ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Period ended

31 December

Consolidated Financial Statements

Axial Medical Printing Limited

For the year ended 31 December 2025

Registered number: NI618621


Axial Medical Printing Limited

Company Information

Directors	Mark Alvarez
	Daniel Alexander Crawford
	William Roger Johnston
	Chris Rumana
	Bernard Charles McGuire


Registered number	NI618621


Registered office	17a Ormeau Avenue
	Belfast
	Co.Antrim
	BT2 8HD Northern Ireland


Independent auditor	Grant Thornton (NI) LLP
	Chartered Accountants & Statutory Auditors
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	HSBC Innovation Bank Limited
	Alphabeta
	14-18 Finsbury Square
	London
	EC2A 1BR


	Silicon Valley Bank
	3003 Taman Drive
	Santa Clara
	CA 95054


Solicitors	Greenberg Traurig LLP
	18585 Jamboree Road
	Suite 500
	Irvine
	CA 92612


	A&L Goodbody LLP
	42-46 Fountain St
	Belfast
	BT1 5EB


Axial Medical Printing Limited

Contents

	Page
Group strategic report	1 - 3
Directors' report	4 - 5
Independent auditor's report	6 - 10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12
Company balance sheet	13
Consolidated statement of changes in equity	14
Company statement of changes in equity	15
Notes to the financial statements	16 - 36


Axial Medical Printing Limited

Group strategic report

For the year ended 31 December 2025

Introduction

The directors present their report and the financial statements of the group for the period ended 31 December 2025.
The prior period accounts covers the period from 1 October 2023 to 31 December 2024.

Business review

Principal Activities
Axial Medical Printing Limited (“Axial3D”) is a medical technology company specialising in AI-powered 3D medical imaging and surgical planning solutions. The Group’s core mission is to make patient-specific care routine by automating the conversion of standard 2D medical scans (DICOM data from CT and MRI) into precise, actionable 3D anatomical models.

The Group operates at the intersection of Artificial Intelligence (AI), Cloud Computing, and MedTech, providing a scalable platform that bridges the gap between traditional radiology and personalised surgical intervention.

Technology & Platform
The Group’s proprietary technology is centered around its cloud-native AI platforms, which significantly reduce the time and manual effort traditionally required for anatomical segmentation and related processes. The two Axial3D platforms are:

∙AXCEL™: An AI-driven software platform that automates image segmentation, landmarking, and surgical planning, allowing MedTech companies to scale personalised device production.

∙Axial3D INSIGHT™: A secure, cloud-based service providing clinicians and medical device manufacturers with rapid access to 3D digital visualisations and 3D-printed anatomical models.

The Group’s offerings are underpinned by an extensive portfolio of fundamental patents covering automated, AI-driven medical image segmentation and surgical planning. These market-fundamental patents not only protect the Group’s core innovations in AI/ML-enabled workflows but also provide its customers and partners with significant freedom to operate (FTO). By leveraging Axial3D’s protected technology, medical device manufacturers can scale their patient-specific programs with reduced intellectual property risk and a sustainable competitive advantage.

Regulatory Excellence & First-to-Market PCCP
Axial3D maintains a rigorous regulatory framework, including FDA 510(k) clearances, ISO 13485 certification for medical device quality management, and ISO 27001 for data security.

Notably, during this reporting period, the Group was the first specialist company with AI automated image segmentation to receive FDA clearance for a Predetermined Change Control Plan (PCCP). This landmark regulatory achievement allows the Group to continuously iterate and improve its AI models without the need for repeated, time-consuming 510(k) submissions for every algorithm update. For partners, this means:

∙Accelerated Innovation: New features and performance enhancements are deployed in weeks rather than months.

∙Enterprise Reliability: Continuous improvement of AI accuracy within a pre-validated, FDA-cleared framework.

∙Future-Proofing: A platform that evolves at the speed of AI while maintaining the highest standards of clinical safety and compliance.

Page 1


Axial Medical Printing Limited

Group strategic report (continued)

For the year ended 31 December 2025

Market & Strategy
Axial3D serves a global client base, primarily focusing on Medical Device Manufacturers (B2B) and Healthcare Institutions (B2H) across North America and Europe. The Group’s strategic focus has shifted toward deep integration with MedTech R&D workflows, supporting major device manufacturers in the areas of:

∙Orthopedic & Cardiovascular Surgery

∙Surgical Robotics

∙Custom Implants

Operational Model
The Group generates revenue through a combination of (i) SaaS (Software as a Service) subscriptions and associated configuration services, and (ii) transaction-based service fees. This model provides a scalable framework that allows partners to integrate Axial3D’s technology into their existing clinical and commercial workflows without significant upfront capital expenditure.
Future Outlook
Following a successful funding round in late 2024, which saw 57 Stars join as the lead institutional investor and majority shareholder, the Group is focused on accelerating its expansion with major medical device manufacturers, particularly within the United States market.

Principal risks and uncertainties

The group uses various financial instruments including cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.
The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.
The main risks arising from the group's financial instruments are currency risk, interest rate risk and liquidity risk.
The directors review and agree policies for managing each of these risks and they are summarised below.
Currency risk
The group is exposed to translation and transaction foreign exchange risk arising from trade in the United States of America and Europe.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
Longer term flexibility is achieved through investment.

Page 2


Axial Medical Printing Limited

Group strategic report (continued)

For the year ended 31 December 2025

Financial key performance indicators

The key financial performance indicators for the business are increasing sales and investment.
The Group’s revenue for the period ended 31 December 2025 grew by 36.49% to £1,285,612 (2024: £941,929). Gross profit fell by 8% and resulted in a profit of £602,760 (2024: £655,041). Investment in fixed assets increased by 12.46% to £9,955,203 (2024: £8,852,547).

Other key performance indicators

Other indicators of performance for the entity relate to increasing market share and brand awareness.

This report was approved by the board on 22 May 2026 and signed on its behalf.

................................................

Daniel Alexander Crawford

Director

Page 3


Axial Medical Printing Limited

Directors' report

For the year ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Directors

The directors who served during the year were:

Mark Alvarez

Daniel Alexander Crawford

William Roger Johnston

Chris Rumana

Bernard Charles McGuire

Future developments

The group intends to continue its present operations at an increased level.

Page 4


Axial Medical Printing Limited

Directors' report (continued)

For the year ended 31 December 2025

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Going concern

The group made a loss of £1,861,246 (2024: loss of £4,542,094) during the period and has net assets of £4,828,995 (2024: £6,685,208) at the year end. The Group continues to invest heavily in research and development on their specialised products. In December 2024, the Group announced the completion of a new investment round totalling USD 18.2 million to drive expansion of AI-powered 3D medical imaging and patient-specific solutions, accelerating innovation across global medtech markets. Post year end, the Group completed a CLN investment of £3.4m from existing shareholders and/or investors. The Directors have prepared cashflow projections and are satisfied that the group can continue as a going concern for at least 12 months from the date of signing these financial statements.

Post balance sheet events

Post year end, the Group completed a CLN investment of £3.4m from existing shareholders and/or investors.

Auditor

The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

Daniel Alexander Crawford

Director

Date: 22 May 2026

Page 5

Independent auditor's report to the members of Axial Medical Printing Limited

Opinion

We have audited the financial statements of Axial Medical Printing Limited (the 'parent Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated and Company Statement of changes in equity for the financial year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Axial Medical Printing Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group and the Company as at 31 December 2025 and of the Group financial performance for the financial year then ended; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.

Page 6

Independent auditor's report to the members of Axial Medical Printing Limited (continued)

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and

∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 7

Independent auditor's report to the members of Axial Medical Printing Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

Page 8

Independent auditor's report to the members of Axial Medical Printing Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the Company’s regulatory and legal correspondence and review of minutes of of the board of director’s meetings during the year to corroborate inquiries made;

∙gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing

∙challenging assumptions and judgements made by management in their significant accounting estimates, including the going concern assumption and capitalisation of intangible fixed assets.

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

Page 9

Independent auditor's report to the members of Axial Medical Printing Limited (continued)

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Kelly (Senior statutory auditor)

for and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants &

Statutory Auditors

Belfast
22 May 2026

Page 10


Axial Medical Printing Limited

Consolidated statement of comprehensive income

For the year ended 31 December 2025

	31 December	Period ended 31 December
	2025	2024
Note	£	£


Turnover	4	1,285,612	941,929
Cost of sales		(682,852)	(286,888)
Gross profit		602,760	655,041
Administrative expenses		(4,410,387)	(6,725,326)
Other operating income	5	1,825,878	753,566
Operating loss	6	(1,981,749)	(5,316,719)
Interest payable and similar expenses	10	(257,077)	(108,347)
Loss before tax		(2,238,826)	(5,425,066)
Tax on loss	11	377,580	882,972
Loss for the financial year/period		(1,861,246)	(4,542,094)

Profit for the year/period attributable to:
Owners of the parent company	1,861,246	4,542,094
	1,861,246	4,542,094

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 16 to 36 form part of these financial statements.

Page 11


Axial Medical Printing Limited Registered number:NI618621

Consolidated balance sheet

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		9,424,146		8,042,379
Tangible assets	13		531,057		810,168
			9,955,203		8,852,547
Current assets
Stocks	14	45,017		28,507
Debtors	15	1,285,460		550,362
Cash at bank and in hand	16	1,566,356		4,022,210
		2,896,833		4,601,079
Current liabilities
Creditors: amounts falling due within one year	17	(868,225)		(619,834)
Net current assets			2,028,608		3,981,245
Total assets less current liabilities			11,983,811		12,833,792
Creditors: amounts falling due after more than one year	18		(7,154,816)		(6,148,584)
Provisions for liabilities
Net assets			4,828,995		6,685,208

Capital and reserves
Called up share capital	20	8	8
Share premium account	21	18,055,804	18,050,771
Profit and loss account	21	(13,226,817)	(11,365,571)
Equity attributable to owners of the parent Company		4,828,995	6,685,208

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.

................................................

Daniel Alexander Crawford

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 12


Axial Medical Printing Limited Registered number:NI618621

Company balance sheet

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		9,424,146		8,042,379
Tangible assets	13		531,057		810,168
			9,955,203		8,852,547
Current assets
Stocks	14	45,017		28,507
Debtors	15	1,285,360		550,262
Cash at bank and in hand	16	1,566,456		4,022,310
		2,896,833		4,601,079
Current liabilities
Creditors: amounts falling due within one year	17	(868,225)		(619,834)
Net current assets			2,028,608		3,981,245
Total assets less current liabilities			11,983,811		12,833,792

Creditors: amounts falling due after more than one year	18		(7,154,816)		(6,148,584)

Net assets			4,828,995		6,685,208

Capital and reserves
Called up share capital	20	8	8
Share premium account	21	18,055,804	18,050,771
Profit and loss account carried forward		(13,226,817)	(11,365,571)
Shareholders' funds		4,828,995	6,685,208

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.

................................................

Daniel Alexander Crawford

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 13


Axial Medical Printing Limited

Consolidated statement of changes in equity

For the year ended 31 December 2025

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£
At 1 January 2025	8	18,050,771	(11,365,571)	6,685,208	6,685,208
Comprehensive income for the year
Loss for the year	-	-	(1,861,246)	(1,861,246)	(1,861,246)
Contributions by and distributions to owners
Shares issued during the year	-	5,033	-	5,033	5,033
At 31 December 2025	8	18,055,804	(13,226,817)	4,828,995	4,828,995

Consolidated statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£
At 1 October 2023	8	16,411,914	(6,823,477)	9,588,445	9,588,445
Comprehensive income for the period
Loss for the period	-	-	(4,542,094)	(4,542,094)	(4,542,094)
Contributions by and distributions to owners
Shares issued during the period	-	1,638,857	-	1,638,857	1,638,857
At 31 December 2024	8	18,050,771	(11,365,571)	6,685,208	6,685,208

The notes on pages 16 to 36 form part of these financial statements.

Page 14


Axial Medical Printing Limited

Company statement of changes in equity

For the year ended 31 December 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2025	8	18,050,771	(11,365,571)	6,685,208
Comprehensive income for the period
Loss for the year	-	-	(1,861,246)	(1,861,246)
Contributions by and distributions to owners
Shares issued during the year	-	5,033	-	5,033
At 31 December 2025	8	18,055,804	(13,226,817)	4,828,995

Company statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023	8	16,411,914	(6,823,477)	9,588,445
Comprehensive income for the period
Loss for the period	-	-	(4,542,094)	(4,542,094)
Contributions by and distributions to owners
Shares issued during the period	-	1,638,857	-	1,638,857
At 31 December 2024	8	18,050,771	(11,365,571)	6,685,208

The notes on pages 16 to 36 form part of these financial statements.

Page 15


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

1.	General information

Axial Medical Printing Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the Company is NI618621. The registered office of the Company is 17a Ormeau Avenue, Belfast, Co.Antrim, BT2 8HD, Northern Ireland which is also the principal place of business of the Company. The principal activity of the Company is research and experimental development on natural sciences and engineering. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the Company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Parent Company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

∙Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and

∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.3

Going concern

The Group made a loss of £1,861,246 (2024: loss of £4,542,094) during the year and has net assets of £4,828,995 (2024: £6,685,208) at the year end. The Group continues to invest heavily in research and development on their specialised products. In December 2024, the Group announced the completion of a new investment round totalling USD 18.2 million to drive expansion of AI-powered 3D medical imaging and patient-specific solutions, accelerating innovation across global medtech markets. The Directors have prepared cashflow projections and are satisfied that the group can continue as a going concern for at least 12 months from the date of signing these financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 17


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.9

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.

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.14

Intangible assets

Purchased intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The Company recognises internally generated intangible assets to the extent that they are both identifiable and can be measured reliably. Recognition only occurs when the Company is satisfied that the project is feasible such that the asset will be available for use or sale; that the Company has the intention to complete the intangible asset and either use or sell it; that the Company has the ability to either use or sell the intangible asset; that it is probable that the intangible asset will generate future economic benefits; and that the Company has available sufficient resources to complete the development of the intangible asset.
Intangible assets are written off in equal annual installments over their useful economic life. Amortisation is included within administrative expenses. Amortisation is provided as follows:
Development expenditure - over 10 years on a straight-line basis
Computer software -over 10 years on a straight-line basis

2.15

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	20%
Office equipment	-	20%
Computer equipment	-	20%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 21


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.18

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.

2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.20

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 Statement of comprehensive income.

Page 22


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Provisions for doubtful debt
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Capitalisation of internally developed software
Distinguishing the research and development phases of a new customised software project and determining whether the recognition requirements for the capitalisation of development costs are met requires judgement. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired.
Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Page 23


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

Provision of services and products	1,285,612	941,929
	1,285,612	941,929

Analysis of turnover by country of destination:

					31 December	Period ended 31 December
					2025	2024
					£	£

United Kingdom	321,536	312,494
Rest of Europe	90,257	129,232
Rest of the world	873,819	500,203
	1,285,612	941,929

Other operating income	317	8,586
Government grants receivable	105,441	344,448
Sundry income	1,720,120	400,532
	1,825,878	753,566

Sundry income as at year ended 31 December 2025 includes:
(i) R&D tax receipt related to period ended 31 December 2024, and;
(ii) R&D tax amount related to current year.

Page 24


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

Depreciation on tangible fixed assets	314,070	397,384
Exchange differences	(282,885)	207,247
Other operating lease rentals	119,622	125,052
Amortisation on intangible fixed assets	990,543	910,620

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements

18,500

Page 25


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		31 December 2025	Period ended 31 December 2024
		£	£


Wages and salaries	1,636,101	2,524,950
Social security costs	496,206	436,902
Cost of defined contribution scheme	457,772	410,191
	2,590,079	3,372,043

The average monthly number of employees, including the directors, during the year was as follows:

	31 December	Period ended 31 December
	2025	2024
	No.	No.

Number of employees	64	59

Directors' emoluments	320,358	396,314
Group contributions to defined contribution pension schemes	9,611	15,101
	329,969	411,415

	During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £240,500 (2024 - £240,500).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,611 (2024 - £12,759).

Page 26


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

Bank interest payable	124,192	7,434
Convertible loan interest	132,885	100,913
	257,077	108,347

Corporation tax
Current tax on profits for the year	(377,580)	-
Adjustments in respect of previous periods	-	(882,972)

Total current tax	(377,580)	(882,972)

	Deferred tax
	Total deferred tax	-	-


	Tax on loss	(377,580)	(882,972)

Page 27


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

11.Taxation (continued)

Loss on ordinary activities before tax

(2,238,826)

(5,425,066)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(559,707)	(1,356,267)
Effects of:
Fixed asset differences	727	3,001
Expenses not deductible for tax purposes	43,274	9,198
Adjustments to tax charge in respect of previous periods	-	(882,972)
Movement in deferred tax not recognised	412,120	579,588
Non-taxable income	(438,688)	-
Surrender of tax losses for R&D tax credit refund	273,420	764,480
R&D expenditure credits	97,878	-
Additional deduction for R&D expenditure	(206,604)	-
Total tax charge for the year/period	(377,580)	(882,972)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

The Company has unrecognised deferred tax assets of £1,107,133 (2024: 637,720).

Page 28


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

12.	Intangible assets
	Group

	Development expenditure	Website and Applications	Total
	£	£	£
Cost
At 1 January 2025	9,789,810	115,624	9,905,434
Additions	2,372,311	-	2,372,311
At 31 December 2025	12,162,121	115,624	12,277,745
Amortisation
At 1 January 2025	1,846,682	16,373	1,863,055
Charge for the period	978,981	11,563	990,544
At 31 December 2025	2,825,663	27,936	2,853,599
Net book value
At 31 December 2025	9,336,458	87,688	9,424,146
At 31 December 2024	7,943,128	99,251	8,042,379

Page 29


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

12.Intangible assets (continued)

	Company

	Development expenditure	Website and Applications	Total
	£	£	£
Cost
At 1 January 2025	9,789,810	115,624	9,905,434
Additions	2,372,311	-	2,372,311
At 31 December 2025	12,162,121	115,624	12,277,745
Amortisation
At 1 January 2025	1,846,682	16,373	1,863,055
Charge for the year	978,981	11,563	990,544
At 31 December 2025	2,825,663	27,936	2,853,599
Net book value
At 31 December 2025	9,336,458	87,688	9,424,146
At 31 December 2024	7,943,128	99,251	8,042,379

Page 30


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

13.	Tangible fixed assets
	Group

	Short-term leasehold property	Plant and machinery	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	48,019	1,434,775	26,140	178,232	1,687,166
Additions	-	-	-	34,959	34,959
At 31 December 2025	48,019	1,434,775	26,140	213,191	1,722,125
Depreciation
At 1 January 2025	23,066	709,824	18,409	125,699	876,998
Charge for the year	6,873	279,680	2,863	24,654	314,070
At 31 December 2025	29,939	989,504	21,272	150,353	1,191,068
Net book value
At 31 December 2025	18,080	445,271	4,868	62,838	531,057
At 31 December 2024	24,953	724,951	7,731	52,533	810,168

Page 31


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

13.Tangible fixed assets (continued)

	Company

	Short-term leasehold property	Plant and machinery	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	48,019	1,434,775	26,140	178,232	1,687,166
Additions	-	-	-	34,959	34,959
At 31 December 2025	48,019	1,434,775	26,140	213,191	1,722,125
Depreciation
At 1 January 2025	23,066	709,824	18,409	125,699	876,998
Charge for the year	6,873	279,680	2,863	24,654	314,070
At 31 December 2025	29,939	989,504	21,272	150,353	1,191,068
Net book value
At 31 December 2025	18,080	445,271	4,868	62,838	531,057
At 31 December 2024	24,953	724,951	7,731	52,533	810,168

Page 32


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

14.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Raw materials and consumables	45,017	28,507	45,017	28,507
	45,017	28,507	45,017	28,507

The difference between purchase price or production cost of stocks and their replacement cost is not material.

15.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£



Trade debtors	315,320	269,458	315,320	269,458
Other debtors	275,435	280,904	275,335	280,804
Tax recoverable	694,705	-	694,705	-
	1,285,460	550,362	1,285,360	550,262

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	1,566,356	4,022,210	1,566,456	4,022,310

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	329,534	151,624	329,534	151,624
Trade creditors	133,318	135,059	133,318	135,059
Other taxation and social security	99,127	84,193	99,127	84,193
Other creditors	30,489	39,338	30,489	39,338
Accruals and deferred income	275,757	209,620	275,757	209,620
	868,225	619,834	868,225	619,834

Page 33


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

18.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Convertible loan notes	5,398,521	5,627,308	5,398,521	5,627,308
Bank loans	1,754,579	516,140	1,754,579	516,140
Government grants received	1,716	5,136	1,716	5,136
	7,154,816	6,148,584	7,154,816	6,148,584

In 2024 the Company issued 7.5% unsecured convertible loan notes of $6,943,970, there were none issued in the current year. Until the notes are redeemed or purchased interest accrues on the principal amount at the rate of 7.5% per annum.

19.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	329,534	151,624	329,534	151,624
	329,534	151,624	329,534	151,624
Amounts falling due 1-2 years
Bank loans	1,754,579	516,140	1,754,579	516,140
	1,754,579	516,140	1,754,579	516,140


	2,084,113	667,764	2,084,113	667,764

Page 34


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

17,221 (2024 - 16,701) Ordinary shares of £0.0001 each	2	2
14,877 (2024 - 14,877) Preferred Ordinary shares of £0.0001 each	1	1
14,414 (2024 - 14,414) Series A shares of £0.0001 each	1	1
35,210 (2024 - 31,449) Series B shares of £0.0001 each	4	4

	8	8

On 19 September 2025 290 ordinary shares were issued with a nominal value of £0.0001.

On 1 December 2025 227 ordinary shares were issued with a nominal value of £0.0001.

21.

Reserves

Share premium account

The amount carried forward is the premium that arose from the issue of shares, including amounts arising from the conversion of convertible loan instruments.

22.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	98,695	39,500
Later than 1 year and not later than 5 years	229,284	70,917
	327,979	110,417

23.	Related party transactions
	The Company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.

24.	Post balance sheet events

Post year end, the Group completed a CLN investment of £3.4m from existing shareholders and/or investors.

Page 35


Axial Medical Printing Limited

Notes to the financial statements

For the year ended 31 December 2025

25.	Subsidiary undertakings

Name	Registered office	Class of shares	Holding
Axial Medical Printing (Ireland) Limited	Research and experimental development on natural sciences and engineering	Ordinary	100	%
Axial Medical Printing, Inc.	Research and experimental development on natural sciences and engineering	Ordinary	100	%

The country of incorporation of Axial Medical Printing (Ireland) Limited is Ireland. The country of incorporation of Axial Medical Printing, Inc. is United States of America.

26.	Controlling Party

Axial Medical Limited is the ultimate controlling party for Axial Medical Printing Inc, a company incorporated in the United States.

Page 36