OPERATING REVIEW CONTINUED 222 63 159 12 -61 -48 -33 -18 296 Cash 31 Dec 2024 Royalty One-time sales milestone & PRV sale Interest Tax Other operating payments Net Capital Management FX Translation Cash 31 Dec 2025 A$m Organically generated cash flow continues to fund growth 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 income 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. Withholding tax paid in 2025 was A$7.2 million, compared with A$2.5 million 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. Neuren Pharmaceuticals Limited Annual Report 2025 19
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