• Cleo Diagnostics received a $1.7m R&D tax refund
• The refund strengthens Cleo's cash position to $5.75m
• Funds will support key milestones including US pivotal trial and FDA submission

Cleo Diagnostics Ltd (ASX:COV) has announced that it has received a cash refund of $1,716,580 from the Australian Government for its FY25 Research and Development (R&D) Tax Incentive claim. Following receipt of the refund, Cleo now holds a strong cash balance of ~$5.75 million as at 25th November 2025. The company says this means it remains well funded to execute on its key near-term milestones, including the completion of its U.S. pivotal clinical trial and FDA submission next year for its Pre-Surgical Ovarian Cancer Test. Cleo's R&D program is central to its staged execution strategy, beginning with the development of its Pre-Surgical Ovarian Cancer Test to accurately distinguish benign from malignant disease prior to surgery. This initial test provides a clear and achievable regulatory and commercial entry point, generating near-term value while building the foundation for Cleo's long-term goal of developing a global screening test for early ovarian cancer detection. Cleo's CEO, Dr Richard Allman, commented that the R&D refund further strengthens the company's financial position as it enters a critical phase of development and commercialisation. He said Cleo's technology has the potential to transform ovarian cancer detection globally, and the company remains focused on executing its plans to enter the U.S. market initially and ultimately bring the test to women worldwide.

Cleo Diagnostics remains focused on executing on its plans to enter the U.S. market initially and ultimately bring its Pre-Surgical Ovarian Cancer Test to women worldwide.