Announcement PDF ASX Release RESULTS ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 29 August 2025: Melbourne, Australia; Acrux Ltd (ASX:ACR) In accordance with ASX Listing Rule 4.3A, please find attached the following for immediate release to the market: • Appendix 4E; and • Annual Report for the financial year ended 30 June 2025, including; • Operating and Financial Review; • Directors’ Report including the Remuneration Report; • Financial Reports; and • Independent Auditor’s Report. Approved for release by the Board of Directors of Acrux Ltd. For more information, please contact: John Warmbrunn Acrux Limited CEO & Managing Director P: + 61 3 8379 0100 E: john.warmbrunn@acrux.com.au About Acrux Acrux 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. For further information on Acrux, visit www.acrux.com.au Appendix 4E -Preliminary Financial Report Results for announcement to the market Name of Entity ABN Financial Year Ended Previous Corresponding Reporting Period Acrux Limited 72 082 001 152 30 June 2025 30 June 2024 $A'000 Total Revenue Down 44% to 4,528 (Loss) from ordinary activities after tax attributable to members Up 2% to (5,945) Net (loss) for the period attributable to members Up 2% to (5,945) Acrux 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. No dividends have been declared or paid for the year ending 30 June 2025 or the prior corresponding period. NTA Backing Net tangible asset backing per ordinary security Current period Previous corresponding period 0.3cents 1.1cents 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. Our portfolio marketed to US patients ANNUAL REPORT 2025 CONTENTS BUSINESS STRATEGY AND EXECUTION BRINGING PRODUCTS TO MARKET 2 REPORT OF THE CHAIRMAN & CEO 4 ENVIRONMENT, SOCIAL AND GOVERNANCE 8 15 AUDITOR’S INDEPENDENCE DECLARATION 27 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 28 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 29 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30 CONSOLIDATED STATEMENT OF CASHFLOWS 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 32 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 2025 54 DIRECTORS’ DECLARATION 55 INDEPENDENT AUDITOR’S REPORT 56 SHAREHOLDER INFORMATION 61 GLOSSARY 64 CORPORATE DIRECTORY 67 ABOUT THIS REPORT This Annual Report combines Acrux’s financial and non-financial performance into a single document which links strategic priorities to our operational results. Forward looking statements are subject to risks and uncertainties and have been made throughout this report. Such statements involve both known and unknown risks and other factors which may cause future actual results, performance or achievements of Acrux to differ from statements made in this report. Download here: www.investors.acrux.com.au/investor-centre Inside cover – Philippa, Analytical Development Team Leader A speciality, pharmaceutical company developing and commercialising drugs for international markets. Acrux Annual Report 2025 1 BUSINESS STRATEGY AND EXECUTION BRINGING PRODUCTS TO MARKET POWERFUL PARTNERSHIPS. PROVEN PRODUCT PORTFOLIO. Specialist CDOs & CMOs. Scale up capacity. Experienced commercial partners for launch and promotion 5 current FDA registered products marketed in the US. STRATEGIC DRIVERS EXPERIENCED TEAM Robust analysis, innovation around the clock. Diverse, expert, skilled in creating topical generics. pharmaceutical products 2 INFRASTRUCTUE & CAPABILITIES Product formulation with onsite analytical laboratories. TGA licence, GMP suite. Established Australian bioequivalence methodology Hemang, Analytical Development Scientist COMMERCIAL HIGHLIGHTS First licenced product in Saudi Arabia Nitroglycerine 0.4%, Ointment launched Dapsone 5%, Gel launched Dapsone 7.5%, Gel launched Prilocaine 2.5% and Lidocaine 2.5%, Cream Evamist royalties continue Volume CAGR 44% Acrux Annual Report 20253 REPORT OF THE CHAIRMAN & CEO Dear Fellow Shareholders, Over the past decade, Acrux has consistently pursued the development of topical, generic prescription pharmaceuticals for the US market. The strategy was based on overcoming the challenges of FDA registration to enable us to compete in niche markets which had high barriers to entry. With 5 products now launched, we are now in a position to reassess the viability of this approach. Strategic implications Products successfully commercialised in the US: — Nitroglycerin 0.4%, Ointment, is a generic of Rectiv and was launched in December 2024 by our licensee (TruPharma), as a treatment for severe pain associated with chronic anal fissure. IQVIA reports annual addressable market sales in the US for the 12 months to December 2024 totalling US$23.8 million; ® — Dapsone 5%, Gel, is a generic version of Aczone® Gel, 7.5% which treats acne vulgaris and is also marketed by TruPharma. Our 60 gram pack size was launched in April 2024, and 90 gram pack size in January 2025. Annual market sales in the US for the 12 months to December 2024 as reported by IQVIA totalled US$13.9 million. Acrux’s product is manufactured and packaged in the United States and marketed in a tube presentation, which positively differentiates it from its direct competitors (which only are available in pump bottle packaging); — Dapsone 7.5%, Gel, was launched in August 2024, as a treatment for acne vulgaris in patients 9 years of age and old and is also marketed by TruPharma. IQVIA reported annual addressable market sales in the US of US$43.9 million for the 12 months to December 2024; — Prilocaine 2.5% and Lidocaine 2.5%, Cream, was launched in December 2022 and which is a topical anaesthetic which is marketed by Padagis. IQVIA reported sales in the US for the addressable market for the product for the 12 months to December 2024 of US$20.9 million, and — Estradiol Spray, which treats symptoms associated with menopause is marketed as Evamist® by Padagis. With three products launched in FY2025, and two of those in the second half, we have not yet seen the full revenue uplift of the commercialised portfolio. Prilocaine 2.5% and Lidocaine 2.5%, Cream, Nitroglycerin 0.4%, Ointment, and Dapsone 5%, Gel, have been well accepted in the market and have achieved strong penetration in each generic category. Dapsone 7.5%, Gel is still in early launch phase. 4 These launches collectively confirm that Acrux has established the capability and capacity to: — Navigate FDA registration pathways; — Manage tech transfer for contract manufacturing organisations; — Conduct validated in-house bioequivalence; — Reverse-engineer complex formulations; — Attract strong commercial partners on attractive terms to access the US market; — Manage the complete process from identifying opportunities to delivering commercial products to the US market; and — Achieve above fair market share. These are significant achievements that reflect an intense, internal focus on executing our strategy. Other aspects of this strategy are more reliant on external factors. In particular, the assumption that high barriers to entry would result in greater opportunities to realise profit has not been fully realised. There have been more entrants to markets than were previously forecast. This means that markets have been destabilised with each new entrant and this competition has resulted in lower returns to Acrux. In short, structural changes in the market have resulted in lower selling prices. The impact of this is twofold. First, the commercial returns from the launched portfolio are not in line with both our plans and cost base. Secondly, applying the knowledge of current market dynamics to our portfolio of future products indicates that this pipeline has the same risk of underperformance in the US and therefore we will defer further investment in these products pending our expansion into additional markets. Amal, Analytical Development Scientist Future directions Based on the trends observed over the past six months, we believe it is prudent to defer further development of our current topical, generic product pipeline for the US. We will continue to aim to maximise the value of our commercialised range of products by focusing on post launch activities, including increasing batch sizes, changing manufacturing sites and optimising Active Pharmaceutical Ingredients supply. We will maximise value by extending our activity beyond the US. We are exploring opportunities to leverage our FDA registrations, regulatory expertise and technical transfer skills for existing products in other markets. The first opportunity is Saudi Arabia. In July 2025, Acrux executed a Sales, Marketing, and Distribution agreement with Servacure Trading W.L.L. to license Dapsone 5% Gel in Saudi Arabia. The agreement allows us to leverage our FDA approval in the US to enter the Saudi market and expand returns from our existing portfolio. It is a clear example of Acrux’s potential for licensing US FDA approved products other markets. Acrux Annual Report 2025 Moving beyond topical generics in the US, Acrux can pivot and leverage assets that support the implementation of the revised strategy. Acrux has a rare, proven ability to bring drugs to market and the associated skills that have been acquired and developed during the generic phase of the Company’s development. This has multiple applications beyond the topical generic niche. Acrux has created IP in skin drug delivery systems that can be reactivated, with a review of these assets and formulation of a revised strategy currently underway. We are also assessing a range of options that can broaden our accessible market and provide a firmer base for value creation than topical generics. Acrux’s culture and the newly launched products, stem from the patient investors behind Acrux. Your continued support and belief in Australia’s ability to be competitive in innovation matters; thank you. Acrux has been successful in meeting the challenges of FDA registration and commercialising products in the US. This is our advantage and one that will continue to support our growth in new areas. An advantage that would not be possible without outstanding staff. Our staff take on these challenges every day and thrive on finding solutions. Thank you all for your extraordinary effort and passion. 5 REPORT OF THE CHAIRMAN & CEO (continued) These are significant achievements that reflect an intense, internal focus on executing the Acrux strategy. Matthew, Formulation Scientist 6 CHAIRMAN’S NOTE FIRST OBSERVATIONS FROM THE CEO The Board of Directors undertook at extensive and exhaustive selection process for Michael’s replacement and were delighted to be able to announce the appointment John Warmbrunn as CEO and Managing Director in June 2025. Acrux is a company with a strong heritage as a successful biotech company that gets products to market. This has been built on a vibrant culture where scientific rigour and creativity meets commercial traction. In the short time I have been at Acrux, I am delighted to see that this winning culture remains in place. It is invigorating to join a team that understands the necessity of driving for strong commercial outcomes whilst nurturing a deep and fruitful pipeline of R&D. John has over 25 years of experience in building and scaling businesses, particularly in the healthcare sector. He held senior commercial roles for 12 years at Ego Pharmaceuticals, Australia’s leading dermatological pharmaceutical company, leading growth of the company’s export business to over 50% of turnover. Ego Pharmaceuticals was acknowledged as Australian Exporter of the Year in 2017. John started his industry career in sales at Sandoz and took on various management roles as it merged to form Novartis, eventually establishing the company’s OTC business in Australia and New Zealand. He also held a senior role with Bristol Myers Squibb (Convatec). What is exciting for me is to see that the experience and knowledge that Acrux has built, by choosing to take on one of the FDA’s most challenging regulatory pathways, has created a unique and powerful asset. We will continue to apply this to the pipeline of topical formulations for the US. But I am sure that the brilliant set of skills that we have now developed has applications well beyond the US. It is great to join at a time when long term projects are crystallizing into launched products. I look forward to seeing these green shoots grow and finding new fields for Acrux to crop. Ross Dobinson Chairman John Warmbrunn Chief Executive Officer and Managing Director Acrux Annual Report 20257 ENVIRONMENT, SOCIAL AND GOVERNANCE As we move towards mandatory climate related disclosure standards in Australia, Acrux is evaluating the way our business activities impact the environment and society, to fully understand the associated risks and opportunities and to put in place strategies to identify and implement initiatives to improve our performance and ensure we are prepared for new and emerging stakeholder expectations. At the heart of Acrux’s Environment, Social and Governance (ESG) framework is our commitment to economic and environmental sustainability and conducting business in a responsible and ethical manner. This commitment is fundamental to our interactions with our stakeholders and the manner in which we develop and commercialise our range of topically applied generic medicines which are both affordable for patients and meet the highest possible product safety and regulatory standards. Acrux occupies leased premises located at 103-113 Stanley Street, West Melbourne. These premises are 1,735 square meters and are used as a laboratory, offices and warehousing plus a further 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 have: Our purpose and strategy are clear and consistent and are closely aligned with our culture, values and behaviours. — Embedded environmental and sustainability objectives in our company policies and standard operating procedures; Acrux’s commitment to conducting business in a socially responsible manner is considered through three key operational tenets: 1. Environmental Tenet – the implementation of sustainability initiatives to reduce Acrux’s greenhouse gas emissions, lower our carbon footprint and 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 programs as well as safety and wellbeing; and 3. Governance Tenet – practising good corporate governance and operating in an ethical and socially accountable manner. Through our corporate values and policies we prioritise activities and initiatives to achieve high standards in each of these tenets. Environmental Tenet Acrux is committed to conducting operations in an environmentally responsible manner, to manage climate related risks and opportunities and to adopt practices to achieve sustainable outcomes through minimising waste, energy usage and emissions associated with our building operations, laboratory and office equipment. 8 — Introduced energy saving measures to reduce energy consumption and waste; — Considered climate related risks and opportunities within in our broader risk management processes. Identified ESG risks are assessed for impact, likelihood, detectability and the existence of mitigating factors; and — Identified and evaluated waste reduction initiatives in our laboratory and office following on site audits and workshops. Initiatives applied to minimise waste include digital document management and shareholder communication strategies to reduce our use of paper based products, avoiding single use products, purchasing more recycled, recyclable and biodegradable materials, installation of LED light globes in our laboratory and boardroom, reusing office supplies and installing recycling bins used in our laboratory, office and kitchen to facilitate the recycling of waste which could otherwise become landfill. Digitisation projects include contract management, transactional finance processes, employee training records and enhancements which can be made in our Quality systems, such as electronically signed documents and our Vendor Assurance program to ensure suppliers also adopt sustainable practices. ENVIRONMENTAL SOCIAL GOVERNANCE includes preservation of our natural environment consideration of the safety and wellbeing of patients and our employees practising good corporate governance Acrux’s employees are trained in standard operating procedures to practice safe handling and manage the materials are used in our laboratory. Documented procedures 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 an agreement is in place with City West Water under the Water Industry Act 1994 and Water Industry Regulations 2006 to ensure trade water waste is managed effectively and responsibly. All waste, including laboratory waste, is recycled where possible and where it needs to be disposed of it is safely collected and transported. To ensure compliance with the Environment Protection Act 1970 we use an external waste management consultant with ISO 14001:2015 Certification for Environmental Management and an EPA Transport Certificate is issued for each hazardous or controlled waste collection. Social Tenet Acrux deeply values its highly skilled and specialised team and is committed to providing a stimulating, healthy and safe work environment. Our Code of Conduct documents our expected behaviours and ethical standards and guides and empowers our employees to make good decisions and to act responsibly. Health, safety and wellbeing is a key 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 company culture and we have proactive and well developed processes to capture occupational health and safety data, including near misses. Should an incident be reported it is thoroughly investigated and corrective measures are implemented where necessary. Our internal audit programme helps us assess health and safety standards in our laboratory, warehouse and offices at our West Melbourne site, including the identification of 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 be valued, respected and 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 as we believe this not only promotes wellbeing, productivity and safety but also enhances our ability to attract and retain skilled employees who are representative of our broader community and to remove unconscious biases from our behaviours, policies and processes. In our workplace Acrux achieves gender equality of participation and remuneration. At the date of this report, 48% of Acrux’s workforce are female and the average hourly salary paid to female employees is equivalent to the average hourly salary paid to male employees. Our Leadership Team comprises five members, three of whom are female and we have four male Non-executive Directors. 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/investor-centre. Regular online and compulsory training events are conducted for all staff to reinforce our policies and expectations on topics such as harassment, bullying, corruption, diversity, inclusion, whistleblowing and Code of Conduct. Acrux Annual Report 20259 Environment, Social and Governance (continued) Stakeholders Governance Tenet Understanding the needs and expectations of our stakeholders is fundamental to the achievement of our Goals. We are committed to engaging with our stakeholders in Australia and internationally to improve our performance and to understand their priorities and objectives. Acrux is committed to good corporate governance, including ethical conduct, to comply with prevailing laws and regulations and to effectively manage risk. — Patients: as the number of marketed products grows, the number of patients using our products is increasing and will continue to do so. — Commercial partners and licensees: are expected to uphold behaviours which are consistent with our Code of Conduct. — People: our employees are at the heart of Acrux. We engage regularly with our team, holding bi-monthly ‘All Staff’ meetings and frequent social activities. We review employee performance at least a twice a year including written feedback and quantifiable performance measurement. — Suppliers: we source materials from qualified global suppliers and contracted Contract Manufacturing Organisations (‘CMOs’) which are qualified to manufacture commercial products for the US market. We audit our CMOs to ensure they meet both our standards and the standards set by regulators for the country the product they manufacture is intended to be sold. — Shareholders: To engage with current and potential investors we regularly communicate through ASX announcements. We convene public webinars after announcing each half year result. Webinar details are published in advance on the ASX platform and may be attended by any shareholder or interested party. We regularly meet individual shareholders outside closed reporting periods and present at investor forums. Investor presentation decks are released around the time of results announcements and keep stakeholders abreast of our progress. — Government: We access funding through the Australian Federal Government’s Research and Development Taxation Incentive program for which we are grateful. We are regulated by and licensed by the Australian Therapeutic Goods Administration and the US Food and Drug Administration (‘FDA’) allowing us to manufacture certain products in our laboratory to clinical trial stage. 10 The Board is responsible for the effective leadership of Acrux and maintaining high standards of Governance. The Board leads by setting our strategy and values, overseeing implementation by management. Directors are expected to act with integrity and promote Acrux’s culture and values. The Board also ensures there are appropriate processes in place to manage risk, including setting the Company’s risk appetite and monitors financial and operational performance against objectives. Acrux’s corporate governance policies are published on the Company’s website, https://www.acrux.com.au and the Company’s RIOS – Together Anything is Possible model articulates our Company Values and core behaviours expected of all 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 in order for an employee to be invited to participate in short and long term incentive programs. GOVERNANCE STRUCTURE Ethics and Values Acrux maintains high standards of corporate governance with Directors and employees expected to act responsibly and with integrity at all times. Our corporate governance program is aligned with our strategy and purpose and is well established and mature. All Directors, employees and other parties representing the Company are required to follow the Company’s principles, legal and ethical standards as consistent ethical behaviour promotes both inclusion and trust. Our Code of Conduct documents and communicates the framework for the way Acrux conducts business and relates to stakeholders including shareholders, employees, business partners and suppliers as well as the wider community and the environment in which the Company operates. We expect third parties with whom we work to comply with the principles outlined in our Code of Conduct which can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/investor-centre. It is important that Acrux’s 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 company policies. Our Whistleblower Policy ensures such reports can be made in good faith with the confidence they will be investigated fairly and confidentially whilst protecting the person who made the report and can be viewed in the Investor Relations section of our website, https://investors.acrux.com.au/investor-centre. Compulsory on line training and quizzes are delivered to all employees to reinforce Acrux’s Code of Conduct and educate staff on Whistleblower rights and protections, diversity and inclusion and outlining expected conduct to avoid sexual harassment, work place bullying and bribery, corruption and fraud. The Code of Conduct, Whistleblower Policy, Security Trading Policy, Diversity and Inclusion Policy and Anti-Bribery, Corruption and Fraud Policy, are each reviewed annually by the Board of Directors and are published on our public internet and staff intranet sites. Structure of the Board and Board Committees Acrux’s corporate governance and risk and compliance framework reflects and supports the Company’s values and culture and stands alongside the legislative requirements of the Corporations Act 2001 and the guidance in 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 stated in the Corporate Governance Statement. Our Corporate Governance 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/investor-centre. The Board Charter is central to Acrux’s corporate governance framework as 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/investor-centre. 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 the 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. Directors are required to demonstrate commitment to the Company’s RIOS – Together Anything is Possible values. 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. Managing risk is essential to operating and growing our business safely, effectively, and sustainably. We identify, assess and monitor risks 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 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 Human Capital and Nomination Committee 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/inve