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REGISTERED NUMBER: 11877135 (England and Wales)

| ALVERON PHARMA UK LTD |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

| Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |  | to |  | 5

ALVERON PHARMA UK LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | Dr J B Nichols

| REGISTERED OFFICE: | 3 Castlegate

| Grantham

| Lincolnshire

| NG31 6SF

| REGISTERED NUMBER: | 11877135 (England and Wales)

| ACCOUNTANTS: | Duncan & Toplis Limited

| 14 All Saints Street

| Stamford

| Lincolnshire

| PE9 2PA

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | 3,006 |  |

CURRENT ASSETS

Debtors | 5 | 3,677 |  | 7,948 |  |

Cash at bank | 1,302 |  | 73,233 |  |

4,979 |  | 81,181 |  |

CREDITORS

Amounts falling due within one year | 6 | 390 |  | 1,512,691 |  |

NET CURRENT ASSETS/(LIABILITIES) | 4,589 |  | (1,431,510 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,589 |  | (1,428,504 | ) |

CAPITAL AND RESERVES

Called up share capital | 7 | 100 |  | 100 |  |

Capital contribution | 8 | 2,070,087 |  | - |  |

Retained earnings | 8 | (2,065,598 | ) | (1,428,604 | ) |

SHAREHOLDERS' FUNDS | 4,589 |  | (1,428,504 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 February 2026 and were signed by:

Dr J B Nichols - Director

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Alveron Pharma UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The financial statements have been prepared on a basis other than going concern.

| The directors have determined that the going concern assumption is no longer appropriate as it is their intention to cease trading when all existing liabilities are covered, which is anticipated to be within 12 months' time.

| Accordingly, the directors have chosen to adopt a basis other than going concern in preparing the financial statements and all assets and liabilities are reported at their recognisable value. No adjustments are required as a result of this.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery etc | - | 33% on cost and 10% on cost

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Financial instruments

| The company has chosen to adopt the FRS 102A in respect of financial instruments.

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Leasing commitments

| Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 9,753 |  |

| Additions | 279 |  |

| Disposals | (10,032 | ) |

| At 31 December 2025 | - |  |

| DEPRECIATION

| At 1 January 2025 | 6,747 |  |

| Charge for year | 594 |  |

| Eliminated on disposal | (7,341 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 3,006 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other debtors | 3,677 |  | 7,948 |  |

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 390 |  | 392 |  |

| Amounts owed to group undertakings | - |  | 1,509,674 |  |

| Other creditors | - |  | 2,625 |  |

390 |  | 1,512,691 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

8. | RESERVES

| Retained |  | Capital |

| earnings |  | contribution |  | Totals

£ | £ | £ |

| At 1 January 2025 | (1,428,604 | ) | - |  | (1,428,604 | ) |

| Deficit for the year | (636,994 | ) | - |  | (636,994 | ) |

| Capital contribution | - |  | 2,070,087 |  | 2,070,087 |  |

| At 31 December 2025 | (2,065,598 | ) | 2,070,087 |  | 4,489 |  |

| At the balance sheet date there was a loan outstanding to the parent company Alveron Pharma BV (the parent company) of £2,070,087. This loan is no longer repayable and has been written off as a capital contribution in these accounts.

9. | OTHER FINANCIAL COMMITMENTS

| The company has the following commitments due as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Due in less than one year |  | - |  |  | 1,519 |  |

| Due between two and five years |  | - |  |  | - |  |

|  | - |  |  | 1,519 |  |

10. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Alveron Pharma B.V., a company incorporated in the Netherlands. The principal place of business of Alveron Pharma B.V. is :

| NovioTech Campus

| Transitorweg 5

| 6534 AT Nijmegen

| The Netherlands