Mar26 Quarterly Activities Report

• Commenced Phase 1 trial for IRX-616a to treat Panic Disorder
• Progressed Phase 2 program for IRX-211 to treat Breakthrough Cancer Pain
• Completed Phase 1 protocol for SRX-25 to treat Treatment-Resistant Depression

Nexalis Therapeutics Ltd (ASX: NX1) reported on its activities for the quarter ended 31 March 2026, marking a transition from clinical preparation to active execution across its development pipeline. Key highlights include the commencement of the Phase 1 clinical trial for IRX-616a in Panic Disorder, with the first participant screened and first patient dosed. The company also advanced its IRX-211 Phase 2 program for Breakthrough Cancer Pain, focusing on site readiness and patient recruitment preparation. Additionally, Nexalis completed the SRX-25 Phase 1 protocol and progressed its intellectual property strategy for this oral treatment targeting Treatment-Resistant Depression. The company also completed a corporate rebrand to Nexalis Therapeutics, reflecting its evolution beyond inhaled therapies. Nexalis remains focused on efficient execution of clinical trials, disciplined capital allocation, advancing assets toward regulatory approval, and increasing market awareness of its positioning and future commercial potential.

Nexalis is well positioned to deliver multiple clinical milestones over the coming periods, with a focus on efficient execution of clinical trials, maintaining disciplined capital allocation, advancing assets toward regulatory approval pathways, and taking a disciplined approach to increasing market awareness of the company's positioning and future commercial potential.