Financial Analysis

1 2 . Commitments and contingencies Contract commitments The Company enters into contracts in the normal course of business with third-party contract research organizations, contract development and manufacturing organizations and other service providers and vendors. These contracts generally provide for termination on notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments. Contingencies From time to time, the Company may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is it aware of any material pending or threatened litigation.

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1 1 . Income taxes Loss before provision for incom e taxes cons isted of the following: (US$000) Year Ended June 30, 2025 2024 United States $ (37,183 ) $ (21,036 ) International (734 ) (715 ) Total $ (37,917 ) $ (21,751 ) The tax effects of significant items comprising the Companys deferred taxes are as follows: (US$000) June 30, 2025 2024 Deferred tax assets: Net operating losses $ 16,473 $ 14,466 Other 110 172 Lease liability 178 60 Share-based compensation 470 264 Intangible assets 200 218 Section 174 Capitalization 8,103 5,771 Gross deferred tax assets 25,534 20,951 Less valuation allowance (25,044 ) (20,594 ) Deferred tax liabilities: Right-of-use assets (181 ) (57 ) Fixed assets (5 ) (5 ) Prepaid expenses (123 ) (99 ) Unrealized foreign exchange gains and losses (181 ) (196 ) Total deferred tax liabilities (490 ) (357 ) Net deferred taxes $ $ ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Companys ability to generate sufficient taxable income within the carryforward period. Because of the Companys recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. As of J …

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9 . Leases The Company has entered into two operating leases for office spaces as of June 30, 2025. On February 1, 2025, the Company entered into a new lease which has an initial expiration date in 2026. On February 24, 2025, the Company entered into an amendment to an existing lease to extend the lease expiration date to 2027 and modify the remaining lease payments. The lease modification was not accounted for as a separate contract and instead the existing operating lease right-of-use asset and liability were remeasured during the period under agreements that expire in 2026 and 2027. Both leases contain options to extend for additional renewal periods. The leases require the Company to pay utilities, insurance, taxes, and other operating expenses. The Companys lease does not contain any residual value guarantees or material restrictive covenants. The tables below show the changes during the year ended June 30, 2025: (US$000) Operating lease right- of- use assets Balance at July 1, 2024 $ 270 Re-measurement during the period 666 Initial measurement at February 1, 2025 254 Amortization of right of use asset (330 ) Operating lease right-of-use asset at June 30, 2025 $ 860 (US$000) Operating lease liabilities Balance at July 1, 2024 $ 284 Re-measurement during the period 666 Initial measurement at February 1, 2025 255 Principal payments on operating lease liabilities (356 ) Operating lease liabilities at June 30 2025 849 Less: non-current portion (495 ) Current portion at June …

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Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures , which requires disclosures about significant segment expenses and additional interim disclosure requirements. The standard also requires a single reportable segment company to provide all disclosures required by Topic 280. The Company adopted ASU 2023-07 during the year ended June 30, 2025. See Note 13 for the segment disclosures as required by Topic 280, as amended by ASU 2023-07.

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1 4 . Related party transactions During the years ended June 30, 2025 and 2024, the Company did not enter into any related party transactions other than as set forth below or equity and other compensation, termination, change in control and other arrangements, which are described or incorporated by reference in Part III of this Annual Report on Form 10-K. On August 11, 2023, we closed an underwritten public offering of common stock and pre-funded warrants (the 2023 Pre-Funded Warrants) and common warrants (the 2023 Common Warrants) that were purchased together with the common stock and the 2023 Pre-Funded Warrants (the 2023 Offering). We sold an aggregate of 875,949 shares of common stock and 15,126,226 of 2023 Pre-Funded Warrants exercisable for shares of our common stock at an exercise price of $0.0001 per share, and 16,002,175 of 2023 Common Warrants exercisable for shares of our common stock at an exercise price of $3.86 per share in the 2023 Offering. The net proceeds to us from the 2023 Offering were approximately $28.6 million, after deducting underwriting discounts and commissions and estimated 2023 Offering expenses payable by us, and excluding any proceeds we may receive upon exercise of the 2023 Pre-Funded Warrants or the 2023 Common Warrants. Entities affiliated with Suvretta, Franklin Resources and Janus Henderson Group plc, each a beneficial owner of more than five percent of the outstanding shares of our common stock, participated in the offering on the same te …

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1 3 . Segment reporting The Companys operating segments are components of the Company for which separate discrete financial information is available and is evaluated by the Companys chief operating decision maker (CODM), the Chief Executive Officer , in deciding how to allocate resources and assess performance. The Companys CODM views the Companys operations and manages its business as a single reportable segment with a single operating segment, which is the business of discovery and development of therapeutic agents in the treatment of genetic disorders. While the Company has subsidiaries in several geographic regions, there are no standalone operations; rather, all R&D activities are supported by a single corporate team. The determination of a single reportable segment is consistent with the consolidated financial information available and regularly reviewed by the Companys CODM. The Company manages R&D activities and operating expenses on a consolidated basis. The CODM uses comprehensive net loss in making decisions regarding resource allocation and evaluating financial performance, which is also reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. The following table represents the potential format for reporting the results of the Companys reportable segment for the year ending June 30, 2025: (US$000) Fiscal Year Ended June 30, Operating Expenses …

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2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Companys consolidated financial statements contained in this report have been prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) and pursuant to the rules and regulations of the SEC. Reference is frequently made herein to the Financial Accounting Standards Board (the FASB) Accounting Standards Codification (ASC). This is the source of authoritative GAAP recognized by the FASB to be applied to non-governmental entities. Principles of Consolidation The consolidated financial statements include the Companys accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the Companys consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Companys consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Companys consolidated financial statements relate to accrued research and development expense and valuation of equity-based instruments issued for other than cash. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of wh …

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10 . Stockholders equity Preferred Stock On December 6, 2024, th e stockholders of the Company approved an amendment (the Amendment) to the Companys Amended and Restated Certificate of Incorporation, as amended, to authorize the issuance of 5,000,000 shares of preferred stock, par value $ 0.0001 . As of June 30, 2025, there were no preferred shares issued and outstanding. Common Stock On December 8, 2021, the stockholders of the Company approved an amendment (the Charter Amendment) to the Companys Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock of the Company from 10,000,000 to 40,000,000, which became effective on December 17, 2021. On December 7, 2022, the stockholders of the Company approved another amendment to the Companys Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 40,000,000 to 160,000,000. The Charter Amendment was filed with the Secretary of State of the State of Delaware and became effective December 9, 2022. On July 26, 2023, the Company effected a 1-for-17 reverse stock split (the Reverse Stock Split). On October 11, 2024, the Company entered into a Sales Agreement (the Sales Agreement) with Leerink Partners LLC (the Agent). Pursuant to the terms of the Sales Agreement, the Company may offer and sell shares of the Companys common stock having an aggregate offering amount of up to $75 million from time to time through the Agent. …

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1 5 . Subsequent events None.

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