Appendix 4D and Half Year Report
Released
Released
Announcement PDF
Paradigm Biopharmaceuticals Limited
Appendix 4D
Half-year report
1. Company details
Name of entity: Paradigm Biopharmaceuticals Limited
ABN: 94 169 346 963
Reporting period: 31 December 2025
Previous reporting period: 31 December 2024
2. Results for announcement to the market
$ $ and %
increase/(decrease) over
previous corresponding
period
Revenue from continuing activities 284,055 (149,603) (34.5%)
(Loss) from continuing activities after tax
attributable to members
(23,244,389) 17,320,337 292.37%
Net (loss) for the period attributable to members (23,244,389) 17,320,337 292.37%
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
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
without commercial revenue, Paradigm expects to continue incurring operating losses as it advances
iPPS through pivotal clinical and regulatory milestones.
Paradigm recorded a loss before tax of A$23,244,389 for the half-year ended 31 December 2025, an
increase of A$17,320,337 on the prior corresponding period loss before tax of A$5,924,052, reflecting
continued investment in late-stage clinical development activities. Expenditure during the period was
primarily directed toward Phase 3 trial execution, including clinical research organisation services,
site activation costs, patient recruitment initiatives, manufacturing and regulatory operations. As a
late-stage clinical development company without commercial revenue, Paradigm expects to continue
incurring operating losses as it advances iPPS through pivotal clinical and regulatory milestones.
Paradigm Biopharmaceuticals Limited
Appendix 4D
Half-year report
3. Net tangible assets
Current Period Previous corresponding
period (Restated)
Basic loss per ordinary security (cents
per share)
(5.62) cents (1.67) cents
Diluted loss per ordinary security
(cents per share)
(5.62) cents (1.67) cents
Net tangible asset backing per ordinary
security (cents per share)
1.19 cents 7.99 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 2025 is attached.
8. Signed
Signed _____________________________
Mr. Paul Rennie
Managing Director
26th February 2026
ADVANCING
TOWARD A
MAJOR VALUE
AND DE-RISKING
MILESTONE
Half-Year Report
31 December 2025
1 4
Highlights Directors’ Report
Auditor’s Independence Declaration 7
Consolidated Interim Financial Statements 8
Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 9
Consolidated Interim Statement Financial Position 10
Consolidated Interim Statement of Changes in Equity 11
Consolidated Interim Statement of Cash Flows 12
Notes to Financial Statements 13
Directors’ Declaration 18
Independent Audit Report 19
Corporate Directory 21
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.
Paradigm Biopharmaceuticals Limited ABN 94 169 346 963
500M+
People affected by
osteoarthritis worldwide
PPS x Cox-2 Inhibitor
Oral combination therapy IP
acquired for treatment of OA
in Animals and Humans
HIGHLIGHTS
Biotech Sector
Biotech entering renewed growth phase
(UBS, Jan 2026)
Sector Recovery
Scientific Validation
PARA_OA_008 Phase 2 Biomarker
Data Published
Canine Naturally Occurring OA
Study Published
New Peer-Review
iPPS Publications
Commercial &
Regulatory Readiness
Injectable and oral PPS platforms
Global IP Position
Markets rewarding meaningful
clinical catalysts
Data-Driven Re-Rating
Additional manuscripts in preparation
Ongoing Publications
FDA-cleared and Fast Tracked
Phase 3 protocol
Regulatory Alignment
Multiple Regions
Australia, United States,
Hong Kong, Moldova
Late-Stage Asset
Pivotal Phase 3 program
underway
Mid-2026 Target
Planned interim
analysis timing
US$27m Facility
Convertible note facility
in place
1
Half-Year Report 31 December 2025
Paradigm Biopharmaceuticals Limited
HIGHLIGHTS CONTINUED
During the half-year ended 31 December 2025, Paradigm
Biopharmaceuticals Ltd continued to advance its lead osteoarthritis
program toward a critical development milestone, being the planned
interim analysis of its global Phase 3 PARA_OA_012 clinical trial
targeted for mid-calendar year 2026.
The Company’s strategic focus remains
the successful delivery of this interim
analysis, a key inflection point in the
development pathway of injectable
pentosan polysulfate sodium (iPPS).
The interim analysis is designed to
provide an early, statistically robust
assessment of safety and efficacy
outcomes once approximately 50% of
participants have reached the Day 112
assessment point1
.
Successful completion of this milestone
has the potential to materially reduce
development risk and strengthen the
foundation for subsequent regulatory,
commercial and partnering activities.
Operating in a Strengthening
Sector Environment
Paradigm’s progression toward interim
analysis is occurring against a backdrop
of improving global biotechnology
market conditions.
Independent sector research published
by UBS Securities LLC in January 2026
highlighted a renewed period of investor
engagement, improved access to capital,
increasing merger and acquisition
activity, and a market environment that
is again rewarding companies delivering
meaningful clinical data2
.
The UBS Securities report noted that,
following several years of sector
underperformance, late-stage
biotechnology assets with clearly defined
clinical catalysts and adequate funding
are increasingly attracting institutional
interest and strategic attention.
In this context, Paradigm’s focus on
disciplined clinical execution, robust data
generation and progression toward a
defined value inflection point positions
the Company favourably within the
current sector cycle.
Osteoarthritis: A Large
and Unmet Global Market
Osteoarthritis remains one of the most
prevalent chronic diseases worldwide,
affecting more than 500 million people
and representing a major cause of pain,
disability and reduced quality of life3
.
Current treatment options are largely
focused on symptom management,
including analgesics, non-steroidal
anti-inflammatory drugs, corticosteroid
injections and, in advanced cases, joint
replacement surgery. These approaches
do not address underlying disease
processes and are often associated
with limited long-term effectiveness
or safety concerns4
.
As a result, there remains a significant
unmet need for therapies that can
provide sustained pain relief, improve
function and potentially influence
disease progression.
The global scale of the osteoarthritis
market, combined with limited
disease-modifying options, continues
to underpin long-term commercial
interest in differentiated late-stage
development programs.
Interim Analysis as
a De-Risking and
Commercial Catalyst
The planned interim analysis of
PARA_OA_012 represents more than
a procedural checkpoint within the
Phase 3 program. It is intended to
serve as a major de-risking event and
a transition point from development
execution toward broader regulatory
and commercial engagement.
In the current market environment,
late-stage interim data is increasingly
viewed by pharmaceutical companies,
regional partners and institutional investors
as a meaningful indicator of development
risk and commercial potential2
.
A favourable interim outcome
would provide:
• Independent confirmation of treatment
performance at Phase 3 scale
• Increased confidence in trial design
and endpoint selection
• Greater regulatory visibility
• Enhanced credibility in commercial
and partnering discussions
• Increased confidence that the primary
endpoint of the Pivotal Phase 3
clinical trial can be attained.
Consistent with industry practice,
positive interim Phase 3 data is
increasingly considered sufficient to
support advanced licensing, distribution
and co-development negotiations,
ahead of final study readout2
.
Industry Precedent:
Transition Following
Interim Data
Recent Australian biotechnology
experience demonstrates the
importance of interim data as
a strategic inflection point.
Dimerix Limited (ASX:DXB) provides a
relevant comparator, having progressed
its late-stage renal disease program
through interim Phase 3 assessment
and subsequently increased its focus
on regulatory engagement, international
partnering and commercial positioning5
.
Following positive interim outcomes,
Dimerix accelerated discussions with
potential partners and positioned its lead
asset as registration-ready, despite final
trial readout remaining pending5
.
This precedent illustrates how interim
Phase 3 data can enable companies to
transition from primarily development-
focused organisations into commercially
oriented late-stage biopharmaceutical
companies.
2 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited
Paradigm’s strategy reflects similar
principles, with a focus on building
the operational, scientific and financial
foundations required to capitalise on
a favourable interim outcome.
Funding Through
Interim Analysis
Paradigm has prioritised maintaining
a funding position that supports
uninterrupted progression toward the
interim analysis milestone.
During the period, the Company
strengthened its balance sheet through
the utilisation of its US$27 million
convertible note facility, whilst
maintaining optionality on future funding
requirements and continued access to
non-dilutive funding sources, including
the R&D Tax Incentive6
.
This funding position is intended to
provide flexibility and reduce financing
risk as the Company advances through
this critical stage of development.
Independent sector research, including
the UBS report, has highlighted the
importance of adequate funding in
removing valuation overhangs and
supporting investor confidence in
late-stage development companies2
.
Positioning for Regulatory
and Commercial Engagement
In parallel with clinical execution,
Paradigm continues to strengthen the
scientific and regulatory foundations
of its development programs through
peer-reviewed publications, biomarker
validation and advanced imaging analysis7
.
These activities support constructive
engagement with regulatory authorities
and enhance the quality of data
packages available for ongoing
commercial discussions.
Subject to interim analysis outcomes,
the Company expects to continue
advancing:
• Regulatory engagement strategies,
• Manufacturing and supply planning,
• Market access preparation,
• Regional and global partnering
discussions.
These activities are intended to support
long-term commercialisation objectives
and maximise shareholder value.
Outlook
Paradigm’s near-term focus remains
on delivering a high-quality interim
data package based on rigorous trial
execution, consistent methodology
and strong operational oversight.
The Company is funded to progress
through this milestone and continues
to operate in an environment that is
increasingly supportive of late-stage,
catalyst-driven biotechnology
companies2
.
Subject to favourable interim outcomes,
the Company expects this milestone
to represent a significant step toward
further de-risking, enhanced commercial
engagement and progression toward
potential registration.
As Paradigm advances toward this
critical phase, it remains focused
on disciplined execution, regulatory
alignment and long-term value creation
in the global osteoarthritis market.
References
1 Paradigm Biopharmaceuticals Ltd
ASX Announcements and Clinical Trial
Protocol, PARA_OA_012 Phase 3 Study
Design and Interim Analysis Plan.
2 UBS Securities LLC, 2026 SMID
Biotech Playbook, January 2026.
3 Hunter DJ, Bierma-Zeinstra S.
Osteoarthritis. Lancet. 2019;393:
1745–1759.
4 Bannuru RR et al. OARSI Guidelines
for the Non-Surgical Management of
Knee Osteoarthritis. Osteoarthritis
and Cartilage. 2019.
5 Dimerix Limited ASX Announcements
and Investor Presentations, 2023–2025.
6 Paradigm Biopharmaceuticals Ltd
ASX Announcements, Convertible
Note Facility and R&D Tax Incentive
Disclosures.
7 Paradigm Biopharmaceuticals Ltd
ASX Announcement, “PARA_OA_008
Biomarker Manuscript Publication”, 2026
50%
Completion Trigger
Interim analysis at Day 112
for 50% of participants
3
Half-Year Report 31 December 2025
Paradigm Biopharmaceuticals Limited
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
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 2025 of $23,244,389
(31 December 2024: Loss of
$5,924,052).
Review of Operations
During the half-year ended
31 December 2025, Paradigm
Biopharmaceuticals Ltd progressed from
clinical trial start-up activities into active
execution of its pivotal Phase 3 clinical
program for knee osteoarthritis, while
continuing to expand its osteoarthritis
pipeline and maintain a funding position
that provides flexibility to support
ongoing clinical execution.
The Company’s primary operational
focus during the period was the global
Phase 3 PARA_OA_012 clinical trial
evaluating injectable pentosan
polysulfate sodium (iPPS) for the
treatment of pain associated with
knee osteoarthritis. Following regulatory
clearances achieved in the prior
financial year, Paradigm concentrated
on site initiation, investigator training,
MRI quality certification and the
establishment of centralised trial
infrastructure across Australia and the
United States. By the commencement
of the reporting period, 11 Australian
clinical sites had been selected and
were progressing through activation
processes, with 48 sites in the United
States in advanced stages of preparation
under a centralised ethics framework.
During the half-year, site activation
and screening activities increased across
core geographies. The Company placed
emphasis on protocol consistency,
investigator engagement and data
quality to support reliable and
reproducible clinical outcomes
as recruitment activity scaled.
Recruitment and screening volumes
increased progressively through the
period, with improving conversion of
screened participants into enrolled
and dosed patients as sites reached
full operational readiness. Recruitment
remains aligned with the Company’s
previously communicated schedule
of 50% of participants reach Day 112
in mid-calendar year 2026. An interim
analysis can then be generated.
To enhance operational capacity
and recruitment efficiency, Paradigm
engaged Nordic Bioscience
Clinical Development (NBCD) as
a complementary clinical research
organisation, working alongside
Advanced Clinical and the Company’s
internal clinical team. NBCD provides
specialist expertise in osteoarthritis trials
and access to established investigator
networks. As part of this expanded
clinical framework, Paradigm progressed
preparations for additional international
clinical sites in Hong Kong and Moldova.
These locations were selected based
on investigator experience, established
clinical infrastructure and their ability to
contribute to recruitment efficiency and
geographic diversity, while maintaining
high standards of clinical and imaging
data quality. The inclusion of these
sites is expected to support enrolment
momentum as the Phase 3
program advances.
Paradigm also continued to strengthen
the scientific foundation supporting
its clinical programs. Subsequent to
the end of the reporting period, the
Company announced the publication
of a peer-reviewed manuscript reporting
synovial fluid biomarker outcomes from
the PARA_OA_008 Phase 2 study.
The manuscript underwent a rigorous
peer-review process and provides
independent validation of the biological
activity of iPPS within the osteoarthritic
joint. In addition, MRI outcomes from
the PARA_OA_008 study demonstrated
clinically meaningful structural findings.
A separate manuscript focused on these
imaging-based results is currently in
preparation and, once complete, will be
submitted to an appropriate scientific
journal for peer review.
In parallel, Paradigm previously
completed a translational canine
osteoarthritis study conducted in
collaboration with the University of
Melbourne. The study evaluated clinical,
functional, structural and biomarker
outcomes following treatment with
pentosan polysulfate sodium in
companion dogs with naturally-occurring
osteoarthritis. During the reporting period,
a manuscript reporting the results of this
completed study was prepared and
advanced toward publication, reflecting
the Company’s ongoing scientific
publication strategy and supporting the
translational relevance of PPS across
both human and veterinary osteoarthritis
settings. The manuscript was published
in February 2026.
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 2025.
4 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited
466
Patients
Phase 3 Program Scale
Global Phase 3 PARA_OA_012 trial
Pivotal Study
Designed to support
regulatory submission
5
Half-Year Report 31 December 2025
Paradigm Biopharmaceuticals Limited
During the half-year, Paradigm expanded
its osteoarthritis pipeline through the
acquisition of Proteobioactives Pty Ltd,
securing global intellectual property
rights to an oral pentosan polysulfate
and COX-2 inhibitor combination therapy
(Pentacoxib™). This acquisition
broadens the Company’s osteoarthritis
development strategy beyond injectable
PPS and provides optionality to address
earlier-stage disease with a wider patient
cohort and veterinary indications.
Consistent with the Company’s capital
allocation strategy, initial development
activities for this program are expected
to focus on the veterinary market.
Paradigm recorded a loss before tax
of A$23,244,389 for the half-year ended
31 December 2025, an increase of
A$17,320,337 on the prior corresponding
period loss before tax of A$5,924,052,
reflecting continued investment and
an increase in late-stage clinical
development activities. Expenditure
during the period was primarily directed
toward Phase 3 trial execution, including
clinical research organisation services,
site activation costs, patient recruitment
initiatives, manufacturing and regulatory
operations. As a late-stage clinical
development company without
commercial revenue, Paradigm expects
to continue incurring operating losses
as it advances iPPS through pivotal
clinical and regulatory milestones.
To support these activities, Paradigm
maintained a funding position that
provides flexibility to support ongoing
clinical execution. During the half-year
ended 31 December 2025, the Company
drew down US$12 million under its
US$27 million convertible note facility
with Obsidian Global Partners, with
US$15 million (A$22.4 million) remaining
undrawn at period end. Subsequent to
the reporting period, Paradigm initiated
a further US$5m drawdown through the
Company’s convertible note facility with
Obsidian Global Partners.
Other income is lower for the 6 months
to December 2025 mainly due to the
reinstated R&D tax incentive income for
the half year ended 31 December 2024.
Finance costs are increased compared
to the prior corresponding period due to
the amortisation of the financial liability,
arising from the Convertible Notes
funding facility.
Paradigm is focused on maintaining
recruitment momentum across its global
Phase 3 program, activating remaining
international sites, and progressing
toward planned enrolment milestones
ahead of the interim analysis targeted for
mid-calendar year 2026. The Company’s
strategic plans include advancing its
scientific publication strategy and
progressing veterinary development
activities associated with a broader
osteoarthritis portfolio.
The Board thanks shareholders for
their continued support as Paradigm
advances through this critical phase
of development.
Significant changes
in the state of affairs
Draw down of US$12 million under the
Company’s US$27 million convertible
note facility with Obsidian Global
Partners and a subsequent further
US$5m drawn post period end on
February 2026, there has been no matter
or significant changes in the state of
affairs of the Consolidated Entity.
Events subsequent
to reporting date
No matters or circumstance has arisen
since 31 December 2025 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
A copy of the auditor’s independence
declaration as required under section
307C of the Corporations Act 2001
is set out on the following page.
This report is made in accordance with
a resolution of directors, pursuant to
section 306(3) (a) of the Corporations
Act 2001.
On behalf of the directors
Mr Paul Rennie
Managing Director
26th February 2026
Peer-Reviewed
Publication
Phase 2 biomarker
outcomes (PARA_OA_008)
6 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 27, 120 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
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 2025, 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
A L WHITTINGHAM
Partner
Dated: 26 February 2026
Melbourne, Victoria
AUDITOR’S INDEPENDENCE DECLARATION
7
Half-Year Report 31 December 2025
Paradigm Biopharmaceuticals Limited
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Contents
Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income 9
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 2025.
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 26th February 2026.
8 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the Half-Year Ended 31 December 2025
Notes
31 December
2025
$
31 December
2024
$
Revenue 25,150 16,700
Cost of sales (4,501) (18,715)
Other income 2 258,905 416,958
Other currency exchange gains and (losses) 26,345 10,889
(Losses)/gains on disposal of assets (10,764) –
Research and development expenses (19,022,099) (3,987,852)
General and administration expenses (2,827,213) (2,191,775)
Commercial expenses – (166,018)
Finance costs (1,312,567) (4,239)
Financial Derivative Fair Value movements (377,645) –
Loss before income tax expense/(benefit) (23,244,389) (5,924,052)
Income tax expense/(benefit) – –
Loss after income tax expense/(benefit) attributable to the members
of the Consolidated Entity (23,244,389) (5,924,052)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation (25,278) 2,410
Other comprehensive (loss)/income for the half-year, net of tax (25,278) 2,410
Total comprehensive loss attributable to members of the Consolidated Entity (23,269,667) (5,921,642)
Loss per share (cents)
Basic and diluted loss per share 8 (5.62) cents (1.67) cents
The above consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the
accompanying notes.
9
Half-Year Report 31 December 2025
Paradigm Biopharmaceuticals Limited
Notes
31 December
2025
$
30 June 2025
$
ASSETS
Current assets
Cash and cash equivalents 14,663,339 16,818,129
Trade and other receivables 3 6,311,152 6,373,827
Prepaid expenses 622,154 935,013
Financial assets held at amortised cost 71,832 –
Total current assets 21,668,477 24,126,969
Non-current assets
Intangible assets 905,854 414,735
Plant and equipment 7,497 24,179
Right-of-use assets 570,949 5,649
Total non-current assets 1,484,300 444,563
Total assets 23,152,777 24,571,532
LIABILITIES
Current liabilities
Trade and other payables 4,436,993 2,734,861
Employee benefits 580,473 493,049
Lease liabilities 137,948 5,484
Financial Derivative Liability 4 2,644,000 –
Financial Liability 5 8,803,707 –
Total current liabilities 16,603,121 3,233,394
Non-current liabilities
Employee benefits 115,154 154,101
Lease liabilities 436,809 –
Total non-current liabilities 551,963 154,101
Total liabilities 17,155,084 3,387,495
Net assets 5,997,693 21,184,037
EQUITY
Issued capital 6 260,874,596 253,232,077
Share based payments reserve 7 4,973,179 5,082,258
Currency translation reserve (1,206,599) (1,181,321)
Accumulated losses (258,643,483) (235,948,977)
Total equity 5,997,693 21,184,037
The above consolidated interim statement of financial position should be read in conjunction with the accompanying notes.
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
10 Half-Year Report 31 December 2025 Paradigm Biopharmaceuticals Limited
Issued
Capital
$
Share–based
Payments
Reserve
$
Accumulated
Losses
$
Currency
Translation
Reserve
$
Total
$
Balance at 1 July 2024 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)
Transactions with owners in their capacity
as owners:
Share-based payments expense – 65,280 – – 65,280
ESP lapsed in the period – (1,641,178) 1,641,178 – –
Shares issued under placement 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 rights lapsed in the period – (174,817) 174,817 – –
Rounding – – (2) – (2)
Balance at 31 December 2024 253,235,141 5,161,265 (223,216,881) (1,124,347) 34,055,178
Balance at 1 July 2025 253,232,077 5,082,258 (235,948,977) (1,181,321) 21,184,037
Loss after Income tax expense/(benefit)
for the half-year – – (23,244,389) – (23,244,389)
Other comprehensive loss for the half-year,
net of tax – – – (25,278) (25,278)
Total comprehensive loss for the half-year – – (23,244,389) (25,278) (23,269,667)
Transactions with owners in their capacity
as owners:
Share-based payments expense – 208,294 – – 208,294
Shares issued under Convertible
Notes conversions 7,632,512 – – – 7,632,512
Options exercised in the period 1,110 – – – 1,110
Unlisted options issued for services – 232,510 – – 232,510
Payment of share issue costs (71,663) – – – (71,663)
Repayment of limited recourse loan for ESP 80,560 – – – 80,560
Transfer from share-based payments reserve
on repayment of ESP – (549,883) 549,883 – –
Balance at 31 December 2025 260,874,596 4,973,179 (258,643,483) (1,206,599) 5,997,693
The above consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.
CONSOLIDATED INT
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