Announcement PDF APPENDIX 4E Preliminary Final Report to the Australian Stock Exchange Name of Entity Paradigm Biopharmaceuticals Limited ABN (ABN 94 169 346 963) Year Ended 30 June 2026 Previous Corresponding Reporting Period 01 July 2024 to 30 June 2025 1. Results for Announcement to the Market $ $ and % increase/(decrease) over previous corresponding period Revenue from continuing activities 8,127,811 1,022,411 14.39% (Loss) from continuing activities after tax attributable to members (56,331,246) 37,560,501 200.10% Net (loss) for the period attributable to members (56,331,246) 37,560,501 200.10% Dividends (distributions) Amount per security Franked amount per security Final Dividend N/A N/A Interim Dividend N/A N/A Record date for determining entitlements to the dividends (if any) N/A Brief explanation of any of the figures reported above necessary to enable the figures to be understood: N/A 2. Key ratios Current Period Previous corresponding period (Restated) Basic earnings per ordinary security (cents per share) (17.91) cents (5.97) cents Diluted earnings per ordinary security (cents per share) (17.91) cents (5.97) cents Net tangible asset backing per ordinary security (cents per share) 0.44 cents 5.33 cents 3. Control Gained Over Entities Having Material Effect Name of entity (or group of entities) N/A Date control gained N/A Profit / (loss) from ordinary activities after tax of the controlled entity since the date in the current period on which control was acquired. N/A Profit / (loss) from ordinary activities after tax of the controlled entity (or group of entities) for the whole of the previous corresponding period. N/A 4. Audit/Review Status This report is based on accounts to which one of the following applies: (Tick one) The accounts have been audited  The accounts are in the process of being audited If the accounts are subject to audit dispute or qualification, a description of the dispute or qualification: N/A 5. Attachments Forming Part of Appendix 4E The Annual Report of Paradigm Biopharmaceuticals Limited for the year endedSyntax Warning: Invalid Font Weight 30 June 2026 is attached. 6. Signed Signed in accordance with a resolution of the Directors. Signed ______________________________ Date: 28 August 2026 Paul Rennie Managing Director Building the future of osteoarthritis therapeutics Annual Report 2026 Highlights 01 Chairman and Managing Director’s Report 02 Chief Medical Officer’s Report 06 Developing Zilosul® in Modern Osteoarthritis Care 10 Directors’ Report 14 Remuneration Report 22 Auditor’s Independence Declaration 28 Consolidated Statement of Profit or Loss and Other Comprehensive Income 29 Consolidated Statement Financial Position 30 Consolidated Statement of Cash Flows 31 Consolidated Statement of Changes in Equity 32  Notes to the Consolidated Financial Statements 33 Consolidated Entity Disclosure Statement 60 Directors’ Declaration 61 Independent Auditor’s Report 62 Shareholder Information 66 Corporate Governance Statement 68 General Information 68 Corporate Directory 69 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 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 Paradigm Biopharmaceuticals Limited ABN 94 169 346 963 PARA_OA_012 PHASE 3 STUDY LOCATIONS HIGHLIGHTS Safety Profile Supported Independent DSMB reviews identified no material safety concerns; study continues as planned. 100% Recruitment Complete Phase 3 enrolment target exceeded, transitioning PARA_OA_012 to clinical evidence generation. Value Inflection Ahead Interim Analysis and subsequent primary endpoint top-line readout represent the next major clinical catalysts. Hong Kong 1 sites Moldova 3 sites United States of America 41Syntax Warning: Invalid Font Weight sites Australia 12 sites A$21.7m Capital raised during FY2026 57 Global clinical sites 538 Phase 3 participants enrolled Annual Report 2026 Paradigm Biopharmaceuticals Limited 1 $21.74M AUD Capital Raised Placement and Share Purchase Plan. Convertible Note Facility Funding certainty through key Phase 3 milestones. $27M USD CHAIRMAN AND MANAGING DIRECTOR’S REPORT Paul Rennie Chairman and Managing Director Dear Shareholders, FY2026 was a defining year in Paradigm’s evolution. Throughout the year, the Company successfully delivered the major operational objectives established at the beginning of the financial year, culminating in the completion of patient recruitment into our global Phase 3 PARA_OA_012 study for Zilosul® in osteoarthritis. While this achievement represents an important milestone in our clinical development, it also reflects the disciplined execution of a broader corporate strategy. Over the past twelve months, Paradigm has strengthened its financial position, expanded its development platform, advanced strategic collaborations and continued to engage with potential commercial partners, positioning the Company for its next phase of growth. With patient recruitment now complete, our focus transitions from operational execution to clinical evidence generation. The forthcoming Interim Analysis and subsequent primary endpoint top-line readout represent significant milestones not only for the Phase 3 development but also for Paradigm as we continue preparing for regulatory submissions and future commercialisation. Delivering Operational Excellence Successfully executing a global Phase 3 clinical trial requires considerably more than enrolling patients. It requires robust operational systems, experienced clinical leadership, disciplined project management and strong execution across multiple countries and clinical sites. During FY2026, Paradigm completed recruitment of 538 participants across approximately 60 clinical sites spanning the United States, Australia, Hong Kong and Moldova, exceeding the original enrolment target of 466 participants. This achievement reflects the commitment of our clinical operations team, investigators, study coordinators and, most importantly, the patients participating in the trial. Completion of recruitment marks an important transition for the Company. With the operationally intensive recruitment phase complete, the focus now moves to participant follow-up, database management, Interim Analysis preparation and generation of the clinical evidence package that will underpin future regulatory, commercial and partnering discussions. FY2026 was a defining year for Paradigm. The Company successfully delivered the major operational objectives established at the beginning of the financial year, including completion of recruitment into the global Phase 3 PARA_OA_012 study, strengthening our financial position, expanding our development pipeline and advancing strategic collaborations. These achievements position Paradigm to transition from operational execution to clinical evidence generation and future commercialisation. 2 Annual Report 2026 Paradigm Biopharmaceuticals Limited Equally encouraging has been the continued oversight provided by the independent Data Safety Monitoring Board. Safety reviews completed, have identified no material safety concerns, allowing the study to continue as planned while reinforcing confidence in the quality and integrity of the Phase 3 clinical trial. Financial Discipline and Capital Management Throughout FY2026, the Board remained focused on ensuring Paradigm had sufficient capital to execute the Phase 3 PARA_OA_012 trial through its key value inflection points while maintaining the flexibility to pursue strategic opportunities as they arose. We recognise that the capital raising undertaken during the year occurred during a period of sustained weakness in the Company’s share price. While this was disappointing for shareholders and the Board alike, securing the funding required to successfully execute our pivotal Phase 3 trial remained the Company’s highest priority. Our focus was to remove funding uncertainty, maintain Phase 3 momentum and preserve the integrity of the study through completion of recruitment and the upcoming clinical milestones. During the year, Paradigm completed an A$14.0 million institutional Placement, followed by a strongly supported Share Purchase Plan raising A$7.74 million, generating total gross proceeds of approximately A$21.74 million. We were particularly encouraged by the strong participation from existing shareholders in the Share Purchase Plan, reflecting continued support for the Company’s long-term strategy despite the challenging market environment. These initiatives complemented the Company’s staged US$27.0 million Convertible Note Facility with Obsidian Global Partners. The facility was deliberately structured to provide funding certainty while allowing capital to be drawn progressively as operational milestones were achieved, avoiding the need to raise all capital upfront. Importantly, the facility fulfilled the strategic objective for which it was established. Together with the Placement and Share Purchase Plan, it enabled Paradigm to complete 100% patient recruitment into the global PARA_OA_012 study, continue patient treatment and follow-up, prepare for the Interim Analysis and advance regulatory, manufacturing and commercial readiness activities. The Placement and Share Purchase Plan also included approximately 117 million listed attaching options (ASX: PAROB), exercisable at A$0.2375 per option. If fully exercised, these options have the potential to provide approximately A$28 million in additional capital. Each attaching option exercised before expiry also entitles the holder to receive a piggyback option exercisable at A$0.38, providing the Company with a further potential source of future funding while rewarding shareholder participation. Subsequent to year end, Paradigm completed the US$3.0 million Tranche 4 drawdown under the Obsidian facility and expects to receive an R&D Tax Incentive refund of approximately A$5.5 million during the September 2026 quarter. Following the Tranche 4 drawdown, approximately US$7.0 million remains available under the facility should the Company elect to access it. Collectively, these funding initiatives have achieved their intended purpose, providing the financial certainty required to execute one of the largest and most important clinical trials in Paradigm’s history. With recruitment complete, the Company’s attention now turns to generating the clinical evidence that we believe has the potential to create meaningful long-term shareholder value. Paradigm Biopharmaceuticals Limited 3 Annual Report 2026 CHAIRMAN AND MANAGING DIRECTOR’S REPORT continued Building Long-Term Value Beyond Phase 3 While successful execution of the Phase 3 program remained our highest priority throughout FY2026, we also continued to invest in opportunities that expand the long-term value of Paradigm’s pentosan polysulfate platform. Development activities progressed for Pentacoxib®, our proprietary combination of pentosan polysulfate sodium and a selective COX-2 inhibitor. Initially focused on veterinary applications, Pentacoxib® provides an opportunity to broaden the Company’s development portfolio while potentially establishing a future pathway into human therapeutics. Alongside pipeline expansion, Paradigm continued to invest in scientific research designed to further characterise the biological activity of pentosan polysulfate. During the year, the Company established a research collaboration with City St George’s, University of London, utilising an integrated translational research platform that combines advanced quantitative MRI with gene and protein profiling of human tissue collected during total knee replacement surgery. The collaboration is designed to provide deeper insights into the biological behaviour of bone marrow lesions and the potential effects of PPS across bone, cartilage and synovial tissue. By integrating advanced imaging with molecular profiling, the study has the potential to generate a more comprehensive understanding of how PPS interacts across the osteoarthritic joint. Subject to study outcomes, these findings may further strengthen the scientific differentiation of Zilosul® and contribute to future clinical development, regulatory engagement, reimbursement discussions and commercial partnering. This work complements Paradigm’s broader strategy of building a robust scientific evidence base around the PPS platform while identifying opportunities to maximise its long-term commercial value beyond the current Phase 3 clinical development program. Business Development and Commercial Engagement As the PARA_OA_012 clinical trial advanced, Paradigm continued to expand its business development activities in preparation for future commercialisation. During FY2026, members of the senior management team attended the BIO International Convention in San Diego, engaging with pharmaceutical and biotechnology companies regarding potential regional and global licensing opportunities for Zilosul®. Discussions centred on completion of patient enrolment, the upcoming Interim Analysis, Phase 3 timelines and the commercial potential of a differentiated non-opioid therapy for osteoarthritis. Completion of recruitment represents an important milestone in these discussions. As the trial transitions from operational execution to clinical evidence generation, Paradigm continues to engage with potential commercial partners while maintaining its focus on delivering the upcoming clinical milestones. Looking Ahead Paradigm enters FY2027 having successfully delivered the major operational objectives established for the previous year. Completion of patient recruitment, continued progression of our Phase 3 development, expansion of our development platform and ongoing commercial engagement have positioned the Company for the next phase of its evolution. We also recognise that, despite the significant operational progress achieved during FY2026, shareholder returns have not reflected the value we believe has been created within the business. The capital raising undertaken during the year was completed at a challenging point in the Company’s share price performance, and we understand the disappointment this has caused many shareholders, including the Board and management, who remain significant shareholders ourselves. Despite these market challenges, our focus has never wavered. Throughout the year we continued to deliver the milestones we committed to, completing recruitment into our pivotal Phase 3 clinical study, strengthening the Company’s funding position, advancing our pipeline, expanding commercial engagement and preparing for the next stage of clinical development. We firmly believe that consistent execution and disciplined delivery remain the most effective way to create sustainable long-term shareholder value. With recruitment now complete, the Company’s focus shifts to clinical evidence generation. The upcoming Interim Analysis and subsequent primary endpoint top-line readout represent significant milestones that have the potential to fundamentally change the value proposition of Paradigm. Together with our ongoing regulatory, partnering and commercial activities, these catalysts position Paradigm for what we believe will be one of the most important periods in the Company’s history. On behalf of the Board, I thank our shareholders for their continued support and patience, our employees for their dedication and professionalism, and our investigators, research partners and patients whose commitment has made this progress possible. We remain committed to delivering on our strategy and look forward to updating shareholders as we continue building value through disciplined execution and the delivery of the important clinical milestones that lie ahead. Paul Rennie Chairman and Managing Director Melbourne, Victoria 28 August 2026 4 Annual Report 2026 Paradigm Biopharmaceuticals Limited Funding Secured Raised A$21.74 million through the Placement and Share Purchase Plan, complemented by the staged US$27 million Obsidian facility. Phase 3 Execution CompletedSyntax Warning: Invalid Font Weight recruitment and transitioned the PARA_OA_012 trial from operational execution to clinical evidence generation. Independent Safety Oversight Independent DSMB safety reviews completed with no material safety concerns, supporting continuation of the study as planned. Pipeline Expansion Continued development of Pentacoxib® and expanded scientific collaborations beyond osteoarthritis. Commercial Engagement Advanced global partnering discussions at BIO International Convention with continued interest from potential regional and international partners. Research Collaboration Established collaboration with City St George’s, University of London, investigating additional therapeutic applications of pentosan polysulfate. Financial Year Highlights 100% Recruitment Completed Successfully enrolled 538 participants, exceeding the planned enrolment target of 466 across 57 global clinical sites. Annual Report 2026 5 Paradigm Biopharmaceuticals Limited 538 PARTICIPANTS ENROLLED Exceeded planned recruitment target. Across four countries. 57 GLOBAL CLINICAL SITES CHIEF MEDICAL OFFICER’S REPORT Dr Donna Skerrett Chief Medical Officer New York City, New York Dear Shareholders, Delivering a global Phase 3 clinical trial is among the most complex undertakings for any biotechnology company. It requires meticulous planning, experienced investigators, rigorous oversight and an unwavering commitment to patient safety and data quality. Throughout FY2026 our clinical focus remained clear, to execute the PARA_OA_012 trial to the highest possible standard while maintaining the scientific integrity required to support future regulatory submissions. That objective has guided every decision we have made. Executing a High-Quality Global Phase 3 Trial During FY2026, Paradigm achieved one of the most significant milestones in the Company’s history with the successful completion of patient recruitment into the Phase 3 PARA_OA_012 trial. A total of 538 participants were enrolled across approximately 60 clinical sites spanning the United States, Australia, Hong Kong and Moldova, exceeding the original recruitment target of 466 participants. While achieving recruitment targets is an important operational milestone, the quality of the participants enrolled, and the consistency of trial execution are equally critical to the success of a pivotal Phase 3 study. Considerable effort was invested in identifying investigators and clinical sites with extensive experience in osteoarthritis research, proven recruitment capability and a demonstrated commitment to protocol compliance and participant engagement. This deliberate site selection strategy, combined with ongoing training and close operational oversight, has helped establish a study conducted to the highest scientific and operational standards. Completion of recruitment represents the culmination of years of planning and collaboration. It also marks the beginning of the next important phase of the study, as participants continue through scheduled follow-up assessments that will generate the clinical evidence required to evaluate the efficacy and safety of Zilosul®. FY2026 represented a defining year for Paradigm’s clinical development activities. The successful completion of patient recruitment into the Phase 3 PARA_OA_012 trial reflects years of planning, regulatory preparation and operational execution. I am immensely proud of what our clinical team, investigators and partners have achieved as we transition from trial execution to clinical evidence generation. 6 Annual Report 2026 Paradigm Biopharmaceuticals Limited Recruitment Complete Transition to clinical evidence generation. 100% Collaboration and Clinical Execution Executing a study of this scale requires seamless collaboration between Paradigm and our external partners. Our Clinical Research Organisation, Advanced Clinical, has been fully integrated with Paradigm’s internal clinical operations team throughout the study. Their expertise in clinical trial management, combined with outstanding communication between investigators, study coordinators and Paradigm personnel, has been instrumental in achieving our recruitment objectives. I would also like to acknowledge Nordic Bioscience Clinical Development A/S (NBCD), whose world wide expertise in arthritis clinical research fills an important role in supporting the global expansion of trial activities to Hong Kong and Moldova while ensuring quality and consistency of data being generated throughout the trial. The commitment demonstrated by these organisations, together with our investigators and site coordinators, has enabled the study to be executed with exceptional professionalism across every participating region. Paradigm Biopharmaceuticals Limited 7 Annual Report 2026 CHIEF MEDICAL OFFICER’S REPORT continued Independent Safety Oversight Patient safety remains the highest priority throughout every stage of clinical development. The PARA_OA_012 trial continues to be independently monitored by an experienced Data Safety Monitoring Board (DSMB), which periodically reviews unblinded safety data to assess participant wellbeing and determine whether the study should continue as planned. During FY2026, the DSMB completed its scheduled safety reviews, including the planned 20% safety review, with no material safety concerns identified and recommended that the study continue. Subsequent to year end, the independent DSMB completed the planned 50% and 80% safety reviews, with both reviews resulting in a recommendation for the Phase 3 PARA_OA_012 study to continue unchanged, with no modifications to the clinical trial protocol. These independent reviews provide an important level of external governance, reinforcing confidence in both participant safety and the integrity of the trial as it progresses towards its major clinical milestones. A Team Effort Although clinical milestones are often measured through recruitment numbers and timelines, they ultimately represent the dedication and commitment of an extraordinary team of people. I would like to acknowledge Paradigm’s clinical operations team, whose tireless work over many months has enabled the successful delivery of one of the largest and most complex clinical studies ever undertaken by the Company. Their commitment has extended far beyond day-to-day study management, encompassing site selection, investigator engagement, participant support, regulatory coordination, operational oversight and continuous collaboration across multiple countries and time zones. I also extend my sincere appreciation to our investigators, study coordinators, Advanced Clinical, Nordic Bioscience, the independent DSMB and our many specialist service providers. Their professionalism and shared commitment to scientific excellence have been fundamental to the successful execution of this study. Most importantly, I would like to thank every participant and their families. Clinical research is only possible because of their willingness to contribute their time and place their trust in the research process. Their participation has brought us significantly closer to potentially delivering a new treatment option for the millions of people living with osteoarthritis worldwide. A Personal Reflection As many shareholders will know, I stepped away from the Board to dedicate my full attention to leading the clinical execution of our Phase 3 trial. Seeing this study successfully recruit 538 participants has been one of the proudest achievements of my career and reflects the extraordinary commitment of our clinical team, investigators and partners. As the trial now transitions from operational execution to clinical evidence generation and preparation for future regulatory submissions, including a potential New Drug Application (NDA), my role within Paradigm will naturally evolve. I remain fully committed to the Company and look forward to continuing to support activities that will be critical as we progress towards these important milestones. In the coming months, we expect to welcome a new Chief Medical Officer who will lead the next stage of clinical development, including the generation of the Phase 3 clinical evidence package for iPPS in osteoarthritis and the continued exploration of opportunities beyond OA. I look forward to ensuring a seamless transition and to support the continued success of the programme. Having worked with pentosan polysulfate for many years, I have never been more excited, enthusiastic or confident about its potential. The quality of the science, the strength of the clinical execution and the calibre of the team supporting this trial give me enormous confidence in what lies ahead. Looking Ahead Completion of recruitment marks an important transition for the clinical team. Our attention now turns to participant follow-up, maintaining the highest standards of data quality, database preparation and delivery of the planned Interim Analysis, followed by the primary endpoint top-line readout. These milestones represent the culmination of many years of scientific research, clinical development and operational execution. While there remains important work ahead, I am immensely proud of what our team has accomplishedSyntax Warning: Invalid Font Weight and confident in the quality of the trial we have conducted. Every decision throughout the study has been guided by scientific rigour, patient safety and our commitment to generating high-quality clinical evidence. On behalf of the clinical team, I thank everyone who has contributed to this remarkable achievement. We look forward to sharing further progress as the trial advances through its next important milestones. Dr Donna Skerrett Chief Medical Officer New York City, New York 28 August 2026 8 Annual Report 2026 Paradigm Biopharmaceuticals Limited Annual Report 2026 9 Paradigm Biopharmaceuticals Limited DEVELOPING ZILOSUL® IN MODERN OSTEOARTHRITIS CARE Our understanding of OA has evolved considerably over the past decade. Once viewed primarily as a disease of cartilage degeneration, it is now recognised as a complex disorder involving the entire joint, including cartilage, subchondral bone, synovium and inflammatory pathways. This shift has influenced both scientific research and clinical practice, with increasing emphasis on preserving joint function, maintaining mobility and improving quality of life, rather than simply managing pain.2 At the same time, patient expectations have changed. Today’s patients expect to remain active, independent and productive for longer, creating demand for therapies that deliver meaningful improvements in pain and physical function while supporting long-term disease management. This evolving treatment landscape has reinforced the need for differentiated non-opioid therapies capable of bridging the gap between conservative management and surgical intervention. The Current Treatment Paradigm International treatment guidelines recommend a stepwise approach to OA management, beginning with education, exercise and weight management before progressing to pharmacological therapies.3 While these interventions remain the foundation of care, many patients continue to experience persistent pain and declining physical function despite conservative treatment. Current pharmacological options, including oral NSAIDs, intra-articular corticosteroids and hyaluronic acid injections, can provide symptomatic relief but each has recognised limitations relating to safety, durability or variable clinical response.3,4 Consequently, many patients ultimately progress to joint replacement surgery, which remains highly effective for end-stage disease but is invasive, resource intensive and not appropriate for every patient. This highlights one of the most significant unmet needs in osteoarthritis management: the need for therapies capable of delivering durable improvements in pain and physical function before surgical intervention becomes necessary. It is within this treatment gap that Paradigm believes Zilosul® has the potential to play an important role. If the Phase 3 PARA_OA_012 programme is successful, Zilosul® has the potential to provide physicians with a differentiated, non-opioid treatment option positioned between conservative care and joint replacement surgery. Positioning Zilosul® Within Modern Clinical Practice Zilosul® is being developed for patients with symptomatic knee osteoarthritis who continue to experience clinically significant pain and functional limitation despite conservative management. Paradigm’s strategy is to position Zilosul® as a differentiated, non-opioid treatment option that, if supported by successful Phase 3 outcomes, complements existing treatment pathways by addressing the gap between conservative therapy and joint replacement surgery. While significant research continues to focus on disease-modifying osteoarthritis therapies, the immediate priorities for both physicians and patients remain consistent: reducing pain, improving physical function and maintaining independence. These outcomes underpin regulatory guidance, international treatment recommendations and routine clinical decision-making.3,4 Accordingly, Paradigm’s initial clinical and commercial objective is clear—to demonstrate clinically meaningful improvements in pain and physical function following a defined treatment course. Structural imaging and translational research are intended to complement this evidence by providing a