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Registered number: 13077801
Valink Therapeutics Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2025
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Valink Therapeutics Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—6

Page 1
Valink Therapeutics Ltd
Balance Sheet
As At 31 December 2025
Balance Sheet
Registered number: 13077801

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 73,611 |  | 68,277
Tangible Assets | 5 |  | 869,820 |  | 542,695
|  |  | 943,431 |  | 610,972
CURRENT ASSETS
Debtors | 6 | 888,853 |  | 743,473 |
Cash at bank and in hand |  | 6,752,557 |  | 2,138,375 |
|  | 7,641,410 |  | 2,881,848 |
Creditors: Amounts Falling Due Within One Year | 7 | (2,274,310 ) |  | (302,813 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 5,367,100 |  | 2,579,035
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,310,531 |  | 3,190,007
Creditors: Amounts Falling Due After More Than One Year | 8 |  | (2,430,059 ) |  | (4,206,223 )
NET ASSETS/(LIABILITIES) |  |  | 3,880,472 |  | (1,016,216 )
CAPITAL AND RESERVES
Called up share capital | 9 |  | 103,773 |  | 25,525
Share premium account |  |  | 10,273,484 |  | 2,527,005
Profit and Loss Account |  |  | (6,496,785 ) |  | (3,568,746 )
SHAREHOLDERS' FUNDS |  |  | 3,880,472 |  | (1,016,216)

Page 1
Page 2
Valink Therapeutics Ltd
Balance Sheet (continued)
As At 31 December 2025
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Irsyad Khairil Anuar Director
7th April 2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Valink Therapeutics Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Valink Therapeutics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13077801 . The registered office is Imperial Translation & Innovation Hub , 84 Wood Lane, London, England, W12 0BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Company incurred a loss during the year of £2,928,084 (2024: £1,860,563) following extensive investment in the company's research and development activities. Historically, these losses were funded by the company's parent company, Valink Therapeutics Inc through a combination of equty investment and intercompany loans. Valink Therapeutics Inc. has indicated it will not be seeking repayment of the intercompany loan of £3,941,299 outstanding at the 31st December 2025. The Directors have concluded it remains appropriate to adopt the going concern basis in preparing these accounts, as the Company expects to have sufficient resources to meet obligations as they fall due for at least 12 months from the date of approval of these accounts.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets represent patent and licence fees. These are amortised to the profit and loss account over the expected duration of the patent or licence.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | over the term of the lease
Plant & Machinery | 20% Straight Line basis
Fixtures & Fittings | 20% Straight Line basis
Computer Equipment | 33% Straight Line basis

2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the end of the reporting period.
Corporation tax credits are recognised as income in the period necessary to match them with the related costs they
are intended to incentivise and when all relevant qualyfing conditions have been met.
2.7. Share Based Payments
The parent company operates an EMI qualifying share option scheme on behalf of the company.
The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total
amount to be expensed over the vesting period is determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions. At each statement of financial position date, the entity
revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to
original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are
equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of
the parent company.
2.8. Critical Estimates and Judgements
Share based payments as set out in the accounts have been made to employees of the company. As disclosed in the Share Based Payments accounting policy note above, the fair value of any vested share options is recognised in the Profit and Loss Account. The fair value has been estimated at the time the options were granted.
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Valink Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2024: 13)
16 13
4. Intangible Assets

| Other
--- | ---
| £
Cost
As at 1 January 2025 | 81,450
Additions | 9,731
As at 31 December 2025 | 91,181
Amortisation
As at 1 January 2025 | 13,173
Provided during the period | 4,397
As at 31 December 2025 | 17,570
Net Book Value
As at 31 December 2025 | 73,611
As at 1 January 2025 | 68,277

5. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
| £ | £ | £ | £ | £
Cost
As at 1 January 2025 | 37,715 | 689,613 | 7,443 | 21,085 | 755,856
Additions | - | 527,071 | 363 | 17,675 | 545,109
As at 31 December 2025 | 37,715 | 1,216,684 | 7,806 | 38,760 | 1,300,965
Depreciation
As at 1 January 2025 | 22,238 | 183,505 | 1,937 | 5,481 | 213,161
Provided during the period | 15,477 | 190,285 | 1,491 | 10,731 | 217,984
As at 31 December 2025 | 37,715 | 373,790 | 3,428 | 16,212 | 431,145
Net Book Value
As at 31 December 2025 | - | 842,894 | 4,378 | 22,548 | 869,820
As at 1 January 2025 | 15,477 | 506,108 | 5,506 | 15,604 | 542,695

Page 4
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Valink Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Prepayments and accrued income | 265,613 |  | 323,899
Other debtors | 81,974 |  | 62,270
Corporation tax recoverable assets | 487,996 |  | 313,127
VAT | 53,270 |  | 44,177
| 888,853 |  | 743,473

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 388,804 |  | 196,400
Other taxes and social security | 76,653 |  | 39,627
Accruals and deferred income | 297,613 |  | 66,786
Amounts owed to group undertakings | 1,511,240 |  | -
| 2,274,310 |  | 302,813

8. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Amounts owed to group undertakings | 2,430,059 |  | 4,206,223

A loan has been provided by the company's parent company Valink Therapeutics Inc. The loan is interest free and under the terms of the loan agreement the loan is not repayable within 12 months and may be settled by the issue of new shares in the company.
9. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
10,377,257 Ordinary Shares of £ 0.01 each | 103,773 |  | 25,525

Shares issued during the period: | £
7,824,726 Ordinary Shares of £ 0.01 each | 78,248

10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Not later than one year | 226,561 |  | 241,665
Later than one year and not later than five years | 656,307 |  | 114,315
| 882,868 |  | 355,980

Page 5
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Valink Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
11. Related Party Transactions
At the balance sheet date, the company owed £1,511,240 (2024: £Nil) due within one year and £2,430,059
(2024: £4,206,223) due after more than one year to Valink Therapeutics Inc., a company in which the directors have a beneficial interest.
During the year, 7,824,726 new ordinary shares of £0.01 each were issued to Valink Therapeutics Inc. for a cash
consideration of £7,824,726.
12. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Valink Therapeutics Inc., a company incorporated in the United States of America.
The directors consider there to be no ultimate controlling party.
13. Share Based Payment
The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors.
At the date of the financial statements a total of 1,160,567 options had been granted over common stock in the parent company at an average exercise price of $0.01. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 410,094 options had vested, 79,333 options had been exercised and 370,568 options had lapsed.
As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period.
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