidated - 2025 | Level 1<br> A$'000 | Level 2<br> A$'000 | Level 3<br>A$'000 | Total<br> A$'000 |
| Liabilities |  |  |  |  |
| Contingent Consideration |  |  |  |  |
| Warrants liability |  |  | 3150 | 3150 |
| Total liabilities |  |  | 3150 | 3150 |
| Consolidated - 2024 |  |  |  |  |
| Liabilities |  |  |  |  |
| Contingent Consideration |  |  | 7005 | 7005 |
| Warrants liability |  |  | 6478 | 6478 |
| Total liabilities |  |  | 13483 | 13483 |

---

There were no transfers between levels during the financial year.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 23. Fair value measurement (continued)

The fair value of the warrant liability is determined using a variety of valuation techniques including Monte Carlo simulations and Black-Scholes Model. Please refer to Note 17 for additional information regarding the private placement warrants.

#### Level 3 liabilities
Movements in level 3 liabilities during the current and previous financial year are set out below:

---

| | | |
|:---|:---|:---|
|  | Level 3<br>A$'000 | Total<br>A$'000 |
| Consolidated |  |  |
| Balance at 30 June 2023 | 6871 | 6871 |
| Issuance of warrants | 8599 | 8599 |
| Exercise of warrants | (864) | (864) |
| Gain recognised in profit or loss | (1123) | (1123) |
| Balance at 30 June 2024 | 13483 | 13483 |
| Issuance of warrants | 3034 | 3034 |
| Exercise of warrants | (8840) | (8840) |
| Gain recognised in profit or loss | (4527) | (4527) |
| Balance at 30 June 2025 | 3150 | 3150 |

---

#### Note 24. Key management personnel disclosures
Compensation

The aggregate compensation made to directors and other members of key management personnel ('KMP') of the Consolidated Entity is set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br>A$ | 2024<br>A$ | 2023<br>A$ |
| Short-term employee benefits | 1688612 | 1962563 | 3148514 |
| Post-employment benefits | 51122 | 72784 | 149626 |
| Share-based payments | 405213 | 353437 | 1045860 |
|  | 2144947 | 2388784 | 4344000 |

---

Please refer to Note 25 for other transactions with key management personnel and their related parties.

#### Note 25. Related party transactions
Parent entity

Kazia Therapeutics Limited is the parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 27.

Key management personnel

Disclosures relating to key management personnel are set out in note 24.

Transactions with related parties

There were no other transactions with KMP and their related parties.

Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and previous reporting date.

Loans to/from related parties

There were no loans to or from related parties at the current and previous reporting date.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 25. Related party transactions (continued)

Terms and conditions

All transactions were made on normal commercial terms and conditions and at market rates.

#### Note 26. Parent entity information
Set out below is the supplementary information about the parent entity.

---

| | | |
|:---|:---|:---|
|  | 2025<br>A$'000 | 2024<br>A$'000 |
| Statement of profit or loss and other comprehensive income |  |  |
| Loss after income tax | (18195) | (24008) |
| Total comprehensive loss | (18195) | (24008) |
|  | 2025<br>A$'000 | 2024<br>A$'000 |
| Statement of financial position |  |  |
| Total current assets | 4335 | 3048 |
| Total assets | 5462 | 18488 |
| Total current liabilities | 13754 | 25529 |
| Total liabilities | 14063 | 31335 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed equity | 123046 | 101638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other contributed equity | 380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves | 3873 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated losses | (135900) | (118710) |
| Total deficit in equity | (8601) | (12847) |

---

Reserves comprise Share Based Payments Reserve.

#### Contingent liabilities
The parent entity contingent liabilities as at 30 June 2025 and 30 June 2024 are as set out in note 15.

#### Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment at as 30 June 2025 and 30 June 2024.

#### Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Consolidated Entity, as disclosed in note 2, except for the following:

• Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.

• Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment.

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

#### Note 27. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Ownership interest | Ownership interest |
| Name | Principal place of business /<br>Country of incorporation | 2025% | 2024% |
| Kazia Laboratories Pty Ltd | Australia | 100% | 100% |
| Kazia Research Pty Ltd | Australia | 100% | 100% |
| Kazia Therapeutics Inc. | United States of America | 100% | 100% |
| Glioblast Pty Ltd | Australia | 100% | 100% |

---

#### Note 28. Earnings per share

---

| | | | |
|:---|:---|:---|:---|
|  | 2025<br>A$'000 | 2024<br>A$'000 | 2023<br>A$'000 |
| Earnings per share for losses from continuing operations |  |  |  |
| Loss after income tax attributable to the owners of Kazia Therapeutics Limited | (20702) | (26778) | (20465) |
| Loss after income tax attributable to the owners of Kazia Therapeutics Limited | (20702) | (26778) | (20465) |
|  | Number | Number | Number |
| Weighted average number of ordinary shares used in calculating basic and diluted earnings per share | 547941171 | 263676313 | 184284350 |
|  | Cents | Cents | Cents |
| Basic and diluted earnings per share | (3.78) | (10.16) | (11.23) |

---

The number of unissued shares under option that have been excluded from the diluted EPS are 50,813,500 (2025), 36,180,000 (2024), and 14,780,000 (2023).

#### Note 29. Share-based payments
All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $653,194 (30 June 2024: $532,597) (30 June 2023: $1,674,581) was recognised.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Number of<br> options<br>2025 - Ordinary<br> shares | Weighted<br> Average<br> exercise price<br> 2025 | Weighted<br> Average<br> exercise price<br> 2025 | Number of<br> options<br>2024 - Ordinary<br> shares | Weighted<br> Average<br> exercise price<br> 2024 | Weighted<br> Average<br> exercise price<br> 2024 |
| Outstanding at the beginning of the financial year | 10180000 | A$ | 0.72 | 14780000 | A$ | 0.63 |
| Forfeited | (25000) | A$ | 0.94 | (3400000) | A$ | 0.42 |
| Expired | (2075000) | A$ | 1.08 | (1200000) | A$ | 0.49 |
| Outstanding at the end of the financial year | 8080000 | A$ | 0.63 | 10180000 | A$ | 0.72 |
| Exercisable at the end of the financial year | 7805000 | A$ | 0.65 | 7290000 | A$ | 0.84 |

---

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#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 29. Share-based payments (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Number of<br> options<br>2025 - ADS | Weighted<br> Average<br> exercise price<br> 2025 | Weighted<br> Average<br> exercise price<br> 2025 | Number of<br> options<br>2024 - ADS | Weighted<br> Average<br> exercise price<br> 2024 | Weighted<br> Average<br> exercise price<br> 2024 |
| Outstanding at the beginning of the financial year | 52000 | A$ | 27.90 |  | A$ |  |
| Granted | 33467 | A$ | 37.35 | 57000 | A$ | 28.00 |
| Forfeited |  | A$ |  | (5000) | A$ | 28.80 |
| Expired |  | A$ |  |  | A$ |  |
| Outstanding at the end of the financial year | 85467 | A$ | 30.08 | 52000 | A$ | 27.90 |
| Exercisable at the end of the financial year | 50217 | A$ | 31.83 |  | A$ |  |

---

#### 2025

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Grant date | Expiry date | Exercise<br>price | Exercise<br>price | Balance at<br>the start of<br>the year -<br> Ordinary<br> shares | Balance at<br>the start of<br>the year -<br> Ordinary<br> shares | Granted | Exercised | Expired /<br>lapsed<br>on termination<br>of employment | Expired /<br>lapsed<br>on termination<br>of employment | Balance at<br>the end of<br>the year -<br> Ordinary<br> shares | Balance at<br>the end of<br>the year -<br> Ordinary<br> shares |
| 4 | 13/01/2020 | 13/01/2025 | A$ | 0.88 |  | 137500 | – |  |  | (137500) |  |  |
| 5 | 09/11/2020 | 09/11/2024 | A$ | 1.13 |  | 1200000 | – |  |  | (1200000) |  |  |
| 6 | 09/11/2020 | 13/01/2025 | A$ | 0.88 |  | 600000 | – |  |  | (600000) |  |  |
| 7 | 04/01/2021 | 04/01/2025 | A$ | 1.69 |  | 137500 | – |  |  | (137500) |  |  |
| 8 | 09/09/2021 | 26/06/2026 | A$ | 1.37 |  | 100000 | – |  |  |  |  | 100000 |
| 9 | 16/11/2021 | 16/11/2025 | A$ | 1.69 |  | 750000 | – |  |  |  |  | 750000 |
| 10 | 16/11/2021 | 16/11/2025 | A$ | 2.24 |  | 500000 | – |  |  |  |  | 500000 |
| 11 | 16/11/2021 | 16/11/2025 | A$ | 1.56 |  | 800000 | – |  |  |  |  | 800000 |
| 13 | 01/02/2022 | 01/02/2027 | A$ | 0.94 |  | 325000 | – |  |  | (25000) |  | 300000 |
| 14 | 24/05/2022 | 24/05/2027 | A$ | 0.78 |  | 100000 | – |  |  |  |  | 100000 |
| 15 | 03/03/2023 | 03/03/2027 | A$ | 0.15 |  | 2530000 | – |  |  |  |  | 2530000 |
| 16 | 03/05/2023 | 03/05/2027 | A$ | 0.19 |  | 3000000 | – |  |  |  |  | 3000000 |
|  |  |  |  |  |  | 10180000 | – |  |  | (2100000) |  | 8080000 |
| Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | A$ | 0.72 | A$ – A$ |  | A$ | 1.07 | A$ | 0.63 |

---

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranches 4, 5, 6, and 7 expired during the year

- 25,000 options in tranche 13 were forfeited during the year

The weighted average remaining contractual life of ordinary share options outstanding at 2025 is 1.52 years.

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 29. Share-based payments (continued)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Grant date | Expiry date | Exercise<br>price | Balance at<br>the start of<br>the year -<br> ADS | Balance at<br>the start of<br>the year -<br> ADS | Granted | Granted | Exercised | Expired /<br>lapsed<br>on termination<br>of employment | Balance at<br>the end of<br>the year -<br> ADS | Balance at<br>the end of<br>the year -<br> ADS |
| 17 | 22/04/2024 | 22/04/2029 | $29.30 |  | 30000 |  |  | – |  |  | 30000 |
| 18 | 17/06/2024 | 17/06/2029 | $25.65 |  | 17000 |  |  | – |  |  | 17000 |
| 19 | 27/06/2024 | 27/06/2030 | $14.85 |  | 5000 |  |  | – |  |  | 5000 |
| 20 | 11/09/2024 | 11/09/2029 | $24.80 |  |  |  | 6000 | – |  |  | 6000 |
| 21-22 | 14/01/2025 | 14/07/2030 | $7.50 |  |  |  | 27467 | – |  |  | 27467 |
|  |  |  |  |  | 52000 |  | 33467 | – |  |  | 85467 |
| Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | A$ | 27.90 | A$ | 37.35 | A$ – A$ |  | A$ | 30.08 |

---

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranche 17, 18, 19, 20, 21 & 22 were unvested

The weighted average remaining contractual life of ADS share options outstanding at 30 June 2025 is 3.59 years.

#### 2024

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Grant date | Expiry date | Exercise<br>price | Exercise<br>price | Balance at<br>the start of<br>the year -<br> Ordinary<br> shares | Balance at<br>the start of<br>the year -<br> Ordinary<br> shares | Granted | Exercised | Expired /<br>lapsed<br>on<br> termination<br>of<br> employment | Expired /<br>lapsed<br>on<br> termination<br>of<br> employment | Balance at<br>the end of<br>the year -<br> Ordinary<br> Shares | Balance at<br>the end of<br>the year -<br> Ordinary<br> Shares |
| 3 | 13/11/2019 | 04/01/2024 | A$ | 0.49 |  | 1200000 | – |  |  | (1200000) |  |  |
| 4 | 13/01/2020 | 13/01/2025 | A$ | 0.88 |  | 187500 | – |  |  | (50000) |  | 137500 |
| 5 | 09/11/2020 | 09/11/2024 | A$ | 1.13 |  | 1200000 | – |  |  |  |  | 1200000 |
| 6 | 09/11/2020 | 13/01/2025 | A$ | 0.88 |  | 600000 | – |  |  |  |  | 600000 |
| 7 | 04/01/2021 | 04/01/2025 | A$ | 1.69 |  | 187500 | – |  |  | (50000) |  | 137500 |
| 8 | 09/09/2021 | 26/06/2026 | A$ | 1.37 |  | 100000 | – |  |  |  |  | 100000 |
| 9 | 16/11/2021 | 16/11/2025 | A$ | 1.69 |  | 750000 | – |  |  |  |  | 750000 |
| 10 | 16/11/2021 | 16/11/2025 | A$ | 2.24 |  | 500000 | – |  |  |  |  | 500000 |
| 11 | 16/11/2021 | 16/11/2025 | A$ | 1.56 |  | 800000 | – |  |  |  |  | 800000 |
| 12 | 01/02/2022 | 01/02/2027 | A$ | 0.94 |  | 800000 | – |  |  | (800000) |  |  |
| 13 | 01/02/2022 | 01/02/2027 | A$ | 0.94 |  | 425000 | – |  |  | (100000) |  | 325000 |
| 14 | 24/05/2022 | 24/05/2027 | A$ | 0.78 |  | 100000 | – |  |  |  |  | 100000 |
| 15 | 03/03/2023 | 03/03/2027 | A$ | 0.15 |  | 3930000 | – |  |  | (1400000) |  | 2530000 |
| 16 | 05/03/2023 | 03/05/2027 | A$ | 0.19 |  | 4000000 | – |  |  | (1000000) |  | 3000000 |
|  |  |  |  |  |  | 14780000 | – |  |  | (4600000) |  | 10180000 |
| Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | Weighted average exercise price | A$ | 0.63 | A$ – A$ |  | A$ | 0.43 | A$ | 0.72 |

---

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranches 3 & 12 expired during the year

- Options in tranches 6 were vested and exercisable

- Options in tranches 4, 7, 8, & 9 were vested and exercisable to 69%, apart from those in the above table which have expired

- Options in tranche 5 were vested and exercisable to 75%, apart from those in the above table which have expired

- Options in tranches 10 & 15 were vested and exercisable as to 33%, apart from those in the above table which have expired

- Options in tranches 11, 14, & 16 were vested and exercisable as to 50%, apart from those in the above table which have expired

- Options in tranches 13 were vested and exercisable as to 35%, apart from those in the above table which have expired

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 29. Share-based payments (continued)

The weighted average remaining contractual life of options outstanding at 30 June 2024 is 2.0 years.

Employee share options

During the year ended 30 June 2025, 6,000 options have been issued to directors and employees by the Consolidated Entity pursuant to the Company's Employee Share Option Plan.

• Tranche 20-22 vests yearly over 5 years from the date of the grant

Vesting conditions for options within all tranches, is based on service period only; i.e. options will only vest if the option holder continues to be a full-time employee with the Company or an Associated Company during the vesting period relating to the option.

Conditions for an option to be exercised:

• The options must have vested;

• Option holder must have provided the Company with an Exercise Notice and have paid the Exercise Price for the option;

• The Exercise Notice must be for the exercise of at least the Minimum Number of Options; and

• The Exercise Notice must have been provided to the Company and Exercise Price paid before the expiry of 5 years from the date the Option is issued.

Options Valuation

In order to obtain a fair valuation of these options, the following assumptions have been made:

The Black Scholes option valuation methodology has been used with the expectation that the majority of these options would be exercised towards the end of the option term. Inputs into the Black Scholes model includes the share price at grant date, exercise price, volatility, and the risk-free rate of a five-year Australian Government Bond on grant date.

Risk-free rate and grant date

For all tranches, the risk-free rate of a five-year Australian Government bond on grant date was used. Please refer to the table below for details. The above-mentioned options have various vesting periods and exercising conditions. These options are unlisted as of 30 June 2025. No dividends are expected to be declared or paid by the Consolidated Entity during the terms of the options. The underlying expected volatility was determined by reference to historical data of the Company's shares over a period of time. No special features inherent to the options granted were incorporated into measurement of fair value. Based on the above assumptions, the table below sets out the valuation for each tranche of options:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Tranche | Grant date | Expiry date | Share price at<br> Grant Date | Exercise<br> price | Volatility<br> (%) | Dividend<br> yield (%) | Risk free<br> Rate (%) | Fair value<br> per option |
| 4 | 13/01/2020 | 13/01/2025 | $0.62 | $0.88 | 74.50% | – | 1.95% | $0.34 |
| 5 | 09/11/2020 | 09/11/2024 | $0.89 | $1.13 | 90.00% | – | 0.10% | $0.41 |
| 6 | 09/11/2020 | 13/01/2025 | $0.89 | $0.88 | 90.00% | – | 0.10% | $0.50 |
| 7 | 04/01/2021 | 04/01/2025 | $1.19 | $1.69 | 90.00% | – | 0.19% | $0.60 |
| 8 | 09/09/2021 | 26/06/2026 | $1.42 | $1.37 | 76.00% | – | 1.50% | $0.88 |
| 9 | 16/11/2021 | 16/11/2025 | $1.57 | $1.69 | 76.00% | – | 1.50% | $0.85 |
| 10 | 16/11/2021 | 16/11/2025 | $1.57 | $2.24 | 76.00% | – | 1.50% | $0.75 |
| 11 | 16/11/2021 | 16/11/2025 | $1.57 | $1.56 | 76.00% | – | 1.50% | $0.97 |
| 13 | 01/02/2022 | 01/02/2027 | $0.80 | $0.94 | 44.00% | – | 2.95% | $0.63 |
| 14 | 24/05/2022 | 24/05/2027 | $0.17 | $0.78 | 80.00% | – | 3.64% | $0.10 |
| 15 | 03/03/2023 | 03/03/2027 | $0.17 | $0.15 | 80.00% | – | 3.64% | $0.10 |
| 16 | 03/05/2023 | 03/05/2027 | $0.19 | $0.19 | 80.00% | – | 3.22% | $0.11 |
| 17 | 22/04/2024 | 22/04/2029 | $0.59 | $0.59 | 95.00% | – | 3.96% | $0.43 |
| 18 | 17/06/2024 | 17/06/2029 | $0.35 | $0.58 | 95.00% | – | 3.84% | $0.23 |
| 19 | 27/06/2024 | 27/06/2030 | $0.35 | $0.33 | 95.00% | – | 4.17% | $0.27 |
| 20 | 11/09/2024 | 11/09/2029 | $0.56 | $0.50 | 121.00% | – | 3.52% | $0.47 |
| 21-22 | 14/01/2025 | 14/07/2030 | $1.53 | $1.50 | 95.00% | – | 4.17% | $1.17 |

---

------

#### **Table of Contents**

#### Notes to the financial statements
30 June 2025

Note 30. Subsequent events

#### Fundraising Activities
From July 2025 through October 2025, the Consolidated Entity raised net proceeds of US$1,397,016 (A$2,112,090) using the ATM facility and the company executed a private placement of equity securities (PIPE), raising US$2,049,992 (A$3,169,546) and continues to seek additional funding sources both in Australia and overseas.

#### Licensing Activities
On 7 October 2025, the company announced an exclusive collaboration and in-licensing agreement with QIMR Berghofer for a first-in-class PD- L1 degrader program. The lead optimized compound, NDL2, is an advanced PD-L1 protein degrader currently in development and represents a new and innovative frontier of cancer immunotherapy.

No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future financial years

## Exhibit 4.22

**Exhibit 4.22** 

This Asset Transfer Agreement (the "**Agreement**") is made effective as of March 30, 2025 (the "**Effective Date**") by and between

(1) Vivesto AB (publ), Box 3061 169 03 Solna, Sweden, Sweden ()"**Vivesto**") and

(2) Kazia Therapeutics Limited (ACN 063 259 754) of Three International Towers, Level 24, 300 Barangaroo Avenue,
Sydney NSW 2000, Australia ()"**Kazia** ").

**<u>Recitals</u>** 

(A) Kazia exclusively owns the Assets (as defined below).

(B) Kazia desires to sell to Vivesto, and Vivesto desires to purchase from Kazia, the Assets on the terms and
conditions set forth in this Agreement.

**<u>Agreement</u>** 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

---

| | |
|:---|:---|
| **1** | **<u>Definitions</u>**  |

---

Unless otherwise specifically provided in this Agreement, the following terms shall have the following meanings:

1.1 "**Affiliate**" means, with respect to a Person, any Person that directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with such first Person. For the purpose of this definition only, the term "control" and, with correlative meanings, the terms "controlled by"
and "under common control with" mean (a) the power to direct the management or policies of a Person, whether through ownership of voting securities or by contract relating to voting rights or corporate governance, resolution,
regulation or otherwise, or (b) to own 50% or more of the outstanding voting securities or other ownership interest of such Person.

1.2 "**Asset List**" means the asset list attached hereto as <u>Schedule 1</u>.

1.3 "**Assets**" means the Transferred Patents, the Materials, the Know-How, the Records and the Transferred Trademarks.

1.4 "**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for
business in Sweden and Australia.

1.5 "**Compounds**" means (i) all compounds specified in the Asset List, (ii) all
compounds covered or claimed by any of the Transferred Patents (although not specified in the Asset List), and (iii) any modifications, analogs, components and/or derivatives of any of the foregoing.

1.6 "**Confidential Information**" means (a) the contents of this Agreement and (b), subject to
Section 8, any information relating to a Party's or its Affiliates' business, research or development activities – including any trade secrets and any scientific, technical, financial or business information – disclosed
or made available by or on behalf of a Party or any of its Affiliates to the other Party or any of its Affiliates in any form including, without limitation, oral and written form.

Page 1 of 11

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1.7 "**Control**" means, with respect to any item of information or intellectual property right,
possession of the right, whether directly or indirectly, and whether by ownership, licence or otherwise, to assign, or grant a licence, sublicense or other right to or under, such information or intellectual property right, as provided for herein
without violating the terms of any agreement or other arrangement with any Third Party.

1.8 "**Effective Date**" is defined in the introduction of this Agreement.

1.9 "**Encumbrance**" means any interest of any Person other than the Parties, including any
mortgage, charge, pledge, lien or other security interest of any kind, any licence, any right to acquire, or any option or right of pre-emption.

1.10 "**Know-How**" means any unpatented technical and other
information developed or arising from the conduct of the Program prior to the Effective Date, including inventions, discoveries, methods, processes and procedures, ideas, concepts, formulae, specifications, evaluations, analyses, procedures for
experiments and tests, that is necessary or useful for understanding, practising, using or otherwise exploiting the Transferred Patents and the inventions described therein, the Compounds or the Materials, including such information contained in or
in relation to laboratory notebooks, the Records, experimental data, research summaries and reports, invention disclosures, and internal and external study results, manufacturing data, batch records, composition, method, trade secret, formula,
protocol, technique or other data.

1.11 "**License Agreement**" means the Development and Commercialization Agreement between the
Parties dated March 1, 2021.

1.12 "**Loss**" means any and all liabilities, claims, demands, causes of action, damages, suits,
costs, reduction of value, loss and expenses, including interest, penalties, and lawyers' fees and disbursements.

1.13 "**Materials**" means all physical quantities of the Compounds and all other materials
(i) made available to Vivesto under the License Agreement and (ii) any additional Compounds and other materials listed in part 2 of the Asset List.

1.14 "**Parties**" means Kazia and Vivesto and "**Party**" means either Kazia or
Vivesto as the context requires.

1.15 "**Patents**" means (a) all national, regional and international patents and patent
applications, including provisional patent applications, (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including
divisionals, continuations, continuations-in-part, provisionals, converted provisionals, and continued prosecution applications, (c) any and all patents that have
issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations by existing or future
extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent
applications ((a), (b) and (c)), and (e) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction patent or registration patent or patent
of additions to any such foregoing patent applications and patents.

Page 2 of 11

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1.16 "**Patent Rights**" has the meaning set forth in Section 4.1.

1.17 "**Person**" means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization.

1.18 "**Program**" means any and all research activities performed by or on behalf of Kazia prior to
the Effective Date covered by the Transferred Patents or otherwise referrable to the Assets.

1.19 "**Records**" means (i) all records made available to Vivesto under the License Agreement
and (ii) any additional records listed in part 3 of the Assets List; including all physical and electronic preclinical and clinical study reports and data, all regulatory correspondence, CMC documentation and correspondence with producers,
laboratory notebooks, clinical and regulatory filings (if any), certifications, consents, approvals and other records, documents and files (whether in paper, electronic or other form) which contain information relating to the Program or the
Compounds, including Know-How, data or information relating to the prosecution or maintenance of the Transferred Patents as well as any and all agreements with and assignments from the inventors of the
inventions covered or claimed by the Transferred Patents.

1.20 "**Return Date**" has the meaning set forth in Section 4.3.

1.21 "**Short Form Patent Assignment**" has the meaning set forth in Section 4.3.

1.22 "**Third Party**" means any Person other than the Parties their respective Affiliates.

1.23 "**Transferred Patents**" means all of the Patents specified in part 1 of the Asset List (and
all rights of priority with respect to such patent applications).

1.24 "**Trademark**" means any word, name, symbol, colour, designation or device or any combination
thereof for use in the course of trade, including trademark, trade dress, brand mark, trade name, brand name, logo or business symbol used by Kazia solely in connection with the Compounds.

1.25 "**Transferred Trademarks**" means all of the Trademarks specified in part 4 of the Asset List,
including any registration and any unregistered rights thereto in any country of the world.

1.26 "**Yale Disclosure**" has the meaning set forth in the License Agreement.

---

| | |
|:---|:---|
| **2** | **<u>Construction</u>**  |

---

Except where the context requires otherwise, whenever used the singular includes the plural, the plural includes the singular, the use of any gender is applicable to all genders and the word "or" has the inclusive meaning represented by the phrase "and/or". Whenever this Agreement refers to a number of days, unless otherwise specified, such number refers to calendar days. The headings of this Agreement are for convenience of reference only and do not define, describe, extend or limit the

Page 3 of 11

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scope or intent of this Agreement or the scope or intent of any provision contained in this Agreement. The term "including" or "includes" as used in this Agreement means including, without limiting the generality of any description preceding such term. The wording of this Agreement shall be deemed to be the wording mutually chosen by the Parties and no rule of strict construction shall be applied against any Party.

---

| | |
|:---|:---|
| **3** | **<u>Sale and Transfer</u>**  |

---

3.1 <u>Sale and Transfer of the Assets.</u> Upon the terms and conditions set forth in this Agreement, Kazia
hereby sells and transfers to Vivesto as of the Effective Date, and Vivesto agrees to purchase and take over, as of such date, all of Kazia's right, title and interest in and to all of the Assets.

3.2 <u>Further Actions.</u> Kazia shall, from time to time and at Vivesto's cost, execute and deliver
all such further instruments or documents as Vivesto may reasonably request in order to consummate effectively the transfer of the Assets as contemplated by this Agreement, For avoidance of doubt, Kazia shall execute documents pursuant to Sections
4.3 at its own cost and free of charge to Vivesto.

---

| | |
|:---|:---|
| **4** | **<u>Additional Provisions Regarding the Transferred Patents</u>**  |

---

4.1 <u>Patent Rights.</u> The transfer as per Section 3.1 includes all of Kazia's right, title
and interest in and to the following rights (the "**Patent Rights** "), which are thus hereby assigned by Kazia to Vivesto as of the Effective Date to be held and enjoyed by Vivesto for its own use and for the use of its Affiliates,
successors, licensees and assignees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 the Transferred Patents, including any reissues, re-examinations, renewals and extensions (and equivalents) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 any and all Patents (the "**Subsequent Patents**") in any country that may be issued to or on
any of the patent applications specified in the Asset List and any reissues, re-examinations, renewals and extensions (and equivalents in countries other than the United States) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 all of Kazia's right to make any patent applications – and title and interest in any patent
application made – in any country in relation to any part of the Know-How; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 any and all causes of action, claims, demands or other rights, occasioned from or because of any and all past
and future infringement of any of the Transferred Patents or Subsequent Patents, including all rights to recover damages, profits and injunctive relief for infringement of any of the Transferred Patents or Subsequent Patents.

4.2 <u>Further Actions to Effectuate Transfer.</u> At Vivesto's request and expense, Kazia shall take
any further actions necessary or useful for Vivesto (a) to become the registered owner of the Transferred Patents and (b) to otherwise enjoy the full benefit of Transferred Patents.

4.3 Without prejudice to the foregoing, Vivesto will within thirty (30) days after the Effective Date, deliver
to Kazia all further instruments, applications or documents, including separate patent assignment documents substantially in the form set forth in

Page 4 of 11

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<u>Schedule 4</u> ("**Short Form Patent Assignment**"), that it requires Kazia to execute in order to effect the transfer of the Transferred Patents. Kazia will free of charge execute each document provided to it by Vivesto within thirty (30) days after the Effective Date under this clause in a reasonable period (taking into account the relevant execution requirements) and return a scanned copy of each document to an email address notified to it by Vivesto (the date of sending by Kazia being the "**Return Date**"). Kazia will make available hard copies of each document which may, at Vivesto's election, be collected from Kazia's registered office or delivered by registered mail to any other location as instructed by Vivesto. The Parties further agree that Vivesto shall submit to the relevant patent authorities in the relevant jurisdictions any executed Short Form Patent Assignment, amended as reasonably necessary, and Vivesto shall bear the costs associated with the registration thereof.

4.4 <u>Filing, Prosecution, Maintenance of Transferred Patents.</u> For the avoidance of doubt, Vivesto
shall as from the Effective Date have the sole right, but not the obligation, at its sole discretion and expense, through counsel of its choosing, to prepare, file, obtain, prosecute (including any interferences, reissue proceedings and re- examinations) maintain, defend and discontinue all Transferred Patents throughout the world.

4.5 <u>Covenant Not to Sue.</u> Kazia shall not, and shall procure that its Affiliates shall not, anywhere in the
world, institute or prosecute (or in any way aid any Third Party in instituting or prosecuting) any claim, demand, action or cause of action for damages, costs, expenses or compensation, or for an enjoinment, injunction, or any other remedy, against
Vivesto, its Affiliates or licensees alleging the infringement of any Patent or other intellectual property rights of Kazia or its Affiliates by Vivesto or its Affiliates due to Vivesto's, its Affiliates' or licensees' exploitation
of any Compound or exercise of the Patent Rights.

---

| | |
|:---|:---|
| **5** | **<u>Consideration</u>**  |

---

5.1 <u>Total Obligation.</u> In full consideration of the Assets sold and other rights granted to Vivesto
hereunder and subject to the terms and conditions of this Agreement, Vivesto shall make payment to Kazia of (i) US$ six hundred thousand (600,000) within fifteen (15) days after the Effective Date, and (ii) US$ four hundred thousand
(400,000) within fifteen (15) days after the Return Date. Unless otherwise expressly provided for in this Agreement, the said payments represent all of Vivesto's financial obligations to Kazia hereunder. Vivesto is not permitted to deduct
or off-set any amount from amounts payable under this Section 5.1.

5.2 <u>Invoices.</u> Kazia shall send an invoice to Vivesto in respect of each of the amounts payable
pursuant to Section 5.1. Such invoices shall reference to this Agreement. Payments shall be made to Kazia's following bank account:

[\*\*\*]

Page 5 of 11

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5.3 <u>Taxes.</u> Vivesto alone shall be responsible for paying any and all taxes levied on account of, or measured
in whole or in part by reference to, any payments it receives pursuant to this Agreement. Such amounts are not to be deducted from the sums payable under Section 5.1.

---

| | |
|:---|:---|
| **6** | **<u>Non-Compete</u>**  |

---

6.1 Kazia undertakes to Vivesto that neither Kazia nor any of its Affiliates – whether alone or jointly with
any other Person and whether directly or indirectly and whether as participator, partner or promoter of, in or to any other Person – shall anywhere in the world at any time during the period (the "**Covenant Period** ")
commencing on the Effective Date and concluding on the fifth (5<sup>th</sup>) anniversary of the Effective Date be engaged in activities aimed at the identification, discovery, development or
commercialisation of any benzopyran or benzopyran-like substances.

If Kazia is acquired by a Third Party during the Covenant Period, and that Third Party had engaged in activities aimed at the identification, discovery, development or commercialisation of any benzopyran or benzopyran-like substances prior to the acquisition of Kazia, this Section 6 will not apply.

6.2 The Parties agree that the restrictions contained in Section 6.1 are reasonable and necessary for the
protection of the confidential information and business of Vivesto and its Affiliates, that such restrictions are reasonable in all the circumstances and that Vivesto would not have entered into this Agreement without the protection afforded to it
and its Affiliates under Section 6.1.

---

| | |
|:---|:---|
| **7** | **<u>Representations and Warranties</u>**  |

---

7.1 Each Party represents and warrants to the other (i) that it has full power and authority to enter into
this Agreement and has taken all necessary action on its part required to authorise the execution and delivery of this Agreement and (ii) that the execution, delivery and performance of this Agreement, including the Transitional Services
Agreement, will not result in a violation of, or be in material conflict with, or constitute a material default under, any agreement in existence as of the Effective Date or subsequently entered into between it and any other Person.

7.2 Kazia represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) apart from matters disclosed prior to the Effective Date, it has received no notice of any claims, suits,
administrative, arbitration or other legal proceedings (including but not limited to tax or employment matters) relating to the Assets or the Program and, to Vivesto's Knowledge, no facts or circumstances are likely to lead to such proceedings
being threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has not withheld any information from Vivesto which Kazia reasonably believes would have influence
Vivesto's decision to acquire the Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Assets are sold and transferred free of any Encumbrance;

Page 6 of 11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the best of Kazia's knowledge, all Materials and Records have been provided to Vivesto under the
License Agreement. Should it later be discovered that there are any additional Materials or Records not previously provided to Vivesto, such Materials and Records shall be provided by Kazia to Vivesto promptly at Kazia's cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the best of Kazia's knowledge, there is no claim or threatened claim by any person alleged to have
suffered personal injury or death as a result of use of the Assets prior to the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the last communication between Kazia and Yale in relation to the Yale Disclosure was May 2023 and otherwise
there has been no correspondence in relation to the Yale Disclosure.

---

| | |
|:---|:---|
| **8** | **<u>Confidentiality</u>**  |

---

8.1 For a period of ten (10) years after the Effective Date, each Party (the "**Receiving Party**") shall, and shall cause its officers, directors and other employees and agents to, keep confidential and not use, publish or otherwise disclose any Confidential Information of the other Party (the "**Disclosing Party** "); it being agreed that Kazia shall, and shall cause its Affiliates to, treat all Assets, including the Know-How, the Records and the Materials as Confidential Information of Vivesto, in
respect of which Kazia shall, for the purpose of this Article 9, be deemed as the Receiving Party and Vivesto the Disclosing Party.

8.2 The obligations of confidentiality in Section 8.1 shall not extend to any Confidential Information of the
Disclosing Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or comes into the public domain without breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is received by the Receiving Party from a Third Party without any obligation of confidentiality and without
breach of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Receiving Party can demonstrate by competent evidence was independently developed by the Receiving Party
following the Effective Date without use of or reference to any such Confidential Information.

8.3 This Agreement shall not restrict the Receiving Party from complying with a lawfully issued governmental order
or legal requirement or the requirements of a national securities exchange or another similar regulatory body to produce or disclose the Disclosing Party's Confidential Information; provided, however, that the Receiving Party shall promptly
notify the Disclosing Party of such order or requirement to enable the Disclosing Party to oppose the order or obtain a protective order. If the Receiving Party is thereafter required to disclose such Confidential Information, both Parties will
endeavour to agree to a mutually satisfactory means to disclose such information.

---

| | |
|:---|:---|
| **9** | **<u>Announcements and Use of Name</u>**  |

---

9.1 All press releases, public announcements or public relations activities by the Parties with regard to this
Agreement or the transactions contemplated by it shall be mutually approved by the Parties in advance of such release, announcement or activity.

Page 7 of 11

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9.2 The Parties approve the press release at **Schedule 3** and agree that it may be published immediately upon
execution of this Agreement.

9.3 Neither Party shall use the name, insignia, symbol, trademark, trade name or logotype of the other Party or its
Affiliates in any publication, press release, promotional material or other form of publicity without the prior written consent of the other Party (which shall not be unreasonably withheld), except (i) to the extent necessary for the fulfilment
of a Party's obligations or protection of its rights under this Agreement, (ii) for those disclosures for which consent has previously been obtained and (iii) that either Party shall, following the completion of such agreed press
releases, public announcements or other public relations activities as are referred to in Section 9.1 above, be entitled to disclose to third parties the information contained within any such agreed press release or public announcement or used
in any such agreed public relations activities. The restrictions imposed by this Section 9 shall not prohibit either Party from making any disclosure that is required by applicable law, rule or regulation or the requirements of a national
securities exchange or another similar regulatory body.

---

| | |
|:---|:---|
| **10** | **<u>Governing Law</u>**  |

---

The interpretation and construction of this Agreement shall be governed by the laws of Sweden excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

---

| | |
|:---|:---|
| **11** | **<u>Disputes</u>**  |

---

Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration in accordance with the Arbitration Rules of the of the Stockholm Chamber of Commerce. The seat of arbitration shall be Stockholm, Sweden. The language to be used in the arbitral proceedings shall be English.

---

| | |
|:---|:---|
| **12** | **<u>Notices</u>**  |

---

Any notice, request, or other communication permitted or required under this Agreement shall be in writing, shall refer specifically to this Agreement, and shall be deemed given only if hand delivered or sent by an internationally recognised overnight delivery service, costs prepaid, or by email, to the Party to whom notice is to be given at the following address (or at such other address such Party may have provided to the other Party in accordance with this Section 12):

<u>If to Vivesto:</u>

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | as per above |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the attention of: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the attention of: | Chief Executive Officer |
|  | Email: | [\*\*\*] |

---

<u>If to Kazia:</u>

Page 8 of 11

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---

| | |
|:---|:---|
|  Address: | as above |
| For the attention of: | John Friend or any subsequent CEO |
|  Email: | [\*\*\*] |

---

---

| | |
|:---|:---|
| **13** | **<u>Severability</u>**  |

---

If any provision of this Agreement is held to be invalid, illegal or unenforceable, in any respect, then, to the fullest extent permitted by applicable law: (a) such provision will be given no effect by the Parties and shall not form part of this Agreement, (b) all other provisions of this Agreement shall remain in full force and effect and (c) the Parties will use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable that is consistent with applicable law and achieves, as nearly as possible, the original intention of the Parties. To the fullest extent permitted by applicable law, the Parties waive any provision of law that would render any provision in this Agreement invalid, illegal or unenforceable in any respect.

---

| | |
|:---|:---|
| **14** | **<u>Entire Agreement</u>**  |

---

15.1 This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this
Agreement. This Agreement supersedes all prior agreements, whether written or oral, with respect to the subject matter of this Agreement. Each Party confirms that it is not relying on any representations, warranties or covenants of the other Party
except as specifically set out in this Agreement. Nothing in this Agreement is intended to limit or exclude any liability for fraud. All Schedules referred to in this Agreement are intended to be and are hereby specifically incorporated into and
made a part of this Agreement. In the event of any inconsistency between any such Schedules on one hand and this Agreement on the other hand, the terms of this Agreement shall govern.

15.2 The License Agreement is hereby terminated with effect on the Effective Date. Each Party hereby releases the
other Party, its predecessors, successors, assigns, and its present and former officers, directors, partners, shareholders, employees, agents, affiliates and subsidiaries from any and all past, present and future claims, demands, obligations,
liabilities and causes of action of any nature whatsoever ("Claims") relating to or arising out of, under, or in connection with the License Agreement or its termination; provided, however, that neither Party hereby releases the other
from any Claims arising under this Agreement.

---

| | |
|:---|:---|
| **15** | **<u>Waiver and Non-Exclusion of Remedies</u>**  |

---

A Party's failure to enforce, at any time or for any period of time, any provision of this Agreement, or to exercise any right or remedy shall not constitute a waiver of that provision, right or remedy or prevent such Party from enforcing any or all provisions of this Agreement and exercising any rights or remedies. To be effective any waiver must be in writing. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by law or otherwise available, except as expressly set forth herein.

Page 9 of 11

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---

| | |
|:---|:---|
| **16** | **<u>Assignment</u>**  |

---

This Agreement is personal to the Parties who shall not have any right to assign it without the prior written consent of the other Party, provided however, that Vivesto may assign this Agreement to an Affiliate or to an acquirer of all or substantially all of the Assets and, that Kazia may assign this Agreement to an Affiliate or to an acquirer of all of its business.

---

| | |
|:---|:---|
| **17** | **<u>Amendment</u>**  |

---

Any amendment or modification of this Agreement must, in order to be valid, be in writing and signed by authorised representatives of both Parties.

---

| | |
|:---|:---|
| **18** | **<u>Counterparts</u>**  |

---

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall be deemed to constitute one and the same instrument.

*[Signature page overleaf]* 

Page 10 of 11

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**<u>Execution</u>**

THIS AGREEMENT IS EXECUTED by the authorised representatives of the Parties as of the date first written above.

---

| | |
|:---|:---|
| SIGNED for and on behalf of<br> **Vivesto AB (publ)** | SIGNED for and on behalf of<br> **Kazia Therapeutics Limited** |
| /s/ Erik Kinnman | /s/ John Friend |
| Signature | Signature |
| Name: Erik Kinnman | Name: John Friend, MD |
| Title: CEO | Title: CEO |

---

Page 11 of 11

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**Schedule 1** 

**<u>ASSET LIST</u>**

PART 1 – TRANSFERRED PATENTS

[\*\*\*]

PART 2 – MATERIALS

[\*\*\*]

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PART 3 – RECORDS

[\*\*\*]

PART 4 – TRANSFERRED TRADEMARKS

[\*\*\*]

Page 13 of 8

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**Schedule 2** 

**<u>CONFIRMATORY PATENT ASSIGNMENT</u>**

We, the undersigned Kazia Therapeutics Limited, ACN 063 259 754 of Three International Towers, Level 24, 300 Barangaroo Avenue, Sydney NSW 2000, Australia (the "**Assignor**"), do hereby declare that we have sold, assigned and transferred to Vivesto AB (publ), Box 3061, 169 03 Solna, Sweden (the "**Assignee**"), all of our rights, title and interest in and to the following [*patents/patent applications*]:

*[specify patent no. / patent application no. ... filed on ... in ...]* 

and all of the inventions covered thereby (collectively, the "**Transferred Patent**").

It is further declared that the above assignment of the Transferred Patent was made for good and valuable consideration pursuant to a certain asset transfer agreement (the "**Asset Transfer Agreement**") made effective by and between the Assignor and the Assignee as of March 30, 2025(the "**Effective Date**") and that such assignment included

(i) the right without limitation to apply for, to be granted and to assign patents and other means of protection of
industrial property (including design registration or inventor's certificate), and the right to claim convention priority, on the basis of the original applications with regard to each of the inventions covered by the Transferred Patents;

(ii) any and all ownership interest the Assignor may have or claim to have in the Transferred Patent, including any
continuations, divisions, reissues, re- examinations, extensions (or equivalents thereof in countries other than the United States) and including the subject matter of all claims which may be obtained
therefrom for the Assignee's own use and enjoyment and for the use and enjoyment of the Assignee's successors, assigns or other legal representatives, as fully and entirely as the same would have been held and enjoyed by the Assignor if
the above sale, assignment and transfer had not been made; together with

(iii) all income, damages or payments due or payable from and after the Effective Date, including all claims for
damages by reason of past, present or future infringement or other unauthorised use of the Transferred Patent, with the right to sue for, and collect the same for the Assignee's own use and enjoyment, and for the use and enjoyment of its
successors, assigns, or other legal representatives.

This Assignment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[*Signature page overleaf*]

Page 14 of 8

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In witness whereof the parties hereto have executed this Confirmatory Patent Assignment as of the day and year stated below.

---

| | | | |
|:---|:---|:---|:---|
| Place: | Place: | Place: Stockholm | Place: Stockholm |
| Date: March 30, 2025 | Date: March 30, 2025 | Date: March 30, 2025 | Date: March 30, 2025 |
| ASSIGNOR | ASSIGNOR | ASSIGNEE | ASSIGNEE |
| By: | /s/ John Friend | By: | /s/ Erik Kinnman |
| Name: John Friend | Name: John Friend | Name: Erik Kinnman | Name: Erik Kinnman |
| Capacity: CEO | Capacity: CEO | Capacity: CEO | Capacity: CEO |

---

Page 15 of 8

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**Schedule 3** 

**<u>PRESS RELEASE</u>**

**Kazia press release:** 

XX March 2025

***Kazia Therapeutics Announces Sale of Intellectual Property and Trademarks Rights for Cantrixil<sup>®</sup>***

*Kazia to receive USD $1 million from Vivesto for the intellectual property and trademark assets rights to the oncology drug candidate, Cantrixil* 

Sydney, March XX, 2025 – Kazia Therapeutics Limited (NASDAQ: KZIA) ("Kazia" or "the Company"), an oncology-focused drug development company, today announced the sale of all intellectual property and trademarks rights to Cantrixil for USD $1 million.

In March 2021, Vivesto licensed the exclusive global development and commercialization rights for Cantrixil from Kazia Therapeutics. Having decided not to pursue development of Cantrixil in ovarian cancer, as originally anticipated under the license, Vivesto is currently exploring Cantrixil preclinically for the treatment of hematological cancers. Cantrixil, a legacy molecule in the Kazia pipeline, is a product candidate consisting of the active molecule, a potent and selective third generation benzopyran SMETI inhibitor named TRXE-002-01, encapsulated in a cyclodextrin.

"We are pleased to enter into this agreement with Vivesto, which provides a source of non-dilutive funding that will help advance our proprietary, clinical-stage pipeline," said John Friend, M.D., Chief Executive Officer of Kazia Therapeutics.

**Investor and Media Contacts:** 

Alex Star, Managing Director

LifeSci Advisors LLC

+1-201-786-8795.

Astarr@lifesciadvisors.com

**About Kazia Therapeutics Limited** 

Kazia Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused drug development company, based in Sydney, Australia. Our lead program is paxalisib, an investigational brain penetrant inhibitor of the PI3K / Akt / mTOR pathway, which is being developed to treat multiple forms of brain cancer. Licensed from Genentech in late 2016, paxalisib is or has been the subject of ten clinical trials in this disease. A completed Phase 2/3 study in glioblastoma (GBM-Agile) was reported in 2024 and discussions are ongoing for designing and executing a pivotal registrational study in pursuit of a standard approval. Other clinical trials involving paxalisib are ongoing in advanced breast cancer, brain metastases, diffuse midline gliomas, and primary CNS lymphoma, with several of these trials having reported encouraging interim data. Paxalisib was granted Orphan Drug Designation for glioblastoma by the FDA in

Page 16 of 8

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February 2018, and Fast Track Designation (FTD) for glioblastoma by the FDA in August 2020. Paxalisib was also granted FTD in July 2023 for the treatment of solid tumour brain metastases harboring PI3K pathway mutations in combination with radiation therapy. In addition, paxalisib was granted Rare Pediatric Disease Designation and Orphan Drug Designation by the FDA for diffuse intrinsic pontine glioma in August 2020, and for atypical teratoid / rhabdoid tumours in June 2022 and July 2022, respectively. Kazia is also developing EVT801, a small molecule inhibitor of VEGFR3, which was licensed from Evotec SE in April 2021. Preclinical data has shown EVT801 to be active against a broad range of tumour types and has provided evidence of synergy with immuno-oncology agents. A Phase I study has been completed and preliminary data was presented at 15th Biennial Ovarian Cancer Research Symposium in September 2024. For more information, please visit www.kaziatherapeutics.com or follow us on X @KaziaTx.

**Forward-Looking Statements** 

This announcement may contain forward-looking statements, which can generally be identified as such by the use of words such as "may," "will," "estimate," "future," "forward," "anticipate," or other similar words. Any statement describing Kazia's future plans, strategies, intentions, expectations, objectives, goals or prospects, and other statements that are not historical facts, are also forward looking statements, including, but not limited to, statements regarding: the timing for results and data related to Kazia's clinical and preclinical trials, Kazia's strategy and plans with respect to its programs, including paxalisib and EVT801, the potential benefits of paxalisib as an investigational PI3K/mTOR inhibitor, the potential benefits and costs to Kazia of the sale of all of its intellectual property and trademarks rights to Cantrixil to Vivesto, timing for any regulatory submissions or discussions with regulatory agencies, and the potential market opportunity for paxalisib. Such statements are based on Kazia's current expectations and projections about future events and future trends affecting its business and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward- looking statements, including risks and uncertainties: associated with clinical and preclinical trials and product development, related to regulatory approvals, and related to the impact of global economic conditions. These and other risks and uncertainties are described more fully in Kazia's Annual Report, filed on form 20-F with the SEC, and in subsequent filings with the United States Securities and Exchange Commission. Kazia undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required under applicable law. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this announcement. This announcement was authorized for release by Dr John Friend, CEO

Page 17 of 8

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**Vivesto press release:** 

**Vivesto signs deal with Kazia Therapeutics to acquire full Cantrixil<sup>®</sup> rights** 

**Solna, Sweden, March xx 2025 – Vivesto AB, an oncology-focused development company, today announced that it has signed an agreement with the Australian pharmaceutical company Kazia Therapeutics to acquire full rights, including all intellectual property and trademarks rights for the drug candidate Cantrixil for 1 MUSD. Vivesto previously announced positive preclinical efficacy data, supporting the ongoing development of Cantrixil for hematological cancers. New results are expected to be presented throughout 2025.** 

"The decision to acquire full Cantrixil rights follows the previously announced positive preclinical results and the expected commercial potential for a future approved drug," said Erik Kinnman, Vivesto's CEO. "Advancing treatment options for hematological cancers is a central focus for Vivesto, and we remain encouraged to see Cantrixil showing clear positive effects as a single agent and in combination with other anti- cancer drugs. The acquisition gives Vivesto full control and allows us to accelerate planning, as well as opportunities to leverage the intrinsic project values and revenues entirely to Vivesto. We are confident Cantrixil can make a significant impact to patients and build shareholder value."

At the end of 2024, Vivesto announced that positive results were obtained from preclinical studies with combination treatments within the company's Cantrixil program, supporting continued development in hematological cancer. Vivesto also announced that a new patent application covering the treatment of hematological cancer with Cantrixil was filed, with the aim to strengthen the IP position. Cantrixil has shown strong cytotoxic effects at low doses in cell lines derived from patients with hematological cancer. The generated data provided important input to the dosing selection and treatment regime in upcoming preclinical and clinical studies.

Vivesto acquired the global development and commercialization rights for Cantrixil from Kazia Therapeutics in March 2021. Since acquiring these rights, Vivesto has been working on the continued development of this asset. The work to manufacture drug supply for upcoming clinical trials is ongoing. The company is focusing its efforts on developing Cantrixil for the treatment of hematological cancers with high unmet medical needs and significant commercial potential.

**For further information:** 

Erik Kinnman, Chief Executive Officer

Phone: 018-50 54 40

E-mail: IR@vivesto.com

**About Vivesto AB** 

Vivesto is a Swedish development company that aims to offer new treatment options

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for hard-to-treat cancers where there are major medical needs and significant market potential. The project portfolio consists of Cantrixil and Docetaxel micellar, which are being developed for blood cancer and prostate cancer, respectively, and the veterinary oncology program Paccal Vet (paclitaxel micellar), which is being evaluated in a pilot clinical trial in dogs with splenic hemangiosarcoma following splenectomy. Vivesto's shares are traded on Nasdaq Stockholm (ticker: VIVE). Visit www.vivesto.com for more information about Vivesto.

**About Cantrixil<sup>®</sup>** 

Cantrixil is a drug candidate in development for the treatment of advanced cancer. Based on recently reported data and in order to maximize the commercial potential of the Cantrixil program, Vivesto has decided to focus further development on hematological cancer after having obtained results showing strong cytotoxic effects at low doses in cell lines from patients with hematological cancers. Cantrixil consists of the active molecule TRX-E-002-1, a selective third generation benzopyran and a potent tubulin polymerization inhibitor. Positive in vitro preclinical data from so- called ADME studies (absorption, distribution, metabolism and excretion) and secondary pharmacology studies presented in December 2023 confirm that Cantrixil has appropriate physicochemical properties and an acceptable safety profile with minimal "off-target" effects.

Page 19 of 8

## Exhibit 4.23

**Exhibit 4.23** 

***Confidential***

***Certain information identified by [\*\*\*] has been omitted from this exhibit because it is both***

***not material and is the type that the registrant treats as confidential***

**LICENSE AND COMMERCIALISATION AGREEMENT** 

This **LICENSE AND COMMERCIALISATION AGREEMENT** (this **Agreement**") is made as of 3 October, 2025 ("**Effective Date")**, by and between **KAZIA THERAPEUTICS LIMITED** ABN 37 063 259 754 of L24, 300 Barangaroo Avenue, Sydney, NSW 2000, Australia, a company organized under the laws of Australia (**Kazia**), and **QIMR BERGHOFER**, known officially **The Council of the Queensland Institute of Medical Research,** a statutory body formed under the Queensland Institute of Medical Research Act 1945 organised under the laws of Queensland and having a place of business at 300 Herston Road, Herston, QLD 4006, Australia ("**QIMRB**"). Kazia and QIMRB are sometimes referred to herein individually as a **Party** and collectively as the **Parties**.

**Recitals** 

**QIMRB** owns certain intellectual property rights or other proprietary rights relating to certain products; and

Kazia wishes to obtain from QIMRB, and QIMRB is willing to grant to Kazia, licenses to research, develop, manufacture, commercialise, and otherwise exploit such products, on the terms and conditions set forth herein.

Kazia will undertake the Commercialisation of the Intellectual Property.

Kazia will pay to QIMRB a share of Commercialisation Revenue in accordance with this Agreement.

**NOW THEREFORE**, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, Kazia and QIMRB hereby agree as follows:

**Article 1 DEFINITIONS** 

Unless the context otherwise requires, the terms in this Agreement with initial letters capitalized, shall have the meanings set forth below, or the meaning as designated in the indicated places throughout this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**Affiliate**" means, with respect to an entity, any entity that controls, is controlled by, or is under common control with such first entity. For the purpose of this definition, "control" (including, with correlative meaning, the terms "controlled by" and "under the common control") means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of more than fifty percent (50%) of the voting stock of such entity, by contract or otherwise.

------

***Confidential***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Business Day** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for receiving a notice under Section 11.5, a day that is not a Saturday, Sunday, public holiday or bank
holiday in the place where the notice is received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for all other purposes, a day that is not a Saturday, Sunday, bank holiday or public holiday in Queensland,
Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Commercialisation Revenue**" means the proceeds from any transactions pursuant to which the right, title and interest in and to any Product Assets are licensed, in whole or in part to a Third Party. Those proceeds will include, but are not limited to signing fees, royalties and/or lump sum amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Commercially Reasonable Efforts**" means, with respect to the efforts to be expended by a Party or its Affiliate with respect to any objective, activity or decision to be undertaken under this Agreement, those efforts that a company developing technology within the bio-pharmaceutical industry of comparable size and resources would reasonably use to accomplish such objective, activity or decision under similar circumstances, and specifically means the carrying out of development activities using efforts that a company developing technology within the bio-pharmaceutical industry of comparable size and resources would reasonably devote to a product at a similar stage in its development or commercial product life and of similar market potential, taking into consideration, among other factors, Third Party costs and expenses, including the royalties, milestone and other payments payable to Third Party licensors of patent or other intellectual property rights, and the pricing and reimbursement relating to the product, based on conditions then prevailing, efficacy, safety, approved labelling, the competitiveness of alternative products sold by Third Parties in the marketplace, the patent and other proprietary position of the product, and the likelihood of Regulatory Approval given the regulatory structure involved and the Party's remaining product portfolio and other commercial imperatives. For clarity, the efforts of Kazia's Affiliates, Sublicensee's and Subcontractors will be considered the efforts of Kazia, and Commercially Reasonable Efforts will not mean that a Party guarantees that it will actually accomplish the applicable task or objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Confidential Information**" of a Party means all Know-How, unpublished patent applications and other information and data of a financial, commercial, business, operational or technical nature that is disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of its Affiliates under or in connection with this Agreement, whether made available orally, in writing or in electronic form, and whether before, on or after the Effective Date. Notwithstanding the foregoing, (a) any commercialisation transactions with respect to, Product Assets, and (b) the existence and terms of this Agreement, shall be deemed the Confidential Information of both Kazia and QIMRB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 "Effective Date**" means 3 October 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Force Majeure Event**" means an event beyond the reasonable control of the affected Party, potentially including embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labour disturbances, fire, floods, earthquakes, pandemic or epidemic, or other acts of God, or acts, omissions or delays in acting by any Government Authority.

------

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**GLP**" or "**Good Laboratory Practices**" means all current applicable standards of good laboratory practice for the conduct of non-clinical laboratory studies of medicinal products as set forth in applicable laws, such as 21 C.F.R. Part 58 or any successor or foreign equivalent thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**GLP Toxicity Study**" means, with respect to a Product, a pre-clinical study conducted in a species using applicable GLP for the purposes of assessing the onset, severity, and duration of toxic effects and their dose dependency with the goal of establishing a safety profile required for a regulatory submission supporting the dosing of human subjects, as may be set forth in the Development Plan. For clarity, preliminary toxicity studies are not regarded as a GLP Toxicity Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Government Authority**" means any federal, state, national, provincial or local government, or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral body).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Improvement**" means improvement, advancement, modification, adaptation, development, addition or alteration to any of the Licensed IP created or developed by a Party through the use of the Licensed IP, including but not limited to any new data, use, medical indication, formulation, dosage, composition, combination, method of manufacturing, product or service, using or relating to the Licensed Patent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**IND**" means any and all investigational new drug application, clinical trial application, clinical trial exemption or similar or equivalent application filed with the applicable Regulatory Authority for approval to conduct clinical testing of a pharmaceutical or biological product in a country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**IND Enabling Studies**" means those studies that are reasonably required to meet the requirements for filing an IND with a Regulatory Authority, including GLP Toxicology Studies, and studies required for the preparation of the chemistry, manufacturing and controls ("CMC") section of such IND.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Kazia Indemnitees**" means Kazia and its officers, directors and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "**Know-How**" means any proprietary information, data (whether preclinical, clinical or otherwise), results, materials, discoveries, inventions (whether patentable or otherwise), know-how, software, protocols, chemical or biological structures, chemical sequences, formulas, trade secrets, techniques, methods, processes, procedures, manufacturing technology, and any modifications or improvements of the foregoing; provided that Know-How does not include Patent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Licensed IP**" means the Licensed Know-How and Licensed Patent Rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Licensed Know-How**" means any and all Know-How that (a) is owned or controlled by QIMRB as of the Effective Date, and (b) is necessary or reasonably useful for the exploitation of any Product. Licensed Know-How existing as of the Effective Date shall include the matters and material listed in **<u>Exhibit A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "**Licensed Patent Rights**" means, any and all Patent Rights that (a) are owned by QIMRB as of the Effective Date, and (b) claim or cover any Product (including their composition of matter, formulation, combination, product by process, or method of use, manufacture, preparation or administration) or otherwise are necessary or reasonably useful for the exploitation of any Product. Licensed Patent Rights existing as of the Effective Date are set forth in **<u>Exhibit B</u>** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**QIMRB Indemnitees**" means QIMRB and its officers, directors, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** "**Losses**" has the meaning set forth in Section 9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21** "**Patent Rights**" means all patents and patent applications (which for the purpose of this Agreement shall be deemed to include certificates of invention and applications for certificates of invention), including all divisionals, continuations, substitutions, continuations-in-part, re-examinations, reissues, additions, renewals, revalidations, extensions, registrations, pediatric exclusivity periods and supplemental protection certificates and the like of any such patents and patent applications, and any and all foreign equivalents of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** "**Phase 1 Clinical Trial**" means a Clinical Trial of a Product on sufficient numbers of normal volunteers and/or patients that is designed to establish that such Product is safe for its intended use and to support its continued testing in Phase 2 Clinical Trials, and/or to determine pharmacokinetic and pharmacodynamic information, or including a preliminary observation of efficacy but subject to such Phase 1 Clinical Trial not being statistically powered to show efficacy in a clinical trial endpoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** "**Phase 2 Clinical Trial**" means a Clinical Trial of a Product, including a separate Clinical Trial or the second part of a fused "Phase 1/2" trial, where either such separate Clinical Trial or second part of such fused "Phase 1/2" trial is designed to provide a determination of efficacy or an appropriate dose of such Product in the target patient population. For purposes of this Agreement, 'initiation' of a Phase 2 Clinical Trial for a Product means the first use of such Product in a human subject in a Phase 2 Clinical Trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24** "**Phase 3 Clinical Trial**" means a Clinical Trial of a Product on sufficient numbers of patients that is designed to establish that such Licensed Product is efficacious for its intended use, and to define warnings, precautions and adverse reactions that are associated with such Licensed Product in the dosage range to be prescribed, and to support Regulatory Approval of such Licensed Product or label expansion of such Product. A Phase 3 Clinical Trial shall include a trial intended as a registration trial that will form the basis for obtaining Regulatory Approval, whether or not such Clinical Trial is designated as a Phase 3 Clinical Trial. For purposes of this Agreement, 'initiation' of a Phase 3 Clinical Trial for a Product means the first use of such Product in a human subject in a Phase 3 Clinical Trial.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25** "**Product**" means any composition of matter, formulation, combination, product by process disclosed in the Licensed IP, including all products created as part of the PD-L1 inhibitor and degrader research program under the direction of Professor Sudha Rao (including precursor molecules, NDL2, [\*\*\*], CMC, dosage strengths, dosage forms, presentation or package configurations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26** "**Product Assets**" means, any and all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) rights, title and interests in, to and under the Licensed IP with respect to such Product, or necessary or reasonably useful for the exploitation of such Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rights, title and interests in, to and under the Improvements with respect to such Product, or necessary or reasonably useful for the exploitation of such Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) clinical trial records, including laboratory notebooks and clinical trial data in relation to the Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accounts receivable arising from the sales or other disposition of such Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Regulatory Documentation (including in draft form) with respect to such Product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Inventories of such Product (in any form), including any in-progress inventories and inventories of active pharmaceutical ingredients (APIs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) supply agreements and other material agreements related to such Product or the exploitation thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other rights, title, and interests in, to and under any other assets that are related to such Product or are necessary or reasonably useful for in the exploitation of such Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27** "**Regulatory Approval**" means any and all technical, medical and scientific licenses, registrations, authorizations and approvals (including any supplements and amendments thereto) of any Regulatory Authority, necessary or reasonably useful for the development, manufacture, or commercialisation of a pharmaceutical or biological product, including any and all approvals of investigational new drug (IND) applications, new drug applications (NDAs), or biologics license applications (BLAs), priority review vouchers, marketing authorization approvals (including any accelerated approval or analogous approvals outside the U.S.), labeling approvals, and pricing and reimbursement approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28** "**Regulatory Authority**" means any applicable Government Authority involved in granting Regulatory Approvals for a pharmaceutical or biological product, including granting Regulatory Approvals for the conduct of clinical trials or the manufacturing, marketing, reimbursement or pricing, as applicable, of such product.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29** "**Regulatory Documentation**" means any and all filings, applications and submissions with any Regulatory Authority, including any authorizations, approvals or clearances arising from the foregoing, including investigational new drug (IND) applications, new drug applications (NDAs), or biologics license applications (BLAs), and Regulatory Approvals, and all correspondence or communication with or from the relevant Regulatory Authority, as well as minutes of any material meetings, telephone conferences or discussions with the relevant Regulatory Authority, in each case, with respect to a pharmaceutical or biological product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.30** "**Term**" means the period commencing on the Effective Date until the termination of this Agreement in accordance with Article 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31** "**Third** Party" means any entity other than a Party or an Affiliate of a Party.

**Article 2** 

**LICENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Licenses to Kazia**. QIMRB hereby grants Kazia and its Affiliates (a) a worldwide, exclusive (even as to QIMRB and its Affiliates), royalty-free, transferrable (as provided in 11.2) license to the Licensed IP, with the right to grant sublicenses to research, develop, manufacture, commercialise, and otherwise exploit the Licensed IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** Grant to QIMRB. Subject to the terms and conditions of this Agreement, Kazia hereby grants QIMRB a non-exclusive, royalty-free license (with the right to sublicense to Affiliates, but without the right to sublicense to Third Parties except with prior written consent of Kazia) under the Licensed IP and the Licensed Know-How to use the Licensed IP for non-commercial research and teaching purposes only, excluding any research or teaching sponsored by a commercial entity, and excluding the right to conduct any research in humans or using materials obtained from a human without Kazia's prior written consent (not to be unreasonably withheld) and agreement to the applicable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Permitted Sublicensing**. Kazia may grant sublicenses under its license rights granted under this Article 3 to its respective Affiliates and Third Parties through multiple tiers, provided that each sublicense shall be subject to and consistent with the terms and conditions of this Agreement. Kazia shall provide Licensor with prior written notice of any sublicense to be granted to any Third Party and will provide the Licensor with a true and complete copy of each sublicense agreement no later than thirty (30) days after the effective date thereof. Kazia (on behalf of itself and its Affiliates) will remain liable under this Agreement for the performance of all its obligations or exercise of its rights under this Agreement by any sublicensee, subcontractor or Affiliate and will be responsible for and liable for compliance by such Affiliates, sublicensees and subcontractors with the applicable provisions of this Agreement.**No Implied License**. Except as expressly set forth in this Agreement, neither Party shall acquire, by implication, estoppel or otherwise, any license, right or other interest under any other intellectual property rights of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Registration of Licence**. Kazia may, at its own cost, promptly record any licence to the Licensed Patents granted to it under Section 2.1 with IP Australia and equivalent overseas patent registries. QIMRB shall provide reasonable assistance to enable the Licensee to record the licences to the Licensed Patents.

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**Article 3** 

**COLLABORATION, DEVELOPMENT & COMMERCIALISATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Collaboration and Development.** QIMRB agrees to provide reasonable assistance to Kazia on an as needs basis as may reasonably be required by Kazia to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare a development plan and budget to progress the research and development of one or more Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to prepare, review, and approve the criteria to be used in the selection of one or more development candidates for advancing into GLP Toxicity Studies and any subsequent Phase 1 Clinical Study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Commercialisation.** Kazia will use Commercially Reasonable Efforts to generate Commercialisation Revenue from at least one Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Further Research** Kazia may engage the QIMRB to conduct further research and development activities in connection with one or more Products. Any such engagement will be subject to commercial terms and conditions to be agreed between the Parties at the time of the engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Joint Steering Committee** At any time during the Term, the Parties may agree to establish a joint steering committee for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) coordinating the preparation for any proposed agreement to dispose of one or more of the Product Assets to a Third Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Commercialisation Transaction:** At any time during the Term, the Licensee may enter into an agreement with a Third Party to licence the Licensed IP Rights. The Licensor must provide such reasonable assistance as is required to complete any such transaction. In the event a proposed commercialisation transaction contemplates the assignment of the Licensed IP Rights, the parties shall negotiate in good faith to reach an agreed upon approach. For the avoidance of doubt, Kazia does not require Licensor consent to enter a commercialisation transaction based on the sub-licensing of the Licensed IP Rights.

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**Article 4** 

**FINANCIAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 License Fee.** As consideration for the rights received under this Agreement, Licensee will pay to QIMRB a fixed fee of one million, three hundred and ninety thousand dollars ($1,390,000) (the "**License Fee**") within fifteen (15) Business Days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Commercialisation, Monetisation or Exit Transaction**. Each Party shall be entitled to receive a share of the Commercialisation Revenue in accordance with the shares specified in the following table

---

| | | |
|:---|:---|:---|
|  | Stage | Share of Commercialisation Revenue |
| A. | [\*\*\*] | [\*\*\*] |
| B. | [\*\*\*] | [\*\*\*] |
| C. | [\*\*\*] | [\*\*\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Currency; Exchange Rate**. All payments due under this Agreement shall be made in U.S. dollars by bank wire transfer in immediately available funds to a bank account designated by the payee Party in writing; provided, however, that Kazia shall only be required to disburse funds to the payee's jurisdiction of incorporation or to a jurisdiction in which the payee has a significant business presence. When conversion of payments from any currency other than U.S. dollars is required, such conversion shall be made, unless otherwise mutually agreed to by Kazia and QIMRB, by using the average of the exchange rates for the purchase and sale of U.S. dollars reported by the Wall Street Journal (U.S., Eastern Edition) for the first, middle and last business days of the applicable period to which the payment relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Taxes on Income**. Each Party shall be solely responsible for the payment of all taxes imposed on its share of the Commercialization Revenue arising directly or indirectly from the activities of the Parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Tax Cooperation**. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding or similar obligations in respect of payments made under this Agreement. The amounts payable pursuant to this Agreement shall not be reduced on account of any withholding taxes unless required by applicable law. To the extent a Party is required to deduct and withhold taxes on any payment to the other Party, such first Party shall deduct those taxes from the remittable payment, pay the taxes to the proper tax authority in a timely manner, and promptly send proof of payment to such other Party with any other information necessary for such other Party to substantiate the amount of taxes withheld. If a Party intends to

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withhold any taxes from any payment under this Agreement, such Party shall inform the other Party reasonably in advance of making such payment to permit such other Party an opportunity to provide such first Party with any tax forms that may be reasonably necessary in order for such first Party to not withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall use commercially reasonable efforts to provide any such tax forms to the other Party in advance of the due date. At the request and expense of a Party, the other Party shall provide reasonable assistance to enable the recovery (including any refunds and exemptions claim), to the extent permitted by applicable law, of withholding taxes or similar obligations resulting from payments made under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Sales Tax / VAT**. All payments under this Agreement are exclusive of any sales tax and value added, sales and use, excise, stamp, or similar country-specific, governmental or local taxes (collectively, "**Sales Tax / VAT**"). Kazia will take, and QIMRB will fully cooperate with Kazia to take, all necessary steps to seek Sales Tax / VAT exemption for payment received under this Agreement from the tax authority in the jurisdiction where Kazia receives such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Financial Audits**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Financial Records**. QIMRB shall maintain, and shall cause to be maintained, complete and accurate financial books and records in sufficient detail to the extent required to calculate and verify any and all amounts payable to QIMRB hereunder. QIMRB shall retain, and shall cause to be retained, such books and records until three (3) years after the end of the period to which such books and records pertain or, if later, for such longer period as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Audits**. Upon reasonable prior notice by Kazia, QIMRB shall open, and shall cause to be opened, such books and records pertaining to the period of three (3) years before such auditing request for examination, during regular business hours and not more often than once each calendar year, by an independent certified public auditor selected by Kazia, for the sole purpose of verifying the accuracy of any and all amounts payable to QIMRB hereunder. Kazia shall bear the cost of such audit unless such audit reveals an overreport (or underpayment) by QIMRB of more than five percent (5%) of the amount actually due for the time period being audited, in which case QIMRB shall reimburse Kazia for the costs of such audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Confidential Financial Information**. Kazia shall treat all financial information subject to review under this Section 4.5 in accordance with Article 6 of this Agreement, and shall cause its auditing firm to enter into a reasonably acceptable confidentiality agreement with QIMRB obligating such auditing firm to retain all such financial information in confidence pursuant to such confidentiality agreement.

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**Article 5** 

**INTELLECTUAL PROPERTY RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Ownership of Intellectual Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Improvements to Licensed IP***.* Title to any and all Improvements to Licensed IP made during the Term, whether made by employees or contractors of Kazia or the QIMRB, shall be owned by QIMRB. Each party shall promptly notify the other in writing of any Improvements to the Licensed IP. To the extent that the Improvements to Licensed IP are made by employees or contractors of QIMRB, QIMRB hereby assigns all rights in those Improvements to Kazia to the extent they are owned by QIMRB on creation, or otherwise must procure the assignment of such rights to Kazia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Prosecution of Licensed Patent Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As between the Parties, Kazia shall be solely responsible for preparing, filing, prosecuting and maintaining the Licensed Patent Rights and any application for any invention arising from Improvements to the Licensed IP at Kazia's cost and expense provided that Kazia shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) keep QIMRB reasonably informed of the status and all material steps with respect to the preparation, filing, prosecution and maintenance of such patent rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any patent application or other material filing or response to be filed or submitted to any patent authority with respect to the Licensed Patent Rights, provide QIMRB with a draft thereof reasonably in advance of the planned date of filing or submission so as to give QIMRB a reasonable opportunity to review and comment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) QIMRB shall provide to Kazia any information or non-monetary assistance reasonably requested by Kazia in connection with such preparation, filing, prosecution and maintenance activities, including reasonable access to the inventors of the Licensed Patent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Kazia decides to discontinue the prosecution or maintenance of any Licensed Patent Rights or patent rights to any Improvements to Licensed IP, then Kazia shall promptly notify QIMRB, in which case Kazia's rights pursuant to this Agreement with respect to such patent rights in such country shall terminate, on a patent application-by-patent application or patent-by-patent basis, to the extent with respect thereto, but Kazia's rights in all other Licensed IP shall remain unaffected. Following such notice, QIMRB, at its cost and expense, shall have the right (but no obligation) to elect, upon written request to Kazia, to assume and control the prosecution or maintenance of such patent rights in such country. Upon such election, Kazia shall, provide QIMRB with any information or non-monetary assistance reasonably requested by the QIMRB in connection with such prosecution and maintenance activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Enforcement of Licensed IP**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall promptly notify the other in writing, providing full details of any alleged or threatened infringement or misappropriation by a Third Party of any Licensed IP or Improvements to Licensed IP of which the Party becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As between the Parties, Kazia, at its cost and expense, shall have the sole right, using counsel of its own choice, to prosecute infringement or misappropriation of and to defend any alleged or threatened assertion of invalidity or unenforceability with respect to the Licensed IP or Improvements to the Licensed IP, provided that if it is necessary to join the QIMRB to the proceeding, the QIMRB consents to being joined and will permit Kazia to run the proceeding on its behalf. The QIMRB will provide reasonable cooperation and assistance to Kazia in connection with its control of such action at Kazia's request and expense (unless otherwise mutually agreed to by the Parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any such proceedings, Kazia shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) keep the QIMRB reasonably informed of the status and progress of such efforts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonably consider such other Party's comments on any such efforts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not enter into any settlement, consent judgment or other voluntary final disposition of such action that disclaims, limits the scope of, admits the invalidity or unenforceability of, or grants a license, covenant not to sue or similar immunity under, the Licensed IP (or would otherwise restrict the Parties' ability to exploit any Product in accordance with the terms and conditions of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any such action results in monetary damages from any Third Party, such recovery shall be allocated first to the reimbursement of any unreimbursed costs and expenses (including attorneys' and professional fees) incurred by Kazia in connection with such action, and any remaining amounts shall be shared between Kazia and QIMRB in accordance with the sharing of Commercialisation Revenue pursuant to Section 4.2, unless the Parties agree in writing to a different allocation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Defense of Third Party Claims**. If any Third Party brings a claim or otherwise asserts that a Product (or the exploitation of a Product) infringes any Patent Rights of such Third Party or misappropriates such Third Party's Know-How, the Party first having notice of the claim or assertion shall promptly notify the other Party in writing, providing full details. Promptly after any such notice is given, the Parties shall meet, to consider such claim or assertion and the appropriate course of action. As between the Parties, Kazia, at its cost and expense, shall have the sole right using counsel of its own choice to undertake and control the defense of any Third Party Infringement Claim; provided that, if QIMRB is named as a defendant in any such Third Party Infringement Claim, QIMRB, at its cost and expense, will have the right using counsel of its own choice to participate in such defense. The terms in Sections 5.3(b) and 5.3(c) shall apply, *mutatis mutandis*, with respect to the Parties' respective rights and obligations for any action described in this Section 5.4.

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**Article 6** 

**CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Confidentiality Obligations**. The receiving Party shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any Confidential Information of the disclosing Party. Each Party shall, and shall cause its Affiliates and its sublicensees and its and their respective officers, directors, employees, and agents to, protect the secrecy and confidentiality of the other Party's Confidential Information using at least the same degree of care as it uses to prevent the disclosure of its own other confidential information of like importance (in no event less than reasonable care). In addition, each Party shall, and shall cause its Affiliates and its and their respective officers, directors, employees, and agents to, protect the secrecy and confidentiality Licensed Know-How at least in the same degree as it uses to prevent the disclosure of its own other confidential information of like importance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Exceptions**. The obligations set forth in Section 6.1 shall not apply to any information that the receiving Party can demonstrate that such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known by the receiving Party at the time of its receipt without an obligation of confidentiality, and not through a prior disclosure by the disclosing Party, as documented by the receiving Party's business records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is in the public domain before its receipt from the disclosing Party, or thereafter enters the public domain other than through the receiving Party's breach of the confidentiality obligations set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is subsequently disclosed to the receiving Party by a Third Party who may lawfully do so and is not under an obligation of confidentiality to the disclosing Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is developed by the receiving Party independently and without use of, or reference to, any Confidential Information of the disclosing Party, as documented by the receiving Party's business records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Authorised Disclosures**. Notwithstanding the obligations set forth in Sections 6.1, a Party may disclose the other Party's Confidential Information to the extent such disclosure is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reasonably necessary: (i) for the filing, prosecution and maintenance of the Licensed Patent Rights, and the enforcement of the Licensed IP, in each case, as contemplated by this Agreement; (ii) in connection with regulatory filings for any Product; (iii) for the prosecuting or defending litigation as contemplated by this Agreement;;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reasonably necessary: (i) to such Party's directors, attorneys, independent accountants, consultants or financial advisors for the sole purpose of enabling such directors, attorneys, independent accountants or financial advisors to provide advice to such Party; or (ii) to actual or potential investors, acquirors, licensees and other financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition, collaboration or other transaction (including the transactions with respect to, any Product Assets contemplated in Section 4.2); provided that in each such case on the condition that such recipients are bound by confidentiality and non-use obligations substantially consistent with those contained in this Agreement (provided further that the duration of such obligations shall be commercially reasonable under the circumstances); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) required by applicable laws, judicial or administrative process, provided that in such event such Party shall promptly inform the other Party of such required disclosure and provide the other Party an opportunity to challenge or limit the disclosure obligations. Confidential Information that is disclosed pursuant to this Section 6.3(c)shall remain otherwise subject to the confidentiality and non-use provisions of this Article 6, and the Party disclosing Confidential Information pursuant to law or court order shall take all steps reasonably necessary, including seeking of confidential treatment or a protective order to ensure the continued confidential treatment of such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Publicity; Use of Name**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the formation of this agreement, the Parties may discuss and agree on language of a press release announcing this Agreement, to be issued by one or both of Kazia and QIMRB at a time mutually agreed by the Parties. Following such initial joint press release announcing this Agreement, either Party shall be free to disclose or publicize, without the other Party's prior written consent, the existence of this Agreement, the identity of the other Party, and those terms of this Agreement which have already been publicly disclosed in accordance herewith so long as the information in such press release or other public announcement remains true, correct, and the most current information with respect to the subject matters set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time during the Term, Kazia shall have the right to publicly disclose material development in the exploitation of any Product, including the commencement, progress, status, completion and results of any IND Enabling Studies or clinical trial with respect to any Product and any regulatory submission or approval for any Product; provided that, before making such public disclosure, Kazia shall notify QIMRB in advance and consider QIMRB's comments in good faith, and Kazia shall not disclose any Confidential Information of QIMRB in connection with such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the foregoing of this Article 6, no disclosure of the terms or conditions of this Agreement may be made by either Party, and neither Party shall use the name, symbol, trademark, trade name or logo of the other Party, its Affiliates or their respective employee(s) in any publicity, promotion, news release or disclosure relating to this Agreement or its subject matter, without the prior express written permission of the other Party, except as may be required by applicable law.

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**Article 7** 

**REPRESENTATIONS AND WARRANTIES, AND COVENANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Mutual Representations and Warranties**. Each Party represents and warrants to, and covenants with, the other Party, as of the Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is not a party to, and will not enter into, any agreement that would materially prevent it from granting the rights granted to the other Party under this Agreement or performing its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall comply in all material aspects with all applicable laws in the course of performing its obligations and exercising its rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Additional Representations and Warranties of QIMRB**. QIMRB represents and warrants to, and covenants with, to Kazia, as of the Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) QIMRB is the sole owner of all of the Licensed IP, in each case free and clear of all encumbrances, and QIMRB has the right to grant to Kazia the rights and licenses to the Licensed IP as purported to be granted pursuant to Section 2.1 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) QIMRB and its Affiliates have not granted, and will not grant during the Term, any rights in the Licensed IP that is reasonably likely to (or actually does) materially and adversely affect the rights granted to Kazia under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the knowledge of QIMRB based on reasonable enquiries, neither QIMRB nor any of its Affiliates has infringed or misappropriated any issued Patent Rights or Know-How of any Third Party with respect to the exploitation of any Product; neither QIMRB nor its Affiliate has received any notice from any Third Party asserting or alleging any such infringement or misappropriation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the knowledge of QIMRB based on reasonable enquires, the exploitation (as contemplated by the Parties as of the Effective Date) of Products (as such Products exist as of the Effective Date) as contemplated under this Agreement does not infringe any issued Patent Rights or misappropriate any other intellectual property rights of any Third Party existing as of the Execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there is no pending or, to the knowledge of QIMRB, alleged or threatened, adverse actions, suits, proceedings, or claims against QIMRB or its Affiliates involving the Licensed IP or Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the knowledge of QIMRB, there is no infringement or misappropriation of any Licensed IP by any Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Exhibit B</u>** hereto includes all Licensed Patent Rights that are owned or controlled by QIMRB or its Affiliates as of the Effective Date and claim or cover any Product;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there is no pending or, or to the knowledge of QIMRB, alleged or threatened, re-examination, opposition, interference or litigation, or any written communication alleging that any Licensed Patent Rights are invalid or unenforceable anywhere in the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) QIMRB and its Affiliates, and to the knowledge of QIMRB, their contractors, have complied with all applicable laws in connection with the development of Products in all material respects, and have not used any employee, consultant or contractor who has been debarred by any Regulatory Authority, or to its knowledge, is the subject of a debarment proceeding by any Regulatory Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there is no agreement between QIMRB or its Affiliates, on the one hand, and any Third Party, on the other hand, pursuant to which QIMRB or its Affiliates has obtained any right or license to any Product or any Licensed IP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all information provided by QIMRB to Kazia for due diligence purposes in relation to this Agreement is complete and accurate in all material respects. Without limiting the foregoing, QIMRB has disclosed to Kazia and made available to Kazia for review all material data for any Product as requested by Kazia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) QIMRB has made available to Kazia all information relating to any Product and Licensed IP that would be material for Kazia in entering this Agreement, including the safety and efficacy of the Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Additional Covenants of QIMRB** QIMRB shall, and shall cause its Affiliates to, notify Kazia in writing within three (3) business days in the event of any of the following acts or transactions or occurrences with respect to QIMRB or any of its Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event that QIMRB or an Affiliate of QIMRB voluntarily or involuntarily liquidates, dissolves or wind-ups the business and affairs of QIMRB or effect any event that constitutes a deemed liquidation event, including any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors instituted by or against QIMRB or any of its Affiliates and, if instituted against QIMRB or any of its Affiliates by a Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event that QIMRB or an Affiliate of QIMRB incurs any individual or related indebtedness of QIMRB or any of its Affiliates in excess of a Leverage Ratio (total debt/total equity) above [\*\*\*]; and/or a cash burn rate (cash balance / net cash outflow pr. month) lower than 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that QIMRB or an Affiliate of QIMRB (x) incurs any default or event of default under any agreement, lease, document or instrument to which QIMRB or any of its Affiliates is obligated, involving at a Leverage Ratio (total debt/total equity) above [\*\*\*] and/or a cash burn rate (cash balance / net cash outflow pr month) lower than 12; or (y) receives any cure notice, show cause notice, default (including any payment default) notice, termination notice (whether for convenience or cause) or any notice or claim alleging that the QIMRB or any of its Affiliates or any of their respective officers, directors, employees, agents, or other representatives defaulted upon, breached, violated, or otherwise failed to comply in any material respect with the terms and conditions of any of the foregoing agreement, lease, document or instrument;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the event that QIMRB or an Affiliate of QIMRB receives any cure notice, show cause notice, default notice, termination notice or any other notice or claim alleging that QIMRB or any of its Affiliates breaches, has breached, or is likely to breach, a payment obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event that QIMRB has a reasonable basis to believe that QIMRB or any of its Affiliates do not have sufficient cash to fund operations for at least 180 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the event that QIMRB or an Affiliate of QIMRB creates, or issues, any debt security, or creates any lien or security interest (except for purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business) with respect to any Product Assets (including any Licensed IP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Disclaimer**. EXCEPT AS EXPRESSLY STATED HEREIN, NO OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, IS MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH OTHER REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED. The Parties understand that Products are the subject of ongoing research and development and neither Party can assure that any Product can be successfully developed and commercialized.

**Article 8** 

**INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Indemnification by QIMRB**. QIMRB shall indemnify the **Kazia Indemnitees** from and against any and all losses, liabilities, damages and expenses (including reasonable attorneys' fees and costs) (individually and collectively, "**Losses**") incurred in connection with any claims, demands, actions or other proceedings by any Third Party (individually and collectively, "**Claims**") to the extent arising or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim that the practice of the Licensed IP to exploit (as contemplated by the Parties as of the Effective Date) any Product (as such Product exists as of the Effective Date) infringes or misappropriates any Patent Rights or Know-How owned or possessed by any Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the gross negligence or willful misconduct of any of the QIMRB's officers, directors or employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the breach by QIMRB of any of its representations, warranties or covenants set for in this Agreement;

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except, in each case, to the extent such Claims result from an event described in clauses (a) through (c) of Section 8.2 for which Kazia is obligated to indemnify the QIMRB Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Indemnification by Kazia**. Kazia shall indemnify the QIMRB Indemnities from and against all Losses incurred in connection with any Claims to the extent arising or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the exploitation of any Product by, on behalf of, or under the authority of, Kazia or its Affiliates, other than for any infringement or misappropriation of any intellectual property rights of any Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the gross negligence or willful misconduct of any Kazia's officers, directors or employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the breach by Kazia of any of its representations, warranties or covenants set forth in this Agreement;

except, in each case ((a) through (c)), to the extent such Claims result from an event described in clauses (a) through (c) of Section 8.1 for which QIMRB is obligated to indemnify the Kazia Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Indemnification Procedure**. A Party that intends to claim indemnification under this Article 8 shall promptly notify the indemnifying Party in writing of any Claim in respect of which such first Party intends to claim such indemnification. The failure to deliver written notice to the indemnifying Party within a reasonable time after the commencement of any action with respect to a Claim shall only relieve the indemnifying Party of its indemnification obligations under this Article 8 if and to the extent the indemnifying Party is actually and materially prejudiced thereby. The indemnifying Party shall have the sole control of the defense or settlement thereof, using counsel selected by the indemnifying Party; provided that the indemnitee may, at its own cost and expense, also be represented by counsel of its own choice. The indemnitee shall cooperate fully with the indemnifying Party and its legal representatives in the investigation of any action with respect to a Claim covered by this indemnification. For clarity, if the indemnitee has the right to control the defense of a Claim pursuant to Sections 5.3 or 5.4, the indemnitee shall be entitled to control such Claim, without limiting the indemnifying Party's responsibility for Losses under Section 8.1or 8.2, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Settlement**. The indemnifying Party may only settle any such Claim or otherwise consent to an adverse judgment (a) with prior written notice to the indemnitee but without the consent of the indemnitee where the only liability to the indemnitee is the payment of money and the indemnifying Party makes such payment, provided such settlement would not subject the indemnitee to an injunction or otherwise adversely impact any of the indemnitee's rights under this Agreement or constitute an admission of wrongdoing by the indemnitee, or (b) in all other cases, only with the prior written consent of the indemnitee, such consent not to be unreasonably withheld, conditioned or delayed. The indemnitee may not settle any such Claim or otherwise consent to an adverse judgment in any such action or other proceeding or make any admission as to liability or fault without the express written permission of the indemnifying Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Limitation of Liability.** EXCEPT FOR (A) CLAIMS OF A THIRD PARTY THAT ARE SUBJECT TO INDEMNIFICATION UNDER THIS Article 8, (B) CLAIMS ARISING OUT OF A PARTY'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (C) A PARTY'S BREACH OF Article 6 (CONFIDENTIALITY):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NEITHER PARTY NOR ANY OF ITS AFFILIATES WILL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR OTHER INDIRECT DAMAGES OR LOST OR IMPUTED PROFITS OR ROYALTIES, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) QIMRB's liability is limited in aggregate to $[\*\*\*] AUD.

**Article 9** 

**TERM AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Term**. The term of this Agreement ("**Term**") shall commence upon the Effective Date and unless terminated in accordance with the terms hereof, shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Material Breach**. If either Party believes that the other is in breach of its material obligations hereunder, then the non-breaching Party may deliver written notice of such breach to the other Party. The allegedly breaching Party shall have forty-five (45) days from such notice to cure such breach. If the Party receiving notice of breach fails to cure that breach within the applicable cure period set forth above, then the Party originally delivering the notice of breach may terminate this Agreement effective on written notice of termination to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cessation of Development**. If at any time during the Term, Kazia ceases conducting any material development activities for any Product for a 90 day period (the "**Cessation Period**"), where such cessation is not as a result of (i) a Force Majeure Event or (ii) a reasonable response to guidance from or action or inaction by a Regulatory Authority or Governmental Authority (such as a clinical hold, recall or withdrawal, or delay in the applicable authority's response), then, the Parties may terminate this Agreement, upon mutual agreement in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Insolvency**. To the extent permitted by law, either Party may terminate this Agreement immediately upon written notice to the other Party in the event of (i) the commencement of any bankruptcy, insolvency, moratorium, liquidation, judicial reorganization proceeding, dissolution, arrangement, or proceeding under any creditors' rights law or other similar proceeding by or against such other Party, (ii) any appointment of a receiver, trustee, custodian, conservator or other similar official for such other Party or over a substantial part of its property, or (iii) an assignment by such other Party for the benefit of creditors, or (iv) any application for, consent by such other Party, or acquiescence by such other Party in, the appointment of any trustee, receiver, or other custodian for such other Party or over a substantial part of its property (each such event described in (i) through (iv), an "**Insolvency Event**"); provided, however, that in the case of any involuntary bankruptcy proceeding such right to terminate will only become effective if such other Party consents to the involuntary bankruptcy or such proceeding is not dismissed within sixty (60) days after the filing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Consequences of Termination**. Upon any termination or expiration of this Agreement, the Parties shall meet, promptly thereafter, to discuss and prepare a wind-down schedule. In connection with any termination or expiration of this Agreement, Kazia shall use reasonable efforts to fulfill its payment obligations to the extent such obligations accrue prior to such termination or expiration (or thereafter as mutually agreed to by the Parties in writing), in each case in accordance with Article 4 and other terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4 Return or Destruction of Confidential Information**. Following the expiration or termination of this Agreement, if requested by the disclosing Party, the receiving Party will return or destroy, at the receiving Party's election, all data, files, records and other materials containing or comprising the disclosing Party's Confidential Information, except to the extent such Confidential Information is necessary or useful to conduct surviving obligations or exercise surviving rights. Notwithstanding the foregoing, the receiving Party will (a) be permitted to retain copies of such data, files, records, and other materials for archival and legal compliance purposes and (b) not be required to delete or destroy any electronic back-up files that have been created solely by the receiving Party's or its Affiliate's automatic or routine archiving and back-up procedures, to the extent created and retained in a manner consistent with its or their standard archiving and back-up procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5 Survival**. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. Without limiting the foregoing, the following provisions shall survive the expiration or termination of this Agreement: Article 1 (DEFINITIONS), Section 5.1 (OWNERSHIP OF INTELLECTUAL PROPERTY), Article 6 (CONFIDENTIALITY), Article 8 (INDEMNIFICATION), Article 9 (TERMINATION), Article 11 (MISCELLANEOUS).

**Article 10** 

**DISPUTE RESOLUTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 No arbitration or court proceedings** If a dispute arises out of this Agreement (**Dispute**), a party must comply with this Article 10 before starting arbitration or court proceedings (except proceedings for interlocutory relief).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Notification** A party claiming a Dispute has arisen must give the other parties to the Dispute notice setting out details of the Dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Parties to resolve Dispute** During the 14 days after a notice is given under Section 10.2 (or longer period if the parties to the Dispute agree in writing), each party to the Dispute must use its reasonable efforts to resolve the Dispute. If the parties cannot resolve the Dispute within that period, they must refer the Dispute to a mediator if one of them requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Appointment of mediator** If the parties to the Dispute cannot agree on a mediator within seven days after a request under Section 10.3, the President of the Queensland Law Society or the President's nominee will appoint a mediator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Role of mediator** The role of a mediator is to assist in negotiating a resolution of the Dispute. A mediator may not make a binding decision on a party to the Dispute except if the party agrees in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 Confidentiality** Any information or documents disclosed by a party under this Article 10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must be kept confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may only be used to attempt to resolve the Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 Costs** Each party to a Dispute must pay its own costs of complying with this Article 10. The parties to the Dispute must equally pay the costs of any mediator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 Termination of process** A party to a Dispute may terminate the dispute resolution process by giving notice to each other after it has complied with Section 10.1 to 10.3. Sections 10.6 and 10.7 survive termination of the dispute resolution process.

**Article 11** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 Force Majeure**. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused by or results from a Force Majeure Event. The affected Party shall notify the other Party in writing of such Force Majeure Events as soon as reasonably practical, and shall promptly undertake and continue diligently all reasonable efforts necessary to cure such Force Majeure Events or to perform its obligations in spite of the ongoing circumstances, provided that, if the failure to perform due to such force majeure circumstance continues for a period of one hundred and eighty (180) days or more, the Parties will discuss in good faith any modifications of the terms of this Agreement that may be necessary or appropriate in order to arrive at an equitable solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 Assignment and Kazia change of control**. This Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred, whether by operation of law or otherwise, in whole or in part, by either Party without the prior written consent of the other Party. Notwithstanding the foregoing, Kazia shall have the right, without the consent of QIMRB, (a) to exercise any or all of its rights or perform any or all of its obligations hereunder through any of its Affiliates or Third Party contractors, or (b) to assign this

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Agreement and its rights and obligations hereunder, in whole or in part, to its successor in title in connection with the sale (whether by merger, acquisition, asset purchase or otherwise) of all or substantially all of its business or assets. Any attempted assignment not in accordance with this Section 11.2 shall be null and void and of no legal effect. Any permitted assignee shall assume all assigned obligations of its assignor under this Agreement. The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 Equitable Relief**. Each Party acknowledges that a breach of Article 6 (CONFIDENTIALITY) may not reasonably or adequately be compensated in damages in an action at law and that such a breach may cause the other Party irreparable injury and damage. By reason thereof, each Party agrees that the other Party shall be entitled to seek, in addition to any other remedies it may have under this Agreement or otherwise, preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of the obligations relating to Confidential Information set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4 Severability**. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5 Notices**. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by internationally recognized overnight courier, sent by registered or certified mail, postage prepaid, return receipt requested, or sent by email, to the address set forth below:

If to Kazia:

Attention: John Friend, MD

[\*\*\*]

If to QIMRB:

QIMRB Business Development

300 Herston Road, Herston, QLD, 4006, Australia

Attn: Robert McLachlan, Chief Commercial Officer

[\*\*\*]

with a copy (which copy shall not constitute notice) to:

QIMRB Legal 300 Herston Rd, Herston, QLD, 4006, Australia

Attn: Scott Pratt, Senior Legal Counsel

[\*\*\*]

------

***Confidential***

or to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice shall be deemed to have been given: (a) when delivered if personally delivered on a business day (or the next business day if delivered on a non-business day); (b) on the third (3<sup>rd</sup>) business day after dispatch if sent by internationally recognized overnight courier; (c) on the seventh (7<sup>th</sup>) business day following the date of mailing, if sent by mail; (d) upon confirmation of receipt by the other Party, if sent by email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6 Governing Law**. This Agreement shall be governed by and construed in accordance with the laws of the State of Queensland, Australia, without reference to any rules of conflict of laws that may require the application of the laws of a different jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7 Insurance**. Each Party will, at its own expense, procure and maintain, during the Term and for a period of six (6) years thereafter, insurance policies, in reasonable level to cover its obligations hereunder and that are consistent with normal business practices of prudent companies similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8 Entire Agreement; Amendments**. This Agreement, together with the Exhibits hereto, contains the entire understanding of the Parties with respect to the subject matter hereof. Any other express or implied agreements and understandings, negotiations, writings and commitments, either oral or written, with respect to the subject matter hereof, are superseded by the terms of this Agreement. The Exhibits to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by authorised representative(s) of both Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9 Independent Contractors**. It is expressly agreed that Kazia and QIMRB shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency. Neither Kazia nor QIMRB shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other Party, without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10 Waiver**. The waiver by either Party hereto of any right hereunder, or of any failure of the other Party to perform, or of any breach by the other Party, shall not be deemed a waiver of any other right hereunder or of any other breach by or failure of such other Party whether of a similar nature or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11 Cumulative Remedies**. Except as otherwise expressly provided herein, no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12 Headings; Language**. Headings are for ease of reference only and do not affect interpretation of the Articles, Sections and subsections of this Agreement. This Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this Agreement.

------

***Confidential***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13 Interpretation**. In this Agreement, unless otherwise specified: (a) the words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation;" (b) words denoting the singular shall include the plural and vice versa and words denoting any gender shall include all genders; (c) the word "or" is used in the inclusive sense typically associated with the phrase "and/or;" (d) words such as "herein", "hereof", and "hereunder" refer to this Agreement as a whole and not merely to the particular provision in which such words appear; and (e) the Exhibits and other attachments form part of the operative provision of this Agreement and references to this Agreement shall include references to the Exhibits and attachments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14 Waiver of Rule of Construction**. Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15 Counterparts**. This Agreement may be executed in two or more counterparts by original signature, facsimile or PDF files, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

------

***Confidential***

IN WITNESS WHEREOF, the Parties intending to be bound have caused this Collaboration and License Agreement to be executed by their respective duly authorized representatives as of the Effective Date.

---

| | |
|:---|:---|
| **Executed** by **Kazia Therapeutics Limited**<br> (ABN 37 063 259 754) in accordance with<br> Section 127 of the *Corporations Act 2001* |  |
| /s/ John Friend, M.D. |  |
| Signature of director | Signature of director/company secretary<br>(Please delete as applicable) |
| John Friend, M.D. |  |
| Name of director (print) | Name of director/company secretary (print) |
| **Executed** by **The Council of the Queensland**<br> **Institute of Medical Research** (ABN 31 411 813 344) |  |
| /s/ Fabienne Hackay |  |
| Signature |  |
| Prof Fabienne Hackay |  |
| Name (print) |  |

---

------

***Confidential***

**Exhibit A. Licensed Know-How** 

The Licensed Know-How includes all information developed by employees or contractors of QIMRB and owned by QIMRB at the Effective Date, relation to the following matters:

[\*\*\*]

------

***Confidential***

**Exhibit B. Licensed Patent Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NDL2 [\*\*\*] PCT/AU2022/050023 titled "NOVEL BICYCLIC PEPTIDES" currently in National Phase in the
following regions:

---

| | |
|:---|:---|
| Region | Patent Application<br> Number |
| United States | 18/273200 |
| Canada | 3208598 |
| Australia | 2022209878 |
| New Zealand | 802841 |
| Israel | 304545 |
| South Africa | 2023/08030 |
| Singapore | 11202305518P |
| Europe | 22741955.3 |
| India | 202317048538 |
| Republic of Korea | 10-2023-7027582 |
| Malaysia | PI2023002121 |
| Japan | 2023-543460 |
| China | 202280022296.X |

---

## Exhibit 12.1

**Exhibit 12.1** 

**Certification of the Principal Executive Officer as required by** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, John Friend, certify that:

1. I have reviewed this Annual Report on Form 20-F for the fiscal year
ended June 30, 2025 ("Report") of Kazia Therapeutics Limited (the "Company");

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report;

4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange
Act Rules 13a-15(f) and 15d-15(f) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Company's internal control over financial reporting; and

5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the Company's internal control over financial reporting.

---

| |
|:---|
| /s/ John Friend |
| John Friend |
| Principal Executive Officer |
| Date: November 7, 2025 |

---

## Exhibit 12.2

**Exhibit 12.2** 

**Certification of the Principal Financial Officer as required by** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Jeffrey Bonacorda, certify that:

1. I have reviewed this Annual Report on Form 20-F for the fiscal year
ended June 30, 2025 ("Report") of Kazia Therapeutics Limited (the "Company");

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report;

4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Company's internal control over financial reporting; and

5. The Company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the Company's internal control over financial reporting.

---

| |
|:---|
| /s/ Jeffrey Bonacorda |
| Jeffrey Bonacorda |
| Principal Financial Officer |

---

Date: November 7, 2025

## Exhibit 13.1

**Exhibit 13.1** 

**Certification of the Principal Executive Officer and the Principal Financial Officer as required by Rule 13a-14(b) of** 

**the Securities Exchange Act of 1934** 

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), John Friend, Principal Executive Officer, and Jeffrey Bonacorda, Principal Financial Officer, of Kazia Therapeutics Limited, an Australian corporation (the 'Company'), hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's periodic report on Form 20-F for the year ended
June 30, 2025 (the "Form 20-F") fully complies with the requirements of section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Form 20-F fairly presents, in all
material respects, the financial condition and results of operations of the Company.

\* \* \*

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| /s/ John Friend | /s/ Jeffrey Bonacorda |
| John Friend | Jeffrey Bonacorda |
| Date: November 7, 2025 | Date: November 7, 2025 |

---

This certification accompanies the Form 20-F to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Kazia Therapeutics Limited under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 20-F), irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 15.1

**Exhibit 15.1** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ![LOGO](g908386g1107173505030.jpg)  | Tel: +61 2 9251 4100<br> Fax: +61 2 9240 9821<br> www.bdo.com.au | Parkline Place<br> Level 25, 252 Pitt Street<br> Sydney NSW 2000<br> Australia |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (No. 333-281937 and 333-276091) of Kazia Therapeutics Limited (the Company) of our report dated November 7, 2025, relating to the consolidated financial statements which appears in this Annual Report on Form 20-F. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

/s/ BDO Audit Pty Ltd

BDO Audit Pty Ltd

Sydney, Australia

November 7, 2025

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.