CytoMed Therapeutics : Audited Financial Statements for FY2025

Published: 2026-05-06 12:11:10 ET GDTC

Published on 05/06/2026 at 12:11 pm EDT

(Unique Entity Number: 201808327H)

Directors' Statement and Financial Statements

for the financial year ended 31 December 2025

The Directors of CytoMed Therapeutics Limited (the "Company") are pleased to present their statement to the members together with the audited consolidated financial statements of the Company and its subsidiaries (the "Group") for the financial year ended 31 December 2025 and the statement of financial position of the Company as at 31 December 2025.

In the opinion of the Directors,

the consolidated financial statements of the Group and the statement of financial position of the Company together are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2025, and the financial performance, changes in equity and cash flows of the Group for the financial year ended 31 December 2025; and

at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts and when they fall due.

The Directors of the Company in office at the date of this statement are: Choo Chee Kong

Loh Yuin Han (Luo Yunhan)

Mark Leong Kei Wei (Mark Liang Qiwei) Toh Keng Kiat

Yew Chak Hua Zeng Jieming

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object are, or one of whose objects is, to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

According to the register of directors' shareholdings kept by the Company under section 164 of the Singapore Companies Act 1967 (the "Act"), the Directors of the Company who held office at the end of the financial year had no interests in the shares or debentures of the Company and its related corporations except as stated below:

1.1.2025

31.12.2025

1.1.2025

31.12.2025

The Company

(Number of ordinary shares) Choo Chee Kong

187,500

318,324

4,898,806

3,967,403

Zeng Jieming

589,239

Subsidiary

Puricell Lab Pte. Ltd. (Number of ordinary shares) Loh Yuin Han (Luo Yunhan)

Ultimate holding company

Glorious Finance Limited. (Number of ordinary shares) Choo Chee Kong

165

Related Corporation

EP Capital Inc.

(Number of ordinary shares)

Choo Chee Kong

By virtue of Section 7 of the Act, Mr. Choo Chee Kong, who by virtue of his deemed interest of not less than 20% of issued capital of the Company, is deemed to have interests in the shares of all subsidiaries, which is derived through shares held by Glorious Finance Limited and EP Capital Inc. respectively.

Share options

There were no share options granted by the Company during the financial year to subscribe for unissued shares of the Company.

There were no shares issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company.

There were no unissued shares of the Company under options as at the end of the financial year.

Warrants

On 13 April 2023, the Company entered into underwriting agreements (the "Underwriting Agreements") with various third parties as representative of the several underwriters (the "Representative"), relating to the Initial Public Offering ("Offering") of 2,412,369 shares of the Company's ordinary shares, with no par value, at an Offering price of US$4.00 per share. Pursuant to the Underwriting Agreements, the Company agreed to issue the underwriters warrant (the "Representative's Warrants") to purchase an aggregate of 120,618 of the Company's ordinary shares, which is equal to five percent (5%) of the shares sold in the Offering, excluding the over-allotment option, at an exercise price of US$4.00, which is equal to 100% of the Offering price. The Representative's Warrants can be exercised on a cashless basis by the holder into a variable number of shares based on the volume weighted average observable price of the Company's ordinary shares at the time of exercise. The Representative's Warrants may be exercised beginning on 11 October 2023 until 14 April 2028 and will expire in five (5) years from the date of the issuance.

At the end of the financial year, details of outstanding warrants of the Company are disclosed as follows:

14 April 2023 4.00 72,371 - - 72,371

KE Trust PAC has expressed its willingness to accept re-appointment as auditor.

On behalf of the Board of Directors

Director

31 March 2026

Opinion

We have audited the financial statements of CytoMed Therapeutics Limited (the "Company") and its subsidiaries (the "Group"), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the "Act") and Financial Reporting Standards in Singapore ("FRSs") so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2025, and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group for the financial year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing ("SSAs"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority ("ACRA") Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ("ACRA Code") together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. The other information comprises the Directors'

Statement.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Purpose and Restriction on Distribution and Use

The financial statements are prepared solely to assist the members of the Company in preparing their local statutory annual return submission. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for members of the Company and should not be distributed to parties other than the members of the Company. Our opinion is not modified in respect of this matter.

Responsibilities of Management and Directors for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Directors' responsibilities include overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Auditor's Responsibilities for the Audit of the Financial Statements (Continued)

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: (Continued)

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

Public Accountants and Chartered Accountants

Singapore

31 March 2026

Note

2025

2024

2025

2024

ASSETS

Non-current assets

Property, plant and equipment

3,691,592

3,253,046

493,198

568,901

Intangible assets

124,894

93,050

65,480

3,906

Investment in an associate

220,950

Investments in subsidiaries

9,434,889

8,532,372

Trade and other receivables

487,282

500,000

472,249

500,000

Financial assets, at FVOCI

18,210

Total non-current assets

4,321,978

4,067,046

10,465,816

9,605,179

Current assets

Trade and other receivables

1,567,486

1,030,336

881,182

1,044,864

Cash and bank balances

2,095,489

4,970,367

909,451

3,911,574

Total current assets

3,662,975

6,000,703

1,790,633

4,956,438

Total assets

7,984,953

10,067,749

12,256,449

14,561,617

EQUITY AND LIABILITIES

Equity

Share capital

24,656,909

23,793,950

24,656,909

23,793,950

Foreign currency translation

reserve

78,273

(53,757)

Capital reserve

526,631

73,982

Share-based payment reserve

111,225

Accumulated losses

(18,828,592)

(14,848,135)

(12,762,004)

(9,520,948)

Equity attributable to owners of

the equity

6,544,446

8,966,040

12,006,130

14,273,002

Non-controlling interests

309,221

77,749

Total equity

6,853,667

9,043,789

12,006,130

14,273,002

Non-current liabilities

Borrowings

368,656

394,310

Lease liabilities

53,461

23,028

Total non-current liabilities

422,117

417,338

Current liabilities

Trade and other payables

443,867

441,023

225,255

276,670

Contract liabilities

19(b)

179,793

107,742

Warrant liabilities

25,064

11,945

25,064

11,945

Borrowings

40,847

37,650

Lease liabilities

19,598

8,262

Total current liabilities

709,169

606,622

250,319

288,615

Total liabilities

1,131,286

1,023,960

250,319

288,615

Total equity and liabilities

7,984,953

10,067,749

12,256,449

14,561,617

The accompanying notes form an integral part of these financial statements.

Note

2025

2024

Revenue

324,387

69,501

Other operating income

679,716

784,061

Private blood banking expenses

(67,992)

(17,121)

Other gains including fair value changes on financial instruments - net

140,318

297,545

Research expenses

(2,217,495)

(1,909,519)

Depreciation of property, plant and equipment

4(e)

(196,896)

(109,842)

Amortisation of intangible assets

5(f)

(29,900)

(12,557)

Employee benefit expenses

(930,564)

(619,327)

Finance costs

(20,906)

(20,313)

Other expenses

(1,670,613)

(998,054)

Loss before share of result of associate and income tax

(3,989,945)

(2,535,626)

Share of results of associate

(6,391)

13,765

Loss before income tax

(3,996,336)

(2,521,861)

Income tax expense

Loss for the year

(3,996,336)

(2,521,861)

The accompanying notes form an integral part of these financial statements.

Note

2025

2024

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss: Exchange differences arising from translation of foreign operations

132,030

163,645

Other comprehensive income for the year, net of tax

132,030

163,645

Total comprehensive loss for the year, net of tax

(3,864,306)

(2,358,216)

Loss attributable to:

Owners of the Company

(3,980,457)

(2,516,698)

Non-controlling interests

(15,879)

(5,163)

(3,996,336)

(2,521,861)

Total comprehensive loss attributable to:

Owners of the Company

(3,848,427)

(2,353,053)

Non-controlling interests

(15,879)

(5,163)

(3,864,306)

(2,358,216)

Loss per share for loss attributable to equity holders of the

Company:

- Basic

(0.34)

(0.22)

- Diluted

(0.34)

(0.22)

The accompanying notes form an integral part of these financial statements.

Attributable to equity holders of the Company

Share-based

Foreign

currency

attributable

to owners

Non-

Capital

Warrant

payment

translation

Accumulated

of the

controlling

Total

Group

Note

capital

reserve

losses

equity

interests

equity

Balance as at 1 January 2025

23,793,950

73,982

(53,757)

(14,848,135)

8,966,040

77,749

9,043,789

Loss for the financial year

(3,980,457)

(15,879)

(3,996,336)

Other comprehensive income

Foreign currency translation differences

132,030

Total comprehensive loss for the financial year

132,030

(3,980,457)

(3,848,427)

(15,879)

(3,864,306)

Issuance of shares

283,094

Effect of dilution of interest in subsidiaries

452,649

247,351

700,000

Share-based payment

579,865

111,225

691,090

Total transactions with owners of the Company

862,959

452,649

111,225

1,426,833

247,351

1,674,184

Balance as at 31 December 2025

24,656,909

526,631

111,225

78,273

(18,828,592)

6,544,446

309,221

6,853,667

The accompanying notes form an integral part of these financial statements.

Attributable to equity holders of the Company

Share-based

Foreign

currency

attributable

to owners

Non-

Capital

Warrant

payment

translation

Accumulated

of the

controlling

Total

Group

Note

capital

reserve

losses

equity

interests

equity

Balance as at 1 January 2024

23,720,020

73,930

(217,402)

(12,331,437)

11,245,111

(956)

11,244,155

Loss for the financial year

(2,516,698)

(5,163)

(2,521,861)

Other comprehensive income

Foreign currency translation differences

163,645

Total comprehensive loss for the financial year

163,645

(2,516,698)

(2,353,053)

(5,163)

(2,358,216)

Effect of dilution of interest in

subsidiaries

73,982

83,868

157,850

Capitalisation of warranty reserve

73,930

(73,930)

Total transactions with

owners of the Company

73,930

73,982

(73,930)

73,982

83,868

157,850

Balance as at 31 December 2024

23,793,950

73,982

(53,757)

(14,848,135)

8,966,040

77,749

9,043,789

The accompanying notes form an integral part of these financial statements.

Note

2025

2024

Cash flows from operating activities

Loss before income tax

(3,996,336)

(2,521,861)

Adjustments for:

Amortisation of intangible assets

30,542

13,199

Depreciation of property, plant and equipment

371,042

322,164

Share of result of associate

6,391

(13,765)

Gain on disposal of investment in an associate

(294,236)

Share-based payment

694,200

Fair value changes on warrant liabilities

13,119

(138,292)

Written off of intangible asset

5,350

Interest income

(123,898)

(317,670)

Interest expense

20,906

20,313

Written off of property, plant and equipment

3,158

Unrealized currency translation differences

57,805

(16,033)

Operating cash flows before working capital changes

(3,211,957)

(2,651,945)

Changes in working capital: Trade and other receivables

(557,387)

(79,091)

Contract liabilities

72,051

102,286

Trade and other payables

(170)

(83,601)

Cash used in operations

Income tax paid Interest received

(3,697,463)

(2,712,351)

-2,422

Net cash used in operating activities

(3,697,463)

(2,709,929)

Cash flows from investing activities

Proceeds from dilution of interest in a subsidiary

700,000

157,850

Loan to a third party - net

27,751

(500,000)

Loan to a related party - net

(30,066)

Fixed deposits with maturities over three months

273,320

2,497,560

Purchase of property, plant and equipment

(637,850)

(1,400,225)

Purchase of intangible assets

(65,284)

(94,211)

Proceed from disposal of associate

517,440

Fair value through other comprehensive income investment

(18,210)

Interest received

162,182

465,567

Net cash generated from investing activities

929,283

1,126,541

Note

2025

2024

Cash flows from financing activities

Proceeds from issuance of ordinary shares

283,094

Principal payment of bank borrowings

(38,494)

(34,782)

Principal payment of lease liabilities

(15,046)

(9,797)

Interest paid

(20,906)

(20,313)

Net cash generated from/(used in) financing activities

208,648

(64,892)

Net change in cash and cash equivalents

(2,559,532)

(1,648,280)

Cash and cash equivalents at beginning of financial year

4,697,047

6,224,187

Effects of foreign currency translation on cash and cash equivalents

(42,026)

121,140

Cash and cash equivalents at end of financial year

2,095,489

4,697,047

Cash flows Non-cash changes

At the

beginning of the year

Principal

and interest payments

Interest expense

Capitalisation of

new lease during the year

Fair value changes

Currency realignment

At the end of the year

2025

Bank borrowings

431,960

(56,803)

18,309

16,037

409,503

Warrant

liabilities

11,945

13,119

25,064

Lease liabilities

31,290

(17,643)

2,597

54,255

2,560

73,059

2024

Bank borrowings

441,698

(54,466)

19,684

25,044

431,960

Warrant

liabilities

146,613

(138,292)

3,624

11,945

Lease liabilities

6,324

(10,426)

629

34,740

31,290

The accompanying notes form an integral part of these financial statements.

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

CytoMed Therapeutics Limited (the "Company") is incorporated and domiciled in Singapore with its registered office address and principal place of business at 1 Commonwealth Lane #08-22 One Commonwealth Singapore 149544.

The principal activities of the Company are to carry on the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy. The principal activities of the subsidiaries are disclosed in Note 7 to the financial statements.

The Company's immediate holding company and ultimate holding company is Glorious Finance Limited, a company incorporated in British Virgin Islands.

The statement of the financial position of the Company for the financial year ended 31 December 2025 was authorised for issue in accordance with a resolution of the Directors on the date of Directors' Statement.

The financial statements have been prepared in accordance with the Financial Reporting Standards in Singapore ("FRSs") under the historical cost convention, except as disclosed in the accounting policies below.

The individual financial statements of each entity within the Group are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The consolidated financial statements of the Group and the statement of financial position of the Company are presented in Singapore dollar ("S$") which is the functional currency of the Company and the presentation currency for the consolidated financial statements.

The preparation of financial statements in conformity with FRSs requires the management to exercise judgement in the process of applying the Group's and the Company's accounting policies and requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting periods, and the reported amounts of the revenue and expenses throughout the financial years. Although these estimates are based on management's best knowledge of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year or in the financial year of the revision and future years if the revision affects both current and future financial years.

Critical accounting judgements and key sources of estimate uncertainty used that are significant to the financial statements are disclosed in Note 3 to the financial statements.

The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and amended standards which are relevant to the Group and are effective for annual financial year beginning on 1 January 2025. The adoption of these standards did not have any material effect on the financial statements of the Group.

A number of new standards and amendments to standard that have been issued are not yet effective and have not been applied in preparing these financial statements.

The Group has not adopted the new and revised standards, or amendments to existing standards that have been issued but are not yet effective. Unless otherwise disclosed, the Directors are in the process of assessing the full impact of these standards and amendments on the financial statements of the Company in the year of initial application.

Subsidiaries

Consolidation

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Subsidiaries (Continued)

Consolidation (Continued)

In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests comprise the portion of a subsidiary's net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of financial position. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance.

Acquisition

The acquisition method of accounting is used to account for business combinations entered into by the Group.

The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.

Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifiable net assets.

The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. Please refer to the paragraph "Intangible assets -Goodwill" for the subsequent accounting policy on goodwill.

Subsidiaries (Continued)

Disposals

When a change in the Group's ownership interest in a subsidiary result in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific Standard.

Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in profit or loss.

Please refer to the paragraph "Investments in subsidiaries" for the accounting policy on investments in subsidiaries in the separate financial statements of the Company.

Investment in associate

Associate is that entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies of the entity. Significant influence is presumed to exist when the Group holds 20% or more of the voting power of another entity.

Investment in associate is accounted for in consolidated financial statements using the equity method. It is initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of profit or loss and other comprehensive income ("OCI") of associate, after adjustments to align the accounting policies with those of the Group, from the date of that significant influence commences until the date of significant influence ceases.

When the Group's share of losses exceeds its investment in associate, the carrying amount of investment, together with any long-term interests that form part thereof, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the associate's operation or has made payment on behalf of associate.

Transactions with non-controlling interests

Changes in the Group's ownership interest in a subsidiary that do not result in a loss of control over the subsidiary are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interests and the fair value of the consideration paid or received is recognised within equity attributable to the equity holders of the Company.

All items of property, plant and equipment are initially recognised at cost. The cost includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in profit or loss when incurred.

Property, plant and equipment are stated at cost less accumulated depreciation, and any accumulated impairment losses. Freehold land is not depreciated. Depreciation of other items of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:

Building 16 - 60 years

Laboratory equipment 5 years

Motor vehicles 5 years

Furniture, fittings and equipment 3 - 5 years

Renovation 10 years

Right-of-use assets 4 - 5 years

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate, at the end of each reporting period.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statement of profit or loss and other comprehensive income.

Fully depreciated property, plant and equipment are retained in the financial statements until they are no longer in use.

Goodwill

Goodwill on acquisitions of subsidiaries and businesses, represents the excess of (i) the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over (ii) the fair value of the identifiable net assets acquired. Goodwill on subsidiaries is recognised separately as intangible assets and carried at cost less accumulated impairment losses, if any.

Gains and losses on the disposal of subsidiaries include the carrying amount of goodwill relating to the entity sold.

Intellectual properties licences

Intellectual properties licences are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses, if any. These costs are amortised to profit or loss using the straight-line method over 5 years, which is the shorter of their estimated useful lives and periods of contractual rights.

Computer software licences

Computer software licences are initially recognised at cost, which includes the purchase prices and other directly attributable costs of preparing the asset for its intended use. Costs associated with maintaining the computer software are expensed off when incurred.

Computer software licences are subsequently carried at cost less accumulated amortisation and accumulated impairment losses, if any. These costs are amortised to profit or loss using the straight-line method over their estimated useful lives of 3 years.

The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise.

Acquired customer relationship

The acquired customer relationships are initially recognised at fair value, determined based on the discounted cash flows expected to be generated from the acquired customer base over a five-year period, taking into account the normal working capital requirements associated with maintaining those relationships.

Acquired private blood bank licence

The acquired private blood bank licence for provision of umbilical cord blood stem cell banking business issued by Ministry of Health in Malaysia is initially recognised at the residual amount, calculated as the difference between the total consideration transferred and the fair value of the identifiable net assets acquired, including property, plant and equipment, and acquired customer relationship. The licence is amortised over a two-year period, corresponding to its expected useful life up to the next renewal date.

Acquired technical disclosure

Acquired technical disclosure is initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses, if any. These costs are amortised to profit or loss using the straight-line method over 5 years which is the expected period to generate economic benefits.

All borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss in the period in which they are incurred.

Investments in subsidiaries are stated at cost less accumulated impairment losses, if any, in the statement of financial position. On disposal of investment in a subsidiary, the difference between disposal proceeds and the carrying amount of the investment is recognised in profit or loss.

Goodwill

Goodwill recognised separately as an intangible asset is tested for impairment annually and whenever there is indication that the goodwill may be impaired.

For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group's cash-generating-units ("CGU") expected to benefit from synergies arising from the business combination.

An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU's fair value less cost to sell and value-in-use.

Goodwill (Continued)

The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU.

An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.

Intangible assets (other than Goodwill) Property, plant and equipment

Intangible assets and property, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than it carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.

The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss.

Investments in subsidiaries and an associate

The Group determines whether it is necessary to recognize an impairment loss on its investments in its subsidiaries and associate. At each reporting date, the Group determines whether there is objective evidence that the investments in the subsidiaries and associate are impaired. If there is such evidence, the Group calculates the amount of impairment loss as the difference between the recoverable amount of the subsidiaries and associate and their carrying values, and then recognizes the loss in the statements of profit or loss.

The annual impairment test of investments in subsidiaries and associate involved significant management assessment and judgement required in determining the assumptions to be used to estimate the recoverable amount. Such recoverable amount is based on the higher of the value in use or fair value less costs of disposal, has been derived from discounted forecast cash flow models, including estimates of futures sales volumes and prices, operating costs, revenue growth rates and the weighted-average cost of capital (discount rate).

The Group classifies its financial assets in the following measurement categories:

Amortized cost;

Fair value through other comprehensive income ("FVOCI"); and

Fair value through profit or loss ("FVTPL").

The Group classifies its financial assets at amortized cost.

The classification depends on the Group's business model for managing the financial assets as

well as the contractual terms of the cash flows of the financial assets.

The Group reclassifies debt instruments when and only when its business model for managing those assets changes.

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of the financial assets not a FVTPL, transaction cost that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

Debt instruments

Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortised cost, FVOCI and FVTPL.

Subsequent measurement (Continued) Debt instruments (Continued)

Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process.

Equity instruments

The Group subsequently measures all its equity investments at their fair values. Equity investments are classified as FVTPL with movements in their fair values recognized in profit or loss in the period in which the changes arise and presented in "other gains and losses", except for those equity securities which are not held for trading. The Group has elected to recognize changes in fair value of equity securities not held for trading in other comprehensive income as these are strategic investments and the Group considers this to be more relevant.

Movements in fair values of investments classified as FVOCI are presented as "fair value gains/losses" in other comprehensive income and accumulated within "fair value reserve" in equity. Dividends from equity investments are recognized in profit or loss as "dividend income".

The Group assesses on a forward-looking basis the expected credit losses associated with its debt financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired.

On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss.

On disposal of an equity investment, the difference between the carrying amount and sales proceed is recognized in profit or loss if there was no election made to recognize fair value changes in other comprehensive income. If there was an election made, any difference between the carrying amount and sales proceed amount would be recognized in other comprehensive income and transferred to retained profits along with the amount previously recognized in other comprehensive income relating to that asset.

Financial liabilities

Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs.

After initial recognition, except for convertible loans and warrant liabilities are stated in fair value through profit or loss, all other financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

Such financial liabilities comprise of other payables and warrant liabilities.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.

Borrowings

Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to the customer, excluding amounts collected on behalf of third parties.

Revenue is recognised when the Group satisfies a performance obligation by transferring promised goods or services to the customer, which is when the customer obtains control of the goods or services. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.

Advance payments received from customers are recognised as contract liabilities as the Group has not yet satisfied its performance obligation. Contract liabilities are recognised as other income when the Group satisfied its performance obligation.

Private blood banking service income

Revenue from private blood banking services (storage and retrieval services) is recognised when the Group satisfies a performance obligation by transferring control of a promised service to the customer. The amount of revenue recognised is the amount of the fixed transaction price allocated to each satisfied performance obligation.

The transaction price is allocated to each performance obligation in the contract on the basis of the relative standalone fixed selling prices of the promised services. Transaction price is the amount of fixed consideration in the contract to which the Group expects to be entitled in exchange for transferring the promised services. A discount or variable consideration is allocated to the relevant performance obligations to the extent that it is highly probable that a reversal of the cumulative revenue will occur.

Revenue from private blood storage service is recognised when the Group satisfies a performance obligation by transferring control of a promised service to a customer over time based on the elapsed storage period. When a performance obligation is satisfied over time, revenue is recognised based on the percentage of completion reflecting the progress towards complete satisfaction of that performance obligation.

Revenue from private blood retrieval service is recognised when the Group satisfies a performance obligation by transferring control of a promised service to a customer upon completion of the retrieval service at a point in time.

Research income

Research income is recognised at a point in time when the Group satisfies its performance obligation by transferring control of promised goods to the customers. The transaction price is the amount of the consideration in the contract (mainly on costs recovery basis) to which the Group expects to be entitled in exchange for transferring the promised goods.

Interest income

Interest income is recognised using the effective interest method, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions.

Government grants receivables are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.

Grants related to assets are presented as deferred income under trade and other payables.

When the Group is the lessee

At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.

(a) When the Group is the lessee (Continued) Right-of-use assets

The Group recognises a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

Right-of-use assets are presented within "Property, plant and equipment".

Lease liabilities

The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate.

Lease payments include the following:

Fixed payment (including in-substance fixed payments), less any lease incentives receivables;

Variable lease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date;

Amount expected to be payable under residual value guarantees;

The exercise price of a purchase option if is reasonably certain to exercise the option; and

Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

For contracts that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative stand-alone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component for property leases and account these as one single lease component.

When the Group is the lessee (Continued) Lease liabilities (Continued)

Lease liability is measured at amortised cost using the effective interest method. Lease liability shall be remeasured when:

There is a change in future lease payments arising from changes in an index or rate;

There is a change in the Group's assessment of whether it will exercise an extension

option; or

There is modification in the scope or the consideration of the lease that was not part of the original term.

Lease liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term and low-value leases

The Group has elected to not recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

Variable lease payments

Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Group shall recognise those lease payments in profit or loss in the periods that triggered those lease payments.

Employee benefits are recognised as an expense, unless the cost qualifies to be capitalised as an asset.

Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

Employee leave entitlements

Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

Share-based compensation benefits

The Group operates equity-settled, share-based compensation plans, where shares are issued by the Company to eligible executives, directors and employees of the Group. The value of the employee services received in exchange for the grant of the shares is recognized as an expense in profit or loss with a corresponding entry to reserves over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares granted at the grant date and the number of shares vested by vesting date, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in the estimates of the number of shares that are expected to become vested.

The fair value of services received from the employees of the Company and its subsidiaries in exchange for the grant of the shares are essentially services rendered in the past, are charged out to profit or loss immediately, unless they can be capitalized as part of the cost of a self-constructed asset. Before the end of the vesting period, at each reporting date, the Company will revise its estimates of the number of shares that are expected to be vested at the vesting date and it recognizes the impact of this revision in profit or loss with a corresponding adjustment to equity. After the vesting date, no adjustment to profit or loss is made. For performance shares that are expected to be granted, due to services received before grant date, the total amount to be recognized over the vesting period is determined by reference to the fair value of the performance shares at the end of the reporting period, until the date of grant has been established. Upon vesting of shares, reserves relating to the vested shares will be transferred to retained earnings.

Where the terms of a share-based compensation plan are modified, the expense that has yet to be recognized for the award, is recognized over the remaining vesting period as if the terms had not been modified. Additional expense is recognized for any increase in the total fair value of the share due to the modification, as measured at the date of the modification.

Income tax expense comprises current tax expense and deferred tax expense. Current income tax

Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax

Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised.

Deferred income tax is measured:

at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and

based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities.

Taxes (Continued) Deferred tax (Continued)

Current and deferred income taxes are recognised as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

The Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits where a deferred tax asset is recognised for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilised.

A related party is defined as follows:

A person or a close member of that person's family is related to the Group and the

Company if that person:

has control or joint control over the Company;

has significant influence over the Company; or

is a member of the key management personnel of the Group and the Company or of a parent of the Company.

An entity is related to the Group and the Company if any of the following conditions applies:

the entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);

both entities are joint ventures of the same third party;

one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

the entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

the entity is controlled or jointly controlled by a person identified in (a);

a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity);

the entity or any member of a group of which it is a part, provides key management personnel services to the Company or to the parent of the Company.

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group.

Functional and presentation currency

Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates ("functional currency"). The financial statements are presented in Singapore Dollars ("S$"), which is the functional currency of the Company.

Transactions and balances

Transactions in a currency other than the functional currency ("foreign currency") are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in profit or loss. Monetary items include primarily financial assets (other than equity investments) and financial liabilities. However, in the consolidated financial statements, currency translation differences arising from borrowings in foreign currencies and net investment in foreign operations, are recognised in other comprehensive income and accumulated in the currency translation reserve.

When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.

Foreign exchange gains and losses that relate to borrowings are presented in the income statement within "Finance expense". All other foreign exchange gains and losses impacting profit or loss are presented in the income statement within "Other gains/(losses) - net.

Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

Translation of Group entities' financial statements

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

assets and liabilities are translated at the closing exchange rates at the reporting date;

income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and

all resulting currency translation differences are recognised in other comprehensive income and accumulated in the currency translation reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation.

Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date.

For the purpose of presentation in the consolidated statement of cash flows, cash and bank balances include cash on hand, deposits with financial institutions which are subject to an insignificant risk of change in value.

An operating segment is a component of an entity:

that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);

whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and

for which discrete financial information is available.

The Group has identified two operating segment i.e. (i) the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy as well as (ii) the business of processing and banking of cells including cord blood stem cells, research and development on cord blood derived cell-based therapy.

The assessment of reportable segments is based upon having similar economic characteristics and if the operating segments are similar in the following respects:

the nature of the products and services;

the nature of the production processes;

the type or class of customer for their products and services;

the methods used to distribute their products or provide their services; and

if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities.

Reportable segments are distinguished due to their differences in their operations and economics. They are managed separately because they require different business, technological, and marketing strategies. The Group's Chairman is considered to be the Group's Chief Operating Decision Maker ("CODM"). The CODM reviews non-financial information, for purposes of allocating resources. Based on the internal financial information provided to the CODM, the Group has determined that the identified operating segment as one reportable segment.

The CODM evaluates the assets and liabilities despite disaggregated financial information being available, the accounting policies used in the determination of the segment amounts are the same as those used in the preparation of the Group's financial statements.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Property, plant and equipment is tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. The costs of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Management's estimates of the useful lives of these property, plant and equipment are disclosed in notes to the financial statements. Changes in the expected usage and technological developments could impact the economic useful lives and the residual values of these assets. Therefore, future depreciation charges could be revised. The carrying amounts of property, plant and equipment and their respective depreciation charge for the financial year are disclosed in Note 4 to the financial statements.

The Group and the Company follow the guidance of FRS 36 Impairment of Assets in determining whether its long-term investments in an associate and subsidiaries have been impaired. This determination requires significant judgment. The Group and the Company evaluate, among other factors, whether the recoverable amounts of the investments are less than their carrying amounts, the financial health of and near-term business outlooks for the investments, including factors such as industry and sector performance, changes in technology and operational and financial cash flows. The carrying amounts of investments in associate and subsidiaries were disclosed in Notes 6 and 7 to the financial statements.

A warrant that provides the holder with the right to buy a fixed number of equity instruments of the Company of the warrant for an exercise price that will be fixed at a future date. At initial recognition, because of the variability in the exercise price, the Company in applying paragraph 16 of FRS 32 Financial Instruments: Presentation classifies the warrants as financial liabilities at FVTPL as this derivative financial instrument does not meet the criteria of settlement by the Company in exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments so called "fixed-for-fixed condition". In other words, the number of share to be settled is determined based on the variable inputs including volume weighted average observable price.

At the date of inception, no quoted prices in an active market are available for these financial liabilities. These financial liabilities were valued by the management of the Company with reference to valuations carried out by an internal specialist ("Valuer"). The fair value of these financial liabilities is established by using valuation techniques as set out in the Notes to the financial statements. Valuation modals established by the Valuer maximise the use of market inputs to the extent possible. Management estimates and assumptions are reviewed periodically and are adjusted if necessary. Should any of the estimates and assumptions changed, it may lead to a change in the fair value to be recognised in profit or loss.

Taking into account factors impacting the valuation of warrants being 10% of expected volatility higher or lower than expected, this would result a potential outcome in an increase or decrease of the warrant liabilities amounting to approximately S$7,000 (2024: S$24,000) in profit or loss. As at the end of the reporting period, key assumptions assessed by the management were disclosed in the Note 16 to the financial statements.

Equity-settled share-based payments are measured at fair value of the equity instruments (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period with a corresponding credit to the share-based payment reserve, based on the Group's estimate of the number of equity instruments that will eventually vest and adjusted for the effect of non market-based vesting conditions. At the end of each financial year, the Group revises the estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss over the remaining vesting period with a corresponding adjustment to the share-based payment reserve.

Property, plant and equipment

Freehold

Laboratory

Motor

Furniture, fittings, and

Right-of-use

Group

Building

land

equipment

vehicle

equipment

Renovation

assets

Total

2025

Cost

Balance at 1 January

1,993,445

588,041

1,392,381

49,863

397,941

563,511

34,740

5,019,922

Additions

571,190

47,233

19,427

54,255

692,105

Written off

(3,859)

Currency realignment

60,214

23,575

66,098

1,999

15,680

20,017

3,199

190,782

Balance at 31 December

2,053,659

611,616

2,025,810

51,862

460,854

602,955

92,194

5,898,950

Accumulated depreciation

Balance at 1 January

169,230

1,026,621

49,863

285,503

232,040

3,619

1,766,876

Depreciation for the year

69,282

187,486

39,711

58,587

15,976

371,042

Written off

(701)

Currency realignment

4,219

41,859

1,999

11,341

10,046

677

70,141

Balance at 31 December

242,731

1,255,265

51,862

336,555

300,673

20,272

2,207,358

Carrying amount

Balance at 31 December

1,810,928

611,616

770,545

124,299

302,282

71,922

3,691,592

Property, plant and equipment (Continued)

Furniture,

Right-

Freehold

Laboratory

Motor

fittings, and

of-use

Group

Building

land

equipment

vehicle

equipment

Renovation

assets

Total

2024

Cost

Balance at 1 January

1,060,463

372,206

1,209,171

47,061

283,143

457,403

3,429,447

Additions

899,110

193,673

123,340

100,446

83,656

34,740

1,434,965

Currency realignment

33,872

22,162

59,870

2,802

14,352

22,452

155,510

Balance at 31 December

1,993,445

588,041

1,392,381

49,863

397,941

563,511

34,740

5,019,922

Accumulated depreciation

Balance at 1 January

113,649

801,368

45,492

234,031

170,154

1,364,694

Depreciation for the year

52,004

176,228

1,604

37,719

51,116

3,493

322,164

Currency realignment

3,577

49,025

2,767

13,753

10,770

126

80,018

Balance at 31 December

169,230

1,026,621

49,863

285,503

232,040

3,619

1,766,876

Carrying amount

Balance at 31 December

1,824,215

588,041

365,760

112,438

331,471

31,121

3,253,046

Disclaimer

Cytomed Therapeutics Ltd. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 16:09 UTC.