Half-year Financial Report

BioPharma Credit PLC

24 September 2026

BIOPHARMA CREDIT PLC

("BPCR" or "the Company")

HALF YEAR REPORT FOR THE YEAR ENDED 30 JUNE 2026

BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investor, is pleased to present its Half Yearly Report for the six-month period ended 30 June 2026.

The Half-Year Report and Financial Statements can be accessed via the Company's website at www.bpcruk.com or by contacting the Company Secretary by telephone on (0) 333 300 1932.

INVESTMENT HIGHLIGHTS

•	Over the first six months of 2026, BPCR made new commitments totalling $716.3 million, consisting of:
	◌	Esperion senior secured loan, $120.0 million
	◌	Idorsia senior secured loan, $92.8 million
	◌	Mineralys senior secured loan, $150.0 million
	◌	Zenas senior secured loan, $125 million
	◌	Refinancing of the Paratek loan, $50 million
	◌	Refinancing of the UroGen loan, $125 million
	◌	Unsecured Convertible Debt positions, $53.5 million.
•	The Company also received one senior secured loan repayment and sold three notes - one senior unsecured note and two senior unsecured convertible notes during the period:
	◌	On 11 February 2026 through 27 June 2026, the Company sold 30 million of 1.75 per cent. senior unsecured convertible notes due 2031 issued by Cytokinetics, Inc. at a weighted average price of $132. The sales generated a gain of $9.1 million.
	◌	On 5 May 2026, the Company received a prepayment from Alphatec totalling $37.1 million, comprised of $35 million in return principal and $2.1 million of prepayment fees and accrued interest.
	◌	On 9 June 2026 and 15 June 2026, the Company sold 10 million and 50 million, respectively, of 8.62 per cent. senior unsecured notes due 2030 issued by Harrow Inc. and received $3 million in income.
	◌	On 30 June 2026, the Company sold 1.25 million of 2.50 per cent. senior unsecured convertible notes due 2032 issued by Zenas BioPharma, Inc. at a price of $120.
•	Post-period end, the Company made a new commitment and sold a senior unsecured convertible note position:
	◌	On 10 July 2026 the Company entered into a senior secured loan with Kestra, for a total commitment of $45 million.
	◌	On 1 July 2026 through 4 September 2026, the Company sold 12.5 million of 2.50 per cent. senior unsecured convertible notes due 2032 issued by Zenas BioPharma at a weighted average price of $134. The sales generated a gain of $4.2 million. Following the sales, as at 24 September 2026, the Company holds 6.2 million senior unsecured convertible notes issued by Zenas BioPharma.
•	On 20 August the Company announced its successful completion of the sale, on 14 August 2026, of its interest in Lumira SAS (Columbia). With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment, on a gross and net basis.

FINANCIAL HIGHLIGHTS

•	The Company reported return after finance costs and taxation for the first half of 2026 of $50.4 million.
•	Net Asset Value ("NAV") per Ordinary Share decreased since 31 December 2025 from $1.0192 to $1.0148. The decrease primarily reflects the impact of a 2025 special dividend declared and paid during the period, which reduced reserves, together with the timing and number of prepayments received. The first half of 2025 benefited from several repayments, compared to one repayment in the first half of 2026.
•	The Company made two dividend payments over the period totalling 4.95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026.
•	Following the end of the second quarter of 2026, the Company declared a further dividend referencing net income for the quarter ending 30 June 2026 of 1.75 cents per share that was paid on 31 July 2026.

¹ The recovery of principal investment is equivalent to the multiple of invested capital and excludes all expected expenses and wind-down costs. For more information as to how the Company calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1 of the Company's investor presentation dated 20 April 2026, available on the Company's website. Past performance is not an indication of future performance.

SUMMARY

as at 30 June 2026

Share price	Net assets
$0.9540	$1,138.8m
(31 December 2025: $0.9160)	(31 December 2025: $1,150.9m)

NAV per share	Net income per share
$1.0148	$0.0447
(31 December 2025: $1.0192)	(30 June 2025: $0.0633)

Discount to NAV per share	Ordinary Shares in Issue with Voting rights
6.0%	1,122.2m
(31 December 2025: 10.1%)	(31 December 2025: 1,129.2m)

Shares Outstanding	Dividends Yield
1,373.9m	8.6%
(31 December 2025: 1,373.9m)	(30 June 2025: 11.5%)

PORTFOLIO COMPOSITION

	As at 30 June 2026 Fair value ($m)	As at 30 June 2025 Fair value ($m)	As at 30 June 2026 % of Company Net Assets	As at 30 June 2025 % of Company Net Assets

Cash	260.1	213.2	22.9	18.5
Insmed 2024 Senior Secured Loan	218.0	216.6	19.1	18.8
Novocure Senior Secured Loan	98.6	48.1	8.7	4.2
UroGen 2026 Senior Secured Loan	98.6	49.7	8.7	4.3
Evolus 2025 Senior Secured Loan	62.2	61.9	5.5	5.4
Idorsia Senior Secured Loan	55.1		4.8
Geron Senior Secured Loan	49.1	48.9	4.3	4.3
Precigen Senior Secured Loan	49.0		4.3
Paratek 2026 Senior Secured Loan	48.0	24.8	4.2	2.2
Zenas Senior Secured Loan	37.7		3.3
Tarsus Senior Secured Loan	36.9	36.7	3.2	3.2
Mineralys Senior Secured Loan	29.4		2.6
Valneva Senior Secured Loan	29.5		2.6
Zenas Senior Unsecured Convertible Note	22.3		2.0
Viridian Senior Unsecured Convertible Note	15.8		1.4
Syndax Senior Unsecured	15.1		1.3
LumiraDx Colombia	6.0	7.5	0.5	0.7
Celcuity Senior Unsecured Convertible Note	3.4		0.3
Nuvation Senior Unsecured Convertible Note	3.1		0.3
Cogent Senior Unsecured Convertible Note	1.5		0.1
Previously Realised Investments		448.3		38.9
Other Net Liabilities	(0.6)	(5.4)	(0.1)	(0.5)
Total Net Assets	1,138.8	1,150.3

² Based on the USD/CHF currency spot rate as of 25 June 2026.

Pedro Gonzalez de Cosio, CEO and co-founder of Pharmakon Advisors, LP, the Investment Manager of BioPharma Credit PLC, said:

"The current portfolio has continued to deliver strong performance, and we are pleased to have made over $760 million of new commitments in the first half of 2026. The Company began the year with a large cash balance, but the life sciences industry will continue to have substantial capital needs in the immediate and long-term future, as the number of clinical trials continue to grow."

"Accordingly, we expect that our new investment pipeline will continue to be strong in the second half of 2026 and beyond, as new products and companies enter the market. Despite the macro headwinds, we remain confident of the Company's ability to deliver its target dividend yield to our investors."

Results presentations

As announced previously, a management presentation for sell side analysts will be held via a webcast facility at 15:00 BST today. To request details or to register to attend please RSVP biopharmacredit@buchanan.uk.com

The investment adviser will also provide a live presentation for investors via Investor Meet Company on 25 September 2026 at 14:00 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 24 September 2026, 09:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet BioPharma Credit PLC via:

https://www.investormeetcompany.com/biopharma-credit-plc/register-investor

Investors who already follow BioPharma Credit PLC on the Investor Meet Company platform will automatically be invited.

Enquiries

Burson Buchanan

Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill

+44 (0) 20 7466 5000

biopharmacredit@buchanan.uk.com

Notes to Editors

BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

LEI: 213800AV55PYXAS7SY24

CHAIRMAN'S STATEMENT

The Company started 2026 with strong momentum, announcing twelve new commitments representing $761.3 million.

INTRODUCTION

I am pleased to present the half yearly report for BioPharma Credit PLC ("the Company" or "BPCR"), which covers the period from 1 January 2026 to 30 June 2026. The Company continued to deliver strong and consistent income, supported by its well-diversified portfolio of 12 loans secured against sales of various drugs and treatments, as well as certain unsecured convertible notes that are publicly traded. This performance once again enabled the Company to pay an ordinary interim dividend of 1.75 cents per share for each quarter, bringing the total ordinary interim dividend for the first half of 2026 to 3.50 cents per share. In addition, the Company paid a special dividend of 1.45 cents per share alongside the ordinary interim dividend in respect of the period ended 31 December 2025, further demonstrating its commitment to delivering attractive returns to shareholders.

The Company's dividend policy includes the payment of special dividends for any income exceeding the annual target. For reference, total dividends paid in calendar year 2025 were 9.64 cents per share. The timing and amount of special dividends is affected by prepayments and interest rate fluctuations. For the first half of the year, the Company reported net revenue per share of 4.47 cents. This represents a slight decrease compared to the prior-year period, primarily reflecting the timing and number of prepayments received. The first half of 2025 benefited from several repayments, compared to one repayment in the first half of 2026.

The evolving market continues to present compelling opportunities, and the Company remains well positioned to provide investors with access to an attractive, diversified portfolio of secured loans. However, consistent with recent market trends, the Company's shares continued to trade at a discount to NAV throughout the period. In response, the Company purchased 7.0 million shares during the first half of 2026 in accordance with the Discount Control Mechanism ("DCM") at an average share price of 95 cents and a total cost of $6.7 million narrowing the discount to NAV from 10.1 per cent. at 31 December 2025 to 6.0 per cent. at 30 June 2026. Subsequently, in May 2026, the share price recovered and the share repurchase requirement ceased. We are pleased to see that the discount has continued to tighten post period end. Please refer to the 2025 Annual Report for a full description of the current DCM.

INVESTMENTS

From the start of 2026 to date, BPCR made commitments totalling $761.3 million, consisting of $716.3 million made in the period to 30 June 2026 and $45 million made post period end. Of these commitments, $326.7 million was funded in the first half of the year and $142.5 million was funded post period end; see the below for a breakdown.

1 January 2026 through 30 June 2026 ($M)
Investment Name	New Investment	Refinanced Loan	Committed
Esperion senior secured loan	-	-	120.0
Idorsia senior secured loan	55.7	-	92.8
Mineralys senior secured loan	30.0	-	150.0
Paratek senior secured loan	-	50.0	50.0
UroGen senior secured loan	-	100.0	125.0
Unsecured Convertible Debt positions	53.5	-	53.5
Zenas senior secured loan	37.5	-	125.0
Total $	176.7	150.0	716.3

Post 30 June 2026 ($M)
Investment Name	Funded	Committed
Esperion senior secured loan	120.0	-
Kestra senior secured loan	22.5	45.0
Total $	142.5	45.0

Please refer to the diagram in the full half year report to see the diversity of the current portfolio.

The Company announced on 14 August 2026 its successful completion of the sale of its interest in Lumira SAS (Colombia) (the "Lumira Colombia Sale"), ("Lumira Colombia"). With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment,¹ on a gross and net basis. The successful closing of the Lumira Colombia Sale marks the conclusion of the Company's investment in the LumiraDx group companies. LumiraDx Colombia Holdings LTD, the former UK parent entity of Lumira Colombia will be liquidated in due course.

The global operating environment remains subject to evolving geopolitical and trade policy developments. To date, these factors have not had a material impact on the Company's portfolio, which continues to perform in line with expectations. We will continue to monitor developments and assess any potential implications for the portfolio as conditions evolve.

SHAREHOLDER RETURNS²

The Company reported a return after finance costs and taxation of $50.4 million for the first half of 2026, a decrease of $22.8 million compared with the same period in 2025. This decline primarily reflects the make whole and prepayment fees received in the first half of 2025 following multiple loan repayments, including from BioCryst, Evolus and OptiNose. As at 30 June 2026, the share price was $0.9540, and the Net Asset Value ("NAV") per Ordinary Share was $1.0148. The NAV per Ordinary Share decreased since 31 December 2025 of $1.0192 due to the impact of a 2025 special dividend declared and paid during the period which reduced reserves.

The Company made two dividend payments over the period totalling 4.95 cents per share, referencing net income for the quarters ending 31 December 2025 and 31 March 2026. Following the end of the second quarter of 2026, the Company declared a further dividend referencing net income for the quarter ending 30 June 2026 of 1.75 cents per share that was paid on 31 July 2026. See the chart in the full half year report for the annualised dividends since IPO, including the first two quarters of 2026.

INVESTMENT VALUATIONS

The valuation of the Company's investments is performed by the Investment Manager. Investments with quoted prices in active markets or external market data are verified with independent sources. The valuation principles of the Company's unlisted secured loans are valued based on a discounted cash flow methodology. A fair value for each loan is calculated by applying a discount rate to the cash flows expected to arise from each loan. Further details on the valuation methodology are given in note 7 to the financial statements in the full half year report.

THE BOARD

The Board recognises that two valued members have retired during the period. At this year's AGM, both Colin Bond and Duncan Budge, who had been on the Board for nine years, did not seek re-election consistent with the UK Corporate Governance Code. The Board and I would like to extend our deepest thanks to Colin and Duncan for their significant contributions as Directors during their tenure.

As part of the Board's ongoing commitment to effective succession planning and the continued refreshment of Board composition, the Board appointed Nigel Reynolds as a non-executive Director with effect from 1 January 2026 and Graeme Proudfoot with effect from 15 September 2026.

Nigel Reynolds succeeded Colin Bond as Chair of the Audit and Risk Committee following the Company's AGM in June 2026, supporting an orderly transition and ensuring the continued effectiveness of the Board and its Committees. The Board also appointed Sapna Shah as Senior Independent Director at the 2026 AGM to replace Duncan Budge.

To ensure continuity, I will remain in post as Chairman until the end of 2026, then I will step down as a Director and be replaced as Chairman by Rolf Soderstrom, current non-executive Director.

OUTLOOK

The Company delivered a strong first half of 2026, with $716.3 million in new commitments announced and $326.7 million deployed into new investments. Of the Company's investment loan balance, $410.9 million - or 51 per cent. of the portfolio - is subject to floating interest rates. Following the strong investment activity of the past few months, BPCR is now close to being fully invested. New investments will require prepayments or sales of existing assets.

The Investment Manager remains focused on expanding its pipeline of potential investments and is actively assessing a range of opportunities to support future growth and further enhance portfolio diversification. On behalf of the Board, I would like to thank Pharmakon for its continued dedication and achievements throughout 2026, and our shareholders for their ongoing support and confidence in the Company.

Harry Hyman

Chairman

23 September 2026

¹As used herein, the recovery of principal investment is equivalent to the multiple of invested capital, and excludes all expected expenses and wind-down costs. For more information as to how the Company calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1 of the Company´s investor presentation dated 20 April 2026, available on the Company's website (https://bpcruk.com/company-presentation-april-2026/). Past performance is not an indication of future performance.

²Past performance is not an indication of future performance.

INVESTMENT MANAGER'S REPORT

Pharmakon is pleased to present an update on the Company's portfolio and investment outlook.

Pharmakon's continued engagement with new and existing counterparties during the first half of the year resulted in $716.3 million of new commitments, while the current portfolio continued to deliver strong performance.

The return after finance costs and taxation was $50.4 million, compared to $72.8 million in the same period in 2025, due to receiving several repayments in the first half of 2025 compared to a single repayment in 2026. The Company began the year with a large cash balance, leading to a larger average cash balance in this period than in the prior period.

Current Portfolio Diversification as of 30 June 2026

As of 30 June 2026.

Type	Percentage	Fair Value ($m)
Cash	23.0%	$260.1
Insmed 2024 senior secured loan	19.1%	$218.0
UroGen 2026 senior secured loan	8.7%	$98.6
Novocure senior secured loan	8.7%	$98.6
Evolus 2025 senior secured loan	5.5%	$62.2
Idorsia senior secured loan	4.8%	$54.7
Geron senior secured loan	4.3%	$49.1
Precigen senior secured loan	4.3%	$49.0
Paratek 2026 senior secured loan	4.2%	$48.0
Zenas senior secured loan	3.3%	$37.7
Tarsus senior secured loan	3.2%	$36.9
Valneva senior unsecured convertible note	2.6%	$29.5
Mineralys senior secured loan	2.6%	$29.4
Zenas senior unsecured convertible note	2.0%	$22.2
Viridian senior unsecured convertible note	1.4%	$15.9
Syndax senior unsecured convertible note	1.3%	$15.1
LumiraDx Colombia	0.5%	$6.0
Celcuity senior unsecured convertible note	0.3%	$3.4
Nuvation senior unsecured convertible note	0.3%	$3.1
Cogent senior unsecured convertible note	0.1%	$1.5

Below is an update on the portfolio of the Company and its subsidiaries.*

Nuvation

On 26 June 2026, the Company, along with the Private Fund also managed by the Investment Manager (the "Private Fund"), purchased 3.0 million face value each of 0.75 per cent. senior unsecured convertible notes due 2032 issued by Nuvation Biosciences, Inc. (Nasdaq: NUVB) ("Nuvation") at a price of $100 per note for a total $3.0 million investment. The closing price at 30 June 2026 was $104.52.

Nuvation is a global oncology company focused on tackling some of the toughest challenges in cancer treatment with the goal of developing therapies that create a profound, positive impact on patients' lives. Its pipeline includes Ibtrozi (taletrectinib), a next-generation ROS1 inhibitor; safusidenib, a brain-penetrant IDH1 inhibitor; and a drug-drug conjugate (DDC) programme. Nuvation's lead product is Ibtrozi an oral, potent, CNS-active, selective, next-generation ROS1 inhibitor therapy approved in June of 2025 by the Food and Drug Administration for locally advanced or metastatic ROS1+ non-small cell lung cancer (NSCLC); Ibtrozi is included in the National Comprehensive Cancer Network (NCCN) guidelines as a preferred agent in both front-line and subsequent-line therapy for ROS1+ NSCLC, as well as in patients with Central Nervous System progression. The market capitalisation as of 16 September 2026 was $2.0 billion.

Investment type:	Senior Unsecured Convertible Notes
Purchase Date:	26 June 2026
Total investment amount:	$6m
Company commitment:	$3m
Maturity	July 2032

* The total investment amount in the following section includes the Company's and BPCR Limited Partnership's.

Idorsia

On 8 June 2026, the Company, along with the Private Fund, entered into a senior secured term loan agreement for up to CHF 250.0 million with Idorsia Pharmaceuticals Ltd (SWX: IDIA.SW) ("Idorsia"), a Switzerland- based biopharmaceutical company specialised in the discovery, development, and commercialisation of innovative small molecules.

Idorsia drew down CHF 150.0 million on 25 June 2026. The Company's share of the transaction was CHF 45.0 million ($55.7 million), which was funded by the Company through its subsidiary. The loan bears interest at a fixed rate of 7 per cent. per annum with a 1.50 per cent. additional consideration for Tranche A that was paid at closing along with a 1.50 per cent. exit consideration payable at maturity. Any USD loans will bear interest at 3-month secured overnight financing rate ("SOFR") (subject to a 3.25 per cent. floor) plus 5.75 per cent. per annum. The Company and the Private Fund are using forward contracts to hedge the CHF exposure. The forward hedge is expected to generate a positive carry, resulting in expected USD-denominated returns for this investment that are broadly in line with those of other investments in the portfolio.

Idorsia's lead product is Quviviq (daridorexant), a dual orexin receptor antagonist (DORA) which blocks the binding of wake-promoting orexin neuropeptides. Rather than inducing sleep through broad inhibition of brain activity, daridorexant selectively blocks the activation of orexin receptors. Consequently, daridorexant decreases the wake drive, allowing sleep to occur, without altering the proportion of sleep stages. The market capitalisation as of 16 September 2026 was $1.6 billion.

Investment type:	Secured Loan
Initial investment date:	25 June 2026
Total loan amount:	CHF 250m
Company commitment:	CHF 75m
Maturity:	June 2031

Celcuity

On 4 June 2026, the Company, along with the Private Fund, purchased 3.0 million face value each of 0.25 per cent. senior unsecured convertible notes due 2032 issued by Celcuity, Inc. (Nasdaq: CELC) ("Celcuity") at a price of $100 per note for a total $3.0 million investment. The closing price at 30 June 2026 was $114.07.

Celcuity is a clinical-stage biotech company developing gedatolisib, an inhibitor of both PI3K and mTOR. Celcuity is running the Ph3 VIKTORIA-1 trial evaluating gedatolisib in second-line (2L) hormone receptor-positive (HR+) HER2-negative (HER2-) breast cancer. Celcuity's lead product is Gedatolisib, a next-generation inhibitor of the PI3K/AKT/mTOR pathway. It hits two nodes in the pathway, which may limit the impact of pathway redundancy - a mechanism that can otherwise lead to resistance. The market capitalisation as of 16 September 2026 was $4.0 billion.

Investment type:	Senior Unsecured Convertible Notes
Purchase date:	9 June 2026
Total investment amount:	$6m
Company commitment:	$3m
Maturity:	August 2032

Syndax

On 4 June 2026, the Company, along with the Private Fund, purchased 12.5 million face value each of 2.25 per cent. senior unsecured convertible notes due 2031 issued by Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX) ("Syndax") at a price of $100 per note for a total $12.5 million investment. The closing price at 30 June 2026 was $121.07.

Syndax is a commercial stage biopharmaceutical company advancing innovative cancer therapies. Highlights of Syndax's pipeline include Revuforj (revumenib), a Food and Drug Administration ("FDA") approved menin inhibitor, and Niktimvo (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. One of Syndax's lead products, Revuforj, was

approved for the treatment of relapsed or refractory ("r/r") acute leukaemia with a lysine methyltransferase 2A gene in adults and pediatric patients and for r/r acute myeloid leukaemia with a susceptible nucleophosmin 1 mutation. Their other lead product, Niktimvo, is a first-in-class colony stimulating factor-1 receptor blocking antibody approved for the treatment of chronic graft-versus-host disease. The market capitalisation as of 16 September 2026 was $1.5 billion.

Investment type:	Senior Unsecured Convertible Notes
Purchase date:	9 June 2026
Total investment amount:	$25m
Company commitment:	$12.5m
Maturity:	June 2031

Mineralys

On 2 June 2026, the Company, along with the Private Fund, entered into a senior secured term loan

agreement for up to $500.0 million with Mineralys Therapeutics, Inc. (Nasdaq: MLYS) ("Mineralys"), a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as chronic kidney disease, obstructive sleep apnea and other diseases driven by dysregulated aldosterone.

Mineralys drew down $100.0 million on 3 June 2026. The Company's share of the transaction was $30.0 million, which was funded by the Company through its subsidiary. The loan bears interest at 3-month SOFR (subject to a 3.25 per cent. floor) plus 5.50 per cent. per annum with a one-time 2 per cent. additional consideration for Tranche A that was paid at closing and a 1.50 per cent. exit consideration payable at maturity. Tranche B of $150.0 million is required to be drawn no later than 30 April 2027 upon certain regulatory approvals. The remaining $250.0 million is available to be drawn after achieving certain sales-based milestones. Certain undisclosed prepayment and make-whole fees, as well as exit consideration, are also payable by Mineralys in connection with repayment of the loans.

Mineralys' initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor, with an NDA currently under review with the FDA for approval in the US. The market capitalisation as of 16 September 2026 was $2.4 billion.

Investment type:	Secured Loan
Initial investment date:	3 June 2026
Total loan amount:	$500m
Company commitment:	$150m
Maturity:	June 2031

Viridian

On 7 May 2026 and 18 May 2026, the Company, along with the Private Fund, each purchased 10.0 million and 5.0 million, respectively, face value of 1.75 per cent. senior unsecured convertible notes due 2032 issued by Viridian Therapeutics, Inc. (Nasdaq: VRDN) ("Viridian") at a price of $100 per note for a total $15 million investment. The closing price at 30 June 2026 was $105.01.

Viridian is a late-stage clinical biopharmaceutical company focused on discovering, developing and commercialising potential best-in-class medicines for patients with serious and rare diseases. Viridian is advancing multiple, late-stage, IGF-1R candidates for the treatment of patients with thyroid eye disease (TED) including veligrotug and elegrobart. Viridian's lead product is Lumvoa (veligrotug), which is an intravenous anti-IGF-1R therapy for the treatment of TED and it was approved 26 June 2026. The market capitalization as of 16 September 2026 was $2.5 billion.

Investment type:	Senior Unsecured Convertible Notes
Purchase date:	7 May 2026 & 18 May 2026
Total investment amount:	$30m
Company commitment:	$15m
Maturity:	May 2032

Esperion

On 30 April 2026, the Company, along with the Private Fund, provided committed financing to ARCHIMED, an investment firm focused exclusively on healthcare industries ("ARCHIMED") of up to $400.0 million to complete an acquisition of Esperion Therapeutics, Inc. ("Esperion"). Esperion is a commercial-stage biopharmaceutical company that has developed and is commercialising oral, once-daily, non-statin medicines for patients who are at risk for cardiovascular disease.

On 1 May 2026, Esperion made an announcement regarding the entering into of a definitive agreement under which funds managed by ARCHIMED will acquire Esperion in a transaction valued at up to approximately $1.1 billion in total equity value on a fully diluted basis, assuming full achievement of certain commercial-based milestones (the "Acquisition"). In connection with the Acquisition, the Company and the Private Fund provided committed financing to ARCHIMED, of up to $400.0 million,

subject to customary closing conditions for the Acquisition.

Esperion drew down $400.0 million post period close on 13 July 2026. The Company's share of the transaction was $120.0 million. Since ARCHIMED is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the Company's other investments.

Esperion's main products are Nexletol (bempedoic acid) tablets and Nexlizet (bempedoic acid and ezetimibe) tablets, which are oral, once-daily, non-statin medicines used to reduce the risk of myocardial infarction in primary and secondary prevention patients unable or unwilling to take statin therapies.

Investment type:	Secured Loan
Initial investment date:	13 July 2026
Total loan amount:	$400m
Company commitment:	$120m
Maturity:	-*

* Since Esperion is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the Company's other investments.

Zenas

On 14 March 2026, the Company, along with the Private Fund, entered into a senior secured term loan agreement for up to $250.0 million with Zenas BioPharma, Inc. (Nasdaq: ZBIO) ("Zenas"), a clinical-stage global biopharmaceutical company committed to being a leader in the development and commercialisation of transformative therapies for patients living with autoimmune

diseases.

Zenas drew down $75.0 million on 27 March 2026. The Company's share of the transaction was $37.5 million, which was funded by the Company through its subsidiary. The loan bears interest at 3-month

SOFR (subject to a 3.25 per cent. floor) plus 5.75 per cent. with a 2 per cent. exit fee and a 2 per cent. additional consideration for Tranche A that was paid at closing. Tranche B of up to $37.5 million is available to be drawn by 1 November 2027, of which $25.0 million is required to be drawn upon certain

regulatory approvals, Tranche C of up to $12.5 million (less any amounts elected to be and actually drawn under Tranche B in excess of $25.0 million) is available to be drawn by 28 April 2028, subject to certain regulatory approvals, Tranche D and Tranche E, totalling $50 million, can be drawn after achieving certain sales milestones. The additional consideration for the remaining tranche will be payable on the respective funding dates.

On 27 March 2026, the Company, along with the Private Fund each purchased 20 million face value of 2.50 per cent. senior unsecured convertible notes due 2031 issued by Zenas at a price of $100 per note for a total $20.0 million investment. The closing price at 30 June 2026 was $119.01.

In January 2026, Zenas reported positive results from the Phase 3 INDIGO registrational trial of obexelimab for the treatment of IgG4-RD, in which obexelimab met its primary endpoint and all four key secondary endpoints with high statistical significance. Zenas announced the submission of a BLA to the FDA on 28 May 2026 and expects to submit an MAA to EMA in 2H26. Zenas also completed enrollment in the Phase 2 SunStone trial of obexelimab in patients with SLE. The market capitalisation as of 16 September 2026 was $2.1 billion.

Investment type:	Secured Loan
Initial Investment date:	14 March 2026
Total loan amount:	$250m
Company commitment:	$125m
Maturity:	March 2031

Investment type:	Senior Unsecured Convertible Notes
Purchase date:	27 March 2026
Total investment amount:	$40m
Company commitment:	$20m
Maturity:	March 2031

UroGen 2026

On 26 February 2026, the Company, along with the Private Fund, entered into a second amended and restated senior secured term loan agreement for $250.0 million with UroGen Pharma (Nasdaq: URGN) ("UroGen 2026"), a biopharmaceutical company dedicated to creating novel solutions that treat urothelial and specialty cancers.

The new loan consisted of a $200.0 million initial term loan, of which the Company's share is $100.0 million, to refinance in full the existing term loan, that was funded at closing. Tranche B of $50.0 million, of which the Company's share is $25.0 million, is available to be drawn through 30 June 2027. The loan bears interest at a fixed rate of 8.25 per cent. per annum with a 1.50 per cent. additional consideration of each new tranche and an exit fee of 1 per cent.

UroGen's products are being developed as chemoablation agents designed to remove tumours by non-surgical means. UroGen markets JELMYTO (mitomycin), a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC). On 15 October 2024, the FDA accepted UroGen's NDA for UGN-102 for low-grade intermediate risk Non-Muscle Invasive Bladder Cancer ("NMIBC") and granted a PDUFA target action date of 13 June 2025. On 12 June 2025, the FDA approved ZUSDURI (UGN-102), the first and only FDA- approved medication for adults with recurrent LG-IR-NMIBC. The market capitalisation as of 16 September 2026 was $2.1 billion.

Investment type:	Secured Loan
Investment date:	26 February 2026
Total loan amount:	$250m
Company commitment:	$125m
Maturity:	February 2031

Cogent

On 12 November 2025, the Company, along with the Private Fund, purchased 1.3 million face value each of 1.625 per cent. senior unsecured convertible notes due 2031 issued by Cogent Biosciences, Inc. (Nasdaq: COGT) ("Cogent") at a price of $100 per note for a total $1.3 million investment. The closing price at 30 June 2026 was $121.94.

Cogent is a clinical-stage biotechnology company focused on creating precision therapies for genetically defined diseases, especially those driven by specific genetic mutations. The most advanced clinical programme, bezuclastinib, is under review by the FDA following positive registrational data in 3 separate studies. Bezuclastinib has PDUFA dates of 30 November 2026 for Gastrointestinal Stromal Tumours (GIST), 30 December 2026 for Non-Advanced Systemic Mastocytosis (NonAdvSM), and 29 June 2027 for Advanced Systemic Mastocytosis (AdvSM). The market capitalisation as of 16 September 2026 was $5.6 billion.

Investment type:	Senior Unsecured Convertible Notes
Purchase date:	12 November 2025
Total investment amount:	$2.6m
Company commitment:	$1.3m
Maturity:	November 2031

Valneva

On 6 October 2025, the Company, along with the Private Fund, entered into a senior secured term loan agreement for $215.0 million with Valneva Austria GmbH, a subsidiary of Valneva SE (PAR: VLA) ("Valneva"), a specialty vaccine company committed to developing vaccines for the treatment of infectious diseases in high unmet areas.

Valneva drew down $215.0 million on 17 October 2025. The Company's share of the transaction was $30.0 million, which was funded by the Company through its subsidiary. The loan bears interest at a fixed rate of 9 per cent. per annum with a 2 per cent. additional consideration for Tranche A that was paid at closing and a 2 per cent. exit consideration payable at maturity.

Valneva currently markets three travel vaccines globally while continuing to develop a pipeline of candidates, including a Lyme disease vaccine candidate in advanced clinical development. Marketed products include Ixiaro, Dukoral, and Ixchiq which are vaccines approved against Japanese encephalitis, cholera, and chikungunya respectively. Valneva is headquartered in France with operations in Austria, Sweden, the UK, France, Canada, and the U.S. The market capitalisation as of 16 September 2026 was $626.2 million.

Investment type:	Secured Loan
Initial investment date:	6 October 2025
Total loan amount:	$215m
Company commitment:	$30m
Maturity:	October 2030

Precigen

On 3 September 2025, the Company, along with the Private Fund, entered into a senior secured term loan agreement for $125.0 million with Precigen, Inc. (Nasdaq: PGEN) ("Precigen"), a dedicated discovery, clinical and commercial stage company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable

diseases.

Precigen drew down $100.0 million at closing on 3 September 2025. The Company's share of the draw down was $50.0 million, which was funded by the Company through its subsidiary. Tranche B, of which the Company's share is $12.5 million, will be available through 29 June 2027. The loan bears interest at 3-month SOFR, (subject to a 3.75 per cent. floor), plus 6.50 per cent. and a 2.50 per cent. additional consideration for Tranche A that was paid at closing and a 1 per cent. exit consideration payable at maturity. The additional consideration for the remaining tranche will be payable on the respective funding date.

Precigen's first approved product is Papzimeos (formerly PRGN-2012), an immunotherapy for the treatment of adults with Recurrent Respiratory Papillomatosis (RRP). Papzimeos is the first and only FDA-approved therapy for the treatment of adults with RRP. Papzimeos is a non-replicating adenoviral vector-based immunotherapy designed to express a fusion antigen comprising selected regions of human papillomavirus (HPV) types 6 and 11 proteins - the root cause of RRP. The market capitalisation as of 16 September 2026 was $2.7 billion.

Investment type:	Secured Loan
Initial investment date:	3 September 2025
Total loan amount:	$125m
Company commitment:	$62.5m
Maturity:	September 2030

Paratek 2026

On 16 March 2026, the Company, along with the Private Fund, entered into an amended and restated senior secured term loan agreement for $100.0 million with Paratek Pharmaceuticals, Inc. ("Paratek"), a privately held pharmaceutical company providing innovative specialty therapies for community care providers and specialists.

The new loan consisted of a $100.0 million initial term loan, of which the Company's share was $50.0 million, to refinance in full the existing term loan. Proceeds from the new loan were used to assist Paratek in the successful completion of its combination with Radius Health. Since Paratek is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the Company's other investments.

Paratek's lead product, Nuzyra (omadacycline), is a once-daily oral and intravenous antibiotic indicated for adults with community-acquired bacterial pneumonia (CABP). On 21 May 2025, Paratek acquired OptiNose, Inc. ("OptiNose"), a specialty pharmaceutical company focused on products for patients treated by ear, nose, and throat (ENT) and allergy specialists. This acquisition added Xhance, a propionate nasal spray approved for the treatment of chronic rhinosinusitis with nasal polyps and without nasal polyps, to the portfolio.

Investment type:	Secured Loan
Initial investment date:	16 March 2026
Total loan amount:	$100m
Company commitment:	$50m
Maturity:	-*

Evolus 2025

On 5 May 2025, the Company, along with the Private Fund, entered into an amended and restated senior secured term loan agreement for up to $250.0 million with Evolus, Inc. (Nasdaq: EOLS) ("Evolus"), a biopharmaceutical company that develops, produces, and markets clinical neurotoxins for aesthetic treatments.

The new loan consisted of a $150.0 million initial term loan, of which the Company's share is $62.5 million, to refinance in full the existing term loan and two additional tranches of $20.9 million each, that are available to be drawn by 31 December 2026 subject to customary conditions precedent set forth in the amended and restated loan agreement. The Company's total share of the new term loan

is $104.2 million. The loan bears interest at 3-month SOFR (subject to a 3.50 per cent. floor), plus 5 per cent. with a 1 per cent. additional consideration that was paid at closing and a 2 per cent. exit consideration payable at maturity.

Evolus currently markets Jeuveau©, the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse™, a collection of unique injectable hyaluronic acid (HA) gels. On 13 February 2025, Evolysse was approved by the FDA and is the first HA filler to recognise weight loss in the patient label as a factor in wrinkle formation. Evolus launched Evolysse in April 2025. The market capitalisation as of 16 September 2026 was $527.7 million.

Investment type:	Secured Loan
Initial investment date:	5 May 2025
Total loan amount:	$250m
Company commitment:	$104.2m
Maturity:	May 2030

Geron

On 1 November 2024, the Company, along with the Private Fund, entered into a senior secured term loan agreement for up to $250.0 million with Geron Corporation (Nasdaq: GERN), a commercial stage biopharmaceutical company committed to extending and enhancing the lives of people living with blood cancers ("Geron").

Geron drew down $125.0 million at closing on 1 November 2024. The Company's share was $50.0 million, which was funded by the Company, through its subsidiary. The remaining two tranches, of which the Company's total share was $50.0 million, were due to expire on 31 December 2025. On 5 January 2026, the Company and Geron entered into an amendment to extend the availability period

for Tranche B and C to 30 September 2026 and extend the make-whole period for Tranche A to 1 May 2027. The loan bears interest at 3-month SOFR (subject to a 3 per cent. floor), plus 5.75 per cent. and a 2.50 per cent. additional consideration for Tranche A that was paid at closing. The additional consideration for the remaining tranches will be payable on their respective funding dates.

Geron's telomerase inhibitor Rytelo (imetelstat) is approved in the United States for the treatment of certain adult patients with lower-risk myelodysplastic syndromes (LR-MDS) with transfusion dependent anemia and was launched in the United States in June 2024. In March 2025, Geron received marketing authorisation for Rytelo from the European Commission as a monotherapy for ESA ineligible and ESA relapsed/refractory non-del 5q patients with transfusion-dependent anemia due to LR-MDS. Launch planning is underway and Geron expects to commercialise Rytelo in select EU countries commencing in 2026.

Geron is also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor relapsed/refractory myelofibrosis (R/R MF), as well as studies in other myeloid hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to reduce proliferation and induce death of malignant cells. The market capitalisation as of 16 September 2026 was $828.8 million.

Investment type:	Secured Loan
Initial investment date:	1 November 2024
Total loan amount:	$250m
Company commitment:	$100m
Maturity:	November 2029

Insmed 2024

On 31 October 2024, the Company, along with the Private Fund, entered into an amended and restated senior secured term loan agreement for up to $547.0 million with Insmed Incorporated (Nasdaq: INSM), a biopharmaceutical company focused on treating patients with serious and rare pulmonary diseases ("Insmed").

The new loan consisted of a $397.0 million initial term loan to refinance in full the existing term loan, of which the Company's share is $159.0 million, and an additional $150.0 million tranche that was funded at signing. The Company, through its subsidiary, funded its share of the additional tranche totalling $60.0 million at signing on 31 October 2024. The loan bears interest at a fixed rate of 9.60 per cent. per annum with a 2 per cent. additional consideration for Tranche A and Tranche B that was paid at closing and a 2 per cent. exit consideration payable at maturity.

Insmed's commercial product, Arikayce, launched in October 2018 and is indicated for refractory mycobacterium avium complex (MAC) lung disease. The product is currently being commercialised in the US, Europe, and Japan. On 12 August 2025, the FDA approved Brinsupri (Brensocatib) as an oral treatment for non-cystic fibrosis bronchiectasis in adults and children 12 years and older, and on 17 October 2025, the EMA's CHMP adopted a positive opinion recommending approval of Brinsupri in the EU.

In June 2025, Insmed announced positive topline data from the Phase 2b study of TPIP, a dry powder inhalation formulation of a Treprostinil prodrug, in pulmonary arterial hypertension ("PAH"). Insmed anticipates initiating a Phase 3 study of TPIP in patients with pulmonary hypertension associated with interstitial lung disease ("PH-ILD") in 4Q25 and in patients with PAH in early 2026. The market capitalisation as of 16 September 2026 was $26.8 billion.

Investment type:	Secured Loan
Initial investment date:	31 October 2024
Total loan amount:	$547m
Company commitment:	$219m
Maturity:	September 2029

Novocure

On 1 May 2024, the Company, along with the Private Fund, entered into a senior secured term loan agreement for up to $400.0 million with a wholly owned subsidiary of Novocure Limited (Nasdaq: NVCR). Novocure owns and commercialises a proprietary platform technology that uses electric fields that exert physical forces to kill cancer cells via a variety of mechanisms ("Novocure").

Novocure drew down Tranche A of $100.0 million at closing on 1 May 2024 and Tranche B of $100.0 million on 26 September 2025. The Company's share of each Tranche was $50.0 million, which was funded by the Company, through its subsidiary. The remaining $200.0 million expired without being drawn. The loan bears interest at 3-month SOFR (subject to a 3.25 per cent. floor) plus 6.25 per cent. A one-time additional consideration of 2.50 per cent. of Tranche A and Tranche B amounts were paid at signing, and a one-time additional consideration of 2.50 per cent. of each remaining tranche will be paid at funding.

Novocure is a global oncology company that has a proprietary platform technology called Tumour Treating Fields ("TTFields"), which are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. Novocure's product, Optune Gio, is approved for the treatment of adult patients with newly diagnosed glioblastoma. Optune Lua was approved on 15 October 2024 and is indicated for concurrent use with PD-1/ PD-L1 inhibitors or docetaxel, for the treatment of adult patients with metastatic non-small cell lung cancer who have progressed on or after a platinum-based regimen.

Novocure also has ongoing or complete trials investigating TTFields in brain metastases, gastric cancer, GBM, liver cancer, and pancreatic cancer. The market capitalisation as of 16 September 2026 was $1.9 billion.

Investment type:	Secured Loan
Initial investment date:	1 May 2024
Total loan amount:	$200m
Company commitment:	$100m
Maturity:	May 2029

Tarsus

On 19 April 2024, the Company, along with the Private Fund, entered into a senior secured term loan agreement for up to $200.0 million with Tarsus Pharmaceuticals (Nasdaq: TARS) ("Tarsus"), a

biopharmaceutical company focused on addressing several diseases with high unmet need across a range of therapeutic categories, including eye care, dermatology, and infectious disease prevention.

Tarsus drew down $75.0 million at closing on 19 April 2024, of which $37.5 million was funded by the Company through its subsidiary. The remaining tranches totalling $125.0 million expired without being drawn. The loan bears interest at 3-month SOFR (subject to a 3.75 per cent. floor) plus 6.75 per cent. A one-time additional consideration of 2.5 per cent. of the funded amount was paid.

Tarsus currently markets XDEMVY® (lotilaner ophthalmic solution), a treatment for Demodex blepharitis. XDEMVY® was approved in the US in July 2023. Tarsus also has 3 additional clinical programmes; TP-04 for ocular rosacea (Phase 2) and TP-05 for the prevention of Lyme disease (Phase 2) and malaria (preclinical). The market capitalisation as of 16 September 2026 was $3.4 billion.

Investment type:	Secured Loan
Initial investment date:	19 April 2024
Total loan amount:	$75m
Company commitment:	$37.5m
Maturity:	April 2029

Realised Investments

The following table details investments realised during the 30 June 2026 and 30 June 2025 periods.

	Amount Funded ($M)	Repayment Date	Gross IRR¹	Net IRR²	Prepayment and Make-whole Fees
Zenas senior unsecured convertible notes	1.3	30/06/2026	111.3%	89.0%	-
CytoKinetics senior unsecured convertible notes	30.0	29/06/2026	76.5%	61.2%	-
Harrow senior unsecured convertible notes	60.0	15/06/2026	9.5%	7.6%	-
Alphatec senior secured loan	35.0	01/05/2026	14.9%	11.9%	0.7
Paratek 2025 senior secured loan	25.0	16/03/2026	20.1%	16.1%	1.5
BMS Purchased Payments	162.4	13/03/2026	10.4%	8.3%	-
UroGen 2024 senior secured loan (Total)	50.0	26/02/2026	15.0%	12.0%	2.1
Collegium 2024 senior secured loan	481.2	23/12/2025	12.1%	9.7%	7.9
Alphatec senior unsecured convertible notes	15.0	03/11/2025	64.4%	51.5%	-
Celcuity senior unsecured convertible notes	2.5	28/10/2025	1,077.2%	816.8%	-
BioCryst senior secured loan (Total)	120.0		15.3%	12.3%	4.4
OptiNose senior secured loan	71.5	21/05/2025	15.5%	12.4%	11.3
Evolus 2021 senior secured loan	62.5	05/05/2025	15.1%	12.0%	-
LumiraDx senior secured loan (Total)	176.0		-0.9%	-0.7%	-
Reata senior secured loan	62.5	02/04/2025 & 05/09/2024	158.0%³	126.4%³	14.4

ZENAS

On 30 June 2026, the Company and the Private Fund sold 2.5 million Zenas senior secured convertible notes due 2031 at a price of $121.01. The sale generated a gain of $251,415 and earned a 111.3 per cent. gross internal rate of return1 and 89.0 per cent. net internal rate of return.² The Company received the cash from the sale on 1 July 2026.

CYTOKINETICS

On 19 September 2025, the Company and the Private Fund purchased 30.0 million face value and 20.0 million face value, respectively, for a total of 50.0 million of 1.75 per cent. senior unsecured convertible notes due 2031 issued by CytoKinetics, Inc. at a price of $100 per note for a total $30 million investment. From 23 December 2025 to 29 June 2026, the Company sold 30 million CytoKinetics, Inc. senior unsecured convertible notes due 2031 at an average price of $131.79. The sales generated a gain of $9.5 million and earned a 76.5 per cent. gross internal rate of return¹ and 61.2 per cent. net internal rate of return.²

HARROW

On 12 September 2025 and 26 March 2026, the Company purchased 35.0 million and 25.0 million, respectively, face value of 8.63 per cent. senior unsecured notes due 2030 issued by Harrow, Inc. at a purchase price of $100 and $100.25 per note for a total $60.1 million investment. On 9 June and 15 June 2026, the Company sold 10.0 million and 50.0 million, respectively, of 8.63 per cent. senior unsecured notes due 2032 issued by Harrow, Inc. at an average price of $100. The sale earned a 9.5 per cent. gross internal rate of return¹ and 7.6 per cent. net internal rate of return.²

ALPHATEC

On 29 October 2024, the Company and the Private Fund entered into a new investment in the form of an assignment of $70.0 million of a $200.0 million senior secured loan to Alphatec Holdings, Inc. ("Alphatec"). The assignor, Braidwell Transaction Holdings LLC - Series I, retained the remaining $130.0 million. Alphatec drew down $50.0 million at closing on 29 October 2024. The Company and the Private Fund received $70.0 million in total via assignment, of which the Company's portion was $35.0 million, where $50.0 million consisted of the new funds drawn and the remaining $20.0 million was from the existing funded loan. On 1 May 2026, Alphatec repaid its $35.0 million balance to the Company and the Company received $2.1 million in accrued interest and prepayment fees. The Company and its subsidiaries earned a 14.9 per cent. gross internal rate of return¹ and 11.9 per cent. net internal rate of return² on its Alphatec investment.

On 7 March 2025, the Company purchased 15.0 million of 0.75 per cent. senior unsecured convertible notes due 2030 issued by Alphatec Holdings, Inc. at a purchase price of $100 per note for a $15.0 million investment. On 9 September 2025 and 31 October 2025, the Company sold 8.0 million and 7.0 million face value respectively, of 0.75 per cent. Alphatec Holdings, Inc. senior unsecured convertible notes due 2030, at an average price of $134. The sales generated a gain of $5.0 million and earned a 64.4 per cent. gross internal rate of return¹ and 51.5 per cent. net internal rate of return.²

¹ Gross IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

² Net IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

³ Referenced figures and amounts for Reata are inclusive of the Biogen settlement payment in 2025, net of any applicable transaction related expenses and costs. Past performance is not indicative of future results.

PARATEK 2025

On 21 May 2025, the Company, along with the Private Fund entered into a senior secured term loan agreement with Paratek Pharmaceuticals, Inc. ("Paratek"), alongside funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Q Aspen LLC (a wholly owned subsidiary of Qatar Investment Authority, "QIA"). The Company, through its subsidiary, and the Private Fund funded $50.0 million out of a total $275.0 million senior secured loan facility. The Company's share of the transaction was $25.0 million, which was funded by the Company through its subsidiary. Oaktree and QIA funded the balance of the $200.0 million senior secured loan facility. On 16 March 2026, the Paratek 2025 loan was refinanced in full. Since Paratek is a privately held company, further details about the senior secured loan facility are not publicly available, but the terms of the loan are generally comparable with the Company's other investments.

BMS

On 8 December 2017, the Company's wholly-owned subsidiary entered into a purchase, sale and assignment agreement with a wholly-owned subsidiary of Royalty Pharma Investments ("RPI"), an affiliate of the Investment Manager, for the purchase of a 50 per cent. interest in a stream of payments (the "Purchased Payments") acquired by RPI's subsidiary from Bristol- Myers Squibb (NYSE: BMY) through a purchase agreement dated 14 November 2017.

As a result of the arrangements, RPI's subsidiary and the Company's subsidiary were each entitled to the benefit of 50 per cent. of the Purchased Payments under identical economic terms. The Purchased Payments were linked to tiered worldwide sales of Onglyza and Farxiga, diabetes agents marketed by AstraZeneca, and related products. The Company funded all the Purchased Payments based on sales from 1 January 2018 to 31 December 2019 for a total of $162.0 million. The final payment of $10.2 million was received on 13 March 2026. Based on sales from 1 January 2020 to 31 December 2025, the Company received $243.0 million consisting of $162 million of principal and $81.0 million in interest. The Company and its subsidiaries earned a 10.4 per cent. gross internal rate of return¹ and 8.3 per cent. net internal rate of return² on its BMS investment.

UROGEN 2024

On 13 March 2024, the Company and the Private Fund entered into an amended and restated loan agreement for up to $200.0 million with UroGen Inc. (Nasdaq: URGN) ("UroGen"). The new loan consisted of a $100.0 million initial term loan to refinance in full the existing term loan, of which the Company's portion was $50.0 million. The additional tranches of up to $100.0 million were allocated in full to the Private Fund. The loan bore interest at 3-month SOFR (subject to a 2.50 per cent. floor) plus 7.25 per cent. per annum with a SOFR adjustment of 0.26161 per cent. A one-time additional consideration of 1.75 per cent. of the funded amount was paid at funding. On 26 February 2026, the UroGen 2024 loan was refinanced in full. The Company and its subsidiaries earned a 15.0 per cent. gross internal rate of return¹ and 12.0 per cent. net internal rate of return² on its UroGen 2024 investment.

COLLEGIUM 2024

On 28 July 2024, the Company and the Private Fund provided Collegium with a commitment to enter into a new senior secured term loan agreement for $645.8 million. The new loan consisted of a $320.8 million initial term loan, of which the Company's share was $160.4 million, to refinance in full the existing term loan and a $325.0 million second tranche, of which the Company's share was $130.0 million, that was drawn on 3 September 2024. Proceeds from the new loan were used to assist Collegium in the successful closing of the acquisition of Ironshore Therapeutics. On 23 December 2025, Collegium repaid its remaining $261.4 million balance to the Company, and the Company received $7.9 million of accrued interest and prepayment fees. The Company and its subsidiaries earned a 12.1 per cent. gross internal rate of return¹ and 9.7 per cent. net internal rate of return² on its Collegium 2024 investment.

CELCUITY

On 1 August 2025, the Company purchased 2.5 million of 2.75 per cent. senior unsecured convertible notes due 2031 issued by Celcuity, Inc. at a purchase price of $100 per note for a $2.5 million investment. On 28 October 2025, the Company sold 2.5 million of 2.75 per cent. Celcuity, Inc. senior unsecured convertible notes due 2031 at a price of $181.0. The sale generated a gain of $2.0 million and earned a 1,077.2 per cent. gross internal rate of return¹ and 816.8 per cent. net internal rate of return.²

BIOCRYST

On 17 April 2023, the Company and the Private Fund entered into a senior secured term loan agreement for up to $450.0 million with BioCryst, drew down $300.0 million at closing. On 17 April 2023, the Company funded $120.0 million through its subsidiary and BioCryst elected to PIK interest of $9.5 million. The loan was due to mature in April 2028 and bore interest at 3-month SOFR plus 7 per cent. per annum subject to a 1.75 per cent. floor and up to 50 per cent. of the interest during the first 18 months were paid-in-kind ("PIK") at a rate of 3-month SOFR plus 7.25 per cent., the interest payments for that period was deferred until maturity of the loan. The Company funded $120.0 million on 16 April 2023. On 18 April 2025, BioCryst prepaid $30.0 million of its balance to the Company and the Company received $1.1 million in accrued interest and prepayment fees. On 24 July 2025, BioCryst prepaid $20.0 million of its balance to the Company and the Company received $751,000 in accrued interest and prepayment fees. On 8 October 2025, BioCryst repaid its remaining $79.5 million balance to the Company and the Company received $2.6 million in accrued interest and prepayment fees. The Company and its subsidiaries earned a 15.3 per cent. gross internal rate of return¹ and 12.3 per cent. net internal rate of return² on its BioCryst investment.

¹Gross IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

²Net IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

OPTINOSE

On 12 September 2019, the Company and the Private Fund entered into a senior secured note purchase agreement for the issuance and sale of senior secured notes in an aggregate original principal amount of up to $150.0 million by OptiNose US, Inc. a wholly owned subsidiary of OptiNose Inc., a commercial stage specialty pharmaceutical company ("OptiNose"). OptiNose drew a total of $130.0 million out of the $150.0 million committed, of which the Company, through its subsidiary, funded $71.5 million. The notes were originally due to mature in September 2024 and bore interest at 10.75 per cent. per annum along with a one-time additional consideration of 0.75 per cent. of the aggregate original principal amount of senior secured notes which the Company was committed to purchase under the facility and 445,696 warrants exercisable into common stock of OptiNose. After certain amendments, the loan would have matured in June 2027 and bore interest rate of 3-month SOFR plus 8.50 per cent., subject to a 2.5 per cent. floor. On 21 May 2025, OptiNose entered into an agreement for Paratek to acquire OptiNose. In connection with the closing of such acquisition on 21 May 2025, the Company received a payment of $82.8 million, comprised of $71.5 million in returned principal and $11.3 million of make-whole and prepayment fees, and accrued interest. The Company also received proceeds of $1.6 million in connection with the Company's outstanding OptiNose shares. The Company and its subsidiaries earned a 15.5 per cent. gross internal rate of return¹ and 12.4 per cent net internal rate of return² on its OptiNose investment.

EVOLUS 2021

On 14 December 2021, the Company and the Private Fund entered into a senior secured loan agreement for up to $125.0 million with Evolus. The Company, through its subsidiary, funded $37.5 million of the first tranche of $75.0 million on 29 December 2021. The remaining $50.0 million was drawn down in two installments of $12.5 million each on 13 May 2023 and on 14 December 2023. The loan would have matured in December 2027 and bore interest at 3-month SOFR plus 8.50 per cent. with an additional 0.17 per cent. adjustment per annum, subject to a 1 per cent. floor along with a one-time additional consideration of 2.25 per cent. of the total loan amount paid at funding of the first tranche. On 5 May 2025, the Evolus loan was refinanced in full. The Company and its subsidiaries earned a 15.1 per cent. gross internal rate of return¹ and 12.0 per cent. net internal rate of return² on its Evolus 2021 investment.

LUMIRADX

On 23 March 2021, the Company and the Private Fund entered into a senior secured loan agreement with LumiraDx for $300.0 million. The loan would have matured in March 2024 and bore interest at 3-month SOFR plus 8 per cent. with the ability to PIK anything above 8 per cent., additional consideration of 2.5 per cent. of the total loan amount and 9 per cent. of the total loan amount payable upon repayment. The Company's allocation of the transaction was $150 million. From 24 July 2023 to 9 November 2023, the Company, through its subsidiary, and the Private Fund funded $53.0 million of additional tranches to LumiraDx. On 29 December 2023, LumiraDx announced the appointment of joint administrators for two of its subsidiaries, and Roche announced that it would acquire LumiraDx group's point-of-care diagnostics platform business and certain related assets for $295.0 million. On 29 July 2024, FTI, as the UK administrator for LumiraDx, made an initial payment to the Company and the Private Fund of $330.6 million, of which $165.3 million was received by the Company. On 31 October 2024, FTI returned $9.2 million to the Company and $9.2 million to the Private Fund which included the agreed holdback amount under the Roche Sales and Purchase Agreement. On 30 June 2025, FTI returned $409,938 to the Company and $409,938 to the Private Fund. The Company announced on 14 August 2026 its successful completion of the sale of its interest in Lumira Colombia. With the proceeds received from the Lumira Colombia Sale and the Roche Acquisition, as well as the cash interest received from the LumiraDx group companies, the Company has recovered approximately 101 per cent. of its principal investment³, on a gross and net basis. The successful closing of the Lumira Colombia Sale marks the conclusion of the Company's investment in the LumiraDx group companies. LumiraDx Colombia Holdings LTD, the former UK parent entity of Lumira Colombia will be liquidated in due course.

REATA

On 5 May 2023, the Company and the Private Fund entered into a senior secured term loan agreement for up to $275.0 million with Reata Pharmaceuticals Inc. ("Reata") originally due to mature in May 2028. Tranche A of $75.0 million was funded at closing. Tranche B of $50.0 million and Tranche C of $75.0 million were required to be drawn after achieving certain performance-based milestones, and Tranche D of $75.0 million was available at the Company's discretion after achieving certain sales-based milestones. The loan bore interest at 3-month SOFR plus 7.5 per cent. (subject to a 2.5 per cent. floor). There was also a 2 per cent. additional consideration upon each draw. The interest only period for the loan was for 3 years but could have been extended to 4 years if trailing twelve-month sales were greater than $250 million. The Company's share of the transaction was $137.5 million of which $37.5 million was funded at closing. On 10 July 2023, the Company funded Tranche B of the Reata loan for $25.0 million. On 28 July 2023, Inc. ("Biogen") Biogen announced a proposed acquisition of Reata for an enterprise value of approximately $7.3 billion. The acquisition closed on 29 September 2023. As of the acquisition closing date, the Company received prepayments including $15.5 million in prepayment and make-whole fees. In April 2024, the Company and the Private Fund filed a lawsuit in New York courts against Biogen and Reata with respect to a dispute about fees payable under the terms of the loan agreement. In April 2025, the parties entered into a settlement agreement, representing the final resolution of this dispute. The Company received an additional gross $8.5 million in revenue from this settlement payment. The Company and its subsidiaries earned a 158.0 per cent. gross internal rate of return¹ and 126.4 per cent. net internal rate of return² on its Reata investment.

¹Gross IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

²Net IRR is set forth in the Glossary in the full half year report. Past performance is not an indication of future performance.

³As used herein, the recovery of principal investment is equivalent to the multiple of invested capital, and excludes all expected expenses and wind-down costs. For more information as to how the Company calculates its gross and net multiple of invested capital, please refer to the disclaimer on page 1 of the Company´s investor presentation dated 20 April 2026, available on the Company's website (https://bpcruk.com/company-presentation-april-2026/). Past performance is not an indication of future performance.

MARKET ANALYSIS

The life sciences industry is expected to continue to have substantial capital needs during the coming years as the number of products undergoing clinical trials continues to grow. All else being equal, companies seeking to raise capital are generally more receptive to non-dilutive debt financing alternatives at times when equity markets are soft, increasing the number and size of fixed-income investment opportunities for the Company, and will be more inclined to issue equity or convertible bonds at times when equity markets are strong. A good indicator of the life sciences equity market is the New York Stock Exchange Biotechnology Index ("BTK Index"). The BTK index was up 21 per cent. during the first half of 2026, compared to a 3 per cent. decrease during the same period in 2025.¹ Global equity issuance by life sciences companies during the first six months of 2026 was $51.9 billion, a 92 per cent. increase from the $27 billion issued during the same period in 2025.¹ Similarly, the upturn in the life sciences equity markets was reflected in increased convertible bond issuance by life sciences companies, issuance increased to $7.8 billion in 2026 from $2.2 billion in 2025. We anticipate 2027 equity and convertible bond issuance to remain comparable to 2026 levels which should continue to support appetite for non-dilutive debt during the remainder of 2026.

Acquisition financing is an important driver of capital needs in the life sciences industry in general and a source of investment opportunities. An active M&A market helps drive opportunities for investors such as the Company, as acquiring companies need capital to fund acquisitions. Global life sciences M&A volume during the first six months of 2026 was $103.8 billion, a 66 per cent. increase from the $54 billion witnessed during the same period in 2025.¹ We are encouraged by the number of M&A opportunities that are starting to build up which should lead to a more active market in the near term.

PRICING AND REGULATORY OUTLOOK

A significant portion of the revenues from borrowers in the portfolio come from sales which are reimbursed by various US government entities that are highly regulated. While we currently do not expect major changes to how these entities will continue to reimburse for the cost of these drugs, we cannot predict whether the US administration will seek to make changes that may affect the sales of these products.

USD SOFR

The Company has eight loans with coupons that reference 3-month USD SOFR. Six loans have a 3.25 per cent. SOFR floor or greater and two have a floor ranging from 1 per cent. to 3 per cent. As of 30 June 2026, 3-month SOFR was 3.73 per cent., slightly above most of the floors mentioned previously but is below the SOFR floors of two loans. The portfolio as of 30 June 2026 is 51 per cent. of loans with a floating interest rate and 49 per cent. with a fixed rate.

INTERNATIONAL OUTLOOK

The Company has demonstrated remarkable resilience and stability through recent global events. The invasion of Ukraine by Russia, the war between Israel and Hamas and the US war with Iran has led to increased market volatility and widespread sanctions on Russian and Israeli assets and individuals, contributing to the high inflation introduced by the pandemic. While the portfolio has no direct exposure to Russia, Ukraine, Belarus, Israel or Iran and we remain vigilant in monitoring these major events closely and will inform investors of any material changes.

The current U.S. administration has announced or imposed a series of tariffs on U.S. trading partners. In response, several countries have threatened or imposed retaliatory measures. While our portfolio companies have not experienced, and do not currently expect to experience, any significant direct impact from these tariffs and retaliatory measures, the full extent of the future impact of these and other threatened measures remains uncertain. We continue to monitor these tariffs and retaliatory measures and their possible effects on our portfolio companies.

INVESTMENT OUTLOOK

We expect our investment pipeline to strengthen as new products and companies enter the market during the second half of 2026 and beyond. Supported by Pharmakon's extensive industry relationships, deep sector expertise, and disciplined investment process, we remain well positioned to identify and execute high-quality investment opportunities. Our focus continues to be on building the leading specialist provider of debt capital to the life sciences industry while delivering attractive risk-adjusted returns and sustainable income for our investors.

Although the global economic outlook remains uncertain, Pharmakon remains confident of its ability to deliver its target dividend yield to its investors.

Pedro Gonzalez de Cosio

Co-founder and CEO, Pharmakon

23 September 2026

¹ Source: FactSet.

DIRECTORS, ADVISERS AND OTHER SERVICE PROVIDERS

DIRECTORS

Harry Hyman (Chairman)

Nigel Reynolds

Stephanie Léouzon

Sapna Shah

Rolf Soderstrom

Graeme Proudfoot

INVESTMENT MANAGER AND AIFM

Pharmakon Advisors, LP

110 East 59th Street #2800

New York, NY 10022

USA

ADMINISTRATOR

Waystone Administration Solutions (UK) Limited

3rd Floor Central Square

29 Wellington Street

Leeds

United Kingdom

LS1 4DL

COMPANY SECRETARY AND REGISTERED OFFICE

MUFG Corporate Governance Limited

19^th Floor

51 Lime Street

London

EC3M 7DQ

Tel: +44 (0) 333 300 1932

COMPANY WEBSITE

www.bpcruk.com

CUSTODIAN

160 Queen Victoria Street

London

EC4V 4LA

FINANCIAL AND STRATEGIC COMMUNICATIONS

Burson Buchanan Limited

Rose Court

2 Southwark Bridge Road

London

SE1 9HS

INDEPENDENT AUDITOR

Ernst & Young, Chartered Accountants

Two Wilton Park

Wilton Place

Dublin 2

D02 YE35

Ireland

JOINT BROKERS

J.P. Morgan Cazenove

25 Bank Street

London

E14 5JP

Investec Bank plc

30 Gresham Street

London

EC2V 7QP

LEGAL ADVISER

Herbert Smith Freehills LLP

Exchange House

Primrose Street

London

EC2A 2EG

REGISTRAR

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds

LS1 4DL

KEY DATES
March	Annual results announced Payment of fourth interim dividend
June	Annual General Meeting Company's half-year end
July	Payment of first interim dividend
September	Half-yearly results announced Payment of second interim dividend
December	Company's year end Payment of third interim dividend