Announcement PDF Appendix 4E Annual financial report for the year ended 30 June 2025 1. Details of reporting period Name of entity ABN Reporting Period Previous Corresponding Period Presentation Currency 2. Cynata Therapeutics Limited (the Company) 98 104 037 372 Year ended 30 June 2025 Year ended 30 June 2024 Australian Dollars ($) Results for announcement to the market 30 June 2025 $ 30 June 2023 $ Increase/ (decrease) % Amount change $ Revenues from ordinary activities 2,112,839 2,733,353 (22.70%) (620,514) Loss from ordinary activities after tax attributable to members 9,390,586 9,744,709 (3.63%) (354,123) Net loss for the period attributable to members 9,390,586 9,744,709 (3.63%) (354,123) 0.018 0.030 - - Key information Net tangible asset per share 3. Consolidated statement of profit or loss and other comprehensive income Refer to attached consolidated financial statements. 4. Consolidated statement of financial position Refer to attached consolidated financial statements. 5. Consolidated statement of cash flows Refer to attached consolidated financial statements. 6. Consolidated statement of changes in equity Refer to attached consolidated financial statements. 7. Dividends/Distributions No dividends declared in current or prior year. 8. Details of dividend reinvestment plans Not applicable. Cynata Therapeutics Limited Office: L3 100 Cubitt St, Cremorne, VIC 3121, Australia T: +61 3 7067 6940 W: www.cynata.com ABN 98 104 037 372 9. Details of entities over which control has been gained or lost during the period Not applicable. 10. Details of associate and joint venture entities Not applicable. 11. Any other significant information needed by an investor to make an informed assessment of the Company’s financial performance and financial position Refer to attached consolidated financial statements. 12. Foreign entities Refer to attached consolidated financial statements. 13. Commentary on results for period and explanatory information Cynata Therapeutics Limited (“Cynata” or the “Company”) and its controlled entities (“the Group”) incurred a net loss from operations for the financial year ended 30 June 2025 of $9,390,586 (2024: $9,774,709) after accounting for an R&D refund of $1,885,140 (2024: $2,315,643). At 30 June 2025, the Group had a cash balance of $5,049,744 (2024: $6,205,418) and net assets of $5,981,735 (2024: $7,217,235). The net cash outflow from operating activities for the financial year was $8,720,335 (2024: $9,960,561). Cynata is in a phase of significant momentum, with one clinical trial completed during the 2025 financial year and three more progressing towards results in the 2026 financial year. The Phase 1 clinical trial in DFU is complete with CYP-006TK demonstrated to be safe and well tolerated, and positive efficacy data indicating substantially improved wound healing compared to the standard of care control group. The Phase 2 trial in aGvHD is ~85% enrolled with patient recruitment progressing and primary results anticipated during H1 2026. The fully enrolled, 321-patient Phase 3 trial in Osteoarthritis is nearing completion with top-line results anticipated between February and April 2026. Cohort 1 of the Phase 1/2 kidney transplant trial has completed treatment, with DMSB review results expected in Q4 2025. The Company remains well-capitalised with funding runway through mid-2026, covering all key clinical readouts. For more information, refer to the attached consolidated financial statements. 14. Audit This report is based on accounts which have been audited. The Auditor’s Report contains an unqualified audit opinion with an ‘Emphasis of Matter’ paragraph drawing attention to a material uncertainty that may cast a significant doubt about the Group’s ability to continue as a going concern. The attached consolidated financial statements have been prepared on a going concern basis. Please refer to note 3. Dr Kilian Kelly Managing Director & Chief Executive Officer 28 August 2025 Annual Report 2024/2025 Corporate Directory Cynata Therapeutics Limited ACN 104 037 372 Board of Directors Auditors Dr Geoff Brooke Non-Executive Chair Stantons Level 2, 40 Kings Park Road West Perth, Western Australia 6005 Dr Kilian Kelly Managing Director & Chief Executive Officer Dr Darryl Maher Non-Executive Director Dr Paul Wotton Non-Executive Director Share Registry Automic Registry Services Level 5, 191 St Georges Terrace Perth, Western Australia 6000 Ms Janine Rolfe Non-Executive Director 1300 288 664 (within Australia) +61 2 9698 5414 (outside Australia) Fax: +61 8 9321 2337 Email: hello@automic.com.au Web: www.automic.com.au Company Secretary Stock Exchange Mr Peter Webse Tel: Registered Office and Principal Place of Business Australian Securities Exchange Level 50, South Tower, Rialto 525 Collins Street Melbourne, Victoria 3000 Level 3, 100 Cubitt Street Cremorne, Victoria 3121 ASX Code Tel: +61 3 7067 6940 Email: info@cynata.com CYP – fully paid ordinary shares Website Annual report for the financial year ended www.cynata.com 30 June 2025 Contents Key Highlights 2024-2025 3 Chair’s Letter 4 CEO’s Letter 6 Directors’ Report 8 Operating and Financial Review 18 Remuneration Report (audited) 24 Auditor’s Independence Declaration 38 Independent Auditor’s Report 39 Directors’ Declaration 43 Financial Statements 46 Notes 52 Consolidated Entity Disclosure Statement 80 ASX Additional Information 82  1 2 Cynata Therapeutics Annual Report 2024/2025 Key Highlights 2024-2025 Cynata is in a phase of significant momentum, with one clinical trial completed during the 2025 financial year, and three more progressing towards results in the 2026 financial year The Phase 1 clinical trial in DFU is complete, with CYP-006TK demonstrated to be safe and well tolerated, and positive efficacy data indicating substantially improved wound healing compared to the standard of care control group The Phase 2 trial in aGvHD is ~85% enrolled, with patient recruitment progressing and primary results anticipated during H1 2026 The fully enrolled, 321-patient Phase 3 trial in Osteoarthritis is nearing completion in the coming months, with top-line results anticipated between February and April 2026 Cohort 1 of the Phase 1/2 kidney transplant trial has completed treatment, with review results expected in Q4 2025 Positive efficacy results in preclinical models of pulmonary fibrosis and ischaemic heart disease, supporting potential expansion into large additional markets TM Scientific paper underlining strengths of Cymerus™ platform relative to conventional manufacturing methods published in leading peer-reviewed journal Upcoming clinical milestones have the potential to represent inflection points for valuation, partnering, and product approval pathways The Company remains wellcapitalised with funding runway through mid-2026, covering all key clinical readouts Key Highlights 2024-2025 3 Chair’s Letter Dear Shareholders, Cynata is entering what I believe will be the most pivotal year in our history. Within the next 12 months, we expect results from three clinical trials — each with the potential to transform treatment in large, high-need markets and significantly enhance the Company’s value. The market for scalable regenerative medicine solutions is growing rapidly, supported by powerful tailwinds Our strategy is to develop multiple advanced cell-based therapies for serious diseases with limited or no effective treatment options. These are produced using our globally unique and highly scalable Cymerus manufacturing platform, which creates mesenchymal stem cells (MSCs) from induced pluripotent stem cells (iPSCs). This approach overcomes the manufacturing and consistency challenges that have constrained the industry for decades. The market for scalable regenerative medicine solutions is growing rapidly, supported by powerful tailwinds: the global maturation of MSC clinical trials, increasing regulatory support through Fast Track and Orphan Drug pathways, and rising demand 4 Cynata Therapeutics Annual Report 2024/2025 driven by ageing populations and the burden of chronic disease. Cynata is exceptionally well placed to lead in this environment. Over the 2025 financial year, the team made strong progress across our pipeline. We reported encouraging results from our Phase 1 diabetic foot ulcer trial and advanced three further clinical programs towards readouts in the coming year. For a company of our size, to be on the verge of delivering results from three separate trials — in acute graft versus host disease, osteoarthritis, and kidney transplantation — is a remarkable achievement. We also advanced our preclinical programs, opening the door to future opportunities in additional major indications. We believe the true value of our platform and programs will be increasingly recognised as these milestones are achieved. Each program holds promise not only for patients living with these challenging conditions but also for the long-term growth and success of the Company. On behalf of the Board, I thank our shareholders for their continued support and the entire Cynata team for their commitment to delivering on our vision. The year ahead will be a defining one — and together, we are poised to translate years of innovation into breakthrough results for patients and enduring value for our investors. Yours sincerely, Dr Geoff Brooke Chair Chair’s Letter 5 CEO’s Letter Dear Shareholders, The 2025 financial year was defined by disciplined execution and The year ahead will see three major trial results — kidney transplantation in Q4 2025, aGvHD in H1 2026, and osteoarthritis in early 2026 — each representing a significant opportunity to drive value creation. significant progress across our portfolio, positioning Cynata for a pivotal year ahead. We advanced every one of our active clinical programs, strengthened our preclinical pipeline, and ensured the financial capacity to deliver on our next set of major milestones. We successfully completed our Phase 1 clinical trial of CYP-006TK in diabetic foot ulcers. The trial met its primary safety objective and generated strong efficacy data, with substantially greater wound healing than the standard of care, particularly in larger wounds where treatment options are limited. These results have initiated engagement with potential commercial partners and informed our planning for the next stage of development. Our global Phase 2 trial of CYP-001 in newly diagnosed, high-risk acute graft versus host disease is now approximately 85% enrolled. This program builds on a highly successful Phase 1 trial published in Nature Medicine and is on track to deliver its primary results in the first half 6 Cynata Therapeutics Annual Report 2024/2025 of calendar 2026. Meanwhile, the University of Sydney-led Phase 3 trial of CYP-004 in osteoarthritis of the knee completed enrolment of 321 patients. Follow-up is progressing as planned, with final results expected between February and April 2026. In Europe, the first cohort in our Phase 1/2 kidney transplantation trial at Leiden University Medical Center has completed treatment, with an independent safety review scheduled for the fourth quarter of 2025. This study aims to demonstrate the potential of CYP-001 to reduce the need for long-term immunosuppressive therapy following transplant. We also advanced our preclinical programs, generating positive efficacy results in models of pulmonary fibrosis and heart attack, and publishing peer-reviewed data confirming that our Cymerus iPSC-derived MSCs are less variable and have functional advantages over MSCs from other sources. These outcomes further strengthen our scientific and manufacturing position. Financially, we remain well-capitalised, having secured a $1.88 million R&D Tax Incentive rebate and completed an $8.10 million institutional placement during the year. With a cash balance of $5 million at year-end and the 2025 rebate expected shortly, we have a funding runway through to mid-2026 — comfortably covering all upcoming clinical readouts. Furthermore, the At-The-Market subscription agreement announced subsequent to the year end provides the Company with up to $7.5 million of standby equity capital over the next five years, which provides us with additional flexibility. Importantly, two of our late-stage trials are externally funded, allowing us to concentrate our resources on programs with the greatest strategic value. The year ahead will see three major trial results — kidney transplantation in Q4 2025, aGvHD in H1 2026, and osteoarthritis in early 2026 — each representing a significant opportunity to drive value creation. Our operational focus remains squarely on delivering these milestones on schedule and positioning Cynata to capitalise on positive outcomes. Thank you for your continued support as we work to translate our innovations into tangible benefits for patients and lasting value for our shareholders. Yours sincerely, Dr Kilian Kelly Chief Executive Officer & Managing Director CEO’s Letter 7 Directors’ Report The directors of Cynata Therapeutics Limited (“Cynata” or “the Company”) and its controlled entities (“the Group”) submit herewith the annual report of the Group for the financial year ended 30 June 2025. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: 8 Cynata Therapeutics Annual Report 2024/2025 Board of Directors The names and particulars of the directors of the Group during or since the end of the financial year are: Dr Geoff Brooke MBBS, MBA Independent Chair, joined the Board in May 2019 as Non-Executive Director and appointed Chair on 18 August 2020. Dr Brooke co-founded GBS Venture Partners in 1996 and has more than 30 years’ venture capital experience. He was formerly President of Medvest Inc., a US-based early-stage venture capital group he founded with Johnson & Johnson. Dr Brooke’s experience includes company formation and acquisitions as well as public listings on NYSE, NASDAQ and ASX exchanges. He is a non-executive director of Acrux Limited (ASX: ACR) and Chair of Actinogen Medical Limited (ASX: ACW) and has been a founder, executive and director of private and public companies. From 2009 until 2015, Dr Brooke was an independent director of the Victoria Workcover Authority. He also works with a number of other entities, including as a consultant to BioScience Managers. Dr Brooke holds a Bachelor of Medicine/ Surgery from Melbourne University and a Masters of Business Administration from IMEDE (now IMD) in Switzerland. Dr Kilian Kelly MPharm, PhD, GAICD Managing Director & Chief Executive Officer as from 1 July 2023. Dr Kelly was appointed as Vice President, Product Development in January 2014 and has since then been a member of Cynata’s executive management team. Dr Kelly has served as Senior Director, Drug Development at Biota Pharmaceuticals Inc. Prior to joining Biota, he was Vice President, Regulatory and Clinical at Mesoblast Ltd. Dr Kelly has also held a variety of regulatory and project management positions with Kendle International, Amgen and AstraZeneca. He holds a Masters in Pharmacy from Robert Gordon University, Aberdeen and a PhD in Pharmaceutical Sciences from Strathclyde University, Glasgow. He is a registered pharmacist and a member of the Royal Pharmaceutical Society, a graduate and member of the Australian Institute of Company Directors (AICD), a member of the International Society for Cell and Gene Therapy (ISCT) and the International Society for Stem Cell Research (ISSCR). He also currently serves on the ISCT Asia-Pacific Industry Committee, the ISSCR Best Practices Regulatory Working Group and the Industry Interface Committee of the Centre for Commercialisation of Regenerative Medicine (CCRM) Australia. Directors’ Report 9 Directors’ Report (cont’d) Dr Darryl Maher MBBS, PhD Independent Non-Executive Director, joined the Board in June 2020. Dr Maher adds global biopharmaceutical and commercialisation capability to the Cynata board, with over 23 years’ experience with CSL Limited. CSL is one of the world’s most successful developers of biologic pharmaceutical products and has a market capitalisation of ~A$130 billion. Dr Maher has had a long successful career in pharmaceutical product development, most recently as the former Vice President of R&D and Medical Affairs at CSL Behring Australia where he was responsible for the development of multiple successful drug products from initiation through to clinical development and ultimately to commercialisation. Dr Maher undertook medical training, qualified as a specialist haematologist and completed a PhD before commencing his career in the pharmaceutical industry. Dr Paul Wotton MBA, PhD Independent Non-Executive Director, joined the Board in June 2016. He is the Executive Chairman of the Biotech LaunchPad at Rice University, Houston. He was President and CEO of Obsidian Therapeutics, Founding CEO of Sigilon Therapeutics (acquired by Lilly) and President and CEO of Ocata Therapeutics, Inc. (NASDAQ: OCAT) which was acquired by Astellas in 2016. Prior to Ocata, Dr Wotton had served as President and CEO of Antares Pharma Inc. (NASDAQ: ATRS). Prior to joining Antares, Dr Wotton was the CEO of Topigen Pharmaceuticals. 10 Cynata Therapeutics Annual Report 2024/2025 Earlier in his career, he held senior level executive positions at SkyePharma plc, Eurand International BV, Penwest Pharmaceuticals, Abbott Laboratories and Merck, Sharp and Dohme. Dr Wotton is a member of the board of Vericel Corporation (NASDAQ: VCEL), Chairman of Dimension Inx., and Chairman of Kytopen Inc. Dr Wotton received his Ph.D. in pharmaceutical sciences from the University of Nottingham. In 2014, he was named EY Entrepreneur of the Year (NJ) in Life Sciences. Ms Janine Rolfe BEc, LLB (Hons), GAICD Independent Non-Executive Director, joined the Board in September 2022. Ms Rolfe brings more than two decades of legal, governance and management experience across multiple sectors, including highly regulated industries and complex global businesses. Ms Rolfe is a professional non-executive director and currently sits on the boards of Ambertech Limited (ASX: AMO) and Cloudwerx Holdings Pty Ltd. Ms Rolfe is also a commissioner for the NSW Independent Casino Commission, a statutory authority. Previously, Ms Rolfe was General Counsel & Company Secretary of Link Group. Prior to that, Ms Rolfe founded the governance consultancy, Company Matters, and worked both as in-house counsel at Qantas and in private practice at Mallesons Stephen Jaques (now King & Wood Mallesons). Directors’ Report 11 Directors’ Report (cont’d) Directorships of other listed companies Directorships of other listed companies held by directors in the 3 years immediately before the end of the financial year are as follows: Name Company Period of directorship Geoff Brooke Acrux Limited Since Jun 2016 Actinogen Medical Limited Since Mar 2017 Paul Wotton Vericel Corporation Since 2015 Janine Rolfe Ambertech Limited Since Sept 2023 Directors’ shareholdings The following table sets out each director’s relevant interest in shares, rights or options in shares or debentures of the Company or a related body corporate as at the date of this report: Fully paid ordinary shares Share options Directors No. No. Geoff Brooke 312,898 2,500,000 Kilian Kelly 797,428 2,750,000 Darryl Maher 116,666 520,000 Paul Wotton 585,076 520,000 Janine Rolfe 255,167 520,000 Remuneration of key management personnel Options granted to directors and senior management Information about the remuneration of key management personnel (“KMP”) is set out in the remuneration report section of this directors’ report. The term ‘key management personnel’ refers to those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. No options were granted to directors and key management personnel during and since the end of the financial year (2024: 4,210,000). 12 Cynata Therapeutics Annual Report 2024/2025 Company Secretary Dividends Mr Peter Webse held the position of company secretary of Cynata Therapeutics Limited at the end of the financial year. He joined Cynata in April 2012. Mr Webse is a director of Governance Corporate Pty Ltd, a company specialising in providing company secretarial, corporate governance and corporate advisory services. Mr Webse acts as Company Secretary for a number of ASX listed biotech and technology companies. No dividends have been paid or declared since the start of the financial year and the directors have not recommended the payment of a dividend in respect of the financial year. Shares under option or issued on exercise of options Details of unissued shares or interests under option as at the date of this report are: Grant date Number of shares under option Class of shares Exercise price of option Expiry date of options Cynata Therapeutics Limited1 24 Nov 2020 4,500,000 Ordinary $0.970 29 Nov 2025 2 Cynata Therapeutics Limited 11 Oct 2021 1,000,000 Ordinary $0.890 11 Oct 2025 3 Cynata Therapeutics Limited 22 Nov 2022 300,000 Ordinary $0.510 23 Nov 2027 4 Cynata Therapeutics Limited 30 Jun 2023 2,033,333 Ordinary $0.176 30 Jun 2028 5 Cynata Therapeutics Limited 13 Nov 2023 1,910,000 Ordinary $0.185 20 Nov 2028 6 Cynata Therapeutics Limited 16 Jan 2024 975,000 Ordinary $0.195 16 Jan 2029 Cynata Therapeutics Limited 17 Apr 2024 1,800,000 Ordinary $0.290 17 Apr 2029 Cynata Therapeutics Limited 13 Sept 2024 1,000,000 Ordinary $0.280 12 Sept 2028 9 Cynata Therapeutics Limited 1 Oct 2024 1,000,000 Ordinary $0.300 2 Apr 2026 9 Cynata Therapeutics Limited 1 Oct 2024 1,000,000 Ordinary $0.400 2 Apr 2026 Cynata Therapeutics Limited 1 Oct 2024 1,000,000 Ordinary $0.500 2 Apr 2026 Cynata Therapeutics Limited 10 Jun 2025 500,000 Ordinary $0.400 10 Sept 2026 Cynata Therapeutics Limited 10 Jun 2025 750,000 Ordinary $0.500 10 Sept 2026 Cynata Therapeutics Limited 10 Jun 2025 1,750,000 Ordinary $0.600 10 Sept 2026 Issuing entity 7 8 9 10 10 10 1 Unlisted options issued to Dr Brooke (2,000,000), 2 Dr Macdonald (1,500,000), Dr Washer (300,000), Dr Wotton (300,000), Dr Maher (300,000) and Mr Webse (100,000) on 30 November 2020 pursuant to an Employee Option Acquisition Plan. Dr Macdonald retired from the Board on 30 June 2023 and Dr Washer ceased to be a director on 1 July 2023. Unlisted options issued to Dr Airey on 11 October 2021 pursuant to an Employee Option Acquisition Plan. 3 Unlisted options issued to Ms Rolfe on 23 November 2022 in consideration of her agreeing to join the Board and to reward her expected future commitment and contribution as a director. Directors’ Report 13 Directors’ Report (cont’d) 4 Unlisted options issued to Dr Kelly (2,000,000) pursuant to the 8 terms of his appointment on 1 July 2023 as Managing Director Cynata Equity Incentive Plan in lieu of payment of fees. & CEO following the retirement of Dr Ross Macdonald. Dr 9 Kelly was previously the Chief Operating Officer of Cynata. options were issued for $0.00001 per option and Cynata 266,667 options were cancelled on his resignation. received $30 cash for these options. Unlisted options issued to Dr Brooke (500,000), Dr Kelly 10 (750,000), Dr Maher (220,000), Ms Rolfe (220,000) and Dr options were issued for $0.00001 per option and Cynata interests and to maximise Company value. received $30 cash for these options. Unlisted options issued to Dr Airey (500,000), Mr Webse (125,000) and other employees of the Company (350,000) The holders of these options do not have the right, by virtue of the option, to participate in any share issue or interest issue of the Company or of any other body corporate or registered scheme. pursuant to an Employee Option Acquisition Plan. 7 Unlisted options issued to the lead broker of the Institutional Placement pursuant to a Corporate Advisory Mandate. These Wotton (220,000) to ensure alignment with shareholders’ 6 Unlisted options issued to the lead broker of the Institutional Placement pursuant to a Corporate Advisory Mandate. These Dr Atkins resigned on 13 November 2023 and as a result, 5 Unlisted options issued to an external consultant under Unlisted options issued to Dr Kroll pursuant to an Employee Option Acquisition Plan. Details of shares or interests issued during or since the end of the financial year as a result of the exercise of an option are set out in the table below (2024: 3,150): Issuing entity Number of shares issued Class of shares Amount paid for shares Amount unpaid on shares Cynata Therapeutics Limited 72,917 Ordinary $0.300 $nil Directors’ meetings The following table sets out the number of directors’ meetings held during the financial year and the number of meetings attended by each director. During the financial year, 7 board meetings were held. Board of Directors Directors Held Attended Geoff Brooke 7 7 Kilian Kelly 7 7 Paul Wotton 7 7 Darryl Maher 7 7 Janine Rolfe 7 7 14 Cynata Therapeutics Annual Report 2024/2025 Indemnification of officers and auditors The Company indemnifies each of its Directors, Officers and Company Secretary. The Company indemnifies each Director or officer to the maximum extent permitted by the Corporations Act 2001 from liability to third parties, except where the liability arises out of conduct involving lack of good faith and in defending legal and administrative proceedings and applications for such proceedings. The Company must use its best endeavours to insure a Director or Officer against any liability, which does not arise out of conduct constituting a wilful breach of duty or a contravention of the Corporations Act 2001. The Company must also use its best endeavours to insure a Director of Officer against liability for costs and expenses incurred in defending proceedings whether civil or criminal. The Company has not entered into any agreement with its current auditors indemnifying them against any claims by third parties arising from their provision of audit services. Insurance premiums During the year, the Company paid insurance premiums to insure directors and officers against certain liabilities arising out of their conduct while acting as an officer of the Group. Under the terms and conditions of the insurance contract, the nature of the liabilities insured against and the premium paid cannot be disclosed. Proceedings on behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. Changes in state of affairs There was no significant change in the state of affairs of the Group during the financial year. Subsequent events On 22 August 2025, the Company entered into an At-the-Market Subscription Agreement (“ATM”) with Acuity Capital. The ATM provides Cynata with up to $7,500,000 of standby equity capital over the coming five years, to 31 July 2030. Cynata has full discretion as to whether or not to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any). Cynata may terminate the ATM at any time, without cost or penalty. As security, the Company has issued 11,500,000 fully paid ordinary shares in the Company at nil cash consideration. Other than the above, there has not been any matter or circumstance occurring subsequent to the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or state of affairs of the Group in future financial years. Corporate governance Cynata Therapeutics Limited and the board support and adhere to the principles of corporate governance and are committed to achieving and demonstrating the highest standards of corporate governance. Cynata has reviewed its corporate governance practices against the Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance Council. The 2025 Corporate Governance Statement is dated 28 August 2025 and reflects the corporate governance practices in place throughout the 2025 financial year. The 2025 Corporate Governance Statement was approved by the board on 28 August 2025. A description of the Group’s current corporate governance practices is set out in the Group’s Corporate Governance Statement which can be viewed at www.cynata.com/corporategovernance. Directors’ Report 15 Directors’ Report (cont’d) Environmental regulations The Group’s operations are not subject to significant environmental regulation under the Australian Commonwealth or State law. Non-audit services The auditor did not perform any non-audit services during the financial year. Auditor’s independence declaration The auditor’s independence declaration for the financial year ended 30 June 2025 has been received and is included on page 40 of this annual report. 16 Cynata Therapeutics Annual Report 2024/2025 17 Operating and Financial Review Principal activities The Group’s principal activities throughout the financial year continued to be the development and commercialisation of a proprietary induced pluripotent stem cell (iPSC)-based platform technology, Cymerus. Operating results The consolidated loss of the Group for the financial year, after accounting for an R&D refund of $1,885,140 (2024: $2,315,643) and providing for income tax, amounted to $9,390,586 (