Announcement PDF Acrux Limited (ACR:ASX) | ACN 082 001 152 103-113 Stanley St, West Melbourne VIC, 3003 Australia +61 3 8379 0100 | info@acrux.com.au Acrux Limited (ACR:ASX) ASX Announcement 26 August 2026 Results announcement for the financial year ended 30 June 2026 Melbourne, Australia; 25 August 2026: Acrux Limited (ASX:ACR), in accordance with ASX Listing Rules, the following documents are attached for immediate release to the market: • • Appendix 4E; and • • Annual Report for the financial year ended 30 June 2026. Authorised for release by the Board of Acrux Limited. For more information, please contact: John Warmbrunn CEO & Managing Director E: john.warmbrunn@acrux.com.au P: + 61 3 8379 0100 Joanna Johnson CFO & Company Secretary E: joanna.johnson@acrux.com.au P: + 61 3 8379 0100 Media Relations Julia Maguire The Capital Network E: julia@thecapitalnetwork.com.au P: + 61 2 7257 7338 2 About Acrux: Acrux Limited (ASX:ACR) is a specialty pharma company with a successful track record of developing and commercialising a pipeline of topically applied pharmaceutical products. Drawing on 25 years of experience, Acrux has successfully marketed through licensees a number of products worldwide with emphasis on the United States. Click here to sign up to our InvestorHub and keep up to date with company news and latest developments or for further information on Acrux Limited visit www.acrux.com.au END. Appendix 4E -Preliminary Financial Report Results for announcement to the market Name of Entity Acrux Limited ABN 72 082 001 152 Financial Year Ended 30 June 2026 Previous Corresponding Reporting Period 30 June 2025 $A'000 Total Revenue Up 46% to 6,596 (Loss) from ordinary activities after tax attributable to members Down 90% to (604) Net (loss) for the period attributable to members Down 90% to (604) Acrux is a specialty pharma company with a successful track record of developing and commercialising topically applied pharmaceutical products. Drawing on 25 years of experience, Acrux has successfully marketed through licensees a number of products worldwide with emphasis on the United States. During FY26 there has been a shift of emphasis to the development of testosterone to be applied transdermally in a metered dose suitable for women and cessation of progression of the topical generic pipeline. No dividends have been declared or paid for the year ending 30 June 2026 or the prior corresponding period. NTA Backing Current period Previous corresponding period Net tangible asset backing per ordinary security 0.3 cents 0.3 cents Other Information There are no associates or joint ventures or other entities over which control has been gained or lost over the period. The financial report contains an independent audit report that is not subject to a modified opinion, emphasis of matter or other matter paragraph. Full financial details of the Group are contained in the attached audited financial report. Acrux Limited Annual Report 2026 Female Testosterone MDTS the catalyst to accelerate Acrux’s commercial success Contents Female Testosterone MDTS 3 Report from the Chairman and CEO 6 Environment, Social and Governance 8 Directors’ Report, including Remuneration Report 13 Auditor’s Independence Declaration 23 Consolidated Financial Statements 24 Consolidated Entity Disclosure Statement 49 Directors’ Declaration 50 Independent Auditor’s Report 51 Shareholder Information 56 Glossary 59 Corporate Directory 62 2 Female Testosterone MDTS During FY26, with a new CEO and Managing Director, Acrux transformed its business by monetising existing assets and established a core income stream from its portfolio of topical generic products. This strengthened foundation enables the Company to focus on a potentially significant new blockbuster opportunity: applying its proven drug-delivery technology and development expertise to Female Testosterone Metered Dose Transdermal System (‘MDTS’). Acrux is taking the opportunity created by Female Testosterone MDTS through licensing its intellectual property using a co-development business model. Acrux aims to accelerate development, manage risk and maximise the global potential of Female Testosterone MDTS by combining our technology, clinical knowledge and product development expertise with the established development and distribution resources of business partners. Female testosterone MDTS significantly enhances Acrux’s prospects A changing environment for Hormone Replacement Therapy During FY26, growing recognition among regulators and the medical profession of the role of hormone replacement therapy increased the focus on conditions affecting women through menopause. Treatments are specifically for female patients Leveraging Acrux’s proven technology and know‑how Acrux is leveraging its proprietary technology, development expertise and previous clinical studies to accelerate the commercial pathway for a differentiated Female Testosterone product. Addressing a substantial unmet clinical need Millions of women approaching or experiencing menopause face a range of challenging symptoms, yet treatment options remain limited, resulting in a substantial global market opportunity for Acrux’s Female Testosterone MDTS. 3 The Large and Growing Market for Female Testosterone The Key Market: Hypoactive Sexual Desire Disorder (HSDD) Hypoactive Sexual Desire Disorder (HSDD) is commonly expressed as low or absent sexual desire and/or response to stimulation. Addressing HSDD can help women reclaim their well-being, inside and out Self-esteem Anxiety Social conflict Reduced energy ~4.9m menopausal women in the US affected with HSDD ~10% of all adult women impacted HSDD impacts more than desire and touches every part of a woman’s well-being: Mental wellness Happiness Sexual health Body image 4 Providing an effective treatment for HSDD is a blockbuster market opportunity HSDD is the primary clinical application for testosterone therapy in women, serving as the foundation of treatment. Large market of menopausal women in the US & EU are the primary target Estimated US & EU HSDD Market Potential per annum (US$ billion) 18-44 years US$7.91B 45-65 years US$8.85B 65+ years US$4.54B US$21.3B Total US & EU HSDD market potential p.a. *There is no known published market report that segments the testosterone market exclusively for women by indication/population. The percentages shown are derived estimates constructed from information, real-world prescribing patterns, epidemiology, and other therapy information. Estimates are intended for strategic and illustrative purposes and are not sourced from a single proprietary market report. Potential Global Population for Female Testosterone* ~120m Women globally estimated to have HSDD by 2030 HSDD post-menopausal women 45% HSDD pre-menopausal women 9% Post cancer treatment sexual dysfunction 8% Premature menopause 6% IVF / ovarian priming 4% Alzheimer’s / cognitive decline 28% Assumptions: 12.3% 45-65y, 8.9% 18-44y and 7.4% >65 y have HSDD; Cost of annual treatment = $USD300 per month; 40% may women respond to treatment/clinically meaningful improvements; and 75% women would speak to doctor & 82% of these initiate discussion with healthcare provider. 5 Report from the Chair and CEO Dear Shareholders, The 2026 financial year was an important period for Acrux, as we sharpened our strategic focus on the development and commercialisation of our proprietary Female Testosterone Metered Dose Transdermal System (‘MDTS’). Acrux has a long history of developing innovative pharmaceutical products that are administered through the skin. Our technology has supported products launched in international markets and provides a strong foundation for the next phase of the Company’s development. We believe Female Testosterone MDTS represents a significant opportunity to apply this proven technology to an area of women’s health where a substantial unmet medical need remains. Hypoactive Sexual Desire Disorder, or HSDD, is estimated to affect approximately 10% of adult women and around 4.9 million menopausal women in the United States. Despite the prevalence of the condition, there is currently no testosterone product specifically approved by the US Food and Drug Administration (‘FDA’) for the treatment of HSDD in women. As a result, many patients are prescribed products originally developed for men, which can create challenges relating to dosing, application and potential transfer. Acrux’s Female Testosterone MDTS has been designed specifically for women. The product delivers a controlled dose of testosterone through the skin using Acrux’s proprietary applicator and “patchless patch” technology. Application to the abdomen is intended to support simple, accurate and flexible dosing while reducing the risk of incidental transfer. Importantly, the product is supported by encouraging clinical evidence. Acrux’s completed Phase II study demonstrated an increase in satisfactory sexual events across all testosterone treatment groups compared with placebo. The selected 90 μL dose achieved a statistically significant improvement in the study’s primary endpoint, providing a strong clinical foundation for the proposed Phase III development program. During the year, Acrux continued to advance the regulatory pathway for the product in both the United States and Australia. In July 2026, the Company sought feedback from the FDA following its pre-Investigational New Drug engagement. This feedback is being formalised and will provide greater clarity regarding the proposed Phase III clinical program and the information required to support a potential 505(b)(2) regulatory pathway. Acrux also met with the Therapeutic Goods Administration (‘TGA’) in December 2025. The TGA indicated that a literature-based submission may be acceptable, subject to the preparation of an appropriate evidence package and the completion of relevant bridging of clinical data and device-related work. These regulatory interactions have helped define the next stage of development and provide a clearer pathway towards potential product registration. John Warmbrunn Chief Executive Officer and Managing Director Ross Dobinson Chairman 6 Our immediate priority is to secure an experienced co-development and commercialisation partner with established capabilities in women’s health, clinical development and international markets. A partnership approach is expected to help de-risk the Phase III program, accelerate development and position the product for a successful commercial launch. Acrux would contribute its formulation, device, technical‑transfer and regulatory capabilities, while the selected partner would bring complementary clinical, financial, manufacturing and commercial expertise. Following a short listing process, we have been very encouraged by the high level of interest from potential partners, who are now undertaking due diligence in our data room. The broader environment for women’s health and menopause-related treatments is also evolving. Awareness of testosterone therapy for women is increasing among patients, clinicians and regulators, while recent changes to hormone-therapy labelling in the United States have helped create a more constructive environment for the development of new treatments. Acrux is well positioned to participate in this growing area of interest. Beyond the initial HSDD indication, the Company sees opportunities to explore the potential application of Female Testosterone MDTS across other areas of women’s health. These may include women experiencing premature menopause, post-cancer treatment sexual dysfunction and other conditions where testosterone therapy could provide a clinical benefit. These opportunities remain subject to further research, clinical development and regulatory approval. As we move into the 2027 financial year, our focus will remain on progressing partnership discussions, finalising the proposed Phase III program and advancing the manufacturing and regulatory activities required to support development of Female Testosterone. We will continue to apply disciplined capital management while pursuing the pathway that we believe offers the greatest potential value for shareholders. We thank Acrux’s employees, clinical and regulatory advisers, research partners and especially or shareholders for their continued support. Acrux enters the new financial year with a differentiated product opportunity, proven drug-delivery technology and a clearly defined development strategy. We look forward to reporting further progress as we work to bring an important new treatment option to women worldwide. Ross Dobinson John Warmbrunn Chairman Chief Executive Officer and Managing Director We believe Female Testosterone MDTS represents a significant opportunity to apply this proven technology to an area of women’s health where a substantial unmet medical need remains. “ 7 Environment, Social and Governance At the heart of Acrux’s Environment, Social and Governance (ESG) framework is our commitment to economic and environmental sustainability and to conducting business in a responsible and ethical manner. This is evidenced through three key operational tenets: 1. Environmental Tenet – operating in a sustainable manner to preserve our natural environment; 2. Social Tenet – considers Acrux’s relationships with employees, investors and the broader community and includes the way we conduct business, employee diversity, equity and inclusion as well as health, safety and wellbeing; and 3. Governance Tenet – practising good corporate governance and operating in an ethical and socially accountable manner. Environmental Tenet Acrux is committed to environmental sustainability through minimising waste, energy usage and emissions associated with our building operations, laboratory and office equipment. Acrux occupies leased premises located at 103-113 Stanley Street, West Melbourne. These premises are 1,735 square metres, comprising a laboratory, offices and warehousing plus 365 square metres of open air car parking. As the building owner has not installed infrastructure to harness solar energy or to divert and recover rainwater, our environmental strategies are focussed on the minimisation of energy usage and effective waste management. We: • Embed environmental and sustainability objectives in our company policies and standard operating procedures; • Implement energy saving measures to reduce energy consumption and waste; • Consider climate related risks and opportunities within in our risk management processes; and • Adopt waste reduction initiatives in our laboratory and office following on site audits and workshops. Standard operating procedures support safe handling and management of the materials used in our laboratory and ensure waste, including hazardous, controlled and non hazardous waste, is handled safely and disposed of in accordance with environmental regulations. Acrux is licenced to store and use hazardous and controlled substances and trade water waste is managed effectively and responsibly. All waste, including laboratory waste, is recycled where possible. Social Tenet Acrux is committed to providing a stimulating, healthy and safe work environment. Our Code of Conduct documents our expected behaviours and ethical standards, guiding and empowering our employees to make good decisions and to act responsibly. Health, safety and wellbeing is a priority as is ensuring our employees have the skills and resources required to perform their roles to a high standard. Practicing safe systems of work is ingrained into Acrux’s culture and we have proactive and well developed processes to capture occupational health and safety data, including near misses. Reported incidents are thoroughly investigated and corrective measures are implemented where necessary. Our internal audit programme helps us assess our health and safety standards and identify potential risks and hazards. Safety audits are conducted throughout the year by occupational health and safety team members who report their findings to the Leadership Team. Diversity and Inclusion supports our employees to experience fair treatment and merit based access to remuneration and employment opportunities. We prioritise our inclusive culture to ensure our workplace is safe for and attractive to a diverse range of people. Diversity is embraced and celebrated to promote wellbeing, productivity and safety and to attract and retain skilled employees who are representative of our broader community and to remove unconscious biases from our behaviours, policies and processes. Acrux’s Diversity and Inclusion Policy is integral to our talent management and recruitment strategies and can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. Governance Tenet Acrux is committed to good corporate governance and corporate governance policies are published on the Company’s website, https://investors.acrux.com.au/corporate-governance. The Company’s RIOS – Together Anything is Possible model articulates our Company Values and core behaviours expected of Directors and employees. The RIOS Company Values are: Round the clock, Innovation, Openness and Standout. Commitment to these Values underpin how our employees work together to solve problems and make decisions and must be demonstrated for an employee to be invited to participate in incentive programs. Governance structure Ethics and Values Acrux maintains high standards of corporate governance and Directors and employees are expected to act responsibly and with integrity at all times. Our corporate governance program is aligned with our strategy and is well established and mature. All Directors, employees and other parties representing the Company are required to follow the Company’s principles. 8 Our Code of Conduct documents and communicates the framework for the way Acrux conducts business and relates to shareholders, employees, business partners and suppliers as well as the environment in which the Company operates. We expect third parties with whom we work to comply with these principles. Our Code of Conduct can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. It is important that employees and other stakeholders feel safe and empowered to report concerns about behaviour which may appear to be inconsistent with our Code of Conduct or other corporate policies. Our Whistleblower Policy ensures such reports can be made in good faith with the confidence they will be investigated fairly and confidentially and protecting the person making the report. The Whistleblower Policy can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. Compulsory on line training and quizzes are delivered to all employees to reinforce our ethics and values and to educate staff on Whistleblower rights and protections, diversity and inclusion and outlining expected conduct. All Corporate Governance policies are reviewed annually by the Board of Directors and are published on our public website and staff intranet. Structure of the Board and Board Committees Acrux’s corporate governance and risk and compliance framework stands alongside the legislative requirements of the Corporations Act 2001 and the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition). All governance practices recommended by the ASX have been implemented by Acrux, unless otherwise explained in the Corporate Governance Statement. This Statement is considered and approved by the Board annually, announced to the ASX and can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. The Board Charter is central to Acrux’s corporate governance framework, it lays out the responsibilities and duties of the Board of Directors and can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. Key Board responsibilities include overseeing management, providing strategic direction, capital planning, risk management, monitoring performance, human resource strategies and approval of budgets and business plans. Day to day management including implementation of approved strategies and business plans, is delegated to the CEO and Managing Director and the leadership team. The Board maintains a breadth of skills in its membership, which considers individual experience and background in the pharmaceutical industry, leadership and strategy, international business, legal, finance and accounting, risk management, corporate governance, organisation and talent development as well as team fit and balance within the Board. Details of the members of the Board, their experience and personal qualifications are outlined in this Annual Report. The Audit and Risk Committee has been established to assist the Board fulfil its corporate governance and oversight responsibilities relating to financial accounting practices, internal control systems, risk management, external financial reporting and audit. Risk management is essential to operating and growing our business safely, effectively, and sustainably. Risks are identified, assessed and monitored through our Risk Management Framework with consideration of each risk’s potential impact, probability, detectability and the existence of mitigating factors. The Board has ultimate oversight over risk management and the Audit and Risk Committee monitors the overall effectiveness of our risk management and internal controls framework. The Human Capital and Nominations Committee (‘HCNC’) has been established by the Board to ensure the Board is comprised of individuals who can best discharge the responsibilities of Directors. Responsibilities of the HCNC include recruitment and retention of Directors and employees of high quality and motivation to drive long term growth, establishment of the remuneration framework and other people related policies. Where appropriate, Board Committees make recommendations for consideration by the Board. Board and Committee Charters can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/corporate-governance. Corporate Governance framework Reflects legislative and regulatory requirements as well as Company ethics, values and culture Documented in the Code of Conduct, RIOS and other Corporate Governance Policies CEO and Managing Director Senior Management Employees Board of Directors, supported by: Audit and Risk Committee Responsibility: Overseeing management and setting the strategic direction Responsibility: Day to day management and implementation of strategy Human Capital and Nomination Committee 9 Board of Directors and Senior Management The following persons were Directors of Acrux during and since the end of the financial year: Ross Dobinson Chairman, Non-executive Director Geoffrey Brooke Non-executive Director Don Brumley Non-executive Director Timothy Oldham Non-executive Director John Warmbrunn Chief Executive Officer and Managing Director All directors were in office throughout the reporting period. Information on Directors and Company Secretary The qualifications, experience and special responsibilities of each person who has acted as a Director of Acrux Limited since 1 July 2025 is provided below, together with details of the Company Secretary and other Senior Managers as at the year end. Ross Dobinson, appointed March 1998 Responsibilities Chairman, Independent Non‑executive Director Qualifications BBus (Acc) Experience Ross is a founder and former CEO of Acrux and has been a Director since 1998. He was first appointed as Chairman in January 2006, additionally holding the role of Executive Chairman from July 2012 to October 2014. Ross has a background in investment banking and stockbroking. He was a founding Director of Starpharma Holdings Limited (ASX: SPL) and was formerly a Director of Reliance Worldwide Corporation (ASX: RWC), Executive Director of Hexima Limited (ASX: HXL), Chairman of TPI Enterprises Limited (now Palla Pharma Ltd ASX: PAL), Director of Roc Oil Company Limited (ASX: ROC) and a Director of Racing Victoria Limited. John Warmbrunn, commenced June 2025 Responsibilities Chief Executive Officer and Managing Director Qualifications BSc, MBA, AICD Experience John has over 25 years of experience in building and scaling businesses, particularly in the healthcare sector. For 12 years he held senior commercial roles at Ego Pharmaceuticals, Australia’s leading dermatological pharmaceutical company, leading growth of the company’s export business to over 50% of turnover. John started his industry career in sales at Sandoz holding various management roles as it merged to form Novartis, eventually establishing the company’s OTC business in Australia and New Zealand, and held a senior role with Bristol Myers Squibb (Convatec). John gained experience in running a listed company as CEO of Bendigo Community Telco (NSX: BCT) where he led the company to a successful IPO. John has a Bachelor of Science in Genetics from the University of Melbourne, an MBA from Macquarie Business School and is a member of the Australian Institute of Company Directors. 10 Geoff Brooke, appointed June 2016 Responsibilities Independent Non-executive Director, member of the Audit and Risk Committee and Human Capital and Nomination Committee. Qualifications MBBS, MBA Experience Geoff has more than 30 years of venture capital experience and co-founded GBS Venture Partners in 1996. In 2014 he retired from GBS and now concentrates on privately investing in a small number of companies. Previously, Geoff was President of Medvest, a US-based early-stage venture capital group he founded with Johnson & Johnson. His experience includes company formation and acquisitions, as well as public listings on the NYSE, NASDAQ and ASX exchanges. Geoff commenced as Chairman of Actinogen Medical Limited (ASX: ACW) in 2017 and joined Cynata Therapeutics Ltd in 2019 as Non-Executive Director prior to becoming Chair in 2020. In 2020, he joined the board of Saluda Medical Inc (ASX: SLD). Geoff was an independent director of the Victorian WorkCover Authority between 2009 and 2015. He earned his Bachelor of Medicine/Surgery from the University of Melbourne, and his postgraduate work was in anaesthetics and intensive care. He also has a Master of Business Administration from IMEDE (now IMD) in Lausanne, Switzerland. Don Brumley, appointed June 2021 Responsibilities Independent Non-executive Director, Chair of the Audit and Risk Committee and member of the Human Capital and Nomination Committee. Qualifications FCA, AICD Experience Don was a senior partner of Ernst & Young, Oceania for 30 years and has extensive experience in IPOs, transactions and audit having advised and worked with Boards of organisations ranging from some of the largest in Australia to fast growing entrepreneurial and medium sized organisations. Don was the Oceania IPO Leader at Ernst & Young and worked with clients listing on the Australian, US, UK and key Asian stock exchanges. He held positions as Biotech Markets Leader, National Leader of Strategic Growth Markets and on the Board of Partners of Ernst & Young. He is a Fellow of Chartered Accountants Australia & New Zealand and is a member of the Australian Institute of Company Directors. He was previously Chairman and Non-executive director of Bio-Gene Technology Ltd (ASX: BGT). Tim Oldham, appointed October 2013 Responsibilities Independent Non-executive Director, member of the Audit and Risk Committee and Chair of the Human Capital and Nomination Committee. Qualifications BSc (Hons), LLB (Hons), PhD Experience Tim has 20 years of life sciences business development, alliance management and sales and marketing experience in Europe, Asia and Australia. He is the CEO and Managing Director at AdAlta Ltd (ASX: 1AD), a clinical stage biotech company developing novel cell and protein therapeutics. Prior to this, he led Tijan Ventures, a life sciences advisory business focussed on strategic advisory and leadership services and acquiring cell and gene therapy assets. He was previously CEO and Managing Director of Cell Therapies Pty Ltd and President of Asia Pacific for Hospira, Inc., having held a variety of senior management roles encompassing development and commercialisation of generic pharmaceuticals, devices, biologics and cellular therapies with Mayne Pharma Ltd prior to its acquisition by Hospira. Tim began his career as an engagement manager with McKinsey & Company. Tim has been a Non-executive Director of BioMelbourne Network Inc, chaired the European Generic Medicines Association Biosimilars and Biotechnology Committee and was a Non-executive Director of the Alliance for Regenerative Medicine and Non‑executive Director of the Generic Medicines Industry Association. 11 Joanna Johnson, Company Secretary since June 2021 Responsibilities Chief Financial Officer and Company Secretary Qualifications CA, Bec, Grad Dip Management Experience Joanna is an experienced Chief Financial Officer and Company Secretary and is a member of the Institute of Chartered Accountants Australia and New Zealand. She has 30 years of experience in the pharmaceuticals industry, having previously held the roles of Chief Financial Officer and Company Secretary at IDT Australia Ltd and Generic Health Pty Ltd. She was Finance Director, Asia Pacific for Hospira Inc and Mayne Pharma Ltd and Commercial Manager for Australia New Zealand for FH Faulding Ltd. She has led both small and large finance teams, both nationally and internationally, through all aspects of reporting, business planning, budgeting, forecasting and analysis as well as equity capital raising, taxation, risk management, corporate compliance and investor relations. Joanna holds a Bachelo