Announcement PDF Appendix 4E: Preliminary Financial Report under ASX Listing Rule 4.3A Current reporting period: Year ended 30 June 2023 Prior corresponding period: Year ended 30 June 2022 Results for announcement to the market $’000 Revenue from continuing operations (Appendix 4E item 2.1) Down 14% to $4,208 Loss from continuing operations after tax attributable to members (Appendix 4E item 2.2) Down (decrease) 3% to $15,638 Loss for the period attributable to members (Appendix 4E item 2.3) Down (decrease) 3% to $15,638 Dividends (Appendix 4E items 2.4 and 2.5) No dividends have been paid or declared by the entity since the beginning of the current reporting period. No dividends were paid for the previous corresponding period. No record date for determining entitlements to dividends has been declared. Explanation of Revenue (Appendix 4E item 2.6) Revenue of $4,208,000 (2022: $4,899,000) for the year includes $2,938,000 for VIRALEZE™ and VivaGel® product sales, royalty, licensing revenue, and research revenue from commercial partners. Interest income on cash invested of $1,269,000 (2022: $217,000) is also included. For further details, refer to the Annual Report which follows this announcement. Explanation of Loss (Appendix 4E item 2.6) The loss after tax was $15,638,000 (2022: $16,154,000) and includes research and product development expenses of $11,239,000 (2022: $11,680,000) net of the Australian Government’s R&D tax incentive. Research expenditures are primarily associated with the internal DEP® drug delivery programs including DEP® docetaxel, DEP® cabazitaxel, DEP® irinotecan, DEP® ADCs and DEP® radiotheranostics, and the VIRALEZE™ post-market clinical study. For further details, refer to the Annual Report which follows this announcement. Financial Statements (Appendix 4E items 3, 4 and 5) Refer to the Annual Report which follows this announcement. Retained Earnings / Accumulated Losses (Appendix 4E item 6) Refer to note 18 in the Annual Report, which follows this announcement. Net Tangible Asset Backing (Appendix 4E item 9) Net tangible asset (NTA) backing per ordinary share at 30 June 2023 is $0.08 (2022: $0.12). Other Significant Information (Appendix 4E item 12) Refer to the Annual Report which follows this announcement. Commentary on Results (Appendix 4E item 14) Refer to the Annual Report, which follows this announcement, including the Operating and Financial Review in the Directors’ Report. Audit (Appendix 4E items 15 to 17) The audit of the financial statements and notes has been completed and the Auditors’ Report to members is contained in the Annual Report, which follows this announcement. The above NTA backing calculation is considered a non-IFRS value and has not been audited or reviewed in accordance with Australian Accounting Standards. Appendix 4E items 7, 8, 10, 11, and 13 are not applicable. Starpharma annual report and full-year financial results Melbourne, Australia; 24 August 2023: Starpharma (ASX: SPL, OTCQX: SPHRY) today releases its annual report and full-year financial results for the year ended 30 June 2023. Financial Results • Strong balance sheet with cash of $35.2 million at 30 June 2023. This excludes A$6.6M received from Mundipharma in August 2023, following the recent commercial settlement for VivaGel® BV. • Reported loss down 3% to $15.6M (FY22: $16.2M). • Revenue down 14% to $4.2M (FY22: $4.9M). • Starpharma received a $7.1 million R&D tax incentive refund in December 2022, with an anticipated R&D tax incentive refund of $7.6 million expected in FY24. Operational Highlights • Expanded partnerships with multinational pharmaceutical companies MSD and Genentech, exploring the application of DEP® across several novel therapeutic modalities, including AntibodyDrug Conjugates (ADCs). • Generated additional clinical data across our three clinical DEP® programs, including promising data for DEP® cabazitaxel in patients with advanced prostate cancer, which were presented at the European Society of Medical Oncology (ESMO) Congress in Paris. • Completed recruitment of patients for all three in-house Phase 2 monotherapy clinical programs: DEP® cabazitaxel, DEP® docetaxel, and DEP® irinotecan. • Launched VIRALEZE™ Antiviral Nasal Spray in Hong Kong and Macau through our partner Hengan Group, shortly after signing a new distribution agreement for these markets. • Commenced a post-market clinical study of VIRALEZE™ in patients with COVID-19 in the UK. The study has recruited ahead of target with more than 90% of the target participants now enrolled. • Advanced two new DEP® pipeline products which demonstrated the unique benefits of the DEP® platform in radiotheranostics and ADCs: o DEP® HER2-zirconium, a radiodiagnostic for HER2-positive cancers, such as breast cancer and gastric cancer; and o HER2-targeted DEP® SN38 ADC, a targeted ADC therapeutic, which outperformed leading ADC therapy Enhertu® in a HER2+ human ovarian cancer model. Dr Jackie Fairley, Starpharma CEO, commented, “Starpharma made significant progress across its portfolio during the 2023 financial year. Across our three Phase 2 DEP® clinical programs, which have now completed recruitment in the monotherapy arms, we have seen encouraging efficacy signals and reductions in multiple clinically important side effects, compared to adverse events for conventional formulations of these drugs. Our trial clinicians continue to report improved patient experiences with DEP® therapies. We were pleased to present data from the prostate cancer cohort of the DEP® cabazitaxel trial at ESMO and look forward to releasing and presenting more data from our Phase 2 trials in Q3 CY23. “We were delighted to expand our DEP® partnerships with leading, global companies, MSD and Genentech, adding new programs of work, which are progressing well. Our antiviral nasal spray, VIRALEZE™, was launched in Hong Kong and Macau, and new product registrations were achieved in Indonesia and Malaysia with further applications underway. Our post-market clinical study of VIRALEZE™ in people with COVID-19 is recruiting ahead of schedule, with more than 90% of participants enrolled and data expected soon after completion. “Starpharma remains in a very strong financial position, with cash reserves of $35.2 million at 30 June 2023, and the subsequent receipt of A$6.6M in August 2023, from Mundipharma, following the signing of a settlement agreement related to VivaGel® BV. “Looking ahead, we have a number of exciting milestones, including results from our DEP® oncology trials, multiple upcoming presentations at international oncology and radiotheranostics meetings, as well as results from our post-market VIRALEZE™ study. We also expect advances in our partner and preclinical DEP® programs, as well as for VIRALEZE™ and VivaGel® BV.” Key Activities DEP® Drug Delivery Programs Starpharma’s Phase 2 clinical trial of DEP® cabazitaxel completed the enrolment and treatment of patients, with 76 participants enrolled. Encouraging efficacy signals following treatment with DEP® cabazitaxel have been observed, including significant tumour shrinkage and tumour biomarker reductions, in heavily pre-treated patients with advanced cancers, including prostate, ovarian, gastrooesophageal, cholangiocarcinoma and head and neck cancer. In September 2022, Starpharma presented promising results from the prostate cancer cohort at the European Society of Medical Oncology (ESMO) Congress. Starpharma expects to report the Phase 2 results from this trial in Q3 CY23, with partnering discussions ongoing. The Phase 2 monotherapy arm of the DEP® docetaxel trial also completed enrolment and treatment of patients. 50 patients were recruited and treated with DEP® docetaxel in the monotherapy arm, and encouraging efficacy signals, including prolonged stable disease and significant tumour shrinkage, have been observed in heavily pre-treated patients with multiple cancer types, including pancreatic cancer, gastro-oesophageal cancer, and cholangiocarcinoma. Starpharma expects to report the Phase 2 results from this trial in Q3 CY23, with partnering discussions ongoing. Starpharma also completed patient enrolment in the monotherapy arm of the Phase 2 clinical trial of DEP® irinotecan, with 88 patients having been enrolled in the monotherapy arm. Encouraging results have been seen in patients with multiple cancer types, including colorectal, platinum-resistant ovarian, gastrointestinal, and breast cancer, with durable responses for up to 72 weeks. Starpharma also progressed the combination arms of the DEP® irinotecan (5-FU/leucovorin) and DEP® docetaxel (gemcitabine) Phase 2 trials, with final patient recruitment underway. The irinotecan plus 5FU/leucovorin combination is a standard-of-care treatment regimen for colorectal cancer. In parallel with completing these Phase 2 programs, Starpharma continued to build its pipeline of DEP® assets, advancing the development of two promising products in DEP® radiotheranostics and DEP® ADCs. In June 2023, Starpharma announced that DEP® HER2-zirconium, a HER2-targeted radiodiagnostic, demonstrated imaging benefits in a HER2+ breast cancer model. The demonstrated benefits included a favourable biodistribution profile, excellent imaging contrast between tumour and normal tissues, rapid uptake, and high levels of tumour accumulation. In addition, Starpharma announced the development of a HER2-targeted DEP® SN38 ADC, which demonstrated significant anti-tumour activity and improved survival in a HER2-positive (HER2+) human ovarian cancer xenograft model, outperforming a leading HER2-ADC, Enhertu®. Starpharma’s partners include some of the world's largest pharmaceutical companies, such as MSD, Genentech, Chase Sun and AstraZeneca. During the financial year, Starpharma expanded its DEP® programs with MSD and Genentech to include new programs of work. Starpharma’s partnered programs apply the Company’s DEP® platform technology to several novel therapeutic modalities, including Antibody-Drug Conjugates. In late July 2023, AstraZeneca announced it had made the decision to discontinue the development of AZD0466, following an internal review of its haematology portfolio. AstraZeneca confirmed that the asymptomatic adverse events leading to this decision were not related to the dendrimer component of AZD0466. Starpharma’s DEP® License Agreement with AstraZeneca remains in effect. Starpharma maintains an active business development program for the DEP® platform, with commercial discussions underway in a number of areas, including DEP® radiotheranostics and DEP® ADCs. The recently released positive data in both these areas feed into these discussions and will be showcased at upcoming international conferences. 2 VIRALEZE™ Antiviral Nasal Spray During the financial year, Starpharma’s antiviral nasal spray, VIRALEZE™, was launched in new markets, including Hong Kong and Macau, through an extensive network of retail stores, online, and other channels. The launch followed the signing of a sales and distribution agreement with Hengan Group and was supported by marketing activities. Hengan is based in China, listed on the Hong Kong Stock Exchange, has an annual turnover of ~A$4.5 billion and employs ~23,000 staff. Marketing of VIRALEZE™ continued in multiple jurisdictions, including Hong Kong, Macau, Vietnam, the UK, and Europe. During the year, Starpharma expanded its e-commerce channels in the UK, making VIRALEZE™ available through a dedicated product website and Amazon UK. This year, Starpharma achieved registration for VIRALEZE™ in Malaysia and Indonesia, bringing the number of countries where VIRALEZE™ is registered to more than 35, and submitted regulatory applications in other jurisdictions. VIRALEZE™ is not approved for use or supply in Australia. The review by the Therapeutic Goods Agency (TGA) for the SPL7013 nasal spray as a medical device is ongoing. Starpharma commenced a post-market clinical study of VIRALEZE™ in the UK in December 2022. The study will provide valuable clinical data on the antiviral performance of VIRALEZE™ in COVID-19positive individuals. The study has recruited ahead of schedule, with more than 90% of participants enrolled to date. Starpharma presented new data on the efficacy of VIRALEZE™ against SARS-CoV-2 omicron infection in an animal challenge model at the international virology conference Respi DART in December 2022. These data, which were generated at Scripps Research in the US, showed that VIRALEZE™ was able to eliminate the SARS-CoV-2 omicron virus by more than 99.99% in the lung and trachea of animals that were exposed to the virus, even when VIRALEZE™ was administered after exposure. VivaGel® Portfolio Starpharma’s VivaGel® BV product continued to be marketed in multiple jurisdictions, including by Starpharma’s partner Aspen in Australia and New Zealand. Marketing campaigns by partners to build brand awareness and sales are ongoing, including for consumer and professional healthcare audiences. In August 2023, Starpharma announced it had negotiated a commercial settlement agreement with Mundipharma for VivaGel® BV, which included a A$6.6M cash payment to Starpharma. Under the agreement, Starpharma also regained all commercial rights to VivaGel® BV, enabling Starpharma to appoint new marketing partners, with commercial interest already expressed in the product. In the US, a formal dispute resolution process is ongoing with the Food and Drug Administration (FDA) for VivaGel® BV. As part of this process, Starpharma has received extensive external advice, met the FDA on multiple occasions, and made a number of submissions of data and analyses to the regulator. The Company is preparing to lodge a further submission to the FDA, including precedents of other FDA approvals, with the timing of lodgement governed by the publication and incorporation of relevant precedent information. Starpharma’s VivaGel® Condom continues to be marketed by Okamoto in Japan, with Okamoto also pursuing approvals in other Asian countries. Corporate Ms Zita Peach retired from the Board in November 2022 after 11 years. In February 2023, Starpharma welcomed medical oncologist and former senior executive Dr Russell Basser to the Board. Dr Basser has substantial expertise in international drug and vaccine development, having held multiple senior executive roles at CSL. In April 2023, Mr Justin Cahill joined Starpharma as Chief Financial Officer (CFO) and Company Secretary. Mr Cahill has extensive corporate finance and leadership experience in the biopharmaceutical, food, and agricultural sectors with several private and ASX-listed companies, including CSL. In February 2023, Starpharma appointed Ms Tracy Weimar as interim Company Secretary. 3 In June 2023, Dr Jackie Fairley advised the Board of her intention to retire as CEO in 2024 after 17 years. A search process is underway and Dr Fairley, the Board, and the senior executive team are working closely to ensure a seamless transition. Financials Starpharma concluded FY23 in a strong financial position with a cash balance of $35.2 million. Net operating cash outflows for the year were $13.5 million (FY22: $13.2 million). This excludes A$6.6M received from Mundipharma in August 2023 following the recent commercial settlement for VivaGel® BV. Revenue for FY23 was $4.2 million (FY22: $4.9 million), which included $2.9 million from VIRALEZE™ and VivaGel® product sales, royalties, licensing revenue, and research revenue from commercial partners, as well as interest income of $1.3 million. The FY23 loss after tax continued to trend downwards to $15.6 million (FY22: $16.2 million). Expenditure included investment in research and product development associated with the internal DEP® drug delivery programs, including Starpharma’s clinical-stage products, DEP® cabazitaxel, DEP® docetaxel, DEP® irinotecan, which have now largely completed recruitment, as well as DEP® ADCs, and DEP® radiotheranostics, and the post-market clinical study of VIRALEZE™. Starpharma received a $7.1 million R&D tax incentive refund in December 2022, with an anticipated R&D tax incentive refund of $7.6 million expected in FY24. About Starpharma Starpharma Holdings Limited (ASX: SPL, OTCQX: SPHRY) is a world leader in dendrimer technology for medical applications. As an innovative Australian biopharmaceutical company, Starpharma is focussed on developing and commercialising novel therapeutic products that address significant global healthcare needs. Starpharma boasts a strong portfolio of products, partnerships, and intellectual property. Starpharma’s innovative technology is based on proprietary polymers called dendrimers, which are precise, synthetically manufactured, nanoscale molecules. The unique properties of dendrimers – including their size, structure, high degree of branching, polyvalency, and water solubility – are advantageous in medical and pharmaceutical applications. Starpharma uses its dendrimer technology to develop novel therapeutics and to improve the performance of existing pharmaceuticals. Starpharma’s portfolio includes multiple clinical-stage oncology products, which utilise its Dendrimer Enhanced Product (‘DEP®’) drug delivery technology, and marketed products, including VIRALEZE™ and VivaGel® BV, which utilise SPL7013, a proprietary dendrimer with antimicrobial properties. Starpharma’s DEP® drug delivery platform is being used to enhance the effectiveness of existing and novel therapies and to reduce drug-related toxicities through controlled and specified drug delivery. In addition to Starpharma’s internal DEP® programs, Starpharma has multiple DEP® partnerships with international biopharmaceutical companies, including AstraZeneca (oncology); MSD (Antibody-Drug Conjugates); Chase Sun (anti-infectives); and other world-leading pharmaceutical companies. Due to the broad applicability and optionality of Starpharma’s DEP® platform, partnered DEP® programs have the potential to generate significant future milestones and royalties. Starpharma’s topical antiviral nasal spray, VIRALEZE™, is now registered in more than 35 countries*, including Europe, the UK, and Asia. Starpharma’s novel non-antibiotic vaginal gel, VivaGel® BV, for the treatment of bacterial vaginosis (BV) and prevention of recurrent BV, is registered in more than 50 countries, including in the UK, Europe, Southeast Asia, South Africa, Australia and New Zealand. For more information about Starpharma, visit www.starpharma.com or connect with Starpharma on LinkedIn. Media: Sumit Media Grant Titmus Mob: +61 419 388 161 grant@sumitmedia.com.au Starpharma Holdings Limited Dr Jackie Fairley, Chief Executive Officer Justin Cahill, CFO and Company Secretary +61 3 8532 2704 investor.relations@starpharma.com 4-6 Southampton Crescent Abbotsford Vic 3067 Disclosure This ASX Announcement was authorised for release by the Board of Directors. 4 Forward Looking Statements This document contains certain forward-looking statements, relating to Starpharma’s business, which can be identified by the use of forward-looking terminology such as “promising”, “plans”, “anticipated”, “will”, “project”, “believe”, “forecast”, “expected”, “estimated”, “targeting”, “aiming”, “set to”, “potential”, “seeking to”, “goal”, “could provide”, “intends”, “is being developed”, “could be”, “on track”, “outlook”, or similar expressions, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no assurance that any existing or future regulatory filings will satisfy the FDA’s and other authorities’ requirements regarding any one or more product candidates nor can there be any assurance that such product candidates will be approved by any authorities for sale in any market or that they will reach any particular level of sales. In particular, management’s expectations regarding the approval and commercialization of the product candidates could be affected by, among other things, unexpected trial results, including additional analysis of existing data, and new data; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Starpharma is providing this information as of the date of this document and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise. Clinical case studies and other clinical information given in this document are given for illustrative purposes only and are not necessarily a guide to product performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of future results. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of any Starpharma product. 5 Annual Report 2023 Contents Highlights 01 Chairman’s Report 02 Chief Executive Officer’s Report 04 Enhancing Global Healthcare with Improved Medicines 06 Rethinking the Science Behind Oncology Treatments 07 Driving Innovation Through Strategic Partnerships with Leading Global Companies 13 Creating Medical Innovations That Make a Difference Worldwide 14 Environment, Social and Governance 16 3-Year Financial Summary 18 Directors’ Report 20 Remuneration Report 33 Auditor’s Independence Declaration 62 Annual Financial Report 63 Independent Auditor’s Report 96 Shareholder Information 101 Intellectual Property Report 103 Corporate Directory 105 Starpharma Holdings Limited ABN 20 078 532 180 Starpharma is a world leader in dendrimer technology for medical applications. As an innovative Australian biopharmaceutical company, Starpharma is focussed on developing and commercialising novel therapeutic products that address significant global healthcare needs. Starpharma boasts a strong portfolio of products, partnerships, and intellectual property. Highlights Expanded partnership with leading biotech, Genentech, applying Starpharma’s DEP® platform to a number of novel therapeutic modalities. Presented promising new clinical data on DEP® cabazitaxel in patients with advanced prostate cancer at the 2022 European Society of Medical Oncology (ESMO) Congress. Commenced recruitment in the UK for a post-market clinical study of VIRALEZE™ nasal spray in patients with recently diagnosed COVID-19. The study has since recruited more than 90% of the target participants. New registrations were achieved for VIRALEZE™ nasal spray in Indonesia and Malaysia, bringing the number of countries where VIRALEZE™ is registered to more than 35 globally. Completed recruitment of patients for all three in-house Phase 2 monotherapy clinical trials: DEP® cabazitaxel, DEP® docetaxel, and DEP® irinotecan. DEP® HER2-zirconium, a HER2-targeted radiodiagnostic developed by Starpharma, demonstrated imaging benefits in a HER2+ breast cancer model. Newly developed internal DEP® Antibody-Drug Conjugate, HER2-targeted DEP® SN38, demonstrated significant antitumour activity in a HER2+ human ovarian cancer model. Data on DEP® based AZD0466 presented by AstraZeneca at three international cancer research conferences, including impressive preclinical data in small cell lung cancer at the American Association for Cancer Research (AACR) Annual Meeting. Experienced executive and oncologist Dr Russell Basser appointed to Starpharma’s Board, and Justin Cahill appointed Chief Financial Officer and Company Secretary. In recognition of Starpharma’s positive workplace and company culture, we were awarded Great Place to Work® certification. Expanded partnership with multinational pharmaceutical company, MSD, to explore the anti-cancer properties of DEP® Antibody-Drug Conjugates. Launched VIRALEZE™ antiviral nasal spray in Hong Kong and Macau through our new commercial partner, Hengan, shortly after entering a distribution agreement. Received a $7.1 million research and development (R&D) tax incentive refund in December 2022. Starpharma Holdings Limited Annual Report 2023 01 Chairman’s Report Starpharma’s dendrimer platform continues to demonstrate outstanding versatility and optionality across its internal and partnered programs. Rob Thomas AO Starpharma Chairman On behalf of the Board of Directors, I am pleased to present Starpharma’s 2023 Annual Report to fellow shareholders. First, let me acknowledge the disappointing share price performance that has significantly impacted our shareholders. The biotechnology industry has been extraordinarily difficult globally and we have not been immune to these sector-wide pressures. Our share price suffered disproportionately following AstraZeneca’s recent decision regarding the AZD0466 development. While such setbacks are not unexpected in our industry, AstraZeneca’s decision did not relate to Starpharma’s dendrimer platform and it has no impact on our other partnerships or internal DEP® programs. Notwithstanding this, the Board and management are very focused on improving shareholder returns. Assisting us in this endeavour is a strong cash position, further strengthened with the receipt of A$6.6 million from Mundipharma in August 2023. Starpharma’s strong balance sheet position excludes any licensing transactions from either our own internal drug candidates or existing multiple global partnerships. Underpinning Starpharma is our steadfast pursuit to improve patient health worldwide, with innovation driving our people and products. We remain committed to bringing highquality healthcare products to patients and global markets, with a focus on cancer treatments. Our Company prides itself on having a strong portfolio of high-calibre partnerships with multinational pharmaceutical companies, multiple oncology drugs under development, 02 Annual Report 2023 and several anti-infective products in the market. The importance of this portfolio approach is even more apparent with the recent developments. During the 2022-23 financial year, we were delighted to expand our international presence, achieving new registrations and launches for our marketed products, VIRALEZE™ Antiviral Nasal Spray and VivaGel® BV. Starpharma’s dendrimer platform technology continues to demonstrate outstanding versatility and optionality, reflected in the diversity of our clinical programs and global partnerships. Our dendrimer enhanced product (‘DEP®’) portfolio is strongly validated through our internal clinical programs and collaborative research with partners. Rethinking the science behind conventional chemotherapeutics and novel approaches to oncology, such as Antibody-Drug Conjugates and radiotheranostics, is central to what Starpharma’s scientists aim for every day. A key milestone achieved this year was the completion of the recruitment and treatment of patients for all three of our internal monotherapy clinical trials – DEP® cabazitaxel, DEP® docetaxel, and DEP® irinotecan. We have already seen promising responses in patients across these trials, including longer progressionfree survival, significant tumour shrinkage, and an improved safety profile compared to published data on the original formulations of these oncology drugs. We were pleased to present additional interim results from the prostate cancer cohort of the Phase 2 DEP® cabazitaxel Starpharma Holdings Limited clinical trial at the European Society of Medical Oncology (ESMO) Congress in September 2022, and we expect to report top-line results for both the Phase 2 DEP® cabazitaxel and DEP® docetaxel (monotherapy) trials in Q3 CY23. We will also present our clinical results at upcoming international conferences. Our Phase 2 clinical trials of DEP® docetaxel in combination with gemcitabine, and DEP® irinotecan in combination with 5-FU/leucovorin continue enrolling patients and are nearing completion. Alongside these clinical advancements, we also reported exciting results for a DEP® radiodiagnostic imaging candidate and a new DEP® ADC candidate – both of which target the HER2 receptor that is prevalent in many cancers, particularly breast and gastric cancers. Our DEP® partnerships with MSD, Genentech, Chase Sun, and AstraZeneca are also key drivers of Starpharma’s DEP® portfolio. AstraZeneca presented exciting clinical and nonclinical data on AZD0466 throughout the year at several international cancer research conferences, including in small cell lung cancer. Although AstraZeneca decided to discontinue the development of AZD0466, prompted by a small number of asymptomatic adverse events in haematological cancer trials, Starpharma’s multiproduct DEP® Licence Agreement with AstraZeneca remains on foot. We note that these events were unrelated to Starpharma’s dendrimer drug delivery technology. Interest in our dendrimer platform continues unabated. Starpharma’s DEP®-related collaborations with MSD and Genentech involve researching and developing dendrimer-drug candidates, including oncology therapeutics and ADCs. Our current programs with these