• Received $5.25m R&D Tax Incentive refund from Australian Taxation Office
• Eligible for up to $20.08m R&D Tax Incentive over 3 years
• Funds to accelerate clinical development of lead asset RC220

Race Oncology Ltd (ASX: RAC) has announced that it has received $5,254,557 via the Research & Development (R&D) Tax Incentive from the Australian Taxation Office (ATO) for the financial year ended 30 June 2024 (FY2024). 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, stated that the R&D tax incentive program plays a critical role in helping Australian research-intensive companies to innovate, and is especially important in helping biopharmaceutical companies such as Race Oncology solve significant unmet needs for patients. The company is grateful to receive this refund and looks forward to utilising the funds to accelerate the clinical development of its lead asset, RC220.

Race Oncology plans to utilize the $5.25m R&D Tax Incentive refund and the up to $20.08m in R&D Tax Incentive funding over the next 3 years to accelerate the clinical development of its lead asset, RC220, across multiple oncology indications.