Announcement PDF Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Firm commitments to raise A$4.3m and announcement of A$2.0m Share Purchase Plan to strengthen funding flexibility Not for release to US wire services or distribution in the United States Highlights:  Firm commitments received to raise A$4.3m through a Placement to new and existing institutional, sophisticated and professional investors at A$0.068 per New Share  Share Purchase Plan (SPP) targeting an additional A$2.0m, providing eligible shareholders with the opportunity to participate on the same terms as Placement  Participants will each be entitled to be made an offer, subject to shareholder approval, to apply to receive (for no consideration) one New Option (with an exercise price of A$0.12) for each New Share issued under the Placement or subscribed for under the SPP (as applicable)  Neurizon remains fully funded through to topline readout, with this funding displacing the potential drawdown of a further A$5 million from the convertible note facility with Obsidian  The Company has also redeemed the remaining 750,000 convertible notes previously held by Obsidian, taking the total number of convertible notes redeemed to 1,750,000 (which is almost half of the 3,575,500 convertible notes issued on 27 February 2026)  The Placement, SPP and redemption of convertible notes forms part of a broader capital management strategy to simplify Neurizon’s capital structure, strengthen its financial position and preserve funding optionality for the continued development of NUZ-001  Investor webinar to be held on 5 November 2026 at 1.00pm (Melbourne time) to provide further details on Company’s funding strategy and recent developments 2 November 2026 – Melbourne Australia: Neurizon® Therapeutics Limited (ASX: NUZ; OTCQB: NUZTF) (“Neurizon” or “the Company”), a late clinical-stage biotechnology company dedicated to advancing innovative treatments for neurodegenerative diseases, is pleased to advise that it has received firm commitments from new and existing institutional, sophisticated and professional investors to raise A$4.3 million (before costs) through the issue of 63.2 million new fully paid ordinary shares (“Shares”) (the “New Shares”) at A$0.068 per New Share (“Placement Offer Price”) (the “Placement”). The Placement includes a A$150,000 commitment from the Company’s Board and management (with Director participation subject to shareholder approval). The Company will also undertake a Share Purchase Plan (“SPP”) targeting an additional A$2.0 million, providing eligible shareholders with the opportunity to apply for up to A$30,000 worth of New Shares at an issue price of A$0.068 per New Share (i.e. the same issue price as the Placement Offer Price). Participants in both the Placement and SPP will each be entitled to be made an offer, subject to shareholder approval, to apply to receive (for no consideration) one new option (“New Option”) for each New Share issued under the Placement or subscribed for under the SPP (as applicable), exercisable at A$0.12 and expiring 18 months from issue. The New Options will be offered to eligible participants via a prospectus expected to be lodged with the Australian Securities and Investments Commission (“ASIC”) and released to ASX on or around 16 November 2026. Neurizon has also issued and settled an early redemption notice to Obsidian Global GP, LLC ("Obsidian") to redeem all then remaining outstanding convertible notes for US$915,750 (~A$1.31 million), which was funded from existing cash reserves. The Placement was well supported by existing shareholders, as well as new institutional and sophisticated investors. This support included important cornerstone investment from Mr Chek Loon Tan, the Company’s current largest shareholder. This follows support from Mr Tan in the Company’s previous capital raises, taking his aggregate funding through placements (including this Placement) to A$3.6 million. The Placement and SPP along with the redemption of all outstanding convertible notes form part of a broader capital management strategy designed to simplify Neurizon’s capital structure and strengthen its financial position. It also preserves funding optionality and support for the Company's ongoing clinical and regulatory activities ahead of the Phase 2/3 HEALEY ALS Platform Trial topline readout in late Q2 CY2027. Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 The Placement will replace the drawdown previously contemplated under the Obsidian convertible note facility following the Company's November 2026 Annual General Meeting (“AGM”), reflecting the Board's previously communicated strategy of continuously assessing the Company's funding requirements and its commitment to pursuing funding arrangements it considers to be in the best interests of shareholders. As a result, the Company has now withdrawn resolution 4 (“Approval to issue Convertible Notes to Obsidian Global GP, LLC (and/or its nominee(s))”) from the items to be voted on at its AGM. Importantly, the Company will retain access to a range of potential funding alternatives, including the existing Obsidian convertible note facility and the existing R&D facility, subject to the applicable restrictions and approvals (including shareholder approval), while continuing to assess opportunities for non-dilutive funding and strategic partnerships. The Placement follows significant progress across Neurizon's clinical, commercial and regulatory programs, including completion of enrolment in the HEALEY ALS Platform Trial, execution of a long term supply agreement with Elanco Animal Health, recent Type C feedback from the US Food and Drug Administration (“FDA”) supporting the potential for the trial to serve as a single registrational study, subject to demonstrating substantial evidence of effectiveness, and preparations for the launch of the NIH-funded Expanded Access Program (“EAP”), which is expected to provide NUZ-001 to ~200 additional ALS patients in the US. Chief Executive Officer, Dr Chris Bremer said: “The successful completion of this Placement represents an important step in strengthening and simplifying Neurizon's financial position ahead of a defining period for the Company. Importantly, it allows us to fully displace the next potential drawdown under the Company’s convertible note facility following our redemption of all remaining convertible notes held by Obsidian. Whilst the convertible note facility provides valuable funding support to the Company, with the Regimen I trial now fully enrolled and topline results approaching, we have taken advantage of the flexibility built into the facility to take advantage of other funding options available to us and that will simplify our capital structure, with a commitment not to drawdown on the facility until at least April 2027. The Company will only consider further drawdowns if the Board considers they are in our shareholders’ best interests. Our priority is to make disciplined funding decisions that are in the best interests of shareholders. With our clinical program progressing towards topline results and recent FDA feedback providing further clarity on the potential US regulatory pathway, we remain focused on delivering this important milestone and positioning Neurizon to maximise the opportunities that may follow." Strategic Funding Position and Obsidian Convertible Note Redemption: As announced to ASX, Neurizon entered into a Convertible Securities and Security Placement Agreement with Obsidian in December 2025. The facility provides an important source of funding flexibility during a period of significant investment in the Company's lead clinical program. Neurizon has also issued and settled an early redemption notice to Obsidian for all 750,000 then remaining convertible notes on issue, with total redemption consideration of US$915,750 (~A$1.31m) funded from existing cash. No convertible notes remain on issue, removing the potential dilution from their conversion. The Company has now withdrawn resolution 4 (“Approval to issue Convertible Notes to Obsidian Global GP, LLC (and/or its nominee(s))”) from the items to be voted on at its AGM. No further drawdowns will be undertaken under the facility until at least April 2027. Any subsequent drawdowns will be considered in light of the amount raised under the SPP and consideration of other funding opportunities available. Any subsequent drawdown will require shareholder approval. Before seeking such an approval, the Board will consider all other funding options available to it, including potential business development transactions, strategic partnerships and other financing opportunities. This approach is intended to simplify the Company’s funding position, preserve funding optionality and ensure that future capital decisions are made having regard to the Company's financial position, clinical progress, prevailing market conditions and the interests of existing shareholders. Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Placement Details: Neurizon has received firm commitments to raise A$4.3 million (before costs) through the issue of 63.2 million New Shares at the Placement Offer Price of A$0.068 per New Share (which includes the Director Participation described below). Directors have committed to participate in the Placement for A$100,000 in aggregate (“Director Participation”), subject to shareholder approval at a general meeting (expected to be held in mid-December 2026) (“General Meeting”). The Placement Offer Price represents a 20.9% discount to the Company's last closing price of A$0.086 on 28 October 2026 and an 18.9% discount to the five-day volume weighted average price (“VWAP”) of approximately A$0.0838 per share.1 The Placement will be undertaken in a single tranche under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 and is not underwritten. Settlement is expected on 6 November 2026, with allotment and normal trading expected on 9 November 2026. New Shares issued under the Placement will rank equally with existing fully paid ordinary shares then on issue. Participants will be entitled to be made an offer, subject to shareholder approval, to apply to receive (for no consideration) one New Option for each New Share issued under the Placement (rounded down to the nearest whole number). Each New Option will have an exercise price of A$0.12 and expire 18 months from the date of issue. The terms of the New Options are set out in Annexure A to this announcement. Subject to satisfying spread requirements set out in ASX Listing Rule 2.5, condition 6, the New Options are intended to be quoted on the ASX and the issue of New Options is subject to such quotation. MST Financial Services Pty Ltd and Morgans Corporate Limited are acting as joint lead managers and bookrunners to the Placement (“Joint Lead Managers”). The Joint Lead Managers are entitled to be paid fees in connection with providing these services, as set out in the Appendix 3B dated 2 November 2026. Share Purchase Plan Details: Neurizon will offer eligible shareholders, being persons who were registered holders of Shares in Neurizon at 7.00pm Friday, 30 October 2026, with a registered address in Australia or New Zealand at that time as shown on the share register, who are not in the United States and are not acting for the account or benefit of a person in the United States (and who meet certain other eligibility criteria), the opportunity to participate in the SPP and each apply for up to A$30,000 worth of New Shares at an issue price of A$0.068 per New Share (i.e. the same price as the Placement Offer Price). New Shares issued in the Placement are not eligible to participate in the SPP. The SPP is targeting to raise up to A$2 million. Neurizon may (in its absolute discretion) in a situation where total demand exceeds A$2 million, decide to increase the amount to be raised under the SPP to reduce or eliminate the need for scale back. Neurizon reserves the right to scale back applications at its absolute discretion. The SPP is being offered to eligible shareholders to extend an opportunity to invest on the same terms as the institutional and sophisticated investors who participated in the Placement. The SPP will enable eligible shareholders, irrespective of the size of their holding, to apply to participate in the capital raising at the same price as the Placement Offer Price, and not incur any brokerage or transaction costs. The SPP is not underwritten. New Shares issued under the SPP will rank equally with existing fully paid ordinary shares then on issue. The SPP is currently expected to open at 9.00am (Melbourne time) on 16 November 2026 and close at 5.00pm (Melbourne time) 4 December 2026. Participants under the SPP will be entitled to be made a separate offer by the Company, subject to shareholder approval, to apply to receive (for no consideration) 1 New Option for every 1 New Share subscribed for under the SPP (rounded down to the nearest whole number) on the same terms as participants under the Placement. 1 Excluding 28 October 2026 as no sales in NUZ ordinary shares were recorded on that day. Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Further details about the SPP, including the full terms and conditions and timetable, will be provided to eligible shareholders in an SPP offer booklet expected to be released in mid-November 2026. Use of Funds: Funds raised under the Placement and SPP, together with existing cash (following the redemption of all outstanding convertible notes then held by Obsidian) and anticipated R&D tax incentive refunds, will be applied to:  Clinical and pre-clinical activities, including completion of Regimen I of the Phase 2/3 HEALEY ALS Platform Trial, with topline results anticipated in late Q2 CY2027  Manufacturing, supply-chain readiness and regulatory activities to support the continued clinical development and preparation for potential commercialisation of NUZ-001  Market engagement and business development activities, including potential strategic partnering opportunities  Corporate costs (commercial, finance and governance), working capital and transaction expenses Indicative Timetable: INDICATIVE OFFER TIMETABLE1 Event Dates (Melbourne time) Trading halt Pre-market Thursday, 29 October 2026 SPP record date 7.00pm, Friday, 30 October 2026 Announce results of Placement, announce SPP, trading halt lifted and return to trading on the ASX Pre-market Monday, 2 November 2026 Settlement of New Shares under the Placement2 Friday, 6 November 2026 Allotment date and expected normal trading of New Shares under the Placement2 Monday, 9 November 2026 SPP opening date and New Options offer opening date Monday, 16 November 2026 SPP closing date 5.00pm, Friday, 4 December 2026 Results of SPP announced Friday, 11 December 2026 Issue of New Shares under SPP Friday, 11 December 2026 New Shares under SPP commence trading on ASX Monday, 14 December 2026 Despatch of holding statements in respect of SPP New Shares Tuesday, 15 December 2026 General Meeting to approve Director Participation and the New Options Thursday, 17 December 2026 Issue of New Shares under Director Participation and issue of New Options under Placement and SPP3 Late-December 2026 Expected normal trading of New Shares under Director Participation and New Options under Placement and SPP3 Late-December 2026 1. The above timetable is indicative only and the Company reserves the right to withdraw the Placement or vary the timetable for the Placement at any time before the issue of the relevant securities without notice, subject to the Listing Rules and the Corporations Act and other applicable laws. The Company reserves the right to close the SPP early, extend the SPP closing date or to withdraw the SPP, in its sole and absolute discretion, by lodging an announcement with the ASX. The commencement of trading and quotation of New Shares and New Options is subject to ASX confirmation. The Company gives no assurance that such quotation will be granted. 2. Excluding New Shares to be issued to Directors as subject to shareholder approval at the General Meeting. 3. Subject to shareholder approval being obtained at the General Meeting and quotation condition being satisfied (as applicable). Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Investor webinar: Neurizon will host an investor webinar featuring Chief Executive Officer Dr Chris Bremer and Chief Financial Officer Dan O'Connell to discuss the Placement, the strategic rationale for the early redemption of the Obsidian convertible notes and the Company's funding strategy ahead of the anticipated HEALEY ALS Platform Trial topline readout. The webinar will include a live Q&A session, providing shareholders and investors with the opportunity to ask questions directly of management. Questions can also be submitted in advance via the registration link. Details:  Date: 5 November 2026  Time: 1:00pm (Melbourne time)  Presenters: Dr Chris Bremer, CEO, and Dan O'Connell, CFO  Registration: https://bit.ly/2026CorporateUpdate Shareholders and investors are encouraged to register in advance and submit questions ahead of the webinar. A recording will be made available following the event. Additional Information: A summary of key risks in respect of an investment in Neurizon is set out in Annexure B to this announcement. Annexure C to this announcement contains International Offer Restrictions in respect of the Placement. -ENDS- This announcement has been authorised for release by the Board of Neurizon Therapeutics Limited. This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or in any other jurisdiction in which such offer or solicitation would be unlawful. The securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933, as amended (the US Securities Act), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. For further information, please contact: Marketing & Corporate Affairs Lidija Damjanovic Email: lidija@neurizon.com Phone: +61 (0) 425 700 504 Investor Relations Henry Jordan Email: henry.jordan@sdir.com.au Phone: +61 (0) 431 271 538 About Neurizon Therapeutics Limited Neurizon Therapeutics Limited (ASX: NUZ) is a late clinical-stage biotechnology company dedicated to advancing treatments for neurodegenerative diseases. Neurizon is developing its lead drug candidate, NUZ-001, for the treatment of ALS, which is the most common form of motor neurone disease. Neurizon’s strategy is to accelerate access to effective ALS treatments for patients while exploring the potential of NUZ-001 for broader neurodegenerative applications. Through international collaborations and rigorous clinical program, Neurizon is dedicated to creating new horizons for patients and families impacted by complex neural disorders. NUZ-001 is an investigational product and is not approved for commercial use in any jurisdiction. Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Neurizon Investor Hub We encourage you to utilise our Investor Hub for any enquiries regarding this announcement or other aspects concerning Neurizon. This platform offers an opportunity to submit questions, share comments, and view video summaries of key announcements. To access Neurizon Investor Hub please scan the QR code or visit https://investorhub.neurizon.com Neurizon® is a registered trademark of Neurizon Therapeutics Limited Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Annexure A – Terms of New Options (a) Each New Option entitles the holder to subscribe for and be issued one Share upon payment of the exercise price. (b) The amount payable upon exercise of each New Option is A$0.12. (c) Each New Option will expire at 5.00pm (Melbourne time) on the date which is 18 months after the date of issue of the New Option (“Expiry Date”). A New Option not exercised before the Expiry Date will automatically lapse on the Expiry Date. (d) Subject to satisfying spread requirements set out in ASX Listing Rule 2.5, condition 6, the New Options are intended to be quoted on the ASX and the issue of New Options is subject to such quotation. (e) The New Options may be exercised, in whole or in part (in multiples of no less than 100,000 New Options (or where the holder holds less than 100,000 that lesser amount)), at any time after issue and on or before the Expiry Date by lodging with the Company an exercise notice, which must specify the number of New Options being exercised accompanied by an electronic payment of the aggregate exercise price of the New Options being exercised. An exercise notice is only effective on and from the later of the date of receipt of the exercise notice and the date of receipt by the Company of the payment of the exercise price for each New Option being exercised in cleared funds. An exercise of only some New Options shall not affect the rights of the holder to the balance of the New Options held by the holder. An exercise notice, once lodged with the Company, is irrevocable and by giving the exercise notice, the holder agrees: a. to subscribe for that number of Shares equivalent to the number of New Options exercised under the exercise notice; and b. to become a member of the Company and be bound by the Company’s constitution on the issue of Shares. (f) Within five business days of receipt of a valid exercise notice, the Company will: a. issue the number of Shares required under these terms and conditions in respect of the number of New Options specified in the exercise notice and for which cleared funds have been received by the Company; and b. if admitted to the official list of the ASX at the time, apply for official quotation on ASX of Shares issued pursuant to the exercise of the New Options. (g) The Shares issued on exercise of the New Options shall rank, from the date of issue, equally with the then existing ordinary Shares of the Company in all respects. (h) The New Options do not confer any right to vote at general meetings of the Company’s shareholders, except as required by law. (i) There are no participating rights or entitlements inherent in the New Options and the holder will not be entitled to participate in new issues of capital that may be offered to shareholders during the currency of the New Options before valid exercise. (j) Subject to all applicable laws, the holder has the right to exercise their New Options prior to the date of determining entitlements to any capital issues to the then existing shareholders of the Company made during the currency of the New Options. (k) The New Options do not confer any right to participate in the surplus profit or assets of the Company upon a winding up. (l) In the event of any re-organisation (including reconstruction, consolidation, subdivision, reduction or return of capital) of the issued capital of the Company, the New Options will be re-organised as required by the Listing Rules, but in all other respects the terms of exercise will remain unchanged. (m) If there is a bonus issue of Shares or other securities to the holders of Shares (other than an issue in lieu or in satisfaction, of dividends or by way of dividend reinvestment) (“Bonus Issue”) the number of Shares over which a New Option is exercisable will be increased by the number of Shares which the holder would have received if the Option had been exercised before the record date for the Bonus Issue (“Bonus Shares”). The Bonus Shares must be paid up by the Company out of the profits or reserves (as the case may be) in the same manner as was applied in the Bonus Issue and upon issue rank pari passu in all respects with the other shares of that class on issue at the date of issue of the Bonus Shares. No change will be made to the exercise price. (n) If there is a pro rata issue (other than a Bonus Issue) to the holders of Shares during the currency of, and prior to the exercise of any New Options, the exercise price of a New Option will be reduced according to the formula provided for in the Listing Rules (whether or not the Company is listed on the ASX at the time). Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 (o) The New Options will not give any right to participate in dividends until Shares are allotted pursuant to the valid exercise of the relevant New Options. (p) A New Option gives the holder no rights other than those expressly provided by these terms and those provided at law where such rights at law cannot be excluded by these terms. Neurizon Therapeutics Limited ABN 35 094 006 023 www.neurizon.com Suite 2, Level 11, 385 Bourke Street, Melbourne, VIC 3000 Tel: +61 3 9692 7222 Annexure B – Summary of Key Risks This Annexure describes some of the potential risks associated with an investment in the Company and its subsidiaries (the “Group”). An investment in the Group is subject to risks specific to the Group and its business and is also subject to general risks. Each of these risks could, if they eventuate, have a material adverse impact on the Group’s business, financial position, operating and financial performance and the value of Shares, including New Shares. Many of the circumstances giving rise to these risks are beyond the control of the Group and its Directors and Management. You should note that the risks described in this Annexure are not the only risks faced by the Group. Additional risks (including risks of which the Group and its Directors are currently unaware) also have the potential to have a material adverse effect on the Group’s business, financial position, operating and financial performance and the value of Shares, including New Shares. Before deciding whether to invest in the Group, you should consider publicly available information on Neurizon and satisfy yourself that you have a sufficient understanding of the actual and potential risks associated with such an investment. You should consider whether an investment in the Group is suitable for you having regard to your personal circumstances, investment objectives, financial situation, tax position and particular needs. If you are in any doubt as to whether to invest in the Group, you should seek professional advice from your stockbroker, accountant, lawyer, financial adviser or other independent professional adviser. References to the Company or Neurizon in the risk factors below include each member of the Group (unless the context requires otherwise). OFFER AND FUNDING SPECIFIC RISKS Capital raising certainty risk Neither the Placement nor the SPP is underwritten. There is no guarantee that the Company will raise the targeted amounts under either the Placement or the SPP. If the Company is not able to raise the targeted amount under the Placement, it may need to explore alternative funding arrangements and there can be no assurance that appropriate funding, if and when needed, will be able to be secured on terms acceptable to the Company, or at all. See also ‘Impact of funding’ risk below. New Options risk The New Options are, by their nature, only of value at times when the exercise price is lower than the price of the underlying Shares. There is no guarantee that the price of Shares will be greater than the exercise price at any time up to the expiry date of the New Options. Accordingly, there is a risk that the New Options will be ‘out of the money’ during the exercise period, which will affect the value of the New Options and the willingness of holders to exercise them. In such circumstances the New Options may lapse without any value being realised. The Company intends to apply for quotation of the New Options before or within seven days of the Prospectus being lodged with ASIC. ASX requires the Company to meet certain conditions for quotation of New Options as a new class on ASX. There is a risk that the Company may not be able to meet those requirements, and, as a result, the New Options may not be able to be issued. The fact that ASX may agree to grant official quotation of the New Options is not to be taken in any way as an indication of the merits of Neurizon or its securities. If the Company’s application for the New Options to be quoted on ASX is granted, the trading price of the New Options may be affected by the ongoing performance, financial position, and solvency of Neurizon. Should the ASX grant official quotation of the New Options, the liquidity of trading in New Options on the ASX may be limited at times and may affect an eligible participant’s ability to buy or sell New Options. In addition, Neurizon’s share price may not exceed the exercise price of the New Options during the exercise period. In such circumstances the New Options lapse without any value being realised. The offer of the New Options to participants under t