The directors present the strategic report for the year ended 31 July 2026.

The principal activity of the company in the year under review was that of a holding company for Infex Therapeutics Limited.

Infex Therapeutics continues to progress its mission to develop new treatments for critical-priority infectious diseases, with further milestones achieved in the year.

In the last 12 months, Infex has successfully completed a Phase 2a clinical trial of our drug RESP-X in non-CF bronchiectasis patients.

The company has also continued its co-development of the MET-X program with our partner Venus Remedies to conduct clinical trials and commercialise MET-X in combination with the antibiotic meropenem in the Indian market.

Pre-clinical development of the pan-coronavirus anti-viral drug program COV-X continues, supported by funding and services provided by the US National Institute of Allergy and Infectious Diseases.

Together with our partner Giessen University from Germany, we are also progressing pre-clinical development of the BamA program targeting critical priority drug-resistant infections, supported by significant grant awards from the UK and USA.

Our strategy is to continue to build a portfolio of innovative drugs, undertake clinical trials and licence our assets to pharmaceutical companies to deliver new therapies for patients suffering from life-threatening infections.

The results for the year are in line with expectations.

The group's drug development programs are subject to significant scientific and clinical development risks. There is no guarantee that our drug development programs will be successful in pre-clinical or clinical development.

The group will continue to be loss-making for the short and medium term, and will rely on additional investment to fund the operational losses likely to be incurred to progress the group's drug pipeline.

Future revenues are most likely to come from licensing of programs to pharmaceutical companies in return for up-front and milestone payments, in addition to royalties on commercial sales. There is no guarantee that our programs will be licensed or commercialised successfully.

We rely on a number of key external service providers, in addition to our in-house team, in the following key areas: quality assurance management; drug manufacture and supply chain management; pre-clinical testing services; clinical testing services; provision of research facilities; and intellectual property management.

Safety, health and environmental management

Infex Therapeutics Limited maintained its excellent SHE performance within its laboratory operations during the year, with no significant issues to report. All external research, development and manufacturing is undertaken following the relevant strict regulatory requirements at sub-contractors. There were no significant issues during the year to report.

On behalf of the board

The directors present their report with the financial statements of the company for the year ended 31 July 2026.

The principal activity of the company in the year under review was that of a holding company.

No dividends will be distributed for the year ended 31 July 2026.

Going concern

The company acts as a holding company for its 100% trading subsidiary, Infex Therapeutics Limited.

During the year £2,050k of loans were converted into equity and additional equity funding of £2,300k was raised

The company will continue to seek to raise additional loan and equity funding to provide working capital sufficient for the research activities of Infex Therapeutics Limited for the foreseeable future.

After making enquiries and considering current actions, future plans and forecasts, the directors have confirmed that they will continue to be able to offer financial and management support to Infex Therapeutics Limited.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

The directors shown below have held office during the whole of the period from 1 August 2025 to the date of this report.

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements 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; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Infex Therapeutics Holdings Plc (the 'company') for the year ended 31 July 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 July 2026 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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 company's ability to continue as a going concern for a period of at least twelve months from 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are responsible for assessing the 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives 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 our 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.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• we identified the laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

• we identified those laws and regulations which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material  misstatement, including obtaining and understanding of how fraud might occur, by;

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud: and

• considered the internal control in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• Assessed whether judgements and assumptions made in determining the accounting  estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspections of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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.

The notes on pages 11 to 15 form part of these financial statements.

The notes on pages 11 to 15 form part of these financial statements.

Infex Therapeutics Holdings Plc is a private company, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Infex Therapeutics Holdings Plc as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The company acts as a holding company for its 100% trading subsidiary, Infex Therapeutics Limited.true

During the year £2,050k of loans were converted into equity and additional equity funding of £2,300k was raised.

The company will continue to seek to raise additional loan and equity funding to provide working capital sufficient for the research activities of Infex Therapeutics Limited, for the foreseeable future.

After making enquiries and considering current actions, future plans and forecasts, the directors have confirmed they they will continue to to be able to offer financial and management support to Infex Therapeutics Limited.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment.

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

When an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at amortised cost using the effective interest rate.

Share based payments are recognised at fair value with the expense charged to the profit or loss account in the relevant expense category.

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.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

There were no staff costs for the year ended 31 July 2026 nor for the year ended 31 July 2025.

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiary at 31 July 2026 is as follows:

The loan of £1,600,000 that existed at the end of the previous financial year has been converted to equity during this year.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Mr J P Moulton has been registered at Companies House as the ultimate controlling party.

On 3 February 2025 options to subscribe for 54,691,022 Ordinary Shares of £0.001 each at a subscription price of £0.05 were granted to employees of the Company and its subsidiary.

Under the scheme 48,104,996 options vested in the year ended 31 July 2025 and 6,586,026 vested in the current year.  Under the provisions of FRS102 on the grant of these options the fair value of the options was determined using the Black Scholes option pricing model and gave rise to a charge of £825,878 in the prior year and £113,070 in the current year.

During the year further options over 12,800,000 Ordinary Shares of £0.001 each were granted at a subscription price of £0.05 per Ordinary Share.  The value of these options was again determined using the Black Scholes option pricing model at £346,514 with the charge for the period being £63,562 with the balance being deferred until later periods.

The total charge for the period is £176,632.