I’m still optimistic about our position, even though the...

I’m still optimistic about our position, even though the market’s reaction to the capital raise has been disappointing. Over the next 12 months we have several clear catalysts that can reshape sentiment and, in turn, the share price:

• Phase III trial (Australia – ABSSSI) – first-patient dosing targeted for 1H 2025.
• Phase III trial (Indonesia – DFI) – site activation and enrolment expected mid-2025, with an interim read-out later in the year.
• Open-label Phase II extension (Australia – DFI) – up to 20 additional patients will provide another data update before year-end.
• Full Phase II ABSSSI results & publication – final dataset released in February 2025 is moving toward peer-review and conference presentation, which typically draws new attention.

With these milestones approaching, I remain confident in the long-term value of the product, even if the current share price feels frustrating in the short term.

This morning I emailed James directly seeking clarification around the Board’s participation in the entitlement offer—particularly given its strategic importance in supporting the Phase III program.

Below is the participation breakdown:

	Director	Shares Acquired	Value (AUD)
1	James Graham (CEO)	35,714	$10,000
2	Dr John Prendergast	51,136	$14,318
3	Dr Justin Ward	50,240	$14,067
4	Michele Dilizia	17,857	$5,000
5	Dr Alan Dunton	19,469	$5,451
6	Alistair McKeough	4,326	$1,211
7

Inlight of the company’s strategic goals and the remuneration levels of theexecutive team, this level of participation was unexpected. Combined with thefact that only 31.8% of the entitlement offer was taken up byshareholders, it has raised some concern regarding broader market sentimentheading into the pivotal Phase III trials.

I've asked James directly.

• Whether the company intends to place the remaining shortfall within the three-month window;
• And how the capital shortfall (if not filled) may impact the timing or scope of the Phase III trials?