Announcement PDF Delivering meaningful patient outcomes with advanced dendrimer technology Annual Report 2026 Contents ABN 20 078 532 180 Highlights 01 Chairman’s Report 02 Chief Executive Officer’s Report 04 Review of Operations 06 Directors’ Report (including Remuneration Report) 12 Auditor’s Independence Declaration 46 Annual Financial Report 47 Directors’ Declaration 76 Independent Auditor’s Report 77 Shareholder Information 82 Corporate Directory 85 Starpharma is an innovative biotechnology company with two decades of experience in advancing dendrimer technology from the laboratory to the patient. Our mission is to help patients with significant illnesses, such as cancer, achieve improved health outcomes and quality of life through the application of our unique dendrimer technology. Starpharma Holdings Limited 2025-26 Highlights During FY26, Starpharma made meaningful progress across its DEP® platform, strategic partnerships, and radiotheranostics pipeline, strengthening the foundations for future clinical, commercial and partnering opportunities. Research and development Advanced the DEP® HER2-Lutetium (DEP® HER2-Lu) radiotherapy program, with positive preclinical data and FDA feedback supporting the planned first-in-human Phase 1 study. Generated encouraging preclinical data inadditional radioligandtherapytargets, demonstrating the broader potential of DEP® in radiopharmaceuticals. Progressed a highly focused discovery program, supporting Starpharma’s strategy to build a targeted oncology pipeline. Commercial portfolio Expanded the geographic reach of Viraleze™ and VivaGel® BV through new distribution arrangements. Achieved record online sales for Viraleze™, up 55% year-on-year. Strategic validation and partnering Executed a strategic Collaboration and License Agreement with Genentech, including USD $5.5 million upfront and up to USD $564 million in potential milestones, plus royalties. Continued DEP® partnering discussions for DEP® SN38 and DEP® cabazitaxel, supported by Phase 2 data published in respected scientific journals. ExecutedaResearchandOptionAgreementwithRadiopharm Theranostics, with up to AUD $91 million in potential milestones, plus royalties; a development milestone was achieved in July 2026, triggering the license agreement option period and a $0.5 million payment to Starpharma. Advanced Petalion Therapeutics, with the first stage of R&D completed. Increased visibility of the Star Navigator program through targeted engagement at international sector conferences. 01 Annual Report 2026 Starpharma Holdings Limited Chairman’s Report Starpharma has a differentiated technology base, a focused management team, growing partnership activity and a clear strategic direction. Dear Shareholders, The biotechnology sector continues to operate at the intersection of long- term scientific ambition and significant unmet medical need. It is a sector that requires patience and conviction, but also one where differentiated science can open substantial opportunities over time. Against this backdrop, Starpharma enters this next phase with a clear strategic focus, a deep technology base and a platform that we believe is increasingly relevant to some of the most important areas of oncology innovation. For some two decades, the company has built distinctive expertise in dendrimer science and a substantial intellectual property position around its proprietary DEP® platform. The Board views this as an important foundation for future value creation because DEP® is not limited to a single product pathway. It provides a flexible platform from which multiple oncology assets, therapeutic approaches and commercial opportunities can be advanced, including through internal development, strategic collaborations and future applications that may emerge as the field evolves. Cancer remains one of the world’s most significant health challenges, and despite important advances in targeted therapies, including antibody-drug conjugates and radiopharmaceuticals, many promising treatments are still Rob Thomas AO Chairman constrained by delivery, toxicity and pharmacokinetic limitations. These are precisely the types of barriers that DEP® has been designed to address. This gives Starpharma the opportunity to participate in areas of medicine where better delivery may meaningfully improve the potential of existing and emerging therapeutic payloads. The rapid development of radiopharmaceuticals is a compelling example of how the sector is evolving. This field has attracted increasing scientific and commercial interest because of its potential to deliver radiation directly to cancer cells. However, significant challenges remain with standard radioligand therapies, including insufficient tumour exposure and off-target tissue and organ toxicity. Starpharma’s progress in this area highlights the broader relevance of DEP® and the potential for dendrimer- enabled medicines to contribute to next-generation precision oncology. FY26 was an important year in demonstrating the growing external recognition of Starpharma’s technology. Progress with industry partners reinforced the scientific and commercial potential of DEP® and expanded the pathways through which the platform may generate value. Our relationships with our partners are excellent and we receive consistent feedback regarding the quality of our people and the work they produce. The Board has remained focused on ensuring that Starpharma allocates resources to the opportunities with the greatest potential to create sustainable shareholder value. During the year, this meant supporting management’s continued prioritisation of higher-value oncology applications, a disciplined portfolio approach and a strategy designed to preserve optionality while building evidence around the platform’s differentiated capabilities. In support of this strategy, the company successfully strengthened its cash balance, completing a $32 million Entitlement Offer, with strong participation from existing shareholders and approximately 99% uptake. The Board is very grateful for this support, which reflects shareholder confidence in Starpharma’s strategic direction and the long-term potential of the DEP® platform. As we look ahead, we believe Starpharma is better positioned than at any time in recent years to pursue 02 Annual Report 2026 Starpharma Holdings Limited Cancer remains one of the world’s most significant health challenges, and despite important advances, many promising treatments are still constrained by efficacy, toxicity, and pharmacokinetics. meaningful opportunities from its DEP® platform. Clinical development will always require perseverance, but the company has a differentiated technology base, a focused management team, growing partnership activity and a clear strategic direction. Most importantly, it has a platform capable of generating opportunities beyond any single product or program. On behalf of the Board, I wish to extend my sincere thanks to our CEO Cheryl Maley and her team for their tireless commitment to fulfilling this company’s true potential and especially to our chemists whose innovation and ideas are central to our success. I thank my fellow Board members for their great contribution. And finally, thank you, shareholders for your continued support and belief in our long-term potential. Developing cutting-edge cancer treatments is one of medicine’s greatest challenges. As we advance the next stage of Starpharma’s journey, we do so with confidence in the opportunities that lie ahead. Yours sincerely, Rob Thomas AO Chairman Efficacy Too little drug reaches or remains in the target tissue, forcing the use of highly toxic agents. Too toxic / harmful side effects Drug builds up in healthy tissue leading to off-target toxicity. Poor pharmacokinetics Hard to manufacture consistently and drug solubility challenges. DEP® delivers more drug into the target tissue and keeps it there, carrying more active drug or targeting agents per molecule. DEP® can be tuned – size, solubility, and the drug it carries – to modify biodistribution and off-target exposure. DEP® can be scaled and reproducibly manufactured, with precise attachment of functional groups. 40-50% ~30% 10-15% Three Main Reasons Drugs Fail in Development % of clinical failures attributed to each cause DEP® Platform Advantage ReasonstoconsiderDEP®indrugdevelopment Harrison RK, Nat Rev Drug Discov 2016; Sun et al., Acta Pharm Sin B 2022. 03 Annual Report 2026 Starpharma Holdings Limited Chief Executive Officer’s Report We have reshaped the company around the areas where our DEP® platform can deliver the clearest differentiation and the strongest potential for value creation. Dear Shareholders, Our work at Starpharma is driven by a clear sense of purpose: to improve the way cancer is treated by enabling more targeted, effective and better tolerated therapies for patients. Over recent years, we have reshaped the company around the areas where our DEP® platform can address important challenges in oncology drug development and deliver clear differentiation, strong commercial relevance and meaningful value creation. In FY26, this focus enabled us to advance key proprietary programs, strengthen our evidence base, deepen external validation of the platform and position the business for important milestones in FY27. It was a year of disciplined execution and tangible progress in the programs and partnerships most important to future shareholder value. Our strategy is built around two complementary pathways to maximise the value of DEP®. First, we are advancing selected proprietary assets, including DEP® HER2-Lu, where Starpharma retains ownership and greater potential upside as programs progress through key milestones. Second, we are applying DEP® through strategic partnerships, enabling collaborators to use the platform in their own programs and creating opportunities for licensing, milestones, royalties and broader commercial validation. Together, these pathways Cheryl Maley Chief Executive Officer provide multiple routes to value creation and reduce reliance on any single asset or transaction. A major operational achievement during the year was the advancement of DEP® HER2-Lu, our lead radiopharmaceutical candidate and a key near-term value catalyst for Starpharma. We completed the preclinical development package, GMP dendrimer manufacture and the regulatory, radiopharmacy and clinical preparations required to support the planned first-in-human Phase 1 study in H2 CY2026. Preclinical data showed strong tumour accumulation and retention,favourablebiodistributionand clearance characteristics, supporting our confidence as the program moves toward the clinic. DEP® HER2-Lu also reflects the central purpose of our strategy: applying Starpharma’s technology to develop targeted cancer treatments with the potential to improve outcomes for patients. Progress in this program strengthens the investment case for DEP® in radiopharmaceuticals and provides a strong foundation for partnering discussions and additional pipeline opportunities in this high-value area. We also made meaningful progress across our strategic partnerships, which continue to provide external validation of DEP® and expand the platform’s commercial reach. Our collaboration with Genentech positioned DEP® within the development pipeline of a global leader in oncology and demonstrated the platform’s potential to support next-generation targeted cancer therapies. The Genentech agreement has the potential to deliver long-term economic value through development and commercial milestones and royalties. In radiopharmaceuticals, we partnered with Radiopharm Theranostics to develop a dendrimer-drug conjugate incorporating a radiopharmaceutical molecule under development by Radiopharm and completed the initial development and manufacturing phase of the program. This milestone triggered the option period in July 2026, bringing the program closer to a potential licensing decision. The rapid progress of this collaboration reinforces the broader applicability of DEP® in radiopharmaceuticals and reflects the strength, focus and agility of our team in delivering against key development objectives. Petalion Therapeutics, Starpharma’s strategic joint venture with Medicxi, also 04 Annual Report 2026 Starpharma Holdings Limited made important progress, with the discovery team completing the first stage of research and development and positioning the program for transition into lead asset optimisation. Petalion provides another important path to leverage DEP® in high-value oncology applications while sharing development investment and accessing specialist external expertise. We continued to pursue out-licensing opportunities for Starpharma’s Phase 2 DEP® assets, DEP® SN38 and DEP® cabazitaxel. While partnering discussions have progressed more slowly than anticipated, we remain focused on opportunities where the clinical data, commercial fit and transaction structure can support appropriate value for shareholders. Across the business, we maintained a clear emphasis on disciplined prioritisation and prudent allocation of capital. We concentrated resources on opportunities where DEP® has the potential to provide meaningful advantages and attractive risk- adjusted value. We continued to strengthen our intellectual property position, expand business development activity, promote the platform internationally and generate further evidence to support the broader application of DEP® in oncology and radiopharmaceuticals. Looking to FY27, our priorities are aligned with the milestones that matter most for shareholders: advancing DEP® HER2-Lu into the clinic, executing our strategic partnerships, pursuing new partnership opportunities and expanding our DEP® pipeline. These priorities represent important potential value inflection points, particularly the planned first-in-human clinical study for DEP® HER2-Lu and potential partnership or licensing outcomes across the platform. They are underpinned by commercial discipline and a strong commitment to improving cancer treatment for patients. We enter FY27 with a more focused portfolio, increasing external validation and a clear plan to progress the opportunities we believe can best unlock the value of DEP®. A key strength of Starpharma is our experienced and highly committed team. Our people bring deep expertise, together with a shared focus on advancing better treatment options for patients. Thisexpertiseisreinforced byastrongculture of collaboration, adaptability and execution discipline, reflected in our Great Place to Work® survey results and in the team’s continued ability to transform how we work to deliver better outcomes. I am deeply grateful to the entire Starpharma team for their significant efforts and commitment throughout FY26. I would like to thank our shareholders for their continued support as we execute this strategy. I also thank our partners for their collaboration and the Board for its guidance. We remain focused on converting our scientific, clinical and partnership progress into outcomes that can create value for shareholders and deliver better treatment options for patients. Yours sincerely, Cheryl Maley Chief Executive Officer Starpharma’s DEP® platform Strategic Partnerships Collaborating with global partners to advance the DEP® platform. Novel Asset Development Focusing on targeted oncology treatments that provide meaningful patient benefit. 05 Annual Report 2026 Starpharma Holdings Limited Review of Operations Radiopharmaceuticals are emerging as one of the most dynamic areas of precisiononcology,offeringthepotential to deliver targeted radiation directly to cancer cells while limiting exposure to healthy tissue. For Starpharma, this represents a compelling opportunity to apply the unique attributes of its DEP® dendrimer platform in a high-value and rapidly evolving field. DEP® HER2-Lutetium, or DEP® HER2-Lu, is Starpharma’s most advanced proprietary radiopharmaceutical program. It has been designed to target HER2-expressing cancers, including gastric, gastro-oesophageal junction, and breast cancers, as well as other advanced HER2-expressing cancers following prior HER2-targeted therapy. These are cancers where new treatment options are urgently needed. In gastric cancer, an estimated 75–80% of patients treated with the antibody drug conjugate Enhertu® progress within 12 months and require further treatment options.1 Against this backdrop, Starpharma is initially focusing DEP® HER2-Lu on advanced HER2-positive cancers where there is significant unmet medical need and clear potential for a differentiated therapeutic approach. Engineering a better radiopharmaceutical profile Over the past two years, Starpharma has undertaken a focused program to address the common limitations of radioligand therapy and has designed and optimised its DEP® technology to offer meaningful advantage. A key challenge in radiopharmaceutical development is achieving the right balance between tumour accumulation and clearance from healthy tissue. An ideal radioligand therapy needs to reach the tumour quickly, remain there long enough to deliver its radioactive payload, and clear efficiently from the blood, kidneys and other tissues to minimise off-target exposure and toxicity. DEP® HER2-Lu has been designed with this objective in mind. Together, these features are intended to support a differentiated biodistribution profile, with strong tumour exposure and reduced accumulation in key off-target tissues. Advancing Starpharma’s lead radiopharmaceutical program towards the clinic Prolonged tumour retention Developed to remain in the tumour for at least 48 hours, supporting effective radiation delivery. Rapid tumour delivery Designed to accumulate quickly in HER2- expressing tumours. Efficient renal clearance Designed for fast clearance with minimal kidney accumulation to minimise toxicity in healthy tissue. Low blood exposure Developed to clear effectively from blood within 48 hours to minimise haematological toxicity. 1. Shitara K, et al. Trastuzumab Deruxtecan or Ramucirumab plus Paclitaxel in Gastric Cancer. N Engl J Med 2025, 393(4):336- 348. DOI: 10.1056/NEJMoa2503119 06 Annual Report 2026 Starpharma Holdings Limited DEP® HER2-Lutetium Schematic HER2-Targeting Nanobody (VHH) Surface PEG DOTA-Lutetium-177 DEP® Dendrimer Scaffold Target product profile Building the package for clinical entry FY26 was an important year of execution for DEP® HER2-Lu, with Starpharma completing key activities to support the program’s progression toward clinical development. Starpharma plans to commence a first-in-human Phase 1 study in Europe in H2 CY2026, initially enrolling up to 15 patients with advanced HER2-positive cancerstoevaluatesafetyandtolerability; pharmacokinetics and biodistribution; and organ radiation dosimetry. The study is designed to assess whether the differentiated preclinical profile observed with DEP® HER2-Lu translates into humans. These data will be important not only for DEP® HER2-Lu, but also for demonstrating the broader potentialofStarpharma’sDEP®platform in radiopharmaceutical applications. Preclinical package completed Starpharma completed the DEP® HER2-Lu preclinical data package during FY26, with encouraging biodistribution data confirming strong tumour uptake and retention, low kidney accumulation, short blood circulation time and favourable tumour-to-tissue and tumour-to-blood ratios. DEP® HER2-Lu demonstrated statistically significant anti-tumour activity and survival benefit in HER2- positive preclinical models, and formal GLP toxicology studies were also completed with no significant toxicological findings, supporting the program’s target product profile for radioligand therapy. During FY26, Starpharma generated further preclinical data demonstrating DEP®’s potential as a modular radiopharmaceutical platform, with consistent tumour uptake, retention and off-target clearance profiles observed across PSMA and EGFR targets. Together with the DEP® HER2-Lu package, these results strengthen confidence in DEP®’s broader application in radioligand therapy. Positive FDA feedback received In April 2026, Starpharma received positive feedback from the US FDA on its proposed first-in-human Phase 1 study design and overall clinical development approach for DEP® HER2-Lu. The FDA feedback provided important regulatory clarity, including: alignment on the planned European study design and clinical development strategy; confirmation that patients with advanced HER2-expressing cancers who have exhausted available therapies represent a population with significant unmetmedicalneed;potentialtopursue Fast Track designation and other accelerated development pathways; and confirmation that clinical data generated outside the US, together with existing preclinical data, should be adequate to support future US-based clinical studies under an IND application. Clinical preparations advanced Starpharma advanced clinical, regulatory and manufacturing preparations in parallel during FY26. This included finalising clinical site selection, completing GMP manufacture of the DEP® HER2-Lu precursor dendrimer, engaging a clinical research organisation to support study approvals and implementation, and working with the selected European clinical trial site and radiopharmacy to finalise procedures and logistics. The study is on track to begin in H2 CY2026. Annual Report 2025 07 DEP® HER2-Lu delivers strong tumour uptake and prolonged retention in HER2+ tumours, with low kidney exposure DEP® HER2-Lu vs. radiolabelled HER2-targeting VHH without dendrimer, HER2-VHH-Lu T = SKOV3 (HER2+) tumour K = kidneys 2D SPECT imaging showing actual radiation signal (intensity) over time (Images not corrected for decay). SKOV3 is a HER2-high expressing cancer cell line. Mice (n=3 per group) dosed with 15 MBq of radioactivity. One representative mouse is shown per group per timepoint. 4 hours HER2‐VHH-Lu DEP® HER2‐Lu HER2‐VHH-Lu DEP® HER2‐Lu 48 hours HER2‐VHH-Lu DEP® HER2‐Lu 5 days HER2‐VHH-Lu DEP® HER2‐Lu 12 days T K T T K T K T T T T 07 Annual Report 2026 Starpharma Holdings Limited Strategic partnerships are central to Starpharma’s value creation strategy. They provide external validation of the DEP® platform, create opportunities for non-dilutive funding and future income, and expand the number of DEP®-based programs progressing across high-value therapeutic applications. In FY26, Starpharma strengthened this part of its strategy through two new oncology-focused partnership agreements, with Genentech and Radiopharm Theranostics, continued progress with Petalion Therapeutics, and ongoing partnering activities for its clinical-stage DEP® assets, DEP® SN38 and DEP® cabazitaxel. Together, these programs demonstrate the breadth of potential applications for DEP® and provide multiple pathways to future value creation through upfront payments, R&D service revenue, equity participation, milestones, and royalties. Importantly, these partner-led opportunities sit alongside Starpharma’s internally developed pipeline. This creates a more balanced portfolio model: Starpharma can progress selected proprietary assets, such as DEP® HER2-Lu, while also enabling leading external partners to apply DEP® to their own oncology programs. This approach increases the number of opportunities being advanced, broadens the platform’s exposure to different targets and modalities, and provides shareholders with multiple potential sources of value generation. Review of Operations continued Genentech: External recognition from a global oncology leader In September 2025, Starpharma announced a Collaboration and License Agreement with Genentech to develop potential cancer therapies using Starpharma’s DEP® platform. This agreement represented an important milestone for the company and provided external recognition of the potential of DEP® in oncology drug development. Under the agreement, Starpharma is generating DEP® dendrimer-drug conjugates that incorporate Genentech medicines for selected oncology targets, with Starpharma working exclusively with Genentech in relation to those targets. Program activities commenced during H1 FY26. The collaboration provides Starpharma with a meaningful commercial opportunity, including a USD $5.5 million upfront payment received in October 2025, up to USD $564 million in success-based development, commercial and net sales milestones, and tiered royalties on global net sales. The Genentech agreement is significant because it positions DEP® within the development pipeline of a global leader in oncology. It provides external validation of Starpharma’s technology, creates potential long-term value, and demonstrates the relevance of DEP® to major pharmaceutical partners pursuing next-generation cancer therapies. Radiopharm Theranostics: Demonstrating DEP® as a platform for radiopharmaceutical collaboration In September 2025, Starpharma executed a Research and Option Agreement with Radiopharm Theranostics to develop a DEP® radiopharmaceutical conjugate, following six months of preliminary research under the company’s Star Navigator program. Starpharma’s team worked diligently to advance the development and manufacturing phase of this program. In July 2026, the program achieved an important milestone, triggering a AUD $0.5 million fee payable to Starpharma and commencing the option period during which Radiopharm may elect to take up an exclusive licence. If a license agreement is executed, Starpharma would be eligible to receive a AUD $2 million upfront payment and up to AUD $89 million in success-based milestones and royalties, in addition to R&D service and manufacturing fees. The Radiopharm collaboration reinforces the potential breadth of Starpharma’s DEP® platform in radiopharmaceuticals and shows how the Star Navigator program can create value by converting early partner evaluation into formal commercial agreements. Expanding the pathways for DEP® value creation 08 Annual Report 2026 Starpharma Holdings Limited Annual Report 2025 09 Star Navigator: Opening the DEP® platform to more partner opportunities Launched in 2025, Star Navigator is Starpharma’s structured early-access partnering initiative. It is designed to enable external collaborators to evaluate DEP® earlier and more efficiently within their own development programs, while maintaining clear intellectual property boundaries for both parties. The initiative supports a scalable partnering model by allowing potential collaborators to explore DEP® in a defined and disciplined way before progressing into larger research, option or licence agreements. Star Navigator expands the top of Starpharma’s partnering funnel. It brings potential partners into the DEP® platform earlier, generates R&D service revenue, supports external validation, and creates a clearer pathway for future licensing opportunities. During FY26, Starpharma continued to engage with multiple collaborators and saw strong interest in DEP® at international sector conferences. DEP® SN38 and DEP® cabazitaxel: Partner-ready clinical assets In addition to new platform and partner-led programs, Starpharma continued to pursue partnering opportunities for its clinical-stage DEP® assets, DEP® SN38 and DEP® cabazitaxel.Whileprogresshastakenlongerthananticipated, we remain committed to pursuing these opportunities. These assets are supported by clinical data, positive FDA feedback on the 505(b)(2) regulatory pathway, and potential for Fast Track designation. During FY26, results from the DEP® SN38 clinical study were published in the Journal of Clinical Oncology, and results from the DEP® cabazitaxel study were published in the European Journal of Cancer. The peer-reviewed publications provide independent validation of the clinical data for these assets and support the broader potential of Starpharma’s DEP® platform. They also strengthen the package available to potential partners, investigators and investors as Starpharma continues to pursue out-licensing opportunities. Petalion Therapeutics: Advancing a novel oncology asset through a focused joint venture Petalion Therapeutics is Starpharma’s strategic joint venture with Medicxi, one of Europe’s leading life sciences investors, established to advance a dendrimer- based oncology asset in a novel therapeutic area. During FY26, Petalion made important progress, with the discovery team completing the first stage of research and development. The program is now expected to transition into lead asset optimisation, a key step in refining the strongest candidate profile and building the data package needed to support any future development. Petalion demonstrates another avenue for DEP® value creation, complementing Starpharma’s more traditional approach to licensing and research collaborations. 09 Annual Report 2026 Starpharma Holdings Limited Review of Operations continued Starpharma continued refining its development strategy in FY26, focusing on targeted oncology opportunities with strong differentiation and commercial appeal. The company’s discovery program leverages DEP® dendrimer technology to improve biodistribution, enhance tumour targeting and reduce off-target toxicity. Key priorities include next-generation oncology modalities, including targeted radiopharmaceutical applications, building on Starpharma’s experience in drug delivery and insights gained from the advancement of its foundational DEP® programs and DEP® HER2-Lu. During the year, Starpharma further exemplified the broad applicability of DEP® in radiopharmaceutical development, generating highly consistent biodistribution and tumour uptake data across multiple validated oncology targets, including PSMA and EGFR, in addition to HER2. Across these models, DEP® consistently enhanced tumour uptake and retention while reducing off-target accumulation, reinforcing the platform’s potential to improve the therapeu