• Race Oncology raises over $3.22m to fund HARNESS-1 Phase 1a/b lung cancer trial
• Placement undertaken by existing sophisticated shareholders at a 6% premium to last closing price
• HARNESS-1 first patient expected to be enrolled early Q1 2026

Race Oncology Limited ('Race') has announced that it has received and accepted an offer of a private placement (Placement) from a supportive group of existing sophisticated Race shareholders to fund the HARNESS-1 Phase 1a/b non-small cell lung cancer trial of RC220 in combination with Tagrisso® (osimertinib). The Placement, combined with funds received from early conversion of the May 2026 $1.25 piggyback options and a binding commitment from CEO Dr Daniel Tillett to convert his $1.25 options, provides the funding required to undertake the HARNESS-1 trial. The HARNESS-1 trial has received authorisation from the Human Research Ethics Committee for St Vincents Hospital (Melbourne) and patient enrolment is expected to commence in late Q4 2025 to early Q1 2026, subject to final institutional approval and site activation by Monash Health. The Company intends to issue 1,139,028 New Shares on 10 December 2025 to sophisticated and professional investors under section 708 of the Corporations Act 2001 (Cth) at an Issue Price of $2.83 per New Share, representing a 6% premium to the last closing price of $2.67 per share on 8 December 2025 and no discount to the Company's 5-day volume weighted average price of $2.83.

With funding now available to complete HARNESS-1, the Board of Race Oncology has approved trial initiation. The HARNESS-1 trial is expected to commence patient enrolment in late Q4 2025 to early Q1 2026, subject to final institutional approval and site activation.