Announcement PDF Invion Limited ABN 76 094 730 417 Annual Report - 30 June 2026 Invion Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Invion Limited ABN: 76 094 730 417 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 $ Revenues from ordinary activities up - to 384,707 Loss from ordinary activities after tax attributable to the owners of Invion Limited down 36.0% to (5,632,977) Loss for the year attributable to the owners of Invion Limited down 36.0% to (5,632,977) 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 $5,632,977 (30 June 2025: $8,807,732). 3. Net tangible assets Reporting period Previous period Cent Cent Net tangible assets per ordinary security (1.96) (0.34) 4. Control gained over entities Name of entities (or group of entities): Pharmbridge Pty Ltd Date control gained: 18 November 2025 There was no material contribution of Pharmbridge Pty Ltd to the reporting entity's profit/(loss) from ordinary activities before income tax during the period. 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. 1 Invion Limited Appendix 4E Preliminary final report 7. Dividend reinvestment plans Not applicable. 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 as the group does not have any foreign subsidiaries. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements have been audited and an unmodified opinion with a paragraph on material uncertainty related to going concern has been issued. 11. Attachments Details of attachments (if any): The Annual Report of Invion Limited for the year ended 30 June 2026 is attached. 12. Signed Signed ___________________________ Date: 26 August 2026 Thian Chew Chairman 2 Invion Limited Contents 30 June 2026 Corporate directory 4 Directors' report 5 Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Invion Limited Shareholder information 23 24 25 26 27 28 53 54 55 60 3 Invion Limited Corporate directory 30 June 2026 Directors Mr Thian Chew, Executive Chairman and CEO Mr Alan Yamashita, Non-Executive Director Mr Paul Field, Independent Non-Executive Director (Appointed on 18 August 2026) Ms Melanie Leydin, Non-Executive Director, Company Secretary and CFO Company secretary Ms Melanie Leydin Australia Business Number 76 094 730 417 Registered office Suite 2, Level 11, 385 Bourke Street, Melbourne Vic 3000 Australia P: (03) 9692 7222 E: investor@inviongroup.com W: www.inviongroup.com Share register Boardroom Pty Limited Level 8, 210 George Street, Sydney NSW 2000 P: 1300 737 760 W: www.boardroomlimited.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) 4 Invion Limited Directors' report 30 June 2026 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or 'the Group') 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 year ended 30 June 2026. Directors The following persons were directors of Invion Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr Thian Chew, Executive Chairman and CEO Mr Alan Yamashita, Non-Executive Director Mr Paul Field, Non-Executive Director (Appointed on 18 August 2026) Mr Alistair Bennallack, Non-Executive Director (Resigned on 18 August 2026) Ms Melanie Leydin, Non-Executive Director, Company Secretary and CFO Principal activities Invion is a clinical-stage life-science company that is leading the global research and development of the PhotosoftTM technology for the treatment of a range of cancers and infectious diseases in human and animal health. Invion holds an expanded perpetual and exclusive global licence to the PhotosoftTM technology with the rights to develop, manufacture, market, distribute, sub-license and otherwise commercialise Photosoft™ for a portfolio of “Agreed Indications” for both human and animal categories. The Invion Group consists of Invion Limited and its wholly owned subsidiaries. Invion is partnering with world leading research institutes, such as the Peter MacCallum Cancer Centre and Hudson Institute of Medical Research, to develop a novel photosensitiser that will improve the treatment of skin cancers and hard-to-treat solid cancers. PhotosoftTM aims to be more effective at targeting and killing cancers without harmful side effects and minimal discomfort. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the consolidated entity after providing for income tax amounted to $5,632,977 (30 June 2025: Loss of $8,807,732). The Company delivered material operational progress in financial year 2026 (FY26), advancing its proprietary technology across multiple clinical and pre‑clinical programs, strengthening its leadership capability, and expanding its clinical footprint into new oncology indications. The Company continued to execute a disciplined development strategy, while deepening partnerships with leading research institutions and commercial collaborators. Non-Dilutive South Korean Government Grant In late December 2025, Invion announced a significant non-dilutive funding arrangement through a collaboration with Hanlim Pharm Co., Ltd, supported by a grant from the South Korean government’s Korea Drug Development Fund (KDDF). The arrangement provides up to $2 million to fund preclinical studies and regulatory preparation for a planned first-in-human clinical trial in Australia of intravenously administered INV043 for the treatment of oesophageal cancer. This funding minimises shareholder dilution and reflects strong international validation of the PhotosoftTM technology platform. There remains an urgent medical need for effective treatments for oesophageal cancer. The disease often develops without obvious symptoms and is frequently diagnosed only at an advanced stage – contributing to its poor five-year survival rate of around 21%1. Existing treatment options, including surgery and chemotherapy, can be highly invasive and are often accompanied by severe side effects. Meanwhile, newer approaches, such as immunotherapies, have shown promise but tend to benefit only a limited proportion of patients. The global market for oesophageal cancer therapies is valued at approximately US$15.3 billion in 2025 and is projected to expand at a compound annual growth rate of 8.2%, reaching circa US$36.6 billion by 20352. 1 https://www.medicalnewstoday.com/articles/esophageal-cancer-treatment-success-rate#faq 2 https://www.marketresearchfuture.com/reports/esophageal-cancer-market-3280 5 Invion Limited Directors' report 30 June 2026 Expanded Exclusive Global License As a part of another significant milestone, in December 2025, Invion secured an expanded perpetual and exclusive global licence to the PhotosoftTM technology. The expanded licence underpins Invion’s long-term platform strategy and potential future partnering and commercialisation opportunities. Under the new licensing arrangement, Invion is granted perpetual global rights to develop, manufacture, market, distribute, sub-license and otherwise commercialise PhotosoftTM for a portfolio of “Agreed Indications”. Refer to further details under “Significant changes in the state of affairs” below. Additional Collaboration & Funding Agreement Separately, Invion signed an agreement with Taiwan-listed company, Protect Animal Health Inc. (7850.TT) (Protect), to fund and undertake evaluation studies using PhotosoftTM for the treatment of cancer in companion animals. Protect, a company with a mission to bring advanced therapeutics to the growing companion animal health market, will conduct in vitro, in vivo and companion animal studies using select PhotosoftTM compounds. Invion will supply suitable PhotosoftTM compounds from its large portfolio of unique photosensitisers to Protect. Invion will retain all rights to the PhotosoftTM technology and any new intellectual property that is developed under the agreement. If the evaluation is successful, this could lead to a co-development agreement between the parties that may govern the commercialisation and further development of the technology. There is an urgent need for new cancer therapies to treat the growing incidence of cancer in companion animals as pet ownership grows globally. Around half of dogs over the age of 10 will develop cancer3. Current treatments tend to be lengthy and use older cancer therapeutics, which can have sub-optimal outcomes. U.S. FDA Orphan Drug Designation In August 2025, Invion achieved a major regulatory milestone with the granting of Orphan Drug Designation by the United States Food and Drug Administration for INV043 in the treatment of anal cancer. This is a significant development for Invion as the FDA orphan drug designation is a special status granted to drugs intended to treat rare diseases, providing various incentives to encourage their development. These incentives include seven years of exclusive marketing rights in the US (after treatments have been approved), various potential financial incentives, such as tax credits for clinical trial costs, waiver of certain fees, etc., and a faster path to market due to a variety of factors, including fast tracked approvals and shorter/smaller clinical trials. Expansion of INV043 Clinical Trial Program During FY26, Invion announced a significant expansion of its INV043 non-melanoma skin cancer (NMSC) clinical program, building on encouraging safety and efficacy signals observed in earlier cohorts. The Company progressed from squamous cell carcinoma (SCC) into a newly authorised Basal Cell Carcinoma (BCC) cohort, following Safety Review Committee (SRC) approval and positive investigator feedback. BCC is the largest and most prevalent form of skin cancer, representing approximately 80% of all incidences. Key developments included: ● Continued favourable safety profile across treated SCC patients. ● Evidence of tumour necrosis and lesion reduction supporting further cohort progression (p<.05). ● Complete resolution observed in select cases, with durability under evaluation. ● Consistent fluorescence signals that further validate theragnostic potential of PhotosoftTM. ● Key milestone may support future regulatory engagement with Invion partnering with the Peter MacCallum Cancer Centre (Peter Mac) to undertake an anogenital clinical trial. 3 https://www.avma.org/resources/pet-owners/petcare/cancer-pets 6 Invion Limited Directors' report 30 June 2026 Strengthening Clinical Leadership Invion appointed Dr Colin Hopper, MD FRCS(Ed) FDS RCS, a globally recognised expert in photodynamic therapy (PDT), as Clinical Advisor. Dr Hopper currently serves as President of the International Photodynamic Association (IPA), the premier global body for PDT research and clinical advancement. His appointment enhances Invion’s clinical governance, trial design capability, and international credibility as Invion advances PhotosoftTM toward later‑stage development. Orphan Drug Designation Invion was granted Orphan Drug Designation to INV043 for the treatment of anal cancer by the United States Food and Drug Administration (FDA). This is a significant development for Invion as the FDA orphan drug designation is a special status granted to drugs intended to treat rare diseases, providing various incentives to encourage their development. Some of the benefits include seven years of exclusive marketing rights in the US (after treatments have been approved), various potential financial incentives, such as tax credits for clinical trial costs, waiver of certain fees, etc., and a faster path to market due to a variety of factors, including fast tracked approvals and shorter/smaller clinical trials. Pre‑Clinical and Partner Program Updates Invion has expanded its collaboration partnerships with its first agreement in the ophthalmology space with Sangmyung Innovation Co., Ltd. (‘Sangmyung’). Under the collaboration, Sangmyung will undertake and fund proof-of-concept preclinical efficacy studies, including in wet age-related macular degeneration (wet AMD). The studies will assess the potential of using select compounds from Invion’s library of over 300 unique PhotosoftTM photosensitisers with Invion retaining all rights to the PhotosoftTM technology. Wet AMD causes rapid, severe, and often irreversible vision loss and there is an urgent unmet need for new treatments. The global market is valued at circa US$11B in 2025 and forecast to reach circa US$16.7B by 2032 (6.7% CAGR)4, driven by the ageing demographic. Such industry partnerships provide non-dilutive funding to advance the PhotosoftTM platform technology while broadening its commercial potential. 4 https://www.psmarketresearch.com/market-analysis/wet-age-related-macular-degeneration-market 7 Invion Limited Directors' report 30 June 2026 Material Business Risks to Strategy and Financial Performance in Future The Company has identified a number of material risks that may affect the success of the business over the coming periods, including some that are not directly within its control. The Company’s risk management approach involves the ongoing assessment, monitoring and reporting of risks that could impede the Company’s progress in delivering its strategic priorities. These risks are outlined below, although it is important to note that as Invion’s business continues to grow and evolve, these risks and the Company’s risk profile may change. ● Efficacy of the Compound (INV43) is proved to be ineffective or less effective that other cancer treatments: Invion continues to utilise the outsourced product manager to ensure the Compound continues to be effective (Quality) as well as continue to build/test pipeline of additional compounds in portfolio to identify additional candidates for a second cancer API. ● CEO dependence/single point of dependency There is a risk of over reliance on key personnel and potential departure of those key employee/contractors. This risk is currently mitigated as the Executive Chair and CEO is a major shareholder and the external contractors used as through third party companies who would have their own internal risk mitigations for this scenario. ● Invion's ability to fund ongoing studies and trials for PhotosoftTM: Invion believes it has reached a point in the development of the technology that will give it the flexibility to be strategic in deploying capital. The Company is undertaking a skin cancer trial, which is relatively low cost to complete, while its other preclinical and clinical studies are either subsidised or fully funded by partners. Invion has also raised additional capital over the past year to fund its programs. ● Over-reliance / knowledge concentration risk on some external service providers (eg, chemistry, manufacturing) The expansion of parties involved in the processes should reduce concentration of knowledge risk, and as availability of capital improves, Invion can actively identify alternatives/backup options. ● Market competition – potential of emerging therapies to supersede this technology The healthcare industry can be impacted by technological advances, which may impact on the commercial success of PhotosoftTM. However, Invion believes that its patent protected technology and distinctive method of action and applicability to multiple cancers/diseases provides levels of protection. ● Security threats via external communication services used Invion has implemented controls to prevent and reduce risk of loss resulting from breach of security from external communication services. Some of the measures taken include cybersecurity training, regular back up of data/disaster recovery practices and ensuring payments for new vendors and any change of bank account details for existing vendors have to be separately approved (with the direct counterpart that is being dealt with). ● Risk of change in RDTI reimbursement from a cash to tax credit offset >10 yrs of development Invion Limited’s R&D activities in future are expected to qualify to benefit from the Australian Government's RDTI program. As part of the 2026–27 Federal Budget announced on 12 May 2026, the Government proposed reforms to the RDTI intended to apply to income years commencing on or after 1 July 2028. The proposed reforms include increasing core R&D offset rates, removing eligibility for supporting R&D expenditure, adjusting the turnover thresholds applicable to offset rates, and limiting access to the refundable offset to entities under 10 years of age (for entities below the relevant turnover threshold). As at 30 June 2026, these measures have not been legislated and remain subject to consultation and the passage of legislation through Parliament. Should these or similar changes be legislated, they could reduce the quantum of RDTI benefit available to the Company, narrow the scope of qualifying expenditure, or restrict access to the RDTI as a refundable cash benefit. Any adverse change to its availability, scope or refundability could have a material adverse effect on the Consolidated Entity's cash flows and its ability to fund its research and development programs as currently planned. The Company monitors the progress of these proposed reforms, including through its advisers and relevant industry bodies, and will continue to assess their impact as further legislative detail becomes available. . 8 Invion Limited Directors' report 30 June 2026 Significant changes in the state of affairs Listed options: In July 2025 the company raised $980,339 (before costs) from the issuance of 65.35 million listed loyalty options at 1.5 cents per option under the Entitlement Offer to the eligible shareholders. The listed loyalty option has an exercise price of $0.14 expiring on 30 June 2027. Under the Entitlement Offer upon the exercise of the options, the company will issue one free piggy-back option, with an exercise price of $0.21 for every two listed loyalty options that are exercised by 31 December 2025. The Entitlement Offer was fully underwritten by Blue Ocean Equities Pty Ltd. The company issued 540,000 ordinary shares and 540,000 loyalty options to Blue Ocean Equities Pty Ltd representing the 6% management and selling fee per the underwriting agreement signed in connection with Loyalty Options Entitlement Offer. Further, the Company issued 1,564,508 loyalty options to Blue Ocean Equities Pty Ltd, representing two (2) IVXO listed equity options ("Broker Options") for every $1 raised under the convertible note issue. As a total of $782,254 was raised through the convertible notes, 1,564,508 Broker Options were issued. Unlisted options: On 11 March 2026, the company issued 200,000 unlisted options to the employees under the employee option plan, these options expire 27 February 2029 and were issued at an exercise price $0.12 per option. On 12 June 2026, the company issued: ● 4,928,643 unlisted options to the Directors in lieu of their fees, these options were issued at nil exercise price and expire on 11 June 2029. ● 3,177,324 unlisted incentive options to directors under the company's Employee Incentive Plan (EIP), these options expire 11 June 2029 and were issued at an exercise price $0.086 per option. ● 2,551,724 unlisted options to Blue Ocean Equities Pty Ltd for corporate advisory services, comprising of: - 551,724 options for 2025 advisory services, exercisable at $0.488 per option and expiring on 18 June 2028; and - 2,000,000 options for 2026 advisory services, exercisable at $0.14 per option and expiring on 18 June 2029. Convertible notes: On 31 October 2025, the company issued 72,024 convertible notes at $10.86 per note, raising a total of $782,254. On 5 March 2026, the convertible notes were converted into 11,318,060 ordinary shares at a conversion price of $0.07 per share. On 30 January 2026, the group received commitments to raise approximately $1.25 million (before costs) via a convertible note offering which includes $1 million commitment from the Executive Chairman and CEO, Thian Chew, and another major shareholder. The Company issued following convertible notes: ● 578,118 convertible notes issued on 5 March 2026, each valued at $1 maturing on 5 March 2029, raising a total of $578,118. ● 671,882 convertible notes were issued on 16 June 2026, each valued at $1 maturing on 5 March 2029, raising a total of $671,882. Acquisition of the global licensing rights: In December 2025, Invion secured an expanded perpetual and exclusive global licence to the PhotosoftTM technology. Under the new licensing arrangements, which was approved by shareholders on 29 May 2026, Invion was granted perpetual rights to develop, manufacture, market, distribute, sub-license and otherwise commercialise Photosoft™ for a portfolio of “Agreed Indications” for both human and animal categories. The indications were carefully selected by Invion for their attractive addressable markets and/or urgent unmet medical need, presenting Orphan Drug Designation opportunities with the U.S. FDA, which may provide Invion financial incentives, a faster path to market and seven-year exclusive marketing rights in the United States. For the above, Invion Limited entered into a Licence Agreement with NGPDT IP (Holdings Pty Ltd (NGPDT IP) and a Licence Security Agreement with RMWCG, providing an interim licence pending the RMW Cho Group Limited (RMWCG), the current licensor of the Photosoft™ technology (together, the Transaction Documents). NGPDT IP is a newly formed Australian company and is an affiliate of RMWCG under common control. RMWCG will transfer of legal ownership of the PhotosoftTM all intellectual property rights in the Photosoft™ technology to NGPDT IP within 12 months. Accordingly, the Licence Security Agreement grants a licence from RMWCG to NGPDT IP ('Licence Security Agreement'). Under the Invion pending the completion of the IP transfer, after which NGPDT IP will become the licensor. To protect Invion’s rights, Invion has obtained a personal guarantee from Mr Michael Honsue Cho, the founder and inventor of Photosoft™ and the controller of NGPDT IP and RMWCG. 9 Invion Limited Directors' report 30 June 2026 As part of the transaction, Invion and RMWCG have also agreed to terminate all existing agreements currently in place between them and to release all claims arising out of or in connection with those agreements, which includes amounts owing by RMWCG to Invion for reimbursement of R&D expenses under the existing R&D services agreement. The terminated licence agreements were superseded by the above Licence Agreement with NGPDT IP. Under the terms of the Licence Agreement, as consideration for the global licensing rights, Invion will issue up to 36,705,966 new ordinary shares to RMWCG upon satisfaction of three clinical-based milestones, pay royalties on future net sales and certain sublicensing or analogous commercialisation payments, and terminate all existing agreements with RMWCG, including the prior RED services agreement and all related claims or reimbursement arrangements. being: (i) one-third upon satisfaction of all conditions precedent; (ii) one-third on commencement by Invion (or its sub-licensee) of an IND enabled Phase II clinical trial (dosing first patient) in any licensed cancer indication; and (iii) one-third on commencement of a Phase II IND-enabled clinical trial (dosing first patient) in another licensed cancer indication, or a Phase III/pivotal IND enabled clinical trial in any licensed cancer indication The Company issued 12,235,322 ordinary shares upon satisfaction of the first milestone on 12 June 2026. These shares are subject to 12-month escrow period. The consideration was fair valued spot rate of $0.044 per share to RMWCG as partial consideration for the acquisition of the global licensing rights to the Photosoft™ technology at $538,354. Other changes: On 18 November 2025, Invion incorporated a new subsidiary Pharmbridge Pty Ltd an entity 100% owned by Invion. As announced on 23 December 2025, Pharmbridge Pty Ltd entered into an agreement with Hanlim Co Ltd. As per the agreement, Hanlim has committed to fund for the non-clinical research required to support an Australian clinical trial of intravenously administered (IV) HL270 (INV043) for the treatment of oesophageal cancer. As of 30 June 2026, Invion received $394,970 from this facility. During the year, the group repaid $1,145,990 representing the remaining share subscription facility with Lind Global Fund II LP (Lind). The group will have no further obligations to Lind. During the year, the company received R&D financing of $400,000, repayable upon receipt of the R&D tax incentive for the year ended 30 June 2025. The financing carries interest at 16% per annum. In its tax return for the year ended 30 June 2025 the company has lodged the R&D tax incentive claim of $539,520 which is under assessment with tax authorities. There were no other significant changes in the state of affairs of the consolidated entity during the financial year. Matters subsequent to the end of the financial year The company appointed Mr Paul Field as an Independent Non-Executive Director with effect from 18 August 2026. On the same day, Mr Alistair Bennallack resigned from his position as a Non-Executive Director. No other matter or circumstance has arisen since 30 June 2026 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. Likely developments and expected results of operations The likely developments in the operations of the Group and the expected results from those operations in future financial years will be affected by the success of management in reaching critical development and commercial milestones in its core program if the development of the PhotosoftTM technology. This could include developing and expanding existing and emerging commercial partnerships with leading global healthcare companies and securing one or more commercial transactions for the Group’s drug asset under development. Environmental regulation Invion is required to carry out its activities in accordance with applicable environment and human safety regulations in each of the jurisdictions in which it undertakes its operations. The Group is not aware of any matter that requires disclosure with respect to any significant regulations in respect of its operating activities, and there have been no issues of non-compliance during the year. 10 Invion Limited Directors' report 30 June 2026 Information on directors Name: Mr. Thian Chew Title: Executive Chairman and CEO Qualifications: MBA Wharton (Palmer Scholar) / MA (Lauder Institute), University of Pennsylvania B. Information Systems, Monash University and a qualified Chartered Accountant Experience and expertise: Thian has over 25 years’ experience in healthcare biotech, investing and transforming business operations. He is also Co-Founder of Chronic Airway Therapeutics; a clinical stage firm focused on the treatment of respiratory diseases and Managing Partner at Polar Ventures. Thian is also an Advisory Board Member at Stanford Medicine’s Center for Asian Health Research and Education (CARE). Prior to this, Thian was an Executive Director at Goldman Sachs (New York, Hong Kong), responsible for the firm’s proprietary investments, and was a Consultant Project Manager at Morgan Stanley’s Strategic Services Group (New York). He also held a number of positions in KPMG across Asia Pacific including Director at KPMG Consulting (Singapore and Sydney) where he led several large-scale operational restructuring, post-merger integration, transformation, and business performance improvement programs. As a Senior Manager at KPMG (Taipei and Melbourne), he led several business process re-engineering initiatives, and also performed financial and information technology audit, risk and assurance engagements across multiple industries. Thian is Adjunct Associate Professor at the Hong Kong University of Science & Technology and has taught in both the School of Business and Management, as well as the Division of Life Sciences. He is also Visiting Professor at UCL Global Business School for Health. Other current directorships: None Former directorships (last 3 years): None Special responsibilities: None Interests in shares: 246,706 ordinary shares directly held, and 23,192,537 ordinary shares indirectly held Interests in options/notes: 4,985,647 unlisted options directly held, and 14,210,806 listed options indirectly held 244,000 convertible notes indirectly held Name: Mr. Alan Yamashita Title: Non-Executive Director Qualifications: MPA, BA Experience and expertise: Mr Yamashita is a highly experienced corporate consultant and investment professional, with over 40 years' experi