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REGISTERED NUMBER: 08699350 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2025

for

AKL Research & Development Limited

Trading as

AKL Therapeutics

AKL Research & Development Limited (Registered number: 08699350)

Trading as AKL Therapeutics

Contents of the Financial Statements

for the Year Ended 31st December 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 2 |

AKL Research & Development Limited (Registered number: 08699350)

Trading as AKL Therapeutics

Balance Sheet

31st December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | 6,576 |  |

CURRENT ASSETS

Debtors | 5 | 369,964 |  | 304,457 |  |

Cash at bank | 11,365 |  | 1,289,738 |  |

381,329 |  | 1,594,195 |  |

CREDITORS

Amounts falling due within one year | 6 | 79,225 |  | 24,128 |  |

NET CURRENT ASSETS | 302,104 |  | 1,570,067 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 302,104 |  | 1,576,643 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 396,698 |  | 373,586 |  |

Share premium | 14,351,127 |  | 12,225,252 |  |

Retained earnings | (14,445,721 | ) | (11,022,195 | ) |

SHAREHOLDERS' FUNDS | 302,104 |  | 1,576,643 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 10th June 2026 and were signed on its behalf by:

D R Sharples - Director

AKL Research & Development Limited (Registered number: 08699350)

Trading as AKL Therapeutics

Notes to the Financial Statements

for the Year Ended 31st December 2025

1. | COMPANY INFORMATION

| AKL Research & Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 08699350

| Registered office: | 2nd Floor

| The Lexicon

| 10-12 Mount Street

| Manchester

| M2 5NT

| 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.

| Goodwill

| Goodwill is being amortised evenly over its estimated life of 10 years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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.

| Going concern

| In the directors’ opinion, at the time of approving the financial statements, the company had adequate cash reserves to continue its operations for the foreseeable future.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 5 ) .

AKL Research & Development Limited (Registered number: 08699350)

Trading as AKL Therapeutics

Notes to the Financial Statements - continued

for the Year Ended 31st December 2025

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st January 2025

| and 31st December 2025 | 195,767 |  |

| AMORTISATION

| At 1st January 2025 | 189,191 |  |

| Amortisation for year | 6,576 |  |

| At 31st December 2025 | 195,767 |  |

| NET BOOK VALUE

| At 31st December 2025 | - |  |

| At 31st December 2024 | 6,576 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Corporation tax recoverable | 358,597 |  | 282,316 |  |

| VAT | 10,150 |  | 19,728 |  |

| Prepayments and accrued income | 1,217 |  | - |  |

| Prepayments | - |  | 2,413 |  |

369,964 |  | 304,457 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | - |  | 19,006 |  |

| Social security and other taxes | 20,975 |  | 1,371 |  |

| Other creditors | 22,500 |  | - |  |

| Net Wages Payable | 32,000 |  | - |  |

| Accrued expenses | 3,750 |  | 3,751 |  |

79,225 |  | 24,128 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 396,698 | Ordinary | £1 | 396,698 |  | 373,586 |  |

| 23,112 Ordinary Shares of £1 each were allotted as fully paid during the year for a total consideration of £2,148,987 creating a share premium of £2,125,875.

| The company expects to issue an estimated 2,900 shares of £1 each at the latest issue price of £75 per share as payment for additional research incurred on the Phase 2b clinical trial.

8. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties are the directors by virtue of their actual exercise of control over the day-to-day activities of the company.