Announcement PDF Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Neuren Pharmaceuticals Limited ARBN: 111 496 130 Reporting period: For the year ended 31 December 2025 Previous period: For the year ended 31 December 2024 2. Results for announcement to the market 2025 2024 Change Change $'000 $'000 $'000 % Revenues from ordinary activities 84,836 227,846 (143,010) (63%) Profit from ordinary activities after tax attributable to the owners of Neuren Pharmaceuticals Limited 30,436 142,043 (111,607) (79%) Profit for the year attributable to the owners of Neuren Pharmaceuticals Limited 30,436 142,043 (111,607) (79%) 2025 2024 Cents Cents Basic earnings per share 23.73 111.17 Diluted earnings per share 23.27 108.61 Comments 2025 2024 $'000 $'000 Royalty income 64,634 56,223 Finance income 12,159 11,014 76,793 67,237 One-time revenue from first sales milestone - 80,502 One-time revenue from sale of Priority Review Voucher - 76,518 - 157,020 Foreign currency gains 8,028 3,587 Other income 15 2 Total Revenue from ordinary activities 84,836 227,846 As shown in the table above, in 2025 royalty revenue of A$64.6 million was earned under the license agreement with Acadia, up 15% from A$56.2 million in 2024. Interest income was A$12.2 million (2024: A$11.0 million). In 2024 revenue from Acadia also included one-time sales milestone revenue of A$80.5 million, as DAYBUE net sales for the year in North America exceeded US$250 million, and one-time revenue from Neuren’s share of Priority Review Voucher sale proceeds of A$76.5 million. Other income in 2025 includes a foreign currency gain of A$8.0 million mainly due to the translation of cash and short- term investments held in Australian dollars to the US dollars functional currency (2024: A$7.2 million loss). In 2024, there was a A$3.6 million gain on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars. Research and development costs increased by A$3.4 million to A$36.4 million for the year ended 31 December 2025, with higher expenditure due to the start-up of the Phase 3 trial of NNZ-2591 in Phelan-McDermid syndrome. Corporate and administrative costs of A$6.2 million for the year ended 31 December 2025 increased by A$1.5 million from the prior period, mainly due to increased share-based payments expense relating to new share options issued during 2025. A loss of A$3.3 million on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars was recognised at 31 December 2025 (2024: A$3.6 million gain). Income tax expense for 2025 was A$8.5 million (2024: A$40.9 million). Net profit after income tax for the year ended 31 December 2025 was A$30.4 million (2024: A$142.0 million). Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 258.90 273.52 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Dividends and other shareholder distributions Current period There were no dividends paid, recommended or declared during the current financial period. During the year ended 31 December 2025, Neuren completed on-market buy-backs totalling $39.6 million. Neuren purchased 3,273,098 ordinary shares on issue at the average price of $12.09. The share buy-back program concluded on 16 June 2025. Previous period There were no dividends paid, recommended or declared during the previous financial period. During the year ended 31 December 2024, Neuren completed on-market buy-backs totalling $10.4 million commencing on 2 December 2024. Neuren purchased 803,052 ordinary shares on issue at the average price of $12.98. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Accounting standards The Financial Statements have been prepared in accordance with and comply with generally accepted accounting practice in New Zealand (GAAP), New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) which comply with International Financial Reporting Standards, the requirements of the Financial Markets Conduct Act 2013, and other applicable Financial Reporting Standards as appropriate for profit-oriented entities that fall into Tier 1 as determined by the New Zealand Accounting Standards Board. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report 10. Commentary on the results Trofinetide In April 2023, Neuren’s exclusive worldwide licensee for trofinetide, Acadia Pharmaceuticals (NASDAQ: ACAD), launched DAYBUE® (trofinetide) in the United States as the first approved treatment for Rett syndrome. DAYBUE net sales for the year ended 31 December 2025 were US$391 million, delivering royalties of A$64.6 million to Neuren. The number of unique patients receiving a DAYBUE shipment continued to grow in 2025, exceeding 1,000 for the first time. The persistency rate after 12 months of treatment has increased to approximately 55%. There is substantial potential for further growth in the US with two-thirds of the 6,000 diagnosed Rett patients yet to try DAYBUE. During the year, Acadia completed an expansion of its DAYBUE field force in the US by ~30% to accelerate future growth in the community outside the Rett syndrome centres of excellence. In Q4 2025 76% of new prescriptions originated from the community setting. In December 2025, Acadia received US Food and Drug Administration (FDA) approval of DAYBUE STIX (trofinetide) for oral solution, a dye- and preservative-free powder formulation of trofinetide for the treatment of Rett syndrome in adult and pediatric patients two years of age and older. The new powder formulation offers children and adults living with Rett syndrome new flexibility and choice regarding the dose volume and taste of their DAYBUE treatment. Acadia expects DAYBUE STIX to be available on a limited basis starting in the first quarter of 2026 and more broadly early in the second quarter of 2026. The current oral solution formulation will remain available. The powder formulation could potentially facilitate treatment of a significant number of additional patients from families who have declined to try or discontinued the liquid formulation. In January 2025, Acadia submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for trofinetide for the treatment of Rett syndrome in adults and pediatric patients two years of age and older. In February 2026, following completion of an oral explanation, Acadia was informed by the Committee for Medicinal Products for Human Use (CHMP) of the EMA of a negative trend vote on the MAA. Subject to the outcome of the formal CHMP vote in late February, Acadia intends to request a re-examination of the opinion by the CHMP upon its formal adoption. Pursuant to EU legislation, an applicant has the right to request a re-examination of a CHMP opinion within 15 calendar days of receipt of the opinion, followed by submission of the grounds for the request for re-examination within 60 calendar days of receipt of the opinion. The CHMP has up to 60 days after receipt of these grounds to re-examine its opinion, with new rapporteurs appointed for the re-examination. During the year Acadia continued to build its European commercialisation team. If granted marketing authorisation, trofinetide would be the first and only approved therapy for Rett syndrome in the European Union. Acadia announced the approval of DAYBUE oral solution by the Ministry of Health in Israel in January 2026. In Japan, trofinetide received Orphan Drug Designation and Acadia commenced the planned Phase 3 clinical trial in Japan in Q3 2025. Named patient supply programs are active across multiple regions including Europe, the Middle East and Latin America. Acadia has provided guidance for full-year net sales in 2026 of US$460-490 million. The guidance comprises sales only from the US and international named patient programs, with no inclusion of EU commercial sales from any potential EU marketing authorization. Assuming this guidance is met and an exchange rate of 0.70 to 0.72, Neuren anticipates earning full-year 2026 royalties of A$70-77 million. NNZ-2591 Neuren is developing a second drug NNZ-2591 for multiple serious neurodevelopmental disorders with different genetic origins that have no or limited approved treatment options. Recognising the urgent unmet need, programs have been granted “orphan drug” designation in the United States. Orphan drug designation provides incentives to encourage development of therapies for rare and serious diseases. In 2024, Neuren achieved positive top-line results from the Phase 2 clinical trials of NNZ-2591 in children with Phelan- McDermid syndrome (PMS), Pitt Hopkins syndrome (PTHS) and Angelman syndrome (AS). PMS In April 2025, Neuren announced that the primary endpoints for a single Phase 3 pivotal clinical trial of NNZ-2591 in PMS had been agreed with the FDA. Alignment with FDA was previously reached on the other key features of the Phase 3 program at an End of Phase 2 Meeting. In the second half of 2025, Neuren initiated the first two sites in the United States for the Koala Phase 3 trial and the first participant commenced dosing in February 2026. Koala is a Phase 3, randomized, double-blind, placebo-controlled clinical trial evaluating the safety and efficacy of NNZ-2591 in approximately 160 children aged 3 to 12 years with PMS. A screening period of up to 4 weeks is followed by treatment with NNZ-2591 or placebo for 13 weeks. All participants may be eligible to continue treatment with NNZ-2591 for 12 months in an open-label extension trial. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report The Koala trial co-primary endpoints will be the change from baseline in the Receptive Communication sub-domain of the Vineland Adaptive Behavior Scales, Third Edition (VABS-3 Receptive-Raw Score) and the overall score in the Phelan- McDermid Syndrome Assessment of Change (PMSA-C, previously referred to as CGI-I in Neuren’s Phase 2 trial). Both measures were robustly positive with clinically meaningful improvement in Neuren’s Phase 2 open-label clinical trial. 16 out of 18 children showed improvement measured by the VABS-3 Receptive-Raw Score, with mean improvement of 7.5 from a mean baseline of 29.0 (Wilcoxon signed rank test p=0.0001) and 16 out of 18 children showed improvement from baseline measured by the PMSA-C with a mean score of 2.4 (Wilcoxon signed rank test p<0.0001). The endpoints pair the caregiver’s assessment of change in one important symptom area with the clinician’s assessment of change across multiple aspects of PMS. Communication is one of the most impactful health concerns in PMS reported by caregivers. Receptive communication, as measured by VABS-3 Receptive-Raw Score, is the ability to receive and understand non-verbal and verbal interactions which is a foundational skill for the development of learning, social interaction, and speech. In October 2025, Neuren was granted Fast Track designation by the FDA for the PMS program. Neuren’s financial strength means that no additional funding is required to execute the program. PTHS During 2025, Neuren was granted Fast Track designation by the FDA for the PTHS program and a new patent covering NNZ- 2591 to treat PTHS was also granted by the US Patent and Trademark Office. In early 2026, Neuren received feedback from the FDA regarding its clinical development plans for PTHS, which indicated that in a controlled trial to demonstrate efficacy of NNZ-2591, a PTHS-specific clinical global impression (CGI) scale may be used as a co-primary endpoint if it is accompanied by an observer-reported functional outcome measure. This is similar to the approach that was agreed and is being implemented in Neuren’s ongoing Phase 3 trial in Phelan McDermid syndrome (PMS). Neuren is currently assessing alternative trial designs and endpoint analysis methodologies to accommodate that PTHS is significantly more rare and generally more profoundly disabling than PMS. A further interaction with the FDA will likely be required to finalise this assessment. During 2025 Neuren also added two new indications, hypoxic-ischemic encephalopathy (HIE) and SYNGAP1-related disorder (SRD) into its neurodevelopmental disorders pipeline for NNZ-2591. HIE HIE is a devastating type of brain injury caused when a baby’s brain does not receive enough oxygen or blood flow before or shortly after birth. Many thousands of babies and children experience HIE every year. It is one of the leading causes of neonatal death and neurodevelopmental disability worldwide. HIE can lead to a range of symptoms in surviving children, including developmental delays, cognitive impairment, cerebral palsy, and seizures. Some children develop serious long-term complications that can affect them well into adulthood. Currently, the only approved treatment for HIE is temporary hypothermia (cooling the head or whole body to lower the baby’s metabolic rate and give the brain some time to recover from the hypoxic event). Hypothermia provides a modest decrease in mortality and severe neurodevelopmental disability, however even with hypothermia, 40-45% of children who survive HIE have significant neurodevelopmental impairment at 2 years of age. Based on its therapeutic properties and data from a range of preclinical models, Neuren believes that NNZ-2591 can potentially provide a highly differentiated form of treatment continuing beyond acute treatment in the neonatal intensive care unit to target both the acute effects and chronic impairments resulting from HIE. In September 2025 Neuren commenced a formal partnership with Hope for HIE supporting development of NNZ-2591 to treat HIE. Hope for HIE is the global organization connecting families, researchers, clinicians, biotech and more to improve the quality of life for children and families impacted by HIE. In February 2026, Neuren received feedback on its plan to submit an IND application for the treatment of HIE and the proposed initial clinical study of the pharmacokinetics, tolerability and safety of NNZ-2591 for one month in neonates and infants with HIE to open the IND. FDA generally accepted this IND-opening clinical study and the doses of NNZ-2591 to be evaluated, providing some guidance on the inclusion/exclusion criteria and safety monitoring. FDA requested that Neuren provides additional juvenile animal study data to support NNZ-2591 dosing in neonatal participants prior to initiating the clinical study. Neuren plans to generate this data before submitting the IND application and commencing the clinical study. In parallel, Neuren is continuing to advance the logistical requirements for study execution. FDA also encouraged Neuren to submit a future meeting request to discuss appropriate endpoints, study population, and safety monitoring for a subsequent study, which Neuren intends will support registration. Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report SRD SRD is caused by a variant on the SYNGAP1 gene located on Chromosome 6, which is responsible for producing the SYNGAP1 protein. The protein acts as a regulator in the synapses and insufficient production leads to impaired communication between neurons. This results in the many neurological issues seen in SYNGAP1 patients, including intellectual disability, low muscle tone, global development delay, epilepsy, sensory processing disorder, gross and fine motor skill delays, coordination disorder, speech delay, sleep and behavior disorder and autism spectrum disorder. In an in-vitro model of SRD in human iPSC-derived neurons, treatment with NNZ-2591 reversed the neuronal dysfunction caused by SYNGAP1 haploinsufficiency. Financial commentary The consolidated financial statements for the year are presented on pages 3 to 28. All amounts in the Financial Statements are shown in Australian dollars unless otherwise stated. 2025 2024 $'000 $'000 Royalty income 64,634 56,223 Finance income 12,159 11,014 76,793 67,237 One-time revenue from first sales milestone - 80,502 One-time revenue from sale of Priority Review Voucher - 76,518 - 157,020 Foreign currency gains 8,028 3,587 Other income 15 2 Total Revenue from ordinary activities 84,836 227,846 Research and development costs (36,392) (32,970) Corporate and administrative costs (6,218) (4,701) Foreign currency losses (3,297) (7,235) Profit before income tax expense 38,929 182,940 Income tax expense (8,493) (40,897) Profit after income tax expense 30,436 142,043 As shown in the table above, in 2025 royalty revenue of A$64.6 million was earned under the license agreement with Acadia, up 15% from A$56.2 million in 2024. Interest income was A$12.2 million (2024: A$11.0 million). In 2024 revenue from Acadia also included one-time sales milestone revenue of A$80.5 million, as DAYBUE net sales for the year in North America exceeded US$250 million, and one-time revenue from Neuren’s share of Priority Review Voucher sale proceeds of A$76.5 million. Other income includes a foreign currency gain of A$8.0 million mainly due to the translation of cash and short-term investments held in Australian dollars to the US dollars functional currency (2024: A$7.2 million loss). In 2024, there was a A$3.6 million gain on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars. Research and development costs increased by A$3.4 million to A$36.4 million for 2025, with higher expenditure due to the start-up of the Phase 3 trial of NNZ-2591 in PMS. Corporate and administrative costs of A$6.2 million in 2025 increased by A$1.5 million from the prior period, mainly due to increased share-based payments expense relating to new share options issued during 2025. A loss of A$3.3 million on the fair value of outstanding forward contracts to sell Australian dollars and buy US dollars was recognised in 2025 (2024: A$3.6 million gain). Income tax expense for 2025 was A$8.5 million (2024: A$40.9 million). Neuren Pharmaceuticals Limited Appendix 4E Preliminary final report The Group’s net profit after income tax for the year ended 31 December 2025 was A$30.4 million (2024: A$142.0 million). The basic earnings per share for the year ended 31 December 2025 was A$0.2373 (31 December 2024: earnings per share A$1.111) based on a weighted average number of shares outstanding of approximately 128.2 million (2024: 127.8 million). Total cash and short-term investments at 31 December 2025 were A$296.1 million (31 December 2024: A$222.2 million). Net cash generated from operating activities was A$125.4 million, compared with net cash used of A$11.3 million for year ended 31 December 2024. This is mainly due to receipts from license agreements, with receipt of the first sales milestone and share of priority review voucher sale proceeds, both of which were earned in Q4 2024 and received in Q1 2025. The receipts from license agreements for the year ended 31 December 2024 included only the receipt of quarterly royalties. Neuren made tax payments of A$54.2 million in the year ended 31 December 2025, which included A$43.1 million for 2024 tax, and A$11.1 million of tax instalments for 2025, compared with A$37.2 million of tax payments made in 2024. Net cash used in financing activities was A$33.2 million, comprising A$39.6 million of payments for the share buy-back, offset by A$6.4 million of proceeds received on conversion of loan funded shares and exercise of share options. 11. Auditors review The financial statements have been audited and an unqualified opinion has been issued. 12. Attachments Details of attachments (if any): The Financial Report of Neuren Pharmaceuticals Limited for the year ended 31 December 2025 is attached. 13. Signed Signed ___________________________ Date: 26 February 2026 Patrick Davies Non-Executive Chair Melbourne Neuren Pharmaceuticals Limited ARBN 111 496 130 Consolidated Financial Report for the Year ended 31 December 2025 Neuren Pharmaceuticals Limited Contents 31 December 2025 1 Directors' Responsibilities Statement 2 Consolidated statement of profit or loss and other comprehensive income 3 Consolidated statement of financial position 4 Consolidated statement of changes in equity 5 Consolidated statement of cash flows 6 Notes to the consolidated financial statements 7 Independent auditor's report 29 Neuren Pharmaceuticals Limited Directors' Responsibilities Statement 31 December 2025 2 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Neuren Pharmaceuticals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 31 December 2025. The directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which give a true and fair view of the financial position of the company as at 31 December 2025 and its financial performance for the year ended on that date. The directors consider that the financial statements of the company have been prepared using appropriate accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting standards have been followed. The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination of the financial position of the company and facilitate compliance of the financial statements with the Financial Reporting Act 2013. The directors have responsibility for the maintenance of a system of internal controls designed to provide reasonable assurance as to the integrity and reliability of financial reporting. The directors consider they have taken adequate steps to safeguard the assets of the company and to prevent and detect fraud and other irregularities. On behalf of the directors ___________________________ ___________________________ Patrick Davies Joe Basile Non-Executive Chair Non-Executive Director 26 February 2026 Melbourne Neuren Pharmaceuticals Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 31 December 2025 Note Year ended Dec 2025 Year ended Dec 2024 $'000 $'000 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 3 Revenue from contracts with customers Licenses of intellectual property - royalty income 6 64,634 56,223 Licenses of intellectual property - milestone payments 6 - 80,502 Licenses of intellectual property - Rare Disease priority review voucher 6 - 76,518 64,634 213,243 Finance income 12,159 11,014 Gain on financial derivatives measured at fair value through profit and loss - 3,587 Other income 15 2 Net foreign currency gains 8,028 - Total income 84,836 227,846 Expenses Research and development costs (36,392) (32,970) Corporate and administrative costs (6,218) (4,701) Loss on financial derivatives measured at fair value through profit and loss (3,297) - Net foreign currency loss - (7,235) Total expenses (45,907) (44,906) Profit before income tax expense 38,929 182,940 Income tax expense 8 (8,493) (40,897) Profit after income tax expense for the year attributable to the owners of Neuren Pharmaceuticals Limited 30,436 142,043 Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation (26,339) 24,198 Other comprehensive income for the year, net of tax (26,339) 24,198 Total comprehensive income for the year attributable to the owners of Neuren Pharmaceuticals Limited 4,097 166,241 Cents Cents Basic earnings per share 9 23.73 111.17 Diluted earnings per share 9 23.27 108.61 Neuren Pharmaceuticals Limited Consolidated statement of financial position As at 31 December 2025 Note As at 31 Dec 2025 As at 31 Dec 2024 $'000 $'000 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 4 Assets Current assets Cash and cash equivalents 10 4,227 3,153 Short term investments 11 291,895 219,089 Trade and other receivables 12 1,812 157,570 Contract assets 13 18,924 17,756 Derivative financial instruments 16 - 1,362 Income tax refund due 8 5,807 - Other current assets 14 9,568 397 Total current assets 332,233 399,327 Non-current assets Plant and equipment 45 31 Deferred tax asset 8 10,581 10,348 Total non-current assets 10,626 10,379 Total assets 342,859 409,706 Liabilities Current liabilities Trade and other payables 15 2,402 2,895 Derivative financial instruments 16 1,935 - Income tax payable 8 - 42,866 Total current liabilities 4,337 45,761 Non-current liabilities Employee benefits 15 68 41 Total non-current liabilities 68 41 Total liabilities 4,405 45,802 Net assets 338,454 363,904 Equity Share capital 17 134,944 165,270 Share option reserve 5,474 4,695 Currency translation reserve (12,831) 13,508 Retained earnings 210,867 180,431 Total equity 338,454 363,904 Neuren Pharmaceuticals Limited Consolidated statement of changes in equity For the year ended 31 December 2025 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 5 Share Share option Currency translation Retained capital reserve reserve earnings Total equity $'000 $'000 $'000 $'000 $'000 Balance at 1 January 2024 173,127 4,382 (10,690) 38,388 205,207 Profit after income tax expense for the year - - - 142,043 142,043 Other comprehensive income for the year, net of tax - - 24,198 - 24,198 Total comprehensive income for the year - - 24,198 142,043 166,241 Transactions with owners in their capacity as owners: Share issue costs (9) - - - (9) Loan funded shares converted 277 - - - 277 Transfer on conversion of loan funded shares 105 (105) - - - Share options exercised 1,383 - - - 1,383 Transfer on exercise of options 813 (813) - - - Share-based payments - 1,231 - - 1,231 On-market share buy-back (10,426) - - - (10,426) Balance at 31 December 2024 165,270 4,695 13,508 180,431 363,904 Share Share option Currency translation Retained capital reserve reserve earnings Total equity $'000 $'000 $'000 $'000 $'000 Balance at 1 January 2025 165,270 4,695 13,508 180,431 363,904 Profit after income tax expense for the year - - - 30,436 30,436 Other comprehensive income for the year, net of tax - - (26,339) - (26,339) Total comprehensive income for the year - - (26,339) 30,436 4,097 Transactions with owners in their capacity as owners: Share issue costs (37) - - - (37) Loan funded shares converted 4,140 - - - 4,140 Transfer on conversion of loan funded shares 1,575 (1,575) - - - Share options exercised 2,249 - - - 2,249 Transfer on exercise of options 1,320 (1,320) - - - Share-based payments - 3,674 - - 3,674 On-market share buy-back (39,573) - - - (39,573) Balance at 31 December 2025 134,944 5,474 (12,831) 210,867 338,454 Neuren Pharmaceuticals Limited Consolidated statement of cash flows For the year ended 31 December 2025 Note Year ended Dec 2025 Year ended Dec 2024 $'000 $'000 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 6 Cash flows from operating activities Receipts from licence agreement - royalty income 63,403 51,421 Receipts from licence agreement - milestone and other payments 159,098 - Income tax paid (54,147) (37,221) Withholding tax paid (7,195) (2,517) Interest received 12,060 11,297 GST refunded 261 353 Payments for employees and directors (4,348) (4,145) Payments to other suppliers (43,710) (30,458) Net cash from/(used in) operating activities 5 125,422 (11,270) Cash flows from investing activities Purchase of plant and equipment (37) (10) Less cash transferred (to)/from short-term investments (i) (87,970) 4,144 Net cash (used in)/from investing activities (88,007) 4,134 Cash flows from financing activities Proceeds from issue of shares 17 6,389 1,660 Payment of share issue expenses 17 (37) (9) Payments for share buy-back 17 (39,573) (10,426) Net cash used in financing activities (33,221) (8,775) Net increase/(decrease) in cash and cash equivalents 4,194 (15,911) Cash and cash equivalents at the beginning of the financial year 3,153 17,094 Effects of exchange rate changes on cash and cash equivalents (3,120) 1,970 Cash and cash equivalents at the end of the financial year 10 4,227 3,153 (i) Following the receipt of the first commercial sale milestone payment from Acadia, the Company is holding more funds than are required to meet currently forecast short-term cash commitments. As a result, the Company has reclassified cash held in short-term deposits from Cash and Cash Equivalents to Short-term Investments. Neuren Pharmaceuticals Limited Notes to the consolidated financial statements 31 December 2025 7 Note 1. Nature of the business Neuren Pharmaceuticals Limited (“Neuren” or the “Company”), and its subsidiaries (collectively the “Group”) is a publicly listed biopharmaceutical company developing drugs for neurological disorders. The Company is a limited liability company incorporated in New Zealand. The address of its registered office in New Zealand is at the offices of Lowndes Jordan, Level 15 HSBC Tower, 188 Quay Street, Auckland 1141. Neuren operates in Australia and its ordinary shares are listed on the Australian Securities Exchange (ASX code: NEU). These consolidated financial statements were approved for issue by the Board of Directors on 26 February 2026. Note 2. Material accounting policy information These general-purpose consolidated financial statements of the Group are for the year ended 31 December 2025 and have been prepared in accordance with and comply with generally accepted accounting practice