ENTROPY NEURODYNAMICS LIMITED — Capital/Financing Update 2026

Mar 4, 2026

05 March 2026

==> picture [612 x 78] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
ASX : ENP
----- End of picture text -----

FY25 R&D Tax Incentive received

Melbourne, Australia – Entropy Neurodynamics Limited (‘ Entropy ’, ‘ ENP ’ or the ‘ Company ’) ( ASX: ENP ), a clinical-stage biotechnology company, advises that it has received $1,732,461.23 as part of the Australian Government’s Research & Development (R&D) Tax Incentive refund for the 2025 financial year period (FY25).

The refund relates to eligible R&D expenditure supporting the continued development of the Company’s lead clinical program, TRP-8803, a proprietary intravenous psilocin formulation being advanced for the treatment of neuropsychiatric conditions.

The Australian Federal Government’s R&D Tax Incentive program provides a refundable tax offset for eligible R&D activities conducted in Australia. ENP’s refundable tax offset for FY25 was calculated at 48.5% of eligible expenditure.

The Board intends to apply the proceeds of the refund toward the ongoing advancement of TRP-8803 and the Company’s ongoing clinical development programs.

This announcement has been authorised by the Board of Entropy Neurodynamics.

- ENDS -

INVESTOR & MEDIA CONTACT:

Jason Carroll Chief Executive Officer Entropy Neurodynamics Limited jcarroll@entropyneurodynamics.com

Henry Jordan Six Degrees Investor Relations +61 (0) 431 271 538 henry.jordan@sdir.com.au

About Entropy Neurodynamics Limited

Entropy Neurodynamics is a clinical-stage biotechnology company focused on developing proprietary, novel formulations for the administration of psilocin in combination with psychotherapy to treat diseases with unmet medical needs. The Company’s lead program, TRP-8803, is a proprietary formulation of IVinfused psilocin (the active metabolite of psilocybin) with potential to alleviate numerous shortcomings of oral psilocybin including: significantly reducing the time to onset of the psychedelic state, controlling the depth and duration of the psychedelic experience, and reducing the overall duration of the intervention to a commercially feasible timeframe.

Development of TRP-8803 follows a number of Phase 2a clinical trials using oral psilocybin for the treatment of Binge Eating Disorder, Irritable Bowel Syndrome and Fibromyalgia. Results from each of these trials demonstrated the clinical benefits of psychedelic therapy and will be used to further enhance the development of TRP-8803.

==> picture [612 x 70] intentionally omitted <==

Register for updates

The Company encourages investors to register their details with Automic Group investor portal. This also provides shareholders with the opportunity to elect communication methods to electronic only. This can be done by:

• Go to investor.automic.com.au

• If you're an existing user, log in with your username and password

• If you're a new user, click ‘register’, select ‘Entropy Neurodynamics Limited’. Enter your Holding Number and postcode of the registered address on your holding. If your address is outside Australia, select the country. Follow the prompts to set up a username and password.

• Once you have created your account, you will need to update your communication method by clicking ‘my details’ under the ‘profile’ section of the investor portal account, then navigating to ‘communication preferences’ and select ‘electronic only’

Risks associated with Psilocin

All medicines carry risks and specialist prescribers, such as registered psychiatrists are best placed to assess the suitability of a new medication against a patient’s individual circumstances and medical history before proceeding. Adverse effects of psilocybin and similar compounds, such as psilocin, can include temporary increase in blood pressure and a raised heart rate. There may be some risk of psychosis in predisposed individuals. These effects of psilocybin and its derivatives are unlikely at low doses and in the treatment regimen used in psychedelic-assisted psychotherapy and appropriately managed in a controlled environment with direct medical supervision.

Forward-Looking Information

Certain information in this news release, constitutes forward looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Entropy Neurodynamics as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company’s Replacement Prospectus available at www.asx.com.au These factors are not intended to represent a complete list of the factors that could affect Entropy Neurodynamics; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forwardlooking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.