Announcement PDF ABN 80 063 114 045 ANNUAL REPORT 2026 Annual Report 2026 1 Corporate Governance Immuron Limited and its Board of Directors are committed to implementing and achieving an effective corporate governance framework. Our Corporate Governance Statement can be found on our website at www.immuron.com.au. Content Review of operations and activities Form 20-F 3 6 Consolidated Financial Statements 96 Auditor's Independence Declaration 140 Independent Auditor's Report 141 Shareholder Information 144 Corporate Directory 147 Annual Report 2026 2 Review of operations and activities Key highlights • Record sales of A$7.7 million for FY26, up 6% on FY25 • Immuron launched PROIBS® for Irritable Bowel Syndrome (IBS) in Australia • FDA approval of IMM-529 Investigational New Drug application for Phase 2 clinical trial in Clostridioides difficile infection • New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella • Uniformed Services University releases topline data • Immuron strategic reset; decision to advance clinical program through development and commercialisation partners • Immuron advances IMM-529 (Clostridioides difficile infection) partnering strategy • Immuron to launch PROIBS® in the United States Financial review Immuron Limited has reported a loss for the year ended 30 June 2026 of A$3,679,999 (30 June 2025: A$5,215,987). The group's net assets increased to A$11,165,027 compared with A$8,069,055 at 30 June 2025, including cash reserves of A$9,017,814 (30 June 2025: A$2,830,526). Revenue from ordinary activities for the year ended 30 June 2026 was A$7,713,601 (30 June 2025: A$7,287,002) for Hyperimmune products. Gross profit of A$4,975,072 (30 June 2025: A$4,765,099). Operating loss of A$3,850,725 (30 June 2025: A$5,344,548). Record yearly sales of A$7.7 million for FY26 up 6% on FY25 Australia: Sales of Travelan® increased to AUD $5.7 million in FY26, compared to AUD $5.2 million in FY25. Sales increased by $0.5 million (9%). USA: Sales of Travelan® increased to AUD $1.8 million in FY26, compared to AUD $1.7 million in FY25. Sales increased by $0.1 million (7%). Canada: Sales of Travelan® decreased to AUD $0.2 million in FY26 compared to AUD $0.4 million in FY25. Immuron launched PROIBS® for Irritable Bowel Syndrome (IBS) Immuron launched PROIBS® into the Australian market in October 2025. PROIBS® is an innovative product that treats the symptoms of medically diagnosed Irritable Bowel Syndrome (IBS). Immuron has been a leader in digestive health in Australia for many years. PROIBS® joined Immuron’s product portfolio which includes the rapidly growing Travelan® brand building on the premium efficacy product range that will deliver better outcomes for consumers that Pharmacists will love to recommend. PROIBS® - to help patients treat IBS symptoms PROIBS® is a certified medical device for the treatment of IBS symptoms such as abdominal pain, bloating and unsettled bowel movements (diarrhoea and/or constipation). As IBS is known to affect individuals for a long period of time, it is essential to have a treatment appropriate for long-term use – as PROIBS® is. The product is suitable for long term use and has an excellent safety profile with no known interactions with other medications. Science-driven innovative Calmino group AB, the developer of PROIBS®, conducted a usability study among 1,003 users. PROIBS® was helpful for 94% of them. 91% of the users experienced an improvement in daily life and 98% would recommend PROIBS® to someone else. To learn more please check: http://www.proibs.eu and www.proibs.com.au. FDA approval of IMM-529 IND application Immuron receives U.S. Food and Drug administration (FDA) approval on 5 November 2025 for IMM-529 Investigational New Drug (IND) application and clinical study may proceed. The FDA assigned an IND number (032095) for the IMM-529 application. IND 32095 is Immuron’s Investigational new drug (IND) application for clinical development of IMM-529 as product to specifically prevent or treat Clostridioides difficile infection (CDI) and is now active. Annual Report 2026 3 Opportunity assessment by Lumanity indicates that if efficacious, IMM-529 would be positioned as early in treatment algorithm as payers will allow. It was anticipated that first-episode and recurrent patients will be recruited in the IMM-529 Phase 2 clinical trial design. Up to ~98k patients would be eligible if IMM-529 is positioned at the first recurrence. Based on the estimated market size, anticipated payer restrictions, pricing, and competition, base case yearly revenue for IMM-529 is projected at US$400M. Oral dosing of IMM-529 was viewed as a positive by infectious disease experts C.diff is currently the most common pathogen in healthcare associated infections and was deemed an urgent threat in the Center for Disease Control and Prevention’s report on antibiotic resistance threats in the United States (CDC, 2019). CDI affects over 400,000 people in the US on a yearly basis, contributing to over 30,000 deaths in the US alone annually. This serious health threat has led to an urgent call for the development of new therapeutics to reduce or replace the use of antibiotics to treat bacterial infections. To address this need, Immuron is developing IMM-529 as an adjunctive therapy in combination with standard of care antibiotics for the prevention and/or treatment of recurrent CDI. IMM-529 antibodies targeting C. diff may help to clear CDI infection and promote a quicker re-establishment of normal gut flora, providing an attractive oral preventative for recurrent CDI. Immuron is collaborating with Dr. Dena Lyras and her team at Monash University, Australia to develop vaccines to produce bovine colostrum-derived antibodies. Dairy cows were immunised to generate hyperimmune bovine colostrum (HBC) that contains antibodies targeting three essential C. diff virulence components. IMM-529 targets Toxin B (TcB), the spores and the surface layer proteins of the vegetative cells. This unique 3- target approach has yielded promising results in pre-clinical infection and relapse models, including (1) Prevention of primary disease (80% P =0.0052); (2) Protection of disease recurrence (67%, P 0.01) and (3) Treatment of primary disease (78.6%, P0.0001; TcB HBC). Importantly IMM-529 antibodies cross-react with whole cell lysates of many different human strains of C. diff including hypervirulent strains. To our knowledge, IMM-529 is, to date, the only investigational drug that has shown therapeutic potential in all three phases of the disease. https://doi.org/10.1038/s41598-017-03982-5 New US Department of Defense award to develop two new oral therapeutics targeting Campylobacter and Shigella As previously announced on August 16, 2024, the Naval Medical Research Command and the Walter Reed Army Institute of Research, in collaboration with Immuron, are progressing the development of novel vaccines targeting Campylobacter jejuni and Shigella sonnei. Under a collaborative research agreement executed with the Henry M. Jackson Foundation in December 2025, new vaccine preparations against these pathogens have been developed and formulated at the military research institutes and subsequently provided to Immuron. Utilizing its proprietary technology platform, Immuron produced two hyper-immune bovine colostrum products for pre-clinical evaluation, with the objective of advancing a combined colostrum-based therapeutic specifically designed for the US military. First revenue was received in May 2026. Uniformed Services University releases topline data The Uniformed Services University released topline results in December 2025 from its clinical trial evaluating the effectiveness of a third party manufactured product containing enterotoxigenic E. coli (ETEC) hyperimmune bovine colostrum (IMM-124E) in maintaining gut health during deployment and travel. The primary endpoint did not reach statistical significance. The investigational product was manufactured by a third party and was not administered in accordance with Travelan® directions for use. Immuron will propose the established and clinically validated three times daily dosing schedule at an End-of-Phase 2 meeting with the FDA. Immuron will continue to collaborate with the Naval Medical Research Command and the Walter Reed Army Institute of Research in the development of novel vaccines targeting Campylobacter and Shigella. Immuron has also advanced discussions with AFRIMS to conduct testing of Travelan® against EAEC and EPEC strains of E.coli. Immuron Strategic Reset In February 2026 Immuron provided a strategic update, electing to not fund further development of IMM-986 (vancomycin resistant enterococci) and to advance clinical programs through development and commercialisation partners. Under a partnering model, the licensee typically funds development, registration and commercialization costs and pays the licensor an upfront licensing fee, milestone payments and royalties on sales. This partnering strategy removes the uncertainty of how Immuron would fund these assets through to commercialization. Partnering has the potential to bring forward monetization of these assets. The reduction in R&D expenses (net of R&D Tax Incentive) will improve profitability and decrease cash burn. Annual Report 2026 4 Immuron Advances IMM-529 (Clostridioides difficile infection) Partnering Strategy On 6 July 2026, Immuron announced engagement of Pullan Consulting to advance its IMM-529 partnering strategy. Immuron is seeking a partner to support clinical development through regulatory approval and commercialization. Immuron has U.S. Food and Drug administration (FDA) approval for IMM-529 Investigational New Drug (IND) application IND 32095 is Immuron’s Investigational new drug (IND) application for clinical development of IMM-529 as a product to specifically prevent or treat Clostridioides difficile infection (CDI). Opportunity assessment by Lumanity indicates that if efficacious, IMM-529 would be positioned as early in treatment algorithm as payers will allow. It was anticipated that first-episode and recurrent patients will be recruited in the IMM-529 Phase 2 clinical trial design. Up to ~98k patients would be eligible if IMM-529 is positioned at the first recurrence. Based on the estimated market size, anticipated payer restrictions, pricing, and competition, base case yearly revenue for IMM-529 is projected at US$400M. Oral dosing of IMM-529 was viewed as a positive by infectious disease experts. Immuron to launch PROIBS® in the United States On 4 September 2026, Immuron announced execution of an exclusive distribution agreement for PROIBS® in the United States with Calmino group AB. Immuron launched PROIBS® in Australia during FY26. The overall U.S. digestive/gut health supplement market is valued at $4.16 billion (Mordor Intelligence). Immuron is targeting a subset of this market with PROIBS®. PROIBS® is a medical device used for abdominal pain, bloating and unsettled bowel movements (diarrhoea and/or constipation). PROIBS® contains AVH200®, derived from the plant, Aloe barbadensis Mill. AVH200® has gel forming components which support the intestinal mucosal barrier. PROIBS® is suitable for long-term use, with an excellent safety profile and no interactions with other medications known. Science-driven innovative Calmino group AB, the developer of PROIBS®, conducted a usability study among 1,003 users. PROIBS® was helpful for 94% of them. 91% of the users experienced an improvement in daily life and 98% would recommend PROIBS® to someone else. Unmarketable Parcel Facility On 23 June 2026, Immuron announced the successful completion of its Small Holding Share Sale Facility. The facility enabled shareholders holding less than a marketable parcel, based on the share price and share register at close of trading on 8 April 2026, to sell their shares through the facility. Under the arrangement, the Company bought back and subsequently sold a total of 3,805,528 shares for aggregate proceeds of $121,777. As a result of the facility, the number of shareholders on the register decreased from 2,264 to 1,253. Annual Report 2026 5 Immuron Limited 0 Form 20-F Annual Report 2026 6 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-38104 IMMURON LIMITED (Exact name of Registrant as specified in its charter and translation of Registrant’s name into English) Australia (Jurisdiction of incorporation or organization) Level 3, 62 Lygon Street, Carlton South, Victoria, 3053, Australia (Address of principal executive offices) Mr. Steven Lydeamore, Chief Executive Officer Level 3, 62 Lygon Street, Carlton South, Victoria, 3053, Australia Telephone: +61 (0)3 8892 4854 (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered American Depositary Shares, each representing 40 Ordinary Shares IMRN The Nasdaq Stock Market LLC Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Annual Report 2026 7 The number of outstanding ordinary shares of the issuer, as of June 30, 2026, was 322,848,081 ordinary shares. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§2232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Emerging growth company ☐ Non-accelerated filer ☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Annual Report 2026 8 INTRODUCTION We are a commercial and clinical-stage biopharmaceutical company with a proprietary technology platform focused on the development and commercialization of a novel class of specifically targeted polyclonal antibodies that we believe can address significant unmet medical needs. This is a large addressable market which continues to grow as we seek to increase sales of our existing commercial products and to expand our product portfolio and distribution capability. We currently market our flagship commercial product Travelan® and ProIBS® in Australia, where both products are listed medicine on the Australian Register for Therapeutic Goods. Travelan® (AUST L 106709) is an over-the-counter product indicated to reduce the risk of travelers’ diarrhea, reduce the risk of minor gastro-intestinal disorders and is antimicrobial and is sold in pharmacies throughout Australia. ProIBS® (AUST L 482225) is an over-the-counter orally administered product containing the proprietary ingredient AVH200® which has a unique dual mode of action, forming a gentle hydrogel film inside the gut, creating a protective, non-invasive barrier that supports the intestinal lining, balances microflora, and helps soothe irritable bowel syndrome (IBS) symptoms. ProIBS® is indicated for the relief of symptoms of medically diagnosed Irritable Bowel Syndrome. We also market Travelan® (NPN 80046016) in Canada where it is licensed as a natural health product indicated to reduce the risk of travelers’ diarrhea, and presently market Travelan® in the U.S. as a dietary supplement for digestive tract protection. Protectyn® (AUST L 231001) was sold online and in health practitioner clinics and marketed as an immune supplement to help maintain a healthy digestive function and liver. The company cancelled and removed the product from the Australian Register for Therapeutic Goods in June 2026. Our polyclonal antibodies offer delivery within the gastrointestinal (“GI”) tract and do not cross into the bloodstream, potentially leading to improved safety and tolerability, without sacrificing efficacy. Our technology platform can be used to target viruses or bacteria and neutralize the toxins they produce at mucosal surfaces. We believe that our lead drug candidates currently entering the clinical development phase have the potential to transform the existing treatment paradigms for Enterotoxigenic Escherichia coli (ETEC) infections, travelers’ diarrhea and for Clostridioides difficile (C.difficle) infections. Our American Depositary Shares (each, an “ADS” and, collectively the “ADSs”) are listed on The NASDAQ Capital Market under the symbol “IMRN”. Each ADS represents 40 of our ordinary shares, no par value. Our ordinary shares are also listed on the Australian Securities Exchange (“ASX”) under the symbol “IMC.” Our consolidated financial statements appearing in this annual report are prepared in Australian dollars and in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Our consolidated financial statements appearing in this annual report comply with the IFRS. In this annual report, all references to “U.S. dollars” or “US$” are to the currency of the United States, and all references to “Australian dollars”, “A$” or “$” are to the currency of Australia. Unless otherwise indicated or the context implies otherwise, items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollar (“A$” or “$”), which is Immuron Limited’s functional and presentation currency. Unless otherwise indicated or the context implies otherwise, all references to the “Company,” “Immuron,” “we,” “us,” or “our” refers to Immuron Limited, an Australian corporation and its subsidiaries. The “group” refers to Immuron and its subsidiaries collectively. Statements made in this annual report concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents and are not complete descriptions of all of their terms. If we filed any of these documents as an exhibit to this annual report or to any registration statement or annual report that we previously filed, you may read the document itself for a complete description of its terms. Annual Report 2026 9 Except for the historical information contained in this annual report, the statements contained in this annual report are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended, with respect to our business, financial condition and results of operations. Such forward-looking statements reflect our current view with respect to future events and financial results. We urge you to consider that statements which use the terms “anticipate,” “believe,” “expect,” “plan,” “intend,” “estimate,” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by applicable law, including the securities laws of the United States, we undertake no obligation to publicly release any update or revision to any forward- looking statements to reflect new information, future events or circumstances, or otherwise after the date hereof. We have attempted to identify significant uncertainties and other factors affecting forward-looking statements in the Risk Factors section that appears in Item 3.D. “Key Information-Risk Factors.” Australian Disclosure Requirements Our ordinary shares are primarily quoted on the ASX in addition to our listing of our ADSs on the NASDAQ Capital Market. As part of our ASX listing, we are required to comply with various disclosure requirements as set out under the Australian Corporations Act 2001 and the ASX Listing Rules. Information furnished under the sub-heading “Australian Disclosure Requirements” is intended to comply with ASX listing and Corporations Act 2001 disclosure requirements and is not intended to fulfill information required by this annual report on Form 20-F. Annual Report 2026 10 TABLE OF CONTENTS Page PART I 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 A. [RESERVED] 1 B. Capitalization and Indebtedness 1 C. Reasons for the Offer and Use of Proceeds 1 D. Risk Factors 1 ITEM 4. INFORMATION ON THE COMPANY 24 A. History and Development of the Company 24 B. Business Overview 25 C. Organizational Structure 38 D. Property, Plant and Equipment 39 ITEM 4A. UNRESOLVED STAFF COMMENTS 39 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 39 A. Operating Results 39 B. Liquidity and Capital Resources 43 C. Research and Development, Patents and Licenses 46 D. Trend Information 47 E Critical Accounting Estimates 47 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 48 A. Directors and Senior Management 48 B. Compensation 50 C. Board Practices 61 D. Employees 62 E. Share Ownership 63 F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation 63 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 64 A. Major Shareholders 64 B. Related Party Transactions 64 C. Interests of Experts and Counsel 65 ITEM 8. FINANCIAL INFORMATION 65 A. Financial Statements and Other Financial Information 65 B. Significant Changes 65 ITEM 9. THE OFFER AND LISTING 65 A. Offer and Listing Details 65 B. Plan of Distribution 65 C. Markets 65 D. Selling Shareholders 65 E. Dilution 65 F. Expenses of the Issue 65 ITEM 10. ADDITIONAL INFORMATION 66 A. Share Capital 66 B. Memorandum and Articles of Association 66 C. Material Contracts 70 D. Exchange Controls 70 E. Taxation 71 F. Dividends and Paying Agents 76 G. Statement by Experts 76 H. Documents on Display 76 I. Subsidiary Information 77 J. Annual Report to Security Holders 77 i Annual Report 2026 11 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 77 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 77 A. Debt Securities 77 B. Warrants and Rights 77 C. Other Securities 77 D. American Depositary Shares 78 PART II 79 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 79 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 79 ITEM 15. CONTROLS AND PROCEDURES 79 A. Disclosure Controls and Procedures 79 B. Management’s Report on Internal Control over Financial Reporting 79 C. Attestation Report of the Registered Public Accounting Firm 80 D. Changes in Internal Control over Financial Reporting 80 ITEM 16. RESERVED 81 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 81 ITEM 16B. CODE OF ETHICS 81 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 81 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 82 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 82 ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT 82 ITEM 16G. CORPORATE GOVERNANCE 82 ITEM 16H. MINE SAFETY DISCLOSURE 83 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 83 ITEM 16J. INSIDER TRADING POLICIES 83 ITEM 16K. CYBERSECURITY 83 PART III 84 ITEM 17. FINANCIAL STATEMENTS 84 ITEM 18. FINANCIAL STATEMENTS 84 ITEM 19. EXHIBITS 85 SIGNATURE 86 ii Annual Report 2026 12 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3. KEY INFORMATION A. [RESERVED] B. CAPITALIZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable. D. RISK FACTORS Investing in our ADSs involves a high degree of risk and uncertainty. You should carefully consider the risks and uncertainties described below before investing in our ADSs. Additional risks and uncertainties not presently known to us or that we believe to be immaterial may also adversely affect our business. If any of the following risks actually occurs, our business, prospects, financial condition and results of operations could be harmed. In that case, the price of our ADSs could decline, and you could lose all or part of your investment. Summary of Risk Factors The following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this Item 3.D. “Risk Factors” in this annual report for a more thorough description of these and other risks: Summary of Risks Related to Our Financial Condition As a company undertaking research and development activities of our existing patent portfolio we have incurred operating losses; we may continue to incur operating losses for the foreseeable future and may never achieve or maintain profitability. Summary of Risks Related to Our Business Clinical trials are expensive and time consuming, and their outcome is uncertain. We may not be successful in obtaining or maintaining other rights necessary for the development of our pipeline through acquisitions and in- licenses. We grant licenses to our collaborators to use our hyper-immune colostrum technology exclusively for the development of product candidates for certain conditions. We may not be able to complete the development of IMM-124E, IMM-529 or develop other pharmaceutical products. 1 Annual Report 2026 13 Our research and development efforts will be seriously jeopardized if we are unable to retain key personnel and cultivate key academic and scientific collaborations. Acceptance of our products in the marketplace is uncertain, and failure to achieve market acceptance will negatively impact our business and operations. We face competition from entities that have developed or may develop product candidates for our target disease indications, including companies developing novel