Announcement PDF ASX Announcement Percheron Therapeutics Limited ABN 41 095 060 745 ASX: PER | FSE: AWY | US OTC: ATHJY PERCHERON THERAPEUTICS LIMITED ANNUAL REPORT Melbourne, Australia – 19 August 2026: Percheron Therapeutics Limited (ASX: PER) (‘the Company’), advises that due to an inadvertent error during the external design and production process for the electronic Annual Report released to the ASX on 19 August 2026, the final page of the Independent Auditor Report was omitted. There is no change to the auditor’s opinion or the financial statements contained in the Annual Report. ~ ENDS ~ About Percheron Therapeutics Limited Percheron Therapeutics Limited [ASX: PER | US OTC: ATHJF] is a publicly listed biotechnology company focused on the development and commercialisation of novel therapies for rare diseases. The company’s lead program is avicursen (ATL1102), an antisense oligonucleotide targeting the CD49d receptor. Avicursen is currently the subject of an ongoing international phase IIb clinical trial for the treatment of non-ambulantSyntax Warning: Invalid Font Weight patients with Duchenne Muscular Dystrophy (DMD), for which data is expected in December CY2024. The company previously reported promising results from an exploratory phase IIa study of in the same population and has been awarded orphan drug designation (ODD) and rare pediatric disease designation (RPDD) by the US FDA. For more information, please contact info@PercheronTx.com. This announcement has been authorised for release to the Australian Securities Exchange by the Company Secretary annual report FY2026 b/ 2026 ANNUAL REPORT Percheron Therapeutics Limited (ASX: PER) 1. Company details Name of entity: Percheron Therapeutics Limited ABN: 41 095 060 745 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market The results of Percheron Therapeutics Limited for the Year Ended 30 June 2026 are as follows: $ Loss from ordinary activities after tax attributable to the owners of Percheron Therapeutics Limited down 68% to (4,791,745) Loss for the year attributable to the owners of Percheron Therapeutics Limited down 68% to (4,791,745) Explanation of Results The Company reported a loss for the full-year ended 30 June 2026 of $4,791,745 (30 June 2025: $14,921,913). The loss reflects the full expensing of all research and development costs incurred during the period, including the manufacture of clinical trial materials, associated with the advancement of the Company’s portfolio of therapeutic assets through clinical development. Additionally, the loss includes non-cash expenses relating to share-based payments of $353,379 (30 June 2025: $1,555,898) and amortisation of intangible assets of $181,897 (30 June 2025: nil). The Company has recognised an amount $696,345 (30 June 2025:$1,429,962) in relation to the expected R&D Rebate for the 2026 financial year. For further details relating to the current period’s results, refer to the Annual Report attached to this document. Comments The loss for the Company after providing for income tax amountedSyntax Warning: Invalid Font Weight to $4,791,745 (30 June 2025: $14,921,913). 3. Dividends No dividends have been paid or declared by the Company since the beginning of the current reporting period. No dividends were paid for the previous reporting period. 4. Net Tangible Assets Per Share Reporting period Previous period ¢ ¢ Net tangible assets per ordinary security 0.63 0.92 Net tangible assets are defined as net assets of the Company which include both Right-of-Use assets and corresponding lease liabilities as per the introduction from 01 July 2019, of AASB16: “Leases”. 5. Status of Audit of Accounts The Appendix 4E is based on accounts which have been audited. The audit report is included within the annual report which accompanies this Appendix 4E. /A4E PERCHERON THERAPEUTICS ANNUAL REPORT A ppendix 4E 2026 /1 PERCHERON THERAPEUTICS 2026 C ontents: PAGE Letter from the Chair 2 CEO Report 3 Operations Report 4 Directors' Report 5 Auditor Independence Declaration 18 Corporate Governance 19 Statement of Profit or Loss and Other ComprehensiveSyntax Warning: Invalid Font Weight Income 21 Statement of financial position 22 Statement of Changes in Equity 23 Statement of Cash Flows 24 Notes to the Financial Statements 25 Consolidated Entity Disclosure Statement 45 Directors' Declaration 46 Independent Auditor's Report 47 Shareholder Information 52 Corporate Information 54 PERCHERON THERAPEUTICS 2026 2/ 2026 ANNUAL REPORT L etter from the Chair Dear Shareholders, In almost all respects, Percheron’s first year as an oncology company has been a productive and successful one. As you will be aware, we licensed HMBD-002 into the company in June 2025, and we have made great progress since then in readying the drug to resume clinical trials. We have successfully concluded the phase I study, which reported data in the second half of last year. We have collaborated with our licensor to see a new batch of clinical trial material manufactured in preparation for new studies. We have presented new data at two key international scientific conferences. And in recent months, the World Health Organization has designated the drug ‘minperstobart’, pointing to its imminent future as a mid- clinical stage asset. As I write, it remains our aim to launch a new clinical trial of HMBD-002 in the second half of CY2026. Despite this progress, I recognise that the market reaction to Percheron’s reincarnation has been sluggish. In my many discussions with shareholders over recent months, the sentiment I hear is invariably one of great enthusiasm toward the company, and corresponding frustration with its valuation. This has not entirely been a surprise, although it has perhaps nonetheless been a disappointment. The past year has been immensely challenging for ASX-listed biotechs and indeed has continued a multi-year bear market for our sector. In Percheron’s case, I suspect that recognition may come only once we are recruiting patients to a new trial. It is, after all, the data from such clinical trials that builds value in a pre-revenue biotech company, and investors need to see a clear path to that data. In that regard, the months ahead will be crucial ones for the company. Notwithstanding, the Board remains exceptionally positive about the company’s prospects. The reasons are simple. We are situated in one of the most exciting areas of modern medicine. We have a drug that has proven itself to be materially differentiated from almost everything that has preceded it, and which has earned the interest and commitment of researchers and clinicians. And we have a clear plan to advance that drug in multiple groups of patients, in a way that is both pragmatic and innovative. In that respect, we are enormously grateful to the many shareholders, both new and longstanding, who supported the company in its recent oversubscribed capital raise. The proceeds from this transaction have materially improved the company’s financial circumstances and leave it in a much stronger position for the work that lies ahead. As we move forward, we will continue to take the fullest possible advantage of the Australian Government’s R&D Tax Incentive scheme, and we are also exploring opportunities for potential grant funding. Our success in these endeavours will significantly leverage the investments made by our shareholders. Our successes to date have been thanks in no small measure to the efforts of our CEO, Dr James Garner. James joined the company in 2023 and has steered it through some turbulent waters. We are sad to lose him as CEO but pleased to have him remain actively involved in the company as a significant shareholder and as a non-executive director. Our CEO-designate, Dr Michael Baker, brings to the company a wealth of experience in the leadership of a public company and an abundance of energy, and all of us are excited to welcome him on board. Michael’s skills in corporate strategy, capital markets, and partnering will be critical to the company as it moves into the next chapter of its existence. Finally, I should once again take the opportunity to thank my fellow non-executive Director, Dr. Gil Price, who has continued to be a source of strengthSyntax Warning: Invalid Font Weight and wisdom throughout this past year, and the company’s management team for their ongoing efforts. Thanks to these individuals, the months ahead should see Percheron resume its position as a clinical stage company, and we believe that will lay a path to a promising future for our company. Sincerely, Dr Charmaine Gittleson Chair of the Board /3 PERCHERON THERAPEUTICS 2026 Dear Shareholders, At the recent Annual Meeting of the American Society of Clinical Oncology (ASCO), an attendee at Percheron’s poster presentation expressed surprise at the remarkable safety profile of HMBD-002. VISTA inhibitors were generally thought to be toxic, he reflected. “I am surprised this drug isn’t bigger news.” That researcher’s comments encapsulate both the opportunity and the challenge that lie ahead for Percheron in the coming year. Following completion of the phase I study in October 2025, it is clear that we have in our hands a very promising drug candidate. Thanks to the novelty of its design, HMBD- 002 appears to have an excellent safety profile, and it is this consideration which has bedevilled many previous attempts to produce similar drugs. Indeed, more than half of all cancer drugs which commence clinical testing fail during phase I. The fact that HMBD-002 has successfully cleared this hurdle materially de-risks the program. Moreover, the drug appears to be no less safe when combined with Keytruda® (pembrolizumab), the most prescribed immuno-oncology therapy, and this fact opens many doors in relation to its future development. Nevertheless, we have much work to do to raise awareness among clinicians, scientists, partners, and of course investors. We are a small company, and it is a challenge to compete with much larger organisations for the attention of our stakeholders. Nevertheless, we have made great progress over the first half of 2026 in building those relationships and in kindling that interest. What will it take to translate those sparks into a roaring fire? The first thing, undoubtedly, is time. In the context of partnering, for example, ‘big pharma’ companies are at present substantially focused on late-stage programs that are well- validated and close to regulatory approval. They will happily pay a premium for such programs, but it has placed a greater onus on smaller companies to demonstrate clinical proof of concept prior to any transaction. In the second quarter, we had several initial discussions with larger companies about future partnering. Their interest in the asset was strong, but they were clear with us that they would need to watch its progress and see further data before they would be in a position to act on that interest. Thankfully, perhaps, the second thing that will likely change the profile of HMBD-002 will be the commencement of a new clinical trial. When a movie star has not starred in any new work for five years, one begins to suspect that they may have retired. Something similar can sometimes be true of new medicines in development. Returning the drug to the clinic will demonstrate to the world that, unlike many prior VISTA inhibitors, its development remains ongoing, and that further human data will be forthcoming. We believe that this is therefore the most critical next step for HMBD-002, and we have been working every day to move toward that objective. C EO Report That task will henceforth be the responsibility of a new CEO, and I could not be more excited to see a leader of Michael Baker’s calibre take the company forward to the next stage. I am profoundly confident that Percheron will be in good hands. For myself, I recognise the regret that almost all CEOs face, which is to the leave the job not quite finished, and I wish that our shareholders had seen a more rapid recompense for their patience and commitment to the company. However, I continue to believe that Percheron’s best days lie ahead, and I will continue to do everything I can to support the company’s future success. I have been tremendously grateful to the Board and to our shareholders for all their support during mySyntax Warning: Invalid Font Weight tenure. Finally, none of this would be possible without the dedication of the Percheron team, the openness of our collaborators and research partners, and the commitment of our business partners. We look forward to seeing these labours bear fruit in the year ahead. Dr James Garner CEO & Managing Director 4/ 2026 ANNUAL REPORT Overview of Company’s Activities Percheron Therapeutics Limited (“the Company” or “Percheron”) remained a clinical-stage drug development business during the period, albeit with some changes to the composition of its pipeline, as outlined below. HMBD-002 HMBD-002 is a recombinant, humanised monoclonal IgG4 antibody to human v-domain immunoglobulin suppressor of T-cell activation (VISTA). VISTA is one of a number of novel immuno-oncology targets under investigation, with potential applications to a range of solid tumours and haematological malignancies. By blocking VISTA, HMBD-002 has the potential to reactivate the body’s natural defences against cancer, an approach which has been validated by a number of FDA- approved therapies, including Keytruda (pembrolizumab) and Opdivo (nivolumab). HMBD-002 was previously the subject of a phase I clinical trial (NCT05082610) in patients with advanced solid tumours, conducted in the United States under an Investigational New Drug (IND) application with the US FDA. The trial showed the drug to be very safe and well-tolerated, both as monotherapy and in combination with pembrolizumab, and established appropriate dosing for subsequent trials. Of note, a maximum tolerated dose (MTD) could not formally be determined, due to a scarcity of dose-limiting toxicities (DLTs). The primary endpoints of the phase I study were safety and tolerability. A number of patients showed evidence of potential clinical response, including a reduction in tumour size of up to 27%. The longest duration of continuous treatment, implying stable disease, was 53 weeks, and several patients remained stable and on treatment for periods in excess of six months. Following Percheron’s licensing of HMBD-002 in June 2025, the Company transferred all extant data and material into its custody and has assumed sponsorship of the open IND application with the US FDA. Percheron has also taken responsibility for the prosecution and maintenance of certain patents relating to HMBD-002, which provide exclusivity for the molecule into the 2040s. In June 2026, manufacture of a new batch of drug substance for use in future clinical trials was completed by a contract manufacturing organisation under Hummingbird’s oversight on Percheron’s behalf. The Company expects to complete ‘fill and finish’ activities during 3Q CY2026. Preparation is ongoing for a planned international phase II clinical trial of HMBD-002, which will be designed to provide evidence of efficacy, and which the Company aims to commence in 2H CY2026. The study is intended to employ a novel adaptive multi-arm design, which is intended to minimise time, cost, and risk to clinical proof-of-concept, while generating maximally valuable data. The study will explore several tumour types in parallel arms to determine which are the most responsive to the drug. It is expected that the study will be conducted in the United States and Australia and potentially in other countries as needed. During 1H CY2026, the Company presented HMBD-002 data at several international conferences. In April 2026, results of the completed phase I clinical trial were presented at the Annual Meeting of the American Association of Cancer Research (AACR) in San Diego, CA. The poster presentation aligned with the Company’s previous public summaries of the trial data, and confirmed the excellent safety profile of the drug, both as monotherapy and in combination with Keytruda (pembrolizumab). In June 2026, the Company presented preclinical data from a collaboration with the Queensland Institute of Medical Research (QIMR Berghofer) in Brisbane, QLD. The data explored VISTA expression in breast cancer and identified opportunities for HMBD-002 in that disease, which may be the subject future clinical investigation. In May 2026, the World Health Organization (WHO) selected ‘minperstobart’ as the provisional international non- proprietary name for HMBD-002. Once confirmed, this will become the formal designation of the drug, and the HMBD- 002 code number will be progressively retired. Confirmation is expected during 1H CY2027. The Company’s key objectives for the HMBD-002 program during FY2027 include the commencement of a new clinical trial with the drug, and a range of activities to further familiarize clinicians, research collaborators, future partners, and investors with the program. Board & Management On 10 August 2026 the Company announced the appointment of Dr Michael Baker as Chief Executive Officer. Dr Baker is a highly experienced biotech executive and public company CEO. Dr Baker’s remuneration has a reduced cash component of $375,000 per annum, offset by a shareholder-aligned equity component of 75 million Restricted Stock Units (RSUs) tied to share price and tenureSyntax Warning: Invalid Font Weight milestones. All RSUs will be subject to shareholder approval at a general meeting of the Company. Dr James Garner will remain in his current position until 31 August 2026 to ensure an orderly transition. From 1 September 2026 Dr Garner will remain on the Board of Directors as a non-executive Director to ensure continuity and to provide all possible support to Dr Baker. R&D Tax Incentive In August 2025 the Company announced that it had received from the Australian Taxation Office an R&D Tax Incentive refund payment of $1.43 million for the year ended 30 June 2025. The amount received was in relation to the expenditure incurred on eligible R&D activities undertaken in Australia and overseas. The Company has recognised an amount of $0.70 million in relation to the 2026 financial year. Operations Report /5 PERCHERON THERAPEUTICS 2026 Financial Position As at 30 June 2026, the Company had cash reserves (including Term Deposits) of $4,052,278 (2025: $10,167,856). Directors The Board of Directors of Company present their report at the end of, or during, the year ended 30 June 2026. In order to comply with the provisions of the Corporations Act 2001, the Board of Directors report as follows: Dr Charmaine Gittleson MD, BSci, AICD, Independent Non-Executive Chair Appointed to the Board 22 March 2021 Experience Charmaine has extensive international experience as a pharmaceutical physician and enterprise leader in pharmaceutical drug development, governance and risk management gained during her 15-year tenure (2005-2020) with global specialty biotechnology company CSL Limited (ASX: CSL). During her time at CSL, Charmaine had at various times accountability for clinical research, medical safety, medical and patient related ethics for development and on market programs, providing leadership in strategic product development, planning and implementation across multiple therapeutic and rare disease areas. Charmaine held the key leadership roles of: Senior Director, Head Safety and Clinical Development (2006-2010) in Melbourne Australia; Vice President Clinical Strategy (2010-2013) and Senior Vice President Clinical Development (2013-2017) in Pennsylvania United States; and Chief Medical Officer in Melbourne from 2017 until her recent retirement from corporate roles in 2020. Charmaine commenced her role as Chair on 28 July, 2021. Interest in shares & options 2,399,999 ordinary shares and 3,239,999 options over ordinary shares. Committees Chair of Remuneration Committee; Member of other Audit Committee and Nominating and Governance Committee. Directorships held in other listed entities Polynovo Limited (ASX:PNV) – Appointed 1 April 2026, Imugene Limited – Appointed 26 May 2026 Directorships previously held in other listed entities Patrys Limited (ASX:PAB) – Resigned on 17 June 2025 Dr Ben Gil Price, Independent Non-Executive Director Appointed to the Board 4 October 2021 Experience Gil is an experienced biotech executive and entrepreneur with depth of expertise across clinical asset investment strategy, evaluation, ­ financing and execution. Additional leadership experience includes R&D, Medical, and strategic corporate functions. Between November 2021 and January 2023 he served as Neurobo Pharmaceuticals, President and CEO. Prior to joining Neurobo, Gil was Chief Medical Officer of ProPharma Group, a global industry leader in comprehensive compliance services that span the entire lifecycle of pharmaceuticals, biologics, and devices. Gil was previously responsible for the strategic and tactical management of all business at Drug Safety Solutions. After a successful 20-year history, Drug Safety Solutions was acquired in June 2017 by Linden Capital Partners. From June 2017 to January 2020, Gil served as the Chief Medical Officer for the global ProPharma Group, a Linden subsidiary. Over the years Gil has served on multiple corporate boards, including public, private and not-for-profit. His recent experience, Rexahn Pharmaceuticals, Inc. (NYSE American: RNN) he served on Compensation, Governance, and Business Development. In his previous role with SareptaSyntax Warning: Invalid Font Weight Therapeutics NASDAQ: SRPT, he helped to guide the company transition from $80 million market (2008) to its 2019 market cap of $8.4 billion. Interest in shares & options 5,999,805 shares and 3,000,000 options over ordinary shares. Committees Chair of Audit Committee; Member of other Remuneration Committee and Nominating and Governance Committee Directorships held in other listed entities Nil Directorships previously held in other listed entities Nil Directors' Report 6/ 2026 ANNUAL REPORT Dr James Garner, Managing Director, Chief Executive Officer Appointed to the Board 8 May 2023 Resigned 7 August 2026 Experience James brings broad experience in drug development and commercialisation, acquired through regional and global roles in the biotech and pharmaceutical sector. His previous responsibilities have included leading phase I-IV clinical trials, product registration, reimbursement, and business development. He possesses strong executive leadership and management skills that have seen him achieve outstanding results over a twenty-year career in the drug development industry, including roles with Biogen, Takeda, IQVIA formerly Quintiles (an international clinical research organisation) and Sanofi in Singapore. Most recently James served as CEO of Kazia Therapeutics Limited (NASDAQ:KZIA), a clinical stage, oncology-focused company where James rebuilt the organisation around a pipeline of novel assets and attracted significant financing via capital markets and non-dilutive opportunities. Interest in shares & options 74,900,000 shares and 25,390,000 options over ordinary shares. Committees Nil Directorships held in other listed entities Nil Directorships previously held in other listed entities Kazia Therapeutics (NASDAQ: KZIA) – Resigned 1 May 2023. Key Management Personnel Ms Deborah Ambrosini, Company Secretary and Chief Financial Officer Appointed 17 June 2024 Experience Deborah is a highly experienced CFO and Company Secretary. She is a Fellow of Chartered Accountants Australia and New Zealand with over 20 years’ experience in leading financial strategies to facilitate growth plans. Her experience spans the biotechnology, mining, IT communications and financial services sectors. Deborah possesses extensive experience in debt and equity capital raising activities, regulatory compliance, process improvement, investor relations, large contract management and leading all aspects of accounting, budgeting, forecasting and financial analysis. She also has significant experience both nationally and internationally in financial and business planning, compliance and taxation. Deborah has held Director roles in both listed and unlisted entities. Deborah has been a state finalist in the Telstra Business Woman Awards. She was also named as one of the Top 40 pre-eminent business leaders in the highly prestigious WA Business News 40 under 40 awards. Principal Activities Percheron Therapeutics Limited (“the Company” or “Percheron”) is a clinical-stage biotechnology business developing breakthrough therapies in oncology and rareSyntax Warning: Invalid Font Weight diseases. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Directors' Reportcontinued /7 PERCHERON THERAPEUTICS 2026 Significant Changes in the State of Affairs On 26 June 2025, the Company announced that it had entered into a worldwide exclusive license agreement with Hummingbird Bioscience (‘Hummingbird’), a venture-backed biotechnology company based in Singapore, for HMBD-002, a monoclonal antibody therapy with potential applications in a variety of cancer indications. Under the agreement the Company will pay Hummingbird an upfront amount of USD $3.0 million, contingent milestone payments of up to USD $287 million plus royalties on net sales of the product. The upfront payment will be made in two tranches with USD $2.0 million payable within 20 days of the start date of the agreement. On 10 July 2025, the Company paid USD $2.0 million (AUD $3.08 million) to Hummingbird Bioscience in accordance with the worldwide exclusive license agreement signed on 25 June 2025. The balance of USD $1 million is payable in two equal instalments: the first instalment of 50% is due within 30 days of Hummingbird supplying to the Company the HMBD-002 drug substance to the Company, and the second instalment of 50% is due within 90 days of that same event. On 16 March 2026, the Company announced an Offer to Eligible Shareholders to acquire two (2) New Shares for every five (5) existing Shares held on the Record Date at an issue price of $0.005 per New Share (Entitlement Offer) together with one (1) free-attaching unlisted option for every two (2) New Shares subscribed for and issued (New Options). The New Options will expire two years from the date of issue and have an exercise price of $0.01 each. Any New Shares and New Options not validly subscribed for pursuant to the Entitlement Offer were offered to Eligible Shareholders and third-party investors for subscription under a separate offer (Shortfall Offer). Eligible Shareholders who applied for their entitlement in full (and other investors determined by the Directors) were able to apply for additional New Shares and New Options (Shortfall Securities) under the Shortfall Offer, subject at all times to the Directors’ discretion to scale back applications under the Shortfall Offer and otherwise in accordance with the allocation policy set out in the Prospectus lodged with ASIC on 16 March 2026. The Shortfall Securities were offered on the same terms as the New Shares and New Options to be issued under the Entitlement Offer. The Company received strong support in respect of the Offers, raising approximately $0.8 million from Eligible Shareholders, and receiving valid applications for a further $1.4 million from new investors, representing the entire balance of the New Shares. The ongoing global geopolitical conflicts and heightened international tensions introduce significant uncertainties into the broader macroeconomic environment. While the Group does not have direct material operations in the heavily impacted conflict zones, the broader ramifications including potential supply chain disruptions, increased volatility in foreign currency exchange and capital markets, and fluctuating commodity and energy prices could indirectly affect our operational costs and future financial performance. Management continues to monitor these risks closely. Significant Events After the Reporting Date On 3 July 2026 the Company granted 8,100,000 options to employees under the Percheron Therapeutics Limited Employee Share Option Plan (ESOP). The options have an exercise price of $0.004 per option, vest in six equal instalments, and expire on 3 July 2031. On 10 August 2026 the Company announced the appointment of Dr Michael Baker as Chief Executive Officer. Dr Baker is a highly experienced biotech executive and public company CEO. Dr Baker’s remuneration has a reduced cash component of $375,000 per annum, offset by a shareholder-aligned equity component of 75 million Restricted Stock Units (RSUs) tied to share price and tenure milestones. All RSUs will be subject to shareholder approval at a general meeting of the Company. Dr James Garner will remain in his current position until 31 August 2026 to ensure an orderly transition. From 1 September 2026 Dr Garner will remain on the Board of Directors as a non-executive Director to ensure continuity and to provide all possible support to Dr Baker. There have not been any other matters or circumstances, other than that referred to in the financial statements or notes thereto, that have arisen since the end of the financial year, which significantly affected, or may significantly affect the operations of Percheron Therapeutics Limited, the results of those operations or the state of affairs of Percheron Therapeutics Limited in future financial years. Likely Developments & Expected Results The likely developments in the Company's operations, to the extent that such matters can be commented upon, are covered in the 'Operations Report’. Operating & Financial Review The net loss after tax of the Company for Syntax Warning