We're delighted to report the signing of a new evaluation agreement with McGill University and IRICoR for a second generation EIF4A (RNA Helicase) inhibitor. Access to this later stage asset was enabled by the detailed technical planning and access to our Patient Derived cell models. We have planned an expedited (9 month or less) evaluation programme focussed on breast cancer prior to potential formation an SPV and in licensing the technology for preclinical development. The parties will work together to bring in external funding into the SPV. This is the first of two evaluations planned and budgeted for in the first half of 2026.

The costs are largely internal Inaphaea costs as the programme leverages our internal expertise and these costs are included in our projections and forecasts for the first half of the year.