Redx Pharma announces final audited results for 15-month period ended Dec. 31, 2025

For best results when printing this announcement, please click on link below: RNS Number: 8644W Redx Pharma Limited 30 September 2026 Redx Pharma Ltd Final Audited Results for 15-month period ended 31 December 2025, following the change in the Company's financial year end from 30 September to 31 December.

Refined strategy focused on fibrosis and advancing a differentiated portfolio of clinical-stage ROCK inhibitors RXC008 completes Phase 1 study and is anticipated to commence Phase 2 clinical trial in fibrostenotic Crohn's disease patients in Q4 2026 Zelasudil reports Phase 2a clinical data in patients with idiopathic pulmonary fibrosis and pre-clinical potential in multiple other fibrotic indications Post-period transaction and financing expected to extend cash runway into 2029 and provide the Company with a Nasdaq listing, expected to complete in Q4 2026 Strengthened Board and Executive management composition with clinical gastroenterology expertise Alderley Park, UK, 30 September 2026 Redx Pharma Ltd ("Redx" or the "Company"), a clinical-stage biotechnology company focused on developing novel, small molecule, targeted medicines for fibrotic disease, today announces its audited financial results for the 15-month period ended 31 December 2025, following the change in the Company's financial year end from 30 September to 31 December.

Lisa Anson, Chief Executive Officer, Redx, commented: "We are pleased to report significant progress in advancing the clinical development of our differentiated ROCK inhibitor portfolio as we invest in building our clinical development capabilities. We accelerated the clinical development of RXC008, our GI-restricted pan-ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, completing the Phase 1 healthy volunteers study which demonstrated favourable safety and tissue exposure.

We have completed a full, supportive non-clinical programme to enable a Phase 2 proof-of-concept trial in fibrostenotic Crohn's disease patients, which we expect to commence in the fourth quarter of 2026. During the period, we completed and presented data from our Phase 2a signal-searching programme in idiopathic pulmonary fibrosis for our selective ROCK2 inhibitor, zelasudil, which demonstrated an anti-fibrotic signal. We were also pleased that following the presentation of this data, the FDA partial clinical hold that limited dosing to 28-days in the United States was lifted, allowing us to move forward without restriction.

To support our future development, post-period, we entered into a definitive transaction agreement with Skye Bioscience, Inc. and a number of concurrent financing components with aggregate gross proceeds of up to $125 million. We expect this transaction to close in the fourth quarter of 2026 and when completed, the transaction is anticipated to provide the combined company with a Nasdaq listing, with the financing expected to fund operations into 2029 and through key clinical milestones, including the topline data from the RXC008 Phase 2 clinical trial.

" Operational Highlights: Reorientation to focus on advancing the clinical development of the differentiated Rho Associated Coiled-Coil Containing Protein Kinase (ROCK) inhibitor portfolio, and the development of a further preclinical Discoidin Domain Receptor (DDR) inhibitor programme to augment the fibrosis-focused pipeline. Following pipeline prioritisation, the Company is advancing RXC008 as its lead asset and reviewing available options to optimize the development of zelasudil (RXC007).

· Completed a Phase 1 trial in healthy volunteers for RXC008, a GI-targeted pan- ROCK inhibitor for the treatment of fibrostenotic Crohn's disease (FSCD), and undertook a full, supportive non-clinical programme to enable a Phase 2 proof-of-concept trial in FSCD patients.

o Phase 1 dose escalation study in both single ascending, and multiple ascending doses undertaken o Favourable tolerability and tissue exposure with no clinically relevant systemic breakthrough or hypotension observed · No evidence of hypotension supports the hypothesis of safety benefits of GI-restriction of the compound · Good tissue exposure within the predicted efficacious range estimated from preclinical models o Data presented at the European Crohn's and Colitis Organisation congress (ECCO) in February 2025(( 1 )) and Digestive Disease Week (DDW) in May 2025(( 2 )).

o Full, supportive non-clinical programme to support a Phase 2 proof-of-concept trial in FSCD patients, covering toxicology, chemistry manufacturing and controls (CMC), formulation and regulatory activities undertaken. o An Investigational New Drug (IND) application was submitted in December 2025. S. Food and Drug Administration (FDA) Fast Track designation was received in February 2026.

o Phase 2 proof-of-concept trial in patients with FSCD expected to commence in the fourth quarter of 2026. · Completed a Phase 2a signal-searching clinical trial for zelasudil (RXC007), a selective ROCK2 inhibitor being developed for fibrotic disease. o 48-patient signal-seeking Phase 2a trial in patients with idiopathic pulmonary fibrosis (IPF) demonstrated anti-fibrotic activity with zelasudil at both 12 and 24 weeks · A numerical reduction in forced vital capacity (FVC) decline versus placebo at week 12, with continued stabilization during the 12-week open-label extension was observed.

· Circulating fibrosis biomarkers (including PRO-C3) showed numerical reductions when compared to placebo-treated patients, supporting the demonstrated anti-fibrotic signal. · No treatment-related serious adverse events were observed and zelasudil was shown to be combinable with current standard-of-care, pirfenidone and nintedanib. o Data was reported at the European Respiratory Society Congress (ERS) in September 2025 3. o In December 2025, the Immunology and Inflammation Division of the FDA removed the partial clinical hold which had previously limited dosing to 28-days in the United States.

o With a complete Phase 2a data package, clear regulatory status and preclinical support for multiple development opportunities, we expect that the optimal clinical development programme will be in conjunction with potential partners. · Pre-clinical pipeline focused on novel DDR inhibitor programme which has the potential to be a first-in-class treatment option for chronic kidney disease (CKD), including kidney fibrosis associated with CKD as seen in Alport Syndrome.

o DDRs have recently gained traction as druggable targets with the potential to treat multiple fibrotic conditions, however to date, no selective small molecule inhibitors of DDRs have entered the clinic o Identified five distinct chemical series and filed multiple patents across both dual DDR1/DDR2, and selective DDR1 inhibitors o Work to develop and select a development drug candidate from the existing patent estate is ongoing and IND submission for a DDR inhibitor is expected in 2027.

Post-Period Transaction Highlights: Following the year-end, the Company undertook extensive interactions with investors to secure the required funding to progress the business plan and the proposed Phase 2 trial for RXC008 in FSCD: o On 14 August 2026, the Company entered into a definitive transaction agreement with Skye Bioscience, Inc. ("Skye") governing a strategic transaction (the "Transaction") which, if completed, will provide the combined company with a Nasdaq listing, and a number of concurrent financing components, that together are expected to provide aggregate gross proceeds of approximately $125 million.

· A Series A Financing: Redx entered into a subscription agreement for a Series A financing of $36 million in gross proceeds, which was led by new investor, Abingworth, and included British Business Bank and Redx's existing major shareholder, Redmile. The Series A Financing closed on 27 August 2026. 9 million, subject to certain conditions, with a syndicate of new and existing leading healthcare investors, including Abingworth, British Business Bank, NEXTBio Capital and 5AM Ventures, as well as Redx's existing major shareholder, Redmile. The PIPE Financing is expected to close and fund in Q4 2026, concurrent with the closing of the Transaction.

· An Equity Line of Credit (ELOC): Skye also entered into an agreement with a fund affiliated with Redmile for a committed ELOC of up to $22 million, which amount may decrease to $0 subject to certain conditions related to the PIPE Financing, pursuant to which Skye will, at the closing of the Transaction, issue Redmile a warrant to purchase shares of capital stock valued at $5 million.

o The Transaction is expected to close in Q4 2026, subject to certain closing conditions, including the approval by the shareholders of each company, certain regulatory approvals, sanction of the Scheme of Arrangement of Redx by the High Court of Justice of England and Wales, the Concurrent Financing being in full force and effect, the securities issuable in the Transaction having been approved for listing on Nasdaq and the satisfaction of other customary closing conditions. o Upon the closing of the Transaction, the combined company intends to rebrand to Fibrx Therapeutics, Inc. and be listed on Nasdaq, led by the current Redx management team.

, the current CEO of Pliant Therapeutics, Inc. joins the Board as an Independent Director; and · Claire Catherinet, previously an Investor Director representing Sofinnova, stepped down from the Board. Changes to the Executive Management Team: o Following the period, Dr. D.

joined as CMO from 1 May 2026, initially working with the Company to support the financing process before joining permanently from 1 September 2026: · Dr. -based paediatric gastroenterologist with over 25 years' experience and has spent 12-years in drug development at both big pharma and small biotech companies, leading Immunology & Inflammation programmes through early-stage clinical studies and post-approval commitment studies. · Dr. Wang undertook her fellowship training at the Children's Hospital of Philadelphia where she was an Assistant Professor of Paediatrics at the Perelman School of Medicine at the University of Pennsylvania.

· As CMO, Dr. Wang will lead the team responsible for the RXC008 Phase 2 clinical trial.

5 million); o Post-period, the Company undertook a financing with aggregate gross proceeds of approximately $125 million, of which $36 million was received in August 2026 and further proceeds of up to $68 million from the PIPE Financing and access to up to $22 million from the ELOC are expected upon completion of the Transaction; and o Cash and cash equivalents, including the expected proceeds from the abovementioned financing operations, are expected to fund the operations of the combined company into 2029 and through key clinical milestones, including topline data from the RXC008 Phase 2 clinical trial.

A copy of the full set of financial statements has been filed with, and is available on, Companies House. A copy of the Annual Results and Report will be posted to shareholders and made available on the Redx website in due course. com) FTI Consulting T: +44 (0)203 727 1000 Simon Conway About Redx Pharma Redx is a clinical-stage biotechnology company focused on the development of novel, small molecule, targeted medicines for the treatment of fibrotic disease, developing therapeutic treatment options in areas of high unmet need.

The Company is developing therapies targeting the ROCK pathway and its lead asset RXC008, a GI-restricted pan-ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, is anticipated to commence the Phase 2 ROCKETEER clinical trial in the fourth quarter of 2026. The Company's pipeline also includes zelasudil (RXC007), a next-generation selective ROCK2 inhibitor, and a novel Discoidin Domain Receptor (DDR) program targeting chronic kidney disease, currently in pre-clinical development. Important Information and Where to Find it In connection with the proposed transaction between Redx and Skye Bioscience, Inc. S.

Securities and Exchange Commission (the "SEC") a proxy statement (the "Proxy Statement"), the definitive version of which will be sent or provided to Skye's stockholders. Skye may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Proxy Statement or any other document that Skye may file with the SEC or send to its stockholders.

STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Stockholders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by Skye through the website maintained by the SEC at or Skye's website at ( ).

No Offer or Solicitation This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Participants in the Solicitation Skye and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed Transaction.

Information regarding Skye's directors and executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in (i) Skye's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 10, 2026, (ii) Skye's definitive proxy statement for its 2026 annual meeting of stockholders, which was filed with the SEC on April 16, 2026, (iii) Skye's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, which was filed with the SEC on August 14, 2026, and (iv) other documents subsequently filed with the SEC from time to time, including the Proxy Statement to be filed by Skye in connection with the proposed Transaction.

To the extent holdings of Skye's securities by its directors or executive officers have changed since the amounts set forth in the foregoing filings, such changes have been or will be reflected in Initial Statements of Beneficial Ownership on Form 3 or Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents (when available) may be obtained free of charge from the website maintained by the SEC at and the Company's website at Cautionary note regarding forward looking statements This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Words such as "may," "will," "believe," "expect," "plan," "anticipate," "aim," "continue," "target" and similar expressions are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this communication are forward-looking statements.

These statements include, but are not limited to, statements regarding: Redx's fibrosis-focused strategy and future plans; the potential of zelasudil (RXC007) as a next-generation selective ROCK2 inhibitor for fibrotic disease and expectations regarding its clinical development in conjunction with potential partners; the potential of RXC008 as a GI-restricted pan-ROCK inhibitor treatment for FSCD; the potential of the DDR inhibitor programme, including the expected timing of IND submissions; regulatory filings and approvals, including the timing thereof; expectations regarding the design, progress, timing, enrollment, scope, funding and results of Redx's planned and ongoing clinical trials; the expected completion, timing and proceeds of the Transaction with Skye and related financing transactions; expectations regarding the combined company, including its cash runway, Nasdaq listing, expected rebranding to Fibrx Therapeutics, Inc.