Announcement PDF ASX ANNOUNCEMENT FIRST HALF RESULTS AND BUSINESS UPDATE Highlights:        Invion registered 14.5% increase in revenue and 14% decrease in net losses compared to previous corresponding period. Invion achieves key regulatory milestone with its ethics submission in 1HFY24 for its Phase I/II skin cancer trial Successfully manufactured lead drug candidate, INV043, under Good Manufacturing Practice (GMP) standards Expanded exclusive rights for cancer indications to South Korea in the period Photosoft™, including INV043, granted Australian patent which builds on previously granted patents South Korean biotech, Dr.inB, signs agreement to fund and undertake evaluation studies and Proof-of-Concept human trials to develop Photosoft for the treatment of the Human Papilloma Virus (HPV), while Invion retains all rights to Photosoft Opportunity for Invion to leverage expertise from Stanford Medicine after Invion’s Executive Chair, Thian Chew, was appointed to the advisory board of its centre focused on Asian health (CARE) MELBOURNE (AUSTRALIA) 28 February 2024: Invion Limited (ASX: IVX) (“Invion” or the “Company”) is pleased to present its Appendix 4D half year results for the period ended 31 December 2023 (1HFY24). The Company recorded an interim revenue of $2.2 million compared with $1.9 million in the previous corresponding period and a net loss after tax of $714K vs. a net loss of $831K in 1HFY23. Importantly, Invion made significant progress in advancing its clinical trial program in 1HFY24. This included submitting its Human Research Ethics Committee (HREC) application for the Phase I/II non-melanoma skin cancer (NMSC) clinical trial on 21 December 2023, which marked a major milestone in the regulatory process within Australia. Once approved, the Therapeutic Goods Administration (TGA) is notified, generating a Clinical Trial Notification (CTN), which is required to commence patient recruitment planned from early 2024 (subject to HREC approval) in Queensland. Further, Invion successfully manufactured its lead drug candidate, INV043, at IDT Australia Limited’s (ASX: IDT) facilities under Good Manufacturing Practice (GMP) standards. This ensures Invion is well placed to undertake current and future clinical trials to treat cancers. To ensure Invion is well placed to capitalise on the success of Photosoft™, it expanded the perpetual exclusive licence and distribution rights to the technology for cancer indications to the territory of South Korea. As a result, Invion has exclusive rights to Photosoft for the treatment of cancers for all Asia Pacific countries excluding China (other than Hong Kong, which is included), Macau, Taiwan and Japan. In another positive development in the period, an Australian patent was granted for Photosoft, which includes INV043, ahead of Invion’s NMSC clinical trial. This patent builds on previously granted patents to the technology in Australia and other territories that Invion has exclusive rights to. The new patent extends the intellectual property (IP) protection for Photosoft for 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 around another two decades until at least late 2041, with the original patents set to expire in 2033. Subsequent to the end of the financial half year, Invion announced a collaboration agreement with South Korean company, Dr. I&B Co., Ltd. (Dr.inB), to develop Photosoft™ for the treatment of the Human Papilloma Virus (HPV). Dr.inB will fund and undertake evaluation studies, including in-human Proof-of-Concept (PoC) clinical trials in South Korea. Invion retains all benefits and rights to the Photosoft technology, including new Intellectual Property (IP) that may arise out of this collaboration. It is envisaged that both parties could negotiate a commercial agreement if the evaluation and PoC trials are successful. This agreement was reached after Dr.inB assessed data that showed Photosoft compounds demonstrated potent antiviral activity against multiple viruses, including Zika, Dengue and SARS-CoV-2 (Omicron and Delta variants) in-vitro. Opportunities for Collaboration with Stanford Medicine The Stanford Center for Asian Health Research and Education (CARE) appointed Invion’s Executive Chairman and Chief Executive Officer, Thian Chew, to its Advisory Board for a threeyear term commencing 13 February 2024. The appointment will present opportunities for Invion to leverage on Stanford University’s medical expertise as the Company looks to undertake a series of clinical trials following its NMSC trial. "It is truly a privilege to be among CARE’s first international Advisory Board members and I am delighted to contribute to CARE’s mission, which will include exploring collaborations between academia and industry”, said Mr. Chew. “The potential to translate Stanford CARE’s renowned expertise in precision Asian health into clinically relevant research that will have an impact on the unmet needs in Asian health is a particularly exciting calling.” Invion owns the exclusive rights to the Photosoft technology covering most of Asia Pacific. CARE’s mission is to address the differences and significant health disparities in Asian health while improving the precision health of Asians globally. 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 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 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 exclusive Australia and New Zealand license rights and exclusive distribution rights to Hong Kong and the rest of Asia Pacific, excluding China, Macau, Taiwan and Japan, to the Photosoft technology for all cancer indications. It also holds the exclusive rights to the technology in Asia and Oceania, excluding China, Hong Kong, Taiwan, Macau, the Middle East and Russia for atherosclerosis and infectious diseases, and subsequently acquired the rights to the United States, Canada and Hong Kong for infectious diseases. Research and clinical cancer trials are funded by the technology licensor, RMW Cho Group Limited. Invion is listed on the ASX (ASX: IVX). 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. PDT 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”. Invion Limited ABN 76 094 730 417 100 Albert Road, South Melbourne, VIC 3205 P: +61 3 9692 7222 W: www.inviongroup.com Invion Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Invion Limited 76 094 730 417 For the half-year ended 31 December 2023 For the half-year ended 31 December 2022 2. Results for announcement to the market $ Revenues from ordinary activities up 14.5% to 2,228,435 Loss from ordinary activities after tax attributable to the owners of Invion Limited down 14.0% to (714,173) Loss for the half-year attributable to the owners of Invion Limited down 14.0% to (714,173) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the consolidated entity after providing for income tax amounted to $714,173 (31 December 2022: $830,705). 3. Net tangible assets Net tangible assets per ordinary security 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. Reporting period Cents Previous period Cents 0.06 0.08 Invion Limited Appendix 4D Half-year report 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Half year ended. 11. Attachments Details of attachments (if any): The Half year ended of Invion Limited for the half-year ended 31 December 2023 is attached. 12. Signed Signed ___________________________ Thian Chew Chairman Date: 28 February 2024 Invion Limited ABN 76 094 730 417 Half year ended - 31 December 2023 Invion Limited Contents 31 December 2023 Corporate directory Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors' declaration Independent auditor's review report to the members of Invion Limited 1 2 3 5 6 7 8 9 10 17 18 Invion Limited Corporate directory 31 December 2023 Directors Mr Thian Chew, (Executive Chairman and CEO) Mr Alan Yamashita, Non-executive Director Mr Rob Merriel, Non-executive Director Mr Alistair Bennallack, Non-executive Director Company secretary Claire Newstead-Sinclair Australia Business Number 76 094 730 417 Registered office Level 4, 100 Albert Road, South Melbourne Vic 3205 Australia P: (03) 8618 6843 E: investor@inviongroup.com W: www.inviongroup.com Share register Link Market Service Limited Locked Bag A14, Sydney South NSW 1235 Australia P: 1300 554 474 F: (02) 9287 0303 W: www.linkmarketservices.com.au Auditor William Buck Level 20, 181 William Street Melbourne VIC 3000 Stock exchange listing Invion Limited shares are listed on the Australian Securities Exchange (ASX code: IVX) 2 Invion Limited Directors' report 31 December 2023 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Invion Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2023. Directors The following persons were directors of Invion Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Mr Thian Chew, Chairman and CEO Mr Alan Yamashita, Non-executive Director Mr Rob Merriel, Non-executive Director Mr Alistair Bennallack, Non-executive Director Review of operations The loss for the consolidated entity after providing for income tax amounted to $714,173 (31 December 2022: $830,705). 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. The Company made significant progress in advancing its clinical trial program in 1HFY24. Invion submitted its Human Research Ethics Committee (HREC) application for the Phase I/II non-melanoma skin cancer (NMSC) clinical trial on 21 December 2023 and is looking to partner with Veracity Clinical Research (Veracity) in Queensland to conduct the trial. The ethics submission is a major milestone in the regulatory process within Australia. Once approved, the Therapeutic Goods Administration (TGA) is notified, generating a Clinical Trial Notification (CTN), which is required to commence patient recruitment planned from early 2024 (subject to HREC approval). Further, successfully manufactured its lead drug candidate, INV043, at IDT Australia Limited’s (ASX: IDT) facilities under Good Manufacturing Practice (GMP) standards. This ensures Invion is well placed to undertake current and future clinical trials to treat cancers. To ensure Invion is well placed to capitalise on the success of Photosoft™, it expanded the perpetual exclusive licence and distribution rights to the technology for cancer indications to the territory of South Korea. Invion has exclusive rights to PhotosoftTM for the treatment of cancers for all Asia Pacific countries excluding China (other than Hong Kong, which is included), Macau, Taiwan and Japan. In another positive development in the period, an Australian patent was granted for PhotosoftTM, which includes INV043, ahead of Invion’s NMSC clinical trial. This patent builds upon previously granted patents to the technology in Australia and other territories that Invion has exclusive rights to. The new patent extends the intellectual property (IP) protection for PhotosoftTM for around another two decades until at least late 2041, with the original patents set to expire in 2033. The Company held a cash balance of $1.94 million on 31 December 2023, which would enable funding of its share of the development work in the foreseeable future for atherosclerosis, infectious diseases and cancers that are not covered by existing funding arrangements with RMW Cho Group. Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the financial half-year. Matters subsequent to the end of the financial half-year Subsequent to the period end, Invion signed a collaboration agreement with South Korean company, Dr. I&B Co., Ltd. (Dr.inB) to develop PhotosoftTM for the treatment of the Human Papilloma Virus (HPV), announced on ASX on 23 February 2024. Dr.inB, backed by major pharmaceutical group Hanlim Pharma. Co., Ltd., is one of South Korea’s leading Photodynamic Therapy (PDT) developers with prior experience in conducting studies and clinical trials for gynaecological indications. Under the agreement, Invion will supply Photosoft compounds to Dr.inB, which will then fund the following: Invion retains all benefits and rights to the PhotosoftTM technology, including new Intellectual Property (IP) that may arise out of this collaboration. The agreement was reached after Dr.inB assessed data that showed Photosoft compounds demonstrated potent antiviral activity against multiple viruses, including Zika, Dengue and SARS-CoV-2 (Omicron and Delta variants) in-vitro. 3 Invion Limited Directors' report 31 December 2023 No other matter or circumstance has arisen since 31 December 2023 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. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Thian Chew Chairman 28 February 2024 4 Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the directors of Invion Limited As lead auditor for the review of Invion Limited for the half-year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been: — no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and — no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Invion Limited and the entities it controlled during the period. William Buck Audit (Vic) Pty Ltd ABN 59 116 151 136 A. A. Finnis Director Melbourne, 28 February 2024 Level 20, 181 William Street, Melbourne VIC 3000 +61 3 9824 8555 William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation. vic.info@williambuck.com williambuck.com.au Invion Limited Consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023 Consolidated 31 December 31 December Note 2023 2022 $ $ Revenue 5 Other income Expenses Employee benefits expense Depreciation and amortisation expenses Administration & corporate expenses Share-based payment expense Research & development costs Loss before income tax expense 2,228,435 1,945,620 38,931 918 (293,670) (402,808) (530,061) (173,846) (1,581,154) (293,494) (327,177) (465,732) (219,798) (1,471,042) (714,173) (830,705) - - (714,173) (830,705) - - (714,173) (830,705) Cents Cents (0.01) (0.01) Income tax expense Loss after income tax expense for the half-year attributable to the owners of Invion Limited Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Invion Limited Basic and diluted earnings per share 14 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Invion Limited Consolidated statement of financial position As at 31 December 2023 Consolidated 31 December Note 2023 30 June 2023 $ $ Assets Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets 1,940,902 2,454,787 173,999 4,569,688 4,084,903 1,615,723 59,874 5,760,500 48,927 13,734,594 13,783,521 58,483 13,227,846 13,286,329 18,353,209 19,046,829 Current liabilities Trade and other payables Provisions Total current liabilities 422,063 75,269 497,332 587,243 63,382 650,625 Total liabilities 497,332 650,625 17,855,877 18,396,204 6 Non-current assets Property, plant and equipment Intangibles Total non-current assets 7 Total assets Liabilities Net assets Equity Issued capital Reserves Accumulated losses 8 9 Total equity 146,883,159 146,883,159 2,139,219 1,988,269 (131,166,501) (130,475,224) 17,855,877 18,396,204 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 7 Invion Limited Consolidated statement of changes in equity For the half-year ended 31 December 2023 Issued capital $ Consolidated Balance at 1 July 2022 Options reserves $ 146,543,659 Accumulated losses Total equity $ $ 3,871,119 (130,836,041) 19,578,737 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (830,705) - (830,705) - Total comprehensive income for the half-year - - (830,705) (830,705) 49,727 219,798 60,989 (49,727) - 219,798 60,989 - 4,102,179 (131,666,746) 19,028,819 Transactions with owners in their capacity as owners: Options granted to Directors and employees (note 15) Options issued to Directors in lieu of Directors fee Share option exercised Balance at 31 December 2022 146,593,386 Issued capital $ Consolidated Balance at 1 July 2023 Options reserves $ 146,883,159 Accumulated losses Total equity $ $ 1,988,269 (130,475,224) 18,396,204 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (714,173) - (714,173) - Total comprehensive income for the half-year - - (714,173) (714,173) Transactions with owners in their capacity as owners: Options granted to Directors and employees (note 15) Expiry of options - 173,846 (22,896) 22,896 173,846 - 2,139,219 (131,166,501) 17,855,877 Balance at 31 December 2023 146,883,159 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 8 Invion Limited Consolidated statement of cash flows For the half-year ended 31 December 2023 Consolidated 31 December 31 December 2023 2022 $ $ Cash flows from operating activities Receipts from customers Payments to suppliers and employees 1,600,000 (2,895,146) 2,039,339 (2,403,926) Interest received (1,295,146) 51,145 (364,587) 918 Net cash used in operating activities (1,244,001) (363,669) Cash flows from investing activities Payments for property, plant and equipment Payments for intangibles (900,000) (75,832) - Net cash used in investing activities (900,000) (75,832) - - Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year (2,144,001) 4,084,903 (439,501) 8,473,438 Cash and cash equivalents at the end of the financial half-year 1,940,902 8,033,937 Net cash from financing activities The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 9 Invion Limited Notes to the consolidated financial statements 31 December 2023 Note 1. General information The financial statements cover Invion Limited as a consolidated entity consisting of Invion Limited and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian dollars, which is Invion Limited's functional and presentation currency. Invion Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office Principal place of business Level 4, 100 Albert Road, South Melbourne, VIC 3205 Australia 692 High Street, East Kew, VIC 3102 Australia A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 28 February 2024. Note 2. Corporate information Invion Limited is a Company limited by shares incorporated in Australia whose shares have been publicly traded on the Australian Securities Exchange since its listing on 15 February 2011 (ASX:IVX). Invion is a clinical-stage life-sciences company that is leading the global clinical development of the PhotosoftTM technology for the treatment of cancers, atherosclerosis and infectious diseases. Through the Exclusion distribution and licencing agreements of 2017, 2021, 2022 and 2023, Invion has been appointed exclusive licensee of PhotosoftTM for cancer indications in Australia, New Zealand, countries in Central, South & South East Asia and all Asia Pacific countries excluding China (other than Hong Kong), Macau, Taiwan, Japan and South Korea. The appointment has been made by technology licensor, The Cho Group, a Hong Kong based group that has funded and successfully commercialised a number of unique and advanced technologies. Via 2017 R&D services agreement between the two entities, the research and clinical trials of PhotosoftTM on cancer treatments are funded by The Cho Group for Australia and New Zealand territories. Through the Second and Third Amended & Restated Codevelopment agreement, the research on atherosclerosis and infectious diseases (AID) and cancer indications will be cofunded by Invion and the Cho Group, in AID and Cancer territories defined in this agreement including the Extended ID Territory (United States of America, Canada and Hong Kong). The Invion Group (“the Group”) consists of Invion Limited (“Invion” or “the Company”) and its wholly owned subsidiary Epitech Dermal Science Pty Ltd. The Group is headquartered in Melbourne (Australia). Note 3. Material accounting policy information These general purpose financial statements for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2023 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 10 Invion Limited Notes to the consolidated financial statements 31 December 2023 Note 4. Operating segments Identification of reportable operating segments The Invion Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. The Invion Group operates as a clinical-stage life sciences (drug development) group. At 31 December 2023, the Group had operations in Australia only with its wholly owned subsidiary EpiTech Dermal Science Pty Ltd (previously IVX Cosmetics Pty Ltd). The Group does not consider that the risks and returns of the Group have been or are affected by differences in either the products or services it provides. The Group operates as one segment and as such in one geographical area. Group performance is evaluated based on operating profit or loss and is measured consistently with profit or loss in the consolidated financial statements. Group financing (including finance costs and finance income) and income taxes are managed on a Group basis. The information reported to the CODM is on a monthly basis. Note 5. Revenue Consolidated 31 December 31 December 2023 2022 $ $ R&D services fee- over time 2,228,435 1,945,620 The above represents fees of $2,228,435 earned from RMW Cho Group for Research and Development services provided. RMWCG is the single largest customer of the Group and a related party to Invion Limited. Under the R&D Service Agreement and the Co-development agreement with RMWCG, Invion provide Research and Development services based on the work plan approved by the steering committee. The performance obligations are met once the work plan is executed over the period of time. Under the R&D Service Agreement, the revenue is recognised based on fully burdened cost basis which includes direct costs and expenses incurred by Invion in performing the Services, plus an allocated portion of the relevant indirect costs incurred by Invion in performing such Services. Under the Co-development agreement, the revenue from RMWCG is recognised for its portion of contribution towards the research and development activities under this agreement. Note 6. Current assets - trade and other receivables Consolidated 31 December 2023 30 June 2023 $ $ Trade receivables Interest of term deposits receivable 2,452,888 1,899 1,601,610 14,113 2,454,787 1,615,723 Trade receivables at 31 December 2023 contained $2,441,888 (30 June 2023: $1,590,610) for services performed under the R&D Service Agreement with RMW Cho Group. 11 Invion Limited Notes to the consolidated financial statements 31 December 2023 Note 7. Non-current assets - intangibles Consolidated 31 December 2023 30 June 2023 $ $ Intellectual property - at cost Less: Accumulated amortisation 16,150,000 (2,415,406) 15,250,000 (2,022,154) 13,734,594 13,227,846 Reconciliations Reconciliations of the written down values at the beginning and end of the current financial half-year are set out below: Consolidated Photosoft $ Total $ Balance at 1 July 2023 Additions Amortisation expense 13,227,846 900,000 (393,252) 13,227,846 900,000 (393,252) Balance at 31 December 2023 13,734,594 13,734,594 Invion is developing PhotosoftTM technology as an improved next generation Photodynamic Therapy. The PhotosoftTM commercialisation licence acquired in 2018 for $5,500,000 was recognised as an intangible asset and is being amortised over a 20-year period. This licence is being carried at the cost of the licence and distribution agreement less accumulated amortisation. The commercial licence represents distribution rights of treatments using the PhotosoftTM technology, on cancer indications in Australia and New Zealand. Through the 2022 Co-development Agreement, Amended and Restated Co-development Agreement and Exclusive Distribution and Licence Agreements for AID and Cancer, 2023 Second Amended and Restated Co-development Agreement and further through Third Amended and Restated Co-development Agreement during the current year, Invion entered into the additional arrangements with RMWCG with following licenses acqu