{"url_path":"/sec/okyo/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-20","source_url":"https://www.sec.gov/Archives/edgar/data/1849296/0001493152-26-033847-index.html","accession_number":"0001493152-26-033847","cik":"0001849296","ticker":"OKYO","issuer_name":"OKYO Pharma Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1849296/0001493152-26-033847-index.html","primary_entity_key":"0001849296","primary_entity_name":"OKYO Pharma Ltd"},"word_count":10932,"has_tables":true,"body_markdown":"**ITEM\n19: EXHIBITS**\n\n \n\nExhibit\nNo.\n \nDescription\n\n \n \n \n\n3.1**\n \n[Memorandum\nand Articles of Incorporation of OKYO Pharma Limited (Incorporated by reference to Exhibit 3.1 for Form 20-F filed on August 15,\n2023)](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex3-1.htm)\n\n8.1\n \n[List\nof Subsidiaries. (Incorporated by reference to Exhibit 21.1 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex21-1.htm)\n\n10.1**\n \n[OKYO\nPharma Limited Share Option Plan With Non-Employee Sub-Plan And US Sub-Plan (Incorporated by reference to Exhibit 10.1 to Amendment\nNo. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-1.htm)\n\n10.2**\n \n[Executive\nEmployment Agreement dated December 21, 2020 between Gary S. Jacob and OKYO Pharma Limited as amended on January 19, 2021. (Incorporated\nby reference to Exhibit 10.2 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-2.htm)\n\n10.3**\n \n[Collaboration\nAgreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated June 4, 2018 (Incorporated by reference to Exhibit 10.3\nto Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-3.htm)\n\n10.4**\n \n[Amendment\nto Collaboration Agreement between On Target Therapeutics, LLC and OKYO Pharma Limited dated October 22, 2018 (Incorporated by reference\nto Exhibit 10.4 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-4.htm)\n\n10.5**\n \n[License\nAgreement dated as of May 1, 2018 by and between Tufts Medical Center, Inc. and OKYO Pharma Limited (Incorporated by reference to\nExhibit 10.5 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-5.htm)\n\n10.6**\n \n[Shared\nServices Agreement dated as of January 1, 2018 by and between OKYO Pharma Limited and Tiziana Life Sciences plc (Incorporated by\nreference to Exhibit 10.6 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-6.htm)\n\n10.7**\n \n[License\nand Sublicense Agreement dated May 22, 2017 by and between On Target Therapeutics, LLC and OKYO Pharma Limited (Incorporated by reference\nto Exhibit 10.7 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-7.htm)\n\n10.8**\n \n[First\nAmendment to the License and Sublicense Agreement dated March 25, 2021 by and between On Target Therapeutics, LLC and OKYO Pharma\nLimited. (Incorporated by reference to Exhibit 10.8 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-8.htm)\n\n10.9**\n \n[Collaboration\nAgreement dated August 6, 2019 between Tufts Medical Center, Inc. and OKYO Pharma Limited. (Incorporated by reference to Exhibit\n10.9 to Amendment No. 6 to Form F-1 filed on May 13, 2022).](https://www.sec.gov/Archives/edgar/data/1849296/000149315222006119/ex10-9.htm)\n\n12.1*\n \n[Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-1.htm)\n\n12.2*\n \n[Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-2.htm)\n\n13.1*\n \n[Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex13-1.htm)\n\n13.2*\n \n[Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex13-2.htm)\n\n15.1*\n \n[Consent of PKF Littlejohn LLP](ex15-1.htm)\n\n19.1*\n \n[Insider Trading Policy](ex19-1.htm)\n\n101.INS\n \nXBRL\nInstance Document.\n\n101.SCH\n \nXBRL\nTaxonomy Extension Schema Document.\n\n101.CAL\n \nXBRL\nTaxonomy Extension Calculation Linkbase Document.\n\n101.DEF\n \nXBRL\nTaxonomy Extension Definition Linkbase Document.\n\n101.LAB\n \nXBRL\nTaxonomy Extension Label Linkbase Document.\n\n101.PRE\n \nXBRL\nTaxonomy Extension Presentation Linkbase Document\n\n \n\n*\nFiled Herewith\n\n \n\n86\n\n \n\n \n\n**SIGNATURES**\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**OKYO\nPharma Ltd**\n\n \n \n \n\n \nBy:\n*/s/\nRobert Dempsey*\n\n \n \nRobert Dempsey\n\n \n \n*Chief Executive Officer*\n\n \n \n \n\n \nDate: July\n20, 2026\n\n \n\n87\n\n \n\n \n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**OKYO\nPHARMA LIMITED**\n\n \n\n[Report of Independent Registered Public Accounting Firm](#sat_001) PCAOB ID: 2814\n \nF-2\n\n[Consolidated Balance Sheets](#sat_002)\n \nF-3\n\n[Consolidated Statements of Operations and Comprehensive Loss](#sat_003)\n \nF-4\n\n[Consolidated Statements of Changes in Shareholders’ Equity](#sat_004)\n \nF-5\n\n[Consolidated Statement of Cash Flows](#sat_005)\n \nF-6\n\n[Notes to Consolidated Financial Statements](#sat_006)\n \nF-7\n\n \n\nF-1\n\n \n\n \n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\n**To\nthe Shareholders and Board of Directors of OKYO Pharma Limited**\n\n \n\n**Opinion\non the Consolidated Financial Statements**\n\n \n\nWe\nhave audited the accompanying Consolidated Balance Sheets of OKYO Pharma Limited and its subsidiary (the “Group”) as of March\n31, 2026 and the related Consolidated Statements of Operations and Comprehensive Loss, Consolidated Statements of Shareholders’\nEquity and Consolidated Statements of Cash Flows for each of the two years in the period ended March 31, 2026 and the related notes (collectively\nreferred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements referred to\nabove present fairly, in all material respects, the financial position of the Group as of March 31, 2026 and 2025 and the results of\nits operations and its cash flows for each of the two years in the period ended March 31, 2026 in conformity with International Financial\nReporting Standards as issued by the International Accounting Standards Board.\n\n \n\n**Basis\nfor opinion**\n\n \n\nThese\nconsolidated financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion\non these consolidated financial statements based on our audit. 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 the Group in accordance with\nthe U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and 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.\nThe Group is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.\n\n \n\nAs\npart of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose\nof expressing an opinion on the effectiveness of the Group’s internal control over financial reporting. Accordingly, we express\nno 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\nCritical\nAudit Matters\n\n \n\nCritical\naudit matters are matters arising from the current period audit of the financial statements that were communicated or required to be\ncommunicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and\n(2) involved especially challenging, subjective, or complex auditor judgement.\n\n \n\nWe\ndetermined that there are no critical audit matters.\n\n \n\nWe\nhave served as the Group’s auditor since 28 November 2022.\n\n \n\nPKF\nLittlejohn LLP\n\nPCAOB\nRegistration Number 2814\n\nLondon,\nEngland\n\nDate:\nJuly 20, 2026\n\n \n\nF-2\n\n \n\n \n\n**OKYO\nPharma Limited**\n\n**Consolidated\nBalance Sheets**\n\n \n\n  \n2026  \n2025 \n\n  \nYear ended March 31, \n\n  \n2026  \n2025 \n\n  \n$  \n$ \n\nASSETS \n    \n   \n\nCurrent assets: \n    \n   \n\nCash and cash equivalents \n 14,594,268  \n 1,560,902 \n\nShort Term Investments \n 6,000,000  \n - \n\nCurrent taxation receivable \n -  \n 1,872,057 \n\nOther receivables \n 375,749  \n 242,342 \n\nTotal current assets \n 20,970,017  \n 3,675,301 \n\nProperty and Equipment, net \n 6,311  \n 2,035 \n\nTotal non-current assets \n 6,311  \n 2,035 \n\nTotal assets \n 20,976,328  \n 3,677,336 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nLiabilities: \n    \n   \n\nCurrent liabilities: \n    \n   \n\nTrade and other payables \n 8,641,189  \n 8,367,566 \n\nRelated party payable \n -  \n 859,325 \n\nTotal current liabilities \n 8,641,189  \n 9,226,891 \n\nTotal liabilities \n 8,641,189  \n 9,226,891 \n\nShareholders’ Equity: \n    \n   \n\nShare premium \n 173,558,575  \n 146,717,274 \n\nShare options reserve \n 2,783,944  \n 1,184,815 \n\nConvertible Loan Note Reserve \n -  \n 950,000 \n\nWarrants reserve \n 93,748  \n 93,748 \n\nForeign currency translation reserve \n (12,129,559) \n (11,470,420)\n\nRetained deficit \n (151,971,569) \n (143,024,972)\n\nTotal shareholders’ equity \n 12,335,139  \n (5,549,555)\n\nTotal liabilities and shareholders’ equity \n 20,976,328  \n 3,677,336 \n\n \n\nF-3\n\n \n\n \n\n**OKYO\nPharma Limited**\n\n**Consolidated\nStatements of Operations and Comprehensive Loss**\n\n \n\n  \n2026  \n2025  \n2024 \n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \n$  \n$  \n$ \n\nOperating expenses: \n    \n    \n   \n\nResearch and development \n (1,809,044) \n (2,254,244) \n (8,243,571)\n\nOperating Expenses \n (6,690,509) \n (4,837,653) \n (7,506,161)\n\nTotal operating expenses \n (8,499,553) \n (7,091,897) \n (15,749,732)\n\n  \n    \n    \n   \n\nOther income/(expense): \n    \n    \n   \n\nFinance expense (net) \n (442,117) \n (878,174) \n (1,053,313)\n\nLoss from operations before income taxes \n (8,941,670) \n (7,970,071) \n (16,803,045)\n\nIncome tax \n (7,987) \n 3,263,779  \n (22,416)\n\nLoss for the year \n (8,949,657) \n (4,706,292) \n (16,825,461)\n\n  \n    \n    \n   \n\nOther Comprehensive loss: \n    \n    \n   \n\nExchange differences on translating foreign operations \n (659,139) \n (158,973) \n 141,095 \n\nComprehensive loss \n (9,608,796) \n (4,865,265) \n (16,684,366)\n\n  \n    \n    \n   \n\nBasic and diluted loss per share attributable to common shareholders \n$(0.24) \n$(0.12) \n$(0.57)\n\n \n\nF-4\n\n \n\n \n\n**OKYO\nPharma Limited**\n\n**Consolidated\nStatements of Shareholders’ Equity**\n\n \n\n  \nNo. of Shares  \nShare Capital  \nOptions reserve  \nWarrant reserve  \nConvertible Loan Note Reserve  \nRetained Deficit  \nTranslation Reserve  \nTotal Equity \n\n  \n   \n$  \n$  \n$  \n$  \n$  \n$  \n$ \n\nBalance at March 31, 2023 \n 25,519,774  \n 131,385,892  \n 3,628,756  \n 82,376  \n -  \n (125,697,719) \n (11,452,542) \n (2,053,237)\n\n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of shares fundraising net \n 4,159,270  \n 6,208,508  \n —  \n —  \n    \n    \n    \n 6,208,508 \n\nExpenses settled in shares \n 1,557,272  \n 2,368,287  \n —  \n —  \n —  \n —  \n —  \n 2,368,287 \n\nIssuance of shares, related party loan conversion \n 2,100,000  \n 3,150,000  \n —  \n —  \n —  \n —  \n —  \n 3,150,000 \n\nOptions charge \n —  \n —  \n 1,121,273  \n —  \n —  \n —  \n —  \n 1,121,273 \n\nOptions forfeiture \n —  \n —  \n (1,419) \n —  \n —  \n —  \n —  \n (1,419)\n\nWarrants charge \n —  \n —  \n —  \n 11,372  \n —  \n —  \n —  \n 11,372 \n\nTotal transactions \n 7,816,542  \n 11,726,795  \n 1,119,854  \n 11,372  \n —  \n —  \n —  \n 12,858,021 \n\nLoss for the period \n —  \n —  \n —  \n —  \n —  \n (16,825,461) \n —  \n (16,825,461)\n\nCurrency translation \n —  \n —  \n —  \n —  \n —  \n —  \n 141,095  \n (141,095)\n\nTotal comprehensive income \n —  \n —  \n —  \n —  \n —  \n (16,825,461) \n 141,095  \n (16,684,366)\n\nBalance at March 31, 2024 \n 33,336,316  \n 143,112,687  \n 4,748,610  \n 93,748  \n —  \n (142,523,180) \n (11,311,447) \n (5,879,582)\n\nExpenses settled\nin shares \n 25,842  \n 32,302  \n —  \n —  \n —  \n —  \n —  \n 32,302 \n\nShares issued in lieu of consultancy fees \n 300,266  \n 437,498  \n —  \n —  \n —  \n —  \n —  \n 437,498 \n\nShares issued in lieu of Bonus \n 250,000  \n 347,500  \n    \n    \n    \n    \n    \n 347,500 \n\nShares issued in lieu of interest \n 500,000  \n 750,000  \n —  \n —  \n —  \n —  \n —  \n 750,000 \n\nShares issued for Fundraising, net \n 1,219,846  \n 1,705,742  \n —  \n —  \n —  \n —  \n —  \n 1,705,742 \n\nFees on CLN issuance \n 388,545  \n 331,545  \n —  \n —  \n —  \n —  \n —  \n 331,545 \n\nOptions charge \n —  \n —  \n 734,989  \n —  \n —  \n —  \n —  \n 734,989 \n\nOptions forfeiture \n —  \n —  \n (4,298,784) \n —  \n —  \n 4,204,500  \n —  \n (94,284)\n\nProceeds from Convertible loan note \n —  \n —  \n —  \n —  \n 950,000  \n —  \n —  \n 950,000 \n\nTotal transactions \n 2,684,499  \n 3,604,586  \n (3,563,795) \n —  \n 950,000  \n 4,204,500  \n —  \n 5,195,291 \n\nLoss for the period \n —  \n —  \n —  \n —  \n    \n (4,706,292) \n    \n (4,706,292)\n\nCurrency translation \n —  \n —  \n —  \n —  \n    \n —  \n (158,973) \n (158,973)\n\nTotal comprehensive income \n —  \n —  \n —  \n —  \n    \n (4,706,292) \n (158,973) \n (4,865,265)\n\nBalance at March 31, 2025 \n 36,020,815  \n 146,717,274  \n 1,184,815  \n 93,748  \n 950,000  \n (143,024,972) \n (11,470,420) \n (5,549,555)\n\nBalance \n 36,020,815  \n 146,717,274  \n 1,184,815  \n 93,748  \n 950,000  \n (143,024,972) \n (11,470,420) \n (5,549,555)\n\nShares issued in lieu of consultancy fees \n 292,018  \n 321,729  \n —  \n —  \n —  \n —  \n —  \n 321,729 \n\nShares issued for Fundraising, net \n 14,279,388  \n 25,023,336  \n —  \n —  \n —  \n —  \n —  \n 25,023,336 \n\nOptions charge \n -  \n —  \n 1,605,259  \n —  \n —  \n —  \n —  \n 1,605,259 \n\nOptions forfeiture \n —  \n —  \n (6,130) \n —  \n —  \n 3,060  \n —  \n (3,070)\n\nCLN settled in Shares \n 1,357,143  \n 950,000  \n —  \n —  \n (950,000) \n —  \n —  \n — \n\nCLN Interest settled in shares \n 530,163  \n 546,236  \n    \n    \n    \n    \n    \n 546,236 \n\nTotal transactions \n 16,458,712  \n 26,841,301  \n 1,599,129  \n —  \n (950,000) \n 3,060  \n —  \n 27,493,490 \n\nLoss for the period \n —  \n —  \n —  \n —  \n    \n (8,949,657) \n    \n (8,949,657)\n\nCurrency translation \n —  \n —  \n —  \n —  \n    \n —  \n (659,139) \n (659,139)\n\nTotal comprehensive income \n —  \n —  \n —  \n —  \n    \n (8,949,657) \n (659,139) \n (9,608,796)\n\nBalance at March 31, 2026 \n 52,479,527  \n 173,558,575  \n 2,783,944  \n 93,748  \n -  \n (151,971,569) \n (12,129,559) \n 12,335,139\n\nBalance \n 52,479,527  \n 173,558,575  \n 2,783,944  \n 93,748  \n -  \n (151,971,569) \n (12,129,559) \n 12,335,139\n\n \n\nF-5\n\n \n\n \n\n**OKYO\nPharma Limited**\n\n**Consolidated\nStatements of Cash Flows**\n\n \n\n  \n2026  \n2025  \n2024 \n\nCASH FLOWS FROM OPERATING ACTIVITIES: \n    \n    \n   \n\nLoss from operations before income taxes \n (8,941,670) \n (7,970,071) \n$(16,803,045)\n\nAdjustments to reconcile net loss to net cash used in operating activities: \n    \n    \n   \n\nShare option charge \n 1,605,260  \n 734,989  \n 1,121,273 \n\nWarrant charge \n -  \n -  \n 11,372 \n\nForfeiture of options \n (3,069) \n (94,284) \n (1,419)\n\nDepreciation of fixed assets \n 1,820  \n 2,563  \n 3,866 \n\n(Gain)/Loss on foreign exchange \n (700,750) \n (96,978) \n 55,183 \n\nExpenses settled in shares \n -  \n 32,302  \n 3,452,769 \n\nShares Issued in lieu of consultancy fees \n 321,729  \n 437,497  \n - \n\nShares Issued in lieu of bonus \n -  \n 347,500  \n - \n\nCLN Fees settled in shares \n -  \n 331,545  \n - \n\nShares Issued in lieu of interest \n    \n 750,000  \n - \n\nConvertible loan interest accrued \n 457,238  \n 88,998  \n - \n\nNet increase/(decrease) in related party balances \n (1,003,646) \n 500,616  \n (570,075)\n\nNet (increase)/decrease in operating assets/other receivables \n 10,914  \n (90,403) \n 440,257 \n\nNet increase/(decrease) in trade and other payables \n 362,621  \n 1,216,431  \n 2,799,282 \n\nCash inflow from taxation \n 1,953,653  \n 1,998,364  \n - \n\nNet cash used in operating activities \n (5,935,900) \n (1,810,931) \n (9,490,537)\n\n  \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES \n    \n    \n   \n\nShort Term Investments \n (6,000,000) \n -  \n - \n\nAcquisition of property, plant and equipment \n (6,080) \n (1,208) \n - \n\nNet cash used in investing activities \n (6,006,080) \n (1,208) \n - \n\n  \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n    \n    \n   \n\nProceeds from fundraising, net and issuance of ordinary shares \n 25,023,336  \n 1,705,742  \n 6,208,508 \n\nProceeds from convertible loan note \n -  \n 950,000  \n - \n\nNet cash provided by financing activities \n 25,023,336  \n 2,655,742  \n 6,208,508 \n\n  \n    \n    \n   \n\nNet increase/(decrease) in cash and cash equivalents \n 13,081,356  \n 843,603  \n (3,282,029)\n\nCash and cash equivalent, beginning of period \n 1,560,902  \n 826,848  \n 4,045,381 \n\nExchange difference \n (47,990) \n (109,549) \n 63,496 \n\nCash and cash equivalent, end of period \n 14,594,268  \n 1,560,902  \n 826,848 \n\n  \n    \n    \n   \n\nNon Cash items: \n    \n    \n   \n\nConversion of related party loan into shares \n -  \n -  \n 3,150,000 \n\nConversion of convertible loan note into shares \n 950,000  \n -  \n - \n\nConvertible loan note interest liability settled by the issuance of shares \n 546,236  \n -  \n - \n\n \n\nF-6\n\n \n\n \n\n**1.\nReporting Entity**\n\n \n\nOKYO\nPharma Limited (the “Company” or “OKYO”) is a company domiciled in Guernsey and listed on the NASDAQ Capital\nMarket (NASDAQ: OKYO). The Company was previously dual listed with a standard listing on the main market of the London Stock Exchange\n(LSE: OKYO) until May 22, 2023 when it delisted from the standard segment of the main market of the London Stock Exchange.\n\n \n\nLeveraging\nextensive ophthalmology expertise across research, clinical development, regulatory affairs, and commercialization, OKYO is advancing\na pipeline designed to improve outcomes for patients suffering from debilitating ocular diseases that impact vision, ocular comfort,\nand quality of life. OKYO’s lead program, urcosimod, is being developed as a potential first-in-class treatment for neuropathic\ncorneal pain, a severe condition for which there are currently no FDA-approved therapies.\n\n \n\nThe\nultimate parent of the Group is Panetta Partners Limited, incorporated in the British Virgin Islands.\n\n \n\n**2.\nACCOUNTING POLICIES**\n\n \n\nThe\nprincipal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies\nhave been applied consistently to all the years presented unless otherwise stated.\n\n \n\n**Basis\nof preparation**\n\n \n\nThe\nconsolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS)\nas issued by the International Accounting Standards Board (IASB), IFRIC interpretations and the Companies (Guernsey) Law 2008 as applicable\nto companies reporting under IFRS.\n\n \n\n**Basis\nof measurement**\n\n \n\n**Going\nConcern**\n\n \n\nThe\nGroup has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as of\nMarch 31, 2026, had an accumulated deficit of $152m ($109m of this accumulated loss relates to a discontinued business prior to the reorganisation\nin 2018), a net loss for the year ended March 31, 2026, of $8.9m and net cash used in operating activities for the year ended March 31,\n2026, of $5.9m.\n\n \n\nThe\nDirectors have prepared cash flow projections that include the costs associated with the continued clinical trials and ongoing business\noperations. On the basis of those projections, the Directors conclude that the Group has sufficient funding to proceed with its Phase\n3 global clinical trial for Neuropathic Corneal Pain and meet its liabilities as they fall due within the next 12 months from the date\nwhen these financial statements are issued. In February 2026, the Group raised proceeds before expenses from a public offering of approximately\n$20.0m.\nAdditionally in March 2026, the underwriter to the public offering exercised their ordinary share option, bringing the total raised from\nthe offering before expenses to approximately $22.0m.\n\n \n\nThe\nDirectors are aware, through their own extensive experience in the sector, that the ongoing losses experienced is a position not uncommon\nin the context of a pre-revenue life sciences company principally involved in cash consuming research and development of its clinical\npipeline. The Directors have demonstrated that they can access capital with investors as well as take the relevant steps to manage working\ncapital to ensure there are sufficient funds to progress the clinical pipeline.\n\n \n\nConsequently,\nit is the opinion of the Directors there are sufficient resources in place to meet the Group’s ongoing liabilities and accordingly\nthey have prepared these financial statements on a going concern basis.\n\n \n\nF-7\n\n \n\n \n\n**New\nand Revised Standards**\n\n \n\n**Standards\nin effect in 2026**\n\n \n\nThere\nare no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on April 1,\n2025, that are relevant to the Group or that have had any material impact in the year to March 31, 2026. New standards, amendments to\nstandards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant, and not likely to\nhave a material impact on the Group, and hence are not listed here.\n\n \n\n**Basis\nof consolidation**\n\n \n\nSubsidiary\nundertakings are all entities over which the Group exercises control. The Group has control when it can demonstrate all of the following:\n(a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability\nto use its power over the investee to affect the amount of the investor’s return.\n\n \n\nThe\nexistence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered\nwhen assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains control\nand are de-consolidated from the date at which control ceases.\n\n \n\nInter-company\ntransactions, balances and unrealised gains on transactions between group companies are eliminated upon consolidation. Unrealised losses\nare also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted\nby the Group.\n\n \n\n**Segment\nreporting**\n\n \n\nOperating\nsegments are reported in a manner consistent with the internal reporting provided to the Board. The Board allocates resources to and\nassess the performance of the segments. The Board considers there to be only one operating segment being the research and development\nof biotechnological and pharmaceutical products.\n\n \n\n**Taxation**\n\n \n\nThe\ntax credit for the year represents the total of current taxation and deferred taxation. The credit in respect of current taxation is\nbased on the estimated taxable loss for the year. Taxable profit or loss for the year is based on the profit or loss as shown in the\nstatement of comprehensive income, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes.\nThe current tax asset for the year is calculated using tax rates which have either been enacted or substantively enacted at the balance\nsheet date.\n\n \n\nDeferred\ntax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities\nand their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have\nbeen enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the\ndeferred liability is settled. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will\nbe available against which the temporary differences can be utilised.\n\n \n\nIn\nthe current year ended March 31, 2026, Research and Development tax credits were not provided for in the year costs were incurred. In\nthe year ended March 31, 2025, Research and Development tax credits submitted to His Majesty’s Revenue and Customs (“HMRC”)\nhave been provided for. These have been estimated based on eligible research and development expenditure. In the year ended March 31,\n2024, Research and Development tax credits were not provided for in the year that the costs were incurred. This policy is as a result\nof the UK tax authority’s new regime of reviewing nearly every tax claim it receives. Any difference compared to the amount rebated\nis recognized when the cash is received from the UK tax authorities.\n\n \n\n**Foreign\ncurrency translation**\n\n \n\nItems\nincluded in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment\nin which the entity operates (the functional currency), which is Pounds sterling for the parent company.\n\n \n\nThe\nconsolidated financial statements are presented in US dollars, which is the Group’s presentation currency.\n\n \n\nF-8\n\n \n\n \n\nForeign\ncurrency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign\nexchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange\nrates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.\n\n \n\nThe\nfinancial statements are translated into US dollars on the following basis:\n\n \n\n \n●\nAssets and liabilities\nat the rate of exchange ruling at the year-end date.\n\n \n \n \n\n \n●\nProfit and loss account\nitems at the average rate of exchange for the year.\n\n \n\nExchange\ndifferences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated\nas hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation.\n\n \n\n**License\nfees**\n\n \n\nPayments\nrelated to the acquisition of rights to a product or technology are capitalised as intangible assets if it is probable that future economic\nbenefits from the asset will flow to the Group and the cost of the asset can be reliably measured.\n\n \n\nPayments\nmade which provide the right to perform research are carefully evaluated to determine whether such payments are to fund research or acquire\nan asset. Licence fees expenses are recognised as incurred.\n\n \n\n**Research\nand development**\n\n \n\nAll\non-going research and development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment\ninherent in the development of the Group’s products, the criteria for development costs to be recognised as an asset, as set out\nin IAS 38 ‘Intangible Assets’, are not met until a product has been granted regulatory approval and it is probable that future\neconomic benefit will flow to the Group. The Group currently has no such qualifying expenditure.\n\n \n\n**Financial\ninstruments**\n\n \n\nThe\nGroup classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument\nin accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an\nequity instrument.\n\n \n\nThe\nGroup evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component.\nSuch components shall be classified separately as financial assets, financial liabilities or equity instruments.\n\n \n\nA\nfinancial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument\nof another entity.\n\n \n\n \n(a)\nFinancial assets, initial\nrecognition and measurement and subsequent measurement\n\n \n\nAt\ninitial recognition financial assets are measured at their fair value. Subsequent measurement depends on their classification. Financial\nassets such as receivables, cash and cash equivalents and deposits are subsequently measured at amortized cost using the effective interest\nmethod, less loss allowance.\n\n \n\nThe\nGroup does not hold any financial assets at fair value through profit or loss or fair value through other comprehensive income.\n\n \n\n \n(b)\nFinancial liabilities,\ninitial recognition and measurement and subsequent measurement\n\n \n\nAt\ninitial recognition, financial liabilities are measured at their fair value minus, if appropriate, any transaction costs that are directly\nattributable to the issue of the financial liability. All financial liabilities are subsequently measured at amortized cost using the\neffective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss\non derecognition is also recognized in profit or loss.\n\n \n\nThe\nGroup’s financial liabilities include trade and other payables.\n\n \n\nF-9\n\n \n\n \n\n**Cash\nand cash equivalents**\n\n \n\nCash\nand cash equivalents comprise cash at bank and on hand, demand deposits held at call with financial institutions and other short-term,\nhighly liquid investments with original maturities of three months or less.\n\n \n\n**Short-term\ninvestments**\n\n** **\n\nCash\ndeposits held with financial institutions with original maturities exceeding three months are classified as short-term investments.\n\n \n\n**Impairment**\n\n \n\n*Impairment\nof financial assets measured at amortised cost*\n\n \n\nAt\neach reporting date the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost.\n\n \n\nIn\nestablishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified\napproach, depending on the nature of the underlying group of financial assets.\n\n \n\n**General\napproach**\n\n \n\nThe\ngeneral approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted\ncash and cash and cash equivalents.\n\n \n\nUnder\nthe general approach the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses,\nunless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is\nrecognised at an amount equal to the lifetime expected credit losses.\n\n \n\n**Simplified\napproach**\n\n \n\nThe\nsimplified approach is applied to the impairment assessment of other receivables.\n\n \n\nUnder\nthe simplified approach the Group always recognises a loss allowance for a financial asset at an amount equal to the lifetime expected\ncredit losses.\n\n \n\n**Impairment\nof non-financial assets**\n\n \n\n \ni)\nNon-financial assets are\ntested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.\n\n \n \n \n\n \nii)\nNon-financial assets are\nimpaired when their carrying amount exceeds the recoverable amount. The recoverable amount is measured as the higher of fair value\nless cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on financial forecasts\ndiscounted back to present value.\n\n \n\n**Share\ncapital**\n\n \n\nOrdinary\nshares of the Company are classified as equity.\n\n \n\n**Property,\nplant and equipment**\n\n \n\n*(i)*\n*Recognition and measurement*\n\n \n\nItems\nof property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include\nexpenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality\nof the related equipment is capitalised as part of that equipment.\n\n \n\nWhen\nparts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components)\nof property, plant and equipment.\n\n \n\nF-10\n\n \n\n \n\nGains\nand losses on disposal of an item of property, IT and equipment are determined by comparing the proceeds from disposal with the carrying\namount of property, IT and equipment, and are recognized in profit or loss. When revalued assets are sold, the amounts included in the\nrevaluation reserve are transferred to retained earnings.\n\n \n\n(ii)\nDepreciation\n\n \n\nDepreciation\nis calculated on the depreciable amount, which is the cost of an asset, less its residual value.\n\n \n\nDepreciation\nis recognised in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant and\nequipment.\n\n \n\nThe\nestimated useful lives for the current period and the comparative period are as follows:\n\n DISCLOSURE OF ESTIMATED USEFUL LIVES\n\nIT and equipment\n**3 years**\n\n \n\nDepreciation\nmethods, useful lives and residual values are reviewed at each reporting date. Depreciation is allocated to the operating expenses line\nof the statement of comprehensive income.\n\n \n\n**Leases**\n\n \n\nAll\nleases are accounted for by recognising a right-of-use asset and a lease liability except for:\n\n \n\n \n●\nLeases of low value assets;\nand\n\n \n●\nLeases with a duration\nof 12 months or less.\n\n \n\nThe\nGroup has leases for its offices. The group does not have leases greater than 12 months. There are no leases reflected on the balance\nsheet as a right-of-use asset and a lease liability. The Group does not have any leases of low value assets. Variable lease payments\nwhich do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial\nmeasurement of the lease liability and asset.\n\n \n\nAt\nlease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated statement of financial position.\nThe right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs\nincurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made\nin advance of the lease commencement date (net of any incentives received).\n\n \n\nThe\nGroup depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful\nlife of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such\nindicators exist.\n\n \n\nAt\nthe commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted\nusing the Group’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible\nto determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group would\nhave to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate\nis adjusted should the lessee entity have a different risk profile to that of the Group.\n\n \n\nLease\npayments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments\nbased on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably\ncertain to be exercised.\n\n \n\nSubsequent\nto initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance\ncosts. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.\n\n \n\nF-11\n\n \n\n \n\nShort\nterm leases exempt from IFRS 16 are classified as operating leases. Payments made under operating leases are recognised in profit and\nloss on a straight-line basis over the term of the lease.\n\n \n\n**Share\nbased payments**\n\n \n\nThe\ncalculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income\nrequires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the\nCompany’s share price. These assumptions are then applied to a recognized valuation model in order to calculate the fair value\nof the awards.\n\n \n\nWhere\nemployees, Directors or advisers are rewarded using share based payments, the fair value of the employees’, Directors’ or\nadvisers’ services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised\nat the date of grant and excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets).\n\n \n\nIn\naccordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options\nbased upon the fair value of the instrument used and warrants issued in return for services. A corresponding credit is made to a share\nbased payment reserve – options, in the case of options awarded to employees, Directors, advisers and other consultants. A corresponding\ncredit is made to a share based payment reserve – warrants, in the case of warrants issued in return for services.\n\n \n\n**Warrants**\n\n \n\nWarrants\nare issued by the Group in return for services and as part of a financing transaction.\n\n \n\n*Warrants\nissued in return for services.*\n\n \n\nWarrants\nissued in return for services fall within scope of IFRS 2 and are classified as a share-based payment. The share-based payment is measured\nat fair value and charged to the Statement of comprehensive income. There is no remeasurement of fair value.\n\n \n\n*Warrants\nissued as part of a financing transaction.*\n\n \n\nWarrants\nissued as part of a financing transaction fall outside the scope of IFRS 2. These are classified as equity instruments because a fixed\namount of cash is exchanged for a fixed amount of equity. The relative fair value is recognised within equity and is not remeasured.\n\n \n\nClassification\nof these instruments is governed by the so-called ‘fixed’ test for non-derivatives, and the ‘fixed for fixed’\ntest for derivatives. Under the fixed test, a non-derivative contract will qualify for equity classification only where there is no contractual\nobligation for the issuer to deliver a variable number of its own equity instruments. Under the fixed for fixed test, a derivative will\nqualify for equity classification only where it will be settled by the issuer exchanging a fixed amount of cash or another financial\nasset for a fixed number of its own equity instruments.\n\n \n\nWarrants\nissued by the Company as part of a financing transaction, are classified as equity instruments because a fixed amount of cash is exchanged\nfor a fixed amount of equity of the Company. No other features exist that would result in financial liability classification.\n\n \n\nF-12\n\n \n\n \n\n**Convertible\nloan notes**\n\n \n\nThe\nGroup issues Convertible loan notes which can be classified as equity or a liability depending on whether the fixed for fixed condition\nis met or not.\n\n \n\n*Where\nthe fixed for fixed condition is met*\n\n \n\nThe\nGroup classifies convertible loan notes that meet the fixed for fixed condition as equity instruments and records the principal of the\nloan note as equity in a Convertible loan note reserve. Upon redemption of the instrument and the issue of share capital, the amount\nis reclassified from the convertible loan note reserve to share capital and share premium.\n\n \n\nThe\naccrued interest on the principal amount is recorded as a liability as it can be settled in cash or equity at the discretion of the noteholder.\n\n \n\n**Fair\nValue Measurement**\n\n \n\nManagement\nhave assessed the categorization of the fair value measurements using the IFRS 13 fair value hierarchy. Categorization within the hierarchy\nhas been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset\nas follows;\n\n \n\nLevel\n1 - valued using quoted prices in active markets for identical assets;\n\n \n\nLevel\n2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1;\n\n \n\nLevel\n3 - valued by reference to valuation techniques using inputs that are not based on observable market data.\n\n \n\nF-13\n\n \n\n \n\n**3.\nCRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**\n\n \n\nThe\npreparation of financial information in accordance with generally accepted accounting practice, in the case of the Group being IFRS as\nissued by the IASB, requires the directors to make estimates and judgements that affect the reported amount of assets, liabilities, income\nand expenditure and the disclosures made in the financial statements. Such estimates and judgements must be continually evaluated based\non historical experience and other factors, including expectations of future events.\n\n \n\nThe\nfollowing are considered to be the key sources of estimation uncertainty**:**\n\n \n\n**Share-based\npayments**\n\n \n\nThe\nGroup accounts for share-based payment transactions for employees in accordance with IFRS 2 Share-based Payment, which requires the measurement\nof the cost of employee services received in exchange for the options on our ordinary shares, based on the fair value of the award on\nthe grant date.\n\n \n\nThe\nDirectors selected the Black-Scholes-Merton option pricing model as the most appropriate method for determining the estimated fair value\nof our share-based awards without market conditions. For performance-based options that include vesting conditions relating to the market\nperformance of our ordinary shares, a Monte Carlo pricing model was used in order to reflect the valuation impact of price hurdles that\nhave to be met as conditions to vesting.\n\n \n\nThe\nGroup makes estimates as to the useful life of an option award, the expected price volatility of the underlying share, risk free interest\nrate for the term of the award and correlations and volatilities of the shares of peer group companies. The Group also makes estimates\nas to the vesting period for awards that have performance-based criteria.\n\n \n\nThe\nresulting cost of an equity incentive award is recognised as an expense over the requisite service period of the award, which is usually\nthe vesting period. Compensation expense is recognised over the vesting period using the straight-line method.\n\n \n\nThe\nassumptions used for estimating fair value for share-based payment transactions are disclosed in note 14 to our consolidated financial\nstatements.\n\n \n\n**4.\nOPERATING EXPENSES**\n\n \n\nOperating\nexpenses are stated after charging/(crediting):\n\n SCHEDULE OF OPERATING EXPENSES\n\nGroup \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\n  \nYear Ended March 31, \n\nGroup \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\nDirector fees including bonus (excluding Chairman’s bonus) \n 1,213,006  \n 1,145,581  \n 1,100,192 \n\nChairman’s bonus \n -  \n 347,500  \n 934,007 \n\nAuditor’s Remuneration (refer to Note 19) \n 165,314  \n 182,853  \n 158,195 \n\nLegal and Professional fees \n 1,637,209  \n 1,005,883  \n 1,377,774 \n\nFX Gains and losses \n (700,750) \n (96,978) \n 55,183 \n\nDepreciation \n 1,820  \n 2,563  \n 3,866 \n\n \n\nF-14\n\n \n\n \n\n**5.\nSEGMENTAL REPORTING**\n\n \n\nDuring\nthe year under review management identified the Group’s only operating segment as the research and development of biotechnological\nand pharmaceutical products. This one segment is monitored, and strategic decisions are made based upon it and other non-financial data\ncollated from industry intelligence. The form of financial reporting reported to the Board is consistent with those presented in the\nannual financial statements.\n\n \n\n**6.\nEMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS**\n\n SCHEDULE OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY\n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\n  \nYear ended March 31, \n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\nGroup \n   \n   \n  \n\nStaff costs comprised: \n    \n    \n   \n\nDirectors’ salaries \n 1,213,006  \n 1,493,081  \n 2,039,447 \n\nWages and salaries \n 553,021  \n 605,193  \n 612,076 \n\nSocial security costs \n 64,979  \n 13,936  \n 11,386 \n\nRecruitment costs \n 150,200  \n -  \n - \n\nTotal\nemployee benefits expense \n 1,981,206  \n 2,112,210  \n 2,662,909 \n\nThe average monthly number of employees, including directors, employed by the group during the years ending March 31, 2026, March 31, 2025, and March 31, 2024 were: \n    \n    \n   \n\nResearch and Development \n 3  \n 2  \n 2 \n\nCorporate and administration \n 2  \n 3  \n 5 \n\n  \n 5  \n 5  \n 7 \n\n \n\nF-15\n\n \n\n \n\n**7.\nREMUNERATION OF KEY MANAGEMENT PERSONNEL**\n\n** **\n\n SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION\n\n$’000 \nYear ended March 31, \n\n  \n2026  \n2025 \n2024 \n\n  \nFees and\nshort term\nemployee\nbenefits  \nPost\nemployment\nbenefits  \nFees and\nshort term\nemployee\nbenefits \nPost\nemployment\nbenefits  \nFees and\nshort term\nemployee\nbenefits  \nPost\nemployment\nbenefits \n\n  \n    \n    \n  \n    \n    \n   \n\nTotal Key Management Personnel \n 1,936  \n 13  \n1,878 \n 6  \n 1,282  \n 2 \n\n \n\nKey\nmanagement personnel of the Group are comprised of directors and officers of the Company.\n\n \n\nAll\nbonuses are short term. There was $550k in post-employment severance payments made during 2025.\n\n \n\nThe\nfollowing share options were granted to directors and officers in the following periods:\n\n SCHEDULE OF SHARE OPTIONS GRANTED TO DIRECTORS\n\n  \nYear ended March 31, \n\n  \n2026  \n2025  \n2024 \n\n  \nNumber of\noptions  \nNumber of\noptions  \nNumber of\noptions \n\n  \n   \n   \n  \n\nDirectors \n 2,457,424  \n 645,930  \n 180,000 \n\nOther key management personnel \n 937,588  \n 382,999  \n 170,000 \n\n  \n 3,395,012  \n 1,028,929  \n 350,000 \n\n \n\nNo\nshare options were exercised by directors or officers during the years ended March 31, 2026, 2025 and 2024..\n\n \n\nThe\nGroup and Company made $14,051 of payments to a defined contribution pension schemes on behalf of Directors or employees during the year\nended March 31, 2026 (March 31, 2025: $6,277, March 31 2024: $5,598).\n\n \n\n**8.\nTAXATION**\n\n** **\n\n SCHEDULE OF TAX CREDIT PERIOD\n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\n  \nYear ended March 31, \n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\nGroup \n   \n   \n  \n\nCurrent year tax charge \n 7,987  \n 51  \n 55,280 \n\nAdjustments in respect of prior periods \n -  \n (3,263,830) \n (32,864)\n\n  \n    \n    \n   \n\nDeferred tax \n    \n    \n   \n\nOrigination and reversal of timing differences \n -  \n -  \n - \n\n  \n    \n    \n   \n\nTotal tax charge/(credit) for the period \n 7,987  \n (3,263,779) \n 22,416 \n\n  \n    \n    \n   \n\nThe tax charge/(credit) for the year is different from the small company rate of corporation tax in the United Kingdom of 19%. The difference can be reconciled as follows: \n    \n    \n   \n\n  \n    \n    \n   \n\nLoss before taxation \n (8,841,670) \n (7,970,071) \n (16,803,045)\n\nLoss charged at standard rate of corporation tax 19% \n (1,679,917) \n (1,514,313) \n (3,192,578)\n\nTax losses arising in the year not recognized \n 1,398,364  \n 1,401,608  \n 3,032,344 \n\nExpenses not deductible for taxation \n 307,042  \n 123,112  \n 220,187 \n\nTax increase from effect of capital allowances and depreciation \n 347  \n 484  \n 748 \n\nDifference in tax rates \n (6,210) \n (5,015) \n - \n\nResearch and Development tax credits claimed in respect of previous periods \n -  \n (3,263,830) \n (32,864)\n\nConsolidation adjustment in relation to foreign exchange movements \n (11,639) \n (5,825) \n (5,421)\n\nTotal tax charge/(credit) for the period \n 7,987  \n (3,263,779) \n 22,416 \n\n \n\nNo\ndeferred tax asset has been recognized in respect of trading losses carried forward because of uncertainty as to when these losses will\nbe recoverable.\n\n \n\nThe\nGroup has tax losses of $45,018,522 (2025: $35,852,225, 2024: $38,992,275) to carry forward for use against future profits**.**\n\n \n\nF-16\n\n \n\n \n\n**9.\nFINANCE INCOME AND COSTS**\n\n SCHEDULE\nOF FINANCE INCOME AND COSTS\n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\n  \nYear ended March 31, \n\n  \n\n**2026**\n\n**$**\n  \n\n**2025**\n\n**$**\n  \n\n**2024**\n\n**$**\n \n\nFinance Income \n    \n    \n   \n\nInterest income \n 32,098  \n 5,473  \n - \n\nTotal finance income \n 32,098  \n 5,473  \n - \n\n  \n    \n    \n   \n\nFinance Expenses \n    \n    \n   \n\nFinance Charges \n (280) \n (13,368) \n - \n\nConvertible Loan Note Interest \n (473,935) \n (88,383) \n - \n\nInterest expense on related party loan \n -  \n (781,896) \n (1,053,313)\n\nTotal finance expenses \n (474,215) \n (883,647) \n (1,053,313)\n\nTotal finance income/(expenses) \n (442,117) \n (878,174) \n (1,053,313)\n\n \n\n**10.\nPROPERTY, PLANT AND EQUIPMENT**\n\n \n\nDetails\nof the Group’s property, plant and equipment are as follows:\n\n SCHEDULE OF PROPERTY PLANT AND EQUIPMENT\n\n$ \nIT equipment  \nTotal \n\nCost \n    \n   \n\nAt 1 April 2025 \n 10,500  \n 10,500 \n\nAdditions \n 6,080  \n 6,080 \n\nDisposals \n (1,679) \n (1,679)\n\nForeign exchange \n 104  \n 104 \n\n  \n    \n   \n\nAt March 31, 2026 \n 15,005  \n 15,005 \n\n  \n    \n   \n\nDepreciation \n    \n   \n\nAt 1 April 2025 \n 8,465  \n 8,465 \n\nCharge in year \n 1,820  \n 1,820 \n\nWrite Off Disposals \n (1,679) \n (1,679)\n\nForeign exchange \n 88  \n 88 \n\nAt March 31, 2026 \n 8,694  \n 8,694 \n\nNet Book Value as at March 31, 2026 \n 6,311  \n 6,311 \n\n \n\n$ \nIT equipment  \nTotal \n\nCost \n    \n   \n\nAt April 1, 2024 \n 10,467  \n 10,467 \n\nAdditions \n 1,208  \n 1,208 \n\nDisposals \n (1,290) \n (1,290)\n\nForeign exchange \n 115  \n 115 \n\nAt March 31, 2025 \n 10,500  \n 10,500 \n\n  \n    \n   \n\nDepreciation \n    \n   \n\nAt April 1, 2024 \n 7,117  \n 7,117 \n\nCharge in year \n 2,563  \n 2,563 \n\nWrite Off Disposals \n (1,290) \n (1,290)\n\nForeign exchange \n 75  \n 75 \n\nAt March 31, 2025 \n 8,465  \n 8,465 \n\nNet Book Value as at March 31, 2025 \n 2,035  \n 2,035 \n\n \n\nThe\nGroup’s property, plant and equipment is located in the following operating segments:\n\n SCHEDULE\nOF PROPERTY PLANT AND EQUIPMENT LOCATED IN OPERATING SEGMENT\n\nGroup \nNet Book Value\nMarch 31 2026 \n\n  \n$ \n\nUK \n - \n\nUS \n 6,311 \n\nTotal \n 6,311 \n\n \n\nGroup \nNet Book Value\nMarch 31 2025 \n\n  \n$ \n\nUK \n 647 \n\nUS \n 1,388 \n\nTotal \n 2,035 \n\n \n\nF-17\n\n \n\n \n\n**11.\nPREPAID EXPENSES AND OTHER RECEIVABLES**\n\n SCHEDULE OF PREPAID EXPENSES AND OTHER RECEIVABLES\n\n  \n    \n   \n\n  \nYear ended March 31, \n\n$ \n2026  \n2025 \n\nGroup \n   \n  \n\nOther receivables \n 4,500  \n 4,500 \n\nRelated Party receivable \n 144,320  \n - \n\nVAT receivable \n 21,847  \n 12,482 \n\nPrepayments \n 205,082  \n 225,360 \n\nPrepaid expenses and other\nreceivables \n 375,749  \n 242,342 \n\n \n\nThere\nare no differences between the carrying amount and fair value of any of the trade and other receivables above.\n\n \n\nPrepayments\ninclude no prepaid invoices relating to the urcosimod product candidate.\n\n \n\n**12.\nTRADE AND OTHER PAYABLES**\n\n SCHEDULE\nOF TRADE AND OTHER PAYABLES\n\n  \n    \n   \n\n  \nYear ended March 31, \n\n$ \n2026  \n2025 \n\nGroup \n   \n  \n\nTrade payables \n 7,136,144  \n 7,899,986 \n\nOther payables \n 1,326  \n 88,999 \n\nAccruals \n 1,239,101  \n 186,993 \n\nBonus accrual \n 264,618  \n 191,588 \n\nTrade and other payables \n 8,641,189  \n 8,367,566 \n\n \n\n**13.\nCAPITAL AND RESERVES**\n\n \n\n**Capital\nManagement**\n\n \n\nFor\nthe purpose of the Company’s capital management, capital includes called up share capital, share premium, share based payments\nfor options, share based payments for warrants and all other equity reserves attributable to the equity holders of the parent as reflected\nin the statement of financial position.\n\n \n\nThe\nCompany’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to maximise\nshareholder value through the optimisation of the debt and equity balance.\n\n \n\nThe\nCompany manages its capital to maximise the return to the shareholders through the optimisation of equity. The capital structure of the\nCompany as at March 31, 2026 and 2025 consists of equity attributable to equity holders of the Company, comprising issued capital, reserves\nand retained deficit as disclosed.\n\n \n\nThe\nCompany manages its capital structure and makes adjustments to it, in light of economic conditions and the strategy approved by shareholders.\nTo maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders\nor issue new shares and release the Company’s share premium account. No changes were made in the objectives, policies or processes\nduring the year ended March 31, 2026 and March 31, 2025.\n\n \n\n**Share\ncapital and premium**\n\n \n\nThe\nCompany is authorized to issue an unlimited number of nil par value shares of a single class. The Company may issue fractional shares\nand a fractional share shall have the corresponding fractional rights, obligations and liabilities of a whole share of the same class\nor series of shares. Shares may be issued in one or more series of shares as the Directors may by resolution determine from time to time.\n\n \n\nEach\nshare in the Company confers upon the shareholder:\n\n \n\n \n●\nthe right to one vote at\na meeting of the shareholders or on any resolution of shareholders;\n\n \n \n \n\n \n●\nthe right to an equal share\nin any dividend paid by the Company; and\n\n \n \n \n\n \n●\nthe right to an equal share\nin the distribution of the surplus assets of the Company on its liquidation.\n\n \n\nThe\nCompany may by resolution of the Directors redeem, purchase or otherwise acquire all or any of the shares in the Company subject to regulations\nset out in the Company’s Articles of Incorporation.\n\n \n\nOn\nMay 22, 2023, the Company delisted from the standard segment of the Main Market of the London Stock Exchange and had a sole listing on\nthe NASDAQ capital market. In conjunction with the delisting, there was a share consolidation of 65 to 1. The effect of the share consolidation\nhas been reflected below for all periods.\n\n \n\nF-18\n\n \n\n \n\nThe\nCompany is authorized to issue an unlimited number of nil par value shares of a single class\n\n SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES\n\n  \nShares  \nShare capital \n\nIssued ordinary shares of US$0.00 each \nNumber  \n$ \n\nAt March 31, 2024 \n 33,336,316  \n 143,112,687 \n\nExpenses settled in shares \n 714,653  \n 801,345 \n\nBonus settled in shares \n 250,000  \n 347,500 \n\nIssue of share for fundraising, net \n 1,219,846  \n 1,705,742 \n\nShares in lieu interest \n 500,000  \n 750,000 \n\nAt March 31, 2025 \n 36,020,815  \n 146,717,274 \n\nExpenses settled in shares \n 292,018  \n 321,729 \n\nConvertible loan note and interest settled in shares \n 1,887,306  \n 1,496,236 \n\nIssue of Shares for fundraising, net \n 14,279,388  \n 25,023,336 \n\nAt March 31, 2026 \n 52,479,527  \n 173,558,575 \n\n \n\n**Share\noptions reserve**\n\n \n\nThe\nshare-based payment reserve for options represents the cost to issue share-based compensation, primarily share options, based on their\ngrant date fair value.\n\n \n\n**Share\nwarrants reserve**\n\n \n\nThe\nshare-based payment reserve for warrants represent the cost to issue warrants based on their grant date fair value.\n\n \n\n**Convertible\nLoan Note reserve**\n\n \n\nThe\nconvertible loan note reserve represents the proceeds received on issuance of convertible loan notes classified as equity instruments,\naccrued interest and any relative fair value adjustments.\n\n \n\n**Retained\nDeficit reserve**\n\n \n\nRetained\ndeficit represent the cumulative profits/(losses) of the entity which have not been distributed to shareholders.\n\n \n\n**Translation\nreserve**\n\n \n\nThe\ntranslation reserve represents the unrealised gains or losses from the foreign currency translation of Companies within the Group.\n\n \n\n**Dividends**\n\n \n\nThe\nDirectors paid no dividend during the year to March 31, 2026 and March 31, 2025.\n\n \n\nF-19\n\n \n\n \n\n**14.\nSHARE OPTIONS AND WARRANTS**\n\n \n\nOptions\n\n \n\nThe\nCompany operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It\nalso issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market\nprice of an ordinary share in the Company at the date of grant.\n\n \n\nIn\nMay 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1. The\neffect of the share consolidation has been reflected below for all periods in the calculation of the number of options issued and the\nweighted average exercise price.\n\n SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE\n\n  \n2026  \n2025 \n\n  \nOptions  \nWeighted\nAverage\nexercise price\n($)  \nOptions  \nWeighted\nAverage\nexercise price\n($) \n\nOutstanding at April 1 \n 1,943,903  \n 1.68  \n 2,421,650  \n 3.34 \n\nGranted \n 3,395,012  \n 2.25  \n 1,076,017  \n 1.54 \n\nForfeited \n (11,538) \n 1.57  \n (1,553,764) \n 4.18 \n\nExercised \n -  \n -  \n -  \n - \n\nOutstanding at March 31 \n 5,327,377  \n 2.04  \n 1,943,903  \n 1.68 \n\nExercisable at March 31 \n 908,813  \n 1.76  \n 396,175  \n 1.87 \n\n \n\n  \n2024 \n\n  \nOptions  \nWeighted\nAverage\nexercise price\n(cents) \n\nOutstanding at April 1 \n 1,696,451  \n 3.85 \n\nGranted \n 727,500  \n 1.53 \n\nForfeited \n (2,301) \n 2.13 \n\nExercised \n -  \n - \n\nOutstanding at March 31 \n 2,421,650  \n 3.34 \n\nExercisable at March 31 \n 894,956  \n 4.34 \n\n \n\nF-20\n\n \n\n \n\nDuring\nthe years ending March 31, 2026, March 31, 2025, and March 31, 2024 no options were exercised.\n\n \n\nThe\ntotal outstanding fair value charge of the share option instruments is deemed to be approximately $4,407,280 (2025: $1,260,839). A share-based\npayment charge for the year of $1,605,259 (2025: $734,989) has been expensed in the statement of comprehensive income. The share based\npayment charge in the year to March 31, 2026 does not include forfeitures of $3,070 (2025: $94,283).\n\n \n\nThe\nweighted average contractual life of options outstanding at March 31, 2026 is 9.16 years. (2025: 7.65 years).\n\n \n\nShare\noptions outstanding at the end of the year have the following expiry dates and exercise prices:\n\n SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES\n\nGrant Date \nExpiry Date \nExercise Price $  \nShare Options as at\nMarch 31, 2026 \n\nMarch 14, 2023 \nMarch 13, 2027 \n 1.85  \n 463,848 \n\nOctober 20, 2023 \nOctober 20, 2033 \n 1.57  \n 85,000 \n\nNovember 24, 2023 \nNovember 24,2033 \n 1.65  \n 40,000 \n\nMarch 1, 2024 \nMarch 1,2034 \n 1,33  \n 20,000 \n\nMarch 13, 2024 \nMarch 13, 2034 \n 1.46  \n 252,500 \n\nOctober 3, 2024 \n03 Oct 2034 \n 1.50  \n 125,000 \n\nJanuary 29, 2025 \nJanuary 20, 2035 \n 1.60  \n 404,517 \n\nMarch 28, 2025 \nMarch 28,2035 \n 1.50  \n 541,500 \n\nJuly 10, 2025 \nJuly 10, 2035 \n 2.75  \n 545,012 \n\nJanuary 2, 2026 \nJanuary 2, 2036 \n 2.23  \n 2,100,000 \n\nFebruary 10, 2026 \nFebruary 10, 2036 \n 2.75  \n 750,000 \n\nTotal \n  \n    \n 5,327,377 \n\n \n\n*Fair\nvalue of options granted*\n\n \n\nThe\nDirectors have used the Black-Scholes option pricing model to estimate the fair value of most of the options applying the assumptions\nbelow.\n\n \n\nHistorical\nvolatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable\nto the Company and in part on the company’s own share price volatility. Where sufficient historical data is available, the Company\nuses its own share price to calculate volatility.\n\n \n\nThe\nCompany has not paid any dividends on share capital since its inception and does not anticipate paying dividends on its share capital\nin the foreseeable future.\n\n \n\nThe\nCompany has estimated a forfeiture rate of zero.\n\n \n\nF-21\n\n \n\n \n\nThe\nmodel inputs for options granted during the year ended March 31, 2026 valued under the Black Scholes Valuation model are:\n\n SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED\n\n  \nGrant Date \n\n  \nFebruary 10, 2026  \nJanuary 2,\n2026  \nJanuary 2,\n2026  \nJuly 10,\n2025  \nJuly 10,\n2025 \n\n  \n   \n   \n   \n   \n  \n\nGrant date share price \n$1.96  \n$2.23  \n$2.23  \n$2.86  \n $  \n 2.86 \n\nExercise share price \n$2.09  \n$2.23  \n$2.23  \n$1.60  \n    \n$2.75 \n\nVesting periods \n 25% over four years   \n 25% over four years   \n 1 year performance condition   \n 25% over four years  \n    \n 25% over four years \n\nRisk free rate \n 3.58% \n 3.62% \n 3.51% \n 3.85% \n    \n 3.85%\n\nExpected volatility \n 105.2% \n 107.4% \n 89.0% \n 109.3% \n    \n 109.3%\n\nOption life \n 4 years  \n 4 years  \n 1 years  \n 4 years  \n    \n 4 years \n\n \n\nThe\nmodel inputs for options granted during the year ended March 31, 2025 valued under the Black Scholes Valuation model are:\n\n \n\n  \nMarch 28, 2025 \n\nGrant date share price \n$1.50 \n\nExercise share price \n$1.50 \n\nVesting periods \n 25 % over 4 years \n\nRisk free rate \n 4.36%\n\nExpected volatility \n 108.7%\n\nOption life \n 4 years \n\n \n\n  \nJanuary 29, 2025  \nJanuary 29, 2025  \nJanuary 29, 2025  \nJanuary 29,2025  \nJanuary 29,2025 \n\n  \n   \n   \n   \n   \n  \n\nGrant date share price \n$1.07  \n$1.07  \n$1.07  \n$1.07  \n$1.07 \n\nExercise share price \n$1.60  \n$1.60  \n$1.60  \n$1.60  \n$1.60 \n\nVesting periods \n 25% over four years   \n 33.3% over three years   \n 25% every 3 months  \n 33.33% and 66.66% over 1 Year  \n Immediately \n\nRisk free rate% \n 3.95% \n 4.06% \n 4.73% \n 4.73% \n 4.473%\n\nExpected volatility% \n 110.6% \n 110.6% \n 56-90.1% \n 90.1-94.3% \n 110.6%\n\nOption life \n 4 years  \n 4 years  \n 4 years  \n 4 years  \n 4 years \n\n \n\n*Modification\nof share based payments.*\n\n \n\nIn\nJanuary 2025, all options granted prior to December 2022 were surrendered and new options at a lower exercise price, with a proportionate\nreduction in the number of options, were granted. The Company reduced the exercise price for options granted to employees and directors\nto $1.60 per share. This was approved by directors at a board meeting held on January 28, 2025.\n\n \n\nThe\nfair value of the modified options at the date of modification was determined using the option pricing models as described above. The\nincremental fair value was recognised as an expense over the period from the modification date to the end of the vesting period. The\nexpense for the original option grant will continue to be recognised as if the terms had not been modified. The fair value of the modified\noptions was determined using the same models and principles as described above.\n\n \n\nF-22\n\n \n\n \n\n**Warrants**\n\n \n\nOn\nMay 22, 2023, the Company delisted from the standard segment of the Main Market of the London Stock Exchange and had a sole listing on\nthe NASDAQ capital market. In conjunction with the delisting, there was a share consolidation of 65 to 1. The effect of the share consolidation\nhas been reflected below for all periods.\n\n \n\nAs\npart of the acquisition of the OK-101 project, the underlying scientific founders of the OK-101 Project (inukshuk Holdings), who will\ncontinue to be involved in the development of the Project, received 563,986 warrants as consideration. The warrants are exercisable at\na price of 292.5 pence each and are split into four distinct tranches and each tranche becomes exercisable upon satisfaction of a specific\ndevelopmental milestone. At March 31, 2026, the warrants were exercisable until 12 July 2026.\n\n \n\nNo\nwarrants were granted or exercised in the year to March 31, 2026 or March 31, 2025.\n\n SCHEDULE OF WARRANTS\nOUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE\n\n  \nMarch 31, 2026  \nMarch 31, 2025 \n\n  \nWarrants  \nWeighted Average exercise price (cents)  \nWarrants  \nWeighted Average exercise price (cents) \n\n  \n   \n   \n   \n  \n\nOutstanding at April 1 \n 563,986  \n 397  \n 563,986  \n 397 \n\nGranted \n -  \n -  \n -  \n - \n\nExercised \n -  \n -  \n -  \n - \n\n  \n    \n    \n    \n   \n\nOutstanding at March 31 \n 563,986  \n 397  \n 563,986  \n 397 \n\n  \n    \n    \n    \n   \n\nExercisable at March 31 \n 307,692  \n 397  \n 307,692  \n 397 \n\n \n\nThe\nDirectors have estimated the fair value of the warrants in services provided using the Black-Scholes valuation model based on the assumptions\nbelow.\n\n \n\nThe\nremaining fair value of the warrant instruments is nil (2025: nil). For the consideration warrants, the charge has been expensed over\nthe vesting period. For all other warrants, the charge has been expensed over the service period. A share-based payment charge for the\nyear of $0 (2025: $9,066) has been expensed in the statement of comprehensive income.\n\n \n\nF-23\n\n \n\n \n\n**15.\nFINANCIAL INSTRUMENTS**\n\n \n\nThe\nmain risks arising from the Group’s financial instruments are liquidity risk, interest rate risk and credit risk. The Directors\nregularly review and agree policies for managing each of these risks which are summarized below.\n\n \n\n**Liquidity\nrisk**\n\n \n\nThe\nGroup’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves\nof cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated\nfrom by private and public offerings of equity and debt securities.\n\n \n\nThe\ntable below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:\n\n SUMMARY\nOF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS\n\n$ \nLess than 3\nmonths  \nGreater than 3 months  \nTotal \n\nGroup \n2026 \n\n$ \nLess than 3\nmonths  \nGreater than 3 months  \nTotal \n\nTrade and other payables \n 1,063,716  \n 7,577,473  \n 8,641,189 \n\nRelated party payables \n -  \n -  \n - \n\nTotal \n 1,063,716  \n 7,577,473  \n 8,641,189 \n\n \n\n$ \nLess than 3\nmonths  \nGreater than 3 months  \nTotal \n\nGroup\n** **\n**2025**\n** **\n\n**$**\n** **\n**Less\nthan 3\nmonths**\n** **\n** **\n**Greater\nthan 3 months**\n** **\n** **\n**Total**\n** **\n\nTrade and other payables\n \n \n587,947\n \n \n \n7,779,619\n \n \n \n8,367,566\n \n\nRelated party payables\n \n \n108,272\n \n \n \n751,053\n \n \n \n859,325\n \n\nTotal\n \n \n696,219\n \n \n \n8,530,672\n \n \n \n9,226,891\n \n\n \n\n**Credit\nrisk**\n\n \n\nCredit\nrisk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial\ninstitutions.as well as outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently\nhas no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their\ninternal reporting and assess outstanding receivables for ability to be repaid.\n\n \n\nF-24\n\n \n\n \n\n**Interest\nrate risk**\n\n \n\nThe\nGroup has limited exposure to interest-rate risk arising from its bank deposits and convertible loan note instruments. These deposit\naccounts are held at variable interest rates based on Barclays Bank plc, Alpha Group International plc, Wells Fargo and Penn Community\nBank base rates.\n\n \n\nThe\nDirectors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result\nfor the year or the equity position at the year-end for either the year ended March 31, 2026 or March 31, 2025.\n\n \n\n**16.\nRELATED PARTY TRANSACTIONS**\n\n \n\nAll\nrelated party transactions occurred in the normal course of operations.\n\n \n\n**Tiziana\nLife Sciences Ltd**\n\n \n\nTiziana\nLife Sciences Ltd is a related party as the entity is controlled by a person that has significant influence over the Group. The Company\nshares premises and other resources with Tiziana Life Sciences Ltd and there is a shared services agreement in place between the Company\nand Tiziana Life Sciences Ltd. As at March 31, 2026, the Company had incurred $169,552 (2025: $142,170) worth of costs in relation to\nthis agreement and at March 31, 2026 $493,832 (2025: $431,305) was owed to Tiziana Life Sciences Ltd.\n\n \n\nTiziana\nLife Sciences Ltd also paid other invoices on behalf of the Company but as of March 31, 2026, Okyo Pharma Ltd. had paid $638,178 worth\nof costs on behalf of Tiziana Life Sciences Ltd. (2025: $350,802 paid by Tiziana Life Sciences Ltd.) As of March 31, 2026, $638,178 is\nowed to Tiziana Life Sciences Ltd. (2025**:**$428,020 owed by Okyo Pharma Ltd.)\n\n \n\nIn\nAugust 2022, Tiziana Life Sciences Ltd issued a short-term credit facility to OKYO Pharma for $2m to support short term liquidity. The\nloan was available for a period of 6 months upon first draw-down and carried an interest rate of 16% per annum, with additional default\ninterest of 4% if the loan was not repaid after the 6-month period. In February 2023, Tiziana Life Sciences Ltd issued an additional\nshort-term credit facility to OKYO Pharma for $0.5m to further support short term liquidity, under the same terms as the loan above.\nThe principal of $2,000k plus accrued interest of $1,150k were converted into 2,100,000 Ordinary Shares, with no par value, of OKYO Pharma\nLtd on October 25, 2023. On July 15, 2024, 500,000 Ordinary Shares, with no par value, of Okyo Pharma Ltd were issued to Tiziana Life\nSciences Ltd in lieu of additional accrued interest in respect of this agreement, amounting to $750,000.\n\n \n\nOn\nSeptember 24, 2024, we entered into a fixed term unsecured loan agreement with an existing shareholder for $550,000 at an interest rate\nof 20% per annum to be repaid by June 1, 2026. On October 29, 2025, the loan was converted into 785,714 shares at a price of $0.70 per\nshare.\n\n \n\nOn\nOctober 28, 2024, we entered into a fixed term unsecured loan agreement with an existing shareholder for $250,000 at an interest rate\nof 20% per annum to be repaid by November 1, 2026. On October 29, 2025, the loan was converted into 357,142 shares at a price of $0.70\nper share.\n\n \n\nOn\nJanuary 16, 2025, we entered into a fixed term unsecured loan agreement with an existing shareholder for $150,000 at an interest rate\nof 20% per annum to be repaid by February 1, 2027. On October 29, 2025, the loan was converted into 214,285 shares at a price of $0.70\nper share.\n\n \n\nOn\nOctober 29, 2025 the interest on the convertible loan notes was converted into 530,163 shares at a total price of $546,236.\n\n**Directors\n– (See Note 7 also)**\n\n \n\nAt\nMarch 31, 2026, the Company owed John Brancaccio $7,148 for his fees from February 2026 to March 2026.\n\n \n\nAt\nMarch 31, 2026, the Company owed Bernard Denoyer $3,574 for his fees for March 2026.\n\n \n\nAt\nMarch 31, 2026, the Company owed Willy Simon $3,574 for his fees for February 2026.\n\n \n\nAt\nMarch 31, 2026, the Company owed Gabriele Cerrone $50,258 for his fees for March 2026.\n\n \n\nF-25\n\n \n\n \n\n**17.\nBASIC AND DILUTED LOSS PER SHARE**\n\n \n\nBasic\nloss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary\nshares in issue during the year.\n\n SUMMARY\nOF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS\n\n  \nYear ended\nMarch 31, \n\n  \n2026  \n2025 \n\n  \n   \n  \n\n(Loss) attributable to equity holders of the company ($) \n (8,949,657) \n (4,706,292)\n\nWeighted average number of ordinary shares in issue (adjusted) \n 37,357,160  \n 39,488,256 \n\nBasic and dilutive loss per share (dollars per share) \n (0.24) \n (0.12)\n\n \n\n \n\n  \nYear ended\nMarch 31, \n\n  \n2024 \n\n  \n  \n\n(Loss) attributable to equity holders of the company ($) \n (16,825,461)\n\nWeighted average number of ordinary shares in issue (adjusted) \n 29,343,727 \n\nBasic and dilutive loss per share (dollars per share) \n (0.57)\n\n \n\nAs\nthe Group is reporting a loss from continuing operations for the year then, in accordance with IAS 33, the share options are not considered\ndilutive because the exercise of the share options would have an anti-dilutive effect. The basic and diluted earnings per share as presented\non the face of the Statement of comprehensive income are therefore identical.\n\n \n\nF-26\n\n \n\n \n\n**18.\nLEASES**\n\n \n\nThe\nGroup is a lessee and does not have any leases as a lessor.\n\n \n\nAll\nleases are accounted for by recognising a right-of-use asset and a lease liability except for:\n\n \n\n●\nLeases of low value assets;\nand\n\n \n \n\n●\nLeases with a duration\nof 12 months or less.\n\n \n\nThe\nGroup has leases for its offices. The Group does not have leases of low value assets. The group does not have leases greater than 12\nmonths.\n\n \n\nFor\nleases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties\nin their original condition at the end of the lease.\n\n \n\nDuring\nthe year to March 31, 2023, the Group entered into new lease agreement on its existing office. The new leases has a term shorter than\n12 months, so the Group has applied the exemption allowed by paragraph 5a in IFRS 16 in respect of short term leases.\n\n \n\nOperating\nleases\n\n \n\nAt\nMarch 31, 2026 and March 31, 2025, the company had annual commitments under non-cancellable operating leases:\n\n SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES\n\nOperating leases which expire: \nMarch 31, 2026  \nMarch 31, 2025 \n\n  \n$  \n$ \n\nWithin one year \n 13,018  \n 10,739 \n\n \n\nF-27\n\n \n\n \n\n**19.\nAUDITOR’S REMUNERATION**\n\n \n\nDuring\nthe period, the group obtained the following services from the company’s auditors PKF, our independent registered public accounting\nfirm and Mazars, our previous independent registered public accounting firm.:\n\n SCHEDULE\nOF COMPANY AUDITORS FEES\n\nPKF Littlejohn\nLLP \nMarch\n31, 2026  \nMarch\n31, 2025  \nMarch\n31, 2024 \n\n  \n$  \n$  \n$ \n\nFees payable to\nthe company’s auditors for the audit of the parent company and consolidated financial statements \n 134,020  \n 133,887  \n 125,701 \n\n  \n    \n    \n   \n\nFees payable to the company’s\nauditors for other services: \n    \n    \n   \n\nAudit-related\nassurance services \n 31,294  \n 22,400  \n 25,140 \n\n  \n    \n    \n   \n\nTotal\nauditor’s remuneration \n 165,314  \n 156,287  \n 150,841 \n\n \n\nMazars LLP \nMarch 31, 2026  \nMarch 31, 2025  \nMarch 31, 2024 \n\n  \n$  \n$  \n$ \n\nFees payable to the company’s auditors for the audit of the parent company and consolidated financial statements \n -  \n -  \n - \n\n  \n    \n    \n   \n\nFees payable to the company’s auditors for other services: \n    \n    \n   \n\nAudit-related assurance services \n -  \n 26,566  \n 7,354 \n\n  \n    \n    \n   \n\nTotal auditor’s\nremuneration \n -  \n 26,566  \n 7,354 \n\n \n\n**20.\nCASH AND CASH EQUIVALENTS AND SHORT TERM INVESTMENTS**\n\n \n\nCash\nand cash equivalents consist of the following:\n\n SCHEDULE OF CASH AND CASH EQUIVALENT\n\n  \nMarch 31, 2026  \nMarch 31, 2025 \n\n  \n$  \n$ \n\nCash at bank and in hand: \n    \n   \n\n  \n    \n   \n\nGBP \n 1,147,544  \n 21,829 \n\nEURO \n 149,063  \n 5,308 \n\nUSD \n 13,297,661  \n 1,533,765 \n\n  \n    \n   \n\n  \n 14,594,268  \n 1,560,902 \n\n \n\nShort\nterm investments consist of the following:\n\n SCHEDULE\nOF SHORT\nTERM INVESTMENTS\n\n  \nMarch 31, 2026  \nMarch 31, 2025 \n\n  \n$  \n$ \n\nCash deposits with original maturities exceeding three months : \n    \n   \n\n  \n    \n   \n\nGBP \n -  \n - \n\nEURO \n -  \n - \n\nUSD \n 6,000,000  \n - \n\n  \n    \n   \n\n  \n 6,000,000  \n - \n\n \n\n**21.\nCONVERTIBLE LOAN INSTRUMENTS**\n\n \n\nOn\nSeptember 24, 2024, we entered into a fixed term unsecured loan agreement with an existing shareholder for $550,000 at an interest rate\nof 20% per annum to be repaid by June 1, 2026. On October 29, 2025, the loan was converted into 785,714 shares at a price of $0.70 per\nshare.\n\n \n\nOn\nOctober 28, 2024, we entered into a fixed term unsecured loan agreement with an existing shareholder for $250,000 at an interest rate\nof 20% per annum to be repaid by November 1, 2026. On October 29, 2025, the loan was converted into 357,142 shares at a price of $0.70\nper share.\n\n \n\nOn\nJanuary 16, 2025, we entered into a fixed term unsecured loan agreement with an existing shareholder for $150,000 at an interest rate\nof 20% per annum to be repaid by February 1, 2027. On October 29, 2025, the loan was converted into 214,285 shares at a price of $0.70\nper share.\n\n \n\nThe\naccrued interest liability amounting to $546,136 was converted into 530,163 shares on October 29,2025.\n\n \n\n**22.\nCOMMITMENTS AND CONTINGENCIES**\n\n \n\nThe\nGroup’s main financial commitments relate to the contractual payments in respect of its licensing agreements. Due to the uncertain\nnature of scientific research and development and the length of time required to reach commercialisation of the products of this research\nand development, pre-clinical, clinical and commercial milestone obligations are not provided for until there is a reasonable certainty\nthat the obligation will become payable. Contractual commitments are detailed where amounts are known and certain.\n\n \n\n \n●\nUrcosimod\n– We are obligated to pay to On Target Therapeutics the following additional amounts in respect of the first licensed product\nor service which achieves the stated development milestones:\n\n SCHEDULE\nOF MILESTONES PAYMENT\n\n**(a)** First Patient Enrolled in a Phase I Human Clinical trial \n$300,000 \n\n**(b)** First Patient Enrolled in a Phase II Human Clinical trial \n$600,000 \n\n**(c)** First Patient Enrolled in a Phase III Human Clinical trial \n$1,500,000 \n\n \n\n \n●\nBAM8 – The Group\nare committed to paying an annual license maintenance fee until the first commercial sale. The annual license maintenance fee is\n$15,000 until May 2021, and $10,000 thereafter.\n\n \n\n**23.\nPOST BALANCE SHEET EVENTS**\n\n \n\nThere\nare no post balance sheet events for Okyo Pharma Ltd.\n\n \n\nF-28"}