• Received $2.8m R&D tax refund from Australian Taxation Office for FY2025
• Additional refund expected in early 2026 for overseas R&D activities
• R&D tax incentive program critical for biopharmaceutical innovation

Race Oncology Ltd is pleased to announce that it has received $2,787,473 via the Research & Development (R&D) Tax Incentive from the Australian Taxation Office (ATO) for the financial year ended 30 June 2025 (FY2025). An additional refund for FY2025 is expected in early 2026 once final assessment of Race's eligible overseas R&D activities is completed by the ATO. The Federal Government's R&D Tax Incentive scheme is designed to stimulate Australian industry investment in R&D by providing a tax offset of up to 43.5% (refundable) on eligible R&D expenditure. On 2 September 2024, Race received a positive determination from AusIndustry regarding eligibility for overseas R&D activities and was issued an R&D Tax Incentive Advance and Overseas Finding Assessment for up to $20,081,627 over three years. This advanced finding assessment is a binding, underwritten guarantee provided by the Australian Government, which affirms that Race's R&D activities are of national interest and extends the 43.5% R&D rebate to eligible R&D activities undertaken outside of Australia from 1 July 2023 to 30 June 2026. Race CEO/MD, Dr Daniel Tillett, said the R&D tax incentive program plays a critical role in helping Australian research-intensive companies like Race Oncology to innovate and solve significant unmet needs for patients.

The company plans to utilize the R&D tax refund to accelerate the clinical development of RC220 and its trials in lung cancer, cardioprotection + anticancer in solid tumours, and acute myeloid leukemia.