Announcement PDF Neuren Pharmaceuticals Limited Appendix 4D Half-year report 1. Company details Name of entity: Neuren Pharmaceuticals Limited ARBN: 111 496 130 Reporting period: For the half-year ended 30 June 2026 Previous period: For the half-year ended 30 June 2025 2. Results for announcement to the market 2026 2025 Change Change $'000 $'000 $'000 % Revenues from ordinary activities 42,746 39,723 3,023 8% Profit from ordinary activities after tax attributable to the owners of Neuren Pharmaceuticals Limited 4,852 15,031 (10,179) (68%) Profit for the half-year attributable to the owners of Neuren Pharmaceuticals Limited 4,852 15,031 (10,179) (68%) 2026 2025 Cents Cents Basic earnings per share 3.83 11.88 Diluted earnings per share 3.81 11.65 Comments In H1 2026, Neuren’s earned royalty income from Acadia Pharmaceuticals for DAYBUE® (trofinetide) of US$23.3 million (A$33.2 million), up 29% from H1 2025 in US dollars and up 17% reported in Australian dollars, driven by continued growth in the US and sales from named patient programs in other territories. Research and development costs increased by A$12.5 million to A$27.4 million in H1 2026, driven by the progression of Neuren’s Koala Phase 3 study of NNZ-2591 in Phelan-McDermid syndrome. Corporate and administration costs of A$3.0 million in H1 2026 were more than offset by interest income of A$5.6 million. The profit after income tax for the half-year ended 30 June 2026 was A$4.9 million, compared with A$15.0 million for the half- year ended 30 June 2025. Neuren has introduced the Company’s first ever dividend policy and declared a fully franked interim dividend, anchored to the growing royalty income from DAYBUE (trofinetide). For further commentary on the Company's results, please refer to the accompanying ASX release and the Directors’ report within the Interim Report. This information should be read in conjunction with the most recent Annual Report (for the financial year ended 31 December 2025). 3. Net tangible assets As at 30 Jun 2026 As at 31 Dec 2025 Cents Cents Net tangible assets per ordinary security 257.38 258.90 4. Control gained over entities Not applicable. Neuren Pharmaceuticals Limited Appendix 4D Half-year report 5. Loss of control over entities Not applicable. 6. Dividends and other shareholder distributions Current period Subsequent to the half year ended 30 June 2026, the Directors have a determined to pay a fully franked interim dividend of 15.0 cents per share. The dividend will be fully franked based on tax of 30%. Interim dividend dates Ex-dividend date 15 September 2026 Record date for dividend entitlements 16 September 2026 Payment date 7 October 2026 During the half-year ended 30 June 2026, Neuren completed on-market buy-backs totalling $3.9 million. Neuren purchased 315,550 ordinary shares on issue at the average price of $12.29. Previous period There were no dividends paid, recommended or declared during the previous financial period. During the half-year ended 30 June 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. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Accounting standards The interim financial statements have been prepared in accordance with International Accounting Standard 34 and NZ IAS 34 Interim Financial Reporting. 10. Auditors review The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. 11. Attachments Details of attachments (if any): The Interim Report of Neuren Pharmaceuticals Limited for the half-year ended 30 June 2026 is attached. Neuren Pharmaceuticals Limited Appendix 4D Half-year report 12. Signed Signed ___________________________ Date: 25 August 2026 Patrick Davies Non-Executive Chair Melbourne Neuren Pharmaceuticals Limited ARBN 111 496 130 Consolidated Interim Financial Report for the Half-Year ended 30 June 2026 Neuren Pharmaceuticals Limited Contents 30 June 2026 1 Directors' report 2 Directors' declaration 5 Consolidated interim statement of profit or loss and other comprehensive income 6 Consolidated interim statement of financial position 7 Consolidated interim statement of changes in equity 8 Consolidated interim statement of cash flows 9 Notes to the consolidated interim financial statements 10 Independent auditor's review report 16 Neuren Pharmaceuticals Limited Directors' report 30 June 2026 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 half-year ended 30 June 2026. Directors The following persons were directors of Neuren Pharmaceuticals Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Patrick Davies (Non-Executive Chair) Jonathan Pilcher (Chief Executive Officer/Managing Director) Dianne Angus (Non-Executive Director) Dr Jenny Harry (Non-Executive Director) Joe Basile (Non-Executive Director) Principal activities During the financial half-year the principal continuing activities of the consolidated entity consisted of: ● Development of pharmaceutical products for the treatment of neurodevelopmental disorders ● Royalty revenue from licence of intellectual property Review of operations Neuren Pharmaceuticals Limited (“Neuren” or the “Company”), and its subsidiaries (collectively the “Group”) is a biopharmaceutical company, incorporated in New Zealand and listed on the Australian Securities Exchange (ASX: NEU). Neuren is developing new drug therapies to treat multiple serious neurological disorders that are caused by genetic abnormalities or brain injury and have no or limited approved treatment options. Trofinetide Neuren has granted an exclusive worldwide license to Acadia Pharmaceuticals Inc. for the development and commercialisation of trofinetide. In April 2023, Acadia launched DAYBUE® (trofinetide) in the United States as the first approved treatment for Rett syndrome. DAYBUE net sales for H1 2026 were US$226.0 million, up 25% from US$180.7 million in H1 2025, delivering royalties to Neuren of US$23.3 million, driven by continued growth in the US and sales from named patient programs in other territories. DAYBUE STIX, a new powder formulation of trofinetide, was launched on a limited basis in Q1 2026 focusing on Rett syndrome Centers of Excellence before becoming broadly available in the US in Q2 2026. By 30 June 2026, 40% of all US DAYBUE patients were receiving STIX and in Q2 2026 approximately 45% of STIX demand came from new or returning patients. Acadia recently increased guidance for full year 2026 global DAYBUE net sales to US$480-510 million. Neuren’s anticipated royalties for the full year 2026 increased to US$53-56 million. Acadia also reaffirmed target global net sales in 2028 of US$700 million. Under the licence agreement, the next potential milestone payment for North America is US$50 million following the first calendar year in which net sales in North America alone exceed US$500 million. In Europe, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion at the end of June 2026, following a re-examination procedure, recommending the granting by the European Commission (EC) of a marketing authorisation for DAYBU® (trofinetide) for the treatment of neurobehavioral symptoms of Rett syndrome in adults and pediatric patients aged five years and older. Confirmation that the EC had granted marketing authorisation was announced by Acadia on 24 August 2026. The marketing authorisation applies to all 27 EU member states, as well as Iceland, Liechtenstein and Norway. Commercial launch in Germany is anticipated in early Q4 2026. Under the licence agreement the next potential milestone payment for Europe is US$35 million following first commercial sale. The agreement also provides for sales milestone payments of up to US$170 million on achievement of escalating thresholds of annual net sales in the EU, and tiered royalties from mid-teens to low-20s % of EU net sales. In Japan, Acadia expects topline results of the ongoing trofinetide clinical trial in September to November 2026, with a regulatory submission in Japan under Orphan Drug designation anticipated in 2027. Under the licence agreement the next potential milestone payment for Japan is US$15 million following first commercial sale. The agreement also provides for sales milestone payments of up to US$110 million on achievement of escalating thresholds of annual net sales in Japan, and tiered royalties from mid-teens to low-20s % of Japan net sales. Neuren Pharmaceuticals Limited Directors' report 30 June 2026 3 NNZ-2591 (ercanetide) Neuren’s investigational drug candidate, NNZ-2591 (ercanetide), is in clinical development as an oral solution treatment for multiple neurodevelopmental disorders, including Phelan-McDermid syndrome, Pitt Hopkins syndrome and Angelman syndrome. Each of these programs has been granted “orphan drug” designation in the United States and the European Union as well as Fast Track and Rare Pediatric Disease designations from the US Food and Drug Administration (FDA). Neuren is also developing NNZ-2591 for the treatment of hypoxic ischemic encephalopathy (HIE), a serious condition caused by brain injury before or shortly after birth. In February 2026, Neuren announced the first participant had completed the 4-weeks screening period and commenced dosing in the “Koala” trial, the first Phase 3 trial ever conducted in Phelan-McDermid syndrome (PMS). Koala is a randomised, double-blind, placebo-controlled clinical trial evaluating the safety and efficacy of NNZ-2591 for 13 weeks in approximately 160 children aged 3 to 12 years and a 52-week open-label extension study. Since 1 January 2026, the number of trial sites in the US and Canada activated for enrolment has grown from 2 to 15. The families of more than 100 potential participants have been referred by Neuren to active sites or await activation of closer sites. So far 8 sites have been activated for the open-label extension study, enabling the transition of patients who have completed the placebo-controlled study. Patients from Neuren’s previously completed Phase 2 study are also eligible to recommence treatment in the open-label extension study if they meet the enrolment criteria and the first of those patients has been enrolled. Neuren supported a study recently published in the Autism Research journal estimating the prevalence of PMS to be 1 in 7,300 people, which is significantly higher than previous estimates, reinforcing the magnitude of the unmet need and the importance of ongoing initiatives to accelerate diagnosis and improve genetic testing. A Type B End of Phase 2 face-to-face meeting with FDA has been scheduled for late October 2026 to discuss and agree the path forward for NNZ-2591 in Pitt Hopkins syndrome (PTHS). In early 2026, Neuren received written feedback from the FDA regarding its clinical development plans, which indicated that in a controlled trial to demonstrate efficacy of NNZ-2591, an approach similar to that agreed and being implemented in Neuren’s ongoing Phase 3 trial in PMS would be acceptable. Neuren considered that this was not appropriate or executable given that PTHS is significantly rarer and generally more profoundly disabling than PMS. Alternative trial designs and endpoint analysis methodologies have been assessed and Neuren now looks forward to discussing this assessment with the FDA in October. In February 2026, Neuren received written feedback from the FDA on its plan to submit an IND application for the treatment of HIE and a proposed initial clinical study to open the IND. FDA generally accepted the IND-opening clinical study and the doses of NNZ-2591 to be evaluated, but requested that Neuren conduct an additional juvenile animal safety study prior to initiating the clinical study. Neuren submitted the animal study protocol to the FDA for review in mid-May 2026, however feedback has still not been received. The IND application will require the animal study data and therefore is now expected to be submitted in H1 2027 rather than in Q4 2026 as planned. Neuren also intends to meet with the FDA in H1 2027 to discuss the clinical development program. In February 2026 the United States Congress reauthorized the Rare Pediatric Disease Priority Review Voucher (PRV) program to 30 September 2029. The program provides for the award of a voucher to drug developers that receive FDA approval for a drug for a designated rare pediatric disease. The voucher entitles the holder to priority review of a different drug or may be transferred or sold to another drug developer. Most recently in June 2026, a drug developer announced the sale of a voucher for US$215m. Neuren currently holds Rare Pediatric Disease designations for NNZ-2591 in PMS, PTHS and Angelman syndrome. FDA approval of NNZ-2591 in any one of these designated rare pediatric diseases would qualify Neuren for a voucher, of which Neuren would retain 100% ownership and proceeds of any sale. Financial commentary The consolidated interim financial statements for the half-year are presented on pages 6 to 15. All amounts in the Financial Statements are shown in Australian dollars unless otherwise stated. Royalty revenue of A$33.2 million (US$23.3 million) was earned under the license agreement with Acadia, increasing from A$28.3 million (US$18.1 million) for the half-year ended 30 June 2025. Other income includes interest income of A$5.6 million (30 June 2025: A$6.3 million) and a foreign currency gain of A$4.0 million (30 June 2025: A$5.1 million gain), mainly due to the translation of cash and short-term investments held in Australian dollars to the US dollars functional currency. Neuren Pharmaceuticals Limited Directors' report 30 June 2026 4 Research and development costs increased by A$12.5 million to A$27.4 million, with higher expenditure for the half-year ended 30 June 2026 mainly due to the progression of the NNZ-2591 Phase 3 clinical trial in PMS. Corporate and administrative costs of A$3.0 million increased A$0.5 million from the prior period. A loss of A$4.7 million was recognised at 30 June 2026 (30 June 2025: A$2.6 million loss) on the fair value of forward contracts to sell Australian dollars and buy US dollars. Income tax expense recognised for the half-year ended 30 June 2026 was A$2.8 million (30 June 2025: A$4.7 million). The Group’s net profit after income tax for the half-year ended 30 June 2026 was A$4.9 million, compared with a net profit after tax of A$15.0 million for the half-year ended 30 June 2025. The basic earnings per share for the half-year to 30 June 2026 was A$0.0383 (half-year to 30 June 2025: earnings per share A$0.1188) based on a weighted average number of shares outstanding of approximately 126.8 million (half-year to 30 June 2025: 126.6 million). Total cash and short-term investments at 30 June 2026 were A$286.5 million (31 December 2025: A$296.1 million). Net cash generated from operating activities was A$8.0 million, compared with A$128.3 million for half-year to 30 June 2025. The receipts from license agreements were A$34.4 million, relating to quarterly royalty payments, compared with A$191.3 million for the half-year ended 30 June 2025, due to the receipt of the first sales milestone and share of priority review voucher sale proceeds earned in Q4 2024. Net cash used in financing activities was A$2.2 million, comprising A$3.9 million of payments for share buy-backs, offset by A$1.7 million of proceeds received on conversion of share options. Neuren Pharmaceuticals Limited Directors' declaration 30 June 2026 5 The Directors of Neuren Pharmaceuticals Limited ("Neuren") declare that: The accompanying consolidated interim financial statements of Neuren and its subsidiaries for the half-year ended 30 June 2026 and the notes to those consolidated interim financial statements: · comply with International Accounting Standard 34 and NZ IAS 34 Interim Financial Reporting; and · present fairly, in all material respects, the financial position as at 30 June 2026 and of the performance for the half-year ended on that date of Neuren and its subsidiaries. In the Directors’ opinion there are reasonable grounds to believe that Neuren will be able to pay its debts as and when they become due and payable. This report is signed and the declaration is made in accordance with a resolution of the Board of Directors dated 25 August 2026. On behalf of the directors ___________________________ ___________________________ Patrick Davies Joe Basile Non-Executive Chair Non-Executive Director 25 August 2026 Melbourne Neuren Pharmaceuticals Limited Consolidated interim statement of profit or loss and other comprehensive income For the half-year ended 30 June 2026 Note Half year ended Jun 2026 Half year ended Jun 2025 $'000 $'000 The above consolidated interim statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 6 Revenue from contracts with customers 6 33,155 28,277 Finance income 5,561 6,293 Net foreign currency gains 4,030 5,153 Total income 42,746 39,723 Expenses Research and development costs (27,423) (14,897) Corporate and administrative costs (3,012) (2,483) Loss on financial derivatives measured at fair value through profit and loss (4,705) (2,622) Total expenses (35,140) (20,002) Profit before income tax expense 7,606 19,721 Income tax expense 7 (2,754) (4,690) Profit after income tax expense for the half-year attributable to the owners of Neuren Pharmaceuticals Limited 4,852 15,031 Other comprehensive loss Items that may be reclassified subsequently to profit or loss Foreign currency translation (9,395) (17,969) Other comprehensive loss for the half-year, net of tax (9,395) (17,969) Total comprehensive loss for the half-year attributable to the owners of Neuren Pharmaceuticals Limited (4,543) (2,938) Cents Cents Basic earnings per share 3 3.83 11.88 Diluted earnings per share 3 3.81 11.65 Neuren Pharmaceuticals Limited Consolidated interim statement of financial position As at 30 June 2026 Note As at 30 Jun 2026 As at 31 Dec 2025 $'000 $'000 The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes 7 Assets Current assets Cash and cash equivalents 26,943 4,227 Short term investments 259,599 291,895 Trade and other receivables 1,284 1,812 Contract assets 17,777 18,924 Derivative financial instruments 3,407 - Income tax receivable 14,275 5,807 Other current assets 10,213 9,568 Total current assets 333,498 332,233 Non-current assets Plant and equipment 38 45 Deferred tax asset 7,087 10,581 Total non-current assets 7,125 10,626 Total assets 340,623 342,859 Liabilities Current liabilities Trade and other payables 7,179 2,402 Derivative financial instruments - 1,935 Total current liabilities 7,179 4,337 Non-current liabilities Employee benefits 62 68 Total non-current liabilities 62 68 Total liabilities 7,241 4,405 Net assets 333,382 338,454 Equity Share capital 8 133,577 134,944 Share option reserve 6,312 5,474 Currency translation reserve (22,226) (12,831) Retained earnings 215,719 210,867 Total equity 333,382 338,454 Neuren Pharmaceuticals Limited Consolidated interim statement of changes in equity For the half-year ended 30 June 2026 The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes 8 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 half-year - - - 15,031 15,031 Other comprehensive loss for the half-year, net of tax - - (17,969) - (17,969) Total comprehensive (loss)/income for the half- year - - (17,969) 15,031 (2,938) Transactions with owners in their capacity as owners: On-market share buy-back (39,573) - - - (39,573) Loan funded shares converted 1,380 - - - 1,380 Share based payments - 512 - - 512 Transfer on conversion of loan funded shares and options 525 (525) - - - Issue costs on conversion of loan funded shares (11) - - - (11) Balance at 30 June 2025 127,591 4,682 (4,461) 195,462 323,274 Share Share option Currency translation Retained capital reserve reserve earnings Total equity $'000 $'000 $'000 $'000 $'000 Balance at 1 January 2026 134,944 5,474 (12,831) 210,867 338,454 Profit after income tax expense for the half-year - - - 4,852 4,852 Other comprehensive loss for the half-year, net of tax - - (9,395) - (9,395) Total comprehensive (loss)/income for the half- year - - (9,395) 4,852 (4,543) Transactions with owners in their capacity as owners: On-market share buy-back (3,877) - - - (3,877) Share based payments - 1,633 - - 1,633 Share options exercised 1,724 - - - 1,724 Transfer on conversion of options 795 (795) - - - Share issue costs (9) - - - (9) Balance at 30 June 2026 133,577 6,312 (22,226) 215,719 333,382 Neuren Pharmaceuticals Limited Consolidated interim statement of cash flows For the half-year ended 30 June 2026 Note Half year ended Jun 2026 Half year ended Jun 2025 $'000 $'000 The above consolidated interim statement of cash flows should be read in conjunction with the accompanying notes 9 Cash flows from operating activities Receipts from license agreement 34,414 191,340 Income tax paid (6,159) (46,973) Withholding tax paid (1,601) (5,636) Interest received 5,607 5,800 GST refunded 166 135 Payments for employees and directors (2,106) (1,988) Payments to other suppliers (22,320) (14,372) Net cash from operating activities 4 8,001 128,306 Cash flows from investing activities Purchase of plant and equipment (8) (5) Less cash transferred from/(to) short-term investments (i) 18,821 (85,568) Net cash from/(used in) investing activities 18,813 (85,573) Cash flows from financing activities Proceeds from issue of shares 1,724 1,380 Payment of share issue expenses (9) (15) Payments for share buy-back (3,877) (39,573) Net cash used in financing activities (2,162) (38,208) Net increase in cash and cash equivalents 24,652 4,525 Cash and cash equivalents at the beginning of the financial half-year 4,227 3,153 Effects of exchange rate changes on cash and cash equivalents (1,936) (1,772) Cash and cash equivalents at the end of the financial half-year 26,943 5,906 (i) 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 interim financial statements 30 June 2026 10 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 interim financial statements were approved for issue by the Board of Directors on 25 August 2026. Note 2. Material accounting policy information Basis of preparation These condensed consolidated interim financial statements are for the half-year ended 30 June 2026 and have been prepared in accordance with, and comply with International Accounting Standard 34 and NZ IAS 34 Interim Financial Reporting. The Group is a Tier 1 for-profit entity under the External Reporting Board Accounting Standards Framework in New Zealand. New or amended Accounting Standards and Interpretations adopted There have been no significant changes in accounting policies during the current period. The accounting policies that materially affect the measurement of the Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income, Consolidated Interim Statement of Financial Position, Consolidated Interim Statement of Changes in Equity and the Consolidated Interim Statement of Cash Flows have been applied on a basis consistent with those used in the audited financial statements for the year ended 31 December 2025 and the unaudited interim financial statements for the half-year ended 30 June 2025. There is no cyclical seasonality of interim operations. The presentation currency of the Group is Australian dollars and the functional currency is US dollars. These interim financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, this interim report is to be read in conjunction with the annual report for the year ended 31 December 2025. Note 3. Earnings per share Basic earnings per share is calculated by dividing the profit for the period attributable to the equity holders of the company by the weighted average number of ordinary shares on issue during the period excluding shares held as treasury stock. Diluted earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Half year ended Jun 2026 Half year ended Jun 2025 $'000 $'000 Profit after income tax attributable to the owners of Neuren Pharmaceuticals Limited 4,852 15,031 Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 126,773,976 126,576,586 Adjustments for calculation of diluted earnings per share: Options over ordinary shares 408,775 2,414,558 Weighted average number of ordinary shares used in calculating diluted earnings per share 127,182,751 128,991,144 Neuren Pharmaceuticals Limited Notes to the consolidated interim financial statements 30 June 2026 Note 3. Earnings per share (continued) 11 Cents Cents Basic earnings per share 3.83 11.88 Diluted earnings per share 3.81 11.65 Note 4. Reconciliation of profit after income tax to net cash from operating activities Half year ended Jun 2026 Half year ended Jun 2025 $'000 $'000 Profit after income tax expense for the half-year 4,852 15,031 Adjustments for: Depreciation of property, plant and equipment 14 11 Share based payments expense 1,633 512 Foreign exchange gain (4,030) (5,153) Loss on derivative financial instruments 4,705 2,622 Change in working capital: Decrease in trade and other receivables 528 151,449 Decrease in contract assets 1,147 3,752 Increase in current tax receivable (8,468) (43,053) Decrease/(increase) in deferred tax assets 3,494 (633) Increase in other current assets (645) - Increase in trade and other payables 4,771 3,768 Net cash from operating activities 8,001 128,306 Note 5. Operating segments Identification of reportable operating segments The segment reporting reflects the way information is reported internally to the chief operating decision maker. The Chief Executive Officer (CEO) has been identified as the chief operating decision maker and regularly reviews the operating results of each segment for the purposes of assessing performance and allocating resources. The Group has two reportable operating segments, commercial products and research and development. Reportable segment Principal activities Commercial products Milestone and royalty revenue from licence of intellectual property. Research & development Development of pharmaceutical products for the treatment of neurodevelopmental disorders. Neuren Pharmaceuticals Limited Notes to the consolidated interim financial statements 30 June 2026 Note 5. Operating segments (continued) 12 Commercial products Research & development Corporate Total Jun-26 Jun-25 Jun-26 Jun-25 Jun-26 Jun-25 Jun-26 Jun-25 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Revenue 33,155 28,277 - - - - 33,155 28,277 Research and development costs - - (27,423) (14,897) - - (27,423) (14,897) Finance income - - - - 5,561 6,293 5,561 6,293 Net foreign currency gain - - - - 4,030 5,153 4,030 5,153 Loss on financial derivatives - - - - (4,705) (2,622) (4,705) (2,622) Other expenses - - - - (3,012) (2,483) (3,012) (2,483) Profit before income tax 33,155 28,277 (27,423) (14,897) 1,874 6,341 7,606 19,721 Income tax expense - - - - (2,754) (4,690) (2,754) (4,690) Profit after income tax 33,155 28,277 (27,423) (14,897) (880) 1,651 4,852 15,031 Other comprehensive income - - - - (9,395) (17,969) (9,395) (17,969) Total comprehensive income 33,155 28,277 (27,423) (14,897) (10,275) (16,318) (4,543) (2,938) All revenue from licences of intellectual property is from Acadia Pharmaceuticals Inc. (Acadia) and is from the United States. Assets and liabilities are not allocated to segments and are therefore not reported. Note 6. Revenue from contracts with customers Disaggregation of revenue from contracts with customers The Group derives revenue from the sale of goods and services at a point in time under the following major business activities: Half year ended Jun 2026 Half year ended Jun 2025 $'000 $'000 Revenue from contracts with customers Licenses of intellectual property - royalty income 33,155 28,277 All revenue from licences of intellectual property is received from the United States. Neuren is eligible to receive quarterly royalty income, calculated as a percentage of net sales of DAYBUE in North America and is recognised in the period the Acadia makes the sales of DAYBUE.