27 January 2026

Nuformix plc

("Nuformix" or the "Company")

Annual Results for the period ended 30 September 2025

Nuformix plc (LSE:NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announces its audited results for the year ended 30 September 2025.

Non-Executive Directors' Statement

The key priority for the Directors is to focus on the Company's NXP002 lead programme and specifically to find a business development partner. The Group operates a lean structure with the limited Board and brings in specialist consultants, experts in their field, to support the business as required.

Pipeline

Nuformix has a small pipeline of preclinical assets in development to address the high unmet medical need in fibrosis and oncology. We target solutions using our expertise to develop and file patent applications on novel crystalline forms of existing, marketed drugs, that have improved physical properties, with the aim of developing novel products in new indications to create attractive commercial opportunities. Importantly, the commercial opportunity is optimised when the repurposed product is differentiated from the original marketed product by way of either dose, route of administration or presentation.

Drug repurposing is a well-known and successful strategy for enhancing the therapeutic and commercial value of marketed drugs. Such development strategies typically offer a greater probability of success compared to developing newly discovered drugs. This is due to the existing data that has been generated on the marketed drug, which can serve as an evidence-base for safety and efficacy in envisaged novel products. This existence of data may also result in lower overall development costs, shorter development timelines and reduced risk in development.

The Group's business model is to take its assets through key value inflection points before partnering or licensing its IP. We conduct research and development ("R&D") activities through out-sourcing, to enable access to different types of expertise that are needed for effective R&D and to minimise our operational costs. The Group has a strong network of external contractors, with whom we have had relationships over many years.

NXP002 (novel proprietary form of tranilast) - Idiopathic Pulmonary Fibrosis ("IPF")

NXP002 is the Group's lead asset and a potential novel inhaled treatment for IPF, Progressive Pulmonary Fibrosis ("PPF"), and other progressive fibrosing interstitial lung diseases ("ILD"). NXP002 is a proprietary, new form of the drug tranilast with enhanced physical properties that allow delivery direct to the lung via nebulisation.

There are more than 200 types of ILD, which are characterised by varied amounts of inflammation, scarring, or both, that damage the lung's ability to absorb oxygen. IPF is the most well-known form of ILD, affecting approximately 100,000 patients per year in the US. PPF  previously referred to as Progressive Fibrosing ILD (PF-ILD), is a larger and even more poorly served segment of the ILD market, affecting approximately 200,000 patients per year in the US.

IPF and PPF are devastating lung diseases associated with a higher mortality rate than many cancers with median survival of 3-5 years. Thus, IPF and PPF represent a high unmet medical need such that the requirement for improved treatment options represents what the Directors believe to be a significant commercial opportunity. IPF is classified as a rare disease and presents a global commercial market that is forecast to grow to US$6.4bn by 2031. Sales of standard-of-care ("SoC") therapy OFEV achieved EUR3.8bn in 2024. Sales of Esbriet, also an IPF SoC therapy peaked in 2020 at USD1.2bn prior to genericisation.

Tranilast has a long history of safe use as an oral drug for asthma, keloids and hypertrophic scarring, but while there is growing evidence that supports its potential use in other fibrotic conditions, including IPF, a combination of poor physicochemical properties, variable pharmacokinetics and challenging pharmacodynamics following oral delivery limit its potential use in ILDs. NXP002 is differentiated as it is a patent protected, novel form of tranilast that has been optimised for formulation and delivery direct to the lungs by inhalation, potentially overcoming the issues using tranilast orally as a chronic treatment for fibrosing ILDs.

The inhalation route is a well-known delivery strategy for the treatment of lung diseases to yield greater efficacy and reduce systemic, off-target side-effects compared to oral treatment. Discontinuation of treatment in IPF and PPF patients is currently an issue in the treatment of these diseases with discontinuation rates for current SoCs up to 80% in certain patient groups due to, in part, their debilitating systemic side effects. The Directors believe effective inhalation therapies offer the potential to overcome these limitations of oral therapies.

The positioning of NXP002 as an inhaled treatment for IPF and PPF could be either as added to SoC treatments or administered as a monotherapy for patients non-responsive to SoCs and those declining these therapies due to side effects which significantly impact their quality of life.

The preclinical inhalation strategy, initiated by the Company, has significantly progressed NXP002 demonstrating:

The Company conducted studies in a new iteration of a 3D human IPF lung tissue model, that has been advanced to significantly reduce output variability, offering greater disease and species relevance. The results for NXP002 alone and in combination with current SoC's, can be summarised as follows:

This raises the possibility that NXP002 targets additional disease pathways to SoC's when increasing the combined anti-fibrotic and anti-inflammatory response. Following success in suppressing biomarkers of fibrotic disease progression in human IPF lung tissue, the same samples were analysed to assess additional mechanistic and anti-inflammatory benefits on top of SoC's and the results are summarised as follows:

Nuformix has developed a Target Product Profile ("TPP") that is consistent with twice daily inhalation administration. To assess NXP002's duration of action in relation to the TTP, the Company initiated work in an exploratory model using healthy human lung tissue. The model also bridges the Company's successful preclinical work across a variety of LPS-challenge studies. The results are summarised as follows:

Data from the precision-cut lung slice ("PCLS") disease model referred to above using lung tissue from IPF patients were reanalysed as part of  on-going discussions with potential licensing and development partners for NXP002. NXP002 had also been studied in tissue from an autoimmune ILD explanted lung (in this case from a patient diagnosed with non-specific interstitial pneumonia or NSIP). This collective data was revisited to compare key biomarker changes in tissue in response to NXP002 treatment using an 'area under the curve' (AUC) based approach, considering total biomarker expression during the treatment period. These new results are summarised as follows:

Recently the Group has developed new insights relating to its NXP002 lead programme. Following an in-depth pharmacology review, leveraging human and AI-methodologies, the pathways associated with disease progression in fibrotic diseases in which NXP002 has demonstrated both activity and clinical translation have been assessed across multiple organs. The resulting outputs allow clear demonstration of NXP002's potential to regulate four specific pathways that drive fibrotic disease. This includes core pathways, such as the TGF- ß pathway, but also evidences regulation of the WNT/ß-catenin and NLRP3 pathways, which are emerging as key disease progression pathways requiring suppression. The outputs also illustrate consistent translation from cell-based studies to clinical studies across multiple fibrotic organs, including the lung, in the resolution of extra cellular matrix deposition.

The Directors concluded that NXP002 as a potential treatment for IPF, was a likely candidate for Orphan Drug Designation ("ODD"), which could provide additional product protection against potential future competitors in addition to product development advantages.

On 29 May 2025, The Group announced that the European Medicines Agency ("EMA") had granted ODD in IPF for tranilast to the Group. ODD in the European Union ("EU") is granted by the European Commission based on a positive opinion adopted by the EMA Committee for Orphan Medicinal Products that can demonstrate potential for significant advancement in treatment of rare and debilitating diseases affecting no more than five in 10,000 individuals in the EU. ODD provides incentives to developers of medicines for limited patient populations, including 10 years market exclusivity, protocol assistance (guidance on study design and scientific evaluation) and regulatory fee reductions.

On 11 August 2025 the Group announced that it had submitted an application to the US Food and Drug Administration ("FDA") for ODD in IPF for tranilast. On 12 November 2025 the Group announced it had received a response from the FDA requesting further clarification for one specific element of the application which was responded to, and the Company currently awaits a further response from the FDA. If successful, the Group's NXP002 programme would be eligible for certain benefits such as tax credits for clinical trials or qualified clinical testing costs, a waiver of the Prescription Drug User Fee Act application fee when a marketing application is submitted, and the potential to receive seven years of marketing exclusivity upon product approval.

The Board continues to believe NXP002 offers a potentially significant treatment of progressive fibrosing ILDs, including IPF and PPF, and is focused on generating data and further developing discussions with potential partners that may support its efforts to secure a licensing, option or collaborative agreement for NXP002.  As a consequence, the following activities are being prioritised:

NXP004 (novel forms of olaparib) - Oncology

The Group discovered novel forms of olaparib, a drug currently marketed by AstraZeneca, as Lynparza®. Lynparza® was approved for the treatment of adults with advanced ovarian cancer and deleterious or suspected deleterious germline BRCA mutation and has since secured similar approvals in breast, pancreatic and prostate cancers. These approvals have propelled Lynparza® sales to US$2.6bn in 2022 with industry analysts forecasting annual sales of US$9.7bn by 2028.

Subsequently, further preformulation and in-vitro studies allowed Nuformix to identify lead cocrystals to be progressed for further development. Results from in vitro dissolution studies demonstrated that the two lead NXP004 cocrystals out-performed Lynparza®, both in terms of rate and extent of dissolution and release of olaparib.

Enhancement of dissolution in the currently marketed formulation of Lynparza® resulted in improved bioavailability versus the initial marketed product. Therefore, the Directors believe that NXP004 may offer potential to further increase olaparib's bioavailability. In addition, the Directors believe that the potential simplicity of NXP004-based formulations may offer improvements in product cost-of-goods versus the currently marketed product, which requires complex manufacturing methods.

The Directors believe that these attributes position NXP004 for applications in line-extensions for the currently marketed product, or for possible development in future first-to-generic product opportunities.

NXP001 (new form of aprepitant) - Oncology

NXP001 is a proprietary new form of the drug aprepitant that is currently marketed as a product in the oncology supportive care setting (chemotherapy induced nausea and vomiting) initially exclusively licensed to Oxilio Limited ("Oxilio") for oncology indications. In September 2023, Oxilio acquired ownership of Nuformix's NXP001 patent portfolio. Nuformix retained rights to receive further development milestones and royalties capped at £2 million per year under the terms of acquisition.

Currently however, NXP002 is the Company's priority.

Fundraising

On 4 November 2024 , the Company completed a placing (the "Placing") of 440,000,000 new ordinary shares and a subscription for 160,000,000 new ordinary shares to raise gross proceeds of £300,000 at a price of 0.05 pence per share (the "Issue Price") (the "Fundraise"). The Issue Price was below the 0.1 pence nominal value of the existing ordinary shares therefore a share capital reorganisation was conducted. The new shares represented 42% of the enlarged share capital.

The Placing was arranged by CMC Markets.  The Company also issued 26,400,000 'broker' warrants to CMC Markets, giving them the right to acquire such number of new ordinary shares at an exercise price of 0.05 pence for a period of two years from the date of admission, being 5 November 2024. The warrants were subsequently exercised on 14 April 2025 for a total consideration of £13,200.

On 11th February 2025, a subscription for 250,000,000 new ordinary shares at a price of 0.0675 pence per share raised gross proceeds of £168,750. Additionally, on 30th May 2025, a placing for 300,000,000 new ordinary shares at a price of 0.07 pence per share raised gross proceeds of £210,000.

Post period end, on 11 November 2025, an Open Offer was completed. The Open Offer, underwritten by CMC Markets, raised £228,081 (before expenses) through the issue of 114,040,535 Open Offer Shares at an Issue Price of 0.2p per Share, including a share premium of £114,041.

The net proceeds of the above are being used by the Company primarily to drive forward partnering discussions for its NXP002 programme, as well as to provide funding for general corporate purposes.

Future fundraising will be required in order to provide sufficient time to conclude business development discussions in respect of NXP002.

Business Development

The Group is focused on generating data and initiating or further developing discussions with potential partners to support its efforts to secure a licensing option agreement or codevelopment agreement.

Summary and Outlook

The strategy of the Group is to optimise value from NXP002, its lead asset, while maintaining tight control of costs. The proceeds from the post-period Fundraise have enabled the Group to gain Orphan Drug Designation for NXP002, make a submission in the US and continue with business development activities as set out above.

We would like to thank all stakeholders and in particular our shareholders for their continued support and we look forward to the remainder of the year and beyond with confidence that significant value can be realised from our portfolio of assets over time.

Enquiries:

About Nuformix

Nuformix is a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing. The Company aims to use its expertise in discovering, developing and patenting novel drug forms, with improved physical properties, to develop new products in new indications that are, importantly, differentiated from the original (by way of dosage, delivery route or presentation), thus creating new and attractive commercial opportunities.  Nuformix has a pipeline of preclinical assets with potential for significant value and early licensing opportunities.

For more information, please visit www.nuformix.com.

Strategic Report

Review of the Business

A review of the period of these accounts is given in the Non-Executive Directors' Statement

Risks and uncertainties

The Group's risk management policy is regularly reviewed and updated in line with the changing needs of the business. Risk is inherent in all business. Set out below are certain risk factors which could have an impact on the Group's long-term performance and mitigating factors adopted to alleviate these risks. This does not purport to be an exhaustive list of the risks affecting the Group.

The primary risks identified by the Board are:

Strategic risks

Funding the business

The biotechnology and pharmaceutical industries are very competitive, with many major players having substantial R&D departments with greater resources and financial support. The Group aims to execute licensing deals early in the development process in order to generate revenue to support the business. The Group's lead asset is targeted towards IPF, a disease area where there is good precedent for licensing deals at early stages of development. Without licensing revenue, reliance falls on raising funds from investors or potential M&A opportunities. Failure to generate additional funding from these sources, if required, would compromise the Group's ability to achieve its strategic objectives as set out in the outlook.

There is a material uncertainty around achieving an early licensing, option or collaborative deal for NXP002 and raising additional funds. However, it is the Directors' reasonable expectation that the Group can achieve an out-licensing agreement or further fundraising and therefore can state that it has adequate resources to continue to operate as a going concern for at least twelve months from the date of the approval of the accounts. In forming this assessment, the Directors have prepared cashflow forecasts covering the period ending 31 March 2027 that take into account the likely run rate on overheads and research and development expenditure and the prudent expectations of income from out-licensing rights to its programmes or a fundraising.

Feasibility of drug candidates

Pharmaceutical R&D is an inherently risky activity and drug candidates can fail due to a lack of efficacy, lack of potency, unsuitable pharmacokinetic properties, unacceptable toxicology profile, poor stability of the drug or formulation, poor performance of the drug product, or other technical issues unforeseen at the time of candidate selection. This is the main reason that conventional pharmaceutical R&D takes many years and billions of dollars to progress a drug from discovery through to an approved medicine. It is possible that the drug candidates selected by the Group are found to be non- viable for further development although the Group's model of repurposing and working on known drugs allows us to mitigate this risk to a certain extent.

Failure to generate and protect our IP

If our IP rights are not adequately secured or defended against infringement, or conversely become subject to infringement claims by others, commercial exploitation could be completely inhibited. The Group constantly monitors its patents and is prepared to defend them rigorously.

By virtue of conducting research on known drugs, competitors may file patent applications on the same drugs as the Group, and thus there is a risk of securing new granted patents. There is a delay of up to 18 months in publishing patent applications and thus it is not always known whether the Group's inventions will be novel. This is mitigated through knowledge and expertise in identifying new IP and promptly filing patent applications.

Unrealistic goals and timeframes

The Board has a duty to maintain a realistic view of the chances of success of products, deals and partnerships. Should this not be managed accurately and appropriately, the Group and its Board and staff risk financial, business and reputational damage, whilst its shareholders become exposed to investment risk and uncertainty over the Group's viability and status. The Board continually reviews expectations and communications in the public domain to reduce the risk of misalignment.

Reliance on partners

To progress the development of a drug candidate requires resources, financial and otherwise, that are not necessarily available to the Group. The drug candidates that the Group wishes to develop may be of interest to third parties capable of providing these resources, so a partnership (e.g., a co-development partnership) may provide mutual benefits and mitigate risks for the Group. However, the specific strategic focus of a partner may not align totally with the Group's objectives. Maintaining a balance in a partnership is therefore a risk, such as timing, cost sharing, development decisions. Currently the Group is progressing two of its three pipeline assets without external co-development partners and thus this risk is currently minimised.

Operational risks

Management, employees, consultants and contractors

With a fully virtual Group operating model with a reliance on consultants and contractors, the Group's ability to manage day to day tasks and its relationships with its customers and suppliers could be undermined by failure to recruit key personnel. The Group endeavours to offer attractive remuneration and a positive working environment for all people involved in its projects. The Board are incentivised as detailed in the Directors' Remuneration Report.

Business development risks in terms of timing and success of deal flow

The Group seeks to extract value from its existing pipeline through early licensing deals once sufficient data are generated, to provide revenue. Generation of more robust data packages will lead to a greater probability of successful licensing discussions.

Adapting to the external environment

The ability of the Group to quickly adapt to external events such as a pandemic may impact the delivery of our strategy. Our primary focus remains the safety of our employees during any external event impacting the business. The Group follows Government advice throughout any external event and risks are also minimised by the Group's virtual business model, allowing the Board to work remotely and effectively. Close liaison with contractors ensures that Group projects are progressed according to agreed timelines and costs.

Financial risk management

Failure to achieve strategic plans or meet targets or expectations

The Group actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Further detail on the Group's risk management policies and procedures are set out in Note 15 of the financial statements.

Financial Highlights

Future outlook

The Non-Executive Directors' Statement on pages 4 to 9 gives information on the outlook of the Group.

Performance

The following are the key performance indicators ("KPIs") considered by the Board in assessing the Group's performance against its objectives. These KPIs are:

Financial KPIs

The Group is currently at a stage where the Board considers availability of cash to fund the planned R&D activities to be the primary KPI. At 30 September 2025 cash balances totalled £97,550 (2024: £20,210). The Board will consider introducing additional KPIs to monitor the Group's development as they become relevant in the future.

Meeting financial targets:

The Group actively and regularly reviews and manages its capital structure to ensure an optimal capital structure, taking into consideration the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Further detail on the Group's risk management policies and procedures are set out in Note 18 of the financial statements.

Revenue from agreements:

During the period of these accounts, activities are underway to progress an early licensing deal, to provide revenue though none was received in the period.

Non-Financial KPIs

Progress of Lead Programmes:

The Group strategy is to generate revenue streams through applying and further developing its IP to produce proprietary product opportunities for short-term development and early out-licensing, option or collaborative opportunities. Thus, progression of its assets towards licensing, option or collaborative  is crucial to the business. The Group's focus is on NXP002 and responding to technical questions from potential licensing/collaborative partners. The Company is currently conducting an assessment of the likely inhaled human therapeutic window in response to those discussions.

To support discussions with prospective partners the Company submitted Orphan Drug Designation ("ODD") application to the EMA for Europe and the FDA for the US. Subsequently, EMA granted ODD in IPF for tranilast to the Group. The FDA requested further information on one specific item in response to the Company's application. The Company is in the process of submitting a response to the FDA using existing data and information in the Company's possession.

During the period, appropriate respiratory disease conferences were attended to confirm the likely interest and positioning of NXP002 with potential licensing, option or collaborative partners. As a consequence, discussions with potential partners have been progressed following previous discussions and initiated with newly interested parties.

Progression of Out-Licensed Programmes:

NXP001: Oxilio has now acquired ownership of Nuformix's NXP001 patent portfolio, relating to proprietary new forms of the drug aprepitant that is currently marketed as a product in the oncology supportive care setting (chemotherapy induced nausea and vomiting) and is now responsible for further development activities. Nuformix retained rights to receive further development milestones and royalties capped at £2 million per year under the terms of acquisition. Oxilio is currently conducting fundraising activities to progress the development of products in its pipeline and that of its subsidiary, Biovara.

Progression of Patents and Intellectual Property:

NXP002: NXP002 is the Company's lead asset and a potential novel inhaled treatment for Idiopathic Pulmonary Fibrosis ("IPF"). The Group's focus has been, and continues to be, investing in the maintenance and prosecution of key NXP002 intellectual property and driving forward partnering discussions with multiple parties with the aim of securing an out-licence or option agreement for NXP002.

The Company holds multiple NXP002 patents with progression of its patents during the period summarised as follows:

NXP002 Substance of Matter: Following a grant in the US,, the Japanese and European Patent Offices formally issued grants of the patent covering the Company's proprietary NXP002 drug form being progressed by the Company as a potential novel IPF treatment.

NXP002 Method of Use: The US PTO issued a grant of patent application 17/365,490 on 14 June 2024, covering use of the Company's proprietary drug forms in the treatment of various diseases including fibrotic lung diseases.

NXP002 Compositions for Treatment: This patent is in national filing stages and proceeding through examination.

During the period, appropriate respiratory disease conferences were attended to confirm the likely interest and positioning of NXP002 with potential licensing partners. As a consequence, discussions with potential partners have been initiated and are ongoing.

NXP004: While NXP004 is not currently a priority for the Company, we continue to invest in and develop its intellectual property. On 14 June 2024 the US Patent and Trademark Office ("PTO") granted the Company patent number 12012386 covering the lead cocrystals under development, representing the first granted patent in this second NXP004 cocrystal series.

Section 172

The Board considers the interests of the Group's employees and other stakeholders, including the impact of its activities on the community, environment and the Group's reputation, when making decisions. The Board ensures that its decisions offer the best chance to promote the success of the Group as a whole and consider the likely and long-term consequences for all stakeholders, particularly (though not exclusively) considering the following:

- How the views and interests of all stakeholders were represented in the boardroom during the period of these accounts. Open and honest discussion at Board level considers the impact on the Group's stakeholders when reviewing items flowing to the Board as part of its activities, whether this is reviewing strategy, budget or a business development opportunity.

- Given the size and stage of development of the Group, the Board has not formally adopted a mechanism to obtain stakeholder feedback. However, the Group's Directors can be contacted at [email protected] should any stakeholders wish to contact the Group and shareholders may contact the Company's investor relations adviser, IFC Advisory Limited, at [email protected].

- The Group's strategy and business model detailed in the Non-Executive Directors' Statement

- How the Group manages risks

- Corporate governance including how governance supported the delivery of our strategic objectives in this period.

Carbon Reporting

The Group has opted not to include any Streamlined Energy and Carbon Reporting (SECR) within this report as it does not meet the Large Company threshold or energy consumption threshold requiring additional reporting.

The Strategic Report was approved by the Board on 26 January 2026 and signed on its behalf by:

Independent Auditor's Report

To the Shareholders of Nuformix plc

For the period ended 30 September 2025

Opinion

We have audited the financial statements of Nuformix PLC (the 'Parent Company') and its subsidiaries (the "Group"), for the year ended 30 September 2025 which comprise the consolidated statement of comprehensive income, the consolidated and company statements of financial position, the consolidated and company statements of changes in equity, the consolidated and company statement of cashflows and notes to the financial statements, including a summary of significant accounting policies.

In our opinion:

·    the financial statements of Nuformix PLC give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 September 2025 and of the Group's loss for the year then ended and of the Group's cashflows position as at 30 September 2025;

·    have been properly prepared in accordance with UK-adopted International Financial Reporting Standards; and

·    the Group and Parent Company financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

An overview of the scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Group and the parent company, the accounting processes and controls, and the industry in which they operate.

Our scoping considerations for the Group audit were based both on financial information and risk. As noted above, limited assurance audit work - which is to say the audit of balances and transactions material at a group level - was not utilised due to statutory audit requirements of all group entities. The table below summarises for the parent company and its subsidiaries, the level of assurance gained:

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and in forming our audit opinion. Based on our professional judgement, we determined materiality and performance materiality for the financial statements of the Group and of the Parent Company as follows:

We reported all audit differences found in excess of our reporting threshold to the audit committee.

For each Group component within the scope of our Group audit, we determined performance materiality that is less than our overall Group performance materiality. The performance materiality determined for each Group company was £12,900.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team.

These matters, including going concern, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.

Material uncertainty relating to going concern

We draw attention to note 1 in the financial statements, which indicates that there is a significant threat to the going concern status of the group.

Nuformix is a pharmaceutical development group that has undertaken significant research into targeting the pharmaceutical product gap needs in fibrosis and oncology via drug repurposing. In order to continue this work long term, the group will need to expend significantly, at a cost currently unquantifiable.  Cash held at the balance sheet date of £97k (2024: £20k) is therefore not sufficient and poses a going concern threat. Given that the group is currently reliant on a single product, NXP002, for its long-term future sustainable financial success this financial position underscores the inherent risk of having all resources concentrated in one area.

Given the stage in the business life cycle, the group is incurring significant losses at present. The loss was £653k for the year ended 30 September 2025 (2024: Loss of £3,641k). This has led to the group's accumulated losses at the balance sheet date of £10,462k (2024: accumulated losses of £9,844k). These losses are attributable to the day-to-day running of the business and the ongoing drug research program which is yet to reach commercial production stage where revenue could potentially be generated.

The group successfully secured an additional £228k through fundraising in November 2025 however, this will not be sufficient to secure 12 months of operational activity.

As a result of the significant threat to going concern, we have completed the following audit work as part of our evaluation of going concern:

·    Overheads and debt costs assumptions - we considered projected overheads for the 2025/26 and 2026/27 periods to ensure that these were reasonable after considering both the current and expected future profile of the business moving forward. As part of this future profiling, the directors have elected not to take payment of their salaries until such time as the business holds sufficient funds to do so.

·    Credit / cash control management assumptions - we identified within the forecasting the most significant cash inflows, primarily from the new share capital issue, and ensured that the valuation and timing of these inflows were reasonable.

·    We performed sensitivity analysis to assess the level of working capital headroom should key assumptions be less favourable than included in management's model.

·    We considered post year end performance data available, including the group's future commitments, to gain additional assurance over the effectiveness of management's intention to remain as a going concern.

Based on the work we have performed we have gained sufficient assurance in order to rely on management's forecasting in forming our assessment. We have also gained assurance over the credibility of management's ambitions over the next 12 months, which drives the sustainability of Nuformix. We have further confirmed the adequacy of working capital available in order to settle external liabilities as they fall due and where this is not available, we have reviewed the directors' assessment that they can raise the funding required through future share capital raises.

However, whilst we have evaluated future cash inflows as reasonable, there are significant levels of uncertainty surrounding both their valuation and timing, and at the dates of the audit report, future funding has not been secured. The group is currently focusing solely on licensing its lead asset NXP002. Should this not be completed, Nuformix could incur detrimental effects on the valuation of the group's goodwill, £882,784 (2024: £882,784), the parent company's valuation of subsidiary investment, £882,784 (2024: £882,784), and ultimately the going concern assessment of the Group, as without a commercial agreement in respect of NXP002, the group will not be a going concern, and these balances will be worth nil.

Management will continue to reduce non-essential costs in the 2026 financial period wherever possible, including the directors continuing to not draw salaries, and direct all their focus on NXP002 with a view to obtaining a partnership contract to achieved sustained revenue income. The previous NXP001 licensing agreement includes some deferred considerations which are dependent on specific milestones being achieved - their successes are currently unknown and therefore cannot be relied upon for going concern purposes.

Therefore, the above uncertainties indicate that a significant threat to the business exists which leads to our assessment that there is material uncertainty that may cast significant doubt on the Group's and the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Our opinion on the Remuneration report

Kreston Reeves Audit has audited the Remuneration report set out on pages 23 to 27 of the Annual Report for the financial year. The Directors of the Company are responsible for the preparation and presentation of the Remuneration report in accordance with the Companies Act 2006. Kreston Reeves Audit's responsibility is to express an opinion on the Remuneration report, based on our audit conducted in accordance with International Accounting Standards. In Kreston Reeves Audit's opinion, the Remuneration report of the Group for the period complies with the requirements of the Companies Act 2006.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

·    the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

·    the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

·    adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

·   the parent company financial statements are not in agreement with the accounting records and returns; or

·    certain disclosures of directors' remuneration specified by law are not made; or

·    we have not received all the information and explanations we require for our audit

Corporate Governance Statement

We have reviewed the directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Group's and Parent Company's compliance with the provisions of the UK Corporate Governance Code specified for our review by the UK Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:

·   Directors' statement with regards the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified

·   Director's statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its liabilities

·    Board's confirmation that it has carried out a robust assessment of the emerging and principal risks

·   Section of the annual report that describes the review of effectiveness of risk management and internal control systems Section of the annual report that describes the review of effectiveness of risk management and internal control systems

·    Section describing the work of the audit committee

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and Parent

Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of intangible assets and investments. Audit procedures performed by the group engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management;

• Assessment of identified fraud risk factors;

• Challenging assumptions and judgements made by management in its significant accounting estimates;

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;

• Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;

• Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with relevant tax and regulatory authorities; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other matters which we are required to address

We were reappointed by the Audit Committee in the period as auditors, Kreston Reeves Audit LLP (previously known as Kreston Reeves LLP). Our total uninterrupted period of engagement as a firm is three years, covering the financial year ended 30 September 2025.

The non-audit services prohibited by the Financial Reporting Council's Ethical Standard were not provided to the Group or the Parent company, and we remain independent of the Group and the Parent company in conducting our audit.

We provided no other services to the entity or its subsidiary undertakings during the period under review.

Our audit opinion is consistent with the additional report to the Audit Committee.

Use of our Report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anne Dwyer BSc(Hons) FCA (Senior Statutory Auditor)

For and on behalf of

Kreston Reeves Audit LLP

Statutory Auditor

London

Date: 26 January 2026

Consolidated Statement of Comprehensive Income

for the Year Ended 30 September 2025

The accompanying notes to the financial statements form an integral part of the financial statements.

Consolidated Statement of Financial Position

As at 30 September 2025

These financial statements were approved by the board on 26 January 2026 and signed on its behalf by:

Madeleine Kennedy

Director

The accompanying notes to the financial statements form an integral part of the financial statements.