Announcement PDF ASX ANNOUNCEMENT ACTIVITY REPORT AND CASH FLOW REPORT FOR THE QUARTER ENDED 31 DECEMBER 2022 Highlights:     Invion reported several positive results in the quarter using PhotosoftTM compounds on a range of viruses, bacteria and fungi, including COVID-19 and antibiotic resistant Superbugs The Company is also continuing to work with research partners, including Peter Mac, to prepare for clinical trials Invion is aiming to commence at least two Phase 1 trials in 2023 Cash position of $8 million (at end of Dec 2022) is sufficient to fund the Company’s shortand medium-term development agenda MELBOURNE (AUSTRALIA) 30 January 2023: Invion Limited (ASX: IVX) (“Invion” or the “Company”) wishes to provide the following update and Appendix 4C for the quarter ended 31 December 2022 (2QFY23). Summary of cash position and expenditure during the quarter The Company held cash reserves at the end of the quarter of $8 million compared with $7.8 million for 1QFY23. Invion remains funded through its R&D services agreement with RMW Cho Group and fluctuations in its cash position are influenced by the timing of payments and receipts. Under the R&D agreement, RMW reimburses Invion for all cancer-related research in Australia and New Zealand. For other research in Invion’s territories, RMW will reimburse 75% of nonclinical and 25% of clinical activities. Invion recorded a cash inflow of $0.2 million from Operating Activities in the quarter and the primary areas of expenditure were research and development (R&D) at $733,000 and administration and corporate costs at $468,000. As detailed in Item 6.1 of the accompanying Appendix 4C, the Company discloses that the aggregate payments to related parties and their associates during the quarter totalled $159,000. The payment relates to CEO salary and Directors’ fees paid during the quarter. R&D activities during the quarter Invion’s focus is on the development of the PhotosoftTM technology to treat multiple cancers, but the Company has also made significant strides in the quarter to prove up the technology against viruses and bacteria. One of the key achievements is the in vitro study on infectious diseases including antibioticresistant MRSA bacteria, or Superbugs, that was carried out by the Australian Centre for Antimicrobial Resistance Ecology (ACARE), University of Adelaide, in partnership with Invion. ACARE found that Photosoft compounds showed activity against multiple strains of the Superbug, which has been described by the World Health Organization (WHO) as one of the top 10 threats facing humanity1. 1 https://www.who.int/news-room/fact-sheets/detail/antimicrobial-resistance Invion Limited ABN 76 094 730 417 100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com ASX ANNOUNCEMENT The study also showed promising results in using Photosoft against Escherichia coli bacteria and Candida albicans fungus. Further, the technology showed encouraging results against the Delta and Omicron BA.1 variants of SARS-CoV-2 (the virus behind COVID-19) during in vitro tests conducted last year, which was released to the market in the previous activity report. The PhotosoftTM compounds were more potent than Remdesivir – a broad-spectrum antiviral medication approved for emergency use against COVID-19 in multiple countries. In fact, some of the compounds had EC50 values that were 250-400 times smaller than Remdesivir, meaning the amount required was substantially lower than Remdesivir to achieve the same outcome. PhotosoftTM compounds also showed activity against other viruses, including Dengue and Zika. In both cases, PhotosoftTM compounds were also more potent than the control compound, Monensin. Meanwhile, Invion continues to work alongside its research partners, including the Peter MacCallum Cancer Centre, to prepare to commence human clinical trials this calendar year. Invion is aiming to start at least two Phase 1 trials in 2023. Investing & Financing activities Invion did not record any cash movements from its Investing and Financing Activities during the period. The Company believes its strong cash position of $8 million (with no debt) and its funding arrangement with RMWC will enable it to pursue its near- and medium-term development agenda. This announcement was approved for release by the Board of Directors. ____________________________________________ Investor and Media enquiries: Thian Chew (Chairman & CEO) T: +61 3 9692 7222 E: investor@inviongroup.com Brendon Lau (Investor & Media Relations) M: +61 409 341 613 E: brendon.lau@inviongroup.com About Invion Invion is a life-science company that is leading the global research and development of the PhotosoftTM technology for the treatment of a range of cancers, atherosclerosis and infectious diseases. Invion holds the exclusive Australia and New Zealand license rights and exclusive distribution rights to Asia Pacific excluding China (other than Hong Kong, which is included in the Territory), Macau, Taiwan, Japan and South Korea to the PhotosoftTM technology for all cancer indications. It also holds the exclusive rights to the technology in Asia Pacific (excluding Greater China) for atherosclerosis and infectious diseases. Research and clinical cancer trials are funded by the technology licensor, RMW Cho Group Limited, via an R&D services agreement with the Company. Invion is listed on the ASX (ASX: IVX). For more information, visit www.inviongroup.com. Invion Limited ABN 76 094 730 417 100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com ASX ANNOUNCEMENT About Photodynamic Therapy (PDT) Invion is developing PhotosoftTM technology as a novel next generation Photodynamic Therapy (PDT). PDT uses non-toxic photosensitisers and light to selectively kill cancer cells and promote an anti-cancer immune response. Less invasive than surgery and with minimal side effects, PDT offers an alternative treatment option aimed at achieving complete tumour regression and long-lasting remission. Invion Limited ABN 76 094 730 417 100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com Rule 4.7B Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity INVION LTD ABN Quarter ended (“current quarter”) 76 094 730 417 31 December 2022 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for Year to date (6 months) $A’000 1,396 2,039 (733) (1,603) (b) product manufacturing and operating costs - - (c) advertising and marketing - - (d) leased assets - - (e) staff costs - - (468) (801) (a) research and development (f) administration and corporate costs 1.3 Dividends received (see note 3) - - 1.4 Interest received 1 1 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 196 (364) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) businesses - - (c) property, plant, and equipment - (76) (d) investments - - (e) intellectual property - - (f) - - other non-current assets ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (6 months) $A’000 Proceeds from disposal of: (a) entities - - (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) - - other non-current assets 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - (76) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 7,838 8,474 196 (364) - (76) 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Consolidated statement of cash flows 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 5. Current quarter $A’000 Year to date (6 months) $A’000 - - - - Cash and cash equivalents at end of period 8,034 8,034 Reconciliation of cash and cash equivalents Current quarter $A’000 Previous quarter $A’000 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 5.1 Bank balances 8,034 7,838 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 8,034 7,838 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 159 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities 8.1 Net cash from / (used in) operating activities (item 1.9) 196 8.2 Cash and cash equivalents at quarter end (item 4.6) 8,034 8.3 Unused finance facilities available at quarter end (item 7.5) 8.4 Total available funding (item 8.2 + item 8.3) 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) - $A’000 8,034 N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A . 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2023 Authorised by: By the Board................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5