InnoCare Pharma Limited (InnoCare) announced a board-approved adjustment in the internal allocation of the RMB 2.78 billion net proceeds raised from its STAR-Market IPO in September 2022. The reallocation only reshuffles funds within the original project categories; the overall committed investment and strategic directions remain unchanged.

Net proceeds usage to date • Total net proceeds: RMB 2.78 billion • Funds utilised as of 31 Dec 2025: RMB 1.69 billion • Balance remaining: RMB 1.09 billion

Key reallocations among sub-projects

1. New Drug R&D Projects (unchanged total: RMB 1.49 billion) • ICP-248 (next-generation BCL-2 inhibitor) +RMB 55.00 million, raising its budget to RMB 112.31 million to accelerate five ongoing clinical trials, including three registrational studies. • ICP-192 –RMB 18.00 million; revised budget RMB 56.86 million. • ICP-189 –RMB 15.00 million; revised budget RMB 42.31 million. • Clinical Sample Production Costs –RMB 22.00 million; revised budget RMB 26.41 million.

2. Upgrade of Drug R&D Platform (unchanged total: RMB 116.15 million) • Equipment investment +RMB 8.95 million to RMB 81.76 million. • Personnel compensation –RMB 6.90 million to RMB 6.52 million. • Other expenses –RMB 2.05 million to RMB 0.83 million.

3. Construction of IT System (unchanged total: RMB 60.95 million) • Software purchase fees +RMB 13.50 million to RMB 44.28 million. • Hardware purchase fees –RMB 11.00 million to RMB 7.49 million. • Other expenses –RMB 2.00 million to RMB 0.10 million.

Regulatory and governance updates • The adjustment was approved by the Board on 25 March 2026 and awaits shareholder approval. • China International Capital Corporation, the IPO sponsor, issued a verification opinion stating that the reallocation complies with STAR-Market rules and protects shareholder interests.

Risk reminder The company reiterates that drug discovery faces inherent uncertainties, including clinical, regulatory and market risks, which could affect the progress and returns of the funded projects.