Announcement PDF Paradigm Biopharmaceuticals Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous reporting period: Paradigm Biopharmaceuticals Limited 94 169 346 963 31 December 2024 31 December 2023 2. Results for announcement to the market $ Revenue from continuing activities (Loss) from continuing activities after tax 433,658 $ and % increase/(decrease) over previous corresponding period 221,681 104.58% (5,924,052) (44,095,472) 88.16% Net (loss) for the period attributable to members (5,921,642) (44,127,428) 88.17% Dividends (distributions) Amount per Franked amount per security security Final Dividend N/A N/A Interim Dividend N/A N/A attributable to members Record date for determining entitlements to the dividends (if any) N/A 2. Results for announcement to the market continued Brief explanation of any of the figures reported above necessary to enable the figures to be understood: Paradigm Biopharmaceuticals Ltd. is a late-stage clinical development company focusing on advancing its lead Phase 3 asset, iPPS, for the treatment of osteoarthritis. In the absence of partnering income or material revenue contributions, the company anticipates continued losses in the near term as it invests in clinical, regulatory, and commercial activities to support the development of iPPS, which has the potential to become a blockbuster treatment for osteoarthritis. Paradigm recorded a loss before tax of $5,924,052, a decrease on the prior corresponding period loss before tax of $50,019,524 (Restated). The decrease in loss before tax compared to the prior corresponding period of $50.01m, is mainly driven by research and development costs. This decrease reflects the conclusion of the PARA_OA_002 study, which was instrumental in determining the optimal 2mg/kg twice-weekly dose to progress into the pivotal Phase 3 PARA_OA_012 study. The majority of expenditure for the PARA_OA_002 study was concluded in the first half of the 2024 calendar year. Paradigm Biopharmaceuticals Limited Appendix 4D Half-year report 3. Net tangible assets Basic loss per ordinary security (cents per share) Diluted loss per ordinary security (cents per share) Net tangible asset backing per ordinary security (cents per share) Current Period Previous corresponding period (Restated) (1.67) cents (16.68) cents (1.67) cents (16.68) cents 7.99 cents 8.78 cents 4. Control gained over entities Not applicable. 5. Loss of control over entities Not applicable. 6. Audit qualification or review This report is based on accounts to which one of the following applies: (Tick one) The accounts have been reviewed  The accounts are in the process of being reviewed If the accounts are subject to audit dispute or qualification, a description of the dispute or qualification: N/A 7. Attachments The report of half year ended 31 December 2024 is attached. 8. Signed Signed _____________________________ Mr. Paul Rennie Managing Director 27th February 2025 EXPLORING THE POSSIBILITIES H A L F -Y E A R R E P O R T 31 DECEMBER 2024 Paradigm Biopharmaceuticals Ltd is a late-stage clinical development company. We are driven by a purpose to improve patients’ health and quality of life by discovering, developing, and delivering pharmaceutical therapies. Paradigm has a vision to be recognised as a global leader in the development and commercialisation of innovative pharmaceutical therapies. Paradigm’s values of innovation, transparency, adaptability, collaboration, respect, and accountability comprise the central pillars of the organisation and influence all activities and decisions. Contents 01 Highlights 04 Directors’ Report 07 Auditor’s Independence Declaration 09 10 11 Consolidated Interim Statement of Cash Flows 12 Consolidated Interim Statement of Changes in Equity Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 13 Notes to Financial Statements 18 Directors’ Declaration  onsolidated Interim Statement C Financial Position 19 Independent Audit Report 21 Corporate Directory Paradigm Biopharmaceuticals Limited ABN 94 169 346 963 HIGHLIGHTS 466 $16m AUD Subjects will be randomised 1:1 to iPPS or Placebo 50% Interim analysis when 50% of participants have reached Day 112 Capital raised in Q4 to fund ongoing phase 3 OA program activities Paradigm’s Road to Phase 3 with the US FDA: Advancing a New Approach to Osteoarthritis Treatment Paradigm Biopharmaceuticals is developing injectable pentosan polysulfate sodium (iPPS) as a potential treatment to reduce OA pain and improve function by exploiting its multiple effects on inflammation, cartilage integrity, and joint homeostasis. The company’s clinical program has been shaped by extensive research and ongoing regulatory engagement, culminating in clearance from the US Food and Drug Administration (FDA) to proceed with a pivotal phase 3 trial. This milestone represents a significant step forward in Paradigm’s efforts to develop a new treatment option for people living with OA. Osteoarthritis (OA) is one of the most prevalent chronic conditions and affects >500 million people worldwide. It is a leading cause of progressive disability, characterised by pain, reduced joint function, and structural degeneration. Treatment options remain largely focused on symptom relief, with non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroid injections, and joint replacement surgery forming the backbone of current management strategies. These interventions offer varying degrees of relief but do not alter the underlying disease progression, leaving a significant unmet need for new therapies. Assessing the Lowest Effective Dose (PARA_OA_002) Paradigm has built a substantial body of evidence supporting the 2 mg/kg iPPS twice-weekly for six weeks treatment regimen, with data from its PARA_ OA_008, PARA_005, and TGA Special Access Scheme (SAS) programs. As part of its regulatory interactions and clinical development strategy, the company designed an adaptive phase 2b/3 trial, PARA_OA_002, to assess whether a lower dose of iPPS could achieve a meaningful reduction in pain and improvement in function. The initial stage of PARA_OA_002 was designed to evaluate the lowest effective dose, determining whether doses lower than 2 mg/kg twice weekly for six weeks could still provide clinically meaningful benefits. This approach aligned with regulatory guidance, which encourages sponsors to explore the minimum effective dose when developing new treatments. The trial enrolled 600 participants across seven countries, making it Paradigm’s largest and most comprehensive study to date. Paradigm Biopharmaceuticals Limited An interim analysis was conducted when 300 patients reached 56 days of follow‑up, allowing for an early assessment of treatment performance across the different dosing arms. The findings indicated that the doses included in PARA_OA_002 Stage 1 did not demonstrate the same improvements in pain and function observed with the 2 mg/kg twice‑weekly for six weeks regimen in previous phase 2 studies. Clinically meaningful improvements for the 2 mg/kg dosing regimen were consistent for the phase 2 clinical trials PARA_OA_008 and PARA_005, and the TGA SAS scheme. With these findings, Paradigm confirmed that its ongoing clinical development program should focus on the 2 mg/kg twice-weekly for six weeks dosing regimen. Half-Year Report 31 December 2024 01 HIGHLIGHTS CONTINUED The coming months will be focused on activating sites in Australia, initiating enrollment activities and trial execution. As Paradigm moves forward, it remains committed to engaging with global regulatory agencies, clinicians, and industry partners to progress iPPS through the final stages of development. Regulatory Engagement and the Path to Phase 3 Clearance With a clear understanding of the dosing strategy, Paradigm advanced its discussions with the FDA to finalise the phase 3 study design. In January 2024, the company participated in a Type D meeting with the agency, outlining its plans for the phase 3 protocol and providing supporting data from clinical and nonclinical studies. A formal response package was submitted to the FDA in April 2024, addressing key regulatory considerations, including five nonclinical studies conducted to Good Laboratory Practice (GLP) standards. In addition, the package included clinical data from more than 600 participants in the PARA_OA_002 trial, as well as a justification for the 2 mg/kg twice-weekly regimen based on findings from previous trials. Paradigm also submitted a revised safety monitoring and mitigation plan and a draft phase 3 protocol for FDA review. Following this submission, Paradigm lodged the updated phase 3 protocol (PARA_OA_012) on 29 October 2024, triggering a 30-day FDA review period. This allowed the agency to assess the study design, endpoints, and dosing regimen. On 28 November 2024, the FDA completed its review with no further questions, granting Paradigm clearance to proceed with the phase 3 trial. This outcome was an important milestone, providing the company with a clear regulatory path for its final-stage clinical program. 02 Half-Year Report 31 December 2024 Advancing Towards the Phase 3 PARA_OA_012 Trial With FDA clearance secured, Paradigm has the green light to start the PARA_OA_012 phase 3 trial, designed to confirm the safety and efficacy of iPPS in people with OA. The study will enrol 466 participants who will be randomised between iPPS and placebo groups. The primary endpoint will assess pain reduction, with function assessed as a key secondary endpoint. Multiple secondary endpoints will be assessed throughout the phase 3 trial, including MRI/X-raybased structural assessments following the exciting data produced in the phase 2 PARA_OA_008 clinical trial. An interim analysis will be conducted once data has been collected from 50% of the participants who have reached the Day 112 timepoint. To support the trial’s execution, Paradigm has selected Advanced Clinical as its contract research organisation (CRO). Site start-up activities are expected to begin in Q1 2025, with up to 10 clinical sites in Australia preparing to dose the first participants in Q2 2025. The trial is then anticipated to expand to the United States, broadening global patient recruitment. The Road Ahead: Delivering a Potential New Treatment for OA Paradigm’s journey to phase 3 clearance has been guided by ongoing research, regulatory discussions, and refinement of its clinical strategy. The PARA_OA_002 study played an important role in assessing whether a lower dose of iPPS could be effective, and the results have shaped the next steps in the company’s clinical development program. With the phase 3 PARA_OA_012 trial now set to begin, Paradigm is positioned to generate definitive clinical evidence on iPPS’s role in OA management. If successful, this program could offer a new treatment option for OA patients who currently have limited alternatives beyond over-the-counter pain relief and surgery. The coming months will be focused on activating sites in Australia, initiating enrollment activities and trial execution. As Paradigm moves forward, it remains committed to engaging with global regulatory agencies, clinicians, and industry partners to progress iPPS through the final stages of development. For people living with OA, the potential introduction of iPPS represents an opportunity for a new approach to pain relief and improved function, supporting a better quality of life. With the phase 3 trial activities now underway, Paradigm continues to take meaningful steps towards making this treatment a reality. References: Data used is available in Paradigm’s public disclosures to the ASX. Paradigm Biopharmaceuticals Limited With the phase 3 PARA_OA_012 trial now set to begin, Paradigm is positioned to generate definitive clinical evidence on iPPS’s role in OA management. If successful, this program could offer a new treatment option for OA patients who currently have limited alternatives beyond over-the-counter pain relief and surgery. Paradigm Biopharmaceuticals Limited Half-Year Report 31 December 2024 03 DIRECTORS’ REPORT The Directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the ‘Consolidated Entity’) consisting of Paradigm Biopharmaceuticals Limited (Paradigm or the Company) and the entities it controlled at the end of, or during, the half-year ended 31 December 2024 Directors The following persons were Directors of the Company during the whole of the financial half-year and up to the date of this report, unless otherwise stated: Paul Rennie Amos Meltzer Matthew Fry Donna Skerrett (Resigned on 20 November 2024) Principal Activities The principal activities of the Consolidated Entity are researching and developing therapeutic products for human use. Results The Consolidated Entity made a loss for the six-month period ended 31 December 2024 of $5,924,052 (31 December 2023 (restated): Loss of $50,019,524). 04 Half-Year Report 31 December 2024 Review of Operations The Board of Paradigm Biopharmaceuticals are pleased to present this report for the half-year ended 31 December 2024. The past six months have been transformative for the Company as we advanced the development of our Phase 3 clinical program for knee osteoarthritis and strengthened our financial position to support our long-term strategic objectives. In the first half of fiscal year 2025, Paradigm focused its efforts on essential regulatory activities and submissions required for the progression of the phase 3 program. These included comprehensive regulatory engagements with the U.S. Food and Drug Administration (FDA) to secure approval of the pivotal phase 3 PARA_OA_012 protocol. Paradigm achieved a significant milestone with the successful completion of the FDA’s 30-day review period for the revised phase 3 protocol for the PARA_ OA_012 trial. The protocol, submitted on 29 October 2024, incorporated key enhancements based on FDA feedback and lessons from previous trials. These include the adoption of the 2mg/kg twice-weekly dosing regimen, which has consistently demonstrated positive outcomes, and a sample size of approximately 466 subjects randomised 1:1 with placebo to ensure statistical robustness. Secondary endpoints, such as structural improvements Paradigm Biopharmaceuticals Limited assessed via MRI and X-ray, have been elevated to strengthen the potential label claims. The FDA’s clearance of the protocol enables Paradigm to proceed with preparations for site activations and enrollment initiatives, which are on track to commence in Q1 CY2025. In parallel, Paradigm submitted the Australian centralised ethics application through the Human Research Ethics Committee (HREC) pathway in Q4 CY2024. This approval process is expected to conclude in the coming weeks, allowing the streamlined activation of up to 10 clinical sites and the commencement of clinical site activations. These developments mark critical steps forward in the execution of our Phase 3 clinical program. In December 2024, Paradigm successfully completed a $16 million capital raise through a placement to institutional and sophisticated investors. This placement involved the issuance of 40 million shares at $0.40 per share, representing a 2.9% premium to the 30-day volume-weighted average price. Following the placement, Paradigm provided detail on a loyalty option incentive program, offering one listed option for every four shares held. These options, exercisable at $0.65 with a 12-month expiry, could raise up to an additional $63 million, providing significant financial runway to support our clinical and commercial objectives. Subsequent to the half year close, the Company received a $6.3 million Paradigm continues to build on the robust data generated from the PARA_OA_008 Phase 2 trial. This study demonstrated durable and significant improvements in key clinical outcomes, including pain, function, and stiffness, at 12 months post-treatment with iPPS compared to placebo. Research and Development (R&D) Tax Incentive refund for the 2024 financial year. This refund further bolstered our cash position, which totalled $24.78 million as of 31 December 2024. These funds have been allocated strategically to support phase 3 trial preparations, including regulatory submissions, site activations, and manufacturing and inventory requirements. In terms of financial performance, Paradigm recorded a loss before tax of $5,924,052, a decrease on the prior corresponding period loss before tax of $50,019,524. As a late-stage clinical development company, Paradigm is focused on advancing its lead Phase 3 asset, iPPS, for the treatment of osteoarthritis. In the absence of partnering income or material revenue contributions, the company anticipates continued losses in the near term as it invests in clinical, regulatory, and commercial activities to support the development of iPPS, which has the potential to become a blockbuster treatment for osteoarthritis. The decrease in loss before tax compared to the prior corresponding period of $50.01m, is mainly driven by research and development costs. This decrease reflects the conclusion of the PARA_OA_002 study, which was instrumental in determining the optimal 2mg/kg twice-weekly dose to progress into the pivotal Phase 3 PARA_OA_012 study. The majority of expenditure for the PARA_OA_002 study was concluded in the first half of the 2024 calendar year. Operating expenses for the half year financial year 2025 totalled $2.19 million, with funds directed toward Phase 3 trial preparations, regulatory submissions, and associated operational costs. Paradigm forecasts a controlled cash outflow for the remainder of fiscal year 2025, focusing on site activations and participant recruitment for the phase 3 PARA_OA_002 clinical trial. Paradigm continues to build on the robust data generated from the PARA_OA_008 Phase 2 trial. This study demonstrated durable and significant improvements in key clinical outcomes, including pain, function, and stiffness, at 12 months post-treatment with iPPS compared to placebo. Quantitative MRI data further highlighted structural benefits, including increased cartilage thickness and reduced bone marrow lesions, reinforcing iPPS’s dual role in treating osteoarthritis symptoms and preserving joint health. These results have been written up as two manuscripts and submitted to leading journals for peer review. The first manuscript details the outcomes of the PARA_OA_008 Phase 2 trial and the second manuscript compares the PARA_OA_008 results to currently available and pipeline therapies for osteoarthritis. Peer-reviewed publications play a critical role in establishing scientific credibility, enhancing visibility within the medical community, and providing validation of the clinical data underpinning our programs. Paradigm Biopharmaceuticals Limited During the half-year, Dr Donna Skerrett, Paradigm’s Executive Director, transitioned from her Board role in November 2024 to focus entirely on her duties as Chief Medical Officer (CMO). This decision enables Dr Skerrett to dedicate her full attention to the successful execution of the pivotal Phase 3 clinical trial. Her deep expertise and leadership remain integral to Paradigm as we advance iPPS through this critical phase of development. During the half-year, the TGA provided a decision that iPPS would not be acceptable to continue through the provisional approval pathway however acknowledged the clinical benefits of PPS for moderate to severe knee osteoarthritis and cited that the proposed Phase 3 program execution and strong data produced would provide the necessary evidence to support full registration. This determination aligns with Paradigm’s broader regulatory strategy and positions the Company to advance iPPS toward commercialisation. Other income is higher for the 6 months to December 2024 mainly due to the $6,300,439 FY24 R&D tax incentive claim receivable in January 2025 being higher than estimated at 30 June 2024. Interest received has decreased due to lower cash levels available for investment. Administration costs decreased compared to the prior corresponding period due to the Company’s ongoing cost containment program. Half-Year Report 31 December 2024 05 DIRECTORS’ REPORT continued Looking ahead, Paradigm is preparing for several critical milestones in the second half of FY2025. These include the initiation of phase 3 recruitment initiatives in Q1 CY2025 following the finalisation of the recently announced selection of Advanced Clinical as Contract Research Organisation (CRO) to manage the global trial and the upcoming centralised ethics approval in Australia. The Company remains on track to initiate approximately 10 sites in Australia for the phase 3 trial with first participant expected to be dosed in Q2 CY2025. Additionally, the Company is actively pursuing strategic partnerships and non/less dilutive funding opportunities to extend its financial position to bring iPPS to commercialisation. The Paradigm Board would like to take this opportunity to thank our shareholders for their continued support as we progress through this pivotal phase in the development of iPPS. I also extend my gratitude to the Paradigm team for their unwavering dedication and commitment to our mission of delivering innovative therapies to patients suffering from osteoarthritis. We remain confident in the transformative potential of iPPS and look forward to updating you on our progress in the months ahead. Events Subsequent to Reporting Date Significant changes in the State of Affairs Mr. Paul Rennie Managing Director During the period Paradigm conducted a capital raise of $16m. In October Paradigm issued 40 million shares via a placement to institutional investors at an issue price of $0.40. 27 February 2025 The Company remains on track to initiate approximately 10 sites in Australia for the phase 3 trial with first participant expected to be dosed in Q2 CY2025. 06 Half-Year Report 31 December 2024 Paradigm Biopharmaceuticals Limited No matters or circumstance has arisen since 31 December 2024 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 periods. AUDITOR’S INDEPENDENCE DECLARATION AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Paradigm Biopharmaceuticals Limited for the half year ended 31 December 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA PARTNERS R J MORILLO MALDONADO Partner Dated: 27 February 2025 Melbourne, Victoria Paradigm Biopharmaceuticals Limited Half-Year Report 31 December 2024 07 CONSOLIDATED INTERIM FINANCIAL STATEMENTS Contents Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 09 Consolidated Interim Statement of Financial Position 10 Consolidated Interim Statement of Changes in Equity 11 Consolidated Interim Statement of Cash Flows 12 Notes to the Financial Statements 13 Directors’ Declaration 18 Independent Auditor’s Review Report 19 General Information The financial statements cover Paradigm Biopharmaceuticals Limited as a Consolidated Entity, consisting of Paradigm Biopharmaceuticals Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2024. The financial statements are presented in Australian dollars, which is Paradigm Biopharmaceuticals Limited’s functional and presentation currency. Paradigm Biopharmaceuticals Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 15, 500 Collins Street Melbourne VIC 3000 A description of the nature of the Consolidated Entity’s operations and its principal activities are included in the Directors’ report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of Directors, on 27th February 2025. 08 Half-Year Report 31 December 2024 Paradigm Biopharmaceuticals Limited CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the Half-Year Ended 31 December 2024 Revenue Notes (18,715) – 2 416,958 211,977 Cost of sales Other income 31 December 2023 (Restated) $ 31 December 2024 $ Other gains and (losses) 16,700 – 10,889 (78,356) Research and development expenses (3,987,852) (46,374,458) General and administration expenses (2,191,775) (3,519,024) Commercial expenses (166,018) (253,184) Finance costs (4,239) (6,479) (5,924,052) (50,019,524) – – (5,924,052) (50,019,524) Foreign currency translation 2,410 (29,546) Other comprehensive income/(loss) for the half-year, net of tax 2,410 (29,546) (5,921,642) (50,049,070) (1.67) cents (16.68) cents Loss before income tax expense/(benefit) Income tax expense/(benefit) Loss after income tax expense/(benefit) attributable to the members of the Consolidated Entity Other comprehensive income Items that may be reclassified subsequently to profit or loss Total comprehensive loss attributable to members of the Consolidated Entity Loss per share (cents) Basic and diluted loss per share 7 Refer to note 3 for detailed information on Restatement of comparatives. The above consolidated interim statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes. Paradigm Biopharmaceuticals Limited Half-Year Report 31 December 2024 09 CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION as at 31 December 2024 ASSETS Notes 31 December 2024 $ 30 June 2024 (Restated) $ 30 June 2023 (Restated) $ 24,778,341 17,820,827 56,333,085 6,374,203 6,065,980 7,868,438 1,138,494 1,303,662 599,078 – 46,200 46,200 32,291,038 25,236,669 64,846,801 2,947,588 2,947,588 2,947,588 Current assets Cash and cash equivalents Trade and other receivables 4 Prepaid expenses Financial assets held at amortised cost Total current assets Noncurrent assets Intangible assets Plant and equipment 27,791 31,462 42,601 Right-of-use assets 90,394 158,194 293,791 Total noncurrent assets 3,065,773 3,137,244 3,283,980 Total assets 35,356,811 28,373,913 68,130,781 Trade and other payables 580,837 2,821,157 12,161,182 Employee benefits 414,728 416,812 776,196 Lease liabilities 81,403 121,842 104,971 1,076,968 3,359,811 13,042,349 LIABILITIES Current liabilities Total current liabilities Noncurrent liabilities Employee benefits 124,665 107,042 112,830 Lease liabilities 100,000 117,488 236,694 Total noncurrent liabilities 224,665 224,530 349,524 Total liabilities 1,301,633 3,584,341 13,391,873 Net assets 34,055,178 24,789,572 54,738,908 EQUITY Issued capital 5 253,235,141 238,113,171 209,833,883 Share based payments reserve 6 5,161,265 7,549,821 7,786,686 Currency translation reserve (1,124,347) (1,126,757) (428,784) Accumulated losses (223,216,881) (219,746,663) (162,452,877) Total equity 34,055,178 24,789,572 54,738,908 Refer to note 3 for detailed information on Restatement of comparatives. The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes. 10 Half-Year Report 31 December 2024 Paradigm Biopharmaceuticals Limited CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY for the Half-Year Ended 31 December 2024 Balance at 30 June 2023 originally reported Issued Capital $ Currency Translation Reserve $ 7,786,686 (163,514,014) – 1,061,137 – 1,061,137 209,833,883 7,786,686 (162,452,877) (428,784) 54,738,908 Loss after Income tax expense/(benefit) for the half-year – – (50,019,524) – (50,019,524) Other comprehensive loss for the half-year, net of tax – – – (29,546) (29,546) Total comprehensive loss for the half-year – – (50,019,524) (29,546) (50,049,070) Balance at 1 July 2023 – restated (428,784) Total $ – Correction of Error 209,833,883 Share-based Payments Accumulated Losses Reserve $ $ 53,677,771 Transactions with owners in their capacity as owners: Share-based payments expense – 913,482 – – 913,482 ESP lapsed in the period – (801,552) 718,209 – (83,343) Shares issued under placement 21,002,894 – – – 21,002,894 Shares issued under retail offer 9,113,960 – – – 9,113,960 Payment of share issue costs (1,837,615) – – – (1,837,615) Balance at 31 December 2023 238,113,122 7,898,616 (211,754,192) (458,330) 33,799,216 Balance at 30 June 2024 originally reported 238,113,171 7,549,821 (220,730,138) (1,126,757) 23,806,097 – – 983,475 – 983,475 238,113,171 7,549,821 (219,746,663) (1,126,757) 24,789,572 Loss after Income tax expense/(benefit) for the half-year – – (5,924,052) – (5,924,052) Other comprehensive loss for the half-year, net of tax – – – 2,410 2,410 Total comprehensive loss for the half-year – – (5,924,052) 2,410 (5,921,642) – 65,280 – – 65,280 Correction of Error Balance at 1 July 2024 – restated Transactions with owners in their capacity as owners: Share-based payments expense ESP lapsed in the period – (1,641,178) 1,641,178 – – 16,000,000 – – – 16,000,000 Options exercised in the period 1,027 – – – 1,027 Payment of share issue costs (879,057) – – – (879,057) Options lapsed in the period – (637,841) 637,841 – – Performance ri