ALTX_THERAPEUTICS_LIMITED

ALTX THERAPEUTICS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT

31 MARCH 2026

- 1 -

2026

Notes

Fixed assets

Tangible assets

860

Current assets

Debtors

204,159

Cash at bank and in hand

3,632,372

3,836,531

Creditors: amounts falling due within
one year

(756,617)

Net current assets

3,079,914

Total assets less current liabilities

3,080,774

Capital and reserves

Called up share capital

Share premium account

4,237,951

Income statement reserve

(1,157,247)

Shareholders' funds

3,080,774

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:

G Garcia Gajardo

Director

Date: 20/07/2026

Company registration number 16677457 (England and Wales)

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2026

- 2 -

Accounting policies

Company information

Altx Therapeutics Limited is a private company limited by shares incorporated in England and Wales, registered number 16677457. The registered office is Burnham House, Splash Lane, Wyton, Huntingdon, PE28 2AF.

1.1

Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 Section 1A”) and the requirements of the Companies Act 2006.

These financial statements cover the period from 28 August 2025 to 31 March 2026, which is shorter than a typical 12-month period. The company's financial year end has been selected to align with that of the parent company.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2

Going concern

As the company continues in the research and development phase, it has recorded a loss for the period to 31 March 2026. During this stage of its lifecycle, the company will remain in a cash outflow position with no revenues expected to be generated in the immediate future.

As part of their going concern assessment, the directors have prepared budgets and cash flow forecasts to assess the cash requirement to continue in operational existence for a minimum period of 12 months from the date of approval of these financial statements.

The Company entered into a financing arrangement during the period providing for up to £12.5 million of funding in three tranches, conditional on the achievement of specified milestones, of which £4.5 million was drawn down during the period.

Subsequent to the reporting date, the directors have confirmed that the milestones associated with the second tranche have been achieved and the proposed funding has been approved in principle by the relevant investment committee. Legal documentation is currently being finalised and the directors expect the tranche, amounting to approximately £5.0 million, to be executed and drawn down following approval of these financial statements.

The company has demonstrated strong scientific and operational progress since inception and has successfully achieved the milestones required to access the next stage of funding. Having considered the forecast cash requirements of the business, together with the progress made towards securing the next tranche of funding, the directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis.

Notwithstanding the progress made, the funding had not been legally completed as at the date of approval of these financial statements. Accordingly, the directors consider that pending legal completion of the second funding tranche represents a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 3 -

1.3

Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capitalisation of Development Costs

The business incurs a significant amount of research and development cost. The point in time at which the business begins capitalisation of any project is a critical accounting judgement. Development costs are only capitalised where an intellectual property meets each of the capitalisation criteria listed in FRS 102. Management has reviewed the facts and circumstances of each project in relation to the criteria for capitalisation and have determined that none of the projects met the requirements for capitalisation. Accordingly, no development costs have been capitalised for the period ended 31 March 2026 and have instead been expensed as incurred.

1.4

Tangible fixed assets and depreciation

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment

33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6

Financial instruments

The company has applied sections 11 and 12 of FRS 102. The company entered into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

An equity instrument is defined as any contract that evidences a residual interest in an entity's assets after deducting all of its liabilities.

1.7

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.8

Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

1.9

Research and development

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

-There is the intention to complete the intangible asset and use or sell it;

-There is the ability to use or sell the intangible asset;

-The use or sale of the intangible asset will generate probable future economic benefits;

-There are adequate technical, financial and other resources available to complete the development and
to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 5 -

1.10

Government grants and R&D expenditure credits

Government grants, including research and development tax credits under the UK R&D regime, are recognised where there is reasonable assurance that the grant will be received and that all related conditions will be complied with.

Such credits are recognised in the profit and loss account on a systematic basis over the periods in which the related research and development expenditure is recognised as an expense. The credit is presented within other operating income.

Employees

The average number of employees, including directors, during the period was: 1

Tangible assets

Computer equipment

Cost

As at 28 August 2025

Additions

999

As at 31 March 2026

999

Depreciation

As at 28 August 2025

Depreciation charged in the period

139

As at 31 March 2026

139

Net Book Value

As at 31 March 2026

860

Debtors

2026

Amounts falling due within one year:

RDEC receivable

68,741

Prepayments and accrued income

14,887

VAT debtor

120,531

204,159

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2026

- 6 -

Creditors: amounts falling due within one year

2026

Trade creditors

333,735

Amounts owed to group undertakings

82,173

Taxation and social security

3,463

Accruals

337,246

756,617

Taxation

As at 31 March 2026 there existed a potential net deferred tax asset of £301,405 comprising an asset of £16,125 in respect of the RDEC restriction, an asset of £285,495 in respect of unrelieved trading losses and a liability of £215 in respect of accelerated capital allowances. This has not been reflected as an asset given the uncertainty of future revenue streams and as the company is committed to significant continued investment in research and development. No current tax has been recognised due to losses incurred in the period. The Company recognised an R&D tax credit under the merged R&D scheme, which is presented within other operating income in the profit and loss account.

Share capital

2026

Ordinary share capital

Number

Issued and fully paid

Ordinary shares of £0.00001 each

2,500,000

2026

Preference share capital

Number

Issued and fully paid

Preference shares of £0.00001 each

4,518,000

The Company was incorporated on 28 August 2025.

On 20 October 2025, the Company issued 2,400,000 ordinary shares of £0.00001 each at par to the founder for total consideration of £24.

On 4 November 2025, the Company completed its initial funding round and issued 4,518,000 seed preferred shares of £0.00001 each for total proceeds of £4,368,021. The excess of the subscription price over nominal value has been credited to the share premium account.

The Company has two classes of share in issue: ordinary shares and seed preferred shares. The ordinary shares have one vote per share and rank pari passu for dividends and distributions on a winding up.

The seed preferred shares are convertible preferred shares. They carry voting rights and rights to dividends and capital distributions, together with certain preferential and other rights as set out in the Company’s Articles of Association, including rights of conversion into ordinary shares in specified circumstances.

ALTX THERAPEUTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2026

- 7 -

Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion :

the financial statements give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the period then ended;

the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Senior Statutory Auditor:

Stephen Wyborn (Senior Statutory Auditor)

Statutory Auditor:

Grant Thornton UK LLP

Date of audit report:

Date:

20/07/2026

Related party transactions

Slingshot Therapeutics Limited and Syncona Investment Management Limited are fellow group undertakings of the Company. The Francis Crick Institute Limited is a shareholder of the Company and is considered to have significant influence over it. Transactions with these related parties during the period were as follows:

Fellow group undertakings

During the period, the Company was invoiced £410,447 by Slingshot Therapeutics Limited, principally in respect of central support services. This amount includes directors' fees in respect of services provided by E Hodgkin of £4,167. At 31 March 2026, £81,173 was outstanding and is included within amounts owed to group undertakings in creditors falling due within one year.

During the period, the Company was invoiced £159,000 by Syncona Investment Management Limited in respect of set up costs and director fees. This amount includes directors' fees in respect of services provided by G Garcia Gajardo of £2,500. At 31 March 2026, £1,000 was outstanding and is included within amounts owed to group undertakings in creditors falling due within one year.

Shareholder with significant influence

The Francis Crick Institute Limited ("the Crick") is a shareholder of the Company and is considered to have significant influence over the Company. The Crick is also the Company's principal supplier of research services. During the period, the Crick invoiced the Company £309,597 in respect of research services. At 31 March 2026, £285,597 was outstanding and is included within trade creditors, and a further £125,503 had been accrued in respect of research services received but not yet invoiced at the period end (included within accruals). All transactions were carried out on an arm's length basis under the terms of the research services agreement between the parties.