Nigel's 2025 Year in Review

Before we close out the year, I wanted to record a short update to reflect on what has been a genuinely transformative 2025 for N4 Pharma, and to give shareholders the chance to ask any questions as we move into an important year ahead.

A year of strategic shift

• 2025 marked our transition from being purely a delivery platform company to becoming a business developing our own RNA therapeutic products.

• This shift positions N4 for partnerships, clinical development and non-dilutive funding opportunities.

Building the right team for the next phase

• We strengthened the Board with two new non-executive directors, Dr Alastair Smith & Michael G. Palfreyman PhD.

• Expanded our senior leadership: Dr Fiona McLaughlin (Head of Research & Development), Mark Edbrooke (Head of Strategy), Dr Margaret Courtney (Head of Chemistry, Manufacturing and Controls (CMC)), and Dr Simon Bennett (Commercial Director).

• The breadth of experience now matches the ambition of our product-focused roadmap.

Funding to drive progress

• April’s £1.7m raise enables us to advance the essential CMC and stability work required for future clinical development.

• Stability data released this week shows real momentum and more will follow.

Major scientific milestones in 2025

• IBD Programme: Delivered strong in vivo data showing significant inflammation reduction using our dual-loaded siRNA/mRNA formulation.

• Strathclyde Study: First direct comparisons of Nuvec® against lipid nanoparticles, crucial for partner discussions.

• Targeting Breakthrough: Demonstrated selective delivery to non-small cell lung cancer cells, a major step forward in Nuvec®’s development pipeline.

Educating and positioning for the future

• We have done more to help investors understand the RNA therapeutics landscape; why delivery matters, and why platform companies evolve into product companies. See our N4 Pharma Education and Case Studies pages on the hub.

• Continued strengthening of our IP estate, including moving our patent into the PCT stage and adding dual-siRNA loading.

Looking ahead to 2026

• Direct comparisons between Nuvec® and lipid systems.

• Further organ-targeting studies to support partnership and clinical planning.

• Expanding our dual-siRNA work and adding more patents to reinforce our IP position.

• A year where we expect the progress made in 2025 to translate into meaningful, value-creating steps.

Thank you for your continued support throughout 2025.

Wishing everyone a very happy Christmas, and I look forward to updating you on what promises to be a breakthrough 2026 🎄