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REGISTERED NUMBER: 10021632 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2025

for

Vanda Research Ltd

Vanda Research Ltd (Registered number: 10021632)

Contents of the Financial Statements

for the Year Ended 30 June 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Vanda Research Ltd

Company Information

for the Year Ended 30 June 2025

| DIRECTORS: | Mr A K Hume

| Mr C Sowerby

| REGISTERED OFFICE: | C/o Bcs, Windsor House Station Court, St

| Great Shelford

| Cambridge

| Cambridgeshire

| CB22 5NE

| REGISTERED NUMBER: | 10021632 (England and Wales)

| ACCOUNTANTS: | Wilson Partners Limited

| Chartered Accountants

| TOR

| Saint-Cloud Way

| Maidenhead

| Berkshire

| SL6 8BN

Vanda Research Ltd (Registered number: 10021632)

Balance Sheet

30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 22,755 |  | 17,804 |  |

CURRENT ASSETS

Debtors | 5 | 2,027,235 |  | 4,168,710 |  |

Cash at bank | 193,119 |  | 69,849 |  |

2,220,354 |  | 4,238,559 |  |

CREDITORS

Amounts falling due within one year | 6 | (1,563,472 | ) | (3,383,143 | ) |

NET CURRENT ASSETS | 656,882 |  | 855,416 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 679,637 |  | 873,220 |  |

PROVISIONS FOR LIABILITIES | (5,689 | ) | (3,857 | ) |

NET ASSETS | 673,948 |  | 869,363 |  |

CAPITAL AND RESERVES

Called up share capital | 95,100 |  | 95,100 |  |

Retained earnings | 578,848 |  | 774,263 |  |

673,948 |  | 869,363 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Vanda Research Ltd (Registered number: 10021632)

Balance Sheet - continued

30 June 2025

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 Board of Directors and authorised for issue on 20 March 2026 and were signed on its behalf by:

Mr C Sowerby - Director

Vanda Research Ltd (Registered number: 10021632)

Notes to the Financial Statements

for the Year Ended 30 June 2025

1. | STATUTORY INFORMATION

| Vanda Research 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.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The company does not make significant estimates and assumptions concerning the future that affect the position shown in the accounts.

| Turnover

| Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover for the period ended 30 June 2025 includes service fees and fees from third parties.Service fees are charged to Vanda Securities (Pte) Ltd. These fees include a mark-up of between 5% to 10% on the expenses of the Company including foreign exchange gains and losses, audit and accountancy fees, professional fees, and other expenses. Third party fees are pursuant to the Research Services Agreements made between the Company and its clients.

Vanda Research Ltd (Registered number: 10021632)

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Fixtures and fittings | - | 33% on cost

| Office equipment | - | 33% on cost

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Vanda Research Ltd (Registered number: 10021632)

Notes to the Financial Statements - continued

for the Year Ended 30 June 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Going concern

| The Directors consider that the entity has sufficient income generating streams to provide the entity with sufficient revenue and liquid resources so that the entity can cover its costs and pay its liabilities for the next 12 months from the date of approval of these financial statements.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Finance costs

| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Vanda Research Ltd (Registered number: 10021632)

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 17 (2024 - 16 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 July 2024 | 59,147 |  |

| Additions | 18,611 |  |

| Disposals | (28,323 | ) |

| At 30 June 2025 | 49,435 |  |

| DEPRECIATION

| At 1 July 2024 | 41,343 |  |

| Charge for year | 13,660 |  |

| Eliminated on disposal | (28,323 | ) |

| At 30 June 2025 | 26,680 |  |

| NET BOOK VALUE

| At 30 June 2025 | 22,755 |  |

| At 30 June 2024 | 17,804 |  |

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

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade debtors | 58,112 |  | 2,817,953 |  |

| Amounts owed by group undertakings | 1,921,168 |  | 1,303,048 |  |

| Other debtors | 47,955 |  | 47,709 |  |

2,027,235 |  | 4,168,710 |  |

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

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade creditors | 69,255 |  | 4,416 |  |

| Amounts owed to group undertakings | - |  | 2,247,572 |  |

| Taxation and social security | 97,736 |  | 206,432 |  |

| Other creditors | 1,396,481 |  | 924,723 |  |

1,563,472 |  | 3,383,143 |  |

Vanda Research Ltd (Registered number: 10021632)

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

7. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 30.6.25 |  | 30.6.24

£ | £ |

| Within one year | 80,000 |  | 80,000 |  |

8. | PENSION COMMITMENTS

| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund that amounted to £63,269 (2024: £31,060). Contributions totalling £11,401 (2024: £9,246) were payable to the fund at the reporting date.

9. | POST BALANCE SHEET EVENTS

| Subsequent to the year end the business entered into a lease agreement for a new office space. The minimum lease payment under this non-cancellable operating lease is $460,766.

10. | ULTIMATE CONTROLLING PARTY

| The ultimate parent undertaking is FPE III GP LLP, a limited liability partnership incorporated in the United Kingdom. The ultimate controlling party is FPE Capital LLP who is the manager of FPE III GP LLP.

| The smallest and largest group of undertakings, for which group accounts are prepared, which include the Company is that headed by FPE III GP LLP. The registered office address of FPE III GP LLP is 2nd Floor 7 Swallow Street, London, England, W1B 4DE.