Announcement PDF Delivering meaningful patient outcomes with advanced dendrimer technology Annual Report 2025 Starpharma is an innovative biotechnology company with two decades of experience in advancing dendrimer technology from the lab 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. Contents 01 02 04 06 Highlights Chairman’s Report Chief Executive Officer’s Report Starpharma’s DEP® Platform 08 09 10 12 Key Focus Area 1: Maximise DEP® Asset Value Key Focus Area 2: Accelerate Early Asset Development Key Focus Area 3: Build Long-Term Sustainability Directors’ Report (including Remuneration Report) 46 47 77 78 Auditor’s Independence Declaration Annual Financial Report Directors’ Declaration Independent Auditor’s Report 83 85 Shareholder Information Corporate Directory Starpharma Holdings Limited ABN 20 078 532 180 Annual Report 2025 2024-25 Highlights Starpharma’s 2025 financial year was marked by strategic execution, and clinical and commercial progress, all underpinned by the company’s commitment to delivering long-term shareholder value through its dendrimer-based DEP® platform. Maximising DEP® Asset Value Accelerating Early Asset Development Building Long-Term Sustainability • Positive FDA feedback for DEP® SN38 • Advanced multiple partnerships • Revenue growth and cost management • DEP® SN38 published in Journal of Clinical Oncology • Launched Star Navigator and engaged two new opportunities • HER2 radiotheranostics program re-set and advanced • Identified key opportunities for next-generation DEP® assets and exemplification of the dendrimer technology • Expanded distribution network and geographic coverage for marketed products • Extensive partner engagement across key markets • Expanded chemistry and analytics resources • Broadened our innovation network through broader sector engagement Starpharma Holdings Limited 1 • Optimised our IP portfolio to drive long-term value • ESG integration • Focus on high performance culture Annual Report 2025 Chairman’s Report We are driven by the belief and knowledge that Starpharma’s dendrimer technology can change lives, as has been validated by the meaningful results from our clinical programs. Rob Thomas AO Chairman Dear fellow shareholders, I am pleased to address you on behalf of the Board of Directors as we reflect on Starpharma’s progress over the 2024-25 financial year and, more importantly, set our sights on the opportunities that lie ahead. Cheryl Maley, our CEO will outline the company’s operational activities and progress on strategic goals in her CEO Report. In this past year, Starpharma, under Cheryl’s leadership, has sharpened its focus and recalibrated its strategies. We have moved to a strategy centred on long-term value creation and operational sustainability. Our proprietary DEP® dendrimer technology is the cornerstone of this strategy. We firmly believe this technology holds the potential to redefine drug delivery and create immense value, not just for our shareholders, but for patients around the world. Starpharma’s strategy will continue to rest on three foundational pillars: extracting maximum value from Starpharma’s DEP® platform, Starpharma Holdings Limited accelerating innovations both in our pipeline and with partners, and building a sustainable future for our company. These are the guiding principles for every decision we make and, in this macro-economic environment, it is critical that we invest in the systems, people, and infrastructure that will enable predictable, long-term performance. We are committed to leveraging our innovative dendrimer technology for commercial impact across oncology, radiopharmaceuticals, and beyond. Starpharma’s focus on oncology is driven by a simple but powerful vision: to develop novel, more effective therapies that address significant unmet clinical needs. We are driven by the belief and knowledge that Starpharma’s dendrimer technology can change lives, as has been validated by the meaningful results from our clinical programs including DEP® SN38, DEP® cabazitaxel, and DEP® docetaxel. These results continue to be recognised by key industry stakeholders, and we were proud to see the results for DEP® SN38 recently published in the Journal of Clinical Oncology. 2 Radiotheranostics are another area of high interest for Starpharma, rightly so, given the sector’s robust growth and rising global interest. Our dendrimer technology has already demonstrated strong potential in early-stage preclinical studies, which our team is very excited about. Expediting this program into clinical development is a key priority, as we believe this area holds significant promise for patients and value creation for our shareholders. Beyond our internal pipeline, we are highly focused on forging strategic partnerships to amplify our global reach and accelerate the development of dendrimer-based innovations. We recognise that Starpharma’s dendrimer platform has applications far beyond what we can explore on our own. Our goal is to make this technology a cornerstone of innovation across the biotechnology and pharmaceutical industry. We are actively engaging with leading researchers and companies to build collaborations that will not only advance our programs but also accelerate the discovery of new therapies for patients. Annual Report 2025 In a challenging global market, the Board and Leadership team have remained steadfastly committed to our vision to create a more efficient, focused, and resilient organisation. This disciplined approach ensures that every resource we deploy, every dollar we invest, is directed towards the opportunities with the greatest potential for long-term value creation. On behalf of the Board, I would like to extend my deepest gratitude to our dedicated team at Starpharma, led by Cheryl Maley, for their unwavering commitment, expertise, and hard work. Their passion and agility are the driving force behind our progress and the impact we aspire to create. I also wish to thank my fellow Board members who continue to make a great contribution. Starpharma Holdings Limited Finally, to our valued shareholders, thank you for your continued patience, trust, and invaluable support. You are integral to Starpharma’s journey. Together, we are building something truly special, a company with the technology, the people, and the vision to create enduring value and global impact. The journey ahead is filled with opportunities, and we are excited to have you with us. Sincerely, Rob Thomas AO Starpharma Chairman 3 Annual Report 2025 Chief Executive Officer’s Report Our business development efforts in FY25 were strategically targeted at maximising the value and partnering potential of Starpharma’s DEP® technology and clinical-stage DEP® assets. Cheryl Maley Chief Executive Officer Dear Shareholders, I am pleased to present Starpharma’s 2025 Annual Report—marking a year of transformation and progress towards our strategic objectives. We commenced the year with ambitious goals, and while some initiatives experienced delays, I am pleased with the significant progress we have made and the strong foundation we’ve laid for FY26. Following our strategic review in May 2024, we made deliberate decisions to de-prioritise certain activities, enabling us to concentrate our efforts on the most critical and high-impact opportunities. We began the year with a very focused strategy, designed to deliver long-term value to Starpharma and its shareholders. This has required us to shift our mindset, reallocate resources and transform the way we work within the business. These important changes may not yet be evident to those outside Starpharma but will be a key driver for our future success. In FY25, our business development efforts were targeted at unlocking the value and partnering potential of Starpharma’s dendrimer platform and clinical-stage DEP® assets – DEP® SN38 and DEP® cabazitaxel. Starpharma Holdings Limited We invested significant internal and external resources to advance discussions with prospective partners, while also engaging with key opinion leaders and clinical experts to strengthen the commercial case for our technology. We remain disciplined and committed in our approach to out-licensing our dendrimer platform and DEP® assets, and have built momentum with the goal of securing value-generating partnerships that align with our long-term vision. Following an exercise to re-evaluate and re-set our target product profile, we undertook extensive pre-clinical development in our DEP® HER2 radiotheranostics program. The early results are exciting, and we are preparing to initiate a first-in-human study in 2026. Our approach ensures that our lead assets are differentiated, clinically relevant, and commercially compelling – positioning us to leverage the growing interest from potential partners. Partnerships remain central to Starpharma’s business model. This year, we successfully completed the first year of our collaboration with Petalion Therapeutics, which delivered strong progress and demonstrated excellent synergies between our teams. 4 To support our approach to engaging new partners and better serving our existing partners, we grew our business development and early research teams, enabling us to better capitalise on emerging market opportunities. We launched Star Navigator, a new initiative designed to accelerate and streamline research partnerships across the drug development continuum. Through Star Navigator, we can engage more easily with early-stage collaborators, showcase the differentiated value of our dendrimer technology, and unlock new platform licensing opportunities. With our focus on long-term sustainability, revenue generation remains a top priority. In FY25, we achieved a 183% increase in underlying revenue compared to FY24, driven by R&D service income from our partnership with Petalion as well as Viraleze™ sales. Our digital marketing efforts in UK and EU for ViralezeTM provided valuable insights, which we will build upon for both ViralezeTM and VivaGel® BV in FY26. Looking ahead, we enter FY26 with strong momentum and genuine excitement, with multiple opportunities Annual Report 2025 Strategic Priorities 01 02 03 Maximise DEP® asset value Accelerate early asset development Build long-term sustainability Prioritising areas of high unmet medical need Focusing on novel assets in emerging therapy areas Increasing revenue, strengthening IP position, and fostering a high-performance culture for value creation. Our validated dendrimer technology, productive partnerships, and growing commercial returns position us well to execute our strategy, accelerate revenue growth, and capture new market opportunities. As a team, we remain steadfast in our mission: to help patients with serious illnesses—such as cancer—achieve better Starpharma Holdings Limited outcomes and quality of life through our unique dendrimer technology. On behalf of the Board and leadership team, thank you for your continued support and investment in Starpharma. We look forward to updating you as we deliver on our commitments and realise the full potential of our dendrimer technology. 5 Sincerely, Cheryl Maley Chief Executive Officer Annual Report 2025 Starpharma’s DEP ® Platform Offers Unique Advantages in the Development of Novel Therapy Approaches Starpharma is utilising its DEP® platform to address complex drug delivery challenges by enhancing drug characteristics, such as drug/payload to targeting moiety ratios, solubility, tumour targeting, biodistribution and pharmacokinetic profiles, while ensuring scalable and reliable manufacturing. How DEP® Solves Drug Delivery Challenges Enhances tolerability Improves efficacy Improves tumour penetration and retention Increases payload capacity (Drug-Targeting Moiety Ratio) Scalable, reproducible, site-specific Flexible size, solubility, linkers Optimises pharmacokinetics and biodistribution Starpharma’s technology is well positioned to contribute meaningful value to the advancement of innovative therapeutic developments. DEP® Dendrimers – Versatile and Validated Dendrimers are highly branched, tree-like macromolecules with a well-defined, 3D structure. Flexibility with payload • Flexibility with the number and type of payload molecules, such as chemotherapeutic or radioisotope, to precisely match the clinical need and therapy characteristics. • Linkers tether the payload to the dendrimer scaffold and can be designed to release the payload under certain conditions (e.g., low pH, in the presence of certain enzymes). A variety of different linkers can be used depending upon where and how the payload needs to be delivered. Option to use a broad range of targeting moieties to develop targeted therapy approaches • Flexible choice of targeting moiety (e.g., antibody, antibody mimetics, peptide, small molecule) provides options for targeting and can be customised to specific therapeutic needs. • Polyvalency, the ability to have multiple targeting molecules, which can maximise both the affinity and avidity of the targeting molecule with the receptor target. Ability to modify linker/chelator and pharmacokinetics • Payload release rate and plasma half-life are tuneable, allowing control of both the rate and site of drug/payload release. • Dendrimer size and charge can be adjusted to control clearance, which can determine the therapeutic clearance route based on the treatment approach or disease, for instance, via kidney, liver, or spleen. PEG provides stealth, control clearance, and solubility DEP® dendrimers are constructed in concentric layers (generations) of lysine monomers. Starpharma Holdings Limited • Easier handling of drugs, optimising drug biodistribution and solubility. Clinically validated DEP® dendrimer technology • More than 350 patients have been treated with the DEP® dendrimer technology in clinical trials. • DEP® dendrimers are easily scalable, precisely manufactured, and can be produced according to Good Manufacturing Practice (GMP). 6 Annual Report 2025 Application to a Wide Range of Therapeutic Areas with Broad Applicability Passive and active targeting for drug delivery Radio Chemo Ability to use a wide range of targeting moieties Site-specific attachment of dendrimer on targeting moiety Small molecule Full antibody Can select drug payload and radioisotope for the desired application Drug-linker strategy flexibility Key characteristics valued by collaborators Flexibility in chelator type and radioisotope Antibody mimetic Antibody fragment Precisely manufactured and easily scalable How We Modify Dendrimers for Pharmaceutical Applications DEP® SN38 PEG Linker DEP® dendrimer SN38 DEP® Radiotheranostics PEG Novel nanoparticle formulation Delivers SN38 preferentially to the tumour and avoids severe gastrointestinal toxicities ENHANCED EFFICACY AND SAFETY Validated clinical asset Phase 1/2 data in heavily pre-treated platinum resistant ovarian cancer (PROC) patients published in the Journal of Clinical Oncology PEER-REVIEW VALIDATION SUPPORTS DATA QUALITY Clinical and regulatory pathway Confirmed applicability of “505(b)(2)”, and potential for Fast Track designation and accelerated approval POSITIVE FDA FEEDBACK Proprietary product Innovative, patent protected therapy option with patent protection to 2039+ ATTRACTIVE COMMERCIAL OPPORTUNITY Designed to improve performance Tunable pharmacokinetics and biodistribution profiles PREFERENTIAL DELIVERY TO TUMOURS Broad applicability Applicable to a variety of isotopes and targeting profile approaches DIAGNOSTIC AND THERAPEUTIC APPLICATIONS Novel asset development Designed to address significant unmet medical need SIGNIFICANT COMMERCIAL OPPORTUNITIES Precise manufacture Dendrimer manufacture at multi-kilogram scale under GMP PRECISION, REPRODUCIBILITY, CONSISTENCY Chelator DEP® dendrimer Targeting Moiety (if Required) Radioisotope Starpharma Holdings Limited 7 Annual Report 2025 Key Focus Area 1: Maximise DEP® Asset Value Starpharma is using its proprietary DEP® drug delivery platform to create value by enhancing the therapeutic performance and commercial potential of pharmaceuticals both in collaboration with research partners and through our internal drug discovery and development pipeline. The company’s DEP® technology offers significant advantages in drug development, including improved solubility, increased efficacy, pharmacokinetic control, and improved toxicity profile. These advantages can be applied to a range of therapeutic payloads, such as cytotoxic drugs and radioisotopes, and combined with a wide range of disease-targeting moieties, such as small molecules, peptides, and proteins, for the development of optimised, targeted chemotherapeutics, akin to Antibody-Drug Conjugates (ADCs), and radiotheranostics. Starpharma’s innovative dendrimer platform is highly versatile and flexible in drug formulation and offers significant optionality for internal development programs and collaborative partnerships. With this technology, Starpharma can support partner companies by improving therapeutic outcomes, portfolio differentiation and enhancement, extending patent life, and unlocking additional treatment indications. DEP® Clinical-stage Assets Throughout FY25, Starpharma’s primary focus was on maximising the value of its lead clinical-stage assets, DEP® SN38 and DEP® cabazitaxel. The company leveraged its clinical results and prominent presentations at the high-profile ASCO Annual Meeting 2024 and other clinical oncology conferences to generate interest and accelerate partnering discussions. Starpharma also sought to ensure the most efficient and commercially attractive clinical development pathway for potential partners through robust engagement with key opinion leaders, regulatory bodies, and commercial stakeholders. An important milestone was achieved in December 2024, when Starpharma met with and received positive feedback from the US Food and Drug Administration (FDA) regarding clinical Starpharma Holdings Limited program options for DEP® SN38, particularly for its use in treating platinum-resistant ovarian cancer, an area where DEP® SN38 has demonstrated promising anticancer activity in patients. The agency agreed that DEP® SN38 could be considered for FDA Fast Track designation, recognising the serious unmet medical need for effective treatments for platinum-resistant ovarian cancer. The FDA also endorsed the “505(b)(2)” regulatory pathway for DEP® SN38, which would allow Starpharma to utilise existing FDA safety and efficacy data for irinotecan, thereby potentially streamlining the approval process. The FDA also indicated that DEP® SN38 may qualify for accelerated approval based on an interim analysis of surrogate endpoints from a proposed Phase 2/3 clinical program. While final approval would depend on the outcomes of such studies and the overall data package, accelerated approval could provide early access to DEP® SN38 for patients in need. These regulatory insights have been instrumental in our partnering discussions, enhancing the attractiveness of DEP® SN38 to potential collaborators. This regulatory guidance also supports a streamlined path forward for DEP® cabazitaxel. In August 2025, Starpharma was pleased to share that the results from the clinical study of DEP® SN38 had been published in the highly regarded peer-reviewed Journal of Clinical Oncology. Starpharma’s Chief Scientific and Regulatory Officer, Dr Jeremy Paull, commented on the publication: “The publication of our DEP® SN38 manuscript by the Journal of Clinical Oncology is a proud moment for our clinical team as well as the extended team that collaborated on the research and development of the product. It reflects the importance of these types of clinical programs and highlights the potential of Starpharma’s dendrimer technology to improve outcomes for patients with cancers with significant unmet medical need.” 8 Throughout the year, Starpharma employed a multi-faceted approach to partnering its clinical assets, leveraging momentum from ASCO and other conferences and incorporating the FDA’s feedback to engage with a broad range of potential partners. Starpharma dedicated significant internal and external resources to out-licensing DEP® SN38 and DEP® cabazitaxel. The licensing process is taking longer than anticipated, which we attribute to a range of factors including the evolving oncology landscape shifting towards targeted treatment options and the current geo-political and financial environment. We have engaged in considerable constructive discussions with small to large-size companies, which have shown an interest. It is clear that these companies recognise the potential of these assets and the robustness of the clinical data. We remain committed to securing partnerships for our DEP® clinical stage assets. Advancing DEP® Radiotheranostics Starpharma’s radiotheranostics strategy is to develop high-value, differentiated assets, supported by robust preclinical and clinical data, and to form strategic partnerships aimed at out-licensing the DEP® platform for radiotheranostic applications. We are diligently advancing Starpharma’s HER2-targeted radiotheranostic candidates, focusing on identifying the most promising DEP® HER2 lead candidates for clinical progression. Starpharma has completed extensive preclinical studies with the aim of initiating a first-in-patient study in 2026. In parallel with the preclinical program, Starpharma has engaged with key opinion leaders and clinical trial experts in the radiopharmaceuticals field, ensuring the company’s clinical development plan is aligned with clinical needs and market opportunities. The progress in this early-stage work has been showcased at several high-profile scientific conferences throughout the year, generating considerable industry interest and paving the way for new collaborative opportunities. Annual Report 2025 Key Focus Area 2: Accelerate Early Asset Development Starpharma is intensifying its focus on enhancing its internal pipeline with novel assets that offer innovation, high commercial potential and a strong competitive advantage. Starpharma’s DEP® technology is uniquely positioned to offer flexibility across a wide range of cutting-edge therapies, including radiotheranostics and targeted approaches. This adaptability continues to attract industry interest, reinforcing our continued focus on early asset development and highimpact research collaborations. Partner Updates Partnerships are essential to Starpharma’s strategic vision, providing significant flexibility and potential to our pipeline. Starpharma’s proprietary dendrimer technology continues to attract interest across the pharmaceutical and biotechnology sectors, underscoring its therapeutic potential and innovative advantage. Throughout the year, Starpharma continued its collaborations with Petalion Therapeutics, Genentech, and MSD. The company’s partnership with Petalion, a joint venture with investment firm Medicxi, entered its second year, showing encouraging progress and strong synergies between our teams. Strengthening these alliances and forging new ones will remain a core focus for Starpharma as we continue to drive the development and commercialisation of our DEP® technology. Star Navigator: Streamlining Partner Access to Dendrimers Next-generation DEP® candidates To further extend the reach and utility of the DEP® platform, Starpharma launched Star Navigator in June 2025. Over the past year, Starpharma evaluated several next-generation DEP® candidates in novel areas that will exemplify the benefit of the dendrimer technology and increase the number of new assets in early development. Starpharma has implemented a stage-gate process to enhance the efficiency of candidate identification and selection, and decision making within our early development processes. Star Navigator is an incubator-style partnering initiative designed to streamline collaboration pathways and enable a greater variety of partners at all stages of drug development to leverage the DEP® technology for hands-on experimentation and innovation. Star Navigator enables partners to work directly with Starpharma’s proprietary DEP® platform under defined collaboration frameworks, supported by our broad IP protection, with the backing of our strong technical expertise, helping to accelerate and streamline the journey from discovery to development. This program is a extension of Starpharma’s partnership model, aiming to expand our collaboration opportunities for the joint development of novel assets and enhance opportunities for future platform licensing. Starpharma was developing a HER2targeted dendrimer-drug conjugate (DEP® ADC), but with continued progress of its HER2-targeted dendrimer radiopharmaceutical assets, the company broadened its focus during the year to investigate other novel targets with high commercial potential beyond HER2 for its dendrimer-drug conjugates. The Star Navigator program is already off to a strong start, with early-stage research projects underway with two new collaborators. These initiatives aim to explore the applications of Starpharma’s proprietary dendrimer technology in novel therapeutic areas. Should these collaborations prove successful, they may evolve into formal research partnerships and licensing opportunities, potentially adding significant value to our portfolio. Starpharma concluded its partnership with AstraZeneca in November 2024 after an extended period of inactivity, enabling the company to focus on more active and value-aligned opportunities. Looking ahead, Starpharma is committed to advancing the DEP® platform, maximising opportunities to expand our network of partners and demonstrating the therapeutic value of Starpharma’s technology. Starpharma Holdings Limited 9 Annual Report 2025 Key Focus Area 3: Build Long-Term Sustainability Starpharma is highly focused on building long-term sustainability and delivering long-term value for shareholders. The company’s clear strategy is to increase revenue, enhance its intellectual property (IP) portfolio, and effectively manage costs to support ongoing financial strength and future growth. With a platform technology, Starpharma is well positioned to generate revenue from multiple sources in the near and medium term. In FY25, Starpharma increased sales of Viraleze™ and VivaGel® BV through new supply agreements and online sales. The company also conducted a comprehensive review of its IP portfolio, prioritised cost management and operational efficiences, continued to foster a high-performance culture and maintain ESG standards. Elevating the Viraleze™ and VivaGel® BV Brands VivaGel® BV VivaGel® BV is a novel, non-antibiotic gel developed by Starpharma for the treatment of bacterial vaginosis (BV) and the prevention of recurrent BV and its symptoms. BV is one of the world’s most prevalent vaginal conditions among women of childbearing age. VivaGel® BV has achieved registration in over 40 jurisdictions and Starpharma has distribution agreements with Aspen in Australia and New Zealand, ITROM Pharmaceutical Group in the Middle East and North Africa, and Synmosa in Philippines, Malaysia and Singapore. In April 2025, after the transfer of regulatory approvals from Mundipharma and extensive pre-launch Starpharma Holdings Limited activities, Starpharma’s partner, ITROM Pharmaceutical Group, successfully launched VivaGel® BV in Saudi Arabia and the United Arab Emirates (UAE). ITROM has distribution rights to VivaGel® BV in 13 countries across the Middle East and North Africa (MENA), and this launch represents the first of a series of planned launches across this region. Leveraging an extensive network in both public and private healthcare sectors, ITROM is well positioned to establish VivaGel® BV as a solution for BV in the MENA region. “We are very enthusiastic about introducing VivaGel® BV in Saudi Arabia and the UAE, with further launches planned across the MENA region,” said Mr. Mohammed Soboh, General Manager, ITROM Pharmaceutical Group. “VivaGel® BV is an excellent product offering women a unique and effective solution for bacterial vaginosis. We look forward to a prosperous partnership with Starpharma, working together to educate our women regionally about this product, achieve market penetration, and significantly improve the lives of those affected by this condition in our territory.” In May 2025, Starpharma entered into a distribution agreement with Synmosa Biopharma Corporation (Synmosa), a Taiwan-based pharmaceutical company, for commercialisation of VivaGel® BV in the Philippines, Malaysia, and Singapore, territories that were previously licensed to Mundipharma. Synmosa has an established women’s health portfolio, making them an ideal partner for introducing VivaGel® BV in these markets. Starpharma’s partner, Aspen, continues to market VivaGel® BV in Australia and New Zealand under the brand name Fleurstat® BVgel. Fleurstat BVgel maintained its strong market position in Australia in FY25. In addition to supporting our current partners, Starpharma is actively pursuing supply agreements for VivaGel® BV in 10 additional markets, with a particular focus on expanding into Europe and the United Kingdom. Viraleze™ Nasal Spray Viraleze™ is a broad-spectrum topical nasal spray developed by Starpharma, designed to form a protective barrier in the nasal cavity that traps and blocks cold and respiratory viruses. Viral infections commonly affect the upper respiratory tract and can lead to more serious conditions or diseases. Viraleze™ has been registered in 35 jurisdictions. In FY25, Starpharma focused on increasing online sale