Immuron Ltd — Annual Report 2025

Aug 28, 2025

Immuron Limited Appendix 4E Preliminary final report

1. Company details

Name of entity: Immuron Limited ABN: 80 063 114 045 Reporting period: For the year ended 30 June 2025 Previous period: For the year ended 30 June 2024

2. Results for announcement to the market

			$
Revenue from ordinary activities	up	48.6%to	7,287,002
Loss from ordinary activities after tax attributable to the members of
Immuron Limited	down	24.3%to	(5,253,209)
Loss for the year attributable to the members of Immuron Limited	down	24.3%to	(5,253,209)

3. Net tangible assets

	Consolidated	Consolidated
	2025	2024
	Cents	Cents
Net tangible asset backing (per security)	3.39	5.51

The calculation of net tangible assets excludes right-of-use assets arising from AASB 16 Leases.

4. Explanation of results

The reported loss after tax of the current financial year of $5,253,209 (2024: $6,936,957) is after fully expensing the company’s research and development expenditure of $3,597,296 incurred during the year (2024: $5,375,461). Of which, $146,252 (2024: $2,599,458) was funded by the R&D grant from Medical Technology Enterprise Consortium (MTEC).

The revenue from contracts with customers for the year was $7,287,002, which is an increase of 48.6% from the prior financial year (2024: $4,902,865), primarily due to the sales increase in the Australian and North American markets for Travelan[®] . We anticipate that revenues from sales of our Travelan[®] product will continue to increase in the future.

As at 30 June 2025, the company’s cash position was $2,830,526 (30 June 2024: $11,657,315). The company had trade and other receivables of $1,888,370 (30 June 2024: $1,387,573). This receivables amount includes future receivables from the Australian Government under the R&D Tax Incentive program. The company had other current assets of $3,486,744 (30 June 2024: $96,841). This other current assets amount includes a 90-day fixed term deposit of $3,036,278 (30 June 2024: Nil), which matured on 27 July 2025.

The preliminary final report follows, with the further details to be included in the audited financial statements to be released by 30 September 2025.

5. Distributions

No dividends have been paid or declared by the company for the current financial year. No dividends were paid for the previous financial year.

6. Changes in controlled entities

There have been no changes in controlled entities during the year ended 30 June 2025.

Immuron Limited Appendix 4E Preliminary final report

7. Details of associates and joint venture entities

		Ownership interest held by
		the Group
		2025 2024
Name of entity	Place of business/country of incorporation	% %
Ateria Health Limited	United Kingdom	23.6% 23.6%

As at 30 June 2025, Immuron has a 23.61% interest in Ateria. Immuron is deemed to have significant influence over Ateria.

8. Audit

The financial statements of Immuron Limited (the 'Group') are currently in the process of being audited. The audited financial statements along with the independent auditor report for the year end 30 June 2025 will be provided in the due course.

Immuron Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2025

Note Gross profit Other income 2 Net foreign exchange gains/(losses) Fair value losses to financial assets Total other income including gains/(losses) Expenses General and administrative expenses Research and development expenses Selling and marketing expenses Operating loss Finance income Finance expenses Share of loss from equity accounted associate 10 Loss before income tax expense Income tax expense Loss after income tax expense for the year attributable to the members of Immuron Limited Other comprehensive (loss)/income Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations (expense)/income Other comprehensive (loss)/income for the year Total comprehensive loss for the year Revenue from contracts with customers 1 Cost of goods sold	Consolidated 2025 2024 $ $ 7,287,002 4,902,865 (2,521,903) (1,566,068)
	4,765,099 3,336,797
	1,374,283 3,408,199 12,183 (27,603) - (557,676)
	1,386,466 2,822,920 (4,483,623) (4,555,726) (3,597,296) (5,375,461) (3,452,416) (2,029,648)
	(5,381,770) (5,801,118)
	135,866 327,756 (7,305) (7,576) - (1,456,019)
	(5,253,209) (6,936,957) - -
	(5,253,209) (6,936,957) (1,358) 2,266
	(1,358) 2,266
	(5,254,567) (6,934,691)
Loss per share for profit attributable to the ordinary equity holders of the company: Basic and diluted loss per share	Cents Cents (2.27) (3.04)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

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Immuron Limited Consolidated statement of financial position As at 30 June 2025

Note Assets Current assets Cash and cash equivalents Trade and other receivables 3 Inventories Other current assets 4 Total current assets Non-current assets Property, plant and equipment Inventories Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Employee benefits Other current liabilities Total current liabilities Non-current liabilities Employee benefits Other non-current liabilities Total non-current liabilities Total liabilities Net assets Equity Share capital 5 Other reserves 6 Accumulated losses Total equity	Consolidated 2025 2024 $ $ 2,830,526 11,657,315 1,888,370 1,387,573 1,772,363 1,584,608 3,486,744 96,841
	9,978,003 14,726,337
	113,950 154,347 666 669,285
	114,616 823,632
	10,092,619 15,549,969
	1,529,434 2,135,852 391,503 522,571 45,272 40,556
	1,966,209 2,698,979
	22,722 8,605 71,855 132,941
	94,577 141,546
	2,060,786 2,840,525
	8,031,833 12,709,444
	88,872,756 88,504,043 1,639,504 3,173,797 (82,480,427) (78,968,396)
	8,031,833 12,709,444

The above consolidated statement of financial position should be read in conjunction with the accompanying notes

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Immuron Limited Consolidated statement of changes in equity For the year ended 30 June 2025

	Issued		Accumulated
	capital	Reserves	losses	Total equity
Consolidated	$	$	$	$
Balance at 1 July 2023	88,436,263	3,235,969	(72,055,396)	19,616,836
Loss after income tax expense for the year	-	-	(6,936,957)	(6,936,957)
Other comprehensive income for the year	-	2,266	-	2,266
Total comprehensive income/(loss) for the year	-	2,266	(6,936,957)	(6,934,691)
Transactions with members in their capacity as members:
Options and warrants vested in the year	-	15,231	-	15,231
Options and warrants issued/expensed (net of adjustments)	-	(11,932)	-	(11,932)
Options and warrants exercised	67,780	(43,780)	-	24,000
Options and warrants forfeited	-	(23,957)	23,957	-
Balance at 30 June 2024	88,504,043	3,173,797	(78,968,396)	12,709,444
	Issued		Accumulated
	capital	Reserves	losses	Total equity
Consolidated	$	$	$	$
Balance at 1 July 2024	88,504,043	3,173,797	(78,968,396)	12,709,444
Loss after income tax expense for the year	-	-	(5,253,209)	(5,253,209)
Other comprehensive loss for the year	-	(1,358)	-	(1,358)
Total comprehensive loss for the year	-	(1,358)	(5,253,209)	(5,254,567)
Transactions with members in their capacity as members:
Shares issued, net of transaction costs (note 5)	272,713	-	-	272,713
Options and warrants issued/expensed (net of adjustments)
(note 6)	-	64,755	-	64,755
Options and warrants lapsed/expired (note 6)	-	(1,741,178)	1,741,178	-
Performance rights issued/expensed (note 6)	-	239,488	-	239,488
Performance rights exercised (note 6)	96,000	(96,000)	-	-
Balance at 30 June 2025	88,872,756	1,639,504	(82,480,427)	8,031,833

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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Immuron Limited Consolidated statement of cash flows For the year ended 30 June 2025

Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers (inclusive of GST) Australian R&D tax incentive refund Grants received from government and non-government sources Net cash used in operating activities Cash flows from investing activities Payment for property, plant and equipment Payments for term deposit Interest received Net cash (used in)/from investing activities Cash flows from financing activities Proceeds from issues of shares Share issue transaction costs Principal elements of lease payments Interest and other costs of finance paid Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year	Consolidated 2025 2024 $ $ 7,592,577 4,734,350 (14,772,687) (12,910,753) 768,433 395,001 274,728 1,901,263
	(6,136,949) (5,880,139)
	- (195) (3,036,278) - 135,866 327,756
	(2,900,412) 327,561
	396,827 24,000 (124,114) - (65,661) (15,595) (7,305) (7,576)
	199,747 829
	(8,837,614) (5,551,749) 11,657,315 17,159,764 10,825 49,300
	2,830,526 11,657,315

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

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Immuron Limited Notes to the consolidated financial statements 30 June 2025

1. Revenue from contract with customers

The Group derives revenue from the transfer of hyperimmune products at a point in time in the following major product lines and geographical regions:

Hyperimmune products revenue Travelan - Australia Travelan - United States Travelan - Canada Protectyn - Australia Revenue from external customers	Consolidated 2025 2024 $ $ 5,201,385 3,702,876 1,658,336 1,075,614 378,706 80,888 48,575 43,487
	7,287,002 4,902,865

2. Other income

Australian R&D tax incentive refund MTEC R&D grant HJF R&D grant EMDG grant Other income	Consolidated 2025 2024 $ $ 1,073,355 764,981 146,252 2,599,458 124,164 - - 28,000 30,512 15,760
	1,374,283 3,408,199

(i) Fair value of R&D tax incentive

The Group's research and development (R&D) activities are eligible under an Australian government tax incentive for eligible expenditure. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. Amounts are recognised when it has been established that the conditions of the tax incentive have been met and that the expected amount can be reliably measured. For the year ended 30 June 2025, the Group has included an item in other income of $1,073,355 (2024: $764,981).

3. Trade and other receivables

Current assets Trade receivables Less: Allowance for expected credit losses Accrued income - Australian R&D tax incentive refund Other income receivables - other grants Other receivables Total trade and other receivables	Consolidated 2025 2024 $ $ 826,857 607,436 (35,466) (16,233)
	791,391 591,203
	1,073,291 768,370 - 28,000 23,688 -
	1,888,370 1,387,573

Classification as trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

Accrued receivables

These amounts primarily comprise receivables from the Australian Taxation Office in relation to the R&D tax incentive.

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Immuron Limited Notes to the consolidated financial statements 30 June 2025

3. Trade and other receivables (continued)

Fair value of trade and other receivables

Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.

4. Other current assets

Prepayments Term deposits Other current assets	Consolidated 2025 2024 $ $ 442,800 86,798 3,036,278 - 7,666 10,043
	3,486,744 96,841

The Group entered into a 90-day fixed term deposit, which matured on 27 July 2025. Term deposits are presented as Other Current Assets as they are not considered highly liquid instruments readily convertible to cash and cash equivalents. The deposit was held to maturity in accordance with the Group's investment policy.

5. Share capital

Ordinary shares - fully paid Transaction costs arising on ordinary share issues	Consolidated 2025 2024 2025 2024 Shares Shares $ $ 233,959,013 227,998,346 98,581,947 98,089,120 - - (9,709,191) (9,585,077)	Consolidated 2025 2024 2025 2024 Shares Shares $ $ 233,959,013 227,998,346 98,581,947 98,089,120 - - (9,709,191) (9,585,077)
	233,959,013 227,998,346	88,872,756 88,504,043
Movements in ordinary shares:
Details Date Balance 1 July 2023 Issue at $0.12 on exercise of unlisted options (2024-03-12) Less: Transaction costs arising on share issues Balance 30 June 2024 Issue of shares on the exercise of performance rights at $0.0 per share (2024-10-07) Issue at US$2.1784 pursuant to At The Market facility (2025-01-08) Issue at US$2.0971 pursuant to At The Market facility (2025-01-15) Issue of shares on the exercise of performance rights at $0.0 per share (2025-04-10) Issue at US$1.8435 pursuant to At The Market facility (2025-05-29) Issue at US$1.8286 pursuant to At The Market facility (2025-06-03) Less: Transaction costs arising on share issues Balance 30 June 2025		Shares $ 227,798,346 88,436,263 200,000 67,780 - -
		227,998,346 88,504,043 1,147,083 83,000 2,579,760 226,567 1,801,680 152,300 179,664 13,000 135,800 9,744 116,680 8,216 - (124,114)
		233,959,013 88,872,756

Rights of each type of share

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting or by proxy, is entitled to one vote upon a poll every holder is entitled to one vote per share held. The ordinary shares have no par value.

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Immuron Limited Notes to the consolidated financial statements 30 June 2025

6. Other reserves

Consolidated Balance at 1 July 2023 Currency translation differences Transactions with owners in their capacity as owners: Options and warrants vested in the year Options and warrants issued/expensed (net of adjustments) Options and warrants exercised Options and warrants lapsed/expired Balance at 30 June 2024 Currency translation differences Transactions with owners in their capacity as owners: Options and warrants issued/expensed (net of adjustments) (note 6(ii)) Options and warrants lapsed/expired (note 6(ii)) Performance rights issued/expensed (note 6(ii)) Performance rights exercised (note 6(ii)) Balance at 30 June 2025	Share-based Foreign currency payments translation Total $ $ $ 3,123,759 112,210 3,235,969 - 2,266 2,266 15,231 - 15,231 (11,932) - (11,932) (43,780) - (43,780) (23,957) - (23,957)
	3,059,321 114,476 3,173,797 - (1,358) (1,358) 64,755 - 64,755 (1,741,178) - (1,741,178) 239,488 - 239,488 (96,000) - (96,000)
	1,526,386 113,118 1,639,504

(i) Nature and purpose of other reserves:

Share-based payments

The share-based payment reserve records items recognised as expenses on valuation of share options and warrants issued to key management personnel, other employees and eligible contractors.

Foreign currency translation

Exchange differences arising on translation of foreign controlled entities are recognised in other comprehensive income as described in note and accumulated in a separate reserve within equity.

(ii) Movements in options, warrants and performance rights:

Details Balance as at 1 July 2023 Options issued in the year (net of adjustments) Exercise of unlisted options at $0.12 (2024-03-12) Lapse of unexercised options Share-based payments expense for options previously issued Performance rights issued in the year Balance as at 30 June 2024 Options issued in the year (net of adjustments) Lapse of unexercised options Share-based payments expense for options previously issued Exercise of performance rights Performance rights issued in the year Lapse of performance rights issued in the year Balance as at 30 June 2025	Number of options or performance rights $ 12,879,720 3,123,759 1,000,000 (11,932) (200,000) (43,780) (173,600) (23,957) - 15,231 1,688,839 -
	15,194,959 3,059,321
	3,000,000 55,584 (8,016,120) (1,741,178) - 9,171 (1,326,747) (96,000) 5,386,810 239,488 (285,741) -
	13,953,161 1,526,386

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Immuron Limited Notes to the consolidated financial statements 30 June 2025

7. Share-based payments

Performance rights

Performance rights which can be settled in shares, were granted to key management personnel and employees during the year. The expense for the year ended 30 June 2025 was $239,488. The performance rights are based on non-market weighted key performance indicators (KPIs) and have been expensed over the service period, based on the probability the KPIs being achieved. The performance rights are expected to vest between one and five years.

Options

Options were approved at the Annual General Meeting, held on 18 November 2024 for Prof. Ravi Savarirayan and Mr. Daniel Pollock of 1,000,000 each. The option exercise price is $0.145 and they have an expiry date of 20 August 2028. The expense for the year was $34,952.

Options were granted to Dr. Jeanette Joughin on 19 June 2024 but were subject to shareholder approval obtained on 18 November 2024. The expense of $20,632 recorded in the year includes an adjustment for the revised estimate of fair value on the grant date of 18 November 2024.

Fair value is determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the award, security price at grant date, expected volatility, expected dividend yield and the risk-free interest rate.

The model inputs for the options granted during the year:

Grant date	Expiry	Exercise	No. of	Share	Expected	Dividend	Risk-free	Fair value
	date	price ($A)	options	price at	volatility	yield	interest	at grant
				grant date			rate	date per
								option
18-NOV-24	20-AUG-28	$0.145	2,000,000	$0.079	74.51%	0.00%	4.15%	$0.033
18-NOV-24	19-JUN-28	$0.130	1,000,000	$0.079	75.72%	0.00%	4.15%	$0.035

8. Events after the reporting period

At The Market Capital Raising

In July 2025, Immuron Limited (ASX: IMC), raised gross proceeds of USD$1,822,322 (AUD$2,809,177) through an At The Market Facility comprising 34,260,960 shares at an average issue price of of USD$0.053 (AUD$0.082) per share.

This capital raising initiative does not provide evidence of conditions that existed at 30 June 2025 and is therefore classified as a non-adjusting event in accordance with AASB 110 Events after the Reporting Period . No adjustments have been made to the financial statements as a result of this transaction.

No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.

9. Principal subsidiaries

The Group’s principal subsidiaries at 30 June 2025 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business.

		Ownership interest by the	Ownership interest by the
		Group
	Principal place of business /	2025	2024
Name of entity	Country of incorporation	%	%
Immuron Inc.	United States	100%	100%
Immuron Canada Limited	Canada	100%	100%
Anadis ESP Pty Ltd	Australia	100%	100%

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Immuron Limited Notes to the consolidated financial statements 30 June 2025

10. Interests in associates

Immuron Limited has a 23.6% interest in Ateria Health Limited (Ateria). The investment was impaired to NIL during the 2024 financial year and there has been no changes to this in the year ended 30 June 2025.

Principal place of business / Name of entity Country of incorporation Ateria Health Limited United Kingdom	Ownership interest held by the Group 2025 2024 % % 23.6% 23.6%
Summarised financial information for associates
Share of loss for the year Recognised in: Share of loss for the year - 23.6% (2024: 23.6%) Impairment of investment in associate	Consolidated 2025 2024 $ $ - (1,456,019) Consolidated 2025 2024 $ $ - (291,711) - (1,164,308)
	- (1,456,019)

The carrying amount of investment in associate is NIL, therefore no share of the loss has been recognised for the year ended 30 June 2025.

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