Announcement PDF ANNUAL GENERAL MEETING November 2025 ASX: IVX Next Generation Photodynamic Therapy (PDT) for Cancers and Infectious Diseases 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. 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INVION AT CLINICAL INFLEXION POINT 3 PLATFORM TECHNOLOGY & PARTNERSHIPS Progressing Clinical Programs Invion is well advanced in its clinical program across multiple cancer types with encouraging early results Platform Technology Significant progress highlighting the potential of Photosoft as a platform technology with multiple uses in human and animal health Key Partnerships Industry partnerships providing non-dilutive funding and expertise to develop Photosoft, which complement Invion’s collaboration with world renowned research institutes (e.g. Peter Mac and Hudson Institute) Photosoft is only activated by specific wavelengths of light to selectively regress or fluoresce cancers CONTINUED CLINICAL MILESTONES & PARTNERSHIPS YEAR OF ACHIEVEMENTS 4 2025 2026 Further Results Ph I/II Skin Cancer Clinical Trial Initiation Ph I/II Anogenital Clinical Trial with Peter Mac Update on HPV to PoC Human Trial with Dr.inB Update Companion Animal Cancer Studies with Protect GBM and/or oesophageal update with Hanlim Pharm Further Collaborations / International Achievements in 2024-25 ✓ Collaboration with Protect Animal Health on companion animal cancers ✓ Secured Orphan Drug Designation from US FDA for INV043 (anal cancer) ✓ Successful Ph 2 Prostate Cancer Clinical Trial Results ✓ Encouraging early results for Ph I/II Skin Cancer Trial ✓ Expanded collaboration with Hanlim Pharm for Glioblastoma (Preclinical) ✓ Invion working with Peter MacCallum Cancer Centre (Peter Mac) on trial design and other preparations for anogenital trial ✓ Prof Rob Ramsay from Peter Mac appointed as Invion’s Scientific Advisor PARTNERSHIPS 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 • First agreement in the companion animal cancer care market • Reinforces Photosoft as a platform technology with multiple market opportunities • Invion has hundreds of proprietary Photosoft compounds in its portfolio Funded Studies • Protect Animal Health to fund and undertake evaluation studies • Work includes in vitro, in vivo and companion animal studies • Invion will provide select Photosoft compounds and retains all existing and new IP rights Large Opportunity • Fast growing market with ~50% of dogs over the age of 10 diagnosed with cancer • Global pet cancer market forecast to grow 9.7% CAGR (2025- 2034) to US$12.1B • Current treatments tend to be lengthy and use older cancer therapeutics • Potential for commercial agreement if evaluation is successful Founded in 2019 by biotech investors and animal-loving drug developers Protect Animal Health (PAH) is a Taipei-listed company (TPEX:7850) focused on advanced therapeutics for companion animals With a team of 46 employees, PAH collaborates with global pharma partners and academic institutions Operates the largest pet diagnostic network in its market with sales coverage across 250 pet pharmacies and 900+ veterinary clinics ORPHAN DRUG DESIGNATION 6 ANOGENITAL CANCER TRIAL UPDATE ▪ U.S. FDA grants Orphan Drug Designation (ODD) to INV043 (Invion’s lead cancer drug candidate) for anal cancer ▪ ODD benefits include: ✓ Seven-year exclusive marketing rights in the US post drug approval ✓ Various financial incentives, such as potential tax credits for clinical trials, fee waivers, etc. ✓ Potentially faster path to market compared to non-orphan drugs with fast tracked approvals and shorter/smaller trials ▪ INV043 shows pre-clinical efficacy, achieving ~80% tumour control in mice when used in combination with immune checkpoint inhibitors ▪ Invion and Peter Mac are working on the trial design and other preparations for the anogenital cancer clinical trial ▪ The trial is expected to be relatively low cost as a “window of opportunity” trial Moving Towards Human Trials Orphan Drug Designation Combi therapy: ~65% improvement in effectiveness vs. ICI alone IMPROVING IMMUNOTHERAPY OUTCOMES, PARTNERSHIP POTENTIAL 7 COMBINATION WITH IMMUNE CHECKPOINT INHIBITORS (ICI) • Immune checkpoint inhibitors (ICI), a type of immunotherapy, is standard of care in treatment of several cancers • Despite widespread use of ICIs, the patient response rate can be as low as 12.5%1 • Independent in vivo studies showed combined INV043 and anti-PD-1 therapies achieved 80% tumour elimination 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 HUDSON INSTITUTE:. ~65% IMPROVEMENT IN TUMOUR VOLUME (TRIPLE NEGATIVE BREAST CANCER, INTRATUMORAL)2 PETER MAC: ~80% RESPONSE RATE (ANAL SCC CANCER, TOPICAL)3 *** INV043+PD1 vs Vehicle = p=0.001 ** INV043+PD1 vs PD1 p=0.0037 * INV043 vs Vehicle p=0.0397 *** ** * 7/10, no measurable tumour. 8th mouse histology, no evidence of tumour cells SAFETY REVIEW COMMITTEE FINDINGS – INITIAL PATIENT GROUP 8 PHASE I/II NON-MELANOMA SKIN CANCER TRIAL ▪ No adverse events identified related to the treatment ▪ Clinician feedback indicated patients did not experience any pain during the treatment, comparing favourably to currently approved PDT treatments ▪ Early indications show an observable reduction in the NMSC lesion size after a single treatment cycle ▪ Highlights INV043’s potential as a diagnostic with suspected cancers fluorescing under violet light Change in size of NMSC lesions treated and untreated lesions* SEM = Standard Error of the Mean *Data integrity check (data lock) by the clinical trial manager has not been completed for the full data set. Further analysis will be conducted at the next stage of the trial. Untreated Lesions Treated Lesions Findings from Safety Review Committee (SRC) (initial patient group of 6) ▪ Proceeding to Part 2 of the adaptive trial that will enable further dose optimisation permitted under the protocol ▪ The safety data is also an important input into the upcoming Ph I/II anogenital trial done in partnership with the Peter MacCallum Cancer Centre Next Steps POTENTIAL TO DISPLACE STANDARD OF CARE EVALUATION OF NMSC THERAPIES1 1 Based on management views * https://www.aad.org/news/guidelines-to-treat-nonmelanoma-skin-cancer * https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5746716/ * https://amp.cancer.org/cancer/types/melanoma-skin-cancer/about/key-statistics.html 2 https://amp.cancer.org/cancer/types/melanoma-skin-cancer/about/key-statistics.html INV043 (Topical) Metvix#/ALA PDT Treatment COSMETIC RESULT More Pain/ Discomfort) FAIR GOOD EFFECTIVENESS GOOD Excisional Surgery Curettage & Electrodesiccation Mohs Surgery Cryosurgery POOR Less Pain/ Discomfort 9 Non-Melanoma Skin Cancer (NMSC) Phase I/II Clinical Trial (Adaptive Trial Structure): Addressing the unmet need for one of the world’s most common cancers2 #by Galderma S.A. 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 Potential for INV043 to assist surgeons to more accurately remove cancers • Primary pancreatic (Human PANC1) cancer • Cancers received INV043 at 0.1 mg/kg by IT (primary tumours) or IP (metastatic tumours) injection • After 1 hour, INV043 visualised as fluorescence localised to tumour mass and margins when illuminated using violet light Animal studies at Hudson Institute • INV043 was seen concentrated within metastatic nodules 16 hours after IP injection • Small metastatic nodules on the liver visible to naked eye when illuminated using violet light • Triple Negative Breast Cancer (TNBC) is a hard-to-treat cancer resistant to most chemotherapies • Hudson Institute proof-of-concept (PoC) pilot showed complete regression of TNBC in vivo following INV043 treatment • Tumour mass undetectable two weeks after initial treatment and no scarring evident • No recurrence of disease, re-challenge with TNBC implant could not re-establish new tumours, suggesting development of protective immunity PROTECTIVE IMMUNITY https://inviongroup.com/videos-reports/ Control Treated 11 MULTIPLE CANCERS, PRECISION CANCER TARGETING, PROTECTIVE IMMUNITY THERAGNOSTIC POTENTIAL 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 • INV043 selectively retained in malignant but not healthy tissue, across multiple cancers (incl. pancreatic, triple- negative breast, T-cell lymphoma in vivo) • Minimises collateral damage to healthy organ tissues with no notable toxicity issues • INV043 has both fluorescence as well as ablation characteristics (under different wavelengths of light) • Applications in both diagnostic (405nm) and therapeutic use (660nm) – theragnostic potential 1 Cancer is the key area of focus for Invion 2 The Phase I/II NMSC trial uses an adaptive study design means recruitment numbers and timelines may change to accelerate the evaluation of INV043 3 Timing subject to ongoing dialog with US FDA to determine pre-clinical requirements CANCER1 Prostate Cancer (Funded by RMWC) Non-Melanoma Skin Cancers (Topical)2 Anogenital Cancers (Topical) Glioblastoma & Oesophageal (Funded by Hanlim) Companion Animal Cancer Studies (Funded by Protect) INFECTIOUS DISEASES HPV (Funded by Dr.inB) Oral Microbial (Peri-Implant Mucositis)3 MULTIPLE CLINICAL TRIALS AND INDICATIONS TARGET INDICATIONS AND TIMEFRAMES DISEASE AREA (CALENDAR YEAR) 1H2024 2H2024 1H2025 2H2025 >CY26 PreClinical Phase 1 Phase 1b/2 12 Follow up and monitoring Adaptive study design Completed NEED FOR MORE AFFORDABLE NEW TREATMENTS CREATING IMPACT FOR TREATING CANCERS GLOBALLY 13 Cost of new FDA drugs in 2023 jumped 35% YoY at median price of US$300K1, making affordability even harder for the majority of the world’s patients. Trends towards personalised medicines and targeted therapies (e.g. CAR T / cell therapies, immunotherapies, antibody drug conjugates which can cost US$100-500k2), Half of new drugs are orphan3, which cost 5.5 times more than non-orphan4 Works across multiple cancers without need to personalise – precision with less complexity INV043 is a small molecule based therapy that is highly scalable Photosoft solution has lower development and manufacturing costs Equipment and treatment process is not complex - helps reach a larger patient base Commercial Rationale for Photosoft 1 https://www.reuters.com/business/healthcare-pharmaceuticals/prices-new-us-drugs-rose-35-2023-more-than-previous-year-2024-02-23/ 2 https://www.mdpi.com/1999-4923/15/6/1761#:~:text=Additionally%2C%20the%20cost%20of%20ADC,a%20barrier%20for%20some%20patients 3 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10290406/#:~:text=There%20has%20been%20significant%20policy,being%20approved%20in%20recent%20years 4 https://www.mdpi.com/1999-4923/15/6/1761#:~:text=Additionally%2C%20the%20cost%20of%20ADC,a%20barrier%20for%20some%20patients 14 DR SOUMYA RAI PROGRAM MANAGER • Dental surgeon, clinical and business mgmt experience • Resident, JLN House and Research Centre, SAIL • Asst Prof. Rungta College Dental Sciences and Research • MBA HKUST 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 SCOTT CARPENTER PROGRAM DIRECTOR • Director Business Development, Starpharma • Program Manager, AusBiotecha • Regulatory Affairs, Bayer CropScience • MBA Melb Business School, B. Applied Science RMIT 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 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