Announcement PDF ASX ANNOUNCEMENT Invion Limited ABN 76 094 730 417 Suite 2, Level 11, 385 Bourke Street Melbourne, VIC 3000 P: +61 3 9692 7222 W: www.inviongroup.com INVESTOR PRESENTATION MELBOURNE (AUSTRALIA) 22 April 2026: Invion Limited (ASX: IVX) (“Invion” or the “Company”) will be participating in several upcoming local and international conferences, including BIONNOVA 2026 in Shanghai and Bio Korea 2026. Attached is the presentation that Invion’s Executive Chair and CEO, Prof Thian Chew, will be using for his presentations. This announcement was approved for release by the Board of Directors. ____________________________________________ Sign up at Invion’s Investor Hub to receive regular updates, provide feedback and participate in discussions: https://investors.inviongroup.com/ 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 Photosoft™ technology for the treatment of a range of cancers, atherosclerosis and infectious diseases. Invion holds the global exclusive license to the Photosoft technology for multiple cancer and non-cancer disease indications. Invion is listed on the ASX (ASX: IVX). Find out more at www.Inviongroup.com. About Next Generation Photodynamic Therapy (NGPDT) Invion is developing PhotosoftTM technology as a novel Next Generation Photodynamic Therapy (NGPDT). NGPDT 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, NGPDT offers an alternative treatment option aimed at achieving complete tumour regression and long-lasting remission. NGPDT has also demonstrated broad-spectrum activity across multiple infectious diseases, including bacteria, fungi and viruses. Photosoft has the potential to address the global challenge of antibiotic-resistant “superbugs”. BIONNOVA 2026 Targeted Cancer Treatment Powered by Light ASX: IVX New Frontier in Affordable Precision Medicine 2 DISCLAIMER The information in this presentation does not constitute personal investment advice. The presentation is not intended to be comprehensive or provide all information required by investors to make an informed decision on any investment in Invion Limited (Company). In preparing this presentation, the Company did not take into account the investment objectives, financial situation and particular needs of any particular investor. Further advice should be obtained from a professional investment adviser before taking any action on any information dealt with in the presentation. Those acting upon any information without advice do so entirely at their own risk. Whilst this presentation is based on information from sources which are considered reliable, no representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its directors, or any other person about the accuracy, completeness or fairness of the information or opinions contained in this presentation. No responsibility or liability is accepted by any of them for that information or those opinions or for any errors, omissions, misstatements (negligent or otherwise) or for any communication written or otherwise, contained or referred to in this presentation. Accordingly, neither the Company nor any of its directors, officers, employees, advisers, associated persons or subsidiaries are liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon any statement in this presentation or any document supplied with this presentation, or by any future communications in connection with those documents and all of those losses and damages are expressly disclaimed. Any opinions expressed reflect the Company’s position at the date of this presentation and are subject to change. NEED FOR MORE AFFORDABLE NEW TREATMENTS CREATING IMPACT FOR TREATING CANCERS GLOBALLY 3 Median price of new FDA drugs in 2024 >US$370K1, more than double vs 2021 Affordability impacts accessibility globally Trends towards personalised medicines and targeted therapies2 Half of new drugs are orphan3, which cost 5.5 times more than non-orphan3 Works across multiple cancers without need to personalise – precision with less complexity INV043 is a small molecule based therapy that is highly scalable PhotosoftTM potential for lower development and manufacturing costs Equipment and treatment process is less complex - helps reach a larger patient base Commercial Rationale for Photosoft 1 https://www.reuters.com/business/healthcare-pharmaceuticals/prices-new-us-drugs-doubled-4-years-focus-rare-disease-grows-2025-05-22/#:~:text=Summary,nations%20that%20pay%20far%20less. 2 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10290406/#:~:text=There%20has%20been%20significant%20policy,being%20approved%20in%20recent%20years 3 https://www.mdpi.com/1999-4923/15/6/1761#:~:text=Additionally%2C%20the%20cost%20of%20ADC,a%20barrier%20for%20some%20patients ASIAN-CENTRIC CANCERS, A US$40B MARKET5 ADDRESSING UNDERSERVED NEEDS Asians comprise 6% of clinical trial patients in FDA approved drugs2 … yet 60% of the world is Asian 1 https://gco.iarc.fr/today/fact-sheets-cancers GLOBOCON 2020 2 Source: Food and Drug Administration – 2020 Drug Trials Snapshots Summary 3 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7431055/#b12-ms117_p0375 4 https://med.stanford.edu/content/dam/sm/care/communityheathtalk/Stanford-Community-Health-Talk-LCINF-FANS-2-21-2022.pdf 5 Oncology Drugs - Asia | Statista Market Forecast 4 Stomach Cancer 75.3%1 cases in Asia, esp. Korea, Japan and China Oesophageal Cancer 79.7%1 cases in Asia esp. in east Asians Liver Cancer 72.5%1 cases in Asia mainly in China Oral Cancer 65.8%1 cases in Asia esp. India, Indonesia, Pakistan Nasopharyngeal Cancer 86.0%1 cases in Asia, esp. China, HK MISMATCH WITH GLOBAL INCIDENCE Non-Smoker Lung Cancer 60-80% women in Asia with lung cancer are non-smokers3 (esp. China). Highest among Asian American females in US4 UNDER-REPRESENTATION IN DRUG DEVELOPMENT 6% Asian 75% White 8% Black 11% Hispanic Ethnic Breakdown of Clinical Trials for 2020 Approved Drugs2 PROPRIETARY PHOTOSENSITIVE COMPOUNDS + LIGHT ACTIVATION 5 HOW OUR NEXT-GEN PDT (PHOTOSOFTTM) WORKS Next-Gen Photodynamic Therapy (PDT): Drug activated by light that overcomes significant shortcomings & side effects of approved PDT treatments 1. Delivery PhotosoftTM compound administered (topical, intratumoral, IV) Preferential localisation in cancer cells (Warburg Effect – cancers have high glucose uptake) 3. Selective Tumour Ablation ROS kills cancer cells Healthy tissue spared Low systemic toxicity, minimal side effects 2. Light Activation Specific wavelength of light (660nm) activates compound Generates reactive oxygen species (ROS), at the tumour site only 4. Immunity Stimulates the body’s own immune system to continue killing the cancers (beyond the area of treatment) STRONG CLINICAL DATA AND PARTNERSHIPS, MULTIPLE TARGETS 6 TECHNOLOGY HIGHLIGHTS Clinical Results & Programs • Strong clinical safety profile, and demonstrated efficacy signals (incl. completed PoC prostate and ongoing skin cancer trials) • Cancer Targets: Non-Melanoma Skin Cancer (ongoing), Anogenital Cancers (upcoming), Oesophageal Cancer and Companion Animal Cancers • Orphan Drug Designation: U.S. FDA granted ODD for anal cancer Key Advantages • Platform technology scalable, multiple indications, 300+ patented compounds • Selectively targets multiple cancers and activates the immune system* • Theragnostic Potential: Violet light fluoresces, red light kills cancers Partnerships • Peter MacCallum Cancer Centre: Co-sponsored anogenital cancer trial • Hanlim Pharm: Funding oesophageal cancer program (IV program) with support from Korean Drug Development Fund; GBM preclinical studies • Protect Animal Health: Funding animal cancer development program (including companion animal trials) *Based on preclinical studies at Peter Mac & Hudson Institute 7 LEAD CANCER DRUG CANDIDATE INV043 MULTIPLE CANCERS, ATTRACTIVE THERAPEUTIC PROFILE PhotosoftTM Photosoft is a portfolio of 300+ photosensitisers protected by multiple patent families. Lead Cancer Drug Candidate: INV043 Good safety profile with limited side effects at up to 100x therapeutic dose Selectively absorbed by cancer cells (Warburg effect – cancers rapidly uptake glucose) Combination with Immune Checkpoint Inhibitors1,2 improves response rate from 12% to 80% Potency: ~600x greater phototoxicity than Talaporfin (widely used photosensitiser) Effective in regressing multiple types of cancer in human trials and in vivo1 1 In preclinical studies including with the Hudson Institute of Medical Research and Peter MacCallum Cancer Centre 2 Immune Checkpoint Inhibitor (ICI) therapies are part of the Immunotherapy market of cancer treatments Stimulate the body’s natural immune response 8 PoC PROSTATE CANCER CLINICAL TRIAL RESULTS INVESTIGATOR-LED PROSTATE CANCER STUDY USING INV043* * Licensor funded study as previously disclosed to the market SAFE AND WELL TOLERATED EFFICACY: 40-44% RESPONSE RATE ▪ No serious adverse events and all adverse events were mild ▪ Current treatment options (e.g., radiotherapy, chemotherapy and surgery) carry significant risks of side effects ▪ PSMA-PET Results: 7 patients of 16 were negative 3 months post treatment (~44% response) ▪ RECIST Framework: 40% positive response 3 months post treatment (1 complete regression) and another 40% had stable disease ▪ 41 patients dosed (16 readouts, 25 limited data due to COVID lockdown limitations) ▪ Each patient – 6 cycles of PDT treatment over 9 weeks TREATMENT PROTOCOL 0 1 2 3 4 5 6 7 Recorded Adverse Events During After (16 patients x 6 questionnaires = 96 recordings) PRELIMINARY PATIENT GROUP FINDINGS 9 PHASE I/II NON-MELANOMA SKIN CANCER TRIAL ▪ No adverse events identified and no pain reported (vs. current PDT treatments) ▪ Observable reduction in the NMSC lesion size relative to baseline ▪ Complete resolution observed in select cases, with durability under evaluation ▪ Highlights INV043’s potential as a diagnostic with fluorescence observed under violet light Change in Size of Lesions Treated and untreated lesions* Safety Review Committee (SRC) Findings (initial patient group, n=12) • Data integrity check (data lock) by the clinical trial manager not completed for full data set • All lesions regardless of single or retreatment (3 retreatments), n=12 • Further analysis to be conducted at next stage of trial *Based on preliminary unaudited data Mean +/- SEM treated; 2-sided t tests (SEM = Standard Error of the Mean) DIAGNOSTIC POTENTIAL 10 INV043 FLUORESCES CANCERS UNDER VIOLET LIGHT Photos from three different patients in the NMSC trial INV043 appears to localise in the lesion site, which is consistent with preclinical data that showed accumulation in the tumour cells. Natural light, no INV043 Violet light, no INV043 Violet light, INV043 Patient 101-002 from Ph I/II NMSC Trial: Day 1 of the treatment Clearer surgical margins may increase precision in resecting cancer tissue Potential Diagnostic Applications: ▪ Identify residual cancers that are difficult to see with the naked eye ▪ Clearer surgical margins increase precision in resecting more cancer tissue ▪ Preserve more healthy tissue, improving functional and cosmetic outcomes ▪ Enhance accuracy in open, keyhole, and endoscopic surgeries • Chemo resistant Triple Negative Breast Cancer (TNBC) is a hard-to-treat cancer • Complete regression of TNBC in vivo after INV043 treatment (Hudson Institute) • No scarring & tumour undetectable two weeks after initial treatment • Protective immunity potential as TNBC implant could not re-establish new tumours PROTECTIVE IMMUNITY 11 ONE DRUG TO FIND AND TREAT MULTIPLE CANCERS THERAGNOSTIC POTENTIAL OF INV043 1 Adapted from https://www.nature.com/articles/s41598-023-30256-0#citeas, using chlorin e6 photosensitizer. The research activities involving the use of animals were carried out in accordance with relevant guidelines and regulations as well as with appropriate Animal Ethics Committee approval. SELECTIVE TARGETING • Selectively retained in malignant but not healthy tissue • Multiple cancers (incl. pancreatic, triple-negative breast, T-cell lymphoma in vivo) • Minimises collateral damage to healthy organ tissues & no notable toxicity issues • Fluorescence & ablation characteristics Photos show primary pancreatic (Human PANC1) cancer (Hudson Institute animal study). Small metastatic nodules on the liver visible to naked eye when illuminated using violet light. Control Treated https://inviongroup.com/videos-reports/ IMPROVING IMMUNOTHERAPY OUTCOMES, PARTNERSHIP POTENTIAL 12 COMBINATION WITH IMMUNE CHECKPOINT INHIBITORS (ICIs) 1 https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2762389 2 https://announcements.asx.com.au/asxpdf/20220530/pdf/459ffkjbvdpjrg.pdf 3 https://investors.inviongroup.com/announcements/6228975 4 https://www.precedenceresearch.com/immune-checkpoint-inhibitors-market HUDSON INSTITUTE:. ~65% IMPROVEMENT IN TUMOUR VOLUME (TNBC, INTRATUMORAL, IN VIVO)2 *** INV043+PD1 vs Vehicle = p=0.001 ** INV043+PD1 vs PD1 p=0.0037 * INV043 vs Vehicle p=0.0397 *** ** * Why This Matters ▪ Attractive Market: World’s #1 best selling class of drugs – global market >US$58B and growing at 16.0% CAGR to hit ~US$258B (2025-2034)4 ▪ Patient Problem: Low overall response rate of 12.5% for monotherapy ▪ Commercial Problem: Big Pharma facing patent cliff with several ICI patents expiring in coming years ▪ Solution: Combination with Invion’s Next- Gen PDT could generate new patent life AND improve patient outcomes ▪ Next Catalyst: Peter Mac preparations for upcoming human anogenital cancer clinical trials using INV043 and ICIs PETER MAC: ~80% RESPONSE RATE vs. 12.5%1 ICI ONLY (ANAL SCC CANCER, TOPICAL, IN VIVO)3 1 The Phase I/II NMSC trial uses an adaptive study design means recruitment numbers and timelines may change to accelerate the evaluation of INV043 2 Hanlim Pharm with support from the South Korean Government’s KDDF are funding the Oesophageal Cancer studies 3 Pet pharmaceutical company, Protect Animal Health (TPEX: 7850), are funding an animal cancer development program (including companion animal trials) using a different compound within Invion’s portfolio 3 RMW Cho Group Ltd (“RMWC”) licensor sponsored investigator led trial CANCER (HUMAN) Non-Melanoma Skin Cancers (Topical)1 Anogenital Cancers (Topical) Oesophageal (IV) PoC Prostate Cancer (completed) CANCER (ANIMALS) Companion Animal Cancer Studies MULTIPLE CLINICAL TRIALS AND INDICATIONS CANCER: TARGET INDICATIONS AND TIMEFRAMES DISEASE AREA FUNDING SOURCE CY2025 CY2026 >CY2027 PreClinical Phase 1 Phase 2 13 RMWC4 Self-funded Peter Mac (Co-Sponsored) Hanlim & KDDF2 Protect Animal Health3 Follow up and monitoring Adaptive study design LUCRATIVE COMPANION ANIMAL MARKET OPPORTUNITY COLLABORATION WITH PROTECT ANIMAL HEALTH 1) https://www.avma.org/resources/pet-owners/petcare/cancer-pets 2) https://www.zionmarketresearch.com/news/pet-cancer-therapeutics-market New Market Potential • Reinforces Photosoft as a platform technology with multiple market opportunities • Invion has hundreds of proprietary PhotosoftTM compounds in its portfolio Funded Studies • Protect to fund and undertake evaluation studies (in vitro, in vivo and companion animal trials) • Invion retains all existing and new IP rights Growing Opportunity • Fast growing market with 1 in 2 dogs over the age of 10 diagnosed with cancer1 • Global pet cancer market forecast to grow 9.7% CAGR (2025-2034) to US$12.1billion2 Founded in 2019, listed on Taipei Exchange (TPEX:7850) Focused on advanced therapeutics for companion animals 250 pet pharmacies and 900+ veterinary clinics Collaborates with global pharma partners and academic institutions DR SOUMYA RAI PROGRAM DIRECTOR • Dental surgeon, clinical and business mgmt experience • Resident, JLN House and Research Centre, SAIL • Asst Prof. Rungta College Dental Sciences and Research • MBA HKUST 15 PROF SEBASTIAN MARCUCCIO MEDICINAL CHEMISTRY • Pharma/drug discovery and dev (co-inventor IVX PDT patents) • Founder / Director Advanced Molecular Technologies • Previously in Pharmaceutical Chemicals Research, CSIRO • Adj. Prof. La Trobe University, PhD Organic Chemistry ANU ALEXANDER BENNETT TECHNICAL ADVISOR, LIGHT DEVICES • 35+ years in R&D, manufacturing and commercialisation of scientific instrumentation incl. ISO certifications • GM Forensic Light Sources, Rofin Australia. • Led Medical Light Source trial for PDT in skin cancers Peter MacCallum Cancer Centre DR DANIEL GARAMA SCIENTIFIC ADVISOR • Heads proteomics & mitochondrial disease team at the Hudson Institute of Medical Research • Expert in cancer biology, proteomics & translational research • Affiliate at Monash & Melbourne universities • Published in Science, Nature; recipient of global research awards DR AMY PRAWIRA MEDICAL CONSULTANT • Founder/CEO, Obatica Pty Ltd (engaged to assist with clinical trials) • 12+ years in clinical oncology and trials • Investigator with experience in over 90 early phase clinical trials • Head, Cancer Trials and Research Unit, Prince of Wales Hospital (Sydney) PROF THIAN CHEW EXECUTIVE CHAIRMAN & CEO • Co-Founder, Chronic Airway Therapeutics • Advisory Board, Stanford Medicine CARE • Executive Director, Goldman Sachs • Director, KPMG Consulting, Senior Manager KPMG • A/Prof HKUST, V/Prof UCL Global Bus School Health, MBA/MA Wharton THE RIGHT EXPERTISE FOR SUCCESS EXPERIENCED TEAM PROF ROBERT RAMSAY SCIENTIFIC ADVISOR • 30+ years research in cancer biology &translational medicine • Senior Scientist, Ex-Co Head Gastrointestinal Program, Peter MacCallum Cancer Centre • Ex-President Australian Society for Medical Research (ASMR) • Hon.Professor, Dept Oncology & Clinical Pathology, Uni. Melb LOUISE WHITE MANUFACTURING AND QUALITY • 35+ years in the pharmaceutical industry, 13 years in vaccine manufacturing, CSL, Partner SeerPharma • Experience in virology R&D, bacterial vaccines production, quality control and production planning • Registered auditor for APVMA For more information, go to www.inviongroup.com Investor and Media enquiries: Thian Chew (Chairman & CEO) Brendon Lau (Investor & Media Relations) T: +61 3 9692 7222 M: +61 409 341 613 E: investor@inviongroup.com E: brendon.lau@inviongroup.com Sign up to receive regular updates, provide feedback and participate in discussions: https://investors.inviongroup.com/