Anatara Lifesciences Limited

ABN  41 145 239 872 
ANATARA LIFESCIENCES LTD 
Annual Report
2024 - 2025

Our Vision
TO PROVIDE EVIDENCE-BASED HEALTH 
SOLUTIONS TO ADDRESS UNMET CLINICAL 
NEEDS.
Anatara Lifesciences (ASX:ANR) specialises in 
creating evidence-based innovative products to 
address unmet needs in human health. Our 
focus is on building a pipeline of health 
products through development of our own 
proprietary technology as well as strategic 
partnerships. Our core commitment is to deliver 
tangible benefits to patients and create 
significant value for our shareholders. 

Content
Executive Chair’s Letter
04 
Corporate Directory
05
Corporate Governance Statement
06
Directors Report
07
Auditor Independence Declaration
31
Consolidated Statement of Profit and Loss
32
Consolidated Statement of Financial Position
33
Consolidated Statement of Changed in Equity
34
Consolidated Statement of Cash Flows
35
Notes to the Consolidated Financial Statements
36
Directors Declaration
57
Independent Auditor’s Report
58
Additional ASX Information
60
FOR THE YEAR ENDED 30 JUNE 2025
Consolidated Financial Statements
03

GET TO KNOW US
04
David Brookes
Executive Chair
John Michailidis
Non-Executive Director
Simon Erskine
Chief Development Officer
Michael West
Chief Scientific Officer 
Jonathan Lindh
Company Secretary
Get to know us now
Backed by a well credentialed board and 
management team, and world-leading scientific 
collaborators, Anatara is uniquely positioned to 
potentially fulfil significant unmet health needs 
and to identify other beneficial opportunities.
Dirk van Dissel
Non-Executive Director

Executive Chair’s Letter to Shareholders - 17/10/25
Thank you for your continued support and investment in Anatara Lifesciences. The Company has clearly had a challenging period 
following the mixed results from the GaRP-IBS Phase II  trial announced earlier this year. I will not reiterate the trial results here as 
these   have been extensively covered in the Company’s announcements and in this Annual Report. The Company is finalising 
publications of both the pre-clinical studies that used an internationally recognised IBD (Inflammatory Bowel Disease) model to 
develop the GaRP product and the human clinical IBS (Irritable Bowel Syndrome) trial. Importantly, there are ongoing commercial 
discussions for the GaRP product which we firmly view as an asset of considerable potential to a partner. Throughout the review of 
the GaRP project, the Company continued to appraise other opportunities and launched proof of concept studies for a product 
under the title of our Anti-Obesity project. It is pleasing to report that the initial studies are encouraging and appear to support the 
concept. 
The focus on assessing other opportunities and assets to broaden Anatara’s human health portfolio continues with ongoing due 
diligence and appraisals. This has been supported by the recent capital raise which has the Company well-placed to enhance our 
portfolio.  
Anatara’s small team are very dedicated to building the Company’s projects and shareholder value. I take this opportunity to thank 
the management team for their flexibility during the year that assisted the efficiencies of the period of administrative wind up of the 
IBS trial and post hoc analyses, while the mice for the Anti-Obesity project proof-of-concept studies were literally going through 
the process of diet-induced obesity for many weeks. 
The Board is committed to the usual review and renewal considerations. Dirk van Dissel is a recent welcome addition to the 
Anatara Board and I have every confidence that we have in place the skills and resources to create an exciting company. I would 
particularly like to thank Jonathan Lindh for his professionalism, taking on a director’s role for much of the year until Dirk’s recent 
appointment, while continuing as company secretary.  
On behalf of the Anatara Board and management team, our sincere thanks to both our long standing shareholders and those that 
have taken a position more recently. We look forward to working for you to create value. 
Dr. David Brookes
Executive Chair
Yours sincerely
05
05

Corporate Directory
Directors 
Dr David Brookes 
Executive Chairman 
Mr John Michailidis 
Non-Executive Director 
Dirk van Dissel  
Non-Executive Director - From 29th September 2025 
Mr Jonathan Lindh 
Non-Executive Director - From 28 February 2025. Resigned 29th 
September 2025 
Mr Nicholas Haslam 
Non-Executive Director - Resigned 28 February 2025
Secretary 
Mr Jonathan Lindh 
(From 29 November 2024) 
Mr Stephen Denaro 
(To 29 November 2024)
Registered office and principal place of business 
c/- Perks, Level 8, 81 Flinders Street,  
Adelaide SA 5000 
Telephone: +61 (0)4 3802 7172
Share register 
Computershare Investor Services Pty Ltd 
Level 1, 200 Mary Street, Brisbane QLD 
4000  
Telephone: +61 (0)7 3237 2100 
Auditor 
Grant Thorton Audit Pty Ltd 
Level 3, 170 Frome Street, Adelaide SA 
5000 
Telephone: +61 (0)8 8372 6666
Solicitors 
Thomson Geer 
Level 16, Waterfront Place, 1 Eagle Street,  
Brisbane QLD 4000 
Telephone: +61 (0)7 3338 7500
Website 
www.anataralifesciences.com
Bankers 
Commonwealth Bank of Australia 
Melbourne VIC 3000 
Telephone: +61 (0)2 9999 3283
Stock Exchange listing 
Anatara Lifesciences Ltd shares are listed on the Australian 
Securities Exchange (ASX code: ANR) 
06
30 June 2025

The Company and the board are committed to achieving and demonstrating 
the highest standards of corporate governance. 
The Company has reviewed its corporate governance practices against the 
Corporate Governance Principles and Recommendations (4th edition) 
published by the ASX Corporate Governance Council. 
The 2025 corporate governance statement is dated as at 30 June 2025 and 
reflects the corporate governance practices in place throughout the 2025 
financial year. 
A description of the Group’s current corporate governance practices is set out 
in the Group’s corporate governance statement which can be viewed at: 
https://anataralifesciences.com/investors/corporate-governance/.
7
Corporate Governance Statement
30 June 2025

08
The directors present their report, together with the consolidated financial statements of the Group, being Anatara Lifesciences Ltd 
("the Company") and its controlled entities ("the Group"), for the financial year ended 30 June 2025.
Directors 
The following persons held office as directors of the Company during the whole of the financial year and up to the date of this report, 
except where otherwise stated:
Names
Position
Appointed/Resigned
Dr David Brookes
Executive Chair
Mr John Michailidis
Non-Executive Director
Dirk van Dissel 
Non-Executive Director
Appointed 29th September 2025
Mr Jonathan Lindh
Non-Executive Director
Appointed 28 February-29th September 2025
Mr Nicholas Haslam
Non-Executive Director
Resigned 28 February 2025
Company secretary 
The following person held office as company secretary of the Company during the whole of the financial year and up to the date of 
this report, unless otherwise stated: 
Mr Jonathon Lindh from 29 November 2024 and, prior to that date, Mr Stephen Denaro.
Principal activities and significant changes in nature of activities 
The Group is an Australian listed entity that is developing and commercialising innovative, evidence-based products for 
gastrointestinal health where there is significant unmet need. Anatara is focused on building a pipeline of human health products 
and has had a particular focus on conditions that involve the complexity of the gastrointestinal tract. 
There were no significant changes in the nature of the Group's principal activities during the financial year.
Directors' Report
30 June 2025

Directors' Report
Review of operations and financial review - Review of operations - GaRP project & progress of pivotal Phase II GaRP-IBS trial
9
30 June 2025
Anatara’s pivotal Phase II GaRP-IBS clinical trial was a randomised, double blind, placebo-controlled study of the highest quality and rigour and, with trial results and success, will provide an evidence-based 
validation for the GaRP product in IBS and possibly for other conditions. Stage 2 of the GaRP-IBS trial was the planned extension of the Phase II trial that followed the successful completion of Stage 1 which 
reported on 61 patients with a greater than a 50% reduction in IBS symptoms and with safety profile confirmed. On the 13th of December 2024 , the Company announced a recruitment pause for the trial with 63 
participants enrolled in Stage 2 and the ongoing processing of those identified as potential participants to be completed by the following week. Following that final week of processing, an additional 8 enrolments 
were actively involved in the trial, with the Stage 2 enrolment number confirmed as 71 Intent-To-Treat participants. This was in line with Company expectations. These were the final participants and by March 2025 
the Company made the decision to have a scoping interim analysis to ensure that the trial numbers could achieve statical significance for the primary endpoint of efficacy (being the improvement of IBS-SSS for 
those on GaRP product versus the placebo group). Unfortunately, this analysis led to the realisation that the primary efficacy endpoint was highly unlikely to be achievable, even with an extension to recruitment 
that may have been within the Company’s capabilities and financing .This conclusion from the preliminary review of the non-finalised trial data was announced on the ASX on 10 March 2025. 
On 17 April 2025, the Company announced the completion of Stage 2 GaRP-IBS (Irritable Bowel Syndrome) Phase II trial with the headline results analysis confirming no safety concerns and that the primary 
endpoint for efficacy of a reduction in IBS-SSS versus placebo was not met, despite a consistent and meaningful response being observed during the trial. The IBS-SSS (“SSS” Symptom Severity Score) 
experienced a consistent and sustained improvement, with a reduction of more than 40% observed in the trial, but this did not reach statistical significance when compared to placebo. This was reflected in the 
secondary endpoint of a 20% or more reduction (improvement) in IBS-SSS, compared to baseline for the cohort on the GaRP product, being clearly achieved. 
The secondary endpoint of improvement in anxiety scores reached statistical significance (P-value 0.034, Week 8), which influenced the significance of the overall HADS score (P-value 0.025 at Week 8), with 
depression scores remaining stable (within normal range). “HADS” being the commonly used Hospital Anxiety Depression Scale. 
Pleasingly, the secondary endpoint of IBS-Adequate Relief was highly significant at 10 weeks with a P-value 0.004, indicating the self-assessment of participants as “responders” clearly outweighed “non-
responders” versus placebo. This also suggested that those participants using the GaRP product had a sustained benefit as the 10 week mark is 2 weeks beyond the active trial stage of participants taking either 
product or placebo for 8 weeks. This finding would be consistent with the design for the MOA ( Mechanism of Action). 
Following an internal audit of the study, a number of post hoc analyses were conducted. These internal analyses examined many aspects of the ITT (Intent-To-Treat) group and confirmed pleasing trends in 
symptomatic relief of levels experienced in both pain and abdominal distension. 
With the IBS-SSS broken down into the 5 individual scoring sections, there is a definite finding of pain and distension relief (from Questions 1 to 3 of the IBS-SSS) while the more subjective descriptive categories 
(being Questions 4 & 5 of the IBS-SSS) did not show this clear pattern of improvement. 
The subset analysis of IBS-D (Diarrhoea only) versus IBS-Mixed did not reveal any apparent difference in treatment response. Gender did not appear to alter response. Trial site performance and efficacy in 
treatment groups appeared consistent over Stages 1 & 2 of the Phase II trial.

Directors' Report
10
30 June 2025
Review of operations (continued) 
GaRP project & progress of pivotal Phase II GaRP-IBS trial (continued)
**Analysis of IBS-SSS Q 1, 2 and 3 only, removing confounding Q4 and Q5 data
95% confidence intervals shown as error bars.
In conclusion, commercialisation discussions are being pursued for the GaRP product following the 
GaRP-IBS trial with headline results released 17 April 2025 and internal analyses on 16 May 2025. 
The trial was successful in achieving the primary endpoint of safety and secondary endpoints, 
including a statistically significant reduction in anxiety scores and the magnitude of improvement in 
the IBS-SSS (Irritable Bowel Syndrome-Symptom Severity Score). 
While the primary efficacy endpoint using the traditional, overall IBS-SSS did not meet statistical 
significance, internal analyses revealed statistically significant improvement in IBS symptoms of pain 
severity, pain frequency and abdominal distension in participants on the GaRP product compared to 
the placebo group. The Company is still of the view that the product has the potential for broad 
indications, including in the management of a healthy gut-brain axis.
In the ASX release 16 May 2025, a number of charts and graphs were presented including a graph 
of a modified IBS-SSS from trial participants after removal of scores for Q4 & Q5 . This showed a 
statistically significant improvement of more than 50% in the treatment group for pain and 
distension. All 5 Questions in the IBS-SSS equally contribute to the traditional IBS-SSS. Questions 
Q.4 & Q.5 blunt the overall result of symptomatic improvement, which is clearly seen when these 
are removed and only the combined questions Q1, Q2 & Q3 are analysed (see below** as a 
modified IBS-SSS). This analysis of the modified IBS-SSS shows the treatment group on GaRP 
significantly outperforming the placebo group and highlights the difficulties of a trial for a 
condition without biomarkers. The more subjective scoring points impair the overall efficacy result 
for the GaRP-IBS trial. Achieving statistical significance using traditional IBS-SSS as the primary 
efficacy endpoint may have only been possible with greater numbers.

Directors' Report
11
30 June 2025
In the December Quarter, the Company commenced a new project based on an in-house 
concept and design to address weight management and control. The anti-obesity project has 
been designed to develop an oral medication to assist weight reduction and sustaining weight 
control in conjunction with other contemporary treatments and approaches. The planned in-
vivo preclinical experiments cleared ethics submission and these mice experiments are being 
conducted at the University of Newcastle. 
These studies have moved to a treatment challenge phase for one-arm of the intended 
project.  
This follows a period of preparing diet-induced obese mice for the study to observe weight 
loss control and maintenance in response to therapeutic inputs. The initial studies are 
anticipated to take approximately 6 months through to completion, depending on the 
observations of markers and weight control in the initial mice studies. The study may need 
further mice cohorts which will be determined on scientific outcomes and milestones and, if 
required, would extend the overall study by a further few months. 
Review of operations (continued) 
Commencement of anti-obesity project 
The anti-obesity project has been designed to develop an oral complimentary medication to 
assist weight reduction and sustaining weight control in conjunction with other contemporary 
treatments and approaches. Specifically, the product is being developed with the target of 
assisting the maintenance of weight loss and limiting rebound weight gain following 
cessation of contemporary weigh loss medications. While the Company needs to protect the 
project at this early stage, the mechanism of action involves the stimulation of endogenous 
GLP-1. 
 
The Company will assess several compounds of interest (that have been sourced/
manufactured ) in the pre-clinical studies to determine the best candidate/s going forward. 
The candidate compounds selected have been shown to target the same physiological 
mechanism that is the focus of the Proof-of-Concept (POC). The dosage regimes have been 
predicted from published pre-clinical and clinical studies. The Company has allocated more 
than $350,000 to the POC studies for the antiobesity project and will determine further steps 
on the outcomes of these initial studies. A significant component of allocation for these POC 
studies was paid during the June quarter of FY25.

Directors' Report
12
Ongoing corporate activities and operations
30 June 2025
Review of operations (continued)
While committed to the Anti-Obesity Project Proof of Concept studies, the Company 
continues to advise that it is assessing other opportunities and directions. 
The summarisation of the GaRP project pre-clinical and clinical work does remain a priority 
to enhance the understanding of the commercial possibilities for the GaRP product in 
gastrointestinal health. A document on the pre-clinical studies, that were the basis of the 
GaRP project using the internationally accepted model for IBD ( Inflammatory Bowel Disease) 
in mice, are being finalsied as a scientific paper for publishing. Similarly, the conduct of the 
human GaRP-IBS trial will be formally written up by the Company, including results and 
conclusions. 


The patent position for the GaRP project is current and remains protected. On the 20th of 
September ,the Company announced that notification of a decision to grant a European 
patent from the European Patent Office (EPO) for the title and documents relating to its 
Gastrointestinal ReProgramming product (known as “GaRP”) had been received. The 
decision from the EPO took effect from the publication of the grant in the European Patent 
Bulletin 24/38 on the 18th September 2024.The EU patent for GaRP has a patent number 
4041285 and was filed on 9th October 2020. Priority is claimed to Australian patent 
application AUA 2019903822 filed on 11.10.19. Therefore, the date of expiry will be priority 
date plus 20 years, i.e. 11.10.2039.

Directors' Report
13
Ongoing corporate activities and operations 
30 June 2025
On the 19th May 2025, the Company announced GaRP has been granted a Hong Kong patent, 
expanding the intellectual property protection for the product with the title of invention being 
“Gastrointestinal Health Composition.” The granted patent is valid in Hong Kong for 20 years 
from 9 October 2020. This followed a similar EU grant as announced 20th September 2024 
and in Australia as announced 28th January 2025. 
The usual patenting processes are ongoing in further jurisdictions, such as the USA and 
China, as demonstrated by the recent announcement on the Japan Patent Office grant in early 
July 2025. 
Furthermore, commercial initiatives are ongoing and the Company is still pursuing the 
potential for broad indications of the GaRP product, including in the management of a healthy 
gut-brain axis. 
Given the outcome of the results of the GaRP Stage 2 of Anatara’s GaRP-IBS (Irritable Bowel 
Syndrome) Phase II trial, the Company maintained only essential roles around the retracted 
activities until the Company’s direction is further defined. Mr. John Michailidis moved to a 
non-executive director role from late April 2025, as part of a planned transition to retire the 
COO role to coincide with Company inflection points. Mr. Simon Erskine also reduced his 
workload to 0.8 FTE as CDO for the foreseeable future from early May. These operational 
initiatives accompany a general reduction in contracted services to the Company that are not 
immediately relevant. Manufacturing and the procurement of ingredient components have 
been deprioritised
Review of operations (continued)
Anatara completed a successful capital raising of A$1.0m in May 2024, reflecting strong 
support from existing institutional and sophisticated investors, with the issue price of $0.04 
being less than a 5% discount to the 5-day VWAP as at close of trade the day before raise. 
Director participation in the Placement of $70,000 was approved by shareholders via an EGM 
on 5th July 2024 which finalised the capital raise process. 
The Company’s AGM was held on the 14th of November 2024 in Adelaide as hybrid meeting 
with in person and virtual attendance.An investor webinar and Q&A was conducted virtually 
on the 2nd of December 2024 and was well attended by institutional, broker and retail 
participants. The Company announced on 29 November 2024 the appointment of Mr. 
Jonathan Lindh as Company Secretary. This followed the retirement of the long term 
Company Secretary, Mr. Stephen Denaro. 
The Company then announced the resignation of Non-Executive Director Mr. Nicholas 
Haslam on the 28th of February 2025 with the appointment of Mr. Lindh into that position in 
addition to his company secretarial role. Mr Lindh is an experienced Lawyer and Company 
Secretary who currently serves as company secretary on a number of other listed and 
unlisted companies. 
On the 15 November 2024 the Company announced a Share Placement with an SPP (Share 
Purchase Plan) which raised a combined total of $1.025 million-details below on “cashflows”.
Corporate Activities, Board & Company Secretary changes

Directors' Report
14
Ongoing corporate activities and operations (continued)
30 June 2025
The Company’s cash at the end of the year ended 30 June 2025 was $0.101 million (30 
June 2024: $0.982 million). Net cash outflow from operating activities during the full year 
was $2.27 million, compared to a $1.25 million cash outflow from operating activities in 
the year ended 30 June 2024. On 15 November 2024 the Company announced a Share 
Placement with firm commitment to raise $0.66 million through issuing 13,200,000 
ordinary shares.  
On 15 November 2024 the company announced an update that the placement had 
increased by $0.09 million and confirmed the successful placement would raise $0.75 
million. 
As announced on 15 November 2024, the Company launched a Share Purchase Plan to 
raise $0.5 million and subsequently announced on 20 December the results which raised 
$0.275 million. 
In Q1FY25, the application for the 2024 Research & Development Tax Rebate resulted in 
a refund of $0.626 million in August. 
All expenditure was as anticipated as Stage 1 of the GaRP trial was finalised and the 
Interim Analysis conducted.
Review of operations (continued)
Summary of FY2025 cashflows
Other items 
Significant changes in state of affairs
Dividends paid or recommended
Events after the reporting date
Future developments and results
Environmental regulation
The Group's operations are not regulated by any significant environmental regulations under 
a law of the Commonwealth or of a state or territory of Australia.
During the year, 15,000,000 shares were issued pursuant to a share placement offer 
announced on 15 November 2024 and a further 5,590,000 shares were issued in December 
2024 pursuant to a securities purchase plan announced on 15 November 2024, raising a total 
of $1,024,500 before costs. Additionally, in July 2024 a total of 1,750,000 shares were issued to 
two directors pursuant to the placement announced on 1 May 2024 and approved by 
shareholders at the general meeting held on 5 July 2024, raising a further $70,000 before costs. 
There were no other significant changes in the Group's state of affairs during the year.
No dividends were declared or paid to members for the year ended 30 June 2025. The 
directors do not recommend that a dividend be paid in respect of the financial year. 
No matters or circumstances have arisen since the end of the financial year which 
significantly affected or could significantly affect the operations of the Group, the results of 
those operations or the state of affairs of the Group in future financial years. 
Other than the information disclosed in the review of operations and activities, there are no 
likely developments or details on the expected results of operations that the Group has not 
disclosed.

Directors' Report
Information on directors
15
30 June 2025
Director Information
Dr David Brookes Executive Chair
Experience: Dr. Brookes has extensive experience in the health and biotechnology industries, first becoming involved in 
the biotechnology sector in the late 1990’s as an analyst. Dr. Brookes has since held Board positions in a number of ASX 
listed biotechnology companies, including as Chairman of genomics solutions company, RHS Ltd, which was acquired 
by Perkin Elmer Inc (NYSE:PKI) in June 2018. He has also Chaired the risk and audit committees in ASX listed companies. 
Dr Brookes is currently a Non-Executive Director of TALI Digital (ASX:TD1). He was previously a Non-Executive Director 
of Island Pharmaceuticals (ASX:ILA) until his resignation in September 2024, and Non-Executive Chair of Dominion 
Minerals Limited (ASX:DLM) until his resignation in June 2025. 
Dr Brookes, MBBS (Adelaide), is a Fellow of the Australian College of Rural and Remote Medicine and a Fellow of the 
Australian Institute of Company Directors.
Special responsibilities 
Executive chair 
Member of the audit and risk management committee 
Member of the remuneration and nominations committee
Other current directorships in listed entities 
Tali Digital Ltd (ASX:TD1), since 29 June 2020
Other directorships in listed entities held in the previous three years 
Dominion Minerals Limited (ASX:DLM), previously known as Factor 
Therapeutics Limited (ASX:FTT), since 10 April 2019, resigned 16 June 2025 
Island Pharmaceuticals Limited (ASX:ILA) since October 2020, resigned 19 
September 2024

Directors' Report
Information on directors (continued)
16
30 June 2025
Mr Nicholas Haslam Non-Executive Director (resigned 28 February 2025)
Experience: Nick is a Chartered Accountant with ten years of experience in professional services with M&A and 
restructuring at PwC, before undertaking leadership roles in professional sports and medical device companies. With 
respect to medical experience, Nick is formerly the Chief Executive Officer or Plasma Shield Limited, an Australian air 
decontamination company, as well as commercial manager of KangaTech Pty Ltd, an injury prevention business, with 
customers spread across Australia, the US, and Europe. Chair of the audit and risk management committee (until 28 
February 2025) 
Special Responsibilities 
Chair of the audit and risk management committee (until 28 February 2025)
Other current directorships in listed entities 
None
Other directorships in listed entities held in the previous three years: 
None
Mr John Michailidis Executive Director
Experience: John is an accomplished CEO with over 30 years’ experience in the healthcare, pharmaceutical and 
biotechnology industries both in Australia and internationally. He has a proven track record in business 
transformation, entrepreneurship, translation and commercialisation of science organisations; government 
engagement and influence; effectiveness in research translation; business development and organisational 
responsibility
Special Responsibilities 
Chief Operating Officer (resigned 17 April 2025) Chair of the audit and risk management committee (appointed 28 
February 2025) 
Chair of the remuneration and nomination committee
Other current directorships in listed entities 
None
Other directorships in listed entities held in the previous three years: 
None
Mr Jonathan Lindh Non-Executive Director (appointed 28 February 2025)
Experience: Jonathan Lindh is a lawyer with over 15 years’ legal and company secretarial 
experience. He has worked in private practice for Australian and international law firms, and for 
a boutique corporate advisory business. Jonathan has experience advising listed and unlisted 
private and public companies on a broad range of matters including mergers & acquisitions, 
divestments, capital raisings, joint ventures, supply/offtake agreements, foreign investment, 
corporate governance and corporate law issues. Jonathan has also served as company 
secretary of a number of ASX listed companies and other private and public companies 
operating in various industries.
Special Responsibilities 
Company Secretary 
Member of the remuneration and nomination committee 
Member of the audit and risk management committee
Other current directorships in listed entities 
None
Other directorships in listed entities held in the previous three years: 
None 
Directors have been in office since the start of the financial year to the date of this report 
unless otherwise stated. 
Company secretary 
The former Company Secretary was Mr Stephen Denaro, appointed on 24 February 2014 and 
resigned on 29 November 2024. 
 
The current Company Secretary is Mr Jonathon Lindh, appointed ot the poostion on 29 
November 2024. Refer to information on Directors for details of Jonathon’s experience and 
qualifications. 

Directors' Report
17
30 June 2025
Meetings of directors
During the financial year, 18 meetings of directors (including committees of directors) were held. 
Attendances by each director during the year were as follows:
Directors’ Meeting
Audit Committee
Remuneration 
Committee 
Number 
eligible to 
attend
Number 
attended
Number 
eligible to 
attend
Number 
attended
Number 
eligible to 
attend
Number 
attended
Dr David Brookes
14
14
3
3
1
1
Mr Nicholas Haslam 
(resigned 28 February 
2025)
9
9
3
3
1
1
Mr John Michailidis
14
14
3
3
1
1
Mr Jonathan Lindh 
(appointed 28 February 
2025)
5
5
-
-
-
-
Indemnification and insurance of officers and auditors
Proceedings on behalf of the company
(a) Insurance of officers 
During the financial year, the Group paid a premium of $27,000 to insure the directors and 
secretaries of the company and its Australian-based controlled entities. 
The liabilities insured are legal costs that may be incurred in defending civil or criminal 
proceedings that may be brought against the officers in their capacity as officers of entities in the 
Group, and any other payments arising from liabilities incurred by the officers in connection with 
such proceedings. This does not include such liabilities that arise from conduct involving a wilful 
breach of duty by the officers or the improper use by the officers of their position or of information 
to gain advantage for themselves or someone else or to cause detriment to the Company. It is not 
possible to apportion the premium between amounts relating to the insurance against legal costs 
and those relating to other liabilities. 
(b) Indemnity of auditors 
Anatara Lifesciences Ltd has agreed to indemnify their auditors, Grant Thornton Audit Pty Ltd, to 
the extent permitted by law, against any claim by a third party arising from Anatara Lifesciences 
Ltd’s breach of their agreement. The indemnity stipulates that Anatara Lifesciences Ltd will meet 
the full amount of any such liabilities including a reasonable amount of legal costs.
No person has applied for leave of Court under Section 237 of the Corporations Act 2001 to bring 
proceedings on behalf of the Company or intervene in any proceedings to which the Company is a 
party for the purpose of taking responsibility on behalf of the Company for all or any part of those 
proceedings. 
No proceedings have been brought or intervened in on behalf of the Company with leave of Court 
under section 237 of the Corporations Act 2001. 

18
30 June 2025
Options
Unissued ordinary shares  
Unissued ordinary shares of Anatara Lifesciences Ltd under option and performance rights at 
the date of this report are as follows:
Grant date
Date of expiry
Issue price of shares ($)
Number under options
23-08-2021 
18-08-2025 
0.2256
20,000
16-11-2021 
14-11-2025 
0.2226
1,350,000
29-11-2021 
25-11-2025 
0.2000
300,000
28-11-2022 
11-12-2025 
0.0700
7,495,595
19-12-2022 
11-12-2025 
0.0700
15,857,163
21-02-2023 
11-12-2025 
0.0700
4,397,026
07-05-2024 
06-05-2027 
0.1000
2,000,000
09-07-2024
08-07-2028
0.1000
3,500,000
23-12-2024
23-12-2027
0.0750
1,000,000
Total
35,919,784
Grant date
Dare if expiry
Number subject to performance conditions
31-08-2022
31-08-2025
206,612
01-08-2023
01-08-2026
1,611,176
09-08-2024
31-07-2027
886,312
18-11-2024
18-11-2027
359,640
Total
3,063,740
Performance rights
No option holder or performance rights holder has any right under the options or performance 
rights to participate in any other share issue of the company or any other entity. For details of 
options issued to directors and other key management personnel as remuneration, refer to the 
remuneration report. 
Options exercised during the year 
No ordinary shares of the Company were issued during the year ended 30 June 2024 from the 
exercise of issued options. 
No ordinary shares of the Company were issued during the year ended 30 June 2024 from the 
exercise of performance rights.
Directors' Report

Directors' Report
19
30 June 2025
Non-audit services
Auditor's independence declaration
The auditor's independence declaration in accordance with section 307C of the 
Corporations Act 2001 for the year ended 30 June 2025 has been received and can be 
found on page 23 of the consolidated financial report.
ASIC corporations instrument 2016/191 rounding of amounts
The Company is an entity to which ASIC Corporations (Rounding in Financial/Directors' 
Report) Instrument 2016/191 applies and, accordingly, amounts in the consolidated 
financial statements and directors' report have been rounded to the nearest 
dollar. 
The Board of Directors, in accordance with advice from the audit committee, is satisfied that 
the provision of non-audit services during the year is compatible with the general standard 
of independence for auditors imposed by the Corporations Act 2001. 
 
The company may decide to employ the auditor on assignments additional to their statutory 
audit duties where the auditor’s expertise and experience with the company and/or the 
Group are important. Details of the amounts paid or payable to the auditor (Grant Thornton 
Audit Pty Ltd) for audit and non-audit services provided during the year are set out below. 
The directors are satisfied that the provision of non-audit services provided by the auditor, 
as set out below, did not compromise the external auditor's independence for the following 
reasons: 
• all non-audit services are reviewed and approved by the audit committee prior to 
commencement to ensure they do not adversely affect the integrity and objectivity of the 
auditor; and  
• the nature of the services provided do not compromise the general principles relating to 
auditor independence in accordance with APES 110: Code of Ethics for Professional 
Accountants (including Independence Standards) set by the Accounting Professional and 
Ethical Standards Board. 
No fees were paid or payable to Grant Thornton Audit Pty Ltd for non-audit services 
provided during the year ended 30 June 2025. 

Directors' Report
20
30 June 2025
Remuneration report (audited)
(a) Key management personnel covered in this report
The directors present the Group's 2025 remuneration report, outlining key aspects of our 
remuneration policy and framework, and remuneration awarded this year. The report is 
structured as follows: 
a) Key management personnel (KMP) covered in this report 
b) Remuneration policy and link to performance 
c) Elements of remuneration 
d) Link between remuneration and statutory performance indicators 
e) Remuneration details for the year ended 30 June 2025 
f) Contractual arrangements with executive KMPs 
g) Non-executive director arrangements 
h) Additional statutory information
Dr David Brookes, Executive Chair 
Mr John Michailidis, Non-Executive Director (transitioned from Executive Director 17 April 2025) 
Mr Jonathon Lindh, Non-Executive Director (appointed 28 February 2025) 
Mr Simon Erskine, Chief Development Officer 
Mr Nicholas Haslam, Non-Executive Director (resigned 28 February 2025)
(b) Remuneration policy and link to performance 
The remuneration and nominations committee of the Company is mainly comprised of 
independent non-executive directors. The committee reviews and determines the Company's 
remuneration policy and structure annually to ensure it remains aligned to business needs, and 
meets Company remuneration principles. In particular, the Board aims to ensure that 
remuneration practices are: 
•
Competitive and reasonable, enabling the Company to attract and retain key talent; 
•
Aligned to the Company's strategic and business objectives and the creation of shareholder 
value; 
•
Transparent and easily understood; and 
•
Acceptable to shareholders. 
Assessing performance 
The remuneration and nominations committee is responsible for assessing performance against 
KPIs and determining any short term and long term incentives to be paid. To assist in this 
assessment, the committee receives data from independently run surveys. Performance is 
monitored on an informal basis throughout the year and a formal evaluation is performed 
annually. 
Securities trading policy 
The Company's securities trading policy applies to all directors and executives, see 
anataralifesciences.com/investors/corporate-governance. 

Directors' Report
21
30 June 2025
Remuneration report (audited) (continued)
(c) Elements of remuneration
(i) Fixed annual remuneration (FR) 
Key management personnel may receive their fixed remuneration as cash, or cash with non-
monetary benefits such as health insurance and car allowances. Fixed remuneration is reviewed 
annually, or on promotion. It is benchmarked against market data for comparable roles in 
companies in a similar industry and with similar market capitalisation. The committee aims to 
position executives at or near the median, with flexibility to take into account capability, 
experience, value to the organisation and performance of the individual. 
(ii) Short-term incentives (STI) 
All executives are entitled to participate in a short-term incentive scheme which provides for 
executive employees to receive a combination of short-term incentives (STI) as part of their total 
remuneration if they achieve certain performance indicators as set by the board. The short-term 
incentives can be paid either by cash, or a combination of cash and the issue of equity in the 
company, at the determination of the remuneration and nominations committee and board. 
The Group’s CDO is entitled to short-term incentives in the form of cash bonus up to 30% of fixed 
remuneration against agreed various key performance indicators (KPIs), including target EBITDA, 
appreciation in share price value, retention of key talent, and achievement of major project 
milestones. On an annual basis, KPIs are reviewed and agreed in advance of each financial year 
and include financial and non-financial company and individual performance goals that relate to: 
•
Operational management. 
•
Investor relations and shareholder value creation. 
•
R&D activities.
(iii) Long-term incentives (LTI) 
Executives may also be provided with longer-term incentives through the Company’s ‘executive 
option plan’ (EOP), that was approved by shareholders at the annual general meeting held on 26 
November 2020. The aim of the EOP is to allow executives to participate in, and benefit from, the 
growth of the Company as a result of their efforts and to assist in motivating and retaining those key 
employees over the long-term. Continued service is the condition attached to the vesting of the 
options. The board at its discretion determines the total number of options granted to each 
executive. 

Remuneration report (audited) (continued)
22
30 June 2025
Loss for the year 
attributable to owners $
Basic loss per 
share cents
Share price at 
year-end $ 
2025
1,954,702
0.95
0.05
2024
1,451,242
0.97
0.04
2023
2,023,188
2.07
0.03
2022
2,532,293
3.56
0.06
2021
1,995,874
3.18
0.16
CORRECT
(d) Link between remuneration and Statutory performance indicators 
The directors aim to align executive remuneration to strategic and business objectives and 
the creation of shareholder wealth. The table below shows measures of the Group’s 
financial performance over the last five years as required by the Corporations Act 2001. 
However, these are not necessarily consistent with the measures used in determining the 
variable amounts of remuneration to be awarded to KMPs. As a consequence, there may 
not always be a direct correlation between the statutory key performance measures and the 
variable remuneration awarded.
The Group’s earnings have remained negative since inception due to the nature of the 
business. Shareholder wealth reflects this speculative and volatile market sector. No 
dividends have ever been declared by the Company. The Group continues to 
focus on revenue growth with the objective of achieving key commercial milestones in 
order to add further shareholder value. 
Directors' Report

Remuneration report (audited) (continued)
23
30 June 2025
Post 
Employment
Long Term
Share Based	 Payments (3)
Short Term
Superannuation
Long service 
leave
Options
Performance rights
Total
2025
$
$
$
$
$
$
Non-executive 
Mr Nicholas Haslam (1)
40,385
4,644
-
17,000
-
62,029
Mr John Michailidis (2)
131,398
15,180
(167)
17,000
21,938
185,349
Mr Jonathan Lindh (3)
9,808
1,128
-
-
-
10,936
Executive directors
Dr David Brookes
150,000
17,250
-
42,500
-
209,750
KMP
Mr Simon Erskine (4)
162,380
20,877
2,737
960
29,970
216,924
Total KMP 
compensation
493,971
59,079
2,570
77,460
51,908
684,988
(e) Remuneration details for the year ended 30 June 2025 
The following tables of benefits and payment details, in respect to the financial year, the 
components of remuneration for each member of the key management personnel of the Group.
Notes: 
(1) Mr Nicholas Haslam resigned on 28 February 2025. 
(2) Mr John Michailidis transitioned from Executive Director to Non-Executive Director on 17 April 2025. 
(3) Mr Jonathan Lindh was appointed as Non-Executive Director on 28 February 2025. 
(4) The options and rights expense has been recognised in relation to the vesting criteria attached. 
Directors' Report

(e) Remuneration details for the year ended 30 June 2025 (continued) 
24
Remuneration report (audited) (continued)
30 June 2025
Notes: 
(1) Dr Jane Ryan resigned on 2 October 2023. 
(2) Mr John Michailidis was appointed as Executive Director on 2 October 2023. 
(3) The options expense has been recognised in respect of options issued in previous years.
Post 
Employm
Long Term
Share Based	 Payments
Short 
Term
Superann
uation
Long service 
leave
Options
Performanc
e rights
Total
2024
$
$
$
$
$
Non-executive 
directors
Dr Jane Ryan (1)
15,000
1,650
-
-
-
16,650
Mr Nicolas Haslam
60,000
6,600
-
-
-
66,600
Executive directors
Dr David Brookes
150,000
16,500
-
6,411
-
172,911
Mr John Michailidis (2)
154,113
16,505
167
-
-
170,785
Other KMP
Mr Simon Erskine
207,311
22,000
1,491
3,818
54,780
289,400
Total KMP 
compensation
586,424
63,255
1,658
10,229
54,780
716,346
(f) Contractual arrangements with executive KMPs
Name:
Dr David Brookes
Position:
Executive Chair
Contract duration:
Unspecified
Notice period:
Unspecified
Fixed remuneration:
$150,000 per annum, plus 12% superannuation
Name:
Mr Simon Erskine
Position:
Chief Development Officer
Contract duration:
Unspecified
Notice period:
3 months by either party
Fixed remuneration:
160,000 per annum, including 12% superannuation
Directors' Report

25
Remuneration report (audited) (continued)
30 June 2025
Base fees
Chair
$150,000
Other non-executive directors
$60,000
(g) Non-executive director arrangements 
Non-executive directors receive a board fee and fees for chairing but not participating on 
board committees. See table below. They do not receive performance-based pay or retirement 
allowances. The fees are exclusive of superannuation. The chair receives higher base fee than 
other non-executive directors, reflective of the additional demands and responsibilities of this 
role. 
Fees are reviewed annually by the board taking into account comparable roles and market 
data provided by the board’s independent remuneration adviser. 
The maximum annual aggregate directors’ fee pool limit is $500,000, adopted on initial public 
offering of the Company on 14 October 2014. 
Directors' Report

Remuneration report (audited) (continued)
26
(h) Additional statutory information 
(i) Relative proportions of fixed vs variable remuneration expense 
The following table shows the relative proportions of remuneration that are linked to performance and those that are fixed, based on the amounts disclosed as statutory remuneration expense in (e) 
above. 
30 June 2025
Fixed remuneration
At risk - STI    
At risk - LTI
2025
2025
2024
2025
2024
2025
2024
Non-executive directors
%
%
%
%
%
Mr Nicholas Haslam (1)
73
100
-
-
27
-
MrJohn Michailidis (2)
79
100
-
-
21
-
Mr Jonathan Lindh (3)
100
-
-
-
-
-
Dr Jane Ryan (4)	
-
84
-
-
-
16
Executive directors 
Dr David Brookes
80
96
-
-
20
4
KMP
Mr Simon Erskine
86
80
-
-
14
20
Notes: 
1.
Mr Nicholas Haslam resigned on 28 February 2025. 
2.
Mr John Michailidis was appointed as Executive Director on 2 October 2023 and transitioned from Executive Director to Non-Executive Director on 17 April 2025. 
3.
Mr Jonathan Lindh was appointed as Non-Executive Director on 28 February 2025. 
4.
Dr Jane Ryan resigned on 2 October 2023.
Directors' Report

Remuneration report (audited) (continued)
27
(h) Additional statutory information 
(ii) Terms and conditions of the share-based payment arrangements 
Options 
The terms and conditions of each grant of options affecting remuneration in the current or future reporting year are as follows: 
30 June 2025
Grant Date
Vesting and 
exercised date
Expiry date
Exercise Price $
Value per option 
at grant date ($)
Vested %
29-11-2021
25-11-2024
25-11-2025
0.2030
0.0708
100
09-07-2024
09-07-2025
08-07-2028
0.1000
0.0170
0
09-07-2024
09-07-2026
08-07-2028
0.1000
0.0170
0
The vesting criteria for the options to become exercisable is that the option holder remains an employee of the company during the vesting period. 
Performance rights 
The terms and conditions of each grant of performance rights affecting remuneration in the current or a future reporting year are as follows: 
Grant Date
Vesting and  
exercised date 
Expiry date
Exercise Price $
Value per option 
at grant date ($)
Vested %
09-08-2024
09-08-2024
31-07-2027
-
0.0400
100
18-11-2024
18-11-2024
18-11-2027
-
0.0610
100
Directors' Report

Remuneration report (audited) (continued)
28
(h) Additional statutory information 
(iii) Reconciliation of ordinary shares, performance rights and options held by KMP 
Share Holdings
30 June 2025
Balance at the beginning 
of year 
Granted as 
remuneration 
Exercised 
Other changes 
Balance at the end 
of year 
(1)
(2)
(3)
30 June 2025
No.
No.
No.
No.
No.
Dr David Brookes
4,530,002
-
-
2,000,000
6,530,002
Mr Nicholas Haslam (4)
-
-
-
-
-
Mr Simon Erskine
-
-
-
-
-
Mr John Michailidis
949,999
-
-
350,000
1,299,999
Mr Jonathan Lindh (5)
-
-
-
-
-
5,480,001
-
-
2,350,000
7,830,001
Notes: 
Balance may include shares held prior to individuals becoming a KMP. For individuals who became a KMP during the year, the balance is at the date they became a KMP. 
Other changes incorporates changes from the acquisition of shares. 
For a former KMP, the balance is at the date they cease to be a KMP. 
Mr Nicholas Haslam resigned on 28 February 2025. 
Mr Jonathan Lindh was appointed on 28 February 2025. 
Directors' Report

Remuneration report (audited) (continued)
29
(h) Additional statutory information 
(iii) Reconciliation of ordinary shares, performance rights and options held by KMP 
Option Holdings
30 June 2025
Balance at the 
beginning of year 
Granted as 
remuneration 
Exercised 
Other changes Balance at the end 
of year 
Vested and 
exercisable 
(1)
(2)
(3)
30 June 2025
No.
No.
No.
No.
No.
Dr David Brookes
1,832,143
2,500,000
-
-
4,332,143
1,832,143
Mr Nicholas Haslam (4)
-
1,000,000
-
(1,000,000)
-
-
Mr Simon Erskine
300,000
-
-
-
300,000
300,000
Mr John Michailidis
250,000
1,000,000
-
-
1,250,000
250,000
Mr Jonathan Lindh (5)
-
-
-
-
-
-
2,382,143
4,500,000
-
(1,000,000)
5,882,143
2,382,143
Notes: 
1. Balance may include options held prior to individuals becoming a KMP. For individuals who became a KMP during the year, the balance is at the date they became a KMP. 
2. Other changes incorporates changes from the acquisition of shares or options. 
3. For a former KMP, the balance is at the date they cease to be a KMP. 
4. Mr Nicholas Haslam resigned on 28 February 2025. 
5. Mr Jonathan Lindh was appointed on 28 February 2025.
Directors' Report

Remuneration report (audited) (continued)
30
(h) Additional statutory information 
(iii) Reconciliation of ordinary shares, performance rights and options held by KMP (continued) 
Performance Rights
30 June 2025
Notes: 
1. On 9 August 2024, 749,250 performance rights with nil exercise price and an expiration date of 31 July 2027 were issued to Mr Simon Erskine as part of his performance bonus for the year ended 
30 June 2024. The value of these performance rights was recognised in the statement of profit or loss in the previous financial year. 
2. On 18 November 2024, 359,640 performance rights with nil exercise price and an expiration date of 18 November 2027 were issued to Mr John Michailidis as part of his remuneration.
Balance at the 
beginning of year
Granted as 
remuneration
Exercised
Other changes
Balance at the end of 
year
Vested and 
exercisable
(1)
(2)
(3)
30 June 2025
No.
No.
No.
No.
No.
Mr Simon Erskine (1)
1,817,788
749,250
2,567,038
Mr John Michailidis (2)
359,640
359,640
1,817,788
1,108,890
2,926,678
Directors' Report

Remuneration report (audited)
31
30 June 2025
(i) Other transactions with key management personnel 
There are no other transactions with key management personnel of the Group. 
(j) Voting of shareholders at last year's annual general meeting 
The Company received 100 percent of favourable votes on its remuneration report for the 
2024 financial year. The Company did not receive any specific feedback at the 2024 annual 
general meeting or throughout the year on its remuneration practices. 
End of Audited Remuneration Report 
This directors' report, incorporating the remuneration report, is signed in accordance with 
a resolution of the Board of Directors. 
Dr David Brookes Director 
Dated this 13th day of August 2025
Directors' Report

32
Auditor’s Independence Declaration 
30 June 2025

33
Consolidated statement of profit or loss and other 
For the Year Ended 30 June 2025
Note
$2025
$2024
Other income
6.a
969,456
644,026
General and administrative expenses
6.b
(1,322,683)
(1,354,243)
Research and development costs
6.b
(1,603,422)
(748,910)
Operating loss
(1,956,649)
(1,459,127)
Finance income
9,367
7,885
Finance expenses
(7,420)
-
Finance income - net
1,947
7,885
Loss before income tax 
Income tax expense
7
(1,954,702)
(1,451,242)
-
Loss for the year
(1,954,702)
(1,451,242)
Other comprehensive income 
Other comprehensive income for the year, net of tax
-
-
Total comprehensive loss for the year
(1,954,702)
(1,451,242)
Total comprehensive loss attributable to: 
Owners of Anatara Lifesciences Ltd
(1,954,702)
(1,451,242)
Loss per share attributable to the ordinary equity holders of the 
Company
Note
From continuing operations: 
Basic loss per share (cents)
23
(0.95)
(0.97)
Diluted loss per share (cents)
23
(0.95)
(0.97)

34
Consolidated statement of financial position 
For the Year Ended 30 June 2025
Assets current assets
Note
$2025
$2024
Cash and cash equivalents
8
101,356
982,107
Trade and other receivables
9
1,028,291
671,092
Other assets
18,661
17,429
Total current assets
1,148,308
1,670,628
Non-current assets
Property, plant and equipment
84
794
Total non-current assets
84
794
Total assets
1,148,392
1,671,422
Liabilities Current liabilities
Trade and other payables 
10
180,589
269,691
Borrowings
11
407,420
-
Employee benefits
12
19,179
34,472
Total current liabilities
607,188
304,163
Non-current liabilities
Employee benefits
12
5,236
2,686
Total non-current liabilities
5,236
2,686
Total liabilities
612,424
306,849
Net assets
535,968
1,364,573
Equity
Issued capital
13
24,146,859
23,176,613
Reserves
14
416,881
278,030
Accumulated losses
(24,027,772)
(22,090,070)
Total equity
535,968
1,364,573

35
Consolidated statement of changes in equity 
30 June 2025
2024
NOTE 
Issued capital
Reserves
Accumulated losses 
Total 
$
$
$
$
Balance at 1 July 2023
21,368,718
347,698
(20,791,875)
924,541
Loss for the year
-
-
(1,451,242)
(1,451,242)
Transactions with owners in their capacity as owners 
Issue of shares
13
1,985,334
-
-
1,985,334
Less: capital raising costs
13
(177,439)
32,000
-
(145,439)
Share based payment expense - options
20.b -
(3,401)
-
(3,401)
Options lapsed
14
-
(153,047)
153,047
-
Performance rights issued
20
-
54,780
-
54,780
Total transactions with owners in their capacity as owners
1,807,895
(69,668)
153,047
1,891,274
Balance at 30 June 2024
23,176,613
278,030
(22,090,070)
1,364,573
2025
NOTE 
Issued capital
Reserves
Accumulated losses 
Total 
Balance at 1 July 2024
23,176,613
278,030
(22,090,070)
1,364,573
Loss for the year
-
-
(1,954,702)
(1,954,702)
Transactions with owners in their capacity as owners
Issue of shares
13
1,094,500
-
-
1,094,500
Less: capital raising costs
13
(124,254)
21,000
-
(103,254)
Share based payment expense - options
20.b -
77,460
-
77,460
Options lapsed
14
-
(17,000)
17,000
-
Performance rights issued
20
-
57,391
-
57,391
Total transactions with owners in their capacity as owners 
970,246
138,851
17,000
1,126,097
Balance at 30 June 2025
24,146,859
416,881
(24,027,772)
535,968

36
Consolidated statement of cash flows 
For the Year Ended 30 June 2025
NOTE
2025 $
2024 $
Cash flows from operating activities:
Payments to suppliers and employees (inclusive of GST)
(2,905,998)
(2,195,763)
Interest received
9,367
7,208
Government grants and tax incentives
624,634
923,236
Other income
-
17,923
Net cash (used in) operating activities
15
(2,271,997)
(1,247,396)
Cash flows from investing activities:
Proceeds from term deposits
-
50,000
Net cash provided by investing activities
-
50,000
Cash flows from financing activities:
Proceeds from issue of shares and other equity securities
1,094,500
1,985,334
Share issue transaction costs
(103,254)
(157,015)
Proceeds from borrowings
400,000
-
Net cash provided by financing activities
1,391,246
1,828,319
Net (decrease)/increase in cash and cash equivalents
(880,751)
630,923
Cash and cash equivalents at beginning of the year
982,107
351,184
Cash and cash equivalents at end of the year
8
101,356
982,107

37
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2025
1) Introduction 
The consolidated financial report covers Anatara Lifesciences Ltd ("the Company") and its controlled entities 
("the Group"). Anatara Lifesciences Ltd is a for-profit Company limited by shares, incorporated and domiciled 
in Australia. The separate financial statements of the parent entity, Anatara Lifesciences Ltd, have not been 
presented within this financial report as permitted by the Corporations Act 2001 and Australian Accounting 
Standards requirements. The principal activities of the Group for the year ended 30 June 2025 were 
developing and commercialising innovative, evidence-based products for gastrointestinal health where there 
is significant unmet need. The consolidated financial report was authorised for issue by the Directors on	
August 2025. Comparatives are consistent with prior years, unless otherwise stated. 
2) Basis of preparation 
The consolidated financial statements are general purpose financial statements that have been prepared in 
accordance with the Australian Australian Accounting Standards and Interpretations issued by the Australian 
Accounting Standards Board and the Corporations Act 2001. The Group is a for-profit entity for financial 
reporting purposes under Australian Accounting Standards. Material accounting policy information is 
consistent with prior reporting periods unless otherwise stated. 
a) Compliance with IFRS 
The financial statements of the Group also comply with International Financial Reporting Standards ("IFRS") as 
issued by the International Accounting Standards Board ("IASB"). 
b) Reporting basis and conventions 
The financial statements, except for the cash flow information, have been prepared on an accruals basis and 
are based on historical costs modified, where applicable, by the measurement at fair value of selected non-
current assets, financial assets and financial liabilities. 
c) Going concern 
The financial statements have been prepared on the going concern basis, which 
contemplates continuity of normal business activities and the realisation of assets and 
settlement of liabilities in the normal course of business. As disclosed in the financial 
statements, the Group incurred a loss of $1,954,702 (2024: $1,451,242) and had 
operating cash outflows of $2,271,997 (2024: $1,247,396) for the year ended 30 June 
2025. As at 30 June 2025, the Group held cash and cash 
equivalents and short-term deposits of $101,356 (2024: $982,107). In the process of 
approving the Group’s internal forecast and business plan for upcoming financial years, 
the board has considered the cash position of the Group within the next 12 months from 
the date of this report. The Group’s internal forecast and business plan for the upcoming 
financial year includes capital raising. 
The directors have assessed that the Group could raise additional capital to meet the 
Group’s contractual commitments and working capital requirements. Notwithstanding 
the uncertainty over either of these events occurring, based on the above considerations 
the board has assessed the resources and opportunities available to the Group, and 
consequently believe that the Group will be able to repay its debts as and when they fall 
due and are of the opinion that the financial statements have been appropriately prepared 
on a going concern basis. 
In the event that these measures are unsuccessful, there would be a material uncertainty 
which may cast significant doubt as to whether the Group will continue as a going 
concern and therefore whether it will realise its assets and extinguish its liabilities in the 
normal course of business and at the amounts stated in the financial report. 
The financial report does not include any adjustments related to the amounts or 
classification of recorded assets or liabilities that might be necessary if the Group does 
not continue as a going concern. 

38
Notes to the Consolidated Financial Statements 
For the Year Ended 30 June 2025
2) Basis of preparation (cont) 
d) New and amended standards adopted by the Group 
The Group has adopted all new or amended Accounting Standards and Interpretations issued by 
the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting 
period. 
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not 
been early adopted. 
3) Material accounting policy information 
a) Basis for consolidation 
A list of controlled entities is contained in note 18 to the consolidated financial statements.
Subsidiaries
Subsidiaries are all entities (including structured entities) over which the parent has control. 
Control is established when the parent is exposed to, or has rights to variable returns from its 
involvement with the entity and has the ability to affect those returns through its power to direct 
the relevant activities of the entity. 
Intercompany transactions, balances and unrealised gains on transactions between Group 
companies are eliminated. Unrealised losses are also eliminated unless the transaction provides 
evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been 
changed where necessary to ensure consistency with the policies adopted by the Group. 
b) Foreign currency transactions and balances 
i) Functional and presentation currency 
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 dollars ($), which is the Group's 
functional and presentation currency. 
ii) Transaction and balances 
Foreign currency transactions are translated into the functional currency using the exchange rates at 
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation of monetary assets and liabilities denominated in foreign 
currencies at year end exchange rates are generally recognised in profit or loss. Foreign exchange 
gains and losses that relate to borrowings are presented in the consolidated income statement, within 
finance costs. All other foreign exchange gains and losses are presented in the consolidated 
statement of profit or loss on a net basis within other gains/(losses). 
c) Revenue and other income 
i) Grant revenue 
Transactions involving government grants received are accounted for by applying AASB 120 
Accounting for Government Grants and Disclosure of Government Assistance. Grants from the 
government are recognised at their fair value where there is a reasonable assurance that the grant will 
be received and the Group will comply with all attached conditions. In relation to Research and 
Development tax incentive, as the estimate is able to be reliably measured, the research and 
development tax incentive is measured on an accruals basis.
ii) Research and Development Tax Incentive 
In relation to Research and Development Tax Incentive, as the estimate is able to be reliably measured, 
the Research and Development Tax Incentive is measured on an accruals basis. 

39
Notes to the Consolidated Financial Statements 
For the Year Ended 30 June 2025
d) Income tax 
The income tax expense or credit for the year is the tax payable or receivable on the current 
year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by 
changes in deferred tax assets and liabilities attributable to temporary differences and to unused 
tax losses.  
The current income tax charge is calculated on the basis of the tax laws enacted or substantively 
enacted at the end of the reporting year in the countries where the Company and its subsidiaries 
and associates operate and generate taxable income. Management periodically evaluates 
positions taken in tax returns with respect to situations in which applicable tax regulation is 
subject to interpretation. It establishes provisions where appropriate on the basis of amounts 
expected to be paid to the tax authorities. 
Deferred income tax is provided in full, using the liability method, on temporary differences 
arising between the tax bases of assets and liabilities and their carrying amounts in the 
consolidated financial statements. However, deferred tax liabilities are not recognised if they 
arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it 
arises from initial recognition of an asset or liability in a transaction other than a business 
combination that at the time of the transaction affects neither accounting nor taxable profit or 
loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or 
substantially enacted by the end of the reporting year and are expected to apply when the 
related deferred income tax asset is realised or the deferred income tax liability is settled. 
Deferred tax assets are recognised only if it is probable that future taxable amounts will be 
available to utilise those temporary differences and losses. Current and deferred tax is 
recognised in profit or loss, except to the extent that it relates to items recognised in other 
comprehensive income or directly in equity. In this case, the tax is also recognised in other 
comprehensive income or directly in equity, respectively.
e) Impairment of non-financial assets 
Intangible assets are tested for impairment whenever events or changes in circumstances indicate 
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by 
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the 
higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing 
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash 
inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-
generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed 
for possible reversal of the impairment at the end of each reporting year. 
f) Cash and cash equivalents 
For the purpose of presentation in the consolidated statement of cash flows, cash and cash 
equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, 
highly liquid investments with original maturities of three months or less that are readily convertible to 
known amounts of cash and which are subject to an insignificant risk of changes in value, and bank 
overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated 
statement of financial position. 
g) Trade receivables 
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost 
using the effective interest method, less loss allowance. See Note 9 for further information about the 
Group’s accounting for trade receivables and Note 16.b for a description of the Group’s impairment 
policies. 
h) Financial instruments 
Financial instruments are recognised initially on the date that the Group becomes party to the 
contractual provisions of the instrument. On initial recognition, all financial instruments are measured 
at fair value plus transaction costs (except for instruments measured at fair value through profit or loss 
where transaction costs are expensed as incurred). 

40
Notes to the Consolidated Financial Statements 
For the Year Ended 30 June 2025
Debt instruments 
Subsequent measurement of debt instruments depends on the Group’s business model 
for managing the asset and the cash flow characteristics of the asset. There are three 
measurement categories into which the Group classifies its debt instruments: 
• Amortised cost: Assets that are held for collection of contractual cash flows where 
those cash flows represent solely payments of principal and interest are measured at 
amortised cost. Interest income from these financial assets is included in finance 
income using the effective interest rate method. Any gain or loss arising on 
derecognition is recognised directly in profit or loss and presented in other gains/
(losses) together with foreign exchange gains and losses. Impairment losses are 
presented as separate line item in the consolidated statement of profit or loss. 
• FVOCI: Assets that are held for collection of contractual cash flows and for selling the 
financial assets, where the assets’ cash flows represent solely payments of principal 
and interest, are measured at FVOCI. Movements in the carrying amount are taken 
through OCI, except for the recognition of impairment gains or losses, interest income 
and foreign exchange gains and losses which are recognised in profit or loss. When 
the financial asset is derecognised, the cumulative gain or loss previously recognised 
in OCI is reclassified from equity to profit or loss and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income 
using the effective interest rate method. Foreign exchange gains and losses are 
presented in other gains/(losses) and impairment expenses are presented as separate 
line item in the consolidated statement of profit or loss. 
• FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured 
at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL 
is recognised in profit or loss and presented net within other gains/(losses) in the year 
in which it arises. 
Impairment 
The Group assesses on a forward looking basis the expected credit losses associated 
with its debt instruments carried at amortised cost and FVOCI. The impairment 
methodology applied depends on whether there has been a significant increase in 
credit risk. 
3) Material accounting policy information (continued) 
h) Financial instruments (continued) 
i) Income tax 
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair 
value, depending on the classification of the financial assets. 
Classification 
On initial recognition, the Group classifies its financial assets into the following categories, those measured at: 
• amortised cost  
•
fair value through profit or loss - FVTPL  
•
fair value through other comprehensive income - equity instrument (FVOCI - equity)   
•
fair value through other comprehensive income - debt investments (FVOCI -  
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its 
business model for managing financial assets. The classification depends on the entity’s business model for 
managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, 
gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are 
not held for trading, this will depend on whether the Group has made an irrevocable election at the time of 
initial recognition to account for the equity investment at fair value through other comprehensive income 
(FVOCI). 
Recognition and derecognition 
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the 
Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive 
cash flows from the financial assets have expired or have been transferred and the Group has transferred 
substantially all the risks and rewards of ownership. 
Measurement 
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset 
not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition 
of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

41
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
ii) Employee options (continued) 
The total expense is recognised over the vesting year, which is the year over which all of 
the specified vesting conditions are to be satisfied. At the end of each year, the Group 
revises its estimates of the number of options that are expected to vest based on the non-
market vesting and service conditions.  
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a 
corresponding adjustment to equity. 
iii) Performance rights 
Performance pay for selected employees of the Group may be paid in performance rights 
rather than cash, subject to board approval. Performance rights to be issued to employees 
are long-term incentives under the Executive Option Plan. 
(k) Contributed equity 
Ordinary shares are classified as equity. Incremental costs directly attributable to the 
issue of ordinary shares and share options which vest immediately are recognised as a 
deduction from equity, net of any tax effects. 
i)
Loss per share 
Basic loss per share is calculated by dividing the loss attributable to owners of the 
Company, excluding any costs of servicing equity other than ordinary shares, by the 
weighted average number of ordinary shares outstanding during the year, adjusted for 
bonus elements in ordinary shares issues during the year. 
Diluted loss per share adjusts the basic earnings per share to take into account the after 
tax effect of interest and other financing costs associated with dilutive potential ordinary 
shares, and the weighted average number of additional ordinary shares that would have 
been outstanding assuming the conversion of all dilutive potential ordinary shares. 
3) Material accounting policy information (continued) 
h) Financial instruments (continued) 
ii) Financial liabilities 
The Group measures all financial liabilities initially at fair value less transaction costs, 
subsequently financial liabilities are measured at amortised cost using the effective interest rate 
method. The financial liabilities of the Group comprise bank and other loans.  
i) Trade and other payables 
These amounts represent liabilities for goods and services provided to the Group prior to the end 
of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days 
of recognition. Trade and other payables are presented as current liabilities unless payment is not 
due within 12 months after the reporting year.  They are recognised initially at their fair value and 
subsequently measured at amortised cost using the effective interest method. 
j) Employee benefits 
i) Share-based payments 
Share-based compensation benefits are provided to employees via the "Employee Option Plan" 
(“EOP"). Information relating to these schemes is set out in note 20.

42
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
Key estimates - estimation of R&D tax incentive income accrual - 
Note 6(a)(i) 
Management has used judgements to assess the Group’s eligible research and 
development (R&D) activities and eligible expenditure under the incentive scheme. The 
determination of the eligible R&D activities and eligible expenditure would affect the 
expected amounts recognised for R&D tax incentive. The R&D tax incentive refund 
provides an important source of funding and enables the Group to progress the 
development and commercialisation of our GaRP product. 
Key estimates - share based payments - Note 20 
Management has used judgements to assess the Group’s share-based payments by 
determining the choice of option pricing model. The choice of model would result in 
option valuation that requires various underlying assumptions to determine the fair value 
of options and performance rights at grant date. 
Management used the Black-Scholes option pricing model that takes into account the 
exercise price, term of the option or performance right, security price at grant date and 
expected price volatility of the underlying security, the expected dividend yield, the risk-
free interest rate for the term of the security and certain probability assumptions as all 
these inputs would affect the share-based payments valuation. The share-based 
payments are long-term incentives which allow executives to participate in, and benefit 
from, the growth of the Group as a result of their efforts and to assist in motivating and 
retaining those key employees over the long-term. 
Estimates and judgements are continually evaluated. They are based on historical 
experience and other factors, including expectations of future events that may have a 
financial impact on the Group and that are believed to be reasonable under the 
i
  3) Material accounting policy information (continued) 
m) Goods and services tax (GST) 
Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except 
where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In this 
case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables 
and payable are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO 
is included with other receivables or payables in the consolidated statement of financial position. 
Cash flows in the consolidated statement of cash flows are included on a gross basis and the GST 
component of cash flows arising from investing and financing activities which is recoverable from, or 
payable to, the taxation authority is classified as operating cash flows. 
4) Critical Accounting Estimates and Judgments 
The preparation of financial statements requires the use of accounting estimates which, by definition, will 
seldom equal the actual results. Management also needs to exercise judgement in applying the Group’s 
accounting policies. 
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and 
of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be 
wrong. Detailed information about each of these estimates and judgements is included in other notes 
together with information about the basis of calculation for each affected line item in the financial 
statements. In addition, this note also explains where there have been actual adjustments this year as a 
result of an error and of changes to previous estimates.

43
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
i) 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 
recognised a receivable of $970,222 (2024: $626,103).
 5)  Operating segments 
Operating segments are reported in a manner consistent with the internal reporting provided 
to the chief operating decision maker. The chief operating decision maker, who is responsible 
for allocating resources and assessing performance of the operating segments, has been 
identified as the Executive Chair of the Company. 
The Group has identified one reportable segment; that is, the research, development of oral 
solutions for gastrointestinal diseases and the commercialisation of the Detach® diarrhoea 
treatment for piglets. The segment details are therefore fully reflected in the body of the 
consolidated financial statements.
6) Other income and expense 
items 
a) Other income
Other income
Note
2025 $
2024 $
Research and development tax incentive
(i)
969,456
626,103
Other grants
-
16,164
Other income
-
1,759
Total other income
969,456
644,026
b) Breakdown of expenses by nature
General and administrative expenses
Note
2025 $
2024 $
Accounting and audit fees
166,819
184,891
Consulting fees
48,871
103,945
Depreciation
710
2,463
Employee benefits
660,198
695,628
Insurance
52,428
57,723
Investor relations
137,150
103,525
Legal expenses
3,526
9,899
Listing and share registry
56,887
53,633
Occupancy
-
23
Share-based payment expense
20
85,013
28,599
Superannuation
71,701
65,882
Travel and entertainment
8,687
20,705
Other expenses
30,693
27,327
Total general and administrative expenses
1,322,683
1,354,243
Research expenses
2025 $
2024 $
Project research expenses
1,603,422
748,910
Total research expenses
1,603,422
748,910

44
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
a) Reconciliation of cash 
Cash at the end of the financial year as shown in the consolidated statement of 
cash flows is reconciled to items in the consolidated statement of financial 
position as follows:
  7) Income tax expense 
a) Reconciliation of income tax to accounting profit:
2025 $
2024 $
Loss from continuing operations before income tax expense
(1,954,702)
(1,451,242)
Tax at the Australian tax rate of 25% (2024: 25%)
(488,676)
(362,811)
Add tax effect of: 
Accounting expenditure subject to R&D tax incentive
557,159
359,830
Share-based payments
21,253
7,150
Other items
(61,933)
42,299
Less tax effect of: 
R&D tax incentive
(242,364)
(156,526)
Income tax attributable to parent entity
(214,561)
(110,058)
Tax losses and other timing differences for which no deferred tax asset 
is 
recognised
214,561
110,058
Income tax expense
-
-
b) Tax losses:
Deferred tax assets have not been recognised in the following:
2025 $
2024 $
Unused tax losses for which no deferred tax asset has been recognised
13,466,946
12,625,530
Potential tax benefit @ 25% (2024: 25%)
3,366,737
3,156,383
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be 
available against which the Group can utilise the benefits therein. Unused tax losses can be carried forward indefinitely subject to 
continuity of ownership and business continuity test.
8)  Cash and cash equivalents
2025 $
2024 $
Cash at bank
101,356
932,016
Short-term deposits
-
50,091
Total cash and cash equivalents
101,356
982,107
2025 $
2024 $
Cash and cash equivalents
101,356
982,107
Balance as per statement of cash flows
101,356
982,107
b) Classification as cash equivalents
Term deposits are presented as cash equivalents if they have a maturity of three 
months or less from the date of acquisition and are repayable with 24 hours notice 
with no loss of interest. See Note 3.f for the Group's other accounting policies on cash 
and cash equivalents. 
c) Risk exposure 
The Group's exposure to interest rate risk is discussed in Note 16. The maximum 
exposure to credit risk at the end of the reporting period is the carrying amount of each 
class of cash and cash equivalents mentioned above.

45
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
a) Fair value of trade and other receivables 
The carrying value of trade receivables is considered a reasonable approximation of fair value due to 
the short-term nature of the balances. The maximum exposure to credit risk at the reporting date is the 
fair value of each class of receivable in the financial statements.
a) Summary of borrowings 
On 30 April 2025, the Company received a loan of $400,000 from RTL Investment 
Group. The loan is secured by a first- ranking security interest over the R&D tax 
incentive lodged through the 2025 tax return and matures on 4 August 2025. 
Interest is payable at 11% per annum, calculated daily and payable in full on the 
maturity date. Early repayment is permitted without penalty. 
The loan agreement includes covenants that prohibit the Company from incurring 
or permitting any indebtedness that ranks senior or pari passu with this loan during 
the term of the agreement.
9)  Trade and other receivables
Current
2025 $
2024 $
Research and development tax incentive receivable
970,222
626,103
Other receivables
58,069
44,989
Total current trade and other receivables
1,028,291
671,092
10) Trade and other payables
Current
2025 $
2024 $
Trade and other payables
168,679
248,028
Other payables
11,910
21,663
Total current trade and other payables
180,589
269,691
Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying value of trade 
and other payables is considered a reasonable approximation of fair value due to the short-term nature of the balances. 
11) Borrowings
2025 $
2024 $
Current 
Loan - RTL Investment Group
407,420
-
Total current borrowings
407,420
-
Total borrowings
407,420
-

46
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
a) Leave obligations 
The leave obligations cover the Group’s liabilities for long service leave and annual leave which are 
classified as either other long-term benefits or short-term benefits. 
The current portion of this liability includes all of the accrued annual leave, the unconditional 
entitlements to long service leave where employees have completed the required year of service and 
also for those employees that are entitled to pro- rata payments in certain circumstances. 
The majority of leave provision is presented as current, being $19,179 (2024: $34,472), since the Group 
does not have an unconditional right to defer settlement for any of these obligations. However, based on 
past experience, the Group does not expect all employees to take the full amount of accrued leave or 
require payment within the next 12 months.
Ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company 
in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary 
shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one 
vote.Ordinary share s have no par value and the company does not have a limited amount of authorised capital. 
c) Options and performance rights 
Information relating to options and performance rights, including details of those issued, exercised, and lapsed during 
the financial year, and the outstanding balance as at the end of the reporting year is set out in Note 14.
12) Employee benefits
2025 $
2024 $
Current
Provision for annual leave
19,179
34,472
Total current employee benefits
19,179
34,472
Non-current
Provision for long service leave
5,236
2,686
Total non-current employee benefits
5,236
2,686
Total employee benefits
24,415
37,158
13) Issued capital
2025 $
2024 $
213,383,727 Ordinary Shares (30 June 2024: 191,143,727)
25,615,377
24,520,876
Share issue costs
(1,468,518)
(1,344,263)
Total issued capital
24,146,859
23,176,613
a) Movements in ordinary shares
No. of shares
Total
$
Balance at 1 July 2023
119,923,985
21,368,718
Issue at $0.022 pursuant to Entitlement Offer 
(08-12-2023)
43,437,967
955,635
Issue at $0.022 pursuant to Entitlement Offer 
(18-12-2023)
4,531,775
99,699
Issue at $0.040 pursuant to share placement 
(07-05-2024)
23,250,000
930,000
Less: Transaction costs arising on share issues
-
(177,439)
Balance at 30 June 2024
191,143,727
23,176,613
Issue at $0.040 pursuant to Placement (09-07-2024)
1,750,000
70,000
Issue at $0.050 pursuant to Placement (22-11-2024)
15,000,000
750,000
Issue at $0.050 pursuant to Placement (23-12-2024)
5,490,000
274,500
Less: Transaction costs arising on share issues
-
(124,254)
Balance at 30 June 2025
213,383,727
24,146,859
b) Ordinary shares

47
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
14) Reserves 
a) Share-based payments reserve 
The consolidated statement of financial position line item "other reserves" comprises the "share-based payments reserve". The share-based payment reserve records items 
recognised as expenses on valuation of share options and performance rights issued to key management personnel, other employees and eligible contractors. 
b) Movement in options and performance rights 
Note
Number of options
Number of 
performance rights
Total $
Balance at 1 July 2023
6,895,000
206,612
347,698
Options expired/lapsed during the year
(1,500,000)
-
(153,047)
Options forfeited during the year
(225,000)
-
(13,631)
Issue of options to external consultants
(i)
2,000,000
-
32,000
Share based payment expenses of options issued
-
-
10,230
in prior years
Issue of performance rights
(ii)
-
1,611,176
54,780
Balance at 30 June 2024
7,170,000
1,817,788
278,030
Options issued during the year
4,500,000
-
76,500
Options issued as part of Lead Manager Fees
1,000,000
-
21,000
Options forfeited/lapsed during the year
(1,000,000)
-
(17,000)
Share based payment expenses of options issued
-
-
960
in prior years 
Issue of performance rights (09-08-2024)
(iii)
-
886,312
35,452
Issue of performance rights (18-11-2024)
(iv)
-
359,640
21,939
Balance at 30 June 2025
11,670,000
3,063,740
416,881

48
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
14) Reserves (Continued) 
(b) Movement in options and performance rights 
(i) The issue of 2,000,000 options to external consultants was approved by shareholders at the general meeting held in July 2024. 
(ii) On 1 August 2023, 1,611,176 performance rights were issued to an employee as part of their performance bonus of 
$54,780 recognised as an expense in the prior year. 
(iii) On 9 August 2024, 886,312 performance rights were issued to employees as part of their performance bonus of $35,452 recognised as an expense in the prior year. 
(iv) The issue of 359,640 performance rights to an employee was approved by shareholders at the annual general meeting held in November 2024 and was partially recognised as 
an expense in the prior year. 
(v) This number of options balance does not include options issued during the year that are not in relation to share based payments. 
Unlisted options: 
For every 2 shares subscribed for in the placement on 28 November 2022, 15 December 2022 and 21 February 2023, one listed option was issued with an exercise price of 7c per 
option, expiring on 11 December 2025. The total number of unlisted options at 30 June 2025 is 24,249,784. 
Fair value of options granted: 
See note 20.a.ii for details of fair value measurement of options issued during the year. The model inputs for options granted during the year ended 30 June 2025 included:

49
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
14) Reserves (continued) 
a) Non-cash financing and investing activities 
Non-cash investing and financing activities disclosed in other notes are: 
Options/performance rights issued for no cash consideration - Note 20. 
16) Financial risk management 
This note explains the Group’s exposure to financial risks and how these 
risks could affect the Group’s future financial performance. The Group’s 
risk management is predominantly controlled by the board. The board 
monitors the Group’s financial risk management policies and exposures 
and approves substantial financial transactions. It also reviews the 
effectiveness of internal controls relating to market risk, credit risk and 
liquidity risk. 
•
	 a) Market risk 
i) Foreign exchange risk 
The majority of the Group’s operations are denominated in Australian 
dollars, with the few exceptions on services acquired from overseas 
suppliers but at a marginally insignificant amount and frequency. 
Therefore, management has concluded that market risk from foreign 
exchange fluctuation is not material.  
ii) Cash flow and fair value interest rate risk 
The Group's main interest rate risk arises from cash and cash 
equivalents and other financial assets at amortised cost (deposits at call) 
held, which expose the Group to cash flow interest rate risk. During 2025 
and 2024, the Group’s cash and cash equivalents and deposits at call at 
variable rates were denominated in Australian dollars. 
Fair
Exercise
Share 
price at 
grant
value at grant 
Risk-free date per
2025
price
No. of
date Expected
Dividend
interest option
Grant date
Expiry date
$
options
$
volatility
yield
rate	$
9 July 2024
8 July 2028
0.100
4,500,000
0.040
82.86 %
- %
4.10 %	 0.017
23 December 2024
23 December 2027
0.075
1,000,000
0.050
87.04 %
- %
3.91 %	 0.021
15) Cash flow information
Reconciliation of net income to net cash provided by operating 
activities:
Note
2025 $
2024 $
Loss for the year 
Add / (less) non-cash items: 
depreciation and amortisation
6.b
(1,954,702) 
710
(1,451,242) 
2,463
issue of performance rights
-
54,780
share-based payments
85,013
28,599
interest accrued
7,420
-
Changes in assets and liabilities: 
(increase)/decrease in trade and other receivables
(357,199)
332,986
(increase) in other assets
(1,232)
(6,574)
(decrease) in trade and other payables
(39,264)
(225,196)
(increase)/decrease in other liabilities
(12,743)
16,788
Cash flows from operations
(2,271,997)
(1,247,396)

50
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
16) Financial risk management (Continued) 
a) Market risk (Continued) 
The Group's exposure to interest rate risk at the end of the reporting year, expressed in 
Australian dollars, was as follows: 
ii) Cash flow and fair value interest rate risk (continued) 
The calculations are based on the financial instruments held at each reporting date. All 
other variables are held constant.
Note
2025 $
2024 $
Financial instruments with cash flow risk 
Cash and cash equivalents
8
101,356
932,016
Term deposits
-
50,091
Total financial instruments with cash flow risk
101,356
982,107
Sensitivity analysis
The following table illustrates the sensitivity of the net result for the year and equity to a 
reasonably possible change in interest rates of +/-6.14% (2024: +/-4.93%), with effect from the 
beginning of the year. The use of 6.14% was determined based on analysis of the Reserve Bank of 
Australia cash rate change, on an absolute value basis, at 30 June 2025 and the previous four 
balance dates. The average cash rate at these balance dates was 2.65% (2024: 1.93%). 
The average change to the cash rate between balance dates was 241.99% (2024: 255.69%). By 
multiplying these two values, the interest rate risk was derived. Loss sensitivity to movements in 
interest rates is reasonably consistent between 2025 and 2024 as increases in interest rates have 
been offset by a reduction in cash and cash equivalents. The Group's exposure to other classes of 
financial instruments with cash flow risk is not material.
+/-6.41%
+/-4.9%
2025 $
2024 $
Impact on loss for the period
9,713
48,465
Impact on other components of equity
-
-
b) Credit risk 
Credit risk refers to the risk that a counterparty will default on its contractual obligations 
resulting in a financial loss to the Group. 
i) Risk management 
The Group manages credit risk and the losses which could arise from default by 
ensuring that financial assets such as cash at bank and deposits at call are held with 
reputable organisations. 
ii) Impairment of financial assets 
While cash and cash equivalents and term deposits are subject to the impairment 
requirements of AASB 9, the identified impairment loss was immaterial.

51
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
16) Financial risk management (Continued) 
c) Liquidity risk 
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or 
otherwise meeting its obligations related to financial liabilities. The Group manages this risk through the 
following mechanisms: 
 preparing forward looking cash flow analyses in relation to its operating, investing and 
financing activities;  obtaining funding from a variety of sources; 
 maintaining a reputable credit profile; 
 managing credit risk related to financial assets; 
 investing cash and cash equivalents and deposits at call with major financial institutions; and 
 comparing the maturity profile of financial liabilities with the realisation profile of financial assets. 
17) Capital management 
a) Risk management 
The Group's objectives when managing capital are to: 
 safeguard their ability to continue as a going concern, so that they can continue to 
provide returns for shareholders and benefits for other stakeholders; and 
 maintain an optimal capital structure to reduce the cost of capital. 
In order to maintain or adjust the capital structure, the Group may issue new shares or 
reduce its capital, subject to the provisions of the Group’s constitution. The capital 
structure of the Group consists of equity attributed to equity holders of the Group, 
comprising contributed equity, reserves and accumulated losses. By monitoring 
undiscounted cash flow forecasts and actual cash flows provided to the board by the 
Group’s management, the board monitors the need to raise additional equity from the 
equity markets. 
As at 30 June 2025, the Group held cash and equivalents of $101,356 (2024: $982,107). 
The Group has put in place measures to reduce all non-critical expenditure. 
b) Dividends 
No dividends were declared or paid to members for the year ended 30 June 2025 (2024: 
nil). The Group's franking account balance was nil at 30 June 2025 (2024: nil). 
month
s 6-1
2
months
$
$
$
At 30 June 2025 
Payables
180,589
-
-
-
-
180,589
180,589
Borrowings
407,420
-
-
-
-
407,420
407,420
Total
588,009
-
-
-
-
588,009
588,009
At 30 June 2024 
Payables
269,691
-
-
-
-
269,691
269,691
Total
269,691
-
-
-
-
269,691
269,691
g
,
y
,
y
,
y
,l
,
y
g
amount (assets) / liabilities 

52
Notes to the Consolidated Financial Statements (cont)
For the Year Ended 30 June 2025
1) Interests in 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.
Subsidiaries
Principle place of 
business/Country
Percentage owned* 
2025 %
Percentage 
owned* 2024 %
Sarantis Pty Ltd
Australia
100
100
*The percentage of ownership interest held is equivalent to the percentage voting rights for all 
subsidiaries. 
19) Related parties 
a) The Group's main related parties are as follows: 
Interests in subsidiaries are set out in note 18. Key management personnel - refer to note 19.b. 
Other related parties include close family members of key management personnel and entities that are 
controlled or significantly influenced by those key management personnel or their close family members.
2025 $
2024 $
Short-term employee benefits
493,971
586,42
5
Post-employment benefits
59,079
63,255
Long-term benefits
2,570
1,658
Share-based payments
129,368
65,010
Total key management personnel 
remuneration
684,988
716,34
8
c) Transactions with related parties
No transactions with related parties occurred in 
2024 or 2025.
a) Key management personnel compensation 
Key management personnel remuneration included within employee expenses 
for the year is shown below:

53
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
20) Share-based payments 
a) Executive option plan 
The establishment of the ‘executive option plan’ (EOP) was approved by shareholders at the 2020 
annual general meeting. The plan is designed to provide long-term incentives for executives (including 
directors) to deliver long-term shareholder returns. Participation in the plan is at the board’s discretion 
and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. 
Set out below are summaries of options granted under the plan:
Share options outstanding at the end of the year have the following expiry date and 
exercise prices: 
2025
2024
Average 
exercise price of
Number of
Average 
exercise price 
of
Number of
option 
$
options 
No.
option 
$
options 
No.
As at 1 July
0.23
1,670,000
0.23
3,395,000
Granted during the year
0.10
4,500,000
-
-
Forfeited/lapsed during the year
0.10
(1,000,000)
0.25
(1,725,000)
As at 30 June
0.14
5,170,000
0.23
1,670,000
Vested and exercisable at 30 June
0.22
1,670,000
0.22
1,570,000
The forfeited/lapsed options were fully vested before they forfeited/lapsed. 
NumberGrant Date
Vesting 
date
Expiry 
date
Exercise 
Price 
$
Options
20,000 23-08-2021
23-08-2022
18-08-25
0.2256
Options
900,000 16-11-2021
16-11-2022
14-11-25
0.2226
Options
450,000 16-11-2021
16-11-2023
14-11-25
0.2226
Options
100,000 29-11-2021
25-11-2022
25-11-25
0.2030
Options
100,000 29-11-2021
25-11-2023
25-11-25
0.2030
Options
100,000 29-11-2021
25-11-2024
25-11-25
0.2030
Options
1,750,000 09-07-2024
09-07-2025
08-07-28
0.1000
Options
1,750,000 09-07-2024
09-07-2026
08-07-28
0.1000
Total
5,170,000

54
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
20) Share-based payments (Continued) 
a) Executive option plan (Continued) 
i) Vesting conditions 
Vesting condition apply to options granted under the executive option plan (EOP). Shares are not 
issued unless the vesting condition is met. The vesting condition generally depends on service 
periods of the employees or directors. If the vesting condition is not met on the relevant vesting 
date, the options lapse and the option holders are not issued any shares. The vesting condition 
that apply to the options offered are set out in the options offer letter and the EOP. 
ii) Fair value of options granted 
The value attributed to options issued is an estimate calculated using an appropriate 
mathematical formula based on an option pricing model. The choice of models and the 
resultant option value require assumptions to be made in relation to the likelihood and timing of 
the conversion of the options to shares and the value and volatility of the price of the underlying 
shares. 
Management has assessed the fair value of options determined at grant date, using the Black-
Scholes option pricing model that takes into account the exercise price, term of the option, 
security price at grant date and expected price volatility of the underlying security, the expected 
dividend yield, the risk-free interest rate for the term of the security and certain probability 
assumptions. 
Refer to note 14.b for details of model inputs used for options granted during the year ended 30 
June 2025.
b) Share‐based payment arrangements 
Total expenses arising from share-based payment transactions recognised during 
the year are as follows:
Note
2025 $
2024 $
Options issued under EOP
14.b
77,460
10,230
Performance rights issued
14.b
7,553
-
Options issued to external brokers (i)
14.b
-
32,000
Options issued as part of lead manager 
fees 
Adjustment for previous share-based 
payments not vested
14.b
21,000 
-
- 
(13,631)
Total share based payment expense
106,013
28,599
(i) Options issued to external brokers
The issue of 2,000,000 options to external consultants was approved by 
shareholders at the general meeting held in July 2024. 
21) Events occurring after the reporting date 
The consolidated financial report was authorised for issue on August 2025 by the 
board of directors. The Group reports that $969,456 was received from the Australian 
Taxation Office subsequent to year end under the Federal Government’s Research and 
Development (R&D) tax incentive scheme for FY2025, in line with the Group’s 
expectation. Except for the above, no matters or circumstances have arisen since the 
end of the financial year which significantly affected or may significantly affect the 
operations of the Group, the results of those operations, or the state of affairs of the 
Group in future financial years. 

55
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
 22) Auditor’s remuneration 
During the year the following fees were paid or payable for services provided by the auditor of the 
parent entity, its related practices and non-related audit firms:
a) Grant Thornton Audit Pty Ltd
2025 $
2024 $
Audit and other assurance services 
- auditing or reviewing the financial statements
71,986
64,000
Total auditor's remuneration
71,986
64,000
23) Loss per share 
a) Basic (loss) per share
2025
2024
Basic (loss) per share
(0.95)
(0.97)
b) Diluted (loss) per share
2025
2024
Basic (loss) per share
(0.95)
(0.97)
c) Reconciliation of loss used in calculating basic and diluted 
loss per share
(Loss) attributable to the ordinary equity holders of the 
company used in calculating loss per share:
2025
2024
$
$
(Loss) for the year
(1,954,72)
(1,451,242)
d) Weighted average number of shares used as denominator
2025 
$
2024 
$
Weighted average number of ordinary shares outstanding 
during the year used in calculating basic EPS
204,697,36
150,016,572
On the basis of the Group's losses, the outstanding options as at 30 June 2025 are 
considered to be anti-dilutive and therefore were excluded from the diluted weighted 
average number of ordinary shares calculation. 

56
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
24) Parent entity 
The following information has been extracted from the books and records of the parent, Anatara Lifesciences Ltd 
and has been prepared in accordance with Accounting Standards. The financial information for the parent is the 
same as the consolidated financial statements as the Company's subsidiary, Sarantis Pty Ltd, is a dormant entity. 
a) Guarantees 
The parent entity has entered into any guarantees in relation to debts of its subsidiaries in the year ended 30 
June 2025 (2024: nil). 
b) Contingent liabilities 
The parent entity did not have any contingent liabilities as at 30 June 2025 or 30 June 2024. 
c) Contractual commitments for the acquisition of property, plant and equipment 
The parent entity did not have any commitments for the acquisition of property, plant and equipment in the year 
ended 30 June 2025 or 30 June 2024. 
d) Determining parent entity financial information 
i) Tax consolidation legislation 
Anatara Lifesciences Ltd and its wholly-owned Australian controlled entities have implemented the tax 
consolidation legislation. The head entity, Anatara Lifesciences Ltd, and the controlled entities in the tax 
consolidated group account for their own current and deferred tax amounts. These tax amounts are measured 
as if each entity in the tax consolidated group continues to be a stand-alone taxpayer in its own right. In 
addition to its own current and deferred tax amounts, Anatara Lifesciences Ltd also recognises the current tax 
liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits 
assumed from controlled entities in the tax consolidated group. 
The entities have also entered into a tax funding agreement under which the 
wholly-owned entities fully compensate Anatara Lifesciences Ltd for any 
current tax payable assumed and are compensated by Anatara Lifesciences 
Ltd for any current tax receivable and deferred tax assets relating to unused tax 
losses or unused tax credits that are transferred to Anatara Lifesciences Ltd 
under the tax consolidation legislation. The funding amounts are determined 
by reference to the amounts recognised in the wholly-owned entities’ financial 
statements. 
The amounts receivable/payable under the tax funding agreement are due 
upon receipt of the funding advice from the head entity, which is issued as 
soon as practicable after the end of each financial year. The head entity may 
also require payment of interim funding amounts to assist with its obligations 
to pay tax instalments. Assets or liabilities arising under tax funding 
agreements with the tax consolidated entities are recognised as current 
amounts receivable from or payable to other entities in the group. Any 
difference between the amounts assumed and amounts receivable or payable 
under the tax funding agreement are recognised as a contribution to (or 
distribution from) wholly-owned tax consolidated entities. 
25) Contingencies 
In the opinion of the directors, the Group did not have any contingencies at 30 
June 2025 (2024: None). 
26) Statutory information 
The registered office and principal place of business of the Company is: 
Anatara Lifesciences Ltd c/- Perks 
Level 8, 81 Flinders Street Adelaide 
SA Australia 5000 

57
Notes to the Consolidated Financial Statements (Cont)
For the Year Ended 30 June 2025
Basis of preparation 
This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 
2001 and includes required information for each entity that was part of the consolidated entity as at the end of the 
financial year 
Consolidated entity 
This CEDS includes only those entities consolidated as at the end of the financial year in accordance with AASB 10 
Consolidated Financial Statements (AASB 10). 
Determination of tax residency 
Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax 
Assessment Act 1997. The determination of tax residency involves judgment as there are currently several different 
interpretations that could be adopted, and which could give rise to a different conclusion on residency. 
In determining tax residency, the consolidated entity has applied the following interpretations: 
Australian tax residency 
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax 
Commissioner's public guidance in Tax Ruling TR 2018/5 Income tax: central management and control test of 
residency. 
Partnerships and Trusts 
Australian tax law does not contain specific residency tests for partnerships and trusts. Generally, these entities are 
taxed on a flow-through basis so there is no need for a general residence test. There are some provisions which 
treat trusts as residents for certain purposes but this does not mean the trust itself is an entity that is subject to tax. 
Additional disclosures on the tax status of partnerships and trusts have been provided where relevant.
Entity name
Country of 
incorporatio
n
Percenta
ge owned 
(%)
Type of 
entity
Australian 
or 
Foreign?
If foreign list 
each 
jurisdiction of 
tax residency
Anatara 
Lifesciences
Australia
N/A
Body 
Corporate
Australian
N/A
Ltd
Sarantis Pty 
Ltd
Australia
100
Body 
Corporate
Australian
N/A

58
Director’s Declaration 
as at 30 June 2025
The directors of the Company declare that: 
1. the consolidated financial statements and notes, as set out on pages 24 to 53, are in accordance with the 
Corporations Act 2001, including: 
• complying with Australian Accounting Standards, the Corporations Regulations 2001 and other 
mandatory professional reporting requirements; and 
• giving a true and fair view of the consolidated group's financial position as at 30 June 2025 and of its 
performance for the financial year ended on that date; and 
2. in the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its 
debts as and when they become due and payable; and 
3. in the directors' opinion, the attached consolidated entity disclosure statement required by the Corporations 
Act 2001 is true and correct as at 30 June 2025. 
Note 2.a confirms that the financial statements also comply with International Financial Reporting Standards as 
issued by the International Accounting Standards Board. 
The directors have been given the declarations by the chief executive officer and chief financial officer required 
by section 295A of the Corporations Act 2001. 
This declaration is made in accordance with a resolution of the Board of Directors.
Dr David Brookes, Executive Chair 
Dated this 13 day of August 2025

59
Independent Auditor’s Report
30 June 2025

60
Independent Auditor’s Report
30 June 2025

61
Additional ASX Information
30 June 2025

62
Additional ASX Information
30 June 2025

63
Additional ASX Information
30 June 2025

ABN  41 145 239 872