{"url_path":"/sec/cupr/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1995704/0001493152-26-019085-index.html","accession_number":"0001493152-26-019085","cik":"0001995704","ticker":"CUPR","issuer_name":"Cuprina Holdings (Cayman) LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1995704/0001493152-26-019085-index.html","primary_entity_key":"0001995704","primary_entity_name":"Cuprina Holdings (Cayman) LTD"},"word_count":14041,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n \n\n**Exhibit\nNumber**\n \n**Description\nof Exhibit**\n\n \n \n \n\n1.1*\n \n[Current Effective Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024)](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex3-1.htm)\n\n \n \n \n\n2.1\n \n[Specimen Share Certificate or Class A Ordinary Shares (incorporated by reference to Exhibit 3.1 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex4-1.htm)\n\n \n \n \n\n2.2\n \nDescription\nof Registrant’s Securities (incorporated herein by reference to the section titled “Description of Share Capital”\nin the Registrant’s registration statement on [Form F-1](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/formf-1.htm#cup_020) (File No. 333-283643)), originally filed with the Securities and Exchange\nCommission on December 6, 2024, as amended, including any form of prospectus contained\ntherein pursuant to Rule 424(b) under the Securities Act of 1933 and (ii) the Registrant’s registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1995704/000164117225003366/form8-a12b.htm),\nfiled with the Securities and Exchange Commission on April 9, 2025)\n\n \n \n \n\n2.3\n \n[Form of the Representative’s Warrants (incorporated by reference to Exhibit 4.1 to Form F-6K filed with the SEC on April 11 2025).](https://www.sec.gov/Archives/edgar/data/1995704/000164117225003758/ex4-1.htm)\n\n \n \n \n\n4.1\n \n[Form of Indemnification Agreement with the Registrant’s directors (incorporated by reference to Exhibit 10.1 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-1.htm)\n\n \n \n \n\n4.2\n \n[Form of Employment Agreement between the Registrant and an executive officer of the Registrant (incorporated by reference to Exhibit 10.2 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-2.htm)\n\n \n \n \n\n4.3\n \n[Joint Venture Cum Shareholders’ Agreement dated May 16, 2022 between New Future Medical Services Company and Cuprina Pte. Ltd. (incorporated by reference to Exhibit 10.3 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-3.htm)\n\n \n \n \n\n4.4\n \n[Agreement to Collaborate and Protect Confidentiality between Cuprina Pte. Ltd. and Nan’ao (Beijing) Hospital Management Co., Ltd. (incorporated by reference to Exhibit 10.4 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-4.htm)\n\n \n \n \n\n4.5\n \n[Exclusive Distribution and Cooperation and Profit-Sharing Agreement dated June 1, 2023 between Cuprina Pte. Ltd. and Advanced Biotech and Engineering Limited (incorporated by reference to Exhibit 10.5 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-5.htm)\n\n \n \n \n\n4.6\n \n[Agreement dated January 26, 2023 between Cuprina Pte. Ltd. and Full Crimp Milk LLP (redacted) (incorporated by reference to Exhibit 10.6 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-6.htm)\n\n \n \n \n\n4.7\n \n[License Agreement dated June 3, 2022 between Nanyang Technological University - NTUitive Pte. Ltd. and Cuprina Pte. Ltd. (incorporated by reference to Exhibit 10.7 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-7.htm)\n\n \n \n \n\n4.8\n \n[Industry Research Collaboration Agreement dated August 22, 2022 between Nanyang Technological University and Cuprina Pte. Ltd. (incorporated by reference to Exhibit 10.8 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex10-8.htm)\n\n \n \n \n\n4.9*\n \n[Joint Venture Cum Shareholders’ Agreement dated November 18, 2025 between Aiodine Laboratory Pte. Ltd and Cuprina Pte. Ltd.](ex4-9.htm)\n\n \n \n \n\n4.10*\n \n[Appointment Letter as Exclusive Licensee for Medical Waste Recycling Technology in Southeast Asia dated August 29, 2025 between Zhejiang Heliang Technology Co., Ltd and Cuprina Pte Ltd.](ex4-10.htm)\n\n \n \n \n\n4.11*\n \n[License Agreement dated July 16, 2025 between Cuprina Pte Ltd and Ronald Sherman](ex4-11.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333- 283643), as amended, initially filed with the SEC on December 6, 2024)](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex99-1.htm)\n\n \n \n \n\n11.2\n \n[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1995704/000164117225010302/ex11-2.htm)\n\n \n \n \n\n12.1*\n \n[Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex12-2.htm)\n\n \n \n \n\n13.1*\n \n[Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-1.htm)\n\n \n \n \n\n13.2*\n \n[Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex13-2.htm)\n\n \n \n \n\n21.1\n \n[List of subsidiaries of the Company (incorporated by reference to Exhibit 21.1 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex21-1.htm)\n\n \n \n \n\n97.1\n \n[Executive Compensation Recovery Policy (incorporated by reference to Exhibit 99.5 to the Company’s registration statement on Form F-1 filed with the SEC on December 6, 2024).](https://www.sec.gov/Archives/edgar/data/1995704/000149315224049003/ex99-5.htm)\n\n \n\n*\nFiled\nherewith\n\n \n\n117\n\n \n\n \n\n**SIGNATURE**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this Annual Report on its behalf.\n\n \n\n \n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED**\n\n \n \n \n\nDate:\nApril 27, 2026\nBy:\n*/s/\nDavid Quek Yong Qi*\n\n \nName:\n\nDavid\nQuek Yong Qi\n\n \nTitle:\nChief\nExecutive Officer\n\n \n\n118\n\n \n\n \n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED**\n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n \nPage\n\n[Report of Independent Registered Public Accounting Firm](#bs_001) (PCAOB ID: 6651)\nF-2\n\n[Report of Independent Registered Public Accounting Firm](#bs_002) (PCAOB\nID: 6743)\nF-3\n\nAudited\nConsolidated Financial Statements:\n \n\n[Audited Consolidated Balance Sheets as of December 31, 2024 and 2025](#f_002)\nF-4\n\n[Audited Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2024 and 2025](#f_003)\nF-5\n\n[Audited Consolidated Statements of Changes in Shareholders’ Equity (Deficit) for the Years Ended December 31, 2023, 2024 and 2025](#f_004)\nF-6\n\n[Audited Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#f_005)\nF-7\n\n[Notes to Consolidated Financial Statements](#f_006)\nF-8\n– F-29\n\n** **\n\nF-1\n\n \n\n \n\n****\n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nBoard\nof Directors and Shareholders\n\nCuprina\nHoldings (Cayman) Limited\n\n \n\n**Opinion\non the Financial Statements**\n\n \n\nWe\nhave audited the accompanying consolidated balance sheet of Cuprina Holdings (Cayman) Limited and its subsidiaries (the “Company”)\nas of December 31, 2024, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’\ndeficit, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred\nto as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in\nall material respects, the financial position of Cuprina Holdings (Cayman) Limited as of December 31, 2024, and the results of its operations\nand its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally\naccepted in the United States of America.\n\n \n\n**Basis\nfor Opinion**\n\n** **\n\nThese\nconsolidated financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion\non these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting\nOversight Board (United States) (“PCAOB”) and are required to be independent with respect to Cuprina Holdings (Cayman) Limited\nin accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission\nand the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.\nCuprina Holdings (Cayman) Limited is not required to have, nor were we engaged to perform, an audit of its internal control over financial\nreporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for\nthe purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly,\nwe express no such opinion.\n\n \n\nOur\naudits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether\ndue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence\nregarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles\nused and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.\nWe believe that our audits provide a reasonable basis for our opinion.\n\n \n\nWe\nserved as Cuprina Holdings (Cayman) Limited’s auditor from 2023 to 2025.\n\n \n\n/s/\nKreit & Chiu CPA LLP\n\n \n\nLos\nAngeles, California\n\nMay\n14, 2025\n\n \n\nF-2\n\n \n\n****\n\n** **\n\n****\n\n**J&S\nASSOCIATE PLT**\n\n202206000037\n(LLP0033395-LCA) & AF002380\n\n(Registered\nwith PCAOB and MIA)\n\nB-11-14,\nMegan Avenue II,\n\n12,\nJalan Yap Kwan Seng, 50450, Kuala Lumpur, Malaysia\n\nTel:\n(+60) 3 4813 9469\n\nEmail:\ninfo@jns-associate.com\n\nWebsite:\njns-associate.com\n\n****\n\n****\n\n** **\n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n** **\n\nTo:\nThe Board of Directors and Shareholders of Cuprina Holdings (Cayman) Limited\n\n \n\n**Opinion\non the Financial Statements**\n\n** **\n\nWe\nhave audited the accompanying consolidated balance sheet of Cuprina Holdings (Cayman) Limited and its subsidiaries (collectively, the\n“Company”) as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, changes in\nshareholders’ deficit, and cash flows for the year ended December 31, 2025, and the related notes (collectively, the “financial\nstatements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Cuprina\nHoldings (Cayman) Limited as of December 31, 2025, and the results of its operations and its cash flows for the year ended December\n31, 2025, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Basis\nfor Opinion**\n\n** **\n\nThese\nfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nfinancial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws\nand the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,\nwe are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or\nfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides\na reasonable basis for our opinion.\n\n \n\n/s/\nJ&S Associate PLT\n\nCertified\nPublic Accountants\n\nFirm\nID: 6743\n\n \n\nWe\nhave served as Cuprina Holdings (Cayman) Limited’s auditor since 2025.\n\nKuala\nLumpur, Malaysia\n\nApril\n27, 2026\n\n \n\nF-3\n\n \n\n** **\n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED**\n\n**AUDITED\nCONSOLIDATED BALANCE SHEETS**\n\n** **\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\nASSETS \n    \n    \n   \n\nCurrent assets \n    \n    \n   \n\nCash and cash equivalents \n 116,472  \n 3,117,682  \n 2,423,760 \n\nAccounts receivable, net \n 26,389  \n 18,218  \n 14,163 \n\nDeferred costs \n 1,272,202  \n -  \n - \n\nAmount due from related parties \n 93,085  \n 237,732  \n 184,818 \n\nOther assets \n 146,152  \n 3,957,542  \n 3,076,687 \n\nInventories \n 1,730  \n -  \n - \n\nTotal current assets \n 1,656,030  \n 7,331,174  \n 5,699,428 \n\n  \n    \n    \n   \n\nNoncurrent assets \n    \n    \n   \n\nProperty and equipment, net \n 58,065  \n 77,525  \n 60,270 \n\nRight-of-use assets \n 30,940  \n 316,725  \n 246,229 \n\nOther assets \n -  \n 779,173  \n 605,748 \n\nInvestments at equity \n -  \n -  \n - \n\nTotal noncurrent assets \n 89,005  \n 1,173,423  \n 912,247 \n\n  \n    \n    \n   \n\nTOTAL ASSETS \n 1,745,035  \n 8,504,597  \n 6,611,675 \n\n  \n    \n    \n   \n\nLIABILITIES \n    \n    \n   \n\nCurrent liabilities \n    \n    \n   \n\nAccounts payable, net \n -  \n 1,177  \n 915 \n\nAccruals and other payables \n 323,971  \n 30,626  \n 23,809 \n\nAmount due to related parties \n 5,625,996  \n 2,934,650  \n 2,281,466 \n\nBank loans, current \n 55,250  \n 38,728  \n 30,108 \n\nLease liabilities, current \n 35,812  \n 110,233  \n 85,698 \n\nTotal current liabilities \n 6,041,029  \n 3,115,414  \n 2,421,996 \n\n  \n    \n    \n   \n\nNoncurrent liabilities \n    \n    \n   \n\nBank loans, non-current \n 163,728  \n 126,201  \n 98,112 \n\nLease liabilities, non-current \n -  \n 207,557  \n 161,359 \n\nTotal noncurrent liabilities \n 163,728  \n 333,758  \n 259,471 \n\n  \n    \n    \n   \n\nTOTAL LIABILITIES \n 6,204,757  \n 3,449,172  \n 2,681,467 \n\n  \n    \n    \n   \n\nCOMMITMENTS AND CONTINGENCIES \n -  \n -  \n - \n\n  \n    \n    \n   \n\nSHAREHOLDERS’ EQUITY (DEFICIT) \n    \n    \n   \n\nOrdinary shares, Class A, US$0.001\npar value, 25,000,000\nshares authorized, 3,915,000,\nand 7,365,000\nissued and outstanding at December 31, 2024 and 2025, respectively \n 5,264  \n 9,666  \n 7,365 \n\nOrdinary shares, Class B, US$0.001\npar value, 25,000,000\nshares authorized, 14,085,000\nissued and outstanding at December 31, 2024 and 2025 \n 18,939  \n 18,939  \n 14,724 \n\nOrdinary shares, value \n 18,939  \n 18,939  \n 14,724 \n\nAdditional paid in capital \n 78,722  \n 13,912,778  \n 10,816,122 \n\nAccumulated deficit \n (4,561,053) \n (9,234,500) \n (7,179,118)\n\nAccumulated other comprehensive (loss)/ income \n (1,594) \n 348,542  \n 271,115 \n\nTotal shareholders’ equity (deficit) \n (4,459,722) \n 5,055,425  \n 3,930,208 \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) \n 1,745,035  \n 8,504,597  \n 6,611,675 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n** **\n\nF-4\n\n \n\n \n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED**\n\n**AUDITED\nCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n** **\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n   \n  \n\nRevenue \n 100,773  \n 48,321  \n 49,894  \n 38,789 \n\nCost of revenues \n (64,168) \n (51,345) \n (50,539) \n (39,290)\n\n  \n    \n    \n    \n   \n\nGross profit / (loss) \n 36,605  \n (3,024) \n (645) \n (501)\n\n  \n    \n    \n    \n   \n\nOperating expenses: \n    \n    \n    \n   \n\nSelling, general and administrative expenses \n (937,200) \n (1,400,873) \n (4,602,300) \n (3,577,937)\n\nResearch and development costs \n (167,734) \n (241,362) \n (226,884) \n (176,385)\n\nTotal operating expenses \n (1,104,934) \n (1,642,235) \n (4,829,184) \n (3,754,322)\n\n  \n    \n    \n    \n   \n\nLoss from operations \n (1,068,329) \n (1,645,259) \n (4,829,829) \n (3,754,823)\n\n  \n    \n    \n    \n   \n\nOther (expense)/ income: \n    \n    \n    \n   \n\nOther income  \n 39,149  \n 173,865  \n 234,455  \n 182,271 \n\nInterest expense \n (56,587) \n (37,210) \n (14,724) \n (11,447)\n\nTotal other (expense)/ income, net \n (17,438) \n 136,655  \n 219,731  \n 170,824 \n\n  \n    \n    \n    \n   \n\nLoss before tax expense \n (1,085,767) \n (1,508,604) \n (4,610,098) \n (3,583,999)\n\n  \n    \n    \n    \n   \n\nIncome tax expense \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n   \n\nLoss before equity in net earnings of affiliates \n (1,085,767) \n (1,508,604) \n (4,610,098) \n (3,583,999)\n\n  \n    \n    \n    \n   \n\nEquity in net earnings of affiliates \n (33,788) \n (51,931) \n (63,349) \n (49,249)\n\n  \n    \n    \n    \n   \n\nNet loss \n (1,119,555) \n (1,560,535) \n (4,673,447) \n (3,633,248)\n\n  \n    \n    \n    \n   \n\nOther comprehensive income/ (loss): \n    \n    \n    \n   \n\nForeign currency translation, net of income tax \n 570  \n (1,903) \n 350,136  \n 272,204 \n\nTotal comprehensive loss \n (1,118,985) \n (1,562,438) \n (4,323,311) \n (3,361,044)\n\n  \n    \n    \n    \n   \n\nLoss per share attributable to weighted average number of outstanding ordinary shares \n    \n    \n    \n   \n\nBasic and diluted (cents) \n (6.22) \n (8.68) \n (22.83) \n (17.75)\n\n  \n    \n    \n    \n   \n\nWeighted average number of outstanding ordinary shares \n    \n    \n    \n   \n\nBasic and diluted \n 18,000,000  \n 18,000,000  \n 20,471,507  \n 20,471,507 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n** **\n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED\nAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)**\n\n \n\n** **** **\n\n**Shares**\n\n**Outstanding**\n** **** **\n\n**Par**\n\n**value**\n** **** **\n\n**Shares**\n\n**Outstanding**\n** **** **\n\n**Par**\n\n**value**\n** **** **\n\n**paid-in**\n\n**capital**\n** **** **\n\n**Accumulated**\n\n**deficit**\n** **** **\n\n**(loss)/**\n\n**income**\n** **** **\n\n**(deficit)/**\n\n**equity**\n** **\n\n** **** **\n\n**Ordinary\nshares,**\n\n**Class A**\n** **** **\n\n**Ordinary\nshares,**\n\n**Class B**\n** **** **\n**Additional**** **** **\n** **** **** **\n\n**Accumulated**\n\n**other**\n\n**comprehensive**\n** **** **\n\n**Total**\n\n**shareholders’**\n** **\n\n** **** **\n\n**Shares**\n\n**Outstanding**\n** **** **\n\n**Par**\n\n**value**\n** **** **\n\n**Shares**\n\n**Outstanding**\n** **** **\n\n**Par**\n\n**value**\n** **** **\n\n**paid-in**\n\n**capital**\n** **** **\n\n**Accumulated**\n\n**deficit**\n** **** **\n\n**(loss)/**\n\n**income**\n** **** **\n\n**equity (deficit)**\n** **\n\n  \n   \nS$  \n   \nS$  \nS$  \nS$  \nS$  \nS$ \n\nBalance as of January 1, 2023 \n 3,915,000  \n 5,264  \n 14,085,000  \n 18,939  \n 78,722  \n (1,880,963) \n (261) \n (1,778,299)\n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (1,119,555) \n -  \n (1,119,555)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 570  \n 570 \n\nBalance as of December 31, 2023 \n 3,915,000  \n 5,264  \n 14,085,000  \n 18,939  \n 78,722  \n (3,000,518) \n 309  \n (2,987,284)\n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (1,560,535) \n -  \n (1,560,535)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n (1,903) \n (1,903)\n\nBalance as of December 31, 2024 \n 3,915,000  \n 5,264  \n 14,085,000  \n 18,939  \n 78,722  \n (4,561,053) \n (1,594) \n (4,459,722)\n\nIssuance of ordinary shares \n 3,450,000  \n 4,402  \n -  \n -  \n 13,834,056  \n -  \n -  \n 13,838,458 \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n (4,673,447) \n -  \n (4,673,447)\n\nForeign currency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 350,136  \n 350,136 \n\nBalance as of December 31, 2025 \n 7,365,000  \n 9,666  \n 14,085,000  \n 18,939  \n 13,912,778  \n (9,234,500) \n 348,542  \n 5,055,425 \n\nBalance \n 7,365,000  \n 9,666  \n 14,085,000  \n 18,939  \n 13,912,778  \n (9,234,500) \n 348,542  \n 5,055,425 \n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n **US$**  \n    \n **US$**  \n **US$**  \n **US$**  \n **US$**  \n **US$** \n\nBalance as of December 31, 2025 \n 7,365,000  \n 7,365  \n 14,085,000  \n 14,724  \n 10,816,122  \n (7,179,118) \n 271,115  \n 3,930,208 \n\nBalance \n 7,365,000  \n 7,365  \n 14,085,000  \n 14,724  \n 10,816,122  \n (7,179,118) \n 271,115  \n 3,930,208 \n\n \n\nThe accompanying\nnotes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED\nAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nCASH FLOWS FROM OPERATING ACTIVITIES: \n    \n    \n    \n   \n\nNet loss \n (1,119,555) \n (1,560,535) \n (4,673,447) \n (3,633,248)\n\nAdjustments to reconcile net loss to net cash used in operating activities: \n    \n    \n    \n   \n\nDepreciation and amortization \n 35,059  \n 42,185  \n 36,523  \n 28,394 \n\nCurrent expected credit loss on account receivables \n 28,409  \n -  \n -  \n - \n\nWrite-off on property and equipment \n -  \n -  \n 2,246  \n 1,746 \n\nWrite-off on inventories \n -  \n 5,935  \n 1,730  \n 1,345 \n\nLease related expenses \n 106  \n (2,112) \n (3,807) \n (2,960)\n\nForeign exchange loss/ (income) \n 2,484  \n (1,741) \n 141,213  \n 109,782 \n\nEquity in net earnings of affiliates \n 33,788  \n 51,931  \n 63,349  \n 49,249 \n\nChange in operating assets and liabilities: \n    \n    \n    \n   \n\nAccount receivables \n (37,511) \n 24,430  \n 8,151  \n 6,337 \n\nContract assets \n 2,488  \n -  \n -  \n - \n\nOther assets and deferred costs \n (32,122) \n 10,639  \n (4,457,200) \n (3,465,133)\n\nInventories \n (1,164) \n -  \n -  \n - \n\nAccounts payable \n -  \n -  \n \n(1,177\n) \n - \n\nAccruals and other payables \n (45,863) \n 123,562  \n (290,994) \n (227,140)\n\nAdvance to related parties, net \n 238,900  \n 69,725  \n 39,465  \n 30,681 \n\nNet cash used in operating activities \n (894,981) \n (1,235,981) \n (9,133,948) \n (7,100,947)\n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES: \n    \n    \n    \n   \n\nPurchase of property and equipment \n (67,977) \n (21,884) \n (58,229) \n (45,268)\n\nNet cash used in investing activities \n (67,977) \n (21,884) \n (58,229) \n (45,268)\n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n    \n    \n    \n   \n\nIssuance of ordinary shares \n -  \n -  \n 17,606,040  \n 13,687,351 \n\nPayments for deferred stock issuance cost \n (647,796) \n (423,787) \n (2,628,743) \n (2,043,647)\n\nProceeds from bank loans \n -  \n 200,000  \n -  \n - \n\nRepayments of bank loans \n (20,574) \n (23,572) \n (54,049) \n (42,019)\n\nAdvance from/ (repayment to) related parties, net \n 1,101,445  \n 1,588,336  \n (2,691,506) \n (2,092,440)\n\nNet cash provided by financing activities \n 433,075  \n 1,340,977  \n 12,231,742  \n 9,509,245 \n\n  \n    \n    \n    \n   \n\nNet change in cash and cash equivalents \n (529,883) \n 83,112  \n 3,039,565  \n 2,363,030 \n\n  \n    \n    \n    \n   \n\nForeign currency translation \n 570  \n (1,903) \n (38,355) \n (29,818)\n\nCash and cash equivalents - beginning of year \n 564,576  \n 35,263  \n 116,472  \n 90,548 \n\nCash and cash equivalents - end of year \n 35,263  \n 116,472  \n 3,117,682  \n 2,423,760 \n\n  \n    \n    \n    \n   \n\nSUPPLEMENTAL CASH FLOW INFORMATION: \n    \n    \n    \n   \n\nCash paid for interest \n 727  \n 221  \n 70,584  \n 54,874 \n\n  \n    \n    \n    \n   \n\nSUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: \n    \n    \n    \n   \n\nUnpaid deferred offering costs \n 242,287  \n -  \n -  \n - \n\n \n\nThe\naccompanying notes form an integral part of these consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**CUPRINA\nHOLDINGS (CAYMAN) LIMITED**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**1****Organization\nand business overview**\n\n** **\n\nCuprina\nHoldings (Cayman) Limited is an exempted company incorporated on September 22, 2023 under the laws of the Cayman Islands. The Company,\nthrough its subsidiaries, manufactures, supplies and sells medical devices (i.e. primarily Maggot Debridement Therapy (“MDT”)),\nto manage and accelerate healing and closure of chronic wounds. The products are composed of nature-based bioactive, in the form of advanced\nwound dressings, derived from sustainable sources. These products have applications in the medical, cosmeceutical and nutraceutical industries and currently sold directly in Singapore and Hong Kong. The Company and its subsidiaries are collectively referred to as the “Company”. The Company is\nheadquartered in Singapore.\n\n \n\nReorganization\nof the Company’s legal structure (the “Reorganization”)\n\n \n\nThe\nCompany began business operations on August 28, 2019 when Cuprina Pte. Ltd. was incorporated in Singapore. As part of the Reorganization\nfor the purpose of the listing, Cuprina Holdings (BVI) Limited was incorporated in the British Virgin Islands on October 3, 2023.\n\n \n\nThe\nReorganization was completed in January 2024. The Reorganization involved the transfer of 100% of the equity interests in Cuprina Pte.\nLtd. from its original shareholder, Cuprina Holding Pte. Ltd. to Cuprina Holdings (BVI) Limited. Subsequently, 100% of the equity interests\nin Cuprina Holdings (BVI) Limited were transferred to the Company, Cuprina Holdings (Cayman) Limited. Consequently, Cuprina Holdings\n(Cayman) Limited became the holding company of all the entities mentioned above and resulted in a change in the reporting entity from\nCuprina Pte. Ltd. to Cuprina Holdings (Cayman) Limited.\n\n \n\nThe\nReorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholder of Cuprina Holding Pte. Ltd. controlled all these entities before and after the Reorganization. Cuprina Holding Pte. Ltd. owned 100.00%\nequity interest in all these entities before the Reorganization and 78.25% equity interest in all these entities through Cuprina Holdings\n(Cayman) Limited after the Reorganization.\n\n \n\nIn\na transaction that is considered to be a transfer of net assets or exchange of equity interest between entities under common control,\nthe receiving entity reflects the transfer as a change in the reporting entity on a retrospective basis. ASC 805-50-30-5 applies to transfers\nof net assets or exchange of equity interest between entities under common control and requires the receiving entity to reflect the transfer\nin a manner similar to a pooling of interests. A pooling of interests was the method of accounting for the reorganization. The consolidation\nof the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions\n(transfer of net assets or exchange of equity interest) had become effective as of the beginning of the first period presented in the\naccompanying consolidated financial statements. The assets and liabilities and results of operations for the periods presented comprise\nthose of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects\nof intra-entity transactions.\n\n \n\nF-8\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nThe\nconsolidated financial statements of the Company include the following entities:\n\n \n\nSchedule\nof company and subsidiaries \n\n**Name**\n \n**Date\nof incorporation**\n \n**Percentage\nof direct or indirect interests**\n \n**Place\nof incorporation**\n \n**Principal\nactivities**\n\nCuprina\nHoldings (Cayman) Limited\n \nSeptember\n22, 2023\n \n100%\n \nCayman\nIslands\n \nHolding\nbusiness\n\n \n \n \n \n \n \n \n \n \n\nCuprina\nHoldings (BVI) Limited\n \nOctober\n3, 2023\n \n100%\n \nBritish\nVirgin Islands\n \nHolding\nbusiness\n\n \n \n \n \n \n \n \n \n \n\nCuprina\nPte. Ltd.\n \nAugust\n28, 2019\n \n100%\n \nSingapore\n \nManufacture,\ndistribution, and supply of medical devices\n\n \n \n \n \n \n \n \n \n \n\nCuprina\nUnited States Inc.\n \nApril\n6, 2022\n \n100%\n \nUnited\nStates\n \nHolding\nbusiness\n\n \n \n \n \n \n \n \n \n \n\nCuprina\nMalaysia Sdn. Bhd.\n \nMarch\n29, 2022\n \n100%\n \nMalaysia\n \nManufacture,\ndistribution, and supply of medical devices\n\n \n \n \n \n \n \n \n \n \n\nCuprina\n(Beijing) Biotechnology Co., Ltd.\n \nJuly\n26, 2022\n \n100%\n \nChina\n \nManufacture,\ndistribution, and supply of medical devices\n\n \n \n \n \n \n \n \n \n \n\nCuprina\nHong Kong Limited\n \nMay\n17, 2022\n \n100%\n \nHong\nKong\n \nManufacture,\ndistribution, and supply of medical devices\n\n** **\n\nOn\nApril 11, 2025, the Company has completed the Initial Public Offering (“IPO”) of 3,000,000 Class A Ordinary Shares on Nasdaq\nCapital Market, at a public offering price of US$4.00 per share, and give rise to total gross proceeds of US$12.0 million. The Ordinary\nShares were previously approved for listing on Nasdaq Capital Market on April 9, 2025 and commenced trading under the ticker symbol\n“CUPR” on April 10, 2025.\n\n \n\nOn\nMay 8, 2025, the Company has closed the sale of an additional 450,000 Class A Ordinary Shares of the Company, pursuant to the full exercise\nof the underwriter’s over-allotment option granted in connection with the Company’s IPO, at the IPO price of US$4.00 per\nshare.\n\n \n\nF-9\n\n \n\n** **\n\n****\n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n****\n\n** **\n\n**2****Summary of significant accounting policies**\n\n** **\n\n*Basis\nof presentation*\n\n* *\n\nThis\nsummary of significant accounting policies is presented to assist in understanding the Company’s consolidated financial statements\nand have been consistently applied in the preparation of the financial statements. The accompanying consolidated financial statements\nhave been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”)\nand pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).\n\n* *\n\n*Consolidation*\n\n* *\n\nThe\naccompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries. All inter-company\nbalances, investment and capital, if any, have been eliminated upon consolidation.\n\n \n\n*Use\nof estimates*\n\n* *\n\nThe\npreparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and\nassumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates\nand associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the\ncircumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are\nnot readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial\nstatements include, but are not limited to, useful lives and impairment of long-lived assets, allowance for expected credit losses\nagainst financial assets, write-down of inventories, allowance for deferred tax assets, and accounting of operating lease\nright-of-use assets. Actual results may differ from these estimates.\n\n \n\n*Cash\nFlows Reporting*\n\n* *\n\nWe\nfollow ASC 230, Statements of Cash Flows, for cash flows reporting, and classify cash receipts and payments according to whether they\nstem from operating, investing, or financing activities and provides definitions of each category. We use the indirect or reconciliation\nmethod (“Indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities\nby adjusting net income (loss) to reconcile it to net cash flow from operating activities by removing the effects of all deferrals of\npast operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and all items that\nare included in net (loss) income that do not affect operating cash receipts and payments.\n\n \n\nF-10\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n* *\n\n*Cash\nand cash equivalents*\n\n* *\n\nCash\nequivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal\nand use.\n\n \n\n*Accounts\nreceivable, net*\n\n* *\n\nAccounts\nreceivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivables are recorded\nnet of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit\nlosses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses\nadjusted to take into account current market conditions and the Company’s customers’ financial condition, the receivable\namount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. The Company\nwrites off the receivable when it is determined to be uncollectible.\n\n \n\n*Other assets*\n\n* *\n\nOther assets, net, primarily consists of deposits, prepayments made to vendors or services providers for future services that have\nnot been provided, and other receivables from third parties. These advances are unsecured and are reviewed periodically to determine\nwhether their carrying value has become impaired. As of December 31, 2024 and 2025, management believes that the Company’s other\ncurrent assets are not impaired.\n\n \n\n*Inventory*\n\n* *\n\nInventories\nare measured at the lower of cost or net realizable value. The cost of inventories is based on the first-in, first-out principle,\nand includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location\nand condition. If inventories are damaged or obsolete, its cost are written down to net realizable value.\n\n \n\n*Deferred\ncosts*\n\n \n\nPursuant\nto ASC 340-10-25-2, deferred costs attributable to preproduction costs related to long-term supply arrangements shall be capitalized.\n\n \n\nDeferred offering cost\n\n \n\nIn\naddition, pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would\nbe charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal and consulting\nfees related to the registration statement, and the expenses related to the SEC filing and printing.\n\n \n\nAs of December 31, 2025, the Company has\ncompleted its IPO, and the related deferred stock issuance cost have been charged against the gross proceeds of the offering\nas a reduction of additional paid-in capital.\n\n \n\n*Property\nand equipment, net*\n\n* *\n\nProperty\nand equipment are stated at cost less accumulated depreciation and impairment, if applicable. The Company computes depreciation using\nthe straight-line method over the estimated useful lives of the assets as follows:\n\nSchedule\nof estimated useful lives  \n\n**Property\nand equipment**\n \n**Capitalize\nof lease term or expected useful life**\n\nComputers\n \n3\nyears\n\nFurniture\nand fittings\n \n3\nyears\n\nRenovation\n \n3\n- 5 years\n\nOffice\nequipment\n \n3\nyears\n\n \n\nThe\ncost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is\nincluded in the consolidated statement of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to\nexpense as incurred, while additions renewals and betterments, which are expected to extend the useful life of assets, are capitalized.\nThe Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates\nof useful lives.\n\n \n\nF-11\n\n \n\n* *\n\n**\n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**\n\n* *\n\n*Impairment\nof long-lived assets*\n\n* *\n\nThe\nCompany evaluates the recoverability of its long-lived assets (asset groups), including property and equipment and operating lease right-of-use\nassets, for impairment whenever events or changes in circumstances indicate that the carrying amount of its asset (asset group) may not\nbe fully recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to the\nestimated undiscounted future cash flows expected to result from the use of the asset (asset group) and their eventual disposition. If\nthe sum of the expected undiscounted cash flows is less than the carrying amount of the asset (asset group), the Company recognizes an\nimpairment loss based on the excess of the carrying amount of the asset (asset group) over their fair value. Fair value is generally\ndetermined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily\navailable. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset’s remaining useful\nlife. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely\nindependent of the cash flows of other assets and liabilities. For the years ended December 31, 2024 and 2025, no impairment of long-lived\nassets was observed and recognized.\n\n \n\n*Investments\nat equity*\n\n* *\n\nPursuant\nto ASC 323-30-25-1, the joint venture is accounted for using the equity method of accounting as the Company has the ability to exercise\nsignificant influence over operating and financial policies of the investee but does not have a controlling financial interest. Our judgment\nregarding the level of influence over an equity method investment includes considering key factors such as our ownership interest, representation\non the board of directors, participation in policy making decisions and material intercompany transactions. Under this method of accounting,\nthe Company records its proportionate share of the net earnings or losses of the equity method investee and a corresponding increase\nor decrease to the investment balance. The Company evaluates its equity method investments for impairment whenever events or changes\nin circumstances indicate that the carrying amounts of such investments may not be recoverable.\n\n \n\nAs\nof December 31, 2024 and 2025, the investments at equity of the Company were S$nil and\nS$nil (US$nil),\nrespectively. There is a general presumption that equity method should be suspended and losses should not be recognized in excess of\nthe total investment (including any additional advances). It is important that investors continue to track unrecognized equity\nmethod losses to determine when to record subsequent period equity method earnings. However, an investor may record losses in excess\nof the carrying amount of the investment if the investor has guaranteed the investee’s obligations or has committed to provide\nfurther financial support to the investee, as described in ASC 323-10-35-20. The excess of loss over equity are recorded as\ncurrent liability in the balance sheet.\n\n \n\nThe Company presents the net amount in the consolidated statement of financial position when, and only when, the\nCompany currently has an enforceable right to set off the recognized amounts and it intends either to settle them on a net basis, or to\nrealize the asset and settle the liability simultaneously.\n\n \n\n*Fair\nvalue measurements*\n\n* *\n\nASC\n820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be recorded at fair value, the Company considers the principal or most advantageous market in pricing the asset or liability.\nASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:\n\n \n\n \nLevel\n1\n-\nobservable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.\n\n \nLevel\n2\n-\nother inputs that are directly or indirectly observable in the marketplace.\n\n \nLevel\n3\n-\nunobservable inputs which are supported by little or no market activity.\n\n \n\nThe\ncarrying amounts of cash and cash equivalents, accounts receivable, other current assets, contract assets, inventories, accounts payable,\namount due to related parties, and accruals and other payables approximate their fair values because of their generally short maturities.\n\n \n\nF-12\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n* *\n\n*Revenue\nrecognition*\n\n* *\n\nThe\nCompany follows the revenue requirements of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with\nCustomers (Topic 606) (“Accounting Standards Codification (“ASC”) 606”). The core principle underlying the revenue\nrecognition of this ASC allows the Company to recognize revenue that represents the transfer of goods and services to customers in an\namount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to\nidentify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based\non when control of goods and services transfers to a customer.\n\n \n\nTo\nachieve that core principle, the Company applies a five-step model to recognize revenue from customer contracts. The five-step model\nrequires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii)\ndetermine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal\nwill not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue\nwhen (or as) the Company satisfies the performance obligation.\n\n \n\nRevenues\nare generally recognized upon the transfer of control of promised products or services provided to our customers, reflecting the amount\nof consideration we expect to receive for those products or services.\n\n \n\n**The\nCompany generates revenue from the following streams:**\n\n** **\n\nSales\nof **Maggot Debridement Therapy Product**\n\n \n\nThe\nCompany recognizes revenue from the respective hospitals after 36 hours from the delivery of the vials to the hospital for their treatment\nof respective patients, as the storage life of the vials are only 36 hours from the production and this is when the customer could direct\nthe use of and obtain the benefits of their service. Maggot Debridement Therapy product is typically sold without a discount for early\npayment, rebates or rights of return.\n\n \n\nPayment\nterms are generally 30 days from the date of invoice. The point of invoice is typically upon completion of the overall service and\ntreatment, as at this point the Company is able to conclude whether the patient will be receiving (i) ala carte orders, (ii) one (1)\nweek packages, or (iii) one (1) month packages, and invoice accordingly. The Company’s product sales contracts are primarily\nwith customers, which is the hospital. The revenue occurs at a point in time, when the customer received the vials or maggots for\ntheir treatment to the respective patients. A performance obligation is a promise in a contract to transfer a distinct good or\nservice to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to\neach distinct performance obligation (if any) and recognized as revenue when, or as, the performance obligation is satisfied. The\nCompany’s performance obligations are satisfied after 36 hours from the delivery of maggots for the treatment of respective\npatients from the doctor.\n\n \n\nSales\nof **Cosmeceutical Product**\n\n \n\nThe\nCompany provides sale of cosmeceutical product to its customers. Revenue from sale of cosmeceutical product is recognized when the Company\nsatisfies a performance obligation at a point in time which generally coincides with delivery and acceptance of the goods sold. The customer\nwould indicate the acceptance of the goods sold to them through acknowledgment on the delivery order. Cosmeceutical product is typically\nsold with a right of return and without discount for early payment and rebates. Accumulated experience is used to estimate and provide\nfor such returns at the time of sale. There has been no event for return of goods since the launching of the product.\n\n \n\nPrincipal\nversus agent considerations\n\n* *\n\nThe Company evaluates whether it is the principal or agent in revenue arrangements.\nThe Company is considered the principal when it controls the specified goods or services before they are transferred to the customer. \nThe Company recognize the revenue from the delivery of goods on the gross basis as the Company responsible for the fulfilment of the delivery,\nhas full discretion in establishing prices and as well as inventory risks and therefore, the principal in the arrangement.\n\n \n\n*Segments*\n\n* *\n\nASC\n280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent\nwith the Company’s internal organizational structure as well as information about geographical areas, business segments and major\nclients in financial statements for detailing the Company’s business segments. Based on the criteria established by ASC 280, the\nCompany’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated\nresults when making decisions about allocating resources and assessing performance of the Company. As a whole, the Company\nhas only two reportable segments, being the Maggot Debridement Therapy Product and Cosmeceutical Product.\n\n \n\nF-13\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n*Concentrations\nand credit risk*\n\n \n\nThe\nCompany maintains cash with banks in Singapore (“SGN”) and United States of America (“USA”). Should\nany bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with\nthat bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks\non its cash in bank accounts. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation (“SDIC”).\nIn USA, a depositor has up to US$250,000 insured by Federal Deposit Insurance Corporation (“FDIC”).\n\n \n\nFinancial\ninstruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents and accounts\nreceivable. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company’s\naccounts receivable are short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients\nand generally does not require collateral or other security. The Company periodically evaluates the creditworthiness of the existing\nclients in determining the allowance for current expected credit loss primarily based upon the age of the receivables and factors surrounding\nthe credit risk of specific clients.\n\n \n\nAs\nof December 31, 2024 and 2025, the Company’s assets were located in Singapore, Malaysia and United States of America, and the Company’s\nrevenue was principally derived from the operation in Singapore.\n\n \n\nFor\nthe year ended December 31, 2023, customer A, customer B, customer C, customer D, and customer E accounted for 22.0%, 18.1%, 17.0%, 13.4%\nand 10.7% of the Company’s total revenue and 25.1%, 22.8%, 7.9%, 6.5%, and 26.0% of the Company’s total accounts receivable\nas of December 31, 2023, respectively.\n\n \n\nFor\nthe year ended December 31, 2024, customer A, customer B, customer C, customer E, and customer F accounted for 8.3%, 13.4%, 23.8%, 20.9%\nand 4.8% of the Company’s total revenue and 39.0%, 32.5%, 0.0%, 3.0% and 3.2% of the Company’s total accounts receivable\nas of December 31, 2024, respectively.\n\n \n\nFor\nthe year ended December 31, 2025, customer D, customer E, customer F, customer G, and customer H accounted for 8.3%, 28.3%, 9.7%, 9.9%\nand 9.5% of the Company’s total revenue and 4.5%, 0.8%, 0.1%, 5.1% and 0.0% of the Company’s total accounts receivable as\nof December 31, 2025, respectively.\n\n \n\nFor\nthe year ended December 31, 2023, vendor A, vendor B, vendor C, and vendor D accounted for 34.6%, 19.4%, 18.3%, and 9.9% of the Company’s\ntotal purchases, respectively. None of the vendors consisted more than 10% of accounts payable as of December 31, 2023.\n\n \n\nFor\nthe year ended December 31, 2024, vendor A and vendor C accounted for 67.4% and 18.0% of the Company’s total purchases, respectively.\nNone of the vendors consisted more than 10% of accounts payable as of December 31, 2024.\n\n \n\nFor\nthe year ended December 31, 2025, vendor A, vendor C, vendor D and vendor E accounted for 22.3%, 22.6%, 7.8% and 22.1% of the Company’s\ntotal purchases and 0.0%, 0.0%, 0.0% and 100.0% of the Company’s total accounts payables as of December 31, 2025, respectively.\n\n \n\n*Commitments\nand contingencies*\n\n \n\nIn\nthe normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business\nthat relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such\ncontingency if it determines it is probable that a loss will be incurred and a reasonable estimate of the loss can be made. The Company\nmay consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.\n\n \n\n*Employee\nbenefits*\n\n \n\nEmployee\nbenefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.\n\n \n\n \n*i)*\n*Defined contribution plan*\n\n \n\nDefined\ncontribution plan are post-employment benefit plan under which the Company pays fixed contributions into separate entities such as the\nCentral Provident Fund on a mandatory, and contractual basis. The Company has no further payment obligations once the contributions have\nbeen paid.\n\n \n\nF-14\n\n \n\n* *\n\n**\n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**\n\n* *\n\n*Research\nand development*\n\n \n\nIn\nconnection with the design and development of products, the Company expenses all research costs as incurred, which primarily comprise\ninternal and external costs related to execution of studies. For the year ended December 31, 2023, 2024 and 2025, research and development\nexpenses were S$167,734, S$241,362 and S$226,884 (US$176,385), respectively.\n\n \n\n*Related\nparties*\n\n* *\n\nParties\nare considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant\ninfluence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject\nto common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.\n\n \n\nThe\nCompany follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.\n\n \n\n*Foreign\ncurrency*\n\n* *\n\nThe\naccompanying consolidated financial statements are presented in Singapore Dollars (“S$”), which is the functional and reporting currency\nof the Company. The functional currencies of the subsidiaries for the Company are United State Dollar, Malaysia Ringgit, Chinese Renminbi and Hong Kong Dollar.\n\n \n\nTranslations\nof the consolidated balance sheet, consolidated statement of operations and comprehensive loss, consolidated statement of changes in\nshareholders’ deficit and consolidated statement of cash flows from S$ into US$ as of and for the year ended December 31, 2025\nare solely for the convenience of the reader and were calculated at the rate of US$0.7774 = S$1, as set forth in the statistical release\nof the Monetary Authority Singapore on December 31, 2025. No representation is made that the SGD amounts could have been, or could be,\nconverted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate.\n\n \n\n*Income\ntaxes*\n\n* *\n\nThe\nCompany accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences\nattributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their\nrespective tax bases. Deferred tax assets are also provided for net operating loss carryforwards that can be utilized to offset future\ntaxable income.\n\n \n\nDeferred\ntax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary\ndifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized\nin income in the period including the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax\nassets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing\nauthorities.\n\n \n\nThe\nprovisions of FASB ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold\nfor consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.\n\n \n\nThe\nCompany did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes for\nthe years ended December 31, 2023, 2024 and 2025. The Company does not expect that its assessment regarding uncertain tax positions will\nmaterially change over the next 12 months.\n\n \n\nF-15\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n*Government\ngrants*\n\n \n\nThe Company accounts for government grants in accordance with ASC 832,\nGovernment Assistance. Government grants are recognized when it is probable that the Company will comply with the conditions attached\nto the grant and that the grant will be received. The Company’s grant is contingent upon the satisfaction of specified performance\nconditions and is received in stages upon approval by the granting authority; accordingly, no receivable or deferred income is recognized\nprior to meeting such conditions. The Company recognizes the grant as other income upon receipt, which coincides with the point at which\nall substantive conditions for the respective tranche have been satisfied. The Company evaluates the terms and conditions of the grant\narrangement, including any repayment provisions, at each reporting date and presents grant income within other income in the consolidated\nstatements of operations.\n\n \n\n*Leases*\n\n* *\n\nThe\nCompany adopted ASC 842 on January 1, 2019. The Company is a lessee of non-cancellable operating leases for its corporate office premises\nand production space. The Company determines if an arrangement is a lease at inception. Lease assets and liabilities are recognized at\nthe present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value\nof the future lease payments is the Company’s incremental borrowing rate based on the information available at the lease commencement\ndate. The Company generally uses the base, non-cancellable lease term in calculating the right-of-use assets and liabilities.\n\n \n\nThe\nCompany has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less.\nThe Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease\nterm.\n\n \n\nThe\nCompany evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The\nassessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future\npre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities\nin any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended\nDecember 31, 2023, 2024 and 2025, the Company did not have any impairment loss against its operating lease right-of-use assets.\n\n \n\n*Earnings\n(loss) per share*\n\n* *\n\nBasic\nearnings (loss) per share is computed by dividing net earnings (loss) attributable to ordinary shareholders by the weighted average number\nof ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding\nstock options, warrants and convertible debt were exercised or converted into ordinary shares. When the Company incurs a loss, diluted\nshares are not included, as their inclusion would have an anti-dilutive effect. The Company did not have any dilutive securities or debt\nfor each of the years ended December 31, 2023, 2024 and 2025.\n\n \n\nF-16\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n* *\n\n*Recent\nAccounting Pronouncements*\n\n* *\n\nThe\nCompany is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012\n(the “JOBS Act”). Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to\nthe enactment of the JOBS Act until such time as those standards apply to private companies. The Company made the election to delay the\nadoption of new or revised accounting standards.\n\n \n\nIn\nNovember 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (Topic 280). The standard\nrequires incremental disclosures related to reportable segments, including disaggregated expense information and the title and position\nof the company’s chief operating decision maker (“CODM”), as identified for purposes of segment determination. The\nASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December\n15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. The Company adopted the ASU on\nJanuary 1, 2024. The additional required disclosures did not have a material impact on our consolidated financial statements.\n\n \n\nIn\nDecember 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires\ndisaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.\nThe standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital\nallocation decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. The Company\nadopted the ASU on January 1, 2025. The additional required disclosures did not have a material impact on our consolidated financial\nstatements.\n\n \n\nIn\nMarch 2024, the FASB issued ASU 2024-02 Codification Improvements – Amendments to Remove References to the Concepts Statements.\nThis ASU amends the ASC by removing references to various FASB Concepts Statements to simplify the ASC and draw a distinction between\nauthoritative and non-authoritative literature. The amendments in this update apply to all reporting entities within the scope of the\naffected accounting guidance and are effective for public entities for fiscal years beginning after December 15, 2024. The Company adopted\nthe ASU on January 1, 2025. The amendments did not have a material impact on our consolidated financial statements.\n\n \n\nIn\nNovember 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This ASU\nrequires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is\neffective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15,\n2027. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date\nof this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of assessing\nthe impact of this ASU on its consolidated financial statements.\n\n \n\nIn\nJuly 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts\nReceivable and Contract Assets. This ASU provides a practical expedient that allows entities to measure expected credit losses on current\naccounts receivable and contract assets by assuming that current economic conditions will remain unchanged over the asset’s life.\nASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and for interim periods within those fiscal years. ASU 2025-05\nshould be applied on a prospective basis. The Company is in the process of assessing the impact of this ASU on its consolidated financial\nstatements.\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.\nThis ASU applies to monetary and tangible nonmonetary government grants but explicitly excludes from its scope intangible asset grants,\nexchange transactions, and other arrangements. Under the ASU, an entity recognizes the impact of a government grant when it is probable\nthat both (i) the entity will comply with the conditions attached to the grant, and (ii) the grant will be received. Asset-related grants\nmay be accounted for using either a cost accumulation approach or a deferred income approach. Income grants must be systematically recognized\nover the related expense periods. ASU 2025-10 is effective for public business entities for annual reporting periods beginning after\nDec. 15, 2028, and interim reporting periods within those annual reporting periods. For all other entities, the amendments are effective\nfor annual reporting periods beginning after Dec. 15, 2029, and interim reporting periods within those annual reporting periods. Early\nadoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements.\n\n \n\nF-17\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to enhance the clarity and usability\nof interim reporting guidance. The amendments do not change the underlying objective or expand existing interim disclosure requirements;\ninstead, they reorganize and clarify Topic 270 to improve consistency and navigability. The ASU confirms that Topic 270 applies to all\nentities that issue interim financial statements and notes in accordance with GAAP and introduces a more structured framework for determining\nwhich interim disclosures are required. Significantly, the standard creates a comprehensive list of GAAP-required interim disclosures\nwithin Topic 270 and incorporates a disclosure principle requiring entities to disclose events occurring after the latest fiscal year-end\nthat have a material impact, aligning GAAP with prior SEC guidance. The amendments also clarify types of interim reporting, provide improved\nguidance on the form and content of interim financial statements (including when condensed statements may be used), and make extensive\nconforming edits throughout the codification to indicate when a disclosure is explicitly required in interim periods. The guidance is\nintended to reduce confusion, promote consistent application, and support more efficient navigation of interim requirements across topics.\nThe amendments apply to public business entities for interim periods within fiscal years beginning after December 15, 2027. For all other\nentities, they are effective for interim periods within fiscal years beginning after December 15, 2028. Early adoption is permitted.\nTransition may be applied prospectively or retrospectively to any or all prior periods presented. The Company is in the process of assessing\nthe impact of this ASU on its consolidated financial statements.\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-12, Codification Improvements, as part of its ongoing effort to make targeted technical corrections\nand clarifications to the Accounting Standards Codification (ASC). The update addresses 33 issues across a broad range of topics and\nis intended to clarify guidance, correct errors, and reduce unintended diversity in application without significantly changing current\naccounting practice. Notable amendments include:\n\n \n\n \n●\nRemoval of the unused Master Glossary term “amortized\ncost”\n\n \n●\nClarification of diluted earnings per share calculations when\na loss from continuing operations exists\n\n \n●\nRefinement of guidance for calculating reference amounts for\nbeneficial interests\n\n \n●\nClarification that certain transfers of receivables from contracts\nwith customers are subject to Topic 860\n\n \n●\nUpdates to not-for-profit guidance related to receivables The\namendments apply to all entities within the scope of the affected guidance and generally are expected to have a limited operational impact.\n\n \n\nThe\namendments are effective for all entities for annual reporting periods beginning after Dec. 15, 2026, and interim periods within those\nannual periods. Early adoption is permitted, and entities may elect transition and early adoption on an issue-by-issue basis. The Company\nis in the process of assessing the impact of this ASU on its consolidated financial statements.\n\n \n\nExcept\nas mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted,\nwould have a material effect on the Company’s consolidated balance sheets, statements of operations and cash flows.\n\n \n\nF-18\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**3****Account\nreceivable, net**\n\n** **Schedule of account receivable\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nAccounts receivable \n 75,536  \n 67,365  \n 52,371 \n\nLess: allowance for current expected credit loss \n (49,147) \n (49,147) \n (38,208)\n\nTotal accounts receivable \n 26,389  \n 18,218  \n 14,163 \n\n** **\n\nMovement\nof allowance for current expected credit loss are as follows:\n\n Schedule of allowance doubtful accounts\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nAllowance for current expected credit loss, beginning balance \n 49,147  \n 49,147  \n 38,208 \n\nAddition \n -  \n -  \n - \n\nAllowance for current expected credit loss, ending balance \n 49,147  \n 49,147  \n 38,208 \n\n** **\n\n** **\n\n**4**\n**Other assets**\n\n** **Schedule of other current assets\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n    \n    \n   \n\nCurrent \n    \n    \n   \n\nPrepayment \n 79,727  \n 3,867,250  \n 3,006,492 \n\nDeposit \n 66,425  \n 86,626  \n 67,345 \n\nOther assets \n -  \n 3,666  \n 2,850 \n\nTotal\nother current assets \n 146,152  \n 3,957,542  \n 3,076,687 \n\n  \n    \n    \n   \n\nNon-current \n    \n    \n   \n\nPrepayment \n -  \n 779,173  \n 605,748 \n\nTotal \n 146,152  \n 4,736,715  \n 3,682,435 \n\n** **\n\nOther assets primarily consist of prepayments, deposits and other current assets. Prepayments primarily derived from professional services\nengaged for the (i) businesses, assets, and, operation acquisition matters, and (ii) corporate development and business consultancy,\nas well as the Directors & Officers’ Liability Insurance following the completion of IPO on April 11, 2025.\n\n \n\nF-19\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**5**\n**Property and equipment, net**\n\n** **Schedule of property and equipment\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nComputers \n 17,793  \n 18,013  \n 14,004 \n\nFurniture and Fittings \n 57,272  \n 67,969  \n 52,841 \n\nRenovation \n 96,098  \n 141,098  \n 109,693 \n\nOffice Equipment \n 36,097  \n 36,163  \n 28,114 \n\nTotal \n 207,260  \n 263,243  \n 204,652 \n\nLess: accumulated depreciation \n (149,195) \n (185,718) \n (144,382)\n\nNet book value \n 58,065  \n 77,525  \n 60,270 \n\n \n\nDepreciation\nexpense for the years ended December 31, 2023, 2024 and 2025 was S$35,059, S$42,185 and S$36,523 (US$28,394) respectively, out of which\nS$8,064, S$10,499 and S$10,038 (US$7,804) of the depreciation expense was recognized in the cost of revenue.\n\n \n\n**6**\n**Investments at equity**\n\n** **\n\n****\n\nBiotherapeutic\nSolutions Sdn. Bhd. (“BSSB”) – Malaysia\n\n \n\nThe\nCompany owned a 50% interest in Cuprina GHHS LLP, a joint arrangement which was established on July 7, 2022 with GHHS Healthcare Management\nSdn, Bhd (“GHHS”). This joint arrangement was principally engaged in wound management services.\n\n \n\nSubsequently,\non February 1, 2023, the joint arrangement has ceased operations following the incorporation and replacement from the new joint venture\nentity, namely Biotherapeutic Solutions Sdn. Bhd. of which the Company owned a 40% equity interest under the new agreement.\n\n \n\nOn\nJuly 11, 2023, the joint venture agreement has been terminated with an immediate effect following the mutual agreement from both parties\nand the joint venture entity has been closed down accordingly. The parties have agreed that any residual net assets or liabilities from\nthe joint venture entity belong to GHHS.\n\n \n\n****\n\n****\n\nCuprina\nMENA Co., Ltd. (“Cuprina MENA”)– Saudi Arabia\n\n \n\nAs\nof December 31, 2025, the Company owned a 49% equity interest in Cuprina MENA Co., Ltd., an affiliate which was incorporated on May 21,\n2023 with New Future Medical Services Company. This affiliate is principally engaged in the supply of medical devices and the operation\nof medical laboratories and supporting medical services.\n\n \n\nSummarized\nfinancial information of the affiliate are set out below:\n\n Schedule of financial information of the joint venture and associate\n\n \n\n  \nBSSB  \nCuprina MENA  \nTotal \n\n  \nS$  \nS$  \nS$ \n\n  \n   \n   \n  \n\nAs of December 31, 2023 \n    \n    \n   \n\nCurrent assets \n -  \n 17,580  \n 17,580 \n\nCurrent liabilities \n -  \n 35,274  \n 35,274 \n\n  \n    \n    \n   \n\nFor the year ended December 31, 2023 \n    \n    \n   \n\nNet loss \n (15,780) \n (52,854) \n (68,364)\n\nNet loss attributable to the Company \n (7,890) \n (25,898) \n (33,788)\n\n \n\n \n\n  \nAs of December 31, \n\n  \nCuprina MENA \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nAs of \n    \n    \n   \n\nCurrent assets \n 9,447  \n 4,759  \n 3,700 \n\nCurrent liabilities \n 164,840  \n 278,129  \n 216,224 \n\n  \n    \n    \n   \n\nFor the year ended \n    \n    \n   \n\nNet loss \n (105,981) \n (129,283) \n (100,508)\n\nNet loss attributable to the Company \n (51,931) \n (63,349) \n (49,249)\n\n \n\n \n\nF-20\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**7**\n**Leases**\n\n** **\n\nThe\nCompany determines if a contract contains a lease at inception. US GAAP requires that the Company’s leases be evaluated and classified\nas operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the\nlease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset,\ntogether with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option\nwhich results in an economic penalty.\n\n \n\nThe\nCompany has two office premises operating lease agreements with lease terms of three years, respectively. The Company’s lease agreements\ndo not contain any material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, no right-of-use\n(“ROU”) assets nor lease liability was recorded for the lease with a lease term of one year or less.\n\n \n\nAs\nof December 31, 2025, the Company had the following non-cancellable operating lease contracts:\n\n Schedule of non-cancellable operating lease contracts\n\n**Description\nof lease**\n \n**Lease\nterm**\n\nOffice\npremise – Block 1090, #06-08\n \n3\nyears\n\nOffice\npremise – Block 1090, #06-10, 11, 12 & 13\n \n3\nyears\n\n** **\n\n(a)\nAmount recognized in the consolidated balance sheets:\n\n Schedule of amount recognized in the consolidated balance sheets\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nRight-of-use assets \n 30,940  \n 316,725  \n 246,229 \n\n  \n    \n    \n   \n\nOperating lease liabilities \n    \n    \n   \n\nCurrent \n 35,812  \n 110,233  \n 85,698 \n\nNon-current \n -  \n 207,557  \n 161,359 \n\nTotal operating lease\nliabilities \n 35,812  \n 317,790  \n 247,057 \n\n \n\n(b) A summary of lease cost recognized in the Group’s consolidated statements of operations is as follows:\n\n Schedule of lease cost\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n   \n  \n\nOperating lease cost \n    \n    \n    \n   \n\nOperating lease expense \n 46,402  \n 44,185  \n 63,352  \n 49,251 \n\n \n\n(c)\nSupplemental cash flow information related to leases is as follows:\n\n Schedule of supplemental cash flow information related to leases\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n   \n  \n\nCash paid for amounts included in the measurement of lease liabilities: \n    \n    \n    \n   \n\nCash flows from operating leases \n 46,402  \n 44,185  \n 63,352  \n 49,251 \n\n \n\nF-21\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nLease\nCommitment\n\n** **\n\nFuture\nminimum lease payments under non-cancellable operating lease agreements as of December 31, 2025 were as follows:\n\n Schedule of future minimum lease payments under non-cancellable operating lease agreements\n\n  \nMinimum lease payment \n\n  \n2025  \n2025 \n\nTwelve months ending December 31, \nS$  \nUS$ \n\n2026 \n 123,749  \n 96,205 \n\n2027 \n 123,749  \n 96,205 \n\n2028 \n 93,010  \n 72,309 \n\nTotal future minimum lease payments \n 340,508  \n 264,719 \n\nLess: imputed interest \n (22,718) \n (17,662)\n\nPresent value of operating lease liabilities \n 317,790  \n 247,057 \n\nLess: current portion \n (110,233) \n (85,698)\n\nLong-term portion \n 207,557  \n 161,359 \n\n** **\n\nThe\nfollowing summarizes other supplemental information about the Company’s lease as of December 31, 2025:\n\n Schedule of other supplemental information about lease\n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nWeighted average discount rate \n    \n   \n\nOperating leases \n 5.25% \n 5.25%\n\n  \n    \n   \n\nWeighted average remaining lease term \n    \n   \n\nOperating leases \n 9 months  \n 2 years 10 months \n\n** **\n\n** **\n\nF-22\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**8**\n**Accruals and other current liabilities**\n\n** **Schedule of accruals and other current liabilities\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nAccruals \n 82  \n 22,582  \n 17,555 \n\nOther payables \n 323,889  \n 8,044  \n 6,254 \n\nTotal \n 323,971  \n 30,626  \n 23,809 \n\n** **\n\n** **\n\n**9**\n**Equity**\n\n** **\n\n*Ordinary\nshares*\n\n* *\n\nThe\nCompany was incorporated under the laws of the Cayman Islands on September 22, 2023. The original authorized share capital of the Company\nwas US$50,000 divided into 25,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares, par value US$0.001 per share. Holders\nof Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each holder of our\nClass A Ordinary Share is entitled to one vote per share. Each holder of our Class B Ordinary Share is entitled to 10 votes per share.\n\n \n\nThe\nCompany issued 3,915,000 Class A Ordinary Shares and 14,085,000 Class B Ordinary Shares, which were outstanding as of December 31, 2024.\n\n \n\nUpon\ncompletion of the IPO and the full exercise of the underwriter’s over-allotment option on April 11, 2025 and May 8, 2025,\nrespectively, the Company had 7,365,000\nClass A Ordinary Shares and 14,085,000\nClass B Ordinary Shares, which were issued and outstanding as of December 31, 2025.\n\n \n\n**10**\n**Related party transactions and balances**\n\n** **\n\nThe\ntable below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and 2025:\n\n Schedule of major related parties and their relationships with the company\n\n**Name\nof related parties**\n \n**Relationship\nwith the Company**\n\nCuprina\nFarm Sdn. Bhd. (1)\n \nRelated\nParty\n\nCuprina\nPollination Pte. Ltd. (1)\n \nRelated\nParty\n\nPestoniks\nInnovations Pte. Ltd. (1)\n \nRelated\nParty\n\nCuprina\nMENA Co., Ltd.\n \nAffiliate\n\nCuprina\nHolding Pte. Ltd.\n \nShareholder\n\nJimmy\nLee Peng Siew\n \nShareholder\n\nBaptista\nCarl Marc (2)\n \nShareholder\n\nDavid\nQuek Yong Qi\n \nShareholder\n\nBryan\nTeo Yingjie\n \nShareholder and immediate family member of a shareholder, Teo Peng Kwang\n\nRachel\nLee Lin\n \nShareholder and immediate family member of a shareholder, Jimmy Lee Peng Siew\n\nDorea\nQuek En Qi\n \nShareholder and immediate family member of a shareholder, David Quek Yong Qi\n\nDe\nGuzman Caroline Francesca Lee Ling (2)\n \nShareholder and immediate family member of a shareholder, Baptista Carl Marc\n\nTeo\nPeng Kwang\n \nShareholder\n\niCapital\nHoldings (SG) Pte. Ltd. (2)\n \nShareholder\n\nNg\nBee Poh\n \nImmediate\nfamily member of a shareholder, David Quek Yong Qi\n\n \n\n (1)Principal shareholders of these entities are also the principal shareholders\nof the Company\n\n(2)Ceased\nto be the related parties as of December 31, 2025 following the disposal of their shareholding\n(direct and indirect) in the Company during the year\n\n \n\nAmount\ndue from related parties\n\n \n\nThe\nCompany gave advances to Cuprina Pollination Pte. Ltd. for working capital purposes. The receivable balance due from Cuprina Pollination\nPte. Ltd. were S$14,521 and S$115,237 (US$89,588) as of December 31, 2024 and 2025, respectively. Such balance is interest free, unsecured,\nand due on demand.\n\n \n\nF-23\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nThe\nCompany gave advances to Pestroniks Innovations Pte. Ltd. for working capital purposes. The receivable balance due from Pestoniks Innovations\nPte. Ltd. were S$61,170 and S$61,170 (US$47,555) as of December 31, 2024 and 2025, respectively. Such balance is interest free, unsecured,\nand due on demand.\n\n \n\nAmount\ndue from an affiliate\n\n \n\nThe\nCompany gave advances to Cuprina MENA Co., Ltd. for working capital purposes. The receivable balance due from Cuprina MENA Co., Ltd.\nwere S$14,469 and S$58,925 (US$45,810) as of December 31, 2024 and 2025, respectively. Such balance is interest free, unsecured, and\ndue on demand.\n\n \n\nAmount\ndue from shareholders\n\n \n\nThe\nreceivable balances due from Bryan Teo Yingjie was S$605 as of December 31, 2024, and related to the outstanding share subscription with\nregards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance\nis interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of December 31, 2025.\n\n \n\nThe\nreceivable balances due from Rachel Lee Lin was S$605 as of December 31, 2024, and related to the outstanding share subscription with\nregards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance\nis interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of December 31, 2025.\n\n \n\nThe\nreceivable balances due from Dorea Quek En Qi was S$605 as of December 31, 2024, and related to the outstanding share subscription with\nregards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization. Such balance\nis interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of December 31, 2025.\n\n \n\nThe\nreceivable balances due from De Guzman Caroline Francesca Lee Ling was S$605 as of December 31, 2024, and related to the outstanding\nshare subscription with regards to the 450 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization.\nSuch balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of December 31,\n2025.\n\n \n\nThe\nreceivable balances due from iCapital Holdings (SG) Pte. Ltd. was S$505 as of December 31, 2024, and related to the outstanding share\nsubscription with regards to the 375 ordinary shares issued with no par value in Cuprina Holdings (BVI) Limited prior to the Reorganization.\nSuch balance is interest free, unsecured, and due on demand without agreement. The balance has been fully settled as of December 31,\n2025.\n\n \n\nThe\nreceivable balances due from Jimmy Lee Peng Siew was S$2,400 (US$1,866) as of December 31, 2025, and related to the payment made on behalf\nfor the corporate secretarial services received. Such balance is interest free, unsecured, and due on demand without agreement.\n\n \n\nAmount\ndue to a related party\n\n \n\nThe\npayable balance due to Cuprina Farm Sdn. Bhd, were S$4,134 and S$4,134 (US$3,214) as of December 31, 2024 and 2025, respectively, and\nrelated to the over-settlement for the receivable balance due from Cuprina Farm Sdn. Bhd. previously. This was due to the strengthening\nof the Malaysian Ringgit (“MYR”) relative to the Singapore Dollar (“SGD”) during the settlement, as the balances\nwas denominated in MYR. Such balance is interest free, unsecured, and due on demand without an agreement.\n\n \n\nAmount\ndue to shareholders\n\n \n\nOur\nshareholder, Cuprina Holding Pte. Ltd. gave advances to the Company for working capital purposes. The payable balance due to Cuprina\nHolding Pte. Ltd. were S$2,931,765 and S$2,930,516 (US$2,278,252) as of December 31, 2024 and 2025, respectively. Such balance is interest\nfree, unsecured, and due on demand.\n\n \n\nOne\nof the ultimate individual shareholders, Jimmy Lee Peng Siew gave advances to the Company for working capital purposes. The payable balances\ndue to Jimmy Lee Peng Siew was S$1,451,629 as of December 31, 2024. Out of the total payable balances, S$986,860 is unsecured, due by\nJune 30, 2025 or upon completion of IPO, whichever is earlier, and carries an interest of 6.0%. The remaining balance is interest free,\nunsecured, and due on demand without an agreement. The balance has been fully settled as of December 31, 2025.\n\n \n\nF-24\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nDavid\nQuek Yong Qi gave an advance to the Company for working capital purposes. The payable balance due to David Quek Yong Qi was S$237,618\nas of December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully\nsettled as of December 31, 2025.\n\n \n\nBryan\nTeo Yingjie gave an advance to the Company for working capital purposes. The payable balance due to Bryan Teo Yingjie was S$105,979 as\nof December 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled\nas of December 31, 2025.\n\n \n\nRachel\nLee Lin gave an advance to the Company for working capital purposes. The payable balance due to Rachel Lee Lin was S$67,654 as of December\n31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled as of\nDecember 31, 2025.\n\n \n\nDorea\nQuek En Qi gave an advance to the Company for working capital purposes. The payable balance due to Dorea Quek En Qi was S$6,395 as of\nDecember 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled\nas of December 31, 2025.\n\n \n\nTeo\nPeng Kwang gave an advance to the Company for working capital purposes. The payable balance due to Teo Peng Kwang was S$620,822 as of\nDecember 31, 2024. Such balance is interest free, unsecured, and due on demand without an agreement. The balance has been fully settled\nas of December 31, 2025.\n\n \n\nNg\nBee Poh, an immediate family member for one of the shareholders, David Quek Yong Qi gave an advance to the Company for working capital\npurposes. The payable balance due to Ng Bee Poh was S$200,000 as of December 31, 2024. Such balance is interest free, unsecured, and\ndue on demand without an agreement. The balance has been fully settled as of December 31, 2025.\n\n \n\n**11**\n**Bank loans**\n\n** **\n\nThe\nCompany has a 5five-year\nS$100,000 unsecured fixed rate\nbank loan which expires in January\n2026. The bank loan carries an interest rate of 2.5%\nper annum. The bank loan has been fully repaid in January 2026.\n\n \n\nIn\nNovember 2024, the Company has secured another 5five-year S$200,000 unsecured fixed rate bank loan which expires in November 2029. The\nbank loan carries an interest rate of 8.0% per annum.\n\n \n\nAt\nDecember 31, 2024 and 2025, the carrying amount of the bank loans were S$218,978 and S$164,929 (US$128,220), respectively. Interest\nexpenses for the years ended December 31, 2023, 2024 and 2025 are S$727, S$1,783 and S$14,724 (US$11,447), respectively.\n\n \n\nThe\nmaturities schedule is as follows:\n\n Schedule of maturities\n\n  \nMaturities schedule \n\n  \n2025  \n2025 \n\nYear ending December 31, \nS$  \nUS$ \n\n2026 \n 38,728  \n 30,108 \n\n2027 \n 40,022  \n 31,114 \n\n2028 \n 43,344  \n 33,697 \n\n2029 \n 42,835  \n 33,301 \n\n  \n    \n   \n\nTotal \n 164,929  \n 128,220 \n\nLess: current portion \n (38,728) \n (30,108)\n\nLong-term portion \n 126,201  \n 98,112 \n\n** **\n\n** **\n\nF-25\n\n \n\n** **\n\n****\n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n****\n\n** **\n\n**12**\n**Income taxes**\n\n** **\n\n*Cayman\nIslands and BVIs*\n\n* *\n\nThe\nCompany and its subsidiaries are domiciled in the Cayman Islands and British Virgin Islands. The locality currently enjoys permanent\nincome tax holidays; accordingly, the Company does not accrue for income taxes.\n\n \n\n*Singapore*\n\n* *\n\nCuprina\nPte. Ltd. is incorporated in Singapore and is subject to Singapore Corporate Tax on the taxable income as reported in its statutory financial\nstatements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore, with 75% of the first\nS$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.\n\n \n\n*Malaysia*\n\n* *\n\nCuprina Malaysia Sdn. Bhd., the subsidiary, is subject to Malaysian corporate\nincome tax on its taxable income as reported in its statutory financial statements, in accordance with applicable Malaysian tax laws.\nThe standard corporate income tax rate in Malaysia is 24%. However, as Cuprina Malaysia Sdn. Bhd. is directly owned by a foreign company\nincorporated outside Malaysia, and such foreign ownership exceeds 20% of its paid-up ordinary share capital, the subsidiary does not qualify\nfor the SME preferential tax rates and remains subject to the 24% corporate income tax rate. The subsidiary had no operating profit or\ntax liabilities for the years ended December 31, 2023, 2024 and 2025.\n\n \n\n*Hong\nKong*\n\n* *\n\nThe\nCompany’s subsidiary, Cuprina Hong Kong Limited, is considered a Hong Kong tax resident enterprise under Hong Kong tax laws; accordingly,\nit is subject to enterprise income tax on its taxable income as determined under Hong Kong tax laws and accounting standards at a statutory\ntax rate of 16.5%.\n\n \n\n*China,\nPRC*\n\n* *\n\nThe\nCompany’s subsidiary, Cuprina (Beijing) Biotechnology Co., Ltd., is considered a China tax resident enterprise under China tax\nlaws; accordingly, it is subject to enterprise income tax on its taxable income as determined under China tax laws and accounting standards\nat a statutory tax rate of 25%. The subsidiary has no operating profit or tax liabilities for the years ended December 31, 2023, 2024\nand 2025.\n\n \n\n*United\nStates*\n\n* *\n\nThe\nCompany’s subsidiary, Cuprina United States Inc., is domiciled in the United States; accordingly, it is subject to corporate income\ntax on its taxable income as determined under United States tax laws at a federal tax rate of 21% and state tax rate range from 1% to\n12%. The subsidiary has no operating profit or tax liabilities for the years ended December 31, 2023, 2024 and 2025.\n\n \n\nSignificant\ncomponents of the provision for income taxes are as follows:\n\n Schedule of significant components of the provision for income taxes\n\n  \n **Years Ended December 31,** \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \n**S$**  \n**S$**  \n**S$**  \n**US$** \n\nIncome tax expense is comprised of the following: \n    \n    \n    \n   \n\nCurrent \n -  \n -  \n -  \n - \n\nDeferred \n -  \n -  \n -  \n - \n\nTotal income tax expenses \n -  \n -  \n -  \n - \n\n** **\n\nF-26\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\nA\nreconciliation between of the statutory tax rate to the effective tax rate are as follows:\n\n Schedule of reconciliation between of the statutory tax rate to the effective tax rate\n\n  \n    \n    \n    \n   \n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nLoss before tax \n (1,085,767) \n (1,508,604) \n (4,610,098) \n (3,583,999)\n\n  \n    \n    \n    \n   \n\nStatutory tax rate \n (16.7)% \n (16.7)% \n (17.0)% \n (17.0)%\n\nReconciling items: \n    \n    \n    \n   \n\nNon-deductible expenses \n 0.7% \n 0.5% \n 0.4% \n 0.4%\n\nIncome not subject to tax \n (0.8)% \n (1.9)% \n (2.7)% \n (2.7)%\n\nDeferred tax assets on temporary differences not recognized \n 16.8% \n 18.1% \n 19.3% \n 19.3%\n\nEffective tax rate \n -  \n -  \n -  \n - \n\n \n\nDeferred\ntax\n\n \n\nSignificant\ncomponents of deferred tax were as follows:\n\n Schedule of deferred tax\n\n  \n2024  \n2025  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nUS$ \n\n  \n   \n   \n  \n\nNet operating loss carried forward \n 4,561,053  \n 9,234,500  \n 7,179,118 \n\nDeferred tax assets, gross \n 753,680  \n 1,018,217  \n 791,586 \n\nValuation allowance \n (753,680) \n (1,018,217) \n (791,586)\n\nDeferred tax assets, net of valuation allowance \n -  \n -  \n - \n\n \n\nDeferred\ntax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits\nwill be available against which the Company can utilize the benefits. The use of these tax losses is subject to the agreement of the\ntax authorities and compliance with certain provisions of the tax legislations of the respective countries in which the group companies\noperate.\n\n \n\nThe\ndeferred tax assets not recognized as of December 31, 2024 and 2025 were S$753,680 and S$1,018,217 (US$791,586) respectively. The deferred\ntax assets not recognized were primarily related to the Company’s net loss (tax losses) carryforwards, in the judgment of management,\nare not more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is\nmore likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax\nassets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.\n\n \n\nF-27\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**13**\n**Other income**\n\n** **Schedule of other income\n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nGovernment grants \n 36,086  \n 163,846  \n 138,073  \n 107,341 \n\nCash /fund transfer rebates \n 3,063  \n 19  \n 2,206  \n 1,715 \n\nInterest income \n -  \n -  \n 26,562  \n 20,650 \n\nUsage of ISO13485 certified facilities \n -  \n 10,000  \n 67,614  \n 52,565 \n\n  \n 39,149  \n 173,865  \n 234,455  \n 182,271 \n\n \n\n** **\n\n**14**\n**Loss per share**\n\n** **\n\nBasic\nloss per share is the amount of losses available to each share of common stock outstanding during the reporting period. Diluted loss\nper share is the amount of losses available to each share of common stock outstanding during the reporting period adjusted to include\nthe effect of potentially dilutive common shares.\n\n Schedule of calculation of basic and diluted net income per share\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nNumerator: \n    \n    \n    \n   \n\nNet loss available to common stockholders \n (1,119,555) \n (1,560,535) \n (4,673,447) \n (3,633,248)\n\nDenominator: \n    \n    \n    \n   \n\nWeighted average common shares outstanding – basic and diluted \n 18,000,000  \n 18,000,000  \n 20,471,507  \n 20,471,507 \n\nLoss per common share: \n    \n    \n    \n   \n\nBasic and diluted (cents) \n (6.22) \n (8.68) \n (22.83) \n (17.75)\n\n** **\n\n** **\n\nF-28\n\n \n\n \n\n**CUPRINA HOLDINGS (CAYMAN) LIMITED**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**15**\n**Segment information**\n\n** **\n\nOperating\nsegments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief\noperating decision maker, or decision-making group in deciding how to allocate resources based on their potentials and opportunities\nand in assessing their performance. The Company evaluates operating results based on measures of performance, including revenue and\ngross profit (primary). The Company currently operates in the following two\nreporting segments: Maggot Debridement Therapy Product and Cosmeceutical Product.\n\n \n\nOur\nreportable segments consist of Maggot Debridement Therapy Product and Cosmeceutical Product. We determine our operating segments based\non how the Chief Operating Decision Maker (“CODM”) manage the business, allocate resources, make operating decisions and\nevaluate operating performance. The Company’s CODM is the Chief Executive Officer. Our CODM reviews financial information presented\non a consolidated basis accompanied by information about revenue by products type along with gross profit for purposes\nof allocating resources and evaluating financial performance, as such we have disclosed segment information up to gross profit for each\nreporting segment.\n\n \n\nAs\ndiscussed in Note 2, the Company operates in two business segments – Maggot Debridement Therapy Product, which consists of operations\nrelated to the Company’s selling of maggot vials to the hospital for their treatment of respective patients; and Cosmeceutical\nProduct, which consists of operations related to the Company’s selling of cosmeceutical product to its customer.\n\n Schedule of operation of business segments\n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nYears Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$  \nS$  \nS$  \nUS$ \n\nRevenue \n    \n    \n    \n   \n\nMaggot Debridement Therapy Product \n 78,957  \n 34,417  \n 44,204  \n 34,365 \n\nCosmeceutical Product \n 21,816  \n 13,904  \n 5,690  \n 4,424 \n\n Revenue \n 100,773  \n 48,321  \n 49,894  \n 38,789 \n\n  \n    \n    \n    \n   \n\nCost of revenues \n    \n    \n    \n   \n\nMaggot Debridement Therapy Product \n (46,684) \n (45,592) \n (48,843) \n (37,972)\n\nCosmeceutical Product \n (17,484) \n (5,753) \n (1,696) \n (1,318)\n\n Cost\nof revenues \n (64,168) \n (51,345) \n (50,539) \n (39,290)\n\n  \n    \n    \n    \n   \n\nGross profit/(loss) \n    \n    \n    \n   \n\nMaggot Debridement Therapy Product \n 32,273  \n (11,175) \n (4,639) \n (3,607)\n\nCosmeceutical Product \n 4,332  \n 8,151  \n 3,994  \n 3,106 \n\n Gross\nprofit \n 36,605  \n (3,024) \n (645) \n (501)\n\n \n\nThere\nwere no material transactions between reportable segments during the years ended December 31, 2023, 2024 and 2025.\n\n \n\nAssets\nby reportable segment and operating costs by reportable segment are not presented as the Company does not allocate assets to its reportable\nsegments, nor is such information used by management for purposes of assessing performance or allocating resources.\n\n \n\nAs\nof December 31, 2023, 2024 and 2025, substantially all of the Company’s assets were located in Singapore, and substantially all\nof the Company’s revenue was generated from customers based in Singapore.\n\n \n\n**16**\n**Commitment and Contingencies**\n\n** **\n\nFor\nthe details on future minimum lease payment under the non-cancelable operating leases as of December 31, 2025, please refer to Note 7\nset forth in the Notes to the Consolidated Financial Statements.\n\n \n\nAs\nof December 31, 2024 and 2025, the Company did not have any capital commitments and contingencies, except for the S$125,250 (US$97,372) capital commitment in relation to the joint venture agreement entered on November\n18, 2025. For the details of this capital commitment, please refer to Note 17(a) set forth in the Notes to the Consolidated Financial\nStatements.\n\n** **\n\n**17**\n**Subsequent events**\n\n** **\n\nThe\nCompany has assessed all subsequent events through the date that the consolidated financial statements were issued, there are no further\nmaterial subsequent events that require disclosure in these consolidated financial statements other than as follows:\n\n \n\n(a)On\nNovember 18, 2025, Cuprina Pte. Ltd., a wholly-owned subsidiary of the Company has signed a joint venture company\nagreement with Singapore-based Aiodine Laboratory Pte Ltd. (“Aiodine”) to develop, test and market that company’s\nnovel iodine-based disinfectant solution as a treatment for chronic and acute wounds, and in other common antiseptic\napplications.\n\n \n\nSubsequently\non January 29, 2026, the joint venture entity, namely Cuprina & Aiodine Pte. Ltd. has been incorporated with an issued and paid-up\ncapital of S$250,000, of which Cuprina Pte. Ltd. owns 50.1% of the proportionate ownership interest.\n\n \n\nThis\nevent represents a non-recognized subsequent event as it occurred after the balance sheet date. The Company is currently evaluating the\nappropriate accounting treatment for its interest in the joint venture, including whether the entity will be consolidated or accounted\nfor under the equity method. The financial impact, if any, are not yet finalized as of the date of issuance of these consolidated financial\nstatements.\n\n \n\n(b)On\nMarch 11, 2026, Cuprina MENA Co. Ltd, an 49%-owned affiliate of the Company, has received\nofficial product classification from the Saudi Food and Drug Authority (“SFDA”)\nfor MEDIFLY, the medical-grade maggot debridement therapy of the entity. The SFDA has classified\nMEDIFLY as a Medical Device–Drug combination product, with the primary mode of action\nregulated under the medical device framework. This classification, which allows the entity\nto finalize the scientific and technical requirements necessary for the commercial distribution\nof MEDIFLY across Saudi Arabia’s healthcare network, is a critical milestone in Company’s\nexpansion strategy for the Middle East and North Africa (“MENA”) region.\n\n \n\n \n(c)\nOn March 11, 2026, the Company announced the appointment of\nEnming Yong (“Dr. Yong”) to its Medical and Scientific Advisory Board. Dr. Yong is a highly respected Consultant in the Department\nof Endocrinology at Tan Tock Seng Hospital (“TTSH”) and serves as an Adjunct Senior Lecturer at the Lee Kong Chian School\nof Medicine, both located in Singapore. A graduate of the National University of Singapore (“NUS”) and a member of the Royal\nCollege of Physicians (UK), Dr. Yong brings deep clinical expertise in managing complex metabolic and endocrine conditions, particularly\nthose intersecting with chronic wound care.\n\n \n\n \n(d)\nOn April 21, 2026, the Company announced certain proposed corporate actions, all of which are subject to shareholders’ approval in the Annual General Meeting to be held on May 14, 2026, and therefore were not effective as of the balance sheet date.\n\n \n\nThe proposals include but not limited to:\n\n \n\n(i)a share consolidation of the Company’s issued and authorized Class A and Class B ordinary shares\non 8-for-1 basis, with a corresponding increase in par value from US$0.001 to US$0.008 per share, and the rounding of fractional shares\n(the “Share Consolidation”);\n\n(ii)a subsequent increase in authorized share capital from US$50,000 to US$100,000 immediately after the Share\nConsolidation;\n\n(iii)adoption of the Cuprina 2026 Employee Incentive Plan; and\n\n(iv)authorization for potential future issuances of ordinary shares, in one or more public or non-public financing\ntransactions, which may result in a change of control under Nasdaq Listing Rules or the issuance exceeds 20% or more of the Company’s\noutstanding Class A ordinary shares.\n\n \n\n \n \nThe Company evaluated these events in accordance with ASC 855-10-25 and determined that they represent non-recognized subsequent events under ASC 855. Accordingly, no adjustments have been made to the accompanying financial statements.\n\n \n\nF-29"}