This financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. In accordance with section 444 of the Companies Act 2006, a statement of comprehensive income has not been delivered.

For the year ended 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 of its accounts for the year ended 31 December 2025 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

The financial statements were approved and authorised for issue by the Board of Directors on 1 September 2026, and are signed on behalf of the board by:

Cumulus Oncology Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:

61 Dublin Street

Edinburgh

Scotland

EH3 6NL

These financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) and the Companies Act 2006.

These financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

The company is in its early growth phase. During this stage of its lifecycle, as is common with companies of a similar nature, the company will continue to rely on further investment to fund its activities. After the reporting date the company raised £2,026,000 (gross proceeds) with the continuing support for existing investors, which provides funding for the foreseeable future. Thus the directors have adopted the going concern basis of accounting in preparing the financial statements.

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to service transactions.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

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; and

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

there is the ability to use or sell the intangible asset; and

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

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.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Basic financial liabilities, which include other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in the profit or loss.

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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.

Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.

Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.

Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.

Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

The average number of employees, including directors, during the year was 15 (2024: 20).

The company owns 74.22% of the share capital of Nodus Oncology Limited, a company with a registered address 61 Dublin Street, Edinburgh, Midlothian, Scotland, EH3 6NL.

The company owns 100% of the share capital of Gio Therapeutics AG. The registered address of Gio Therapeutics AG is Innovation Park, Basel Area AG, Lichtstrasse 35 , 4056, Basel, Switzerland.

There is an unrecognised deferred tax asset of £2,004,837 (2024: £1,598,990). This arises mostly as a result of losses carried forward. Losses can only be offset against future profits, which cannot be determined with certainty.

The total expense recognised during the year in respect of equity settled share based payments is £33,819 (2024 : £11,931).

The estimated fair values were calculated by applying the Black-Scholes pricing Model. The model inputs were:

Exercise price

Expected volatility

Expected life

Risk free interest rate

Dividend yield

The company owns 74.22% of the share capital of Nodus Oncology Limited, a company registered in Scotland.

The company owns 100% of the share capital of Gio Therapeutics AG, a company registered in Switzerland.

The company has chosen to take advantage of the exemption under FRS 102 section 1A, paragraph 1AC.35; not to disclose related party transactions with wholly owned subsidiaries.

On 6 February 2026, the company issued 5,336 preferred ordinary shares of £0.01 each for a consideration of £379.73 per share. The share premium recognised on issue was £1,948,130.

In the opinion of the directors the company has no ultimate controlling party.