Announcement PDF Appendix 4D Half year report Appendix 4D Page 1 ASX Appendix 4D Half-Year Financial Report to 31 December 2025 1. Details of reporting period Name of Entity Cynata Therapeutics Limited (the Company) ABN 98 104 037 372 Reporting Period 31 December 2025 Previous Corresponding Period 31 December 2024 Presentation Currency Australian Dollar ($) 2. Results for announcement to the market 31 Dec 2025 ($) 31 Dec 2024 ($) Movement (%) Movement ($) Up/Down Revenue and other income 1,772,274 1,970,125 10.04% (197,851) Down Loss from ordinary activities after tax attributable to members 2,662,437 3,649,792 27.05% (987,355) Down Comprehensive loss for the period attributable to members 2,662,437 3,649,792 27.05% (987,355) Down Brief explanation of any of the figures reported above necessary to enable figures to be understood: For further information, refer to the review of operations contained in the directors’ report, which forms part of the attached consolidated financial report. 3. Net tangible asset backing 31 December 2025 31 December 2024 Net tangible asset backing per ordinary security 0.70 cents 4.21 cents 4. Details of entities over which control has been gained or lost during the period N/A 5. Details of Dividends No dividend has been paid or recommended to be paid for the half-year ended 31 December 2025. Appendix 4D Half year report Appendix 4D Page 2 6. Details of dividend reinvestment plans N/A 7 Details of associate and joint venture entities N/A 8. Foreign entities N/A 9. Audit This report is based on accounts that have been subject to an audit review. The Independent Auditor’s Report contains a paragraph drawing attention to a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern. The attached consolidated financial report has been prepared on a going concern basis. There are no items of dispute with the auditor. Authorised for release by the board Dr Kilian Kelly Managing Director & Chief Executive Officer 26 February 2026 Cynata Therapeutics Limited Cynata Therapeutics Limited ABN 98 104 037 372 Half year report for the half-year ended 31 December 2025 Cynata Therapeutics Limited Corporate directory Board of Directors Dr Geoff Brooke Non-Executive Chair Dr Kilian Kelly Managing Director & Chief Executive Officer Dr Paul Wotton Non-Executive Director Dr Darryl Maher Non-Executive Director Ms Janine Rolfe Non-Executive Director Company Secretary Mr Peter Webse Registered and Principal Office Level 3, 100 Cubitt Street Cremorne, Victoria 3121 Tel: +61 3 7067 6940 Email: info@cynata.com Website www.cynata.com Auditors Stantons Level 2, 40 Kings Park Road West Perth, Western Australia 6005 Share Registry Automic Registry Services Level 5, 191 St Georges Terrace Perth, Western Australia 6000 Tel: 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 Stock Exchange Australian Securities Exchange Level 4, North Tower, Rialto 525 Collins Street Melbourne, Victoria 3000 ASX Code CYP – fully paid ordinary shares Cynata Therapeutics Limited Half year report for the half-year ended 31 December 2025 Contents Directors’ report…………………………………………………………………………………………..……………….. 1 Auditor’s independence declaration…………………………………………………………..…………………. 5 Independent auditor’s review report…………………………………….………………………………………. 6 Directors’ declaration……………………………………………………………………………………………………. 8 Consolidated statement of profit or loss and other comprehensive income………………..… 9 Consolidated statement of financial position…………………………………………………………………. 10 Consolidated statement of changes in equity……………….……………….………………………………. 11 Consolidated statement of cash flows………………………………………………………………………..…. 12 Condensed notes to the consolidated financial statements…….………….…………………………. 13 Cynata Therapeutics Limited 1 Directors’ report The directors of Cynata Therapeutics Limited (“Cynata” or “the Company”) submit herewith the interim financial report of Cynata Therapeutics Limited and its controlled entities (“the Group”) for the half-year ended 31 December 2025. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Directors The names of directors of the Company during or since the end of the half-year are: Dr Geoff Brooke Dr Kilian Kelly Dr Paul Wotton Dr Darryl Maher Ms Janine Rolfe Review of operations The loss of the Group for the half-year ended 31 December 2025, after accounting for an R&D refund of $1,711,618 and after providing for income tax, amounted to $2,662,437 compared to a loss of $3,649,792 for the half-year ended 31 December 2024. As at 31 December 2025, cash and cash equivalents were $2,588,297 (30 June 2025: $5,049,744). Key highlights • Phase 3 osteoarthritis trial: final patient visits completed in one of the largest MSC trials globally, with results expected in Q2 CY 2026. • Phase 2 aGvHD trial: patient enrolment completed, with results expected in June 2026. • Phase 1/2 kidney transplantation trial: first cohort completed following a positive independent DSMB review, now progressing with second cohort. • Cash runway anticipated to extend into mid-calendar year 2026: cash balance of ~$2.6m at end of the half-year, with a further ~$1.2m raised subsequently via the ATM facility. • Engagement with regulators, potential partners and other global stakeholders continues. • Intellectual property portfolio further strengthened, with several patent allowances and grants across the US and Europe. Research and Development Pipeline Phase 2 Acute Graft Versus Host Disease Trial In December 2025, patient enrolment was completed in the Company’s Phase 2 clinical trial of CYP-001 in adults with newly diagnosed, high risk aGvHD. A total of 65 participants were enrolled in the trial across numerous clinical centres in Australia, the USA, and Europe. Each participant was randomised to receive either steroids plus CYP-001, or steroids plus placebo. The trial involves a 100-day primary evaluation period, which is expected to conclude in March 2026, with results anticipated around June 2026. The primary endpoint is Overall Response Rate at Day 28. aGvHD is a serious and often life-threatening complication of bone marrow transplantation and similar procedures, where the donor’s immune cells (the graft) attack the recipient’s tissues (the host). aGvHD affects up to 50% of patients who receive transplants from other donors. Standard first-line treatment with steroids fails in around half of all aGvHD cases, which are known as “steroid-resistant” or SR-aGvHD cases. Historical two-year survival rates in patients with SR-aGvHD are less than 20%.1 1 Westin JR et al. Adv Hematol. 2011;2011:601953 Cynata Therapeutics Limited 2 Cynata’s Cymerus™ iPSC2 -derived MSC3 product, CYP-001, is designed to modulate the immune system and improve both response rates and survival outcomes in aGvHD. In a successful Phase 1 trial in patients with SR-aGvHD, 87% of patients showed an Overall Response, 53% showed a Complete Response, and 60% survived for at least two years. Importantly, there were no serious adverse events or safety concerns related to CYP-001 treatment. This ground-breaking trial led to two publications in the prestigious journal Nature Medicine.4,5 The US FDA has granted Orphan Drug Designation6 to CYP-001 for the treatment of aGvHD. Phase 3 Osteoarthritis Trial The two-year follow-up of participants in the Phase 3 SCUlpTOR 7 trial of CYP-004 in patients with osteoarthritis of the knee was completed in November 2025. Results of the trial are expected to be released in Q2 CY 2026. Osteoarthritis is a degenerative joint condition affecting over 500 million people globally. 8 Current treatment options are limited to symptom management or invasive surgery, with no disease-modifying therapies currently available. CYP-004 is Cynata’s Cymerus™ iPSC-derived MSC product candidate for intra-articular injection (injection into a joint), designed to calm joint inflammation, relieve pain and protect cartilage. The Phase 3 trial, known as the SCUlpTOR trial, is being conducted by the University of Sydney and funded through an NHMRC 9 project grant. It is being led by Professor David Hunter, the Florance and Cope Chair of Rheumatology and Professor of Medicine at the University of Sydney and Royal North Shore Hospital. The trial enrolled a total of 321 patients, who were randomised to receive either CYP-004 or placebo, with co- primary endpoints assessing change in pain and cartilage thickness (disease modification). Following an advisory meeting with the Australian Therapeutic Goods Administration, Cynata is optimistic that positive results could support marketing approval of CYP-004 in Australia. Phase 1/2 Kidney Transplantation Trial During the half-year, enrolment of the first cohort of patients was completed in the Phase 1/2 clinical trial of CYP-001 in kidney transplant recipients. The independent Data and Safety Monitoring Board (DSMB) then completed its planned review of this cohort, recommending that the trial continues as planned. This investigator-led 16 patient trial, conducted at Leiden University Medical Centre (LUMC) in the Netherlands, is assessing whether CYP-001 can reduce reliance on calcineurin inhibitors, potentially offering patients safer long-term immune modulation. Each of the three patients in Cohort 1 received a single intravenous infusion of CYP-001 approximately six weeks after receiving a kidney transplant, in addition to standard treatment. There were no episodes of kidney transplant rejection in this cohort, and no safety concerns have been identified. Following the successful DSMB review, LUMC now plans to progress with Cohort 2 in this trial. This will involve a further three patients, each of whom will receive two infusions of CYP-001, in addition to standard treatment. Patients undergoing kidney transplantation typically require lifelong immunosuppressive therapy to prevent organ rejection, typically with drugs known as calcineurin inhibitors. These drugs are effective, but they come with serious long-term toxicity and health risks. Intellectual Property Portfolio Cynata continues to strengthen its robust intellectual property portfolio, which comprises several different in-licensed and Company-owned patent families. 2 iPSC = induced pluripotent stem cell 3 MSC = mesenchymal stromal (or stem) cell 4 Bloor AJC, et al. Nat Med. 2020;26:1720–1725 5 Kelly K, et al. Nat Med. 2024;30:1556–1558 6 Orphan Drug Designation qualifies Cynata for incentives including extended marketing exclusivity, tax credits and fee waivers. 7 SCUlpTOR = Stem Cells as a symptom- and strUcture-modifying Treatment for medial tibiofemoral OsteoaRthritis 8 World Health Organization. Fact Sheet – Osteoarthritis. 14 July 2023 9 National Health and Medical Research Council Cynata Therapeutics Limited 3 During the half-year: • A Notice of Allowance was issued by the United States Patent and Trade Mark Office for a Cynata- owned patent application entitled “Colony Forming Medium and Use Thereof”, which relates to the optimisation of the Cymerus process. • A Notice of Intention to Grant a Patent was issued by the European Patent Office for a Cynata- owned patent application entitled “Methods and products for delivering cells”, which relates to the technology used in the manufacture of Cynata’s wound dressing product, CYP-006TK. • A Notice of Allowance was issued by the United States Patent and Trade Mark Office for a patent application entitled “Methods and Materials for Hematoendothelial Differentiation of Human Pluripotent Stem Cells Under Defined Conditions”, which relates to the core technology underpinning the Cymerus process, which is exclusively licensed to Cynata by Wisconsin Alumni Research Foundation. Finance • During the half-year, the Company strengthened its balance sheet via receipt of a $1.71m R&D Tax Incentive rebate in November 2025. • The Company closed the half-year ended 31 December 2025 with $2.6m in cash, with a further ~$1.2m raised subsequently via the ATM facility. The Company’s cash runway is anticipated to extend into mid-calendar year 2026. Outlook Cynata is entering a period focused on the analysis and reporting of clinical data from its leading programs, with two major efficacy trials nearing completion. The Company expects to report results from both its Phase 3 osteoarthritis trial and Phase 2 aGvHD trials in Q2 CY 2026, which will inform the next stage of development and strategic decision-making. Alongside these readouts, Cynata will continue active engagement with regulatory authorities in Australia and internationally to clarify potential approval pathways and development requirements. The Company is also preparing for next-stage clinical and commercial planning across its pipeline, including evaluation of partnering, licensing and regional development opportunities where appropriate. Cynata will also continue to assess opportunities to advance its earlier-stage programs, including kidney transplantation and diabetic foot ulcers, building on encouraging data generated to date. The Company remains focused on disciplined capital management to support upcoming milestones. Cynata Therapeutics Limited 4 Subsequent events On 23 January 2026, $1,204,000 (net of costs) was raised via the Company’s At-the-Market Subscription Agreement (“ATM”) with Acuity Capital. The ATM facility, which was established in August 2025, provides the Company with a total of up to $7,500,000 of standby equity capital. There has not been any other matter or circumstance occurring subsequent to the end of the half-year ended 31 December 2025 to the date of this report 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. Auditor’s independence declaration The auditor’s independence declaration for the half-year ended 31 December 2025 has been received and is included on page 5 of this half-year report. Signed in accordance with a resolution of directors made pursuant to s.306(3) of the Corporations Act 2001. On behalf of the directors Dr Kilian Kelly Managing Director & Chief Executive Officer Melbourne, 26 February 2026 Liability limited by a scheme approved under Professional Standards Legislation PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au Stantons Is a member of the Russell Bedford International network of firms 26 February 2026 Board of Directors Cynata Therapeutics Limited Level 3,100 Cubitt Street Cremorne, Victoria 3121 Dear Sirs RE: CYNATA THERAPEUTICS LIMITED In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Cynata Therapeutics Limited. As Audit Director for the review of the financial statements of Cynata Therapeutics 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. Yours faithfully STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD Martin Michalik Director Liability limited by a scheme approved under Professional Standards Legislation PO Box 1908 West Perth WA 6872 Australia Level 2, 40 Kings Park Road West Perth WA 6005 Australia Tel: +61 8 9481 3188 Fax: +61 8 9321 1204 ABN: 84 144 581 519 www.stantons.com.au Stantons Is a member of the Russell Bedford International network of firms INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF CYNATA THERAPEUTICS LIMITED Report on the Half-Year Financial Report Conclusion We have reviewed the half-year financial report of Cynata Therapeutics Limited (the “Company” or the “Group”), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, condensed notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that causes us to believe that the accompanying half-year financial report of Cynata Therapeutics Limited does not comply with the Corporations Act 2001 including: (a) giving a true and fair view of Cynata Therapeutics Limited’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 has been given to the directors of the Company on 26 February 2026. Material Uncertainty Related to Going Concern We draw attention to Note 1 to the financial statements, which indicates that the financial statements have been prepared on a going concern basis. At 31 December 2025 the Group had cash and cash equivalents totalling $2,588,297, cash outflows from operating activities of $2,385,114, and incurred a loss before tax from continuing operations for the half year ended 31 December 2025 of $2,662,437. These amounts indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. The Group’s ability to continue operations is dependent upon directors raising additional funding either through the issue of equity or debt or through the sale of assets, entering into corporate partnerships and by curtailing discretionary research and development spending. Our conclusion is not modified in respect of this matter. Responsibility of the Directors for the Financial Report The directors of Cynata Therapeutics Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility for the Review of the Financial Report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2022 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. STANTONS INTERNATIONAL AUDIT AND CONSULTING PTY LTD (An Authorised Audit Company) Martin Michalik Director West Perth, Western Australia 26 February 2026 Cynata Therapeutics Limited 8 Directors’ declaration The directors declare that: (a) in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and (b) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standard AASB 134 Interim Financial Reporting and give a true and fair view of the financial position and performance of the Group. Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001. On behalf of the directors Dr Kilian Kelly Managing Director & Chief Executive Officer Melbourne, 26 February 2026 Cynata Therapeutics Limited 9 Consolidated statement of profit or loss and other comprehensive income for the half-year ended 31 December 2025 Half-year ended Note 31 Dec 2025 $ 31 Dec 2024 $ Interest income 5 60,656 84,985 Other income 5 1,711,618 1,885,140 Total income 1,772,274 1,970,125 Product development and marketing costs (2,463,899) (3,374,322) Employee benefits expenses (911,765) (1,026,421) Share based payments expenses 10 (78,173) (152,176) Amortisation expenses 8 (130,253) (136,685) Other operational expenses 6 (850,621) (930,313) (Loss) before income tax (2,662,437) (3,649,792) Income tax expense - - (Loss) for the half-year (2,662,437) (3,649,792) Other comprehensive income, net of income tax Items that will not be reclassified subsequently to profit or loss - - Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations - - Other comprehensive income/(loss) for the half-year, net of income tax - - Total comprehensive (loss) for the half-year (2,662,437) (3,649,792) (Loss) attributable to: Owners of Cynata Therapeutics Limited (2,662,437) (3,649,792) Total comprehensive (loss) attributable to: Owners of Cynata Therapeutics Limited (2,662,437) (3,649,792) (Loss) per share: Basic and diluted (cents per share) (1.14) (1.98) The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying condensed notes. Cynata Therapeutics Limited 10 Consolidated statement of financial position as at 31 December 2025 Note 31 Dec 2025 $ 30 Jun 2025 $ Current assets Cash and cash equivalents 2,588,297 5,049,744 Other receivables 7 69,614 104,650 Prepayments 135,144 194,618 Total current assets 2,793,055 5,349,012 Non-current assets Intangibles 8 1,718,651 1,848,904 Total non-current assets 1,718,651 1,848,904 Total assets 4,511,706 7,197,916 Current liabilities Trade and other payables 853,034 941,058 Provisions 270,766 275,123 Total current liabilities 1,123,800 1,216,181 Total liabilities 1,123,800 1,216,181 Net assets 3,387,906 5,981,735 Equity Issued capital 9 89,509,642 89,519,207 Option reserves 10 8,245,078 8,166,905 Foreign currency translation reserve 4,724 4,724 Accumulated losses (94,371,538) (91,709,101) Total equity 3,387,906 5,981,735 The above consolidated statement of financial position should be read in conjunction with the accompanying condensed notes. Cynata Therapeutics Limited 11 Consolidated statement of changes in equity for the half-year ended 31 December 2025 Issued Capital Option Reserve Foreign currency translation reserve Accumulated losses Total $ $ $ $ $ Balance at 1 July 2024 81,624,596 7,906,430 4,724 (82,318,515) 7,217,235 (Loss) for the period - - - (3,649,792) (3,649,792) Other comprehensive income/(loss), net of tax - - - - - Total comprehensive (loss) for the period - - - (3,649,792) (3,649,792) Issue of ordinary shares 8,280,945 - - - 8,280,945 Share issue costs (513,687) - - - (513,687) Share based payments - 152,206 - - 152,206 Balance at 31 December 2024 89,391,854 8,058,636 4,724 (85,968,307) 11,486,907 Balance at 1 July 2025 89,519,207 8,166,905 4,724 (91,709,101) 5,981,735 (Loss) for the period - - - (2,662,437) (2,662,437) Other comprehensive income/(loss), net of tax - - - - - Total comprehensive (loss) for the period - - - (2,662,437) (2,662,437) Issue of ordinary shares - - - - - Share issue costs (9,565) - - - (9,565) Share based payments - 78,173 - - 78,173 Balance at 31 December 2025 89,509,642 8,245,078 4,724 (94,371,538) 3,387,906 The above consolidated statement of changes in equity should be read in conjunction with the accompanying condensed notes. Cynata Therapeutics Limited 12 Consolidated statement of cash flows for the half-year ended 31 December 2025 Half-year ended Note 31 Dec 2025 $ 31 Dec 2024 $ Cash flows from operating activities Research and development rebate received 1,711,618 1,885,140 Payments to suppliers and employees (1,840,164) (2,160,717) Interest received 79,540 129,949 Product development costs paid (2,336,108) (2,779,747) Net cash (used) in operating activities (2,385,114) (2,925,375) Cash flows from investing activities Payments to acquire intellectual property 8 - (50,000) Net cash (used) in investing activities - (50,000) Cash flows from financing activities Proceeds from issues of shares and other equity securities - 8,000,975 Transaction costs related to issues of equity securities (9,565) (510,627) Net cash (used in)/provided by financing activities (9,565) 7,490,348 Net (decrease)/increase in cash and cash equivalents (2,394,679) 4,514,973 Cash and cash equivalents at the beginning of the period 5,049,744 6,205,418 Effect of exchange rate fluctuations (66,768) (212,485) Cash and cash equivalents at the end of the period 2,588,297 10,507,906 The above consolidated statement of cash flows should be read in conjunction with the accompanying condensed notes. Cynata Therapeutics Limited 13 Condensed notes to the consolidated financial statements for the half-year ended 31 December 2025 1. General information Statement of compliance The half-year financial report is a general-purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half- year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with annual financial statements of the Company for the year ended 30 June 2025 together with any public announcements made during the following half-year. The half-year financial report was authorised for issue by the directors on 26 February 2026. Basis of preparation The consolidated financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Company’s 2025 annual financial report for the financial year ended 30 June 2025, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. Going concern The financial report has been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. As at 31 December 2025, the Group had net assets of $3,387,906 (30 June 2025: $5,981,735) and positive working capital of $1,669,265 (30 June 2025: $4,132,831) and in the half-year then ended incurred a loss after tax of $2,662,437 (31 December 2024: $3,649,792) and net operating cash outflows of $2,385,114 (31 December 2024: $2,925,375). As at 31 December 2025, the Group had cash and cash equivalents of $2,588,297 (30 June 2025: $5,049,744). As the Group continues to develop and commercialise its proprietary induced pluripotent stem cell (iPSC) based platform technology Cymerus™, the Group may require additional working capital that may be funded through cash flows from existing assets (e.g. corporate partnerships) and/or additional capital raisings. The directors consider the Group can manage its cash flow to ensure sufficient funds are available to meet its financial responsibilities. Based on this, the directors consider it appropriate that the financial report be prepared on a going concern basis. In the event that the Group is unable to obtain sufficient funding for on-going operational and capital requirements, there is material uncertainty that may cast significant doubt as to whether the Group will continue as a going concern and therefore proceed with realising its assets and discharging its liabilities in the normal course of business at the amounts stated in the financial report. Cynata Therapeutics Limited 14 The ability of the Group to continue as a going concern and meet its operational and other commitments is dependent upon the Group developing its business, commercialising its iPSC-based platform technology, revenue growth and obtaining additional working capital that may be funded through cas