Announcement PDF Neuren Phar maceutic al s Limite d ANNUAL REPORT 2025 Improving the lives of people with neurodevelopmental disabilities Neuren Pharmaceuticals is developing new drug therapies to treat multiple serious neurological conditions, caused by genetic abnormalities or brain injury, that have no or limited approved treatment options. Incorporated in New Zealand and based in Melbourne, Australia, Neuren is listed on the ASX under the code NEU. 2 Chair and CEO message 4 Operating Review 21 Board 22 Executive Team 24 Environmental, Social and Governance (ESG) 31 Directors’ Responsibilities Statement CONTENTS 32  Consolidated Statement of Profit or Loss and Other Comprehensive Income 33 Consolidated Statement of Financial Position 34 Consolidated Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Notes to the Consolidated Financial Statements 56 Independent Auditor’s Report 59 Additional Information Royalty income up 15% YoY A$65m Interest income A$12m NPAT without any one-time revenue A$30m Corporate & admin costs only A$6m R&D investment in NNZ-2591 A$36m DAYBUE revenue since launch in 2023 A$510m THE 2025 NUMBERS – GROWING SUSTAINABLE INCOME STRONG DAYBUE® CASH FLOWS ENABLE PURSUIT OF STEP-CHANGE IN VALUE FROM NNZ-2591 Large potential upside for shareholders is enabled by financial strength 5 Phelan-McDermid syndrome Pitt Hopkins syndrome Hypoxic Ischemic Encephalopathy (HIE) NNZ-2591 (ercanetide) indications prioritised for maximum commercial impact Long-term income growth from DAYBUE® (trofinetide) A$510m income from DAYBUE since launch in 2023 A$296 million cash as at 31 Dec 2025 * Rett and Fragile X syndromes are licensed to Acadia, with same economics to Neuren as trofinetide; Neuren retains worldwide rights to all other indications Angelman syndrome, Prader-Willi Syndrome, SYNGAP1, Rett syndrome (Acadia)*, Fragile X syndrome (Acadia)* The 2025 numbers – growing sustainable income • A$65mroyalty income up • Interest incomeA$12m • A$30mNPAT without any • Corporate & admin costs only A$ • R&D investment in NNZ -2591 A$ • A$510mDAYBUE reven - 27 56 65 15 205 157 16 238 221 82 2022 2023 2024 2025 Total Income (including net derivative and FX gain/loss) Royalty One-offs Net Financial income* *Finance Income + net gain / (loss) on financial derivatives + net FX gain / (loss), excluding FX translation * Finance Income + net gain / (loss) on financial derivatives + net FX gain / (loss), excluding FX translation Ex-NA upfront & 1st commercial sale milestone 1st sales milestone & PRV sale Large potential upside for shareholders is enabled by financial strength 5 Phelan-McDermid syndrome Pitt Hopkins syndrome Hypoxic Ischemic Encephalopathy (HIE) NNZ-2591 (ercanetide) indications prioritised for maximum commercial impact Long-term income growth from DAYBUE® (trofinetide) A$510m income from DAYBUE since launch in 2023 A$296 million cash as at 31 Dec 2025 Neuren Pharmaceuticals Limited Annual Report 2025 1 CHAIR AND CEO MESSAGE PATR ICK DAVIES & J ON PILCHER In 2025 Neuren generated profit after tax of A$30 million, driven by DAYBUE® royalties growing by 15% to A$65 million. Cash reserves at the end of the year remained very strong at A$296 million. Neuren’s revenue from Acadia for DAYBUE since launch in 2023 has now exceeded A$500 million, which represents an outstanding success by any measure. This and our continuing disciplined investment in NNZ-2591 place Neuren in an enviable position to create further long-term value for shareholders. The most important part of that value creation is the Phase 3 development program for NNZ-2591 in Phelan-McDermid syndrome (PMS). The commencement of the Koala Phase 3 clinical trial was a pivotal milestone for Neuren. This was the culmination of many months of diligent preparation, including interactions with the US Food and Drug Administration (FDA). We are very encouraged by the support from the PMS community and look forward to building momentum this year as the remaining trial sites begin enrolment. We are proud to be the presenting sponsor of the PMS Foundation Family Conference in Colorado in July 2026, which will be a timely opportunity to engage further with the community. The alignment achieved at two meetings with the FDA means that we are confident a positive result in the Koala trial should enable us to prepare a New Drug Application. In parallel with executing the trial we are completing all the other studies and supply chain activities that are needed to support an application. We are prioritising pursuing indications for NNZ-2591 in which we have the potential to be first to market and maximise the impact for both patients and shareholders. In 2025 the treatment of the consequences of brain injury at birth (HIE) was added to PMS and Pitt Hopkins syndrome as the three highest value priorities. 2025 was a record year for DAYBUE, with sales of US$391 million and more than 1,000 patients treated during Q4. Even more exciting is Acadia’s guidance for 2026 sales of US$460-490 million, which would represent year-on-year growth of between 17% and 25%, assisted by the US launch of DAYBUE STIX, the powder formulation of trofinetide. STIX provides a potentially attractive new option for families who may have declined to try or discontinued the liquid formulation. Acadia has estimated that such families may number as many as 400. Patrick Davies Chair Jon Pilcher CEO As well as the continued growth in the US, we are very pleased that Rett syndrome patients in other parts of the world have been able to receive treatment under Acadia’s named patient programs, which are also providing a growing contribution to sales. Meanwhile, a small clinical study is underway in Japan, with results expected in Q4 2026 or Q1 2027 to support a potential marketing authorisation in that important market. Acadia has demonstrated its ongoing commitment to the Rett syndrome community in Europe through its request for a re-examination of the recent European Medicines Agency decision to deny marketing authorisation. Neuren believes that the community deserves a positive outcome. In the meantime, the fall in our share price following the decision far exceeded the valuation impact on Neuren, which means that if it were to be reversed this would now represent pure upside. Last month we initiated another share buyback program given what we believe is a material undervaluation of our assets in the current market, by reference to our own models and to those of the eight broker research analysts who formally cover Neuren. Our cash position, supported by growing cash flows from the DAYBUE franchise mean that Neuren’s NNZ-2591 development programs remain well funded alongside the buy-back. There is so much to look forward to in 2026 as our strategy advances, encompassing acceleration of enrolment in the Koala trial, initiation of the next stage for Pitt Hopkins and HIE, the anticipated impact of DAYBUE STIX in the US, completion of the small trial to support a marketing application in Japan and the result of the re-examination in Europe. We are grateful to our shareholders and the whole Neuren team for their ongoing dedication to what we all believe is such a meaningful mission. Delivering the impact on patients and their families that we are striving for should ultimately result in highly positive outcomes for all stakeholders. Neuren Pharmaceuticals Limited Annual Report 2025 2 CHAIR AND CEO MESSAGE CONTINUED NEUREN’S VALUES WE ARE PASSIONATE ABOUT MAKING A DIFFERENCE TO THE LIVES OF PATIENTS AND THEIR FAMILIES WE AIM TO EARN THE RESPECT OF EVERYONE WE DEAL WITH WE ARE DETERMINED AND CREATIVE TO BREAK THROUGH BARRIERS WE RECOGNISE THE IMPORTANCE OF ALL STAKEHOLDERS AND ENDEAVOUR TO USE FINANCIAL RESOURCES EFFICIENTLY WE HARNESS THE POWER OF COLLABORATION AND DIFFERENT PERSPECTIVES WE APPLY A QUALITY MINDSET TO EVERYTHING WE DO Jon Pilcher CEO Patrick Davies CHAIR 3 Neuren Pharmaceuticals Limited Annual Report 2025 OPERATING REVIEW by both major types of brain cells – neurons and glia. IGF-1 in the brain is critical both for normal development and to maintain or restore the biological balance required for normal functioning. During development, the brain and the cells that comprise it change rapidly and in complex ways. IGF-1 and its metabolites play a significant role in regulating these changes. In the mature brain, these molecules play an important role in responding to disease, stress and injury. Trofinetide and NNZ-2591 mimic the function of the natural molecules in the brain, however each drug is designed to have a longer half-life in circulation, be suitable for use as an oral medication, more readily cross the blood brain barrier and have better stability for longer and easier storage and shipping. Whereas many drugs typically exert a specific effect on a specific target related to one symptom, trofinetide and NNZ-2591 exert diverse effects which can help to control or normalise abnormal biological processes in the brain. This means that the target is to have a broad impact on the condition rather than aiming to treat one symptom. NEUREN’S GROUND-BREAKING THERAPIES Neuren develops drug therapies for serious neurological conditions, caused by genetic abnormalities or brain injury, that have no or limited approved treatment options. These conditions involve disruptions to brain development or function which lead to a wide range of serious issues affecting nearly every aspect of life. The impact on the patients and their families is severe and life-long. Neuren strives to develop therapies in close collaboration with the leading specialist physicians and the well-organised patient advocacy organisations. Each condition is caused by a different genetic mutation, or in the case of hypoxic-ischemic encephalopathy (HIE) by brain injury resulting from lack of oxygen or blood flow to the brain at birth, but they share similar symptoms and the common characteristic of impaired connections and signalling between brain cells. Neuren’s two novel patented drugs, trofinetide and NNZ-2591 (ercanetide), potentially have broad utility in the treatment of neurological conditions. Both drugs are synthetic analogues of important molecules that occur naturally in the brain and are involved in the biology of IGF-1, a growth factor stimulated by growth hormone. In the central nervous system, IGF-1 is produced 3 Impaired communication between neurons, abnormal formation/pruning of dendrites & chronic inflammation Rett (MECP2) Fragile X (FMR1) Phelan-McDermid (SHANK3) Pitt Hopkins (TCF4) Angelman (UBE3A) | Prader-Willi (15q11-q13) | SYNGAP1-related disorder (SYNGAP1) Neurodevelopmental disorders Hypoxic-Ischemic Encephalopathy (lack of oxygen or blood flow to the brain before, during or shortly after birth) Brain injury Walking and balance issues Anxiety and hyperactivity Seizures Impaired communication Intellectual disability Impaired social interaction Developmental delays Cognitive impairment Seizures Cerebral palsy Impaired hand use Sleep disturbance Gastrointestinal problems Severe impact on nearly every aspect of life Long-term impact on survivors Excitotoxicity, mitochondrial dysfunction, and acute & chronic inflammatory processes Neuren’s drugs target the critical role of IGF-1 in this upstream process, using analogs of naturally occurring peptides that can be taken orally as liquids INTRODUCTION GROUND-BREAKING IMPACT ON PEDIATRIC NEUROLOGICAL ORPHAN INDICATIONS Impaired communication between neurons, abnormal formation/pruning of dendrites & chronic inflammation Excitotoxicity, mitochondrial dysfunction, and acute & chronic inflammatory processes Severe impact on nearly every aspect of life Walking and balance issues Anxiety and hyperactivity Seizures Impaired communication Intellectual disability Impaired social interaction Impaired hand use Sleep disturbance Gastrointestinal problems Neurodevelopmental disorders Long-term impact on survivors Development delays Seizures Cognitive impairment Cerebral palsy Brain injury Neuren’s drugs target the critical role of IGF-1 in this upstream process, using analogs of naturally occurring peptides that can be taken orally as liquids Neuren Pharmaceuticals Limited Annual Report 2025 4 OPERATING REVIEW CONTINUED THE IMPORTANCE OF ORPHAN DRUG DESIGNATION The US Food and Drug Administration (FDA) and European Medicines Agency (EMA) have both granted Orphan Drug designation for trofinetide in Rett syndrome and Fragile X syndrome and for NNZ-2591 in each of Phelan-McDermid, Pitt Hopkins and Angelman syndromes. The FDA has also granted Orphan Drug designation for NNZ-2591 in Prader- Willi syndrome. Orphan Drug designation is a special status that the regulators may grant to a drug to treat a rare disease or condition. Amongst other incentives, Orphan Drug designation qualifies the sponsor of the drug for exclusivity periods during which the regulators will not approve a generic competitor product. These marketing exclusivity periods are extremely valuable for the commercialisation of Orphan Drugs. They provide additional protection, along with patents, against generic competitors and potentially can continue to provide protection after patent expiry. The exclusivity periods after marketing authorisation of products approved for pediatric use are 7.5 years in the United States and 12 years in the EMA region. Japan, South Korea and Taiwan also have Orphan Drug programs. As well as the exclusivity periods, Orphan Drugs have many other commercial advantages compared with existing markets that have apparently attractive large sales in which established products and companies have to be displaced. The serious and urgent unmet need results in a more supportive regulatory and pricing environment and strong engagement from the patient community and leading physicians. Historical data indicates a higher probability of achieving regulatory approval and the potential for immediate access to known patients means that a large sales organisation is less important. In short, the Orphan Drug business model targets a leadership position in markets with urgent need, at an attractive price and with a higher probability of getting to market. The conditions that Neuren is aiming to treat are “rare diseases”, however they are not “ultra-rare”, and in each condition there are tens of thousands of potential patients around the world. COMMERCIAL EXCLUSIVITY In addition to the primary protection of the important exclusivity periods from Orphan Drug designation explained above, Neuren has additional commercial protection from issued patents extending as far as 2040 and pending patent applications extending as far as 2046. Since trofinetide and NNZ-2591 are new chemical entities, following the first marketing authorisation for each drug, the term of one patent may potentially be extended by up to 5 years in many countries, including the United States, Europe and Japan. OTHER REGULATORY INCENTIVES The FDA has granted Fast Track and Rare Pediatric Disease designations for NNZ-2591 in each of Phelan-McDermid, Pitt Hopkins and Angelman syndromes. Trofinetide also received Fast Track and Rare Pediatric Disease designations before its approval in the US. Fast Track is a process designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need. The purpose is to get important new drugs to the patient earlier. Fast Track addresses a broad range of serious conditions. A drug that receives Fast Track designation is eligible for some or all of the following: – More frequent meetings with FDA to discuss the drug’s development plan and ensure collection of appropriate data needed to support drug approval – More frequent written communication from FDA about such things as the design of the proposed clinical trials and use of biomarkers – Eligibility for Accelerated Approval and Priority Review, if relevant criteria are met – Rolling Review, which means that a drug company can submit completed sections of its Biologic License Application (BLA) or New Drug Application (NDA) for review by FDA, rather than waiting until every section of the NDA is completed before the entire application can be reviewed. BLA or NDA review usually does not begin until the drug company has submitted the entire application to the FDA The Rare Pediatric Disease Priority Review Voucher (PRV) program provides for the award of a PRV 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. The Rare Pediatric Disease PRV program has been reauthorized by the United States Congress to 30 September 2029. Recently in January and February 2026, two drug developers announced the sale of vouchers for US$200 million and US$205 million respectively. Neuren Pharmaceuticals Limited Annual Report 2025 5 OPERATING REVIEW CONTINUED In December 2025 Acadia received US Food and Drug Administration (FDA) approval of DAYBUE STIX (trofinetide) for oral solution, a dye- and preservative-free powder formulation of trofinetide for the treatment of Rett syndrome in adult and pediatric patients two years of age and older. The new powder formulation offers children and adults living with Rett syndrome new flexibility and choice regarding the dose volume and taste of their DAYBUE treatment, potentially facilitating treatment of a significant number of new patients from families who had declined to try or discontinued the liquid formulation. DAYBUE STIX is being launched on a limited basis in Q1 2026 and more broadly early in Q2 2026. The existing oral solution formulation will remain available. DAYBUE® (TROFINETIDE) FOR RETT SYNDROME 460 177 348 391 490 CY2023 (Apr -Dec) CY2024 CY2025 CY2026 Acadia Guidance DAYBUE Net Sales (US$m) 70 27 56 65 77 CY2023 CY2024 CY2025 CY2026E* Royalty to Neuren (A$m) +18–25% + 8–19% +12% +15% 0 0 026 dia ance m) 70 27 56 65 77 CY2023 CY2024 CY2025 CY2026E* Royalty to Neuren (A$m) + 8–19% +15% * Based on Acadia full year 2026 DAYBUE Net Sales Guidance of US$460- 490m, conservatively assuming North America royalty rates only (10% of DAYBUE net sales up to US$250m and 12% of DAYBUE net sales between US$250m and US$500m), and AUDUSD of 0.70 to 0.72 In March 2023, Neuren’s exclusive worldwide licensee for trofinetide, Acadia Pharmaceuticals (NASDAQ: ACAD), received FDA approval of DAYBUE® (trofinetide) for the treatment of Rett syndrome in adult and pediatric patients two years of age and older. On 17 April 2023, Acadia launched DAYBUE in the United States as the first ever approved treatment for Rett syndrome. Access to DAYBUE has been well supported by Medicaid and private health insurance payors. During 2025, Acadia activated named patient supply programs across multiple regions including Europe, the Middle East and Latin America. Growing, sustainable income to Neuren from DAYBUE® (trofinetide) in the United States plus international named patient programs Neuren Pharmaceuticals Limited Annual Report 2025 6 76 85 91 97 85 96 101 110 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 920 954 987 Unique patients received DAYBUE in the Quarter 923 917 1,006 1,070 OPERATING REVIEW CONTINUED The number of unique patients receiving a DAYBUE shipment grew to 1,070 in Q4 2025, exceeding 1,000 for the first time. The persistency on therapy rate after 12 months of treatment increased to approximately 55%. There is substantial potential for further growth in the US. The number of diagnosed Rett patients in the US has grown from approximately 4,500 at the launch of DAYBUE to 6,000, with two-thirds of the diagnosed patients yet to try DAYBUE. Prevalence studies suggest the total number of patients may be 6,000 to 9,000. During 2025, Acadia completed an Net sales of DAYBUE in 2025 were US$391 million, with sequential growth in each quarter and record net sales of US$110 million in Q4 2025. Quarterly sales expansion of its DAYBUE field force in the US by ~30% to accelerate future growth in the community outside the Rett syndrome centers of excellence. In Q4 2025 momentum continued to build with 76% of new prescriptions originating from community physicians outside centers of excellence. Acadia has provided guidance for growth in net sales in 2026 to between US$460 million and US$490 million. The guidance comprises sales only from the US and international named patient programs. ABOUT RETT SYNDROME Rett syndrome is a seriously debilitating and life-threatening neurological disorder. It is first recognized in infancy and seen predominantly in girls, but can occur very rarely in boys. At diagnosis, Rett syndrome has often been misdiagnosed as autism, cerebral palsy, or non-specific developmental delay. Most cases of Rett syndrome are caused by mutations on the X chromosome on a gene called MECP2. Rett syndrome strikes all racial and ethnic groups and has been estimated to occur worldwide in 1 of every 10,000 to 15,000 female births, causing problems in brain function that are responsible for cognitive, sensory, emotional, motor and autonomic function. These problems can include learning, speech, sensory sensations, mood, movement, breathing, cardiac function, and even chewing, swallowing, and digestion. Rett syndrome symptoms appear after an early period of apparently normal or near normal development until six to eighteen months of life, when there is a slowing down or stagnation of skills. A period of regression then follows, with loss of communication skills and purposeful hand use, loss or impairment of walking, and the onset of stereotypic hand movements. Other problems frequently include seizures and erratic breathing patterns, an abnormal side-to-side curvature of the spine (scoliosis), and sleep disturbances. i Neuren Pharmaceuticals Limited Annual Report 2025 7 OPERATING REVIEW CONTINUED 1 Acadia estimates 2 Reimbursement currently not recommended by CDA-AMC Approved Mar 2023 Oct 2024 Jan 2026 Approved Active NPP Approved2 Japan 1,000 - 2,000 Rett patients1 Orphan Drug Designation status granted Phase 3 results expected Q4 2026/Q1 2027, to facilitate marketing application in 2027 Europe 9,000 - 12,000 Rett patients1 Active named patient supply programs Plan to request CHMP re- examination, with potential outcome late Q2 2026 RoW Named patient supply programs in select countries Israel Canada 600 - 900 Rett patients1 US 6,000 - 9,000 Rett patients1 receipt of these grounds to re-examine its opinion, with new rapporteurs appointed for the re-examination. This means the CHMP opinion on the re-examination is likely to be at the end of Q2 2026. In the meantime, named patient supply programs are continuing. If granted marketing authorisation, trofinetide would be the first and only approved therapy for Rett syndrome in the European Union. In Japan trofinetide received Orphan Drug Designation and Acadia commenced a small clinical trial to support a marketing application, with results anticipated in Q4 2026 or Q1 2027, facilitating the application in 2027. DAYBUE oral solution was approved in Canada in October 2024 and in Israel in January 2026, although reimbursement of DAYBUE is currently not recommended by Canada’s Drug Agency (CDA-AMC). Further information about DAYBUE, including prescribing information can be accessed at www.DAYBUE.com LONG TERM GROWTH OPPORTUNITY FOR TROFINETIDE THROUGH GLOBAL EXPANSION There is urgent unmet need for a treatment for Rett syndrome around the world, evidenced by communications received from families, patient support groups and physicians. 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 March 2026, Acadia was informed by the Committee for Medicinal Products for Human Use (CHMP) of the EMA of a negative opinion vote regarding the MAA. Acadia is requesting a re-examination of the opinion by the CHMP. 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 Neuren Pharmaceuticals Limited Annual Report 2025 8 OPERATING REVIEW CONTINUED NEUREN’S ATTRACTIVE ECONOMICS FROM DAYBUE (TROFINETIDE) In the period since launch, Neuren has earned cumulative income from DAYBUE of A$510 million. In 2025, Neuren earned royalty income from DAYBUE of A$65 million. Assuming Acadia’s 2026 net sales guidance for DAYBUE is met and an exchange rate range of 0.70-0.72, Neuren anticipates earning full-year royalties of A$70-77 million. Neuren is eligible to receive ongoing royalties on global net sales of trofinetide, plus one-time milestone payments on achievement of certain events such as first commercial sale in a specific region, and one-time milestone payments on achievement of a series of thresholds of total annual net sales in a specific region. No royalties or similar costs are payable by Neuren to third parties, which means Neuren’s revenue from Acadia flows through to pre-tax profit. The royalty rates and sales milestone payments for a specific region are related to the total amount of annual net sales of trofinetide in all products and indications in that region. Neuren’s economics from DAYBUE in North America and outside North America are set out in the following tables: US$10m upfront in 2018 US$10m in 2022 following acceptance of NDA for review US$40m in 2023 following 1st commercial sale in the US US$50m In 2024 one third share of Priority Review Voucher awarded to Acadia (sold for US$150m) US$55m Milestone payments related to Fragile X U   Tiered Royalty Rates (% of net sales)1 Annual Net Sales Rates ≤US$250m 10% >US$250m, ≤US$500m 12% >US$500m, ≤US$750m 14% >US$750m 15% Sales Milestones1 Net Sales in one calendar year US$m ≥US$250m 50 ≥US$500m 50 ≥US$750m 100 ≥US$1bn 150 U U U   North America U U  US$100m upfront in 2023 US$35m following 1st commercial sale in Europe US$15m following 1st commercial sale in Japan US$10m following 1st commercial sale of a 2nd indication Europe US$4m following 1st commercial sale of a 2nd indication Japan Sales milestones1 On achievement of escalating annual net sales thresholds: Europe: up to US$170m Japan: up to US$110m RoW : up to US$83m Tiered royalties1 Mid- teens to low - 20s % of net sales Outside North America U U   50 50   U   US$10m upfront in 2018 US$10m in 2022 following acceptance of NDA for review US$40m in 2023 following 1st commercial sale in the US US$50m In 2024 one third share of Priority Review Voucher awarded to Acadia (sold for US$150m) US$55m Milestone payments related to Fragile X U   Tiered Royalty Rates (% of net sales)1 Annual Net Sales Rates ≤US$250m 10% >US$250m, ≤US$500m 12% >US$500m, ≤US$750m 14% >US$750m 15% Sales Milestones1 Net Sales in one calendar year US$m ≥US$250m 50 ≥US$500m 50 ≥US$750m 100 ≥US$1bn 150 U U U   North America U U  US$100m upfront in 2023 US$35m following 1st commercial sale in Europe US$15m following 1st commercial sale in Japan US$10m following 1st commercial sale of a 2nd indication Europe US$4m following 1st commercial sale of a 2nd indication Japan Sales milestones1 On achievement of escalating annual net sales thresholds: Europe: up to US$170m Japan: up to US$110m RoW : up to US$83m Tiered royalties1 Mid- teens to low - 20s % of net sales Outside North America U U   50 50   U   1 Royalty rates payable on the portion of annual net sales that fall within the applicable range. Each sales milestone payment is payable once only A redacted version of the licence agreement between Neuren and Acadia was filed with the US Securities and Exchange Commission as a material contract exhibit to Acadia’s 2023 10-K Annual Report, which is available to view via the SEC Filings section of Acadia’s website. Neuren Pharmaceuticals Limited Annual Report 2025 9 OPERATING REVIEW CONTINUED NNZ-2591 (ERCANETIDE) FOR MULTIPLE NEUROLOGICAL CONDITIONS * Rett and Fragile X syndromes are licensed to Acadia, with same economics to Neuren as trofinetide; Neuren retains worldwide rights to all other indications TO FIND OUT MORE: www.pmsf.org www.pitthopkins.org www.cureshank.org www.hopeforhie.org Neuren is developing NNZ-2591 for multiple serious neurological conditions. The estimated number of potential patients being targeted across these conditions is multiple times larger than Rett syndrome. In designing and executing the NNZ-2591 development program, Neuren has been able to leverage the extensive and highly relevant experience the Neuren team has gained from the trofinetide Rett syndrome program across manufacturing, non-clinical, clinical and regulatory. Neuren is prioritising three indications in which NNZ-2591 can potentially have the maximum commercial value and the largest impact for patients. hareholders is enabled by financial strength 5 Phelan-McDermid syndrome Pitt Hopkins syndrome Hypoxic Ischemic Encephalopathy (HIE) NNZ-2591 (ercanetide) indications prioritised for maximum commercial impact rowth E® AYBUE 3 Angelman syndrome, Prader-Willi Syndrome, SYNGAP1, Rett syndrome (Acadia)*, Fragile X syndrome (Acadia)* NNZ-2591 (ercanetide) indications prioritised for maximum commercial impact Neuren Pharmaceuticals Limited Annual Report 2025 10 OPERATING REVIEW CONTINUED NNZ - 2591 Placebo 160 80 80 Double - blind, 13 weeks NNZ - 2591 Open label, 12 months Randomised 1:1 giving estimated 95% primary endpoint Screening Up to 4 weeks power for each co- PHELAN-MCDERMID SYNDROME (PMS) Commencement of “Koala” - the first ever PMS Phase 3 program During 2025, Neuren agreed th