Kazia披露已定价公开发行文件，核心条款此前已公告

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6-K
1
ea0303820-6k_kazia.htm
REPORT OF FOREIGN PRIVATE ISSUER
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of August 2026
Commission
File Number 000-29962
Kazia
Therapeutics Limited
(Translation
of registrant’s name into English)
Three
International Towers Level 24 300 Barangaroo Avenue Sydney NSW 2000
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Underwritten
Public Offering
On
August 28, 2026, Kazia Therapeutics Limited (the “Company”) entered into an underwriting agreement (the “Underwriting
Agreement”) with Leerink Partners LLC and Guggenheim Securities, LLC, as representatives of the several underwriters named therein
(collectively, the “Underwriters”), relating to an underwritten public offering (the “Offering”) of (i) 2,276,800
American Depositary Shares (the “ADSs”), each ADS representing five hundred (500) ordinary shares of the Company, no par
value per share (the “Ordinary Shares”), (ii) pre-funded warrants to purchase up to 303,200 ADSs (the “Pre-Funded Warrants”),
(iii) Series A Warrants to purchase up to 2,243,478 ADSs (the “Series A Warrants”) and (iv) Series B Warrants to purchase
up to 2,064,000 ADSs (the “Series B Warrants” and, together with the Series A Warrants, the “Warrants”; the Pre-Funded
Warrants and the Warrants collectively, the “Warrant Securities”), at a combined public offering price of $15.50 per ADS
and accompanying Warrants (or $15.4999 per Pre-Funded Warrant and accompanying Warrants, equal to the combined public offering price
per ADS and accompanying Warrants less $0.0001). The exercise price of each Series A Warrant is $17.825 per ADS (115% of the public offering
price per ADS and accompanying Warrants). The exercise price of each Series B Warrant is $19.375 per ADS (125% of the public offering
price per ADS and accompanying Warrants). The exercise price of each Pre-Funded Warrant is $0.0001 per ADS. The purchase price to be
paid by the Underwriters to the Company is $14.415 per ADS and accompanying Warrants (or $14.4149 per Pre-Funded Warrant and accompanying
Warrants), representing underwriting discounts and commissions of 7% of the gross proceeds of the Offering. BTIG, LLC and Needham &
Company, LLC acted as lead managers and Laidlaw & Company (UK) Ltd. acted as co-manager for the Offering. In addition to the foregoing, the underwriters have agreed to assist in soliciting the exercise of the Series A Warrants and Series B
Warrants in return for a fee of 7% of the gross proceeds received by the Company upon the cash exercise of such warrants.
The
gross proceeds from the Offering, before deducting underwriting discounts and commissions and offering expenses payable by the Company,
are expected to be approximately $40 million (with potential additional gross proceeds of up to approximately $40 million from the exercise of the
Series A Warrants and up to approximately $40 million from the exercise of the Series B Warrants, in each case before deducting the warrant
exercise fee payable to the Underwriters). The Company intends to use the net proceeds from the Offering to fund the ongoing and planned
clinical development of paxalisib, including its Phase 1b trial in advanced triple-negative breast cancer and planned expansion into
HR+/HER2- breast cancer, colorectal cancer, and early stage high risk TNBC, and for working capital and other general corporate purposes.
The Offering is expected to close on or about August 31, 2026, subject to the satisfaction of customary closing conditions.
The
ADSs, the Pre-Funded Warrants and the Warrants were offered by the Company pursuant to an effective registration statement on Form F-3
(File No. 333-294392) filed with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as
amended (the “Securities Act”), and declared effective on March 27, 2026, and a related prospectus supplement dated August
28, 2026 filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act.
The
Pre-Funded Warrants are immediately exercisable at an exercise price of $0.0001 per ADS and will not expire until exercised in full.
The Series A Warrants are immediately exercisable and expire upon the earlier of (i) 30 days after the Company publicly announces that
at least 12 patients in its Phase 1b trial in advanced stage IV triple-negative breast cancer have achieved a six-month median progression-free
survival or (ii) five years from the date of issuance. The Series B Warrants are immediately exercisable and expire upon the earlier
of (i) 30 days after the Company publicly announces that at least 12 patients in its planned clinical evaluation of paxalisib in HR+/HER2-
breast cancer have achieved a six-month median progression-free survival or (ii) five years from the date of issuance. Each of the Warrants
and the Pre-Funded Warrants contain beneficial ownership limitations that restrict the holder from exercising such warrants to the extent
that such exercise would result in the holder, together with its affiliates, beneficially owning in excess of a specified percentage
of the Company’s outstanding Ordinary Shares.
The
Underwriting Agreement contains customary representations, warranties, covenants and agreements by the Company, indemnification obligations
of the Company, including for liabilities arising under the Securities Act, other obligations of the parties and termination provisions.
The representations, warranties and covenants contained in the Underwriting Agreement were made only for the purposes of such agreement
and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon
by the contracting parties.
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Pursuant
to the Underwriting Agreement, the Company’s executive officers and directors have agreed, subject to certain exceptions, not to
offer, sell or otherwise dispose of any ADSs or Ordinary Shares or any securities convertible into or exchangeable or exercisable for
ADSs or Ordinary Shares for a period of 60 days after the date of the Underwriting Agreement without the prior written consent of the
representatives.
The
foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of
the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this Report on Form 6-K and is incorporated herein by reference.
A copy of the opinion of Baker & McKenzie LLP relating to the legality of the securities issued and sold in the Offering is filed
herewith as Exhibit 5.1.
On
August 27, 2026, the Company issued a press release announcing the proposed Offering. A copy of the launch press release is attached
as Exhibit 99.1 to this Report on Form 6-K and is incorporated herein by reference. On August 28, 2026, the Company issued a press release
announcing the pricing of the Offering. A copy of the pricing press release is attached as Exhibit 99.2 to this Report on Form 6-K and
is incorporated herein by reference.
Incorporation
by Reference
The
Company hereby incorporates by reference the information contained in the body of this Report on Form 6-K and Exhibits 99.1 and 99.2
hereto into the registration statement on
Form F-3
of Kazia Therapeutics Limited (File No. 333-294392) (including any prospectuses forming
a part of such registration statement) and shall be a part thereof from the date on which this current report is furnished, to the extent
not superseded by documents or reports subsequently filed or furnished.
Forward-Looking
Statements
This
Report of Foreign Private Issuer on Form 6-K may contain forward-looking statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, which can generally be identified as such by the use of words such as “may,” “will,”
“estimate,” “future,” “forward,” “anticipate,” or other similar words. Any statement
describing Kazia’s future plans, strategies, intentions, expectations, objectives, goals or prospects, and other statements that
are not historical facts, are also forward-looking statements, including, but not limited to, statements regarding: the completion of
the Offering, the satisfaction of customary closing conditions related thereto, the intended use of proceeds from the Offering, the exercise
of the Warrants and the Pre-Funded Warrants and the receipt of proceeds therefrom, the anticipated extension of the Company’s cash
runway into 2029 following completion of the Offering, and the Company’s future expectations, plans and prospects. Such statements
are based on Kazia’s current expectations and projections about future events and future trends affecting its business and are
subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking
statements, including risks and uncertainties: related to market and other conditions, associated with clinical and preclinical trials
and product development, including the risk that preliminary or interim data may not reflect final results, related to regulatory approvals,
and related to the impact of global economic conditions. These and other risks and uncertainties are described more fully in Kazia’s
Annual Report, filed on form 20-F with the SEC, and in subsequent filings with the SEC. Kazia undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required under applicable
law. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report of
Foreign Private Issuer on Form 6-K.
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EXHIBIT
LIST
Exhibit
Description
1.1
Underwriting Agreement
5.1
Opinion of Baker McKenzie.
10.1
Form of Pre-Funded Warrant
10.2
Form of Series A Warrant
10.3
Form of Series B Warrant
23.1
Consent of Baker & McKenzie (included in Exhibit 5.1).
99.1
Launch Press Release of Kazia Therapeutics Limited dated August 27, 2026
99.2
Pricing Press Release of Kazia Therapeutics Limited dated August 28, 2026
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Kazia Therapeutics Limited
(Registrant)
/s/ John Friend
Name:
John Friend
Title:
Chief Executive Officer
Date:
August 31, 2026
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EX-1.1
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ea030382001ex1-1.htm
UNDERWRITING AGREEMENT
Exhibit 1.1
KAZIA
THERAPEUTICS LTD.
(an
Australian public company)
2,276,800
ADSs
each
representing five hundred (500) fully paid ordinary
shares
of the Company, no par value per share
Pre-Funded
Warrants to Purchase 303,200 ADSs
Series
A Warrants to Purchase 2,243,478 ADSs
Series
B Warrants to Purchase 2,064,000 ADSs
UNDERWRITING
AGREEMENT
August
28, 2026
Leerink
Partners LLC
Guggenheim
Securities, LLC
as
Representatives of the several Underwriters
c/o
Leerink
Partners LLC
1301
Avenue of the Americas, 5th Floor
New
York, NY 10019
c/o
Guggenheim
Securities, LLC
330
Madison Avenue
New
York, NY 10017
Ladies
and Gentlemen:
Kazia
Therapeutics Limited ACN 063 259 754, an Australian public company limited by shares (the “
Company
”), confirms its
agreement with Leerink Partners LLC (“
Leerink Partners
”), Guggenheim Securities, LLC (“
Guggenheim Securities
”)
and each of the other Underwriters named in
Schedule A
hereto (collectively, the “
Underwriters
,” which
term shall also include any underwriter substituted as hereinafter provided in Section 10 hereof), for which Leerink Partners and
Guggenheim Securities are acting as representatives (in such capacity, the “
Representatives
”), with respect to the
sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the respective numbers of (i) 2,276,800
American Depositary Shares (the “
ADSs
”), each representing five hundred (500) fully paid ordinary shares of the Company,
no par value per share (the “
Ordinary Shares
”), (ii) pre-funded warrants, substantially in the form of
Annex A
hereto, to purchase an aggregate of 303,200 ADSs, with an exercise price of $0.0001 per ADS (“
Pre-Funded Warrants
”)
(iii) Series A ADS Warrants, substantially in the form of
Annex B
hereto, to purchase an aggregate of 2,243,478 ADSs (or Pre-Funded
Warrants in lieu thereof) with an exercise price equal to 115% of the initial public offering price per ADS and accompanying Warrants
(“
Series A Warrants
”) and (iv) Series B ADS Warrants, substantially in the form of
Annex C
hereto, to purchase
an aggregate of 2,064,000 ADSs (or Pre-Funded Warrants in lieu thereof) with an exercise price equal to 125% of the initial public offering
price per ADS and accompanying Warrants (“
Series B Warrants
” and, together with the Series A Warrants, the “
ADS
Warrants
”; the ADS Warrants together with the Pre-Funded Warrants, the “
Warrants
”; and the Warrants, together
with the ADSs, the “
Securities
”), set forth in
Schedule A
hereto. As used herein, “
Warrant Shares
”
means the ADSs issuable upon exercise of the Warrants.
The
ADSs will be delivered pursuant to the Amended and Restated Deposit Agreement, dated June 13, 2016, as amended from time to time, among
the Company, The Bank of New York Mellon, as depositary (the “
Depositary
”), and all owners and holders of the ADSs
issued thereunder (the “
Deposit Agreement
”).
The
Company understands that the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable
after this Underwriting Agreement (this “
Agreement
”) has been executed and delivered.
The
Company has filed with the Securities and Exchange Commission (the “
Commission
”) a shelf registration statement on
Form F-3 (No. 333-294392), covering the public offering and sale of certain securities, including the Ordinary Shares represented
by the Securities, under the Securities Act of 1933, as amended (the “
1933 Act
”) and the rules and regulations of
the Commission promulgated thereunder (the “
1933 Act Regulations
”), which shelf registration statement was declared
effective on March 27, 2026. Such registration statement, as of any time, means such registration statement as amended by any post-effective
amendments thereto to such time, including the exhibits and any schedules thereto at such time, the documents incorporated or deemed
to be incorporated by reference therein at such time pursuant to Item 12 of Form F-3 under the 1933 Act and the documents otherwise deemed
to be a part thereof as of such time pursuant to Rule 430B under the 1933 Act Regulations (“
Rule 430B
”), is referred
to herein as the “Registration Statement;” provided, however, that the “Registration Statement” without reference
to a time means such registration statement as amended by any post-effective amendments thereto as of the time of the first contract
of sale for the Securities, which time shall be considered the “new effective date” of such registration statement with respect
to the Securities within the meaning of paragraph (f)(2) of Rule 430B, including the exhibits and schedules thereto as of such time,
the documents incorporated or deemed incorporated by reference therein at such time pursuant to Item 12 of Form F-3 under the 1933 Act
and the documents otherwise deemed to be a part thereof as of such time pursuant to the Rule 430B. Any registration statement filed pursuant
to Rule 462(b) of the 1933 Act Regulations is herein called the “Rule 462(b) Registration Statement” and, after such filing,
the term “Registration Statement” shall include the Rule 462(b) Registration Statement. Any preliminary prospectus used in
connection with the offering of the Securities, including the documents incorporated or deemed to be incorporated by reference therein
pursuant to Item 12 of Form F-3 under the 1933 Act, are collectively referred to herein as a “preliminary prospectus.” Promptly
after execution and delivery of this Agreement, the Company will prepare and file a final prospectus relating to the Securities in accordance
with the provisions of Rule 424(b) under the 1933 Act Regulations (“
Rule 424(b)
”). The final prospectus, in the form
first furnished or made available to the Underwriters for use in connection with the offering of the Securities, including the documents
incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form F-3 under the 1933 Act, are collectively referred
to herein as the “Prospectus.” For purposes of this Agreement, all references to the Registration Statement, any preliminary
prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the
Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor system)(“
EDGAR
”).
As
used in this Agreement:
“
Applicable
Time
” means 6:05 A.M., New York City time, on August 28, 2026 or such other time as agreed by the Company and the Representatives.
“
General
Disclosure Package
” means the most recent preliminary prospectus, if any, (including any documents incorporated therein by
reference) that is distributed to investors prior to the Applicable Time and the information included on
Schedule B-1
hereto,
all considered together.
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“
Issuer
Free Writing Prospectus
” means any “issuer free writing prospectus,” as defined in Rule 433 of the 1933 Act Regulations
(“
Rule 433
”), including without limitation any “free writing prospectus” (as defined in Rule 405 of the
1933 Act Regulations (“
Rule 405
”)) relating to the Securities that is (i) required to be filed with the Commission
by the Company, (ii) a “road show for an offering that is a written communication” within the meaning of Rule 433(d)(8)(i),
whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form
filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records
pursuant to Rule 433(g).
“
Testing-the-Waters
Communication
” means any oral or written communication with potential investors undertaken in reliance on Rule 163B of the
1933 Act Regulations.
“
Written
Testing-the-Waters Communication
” means any Testing-the-Waters Communication that is a written communication within the meaning
of Rule 405 under the 1933 Act.
All
references in this Agreement to financial statements and schedules and other information which is “contained,” “included”
or “stated” (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus
shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated by reference
in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and delivery
of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus
or the Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder (collectively, the “
1934 Act
”), incorporated or deemed to be incorporated
by reference in the Registration Statement, such preliminary prospectus or the Prospectus, as the case may be, at or after the execution
and delivery of this Agreement.
SECTION
1.
Representations and Warranties
.
(a)
Representations
and Warranties by the Company
. The Company represents and warrants to each Underwriter as of the date hereof, the Applicable Time,
the Closing Time (as defined below), and agrees with each Underwriter, as follows:
(i)
Registration
Statement and Prospectuses
. The Company meets the requirements for use of Form F-3 under the 1933 Act. Each of the Registration Statement
and any amendment thereto has become effective under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued by the Commission under the 1933 Act, no order preventing or suspending the use
of any preliminary prospectus or the Prospectus has been issued by the Commission and no proceedings for any of those purposes have been
instituted by the Commission or are pending or, to the Company’s knowledge, contemplated by the Commission. The Company has complied
with each request (if any) from the Commission for additional information.
Each
of the Registration Statement and any post-effective amendment thereto, at the time of its effectiveness and at each deemed effective
date with respect to the Underwriters pursuant to Rule 430B(f)(2) under the 1933 Act Regulations, complied in all material respects with
the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment or supplement
thereto, at the time each was filed with the Commission, complied in all material respects with the requirements of the 1933 Act and
the 1933 Act Regulations. Each preliminary prospectus delivered to the Underwriters for use in connection with the offering and the Prospectus
was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation S-T.
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The
documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, when they became effective
or at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements
of the 1934 Act and the rules and regulations of the Commission under the 1934 Act (the “
1934 Act Regulations
”).
The
Registration Statement, any preliminary prospectus and the Prospectus, and the filing of the Registration Statement, any preliminary
prospectus and the Prospectus with the Commission have been duly authorized by and on behalf of the Company, and the Registration Statement
has been duly executed pursuant to such authorization.
(ii)
Accurate
Disclosure
. Neither the Registration Statement nor any amendment thereto, at its effective time, at the Closing Time, contained,
contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, neither (A) the General Disclosure
Package nor (B) any individual Written Testing-the-Waters Communication, when considered together with the General Disclosure Package,
included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus
nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the
Commission pursuant to Rule 424(b), at the Closing Time, included, includes or will include an untrue statement of a material fact or
omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The documents incorporated or deemed to be incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus, at the time the Registration Statement became effective or when such documents
incorporated by reference were filed with the Commission, as the case may be, when read together with the other information in the Registration
Statement, the General Disclosure Package or the Prospectus, as the case may be, did not and will not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The
representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any
amendment thereto), the General Disclosure Package or the Prospectus (or any amendment or supplement thereto, including any prospectus
wrapper) made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives
expressly for use therein. For purposes of this Agreement, the only information so furnished shall be the concession figure appearing
in the first paragraph in the section entitled “Underwriting – Discounts and Commissions” and the information in the
second, third and fifth paragraphs in the section entitled “Underwriting – Price Stabilization, Short Positions and Penalty
Bids” in each case contained in the Prospectus (collectively, the “
Underwriter Information
”).
(iii)
Issuer
Free Writing Prospectuses
. No filing of any “road show” (as defined in Rule 433(h)) is required in connection with the
offering of the Securities. The Company has not prepared, used or referred to, and will not prepare, use or refer to, any issuer free
writing prospectus.
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(iv)
Testing-the-Waters
Materials
. The Company (A) has not engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with
the consent of the Representatives with entities that are qualified institutional buyers within the meaning of Rule 144A under the 1933
Act or institutions that are accredited investors within the meaning of Rule 501 under the 1933 Act and (B) has not authorized anyone
other than the Representatives to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been
authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters
Communications other than those listed on
Schedule B-2
hereto.
(v)
Ineligible
Issuer
. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter
that the Company or another offering participant made a
bona fide
offer (within the meaning of Rule 164(h)(2) of the 1933 Act
Regulations) of the Securities and at the date hereof, the Company was and is an “ineligible issuer,” as defined in Rule
405. The Company has not, directly or indirectly, prepared, used or referred to, and will not prepare, use or refer to, any “free
writing prospectus” as defined under Rule 405.
(vi)
Reserved
(vii)
Independent
Accountants
. The accountants who certified the financial statements and supporting schedules included in the Registration Statement,
the General Disclosure Package and the Prospectus are independent public accountants as required by the 1933 Act, the 1933 Act Regulations,
the 1934 Act, the 1934 Act Regulations and the Public Company Accounting Oversight Board (United States).
(viii)
Financial
Statements; Non-GAAP Financial Measures
. The financial statements included or incorporated by reference in the Registration Statement,
the General Disclosure Package and the Prospectus, together with the related schedules and notes, comply as to form in all material respects
with Regulation S-X under the 1933 Act and present fairly, in all material respects, the financial position of the Company and its consolidated
Subsidiaries (as defined below) at the dates indicated and the statement of operations, stockholders’ equity and cash flows of
the Company and its consolidated Subsidiaries for the periods specified; said financial statements have been prepared in conformity with
International Financial Reporting Standards (“
IFRS
”) as issued by the International Accounting Standards Board applied
on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly, in all material respects, in
accordance with IFRS the information required to be stated therein. The selected financial data and the summary financial information
included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly, in all material respects, the
information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein.
Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated
by reference in the Registration Statement, the General Disclosure Package or the Prospectus under the 1933 Act or the 1933 Act Regulations.
All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus, or incorporated by reference
therein, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission)
comply with Regulation G of the 1934 Act, and Item 10 of Regulation S-K, to the extent applicable. The interactive data in eXtensible
Business Reporting Language incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission's rules and
guidelines applicable thereto.
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(ix)
Compliance
with the Sarbanes-Oxley Act of 2002
. There is and has been no failure on the part of the Company or, to the Company’s knowledge,
any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision
of the Sarbanes-Oxley Act of 2002, to the extent applicable to a foreign private issuer, and the rules and regulations promulgated in
connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.
(x)
No
Material Adverse Change in Business
. Except as otherwise stated therein, since the respective dates as of which information is given
in the Registration Statement, the General Disclosure Package or the Prospectus, (A) there has been no material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries
(as defined below) considered as one enterprise, whether or not arising in the ordinary course of business (a “
Material Adverse
Effect
”), (B) there have been no transactions entered into by the Company or any of its Subsidiaries, other than those
in the ordinary course of business, which are material with respect to the Company and its Subsidiaries considered as one enterprise,
(C) there have been no material liabilities or obligations, direct or contingent, entered into by the Company or any of its Subsidiaries
and (D) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital
stock.
(xi)
Good
Standing of the Company
. The Company has been duly organized and is validly existing as a corporation under the laws of the state
of New South Wales, with full corporate power and authority to acquire, own, lease and operate its properties, and to lease the same
to others, and to conduct its business as described in the Registration Statement, the General Disclosure Package or the Prospectus and
to enter into and perform its obligations under this Agreement and the Warrants. The Company is duly qualified to transact business as
a foreign corporation and is in good standing in the State of New York and under the laws of each other jurisdiction that requires such
qualification, whether by reason of the ownership or leasing of property or the conduct of business, except to the extent that the failure
to be so qualified or in good standing would not result in a Material Adverse Effect.
(xii)
Good
Standing of the Company’s Subsidiaries
. Each subsidiary of the Company (each, a “
Subsidiary
” and, collectively,
the “
Subsidiaries
”) has been duly organized and is validly existing in good standing (where such concept exists) under
the laws of the jurisdiction of its incorporation or organization, has corporate or similar power and authority to own, lease and operate
its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus
and is duly qualified to transact business and is in good standing (where such concept exists) in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to be so
qualified or to be in good standing would not result in a Material Adverse Effect. Except as otherwise disclosed in the Registration
Statement, the General Disclosure Package and the Prospectus, all of the issued and outstanding capital stock of each Subsidiary has
been duly authorized and validly issued, is fully paid and non-assessable and is owned by the Company, directly or through Subsidiaries,
free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital
stock of any Subsidiary was issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. The only
Subsidiaries of the Company are the entities listed on Exhibit 8.1 to the Company’s Annual Report on Form 20-F for the fiscal year
ended June 30, 2025.
6
(xiii)
Capitalization
.
The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement, the General
Disclosure Package and the Prospectus in the column entitled “Actual” under the caption “Capitalization” (except
for subsequent issuances, if any, (A) pursuant to this Agreement, (B) pursuant to reservations, agreements or employee benefit plans
referred to in the Registration Statement, the General Disclosure Package and the Prospectus or (C) pursuant to the conversion of convertible
securities or exercise of options referred to in the Registration Statement, the General Disclosure Package and the Prospectus). The
outstanding shares of capital stock of the Company have been duly authorized and are validly issued, fully paid and non-assessable. The
Warrant Shares have been duly and validly authorized and reserved for issuance pursuant to the terms of the Warrants, and when issued
by the Company upon valid exercise of the respective Warrants and payment of the applicable exercise price therefor, will be duly and
validly issued, fully paid and non-assessable and will not be subject to any preemptive rights, rights of first refusal, registration
rights or similar rights to the subscription for the purchase of the Warrant Shares and will conform to the description thereof contained
in the applicable Registration Statement, the General Disclosure Package and the Prospectus. None of the outstanding shares of capital
stock of the Company was issued in violation of the preemptive or other similar rights of any securityholder of the Company.
(xiv)
Authorization
of Agreement
. This Agreement has been duly authorized, executed and delivered by the Company. The Deposit Agreement has been duly
authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the Depositary, is a valid
and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
insolvency reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally and by general principles
of equity.
(xv)
Authorization
and Description of Securities
. The Ordinary Shares to be represented by the Securities to be purchased by the Underwriters from the
Company have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when the Ordinary Shares
are issued and delivered by the Company and deposited with the Depositary’s custodian under the Deposit Agreement for delivery
of Securities when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein,
will be validly issued and fully paid and non-assessable; and the issuance of the Securities is not subject to the preemptive or other
similar rights of any securityholder of the Company. When the Ordinary Shares are issued and delivered by the Company and deposited with
the Depositary’s custodian under the Deposit Agreement for delivery of Securities against payment therefor pursuant to this Agreement,
the purchasers of the Securities issued and sold hereunder will acquire good, marketable and valid title to such Securities, free and
clear of all pledges, liens, security interests, charges, claims or encumbrances. The Ordinary Shares may be freely deposited by the
Company with the Depositary’s custodian or its nominee against issuance of Securities, as contemplated by the Deposit Agreement.
Each of the Warrants to be delivered at the Closing Time, has been duly authorized and, when executed and delivered in accordance with
this Agreement, will constitute a valid, legal, and binding obligation of the Company, enforceable in accordance with its terms, except
as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally, and subject to general principles
of equity. The ADSs, Ordinary Shares and Warrant Shares conform to all statements relating thereto contained in the Registration Statement,
the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the
same. No holder of Securities will be subject to personal liability by reason of being such a holder.
(xvi)
Registration
Rights
. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant
to the Registration Statement or otherwise registered for sale or sold by the Company under the 1933 Act pursuant to this Agreement,
other than those rights that have been disclosed in the Registration Statement, the General Disclosure Package and the Prospectus and
have been waived.
7
(xvii)
Absence
of Violations, Defaults and Conflicts
. Neither the Company nor any Subsidiary is (A) in violation of its charter, by-laws or similar
organizational document, (B) in default in the performance or observance of any obligation, agreement, covenant or condition contained
in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which
the Company or any Subsidiary is a party or by which either of them may be bound or to which any of the properties or assets of the Company
or any Subsidiary is subject (collectively, “
Agreements and Instruments
”), except for such defaults that would not,
singly or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment,
order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or
agency having jurisdiction over the Company or its Subsidiaries or any of their respective properties, assets or operations (each, a
“
Governmental Entity
”), except for such violations that would not, singly or in the aggregate, reasonably be expected
to result in a Material Adverse Effect. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated herein and in the Registration Statement, the General Disclosure Package and the Prospectus (including the issuance and
sale of the Securities and the use of the proceeds from the sale of the Securities as described therein under the caption “Use
of Proceeds”) and compliance by the Company with its obligations hereunder have been duly authorized by all necessary corporate
action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute
a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance
upon any properties or assets of the Company or its Subsidiaries pursuant to, the Agreements and Instruments (except for such conflicts,
breaches, defaults or Repayment Events or liens, charges or encumbrances that would not, singly or in the aggregate, result in a Material
Adverse Effect), nor will such action result in any violation of the provisions of the charter, by-laws or similar organizational document
of the Company or its Subsidiaries or any law, statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity.
As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence
of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of
all or a portion of such indebtedness by the Company or its Subsidiaries.
(xviii)
Listing
.
The Securities and Warrant Shares have been approved for listing on the Nasdaq Capital Market, subject to notice of issuance.
(xix)
Absence
of Labor Dispute
. No labor dispute with the employees of the Company or its Subsidiaries exists or, to the knowledge of the Company,
is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its Subsidiaries’
principal suppliers, manufacturers, customers or contractors, which, in either case, would result in a Material Adverse Effect.
(xx)
Absence
of Proceedings
. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no
action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity (including, without limitation, any action,
suit proceeding, inquiry or investigation before or brought by the U.S. Food and Drug Administration (the “
FDA
”) or
the European Medicines Agency (the “
EMA
”)) now pending or, to the knowledge of the Company, threatened, against or
affecting the Company or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect, or which would
reasonably be expected to materially and adversely affect their respective properties or assets or the consummation of the transactions
contemplated in this Agreement and the Warrants or the performance by the Company of its obligations hereunder; and the aggregate of
all pending legal or governmental proceedings to which the Company or any such Subsidiary is a party or of which any of their respective
properties or assets is the subject which are not described in the Registration Statement, the General Disclosure Package and the Prospectus,
including ordinary routine litigation incidental to the business, would not reasonably be expected to result in a Material Adverse Effect.
8
(xxi)
Accuracy
of Exhibits
. There are no contracts or documents which are required to be described in the Registration Statement, the General Disclosure
Package or the Prospectus or to be filed as exhibits to the Registration Statement which have not been so described and filed as required.
(xxii)
Absence
of Further Requirements
. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree
of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in connection with
the offering, issuance or sale of the Securities hereunder or the consummation of the transactions contemplated by this Agreement or
the Warrants, except such as have been already obtained or as may be required under the 1933 Act, the 1933 Act Regulations, the rules
of the NASDAQ Stock Market LLC, state securities laws or the rules of FINRA.
(xxiii)
Possession
of Licenses and Permits
. The Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, “
Governmental Licenses
”) issued by the appropriate Governmental Entities necessary to conduct the business
now operated by them (including, without limitation, all such permits, licenses, approvals, consents and other authorizations required
by the FDA, the EMA, or any other federal, state, local or foreign agencies or bodies engaged in the regulation of clinical or preclinical
studies, pharmaceuticals, biologics, biohazardous substances or activities related to the business now operated by the Company and its
Subsidiaries), except where the failure so to possess would not, singly or in the aggregate, result in a Material Adverse Effect. The
Company and its Subsidiaries are in compliance with the terms and conditions of all Governmental Licenses, except where the failure so
to comply would not, singly or in the aggregate, result in a Material Adverse Effect. The Company has fulfilled and performed all of
its material obligations with respect to the Governmental Licenses and, to the knowledge of the Company, no event has occurred which
allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other material impairment of
the rights of the Company as a holder of any permit, except where the failure to so fulfill or perform, or the occurrence of such event,
would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses are valid and in full force
and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force
and effect would not, singly or in the aggregate, result in a Material Adverse Effect. Neither the Company nor its Subsidiaries has received
any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.
(xxiv)
Title
to Property
. The Company and its Subsidiaries have good and marketable title to all real property owned by them and good title to
all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions
or encumbrances of any kind except such as (A) are described in the Registration Statement, the General Disclosure Package and the Prospectus
or (B) do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use
made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the
business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or its Subsidiaries holds properties
described in the Registration Statement, the General Disclosure Package or the Prospectus, are in full force and effect, and neither
the Company nor any such Subsidiary has any notice of any material claim of any sort that has been asserted by anyone adverse to the
rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights
of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.
9
(xxv)
Title
to Intellectual Property
. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, The
Company owns or has valid, binding and enforceable licenses or other rights under the patents, patent applications, licenses, inventions,
copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures), trademarks, service marks, trade names or other intellectual property necessary for, or used in the conduct, or the proposed
conduct, of the business of the Company in the manner described in the Registration Statement, the General Disclosure Package and the
Prospectus (collectively, the “
Intellectual Property
”); the patents, trademarks, and copyrights, if any, included
within the Intellectual Property are valid, enforceable, and subsisting; other than as disclosed in the Registration Statement, the General
Disclosure Package and the Prospectus, (A) the Company is not obligated to pay a material royalty, grant a license to, or provide other
material consideration to any third party in connection with the Intellectual Property, (B) the Company has not received any notice of
any claim of infringement, misappropriation or conflict with any asserted rights of others with respect to any of the Company’s
drug candidates, services, processes or Intellectual Property, (C) to the knowledge of the Company, neither the sale nor use of any of
the discoveries, inventions, drug candidates, services or processes of the Company referred to in the Registration Statement, the General
Disclosure Package or the Prospectus do or will, to the knowledge of the Company, infringe, misappropriate or violate any right or valid
patent claim of any third party, (D) none of the technology employed by the Company has been obtained or is being used by the Company
in material violation of any contractual obligation binding on the Company or, to the Company’s knowledge, upon any of its officers,
directors or employees or otherwise in violation of the rights of any persons, (E)to the knowledge of the Company, no third party has
any ownership right in or to any Intellectual Property that is owned by the Company, other than any co-owner of any patent constituting
Intellectual Property who is listed on the records of the U.S. Patent and Trademark Office (the “
USPTO
”) and any co-owner
of any patent application constituting Intellectual Property who is named in such patent application, and, to the knowledge of the Company,
no third party has any ownership right in or to any Intellectual Property in any field of use that is exclusively licensed to the Company,
other than any licensor to the Company of such Intellectual Property, (F) there is no material infringement by third parties of any Intellectual
Property, (G) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging
the Company’s rights in or to any Intellectual Property, and (H) there is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property. The Company is in compliance
with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company, and all such agreements are
in full force and effect.
(xxvi)
Patents
and Patent Applications
. All patents and patent applications owned by or licensed to the Company or under which the Company has rights
have, to the knowledge of the Company, been duly and properly filed and maintained; to the knowledge of the Company, the parties prosecuting
such patent applications have complied with their duty of candor and disclosure to the USPTO in connection with such applications; and
the Company is not aware of any facts required to be disclosed to the USPTO that were not disclosed to the USPTO and which would preclude
the grant of a patent in connection with any such application or would reasonably be expected to form the basis of a finding of invalidity
with respect to any patents that have issued with respect to such applications. To the Company’s knowledge, all patents and patent
applications owned by the Company and filed with the USPTO or any foreign or international patent authority (the “
Company Patent
Rights
”) and all patents and patent applications in-licensed by the Company and filed with the USPTO or any foreign or international
patent authority (the “
In-licensed Patent Rights
”) have been duly and properly filed; the Company believes it has
complied with its duty of candor and disclosure to the USPTO for the Company Patent Rights and, to the Company’s knowledge, the
licensors of the In-licensed Patent Rights have complied with their duty of candor and disclosure to the USPTO for the In-licensed Patent
Rights.
10
(xxvii)
FDA
Compliance
. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the Company: (A)
is and at all times has been in material compliance with all statutes, rules or regulations of the FDA and other comparable Governmental
Entities applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by
the Company (“
Applicable Laws
”), except as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect; (B) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter
or other correspondence or notice from the FDA or any Governmental Authority alleging or asserting material noncompliance with any Applicable
Laws or any licenses, certificates, approvals, clearances, exemptions, authorizations, permits and supplements or amendments thereto
required by any such Applicable Laws (“Authorizations”); (C) possesses all material Authorizations and such Authorizations
are valid and in full force and effect and the Company is not in material violation of any term of any such Authorizations; (D) has not
received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA
or any Governmental Authority or third party alleging that any product operation or activity is in material violation of any Applicable
Laws or Authorizations and has no knowledge that the FDA or any Governmental Authority or third party is considering any such claim,
litigation, arbitration, action, suit, investigation or proceeding; (E) has not received notice that the FDA or any Governmental Authority
has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that
the FDA or any Governmental Authority is considering such action; and (F) has filed, obtained, maintained or submitted all material reports,
documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws
or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or
amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission).
(xxviii)
Compliance
with Health Care Laws
. The Company has operated and currently is in compliance with all applicable health care laws, rules and regulations,
except where such failure to operate or non-compliance would not, singly or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, including, without limitation, (i) the Federal, Food, Drug and Cosmetic Act (21 U.S.C. §§ 301 et seq.); (ii)
all applicable federal, state, local and all applicable foreign healthcare related fraud and abuse laws, including, without limitation,
the federal Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)), the U.S. Physician Payments Sunshine Act (42 U.S.C. § 1320a-7h),
the civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the criminal False Claims Law (42 U.S.C. § 1320a-7b(a)), all criminal
laws relating to healthcare fraud and abuse, including but not limited to 18 U.S.C. Sections 286 and 287, the healthcare fraud criminal
provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (“
HIPAA
”) (42 U.S.C. Section
1320d et seq.), the exclusion laws (42 U.S.C. § 1320a-7), and the civil monetary penalties law (42 U.S.C. § 1320a-7a); (iii)
HIPAA, as amended by the Health Information Technology for Economic Clinical Health Act (42 U.S.C. Section 17921 et seq.); (iv) the regulations
promulgated pursuant to such laws; and (v) any other similar local, state, federal, or foreign laws (collectively, the “
Health
Care Laws
”). Neither the Company, nor to the Company’s knowledge, any of its officers, directors, employees or agents
have engaged in activities which are, as applicable, cause for false claims liability, civil penalties, or mandatory or permissive exclusion
from Medicare, Medicaid, or any other state or federal healthcare program. The Company has not received written notice or other correspondence
of any claim, action, suit, audit, survey, proceeding, hearing, enforcement, investigation, arbitration or other action (“
Action
”)
from any court or arbitrator or governmental or regulatory authority or third party alleging that any product operation or activity is
in violation of any Health Care Laws, and, to the Company’s knowledge, no such claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action is threatened. The Company is not a party to and does not have any ongoing reporting obligations
pursuant to any corporate integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order,
plan of correction or similar agreement imposed by any governmental or regulatory authority. Additionally, neither the Company, nor to
the Company’s knowledge, any of its employees, officers or directors, has been excluded, suspended or debarred from participation
in any U.S. state or federal health care program or human clinical research or, to the knowledge of the Company, is subject to a governmental
inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment, suspension, or
exclusion.
11
(xxix)
Environmental
Laws
. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or would not, singly or
in the aggregate, result in a Material Adverse Effect, (A) neither the Company nor any Subsidiary is in violation of any federal, state,
local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health,
the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife,
including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively,
“
Hazardous Materials
”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials (collectively, “
Environmental Laws
”), (B) the Company and its Subsidiaries have
all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements,
(C) there are no pending or, to the knowledge of the Company threatened, administrative, regulatory or judicial actions, suits, demands,
demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law
against the Company or any Subsidiary and (D) to the Company’s knowledge, there are no events or circumstances that would reasonably
be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or Governmental
Entity, against or affecting the Company or any Subsidiary relating to Hazardous Materials or any Environmental Laws.
(xxx)
Accounting
Controls and Disclosure Controls
. The Company and each of its Subsidiaries maintain effective internal control over financial reporting
(as defined under Rule 13-a15 and 15d-15 under the rules and regulations of the Commission under the 1934 Act Regulations and a system
of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with
management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial
statements in conformity with IFRS and to maintain accountability for assets; (C) access to assets is permitted only in accordance with
management’s general or specific authorization; (D) the recorded accountability for assets is compared with the existing assets
at reasonable intervals and appropriate action is taken with respect to any differences; and (E) the interactive data in eXtensible Business
Reporting Language incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly
presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines
applicable thereto. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the end
of the Company’s most recent audited fiscal year, there has been (1) no material weakness in the Company’s internal control
over financial reporting (whether or not remediated) and (2) no change in the Company’s internal control over financial reporting
that has materially adversely affected, or is reasonably likely to materially adversely affect, the Company’s internal control
over financial reporting. The Company and each of its Subsidiaries maintain an effective system of disclosure controls and procedures
(as defined in Rule 13a-15 and Rule 15d-15 under the 1934 Act Regulations) that are designed to ensure that information required to be
disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to the Company’s
management, including its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow
timely decisions regarding disclosure.
12
(xxxi)
Tests
and Preclinical and Clinical Trials
. The studies, tests and preclinical and clinical trials conducted by or, to the Company’s
knowledge, on behalf of the Company were and, if still ongoing, are being conducted in all material respects in accordance with experimental
protocols, procedures and controls pursuant to accepted professional scientific standards and all Authorizations and Applicable Laws,
including, without limitation, the Federal Food, Drug and Cosmetic Act and the rules and regulations promulgated thereunder (collectively,
“
FFDCA
”); the descriptions of the results of such studies, tests and trials contained in the Registration Statement,
the General Disclosure Package and the Prospectus are, to the Company’s knowledge, accurate and complete in all material respects
and fairly present the data derived from such studies, tests and trials; except to the extent disclosed in the Registration Statement,
the General Disclosure Package and the Prospectus, the Company is not aware of any studies, tests or trials, the results of which the
Company believes reasonably call into question the study, test, or trial results described or referred to in the Registration Statement,
the General Disclosure Package and the Prospectus when viewed in the context in which such results are described and the clinical state
of development; and, except to the extent disclosed in the Registration Statement, the General Disclosure Package or the Prospectus,
the Company has not received any notices or correspondence from the FDA or any Governmental Entity requiring the termination or suspension
of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company, other than ordinary course communications
with respect to modifications in connection with the design and implementation of such trials, copies of which communications have been
made available to you.
(xxxii)
Payment
of Taxes
. All United States federal income tax returns of the Company and its Subsidiaries required by law to be filed, to the extent
applicable, have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except
assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided in conformity
with IFRS. The United States federal income tax returns of the Company through the fiscal year ended June 30, 2025 have been settled
and no assessment in connection therewith has been made against the Company. The Company and its Subsidiaries have filed all other tax
returns that are required to have been filed by them pursuant to applicable foreign, state, local or other law except insofar as the
failure to file such returns would not result in a Material Adverse Effect, and have paid all taxes due pursuant to such returns or pursuant
to any assessment received by the Company and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and
as to which adequate reserves have been established by the Company. The charges, accruals and reserves on the books of the Company in
respect of any income and corporation tax liability for any years not finally determined are, in conformity with IFRS, adequate to meet
any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy
that would not result in a Material Adverse Effect.
(xxxiii)
Insurance
.
The Company and its Subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in
such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business,
and all such insurance is in full force and effect. The Company has no reason to believe that it or its Subsidiaries will not be able
(A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that could not reasonable be expected
to result in a Material Adverse Effect. Neither of the Company nor its Subsidiaries has been denied any insurance coverage which it has
sought or for which it has applied.
13
(xxxiv)
Investment
Company Act
. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application
of the net proceeds therefrom as described in the Registration Statement, the General Disclosure Package and the Prospectus will not
be required, to register as an “investment company” under the Investment Company Act of 1940, as amended (the “
1940
Act
”).
(xxxv)
Absence
of Manipulation
. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly
or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation
of Regulation M under the 1934 Act.
(xxxvi)
Foreign
Corrupt Practices Act
. None of the Company, its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or its Subsidiaries is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the “
FCPA
”), including, without limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term
is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA and the Company has and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with
the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to
ensure, continued compliance therewith, in each case, to the extent applicable.
(xxxvii)
Money Laundering Laws
. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “
Money Laundering
Laws
”); and no action, suit or proceeding by or before any Governmental Entity involving the Company or its Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.
14
(xxxviii)
Sanctions
.
Neither the Company nor any of its Subsidiaries, directors, officers, or employees, nor, to the Company’s knowledge, any agent,
controlled affiliate or other person acting on behalf of the Company or any of its Subsidiaries is currently the subject or the target
of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“
OFAC
”)
or the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty’s Treasury of the United
Kingdom, or other relevant sanctions authority (collectively, “
Sanctions
”); nor is the Company or any of its Subsidiaries
located, organized or resident in a country or territory that is the subject or the target of comprehensive Sanctions, including, without
limitation, Crimea, the so-called Donetsk People’s Republic and the so-called Luhansk People’s Republic regions of Ukraine,
Cuba, Iran, North Korea, and Syria (before July 1, 2025) (each a “
Sanctioned Country
”); and the Company will not directly
or indirectly use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, or
any joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in
any country or territory, that at the time of such financing, is the subject or the target of Sanctions, or in any other manner that
will result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor
or otherwise) of applicable Sanctions. Since April 24, 2019, the Company and its Subsidiaries have not knowingly engaged in and are not
now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject
or the target of Sanctions or with any Sanctioned Country.
(xxxix)
Outbound
Investment Security Program
. Neither the Company nor any of its Subsidiaries is a “covered foreign person”, as that term
is defined in 31 C.F.R. § 850.209. Neither the Company nor any of its Subsidiaries currently engages, or has plans to engage, directly
or indirectly, in a “covered activity”, as that term is defined in in 31 C.F.R. § 850.208 (“
Covered Activity
”).
The Company does not have any joint ventures that engage in or plan to engage in any Covered Activity. The Company also does not, directly
or indirectly, hold a board seat on, have a voting or equity interest in, or have any contractual power to direct or cause the direction
of the management or policies of any person or persons that engages or plans to engage in any Covered Activity.
(xl)
Lending
Relationship
.
Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company
(i) does not have any material lending or other relationship with any banking or lending affiliate of any Underwriter and (ii) does
not intend to use any of the proceeds from the sale of the Securities to repay any outstanding debt owed to any affiliate of any Underwriter.
(xli)
Statistical and Market-Related Data
. Any statistical and market-related data included in the Registration Statement, the General
Disclosure Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be
reliable and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.
(xlii)
Maintenance
of Rating
. The Company has no debt securities or preferred stock that is rated by any “nationally recognized statistical rating
organization” (as that term is defined by the Commission for purposes of Rule 436(g)(2) under the 1933 Act).
15
(xliii)
Privacy
and Data Protection
. The Company and its Subsidiaries have operated their business in a manner compliant in all material respects
with all United States federal, state, local and non-United States privacy, data security and data protection laws and regulations applicable
to the Company’s collection, use, transfer, protection, disposal, disclosure, handling, storage and analysis of personal data.
The Company and its Subsidiaries have been and are in compliance in all material respects with internal policies and procedures designed
to ensure the integrity and security of the data collected, handled or stored in connection with its business; the Company and its Subsidiaries
have been and are in compliance in all material respects with internal policies and procedures designed to ensure compliance with the
Health Care Laws that govern privacy and data security and take, and have taken reasonably appropriate steps designed to assure compliance
with such policies and procedures. The Company and its Subsidiaries have taken reasonable steps to maintain the confidentiality of its
personally identifiable information, protected health information, consumer information and other confidential information of the Company,
its Subsidiaries and any third parties in its possession (“
Sensitive Company Data
”). The tangible or digital information
technology systems (including computers, screens, servers, workstations, routers, hubs, switches, networks, data communications lines,
technical data and hardware), software and telecommunications systems used or held for use by the Company and its Subsidiaries (the “
Company
IT Assets
”) are adequate and operational for, in accordance with their documentation and functional specifications, the business
of the Company and its Subsidiaries as now operated and as currently proposed to be conducted as described in the Registration Statement,
the General Disclosure Package and the Prospectus. The Company and its Subsidiaries have used reasonable efforts to establish, and have
established, commercially reasonable disaster recovery and security plans, procedures and facilities for the business consistent with
industry standards and practices in all material respects, including, without limitation, for the Company IT Assets and data held or
used by or for the Company and its Subsidiaries. The Company and its Subsidiaries have not suffered or incurred any security breaches,
compromises or incidents with respect to any Company IT Asset or Sensitive Company Data, except where such breaches, compromises or incidents
would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; and there has been no unauthorized
or illegal use of or access to any Company IT Asset or Sensitive Company Data by any unauthorized third party. The Company and its Subsidiaries
have not been required to notify any individual of any information security breach, compromise or incident involving Sensitive Company
Data.
(xliv)
No
Broker Fees
. Except as disclosed in the General Disclosure Package, and with respect to the Depositary, there are no contracts, agreements
or understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter for
a brokerage commission, finder’s fee or other like payment in connection with the offering of the Securities contemplated hereby.
(xlv) The
Company has provided at least the prescribed minimum level of superannuation support for each of its and any of its Subsidiaries’
employees in Australia (to the extent applicable) so as not to incur a superannuation guarantee charge liability under the Superannuation
Guarantee (Administration) Act 1992 (Cth). Further, there are no outstanding or unpaid contributions due to the Superannuation Funds
from the Company or any of its Subsidiaries.
(xlvi) The
Company is a “foreign private issuer” as such term is defined in Rule 3b-4 under the Exchange Act and in Rule 405 under the
Securities Act.
(xlvii) The
Company was not a “passive foreign investment company” (“
PFIC
”) as defined in Section 1297 of the U.S.
Internal Revenue Code of 1986, as amended, for the taxable year ended June 30, 2025 and, based on certain estimates of the research and
development tax incentives, the Company does not expect to be classified as a PFIC for the taxable year ending June 30, 2026.
16
(xlviii) The
Company was not a “controlled foreign corporation” (“
CFC
”) as defined in the U.S. Internal Revenue Code
of 1986, as amended, for the taxable year ended June 30, 2025 and, based on the Company’s expectations with respect to its shareholders,
the Company does not expect to be classified as a CFC for the taxable year ending June 30, 2026.
(xlix) Neither
the Company nor the Subsidiary nor any of their properties or assets has any immunity from the jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the
laws of the State of New York.
(l) The
Company has the power to submit, and pursuant to Section 17 of this Agreement, has legally, validly and irrevocably submitted, to the
personal jurisdiction of each U.S. federal court or state court located in the Borough of Manhattan, the City and County of New York,
New York, U.S.A.
(b)
Officer’s
Certificates
. Any certificate signed by any officer of the Company or any of its Subsidiaries delivered to the Representatives or
to counsel for the Underwriters shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered
thereby.
SECTION
2.
Sale and Delivery to Underwriters; Closing
.
(a)
Securities
.
On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company
agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from
the Company, at the price per ADS or Pre-Funded Warrant and accompanying ADS Warrants set forth in
Schedule A
, that number
of Securities set forth in
Schedule A
opposite the name of such Underwriter, plus any additional number of Securities which
such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof, subject, in each case, to such adjustments
among the Underwriters as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares.
(b)
Payment
.
Payment of the purchase price for, and delivery of certificates or security entitlements for, the Securities shall be made at the offices
of Duane Morris LLP, or at such other place as shall be agreed upon by the Representatives and the Company, at 10:00 A.M. (New York City
time) on August 31, 2026 (unless postponed in accordance with the provisions of Section 10), or such other time not later than ten
business days after such date as shall be agreed upon by the Representatives and the Company (such time and date of payment and delivery
being herein called “
Closing Time
”). Delivery of the Securities at the Closing Time shall be made through the facilities
of The Depository Trust Company unless the Representatives shall otherwise instruct. The Warrants shall be delivered to the purchasers
of the Warrants in definitive form, registered in such names and in such denominations as the purchasers of the Warrants shall request
in writing not later than the Closing Time.
17
Notwithstanding
the foregoing, the Company and the Representatives shall instruct purchasers of the Pre-Funded Warrants and accompanying ADS Warrants
to make payment for the Pre-Funded Warrants and accompanying ADS Warrants on the Closing Date to the Company by wire transfer in immediately
available funds to the account specified by the Company at a purchase price of $15.4999 per Pre-Funded Warrant and accompanying ADS Warrants,
in lieu of payment by the Underwriters for such Pre-Funded Warrants and accompanying ADS Warrants, and the Company shall deliver the
Pre-Funded Warrants and accompanying ADS Warrants to such purchasers on the Closing Date in definitive paper form against such payment,
in lieu of the Company’s obligation to deliver the Pre-Funded Warrants and accompanying ADS Warrants to the Representatives. On
the Closing Date, payment shall be made to the Representatives by wire transfer of immediately available funds to a bank account designated
by the Representatives in an amount equal to $1.0850 per Pre-Funded Warrant and accompanying ADS Warrants. In the event that any purchaser
of the Pre-Funded Warrants and accompanying ADS Warrants fails to make payment to the Company for all or part of the Pre-Funded Warrants
and accompanying ADS Warrants on the Closing Date, the Representatives shall make payment to the Company on the Closing Date for such
Pre-Funded Warrants and accompanying ADS Warrants at the Purchase Price. In the event that any purchaser of the Pre-Funded Warrants and
accompanying ADS Warrants fails to make payment to the Company for all or part of the Pre-Funded Warrants at the Closing Time, the Representatives
may elect, by written notice to the Company, to receive ADSs at the share purchase price specified in Schedule A in lieu of all or a
portion of such Pre-Funded Warrants to be delivered to the Underwriters under this Agreement.
Payment
shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company, against delivery
to the Representatives for the respective accounts of the Underwriters of certificates or security entitlements for the Securities to
be purchased by them. It is understood that each Underwriter has authorized the Representatives, for their accounts, to accept delivery
of, receipt for, and make payment of the purchase price for, the Securities which it has agreed to purchase. Each of Leerink Partners
and Guggenheim Securities, individually and not as representatives of the Underwriters, may (but shall not be obligated to) make payment
of the purchase price for the Securities to be purchased by any Underwriter whose funds have not been received by the Closing Time, but
such payment shall not relieve such Underwriter from its obligations hereunder.
SECTION
3.
Covenants of the Company
. The Company covenants with each Underwriter as follows:
(a)
Compliance
with Securities Regulations and Commission Requests
. The Company, subject to Section 3(b), will comply with the requirements of Rule
430B, and will notify the Representatives as soon as practicable, and confirm the notice in writing, (i) when any post-effective amendment
to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii) of
the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement
or any amendment or supplement to the Prospectus (including any document incorporated by reference therein) or for additional information,
(iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus, or of the suspension of the
qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for
any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the 1933 Act concerning the Registration Statement and
(v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering of the Securities.
The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without
reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted
for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such
prospectus. The Company will use reasonable efforts to prevent the issuance of any stop order, prevention or suspension and, if any such
order is issued, to obtain the lifting thereof at the earliest possible moment. The Company shall pay the required Commission filing
fees relating to the Securities within the time required by Rule 456(b)(1)(i) under the 1933 Act Regulations without regard to the proviso
therein and otherwise in accordance with Rules 456(b) and 457(r) under the 1933 Act Regulations (including, if applicable, by updating
the “Calculation of Registration Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to
the Registration Statement or on the cover page of a prospectus filed pursuant to Rule 424(b)).
18
(b)
Continued
Compliance with Securities Laws
. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and the 1934 Act
Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration
Statement, the General Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Securities is (or, but
for the exception afforded by Rule 172 of the 1933 Act Regulations (“
Rule 172
”), would be) required by the 1933 Act
to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is
necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that
the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii) amend or supplement the General Disclosure Package or the Prospectus
in order that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances
existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the General Disclosure
Package or the Prospectus, as the case may be, in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations,
the Company will promptly (A) give the Representatives notice of such event, (B) prepare any amendment or supplement as may be necessary
to correct such statement or omission or to make the Registration Statement, the General Disclosure Package or the Prospectus comply
with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representatives with copies
of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall
not file or use any such amendment or supplement to which the Representatives or counsel for the Underwriters shall object. The Company
will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The
Company has given the Representatives notice of any filings made pursuant to the 1934 Act or the 1934 Act Regulations within 48 hours
prior to the Applicable Time; the Company will give the Representatives notice of its intention to make any such filing from the Applicable
Time to the Closing Time and will furnish the Representatives with copies of any such documents a reasonable amount of time prior to
such proposed filing, as the case may be, and will not file or use any such document to which the Representatives or counsel for the
Underwriters shall reasonably object.
(c)
Delivery
of Registration Statements
.
If requested by the Representatives, the Company will furnish or deliver to the Representatives
and counsel for the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment
thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed incorporated by
reference therein) and signed copies of all consents and certificates of experts, and will also deliver to the Representatives, without
charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of
the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation
S-T.
(d)
Delivery
of Prospectuses
. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as
such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act.
The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities is (or,
but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of copies of the Prospectus
(as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished
to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T.
19
(e)
Blue
Sky Qualifications
. The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, to qualify the
Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as
the Representatives may designate and to maintain such qualifications in effect so long as required to complete the distribution of the
Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify
as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation
in respect of doing business in any jurisdiction in which it is not otherwise so subject.
(f)
Rule
158
. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to
its securityholders as soon as practicable an earning statement for the purposes of, and to provide to the Underwriters the benefits
contemplated by, the last paragraph of Section 11(a) of the 1933 Act.
(g)
Use
of Proceeds
. The Company will use the net proceeds received by it from the sale of the Securities in all material respects in the
manner specified in the Registration Statement, the General Disclosure Package and the Prospectus under the heading “Use of Proceeds.”
(h)
Listing
.
The Company will use its commercially reasonable efforts to effect and maintain the listing of the ADSs (including the Securities and
the Warrant Shares) on the Nasdaq Capital Market.
(i)
Restriction
on Sale of Securities
. During a period of 60 days from the date of the Prospectus, the Company will not, without the prior written
consent of the Representatives, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares
of ADSs or Ordinary Shares or any securities convertible into or exercisable or exchangeable for ADSs or Ordinary Shares or file or confidentially
submit any registration statement under the 1933 Act with respect to any of the foregoing, (ii) enter into any swap or any other
agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the
ADSs or Ordinary Shares, whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of ADSs
or Ordinary Shares or such other securities, in cash or otherwise or (iii) publicly announce an intention to effect any such swap, agreement
or other transaction described in clauses (i) and (ii). The foregoing sentence shall not apply to (A) the Securities to be sold hereunder;
(B) any ADSs or Ordinary Shares issued by the Company upon the exercise of an option or warrant or the conversion of a convertible security
outstanding on the date hereof and referred to in the Registration Statement, the General Disclosure Package and the Prospectus; (C)
any ADSs or Ordinary Shares issued or options to purchase ADSs or Ordinary Shares granted pursuant to existing employee benefit plans
of the Company referred to in the Registration Statement, the General Disclosure Package and the Prospectus; (D) any ADSs or Ordinary
Shares issued pursuant to any existing non-employee director stock plan or dividend reinvestment plan referred to in the Registration
Statement, the General Disclosure Package and the Prospectus; or (E) the filing by the Company of any registration statement on Form
S-8 or a successor form thereto.
(j)
Reporting
Requirements
. The Company, during the period when a Prospectus relating to the Securities is (or, but for the exception afforded
by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission
pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act Regulations. Additionally, the Company shall report
the use of proceeds from the issuance of the Securities as may be required under Rule 463 under the 1933 Act.
(k)
Issuer
Free Writing Prospectuses
. The Company agrees that it will not make any offer relating to the Securities that would constitute an
Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus,” or a portion thereof, required
to be filed by the Company with the Commission or retained by the Company under Rule 433.
20
(l)
Testing-the-Waters
Materials
. If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an
event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will
promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement
or omission.
(m)
Deposit
Agreement
. The Deposit Agreement shall be in full force and effect, and the Company shall have taken all action necessary to permit
the deposit of the Ordinary Shares with the Depositary’s custodian and the issuance of the ADSs in accordance with the Deposit
Agreement.
SECTION
4.
Payment of Expenses
.
(a)
Expenses
.
The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including
(i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed
and each amendment thereto, (ii) the preparation, printing and delivery to the Underwriters of copies of each preliminary prospectus
and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing
by the Underwriters to investors, (iii) the preparation, issuance and delivery of the certificates or security entitlements for the Securities
to the Underwriters, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Securities to the Underwriters, (iv) the fees and disbursements of the Company’s counsel, accountants and other advisors,
(v) the qualification of the Securities under securities laws in accordance with the provisions of Section 3(e) hereof, including
filing fees and the reasonable and documented fees and disbursements of counsel for the Underwriters in connection therewith and in connection
with the preparation of a “Blue Sky Survey” and any supplement thereto, (vi) the fees and expenses of any transfer agent
or registrar for the Securities, (vii) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production
of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations, travel
and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost of aircraft and other
transportation chartered in connection with the road show, (viii) the filing fees incident to, and the reasonable and documented fees
and disbursements of counsel to the Underwriters in connection with, the review by FINRA of the terms of the sale of the Securities (which
fees and disbursements of counsel, together with the fees from subclause (v), shall not exceed $20,000), (ix) the fees and expenses incurred
in connection with the listing of the Securities on the Nasdaq Capital Market, (x) the fees and expenses of the Depositary and any transfer
agent, depositary or registrar for the Securities, and (xi) the costs and expenses (including, without limitation, any damages or other
amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities
made by the Underwriters caused by a breach of the representation contained in the third sentence of Section 1(a)(ii). It is understood,
however, that, except as provided in this Section, and Sections 4(b) and 6 hereof, the Underwriters will pay all of their own costs and
expenses, including the fees of their counsel.
(b)
Termination
of Agreement
. If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5, Section 9(a)(i),
Section 9(a)(iii) or Section 10 hereof, the Company shall reimburse the Underwriters for all of their reasonably documented out-of-pocket
expenses, including the reasonable and documented fees and disbursements of counsel for the Underwriters; provided, however, that if
this Agreement is terminated pursuant to Section 10, the Company shall have no obligation to reimburse any out-of-pocket expenses incurred
by any defaulting Underwriter.
21
SECTION
5.
Conditions of Underwriters’ Obligations
. The obligations of the several Underwriters hereunder are subject to the
accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the Company or any
of its Subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations
hereunder, and to the following further conditions:
(a)
Effectiveness
of Registration Statement
. The Registration Statement, including any Rule 462(b) Registration Statement, has become effective and,
at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been
issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s knowledge, contemplated;
and the Company has complied with each request (if any) from the Commission for additional information to the reasonable satisfaction
of counsel to the Underwriters. The Company shall have paid the required Commission filing fees relating to the Securities within the
time period required by Rule 456(b)(1)(i) under the 1933 Act Regulations without regard to the proviso therein and otherwise in accordance
with Rules 456(b) and 457(r) under the 1933 Act Regulations and, if applicable, shall have updated the “Calculation of Registration
Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover
page of a prospectus filed pursuant to Rule 424(b).
(b)
Opinion
of Counsel for Company
.
At the Closing Time, the Representatives and, other than with respect to negative assurance letter,
the Depositary, shall have received (i) the opinion and the negative assurance letter of Lucosky Brookman LLP, counsel to the Company
(“
US Company Counsel
”) and (ii) the written Australian law opinion of Baker & McKenzie, Australian counsel to
the Company (“
Australian Company Counsel
”), counsel for the Company, (iii) the written opinion of Emmet, Marvin &
Martin, LLP, counsel to the Depositary (“
Depositary Counsel
”) , together with the opinion of each of MinterEllison,
Morgan, Lewis & Bockius LLP and Cantor Colburn LLP, each special counsel for the Company with respect to intellectual property matters,
each in form and substance reasonably satisfactory to counsel for the Underwriters and to such further effect as counsel to the Underwriters
may reasonably request.
(c)
Opinion
of Counsel for Underwriters
. At the Closing Time, the Representatives shall have received the opinion, and negative assurance letter,
each dated the Closing Time, of Duane Morris LLP, counsel for the Underwriters, together with signed or reproduced copies of such letters
for each of the other Underwriters in form and substance satisfactory to the Representatives. In giving such opinion such counsel may
rely, as to all matters governed by the laws of jurisdictions other than the law of the State of New York, the General Corporation Law
of the State of Delaware and the federal securities laws of the United States, upon the opinions of counsel satisfactory to the Representatives.
Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper,
upon certificates of officers and other representatives of the Company and its Subsidiaries and certificates of public officials.
22
(d)
Officers’
Certificate
. At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information
is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries considered as
one enterprise, whether or not arising in the ordinary course of business, and the Representatives shall have received a certificate
of the principal executive officer of the Company and of the principal financial officer of the Company, dated the Closing Time, to the
effect that (i) there has been no such material adverse change, (ii) the representations and warranties of the Company in this Agreement
are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (iii) the Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Time, and
(iv) no stop order suspending the effectiveness of the Registration Statement under the 1933 Act has been issued, no order preventing
or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have
been instituted or are pending or, to their knowledge, contemplated.
(e)
Accountant’s
Comfort Letter
. At the time of the execution of this Agreement, the Representatives shall have received from BDO Audit Pty Ltd a
letter, dated such date, in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such
letter for each of the other Underwriters containing statements and information of the type ordinarily included in accountants’
“comfort letters” to underwriters with respect to the financial statements and certain financial information contained in
the Registration Statement, the General Disclosure Package and the Prospectus.
(f)
Bring-down
Comfort Letter
. At the Closing Time, the Representatives shall have received from BDO Audit Pty Ltd a letter, dated as of the Closing
Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (e) of this Section, except
that the specified date referred to shall be a date not more than three business days prior to the Closing Time.
(g)
Approval
of Listing
. At the Closing Time, the Securities shall have been approved for listing on the Nasdaq Capital Market, subject only to
official notice of issuance.
(h)
No
Objection
. FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting
terms and arrangements relating to the offering of the Securities.
(i)
Lock-up
Agreements.
At the date of this Agreement, the Representatives shall have received an agreement substantially in the form of
Exhibit A
hereto signed by all of the Company’s directors and executive officers.
(j)
Maintenance
of Rating
. Neither the Company nor its subsidiaries have any debt securities or preferred stock that are rated by any “nationally
recognized statistical rating agency” (as defined in Section 3(a)(62) of the 1934 Act).
(k)
Additional
Documents
. At the Closing Time, counsel for the Underwriters shall have been furnished with such other documents and opinions as
they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated,
or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein
contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated
shall be reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters.
23
SECTION
6.
Indemnification
.
(a)
Indemnification
of Underwriters
. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined in Rule
501(b) under the 1933 Act (each, an “
Affiliate
”)), its selling agents and each person, if any, who controls any Underwriter
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:
(i) against
any and all loss, liability, claim, damage and reasonably incurred expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included (A) in any preliminary prospectus, any Written Testing-the-Waters Communication, the General Disclosure Package
or the Prospectus (or any amendment or supplement thereto), or (B) in any materials or information provided to investors by, or with
the approval of, the Company in connection with the marketing of the offering of the Securities (“
Marketing Materials
”),
including any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or the omission
or alleged omission in any preliminary prospectus, any Written Testing-the-Waters Communication, the General Disclosure Package, the
Prospectus (or any amendment or supplement thereto) or in any Marketing Materials of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section
6(d) below) any such settlement is effected with the written consent of the Company;
(iii) against
any and all reasonable and documented expense whatsoever, as incurred (including the reasonable and documented fees and disbursements
of counsel chosen by the Representatives), reasonably incurred in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
(i) or (ii) above;
provided,
however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of
any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto),
including any information deemed to be a part thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information.
(b)
Indemnification
of Company, Directors and Officers
. Each Underwriter severally agrees to indemnify and hold harmless the Company, its directors,
each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described in the indemnity
contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendment thereto), including any information deemed to be a part
thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with the Underwriter Information.
24
(c)
Actions
against Parties; Notification
. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
In the case of parties indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected by the Representatives,
and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified parties shall be selected by the Company.
An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying
party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying
parties be liable for the reasonable fees and expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution
could be sought under this Section 6 or Section 7 hereof (whether or not the indemnified parties are actual or potential parties thereto),
unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising
out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.
(d)
Settlement
without Consent if Failure to Reimburse
. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of
the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45
days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the
terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have
reimbursed such indemnified party in accordance with such request prior to the date of such settlement.
SECTION
7.
Contribution
. If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on
the one hand, and the Underwriters, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and of the Underwriters, on the
other hand, in connection with the statements or omissions,] which resulted in such losses, liabilities, claims, damages or expenses,
as well as any other relevant equitable considerations.
The
relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering
of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from
the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the
total underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus,
bear to the aggregate initial public offering price of the Securities as set forth on the cover of the Prospectus.
25
The
relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other
things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.
The
Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any
documented legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based
upon any such untrue or alleged untrue statement or omission or alleged omission.
Notwithstanding
the provisions of this Section 7, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and
commissions received by such Underwriter in connection with the Securities underwritten by it and distributed to the public.
No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.
For
purposes of this Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act and each Underwriter’s Affiliates and selling agents shall have the same rights to contribution as such Underwriter,
and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls
the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution
as the Company. The Underwriters’ respective obligations to contribute pursuant to this Section 7 are several in proportion to
the number of Securities set forth opposite their respective names in
Schedule A
hereto and not joint.
SECTION
8.
Representations, Warranties and Agreements to Survive
. All representations, warranties and agreements contained in this
Agreement or in certificates of officers of the Company or any of its Subsidiaries submitted pursuant hereto, shall remain operative
and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling
agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company and (ii) delivery of
and payment for the Securities.
SECTION
9.
Termination of Agreement
.
(a)
Termination
.
The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i) if there
has been, in the judgment of the Representatives, since the time of execution of this Agreement or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material
adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in U.S. or international political, financial
or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable
or inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Securities, or (iii) if
trading in any securities of the Company has been suspended or materially limited by the Commission or the Nasdaq Capital Market, or
(iv) if trading generally on the NYSE American or the New York Stock Exchange or in the Nasdaq Capital Market has been suspended or materially
limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges
or by order of the Commission, FINRA or any other governmental authority, or (v) a material disruption has occurred in commercial
banking or securities settlement or clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe,
or (vi) if a banking moratorium has been declared by either Federal or New York authorities.
26
(b)
Liabilities
.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party
except as provided in Section 4 hereof, and provided further that Sections 1, 4, 6, 7, 8, 15, 16 and 17 shall survive such termination
and remain in full force and effect.
SECTION
10.
Default by One or More of the Underwriters
. If one or more of the Underwriters shall fail at the Closing Time to purchase
the Securities which it or they are obligated to purchase under this Agreement (the “
Defaulted Securities
”), the Representatives
shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any
other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon
the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then
if the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters.
No
action taken pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.
In
the event of any such default which does not result in a termination of this Agreement, either the (i) Representatives or (ii) the Company
shall have the right to postpone Closing Time, for a period not exceeding seven days in order to effect any required changes in the Registration
Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term “Underwriter”
includes any person substituted for an Underwriter under this Section 10.
SECTION
11.
Notices
. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to Leerink Partners
at 1301 Avenue of the Americas, 5
th
Floor, New York, New York, 10019, attention of Stuart R. Nayman and Guggenheim Securities
at 330 Madison Avenue, New York, NY 10017, email: Michael.Jiang@guggenheimsecurities.com, and if to the Company, to Kazia Therapeutics
Limited at Three International Towers, Level 24, 300 Barangaroo Avenue, Sydney, New South Wales 2000, Australia, attention: John Friend.
SECTION
12.
No Advisory or Fiduciary Relationship
. The Company acknowledges and agrees that (a) the purchase and sale of the Securities
pursuant to this Agreement, including the determination of the initial public offering price of the Securities and any related discounts
and commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters,
on the other hand, (b) in connection with the offering of the Securities and the process leading thereto, each Underwriter is and has
been acting solely as a principal and is not the agent or fiduciary of the Company, any of its Subsidiaries or their respective stockholders,
creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor
of the Company with respect to the offering of the Securities or the process leading thereto (irrespective of whether such Underwriter
has advised or is currently advising the Company or any of its Subsidiaries on other matters) and no Underwriter has any obligation to
the Company with respect to the offering of the Securities except the obligations expressly set forth in this Agreement, (d) the Underwriters
and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Company and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the
Securities and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.
27
SECTION
13.
Recognition of the U.S. Special Resolution Regimes
. In the event that any Underwriter that is a Covered Entity becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state
of the United States.
In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.
For
purposes of this Agreement, (A) “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and
shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) “Covered Entity” means any of the following: (i) a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) “Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and
(D) “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
SECTION
14.
Parties
. This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Underwriters and the Company and their respective successors and the controlling persons and officers and
directors referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are
intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling
persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation.
No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.
SECTION
15.
Waiver of Trial by Jury
. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
28
SECTION
16.
GOVERNING LAW
. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
SECTION
17.
Consent to Jurisdiction; Waiver of Immunity
. Any legal suit, action or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located in
the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County
of New York, Borough of Manhattan (collectively, the “
Specified Courts
”), and each party irrevocably submits to the
exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such
jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document
by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding
brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action
or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court
that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.
SECTION
18.
Waiver of Immunity.
To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from
jurisdiction of any court of (i) the Commonwealth of Australia, or any political subdivision thereof, (ii) the United States or the State
of New York, or (iii) any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service
of notice, attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves
or their respective property and assets or this Agreement, the Company hereby irrevocably waives such immunity in respect of its obligations
under this Agreement to the fullest extent permitted by applicable law.
SECTION 19.
Appointment of Agent for Service
. The Company hereby
irrevocably appoints Vcorp Services, LLC, located at 25 Robert Pitt Drive, Suite 204, Monsey, New York 10952 as its agent for service
of process in any suit, action or proceeding described in
Section 20
and agrees that service of process in any suit, action or
proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent permitted by law, any other requirements
of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent has agreed to act
as the Company’s agent for service of process, and the Company agrees to take any and all action, including the filing of any and
all documents and instruments, that may be necessary to continue such appointment in full force and effect.
SECTION
20.
TIME
. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER
TO NEW YORK CITY TIME.
SECTION
21.
Partial Unenforceability
. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.
SECTION
22.
Counterparts
. This Agreement may be executed in any number of counterparts (which may include counterparts delivered by
any standard form of telecommunication), each of which shall be deemed to be an original, but all such counterparts shall together constitute
one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered
by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.
SECTION
23.
Effect of Headings
. The Section headings herein are for convenience only and shall not affect the construction hereof.
SECTION
24.
Entire Agreement
. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the
Company and the Underwriters, or any of them, with respect to the subject matter hereof.
[SIGNATURE
PAGES FOLLOW]
29
If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance
with its terms.
Very truly yours,
KAZIA THERAPEUTICS LTD.
By:
/s/ John Friend
Name:
John Friend
Title:
Chief Executive Officer
[Signature
Page to Underwriting Agreement]
CONFIRMED AND ACCEPTED
As of the date first above written:
LEERINK PARTNERS LLC
By:
/s/ Rahul Chaudary
Name:
Rahul
Chaudary
Title:
Senior
Managing Director, Head of ECM
GUGGENHEIM SECURITIES, LLC
By:
/s/ Ronald Gerber
Name:
Ronald Gerber
Title:
Senior Managing Director
For
themselves and as Representatives of the other Underwriters named in
Schedule A
hereto.
SCHEDULE
A
The
initial public offering price per ADS and accompanying ADS Warrants shall be $15.5000.
The
initial public offering price per Pre-Funded Warrant and accompanying ADS Warrants shall be $15.4999.
The
purchase price per ADS and accompanying ADS Warrants to be paid by the several Underwriters shall be $14.4150, being an amount equal
to the initial public offering price set forth above less $1.0850 per share, subject to adjustment in accordance with Section 2(b) for
dividends or distributions declared by the Company and payable on the Securities.
The
purchase price per Pre-Funded Warrant and accompanying ADS Warrants to be paid by the several Underwriters shall be $14.4149, being an
amount equal to the initial public offering price set forth above less $1.0850 per share, subject to adjustment in accordance with Section
2(b) for dividends or distributions declared by the Company and payable on the Securities.
Name of Underwriter
Number of ADSs and Accompanying ADS Warrants
Number of Pre-Funded Warrants and Accompanying ADS Warrants
Series A Warrants
Series B Warrants
Leerink Partners LLC
1,195,320
159,180
1,177,827
1,083,600
Guggenheim Securities, LLC
739, 960
98,540
729,130
670,800
BTIG, LLC
125,224
16,676
123,391
113,520
Needham & Company, LLC
125,224
16,676
123,391
113,520
Laidlaw & Company (UK) Ltd.
91,072
12,128
89,739
82,560
Total
2,276,800
303,200
2,243,478
2,064,000
SCHEDULE
B-1
Pricing
Terms
1. The
Company is selling (i) 2,276,800 ADSs, each representing five hundred (500) fully paid ordinary shares of the Company; (ii) Pre-Funded
Warrants to Purchase 303,200 ADSs (iii) Series A Warrants to Purchase 2,243,478 ADSs (or Pre-Funded Warrants in lieu thereof) and (iv)
Series B Warrants to Purchase 2,064,000 ADSs (or Pre-Funded Warrants in lieu thereof).
2. The
initial public offering price per share for the Securities shall be $15.5000 per ADS and accompanying Warrants, or $15.4999 per Pre-Funded
Warrant and accompanying Warrants.
3.
The exercise price per underlying ADS (or Pre-Funded Warrant in lieu thereof) exercisable pursuant to the Series A Warrants is
$17.825 (115% of the initial public offering price per ADS and accompanying Warrants).
4.
The exercise price per underlying ADS (or Pre-Funded Warrant in lieu thereof) exercisable pursuant to the Series B Warrants is
$19.375 (125% of the initial public offering price per ADS and accompanying Warrants).
SCHEDULE
B-2
List
of Written Testing-the-Waters Communications
None.
Annex
A
[Pre-Funded
Warrant]
Annex
B
[Series
A Warrant]
Annex
C
[Series
B Warrant]
Exhibit
A
FORM
OF LOCK-UP AGREEMENT
[INSERT
FINAL FORM OF NEGOTIATED AGREEMENT]

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ea030382001ex10-1.htm
FORM OF PRE-FUNDED WARRANT
Exhibit 10.1
FORM OF PRE-FUNDED WARRANT
PRE-FUNDED WARRANT TO PURCHASE AMERICAN DEPOSITARY
SHARES
KAZIA THERAPEUTICS LIMITED
Pre-Funded Warrant No. 1
Warrant Shares: [●]
Issue Date: August 31, 2026 (such date, the “
Issue
Date
”)
THIS PRE-FUNDED WARRANT TO
PURCHASE AMERICAN DEPOSITARY SHARES (the “
Warrant
”) certifies that, for value received, [●] or its assigns
(the “
Holder
”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “
Initial Exercise Date
”) until this Warrant is exercised
in full (the “
Termination Date
”), to subscribe for and purchase from
KAZIA THERAPEUTICS LIMITED
, a public
company limited by shares incorporated in Australia (the “
Company
”), up to [●] American Depositary Shares
(each, an “
ADS
,” and collectively, “
ADSs
”), each ADS representing five hundred (500)
ordinary shares, no par value, of the Company (the “
Ordinary Shares
”) (as subject to adjustment hereunder, the
“
Warrant Shares
”). The purchase price of one ADS under this Warrant shall be equal to the Exercise Price, as
defined in
Section 2(b)
.
Section 1.
Definitions
.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement, dated
August 28, 2026, among the Company and Leerink Partners LLC and Guggenheim Securities, LLC, as Representatives of the Underwriters named
therein, as amended, modified or supplemented from time to time in accordance with its terms (the “
Underwriting Agreement
”).
For purposes of this Warrant, the following terms shall have the meanings set forth below.
(a) “
Closing Sale
Price
” means, for any security as of any date, the last trade price for such security on the Trading Market for such security,
as reported by Bloomberg Financial Markets, or, if such Trading Market begins to operate on an extended hours basis and does not designate
the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial
Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin
board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg
Financial Markets, the average of the bid and ask prices, of any market makers for such security as reported in the “pink sheets”
by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases,
the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company
shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination shall be binding upon
all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during the applicable calculation period.
(b) “
Person
”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint
venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed
herein.
(b) “
Trading Day
”
means a day on which the ADSs are traded on Nasdaq or, if not traded on Nasdaq, a day on which the principal Trading Market on which the
ADSs are traded is open for trading.
(c) “
Trading Market
”
means any of the following markets or exchanges on which the Warrant Shares are listed or quoted for trading on the date in question:
the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE American,
the OTCQB or the OTCQX (or any successors to any of the foregoing).
Section 2.
Exercise
.
(a)
Exercise of Warrant
.
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted
by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “
Notice of Exercise
”).
Within the earlier of (i) one (1) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined
in
Section 2(d)(i)
herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for
the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank
unless the cashless exercise procedure specified in
Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of
such notice.
The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.
(b)
Exercise Price
. The
aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, was pre-funded to the Company
on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001
per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not
be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any
reason whatsoever. The remaining unpaid exercise price per ADS under this Warrant shall be $0.0001, subject to adjustment hereunder (the
“
Exercise Price
”).
(c)
Cashless Exercise
.
This Warrant may also be exercised, in whole or in part, at such time by means of a “
cashless exercise
” in which
the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) = as applicable: (i) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to
Section 2(a)
hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to
Section 2(a)
hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP
on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the ADSs on the principal
Trading Market as reported by Bloomberg L.P. (“
Bloomberg
”) as of the time of the Holder’s execution of
the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and
is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on
a Trading Day) pursuant to
Section 2(a)
hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of
such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to
Section 2(a)
hereof
after the close of “regular trading hours” on such Trading Day;
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(B) = the Exercise Price of
this Warrant, as adjusted hereunder; and
(X) = the number of Warrant
Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.
If Warrant Shares are issued
in such a cashless exercise when there is no effective registration statement registering, or the prospectus contained therein is not
available for, the issuance of the Warrant Shares to the Holder, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of
this Warrant may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this
Section 2(c)
.
“
Bid Price
”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted
on a Trading Market, the bid price of the ADSs for the time in question (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New
York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such date (or the nearest
preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the ADSs are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent
appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to
the Company, the fees and expenses of which shall be paid by the Company.
“
VWAP
”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted
on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading
Market on which the ADSs are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time)
to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such
date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for trading on OTCQB
or OTCQX and if prices for the ADSs are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the fair market value of an ADS as determined
by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.
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(d)
Mechanics of Exercise
.
(i)
Delivery of Warrant
Shares Upon Exercise
. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the transfer agent for the
ADSs (the “
Transfer Agent
”) to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“
DWAC
”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the later of (i)
the earlier of (a) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (b) the number of Trading Days
comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise, and (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (providing the foregoing clause (ii) shall not apply in the event of a cashless
exercise) (such date, the “
Warrant Share Delivery Date
”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price
(other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the ADSs on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares
are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable. As used herein, “
Standard Settlement Period
” means
the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the
ADSs as in effect on the date of delivery of the Notice of Exercise.
(ii)
Delivery of New Warrants
Upon Exercise
. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender
of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights
of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be
identical with this Warrant.
(iii)
Rescission Rights
.
If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to
Section 2(d)(i)
by the
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
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(iv)
Compensation for Buy-In
on Failure to Timely Deliver Warrant Shares Upon Exercise
. In addition to any other rights available to the Holder, if the Company
fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
Section 2(d)(i)
above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker
to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “
Buy-In
”),
then the Company shall pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the ADSs so purchased exceeds (y) the product of (1) the lesser of the (a) the number of ADSs so purchased and
(b) the aggregate number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage
commissions). For example, if a Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of ADSs with an aggregate sale price giving rise to such purchase obligation of $10,000, the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice after the occurrence of a Buy-In, indicating the amounts payable
to the Holder in respect of the Buy-In together with applicable confirmations and other evidence reasonably requested by the Company.
Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
the Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.
(v)
No Fractional Shares
or Scrip
. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any
fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest
whole share and pay a cash adjustment to the Holder in respect of such final fraction in an amount equal to such fraction multiplied by
the fair market value of one ADS based on the Closing Sale Price on the Trading Day immediately preceding the date of such exercise.
(vi)
Charges, Taxes and
Expenses
. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in
the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
(vii)
Closing of Books
.
The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant
to the terms hereof.
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(e)
Holder’s Exercise
Limitations
. Notwithstanding anything to the contrary herein, the Company shall not effect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to
Section 2
or otherwise, to the extent that after
giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
affiliates (as such term is defined in Rule 501(b) under the Securities Act (each, an “
Affiliate
”)),
and any other Persons whose beneficial ownership of ADSs would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act (such Persons, together with its Affiliates, its “
Attribution Parties
”)), would beneficially
own a number of ADSs in excess of
[•]
([•]%) of the total number of issued and outstanding ADSs following such exercise
(the “
Beneficial Ownership Limitation
”). For purposes of the foregoing sentence, the number of ADSs beneficially
owned by the Holder and its Attribution Parties shall include the number of ADSs issuable upon exercise of this Warrant with respect to
which such determination is being made, but shall exclude the number of ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding
sentence, for purposes of this
Section 2(e)
, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to
the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any
schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2(e)
applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with its Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice
of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with its Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to
the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e)
, in determining the number
of outstanding ADSs, a Holder may rely on the number of outstanding ADSs as reflected in (A) the Company’s most recent periodic
or annual report filed with the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of ADSs outstanding. Any portion of an exercise that would result
in the issuance of ADSs in excess of the Beneficial Ownership Limitation shall be treated as null and void ab initio. Upon the written
or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of ADSs then
outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number
of outstanding ADSs was reported. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this
Section 2(e)
, provided that the Beneficial Ownership Limitation in no event exceeds 19.99% of the number of
ADSs outstanding immediately after giving effect to the issuance of ADSs upon exercise of this Warrant held by the Holder and the provisions
of this
Section 2(e)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this
Section 2(e)
to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.
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(f) For the avoidance of doubt,
Section 2(e) shall not restrict the number of ADSs which a Holder or the Attribution Parties may receive or beneficially own in order
to determine the amount of securities or other consideration that such Holder or the Attribution Parties may receive in the event of a
Fundamental Transaction as contemplated in Section 3(d) of this Warrant. For purposes of clarity, the ADSs issuable pursuant to the terms
of this Warrant in excess of the Beneficial Ownership Limitation shall not be deemed to be beneficially owned by the Holder or the Attribution
Parties for any purpose including for purposes of Section 13(d) of the Exchange Act and the rules promulgated thereunder or Section 16
of the Exchange Act and the rules promulgated thereunder, including Rule 16a-1(a)(1). No prior inability to exercise this Warrant pursuant
to Section 2(e) shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination
of exercisability.
Section 3.
Certain Adjustments
.
(a)
Stock Dividends and Splits
.
If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on the ADSs or the Ordinary Shares or any other equity or equity equivalent securities payable in ADSs or Ordinary Shares (which, for
avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding ADSs
or Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split or ADS ratio change) outstanding
ADSs or Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of the ADSs or the Ordinary Shares any shares
of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of ADSs (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be
the number of ADSs outstanding immediately after such event, and the number of Warrant Shares issuable upon exercise of this Warrant shall
be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant
to this
Section 3(a)
shall become effective immediately after the record date for the determination of shareholders entitled to
receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification. Notwithstanding the foregoing, the Exercise Price shall not be adjusted below the par value of the Ordinary Shares
represented by the ADSs.
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(b)
Subsequent Rights Offerings
.
In addition to any adjustments pursuant to
Section 3(a)
above, if at any time the Company grants, issues or sells any rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class of ADSs or Ordinary Shares (the “
Purchase
Rights
”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of ADSs acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of ADSs are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership
of such ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the
Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
(c)
Pro Rata Distributions
.
During such time as this Warrant is outstanding and except as covered by
Section 3(d)
below, if the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of ADSs or Ordinary Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way
of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “
Distribution
”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of ADSs acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of ADSs are to be determined for the participation in such Distribution (provided, however, that, to the extent
that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any ADSs as
a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
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(d)
Fundamental Transaction
.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of ADSs or Ordinary Shares are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding ADSs (or the equivalent
in Ordinary Shares), (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the ADSs or Ordinary Shares or any compulsory share exchange pursuant to which the ADSs or Ordinary Shares are
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or
more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires securities representing more than 50% of the aggregate voting power, including the power to vote on the election
of directors of the Company, of the issued and outstanding equity securities of the Company (not including any Ordinary Shares or ADSs
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a “
Fundamental Transaction
”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to
any limitation in
Section 2(e)
on the exercise of this Warrant), the number of ADSs of the successor or acquiring corporation or
of the Company, if it is the surviving corporation, and any additional consideration (the “
Alternate Consideration
”)
receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation in
Section 2(e)
on the exercise of this Warrant). For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of ADSs are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “
Successor Entity
”) to assume in writing all of the obligations of the Company under
this Warrant prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this
Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent
to the ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant)
prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital
stock (but taking into account the relative value of the ADSs pursuant to such Fundamental Transaction and the value of such shares of
capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.
9
(e)
Calculations
. All
calculations under this
Section 3
shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For purposes
of this
Section 3
, the number of ADSs deemed to be issued and outstanding as of a given date shall be the sum of the number of
ADSs (excluding treasury shares, if any) issued and outstanding.
(f)
Notice to Holder
.
(i)
Adjustment to Exercise
Price
. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3
, the Company shall promptly deliver
to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
(ii)
Notice to Allow Exercise
by Holder
. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the ADSs or the Ordinary Shares,
(B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the ADSs or the Ordinary Shares, (C) the Company
shall authorize the granting to all holders of the ADSs or the Ordinary Shares rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with
any reclassification of the ADSs or the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries)
is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the ADSs or the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of
which the holders of the ADSs or the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the ADSs or the Ordinary Shares of record shall
be entitled to exchange their shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this
Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the SEC pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may
otherwise be expressly set forth herein.
10
Section 4.
Transfer of
Warrant
.
(a)
Transferability
.
Subject to compliance with any applicable securities laws and the conditions set forth herein, this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days
of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned
in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
(b)
New Warrants
. This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with
a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with
Section 4(a)
, as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with
such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date set forth above and shall be identical
with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
(c)
Warrant Register
.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “
Warrant Register
”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary.
(d)
Representation by the
Holder
. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof,
will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling
such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to
sales registered or exempted under the Securities Act.
Section 5.
Miscellaneous
.
(a)
No Rights as Shareholder
Until Exercise; No Settlement in Cash
. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholder of the Company prior to the exercise hereof as set forth in
Section 2(d)(i)
, except as expressly set forth in
Section
3
. Without limiting any rights of a Holder to receive Warrant Shares on a “
cashless exercise
” pursuant to
Section 2(c)
or to receive cash payments pursuant to
Section 2(d)(i)
and
Section 2(d)(iv)
herein, in no event shall
the Company be required to net cash settle an exercise of this Warrant.
11
(b)
Loss, Theft, Destruction
or Mutilation of Warrant
. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft
or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver
a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
(c)
Saturdays, Sundays, Holidays,
etc
. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
be a Trading Day, then such action may be taken, or such right may be exercised on the next succeeding Trading Day.
(d)
Authorized Shares
.
The Company covenants that it will, during the period the Warrant is outstanding, reserve from its authorized and unissued ADSs a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the ADSs may be listed. The Company covenants that all Warrant Shares which may
be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue). Except and to the extent as waived or consented to by the Holder, the Company shall
not by any action, including, without limitation, amending its constitution or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of
all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body
having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. Before taking any
action that would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
12
(e)
Jurisdiction
. ALL
QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE
COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF
NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED
HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES,
AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH
COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN
ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF
DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT
SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.
(f)
Restrictions
. The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize
cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
(g)
Nonwaiver and Expenses
.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting
Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts
due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
(h)
Notices
. All notices
required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to
be notified, (b) when sent by email or facsimile if sent during normal business hours of the recipient, and if sent at a time other than
during normal business hours of the recipient, then on the next Trading Day (provided, with respect to notices sent by email so long as
such sent email is kept on file by the sending party and the sending party does not receive an automatically generated message from the
recipient’s email server that such email could not be delivered to such recipient), (c) five days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one Trading Day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. The addresses for such communications are:
(i) If to the Company, to:
Kazia Therapeutics Limited
Three International Towers
Level 24300 Barangaroo Avenue
Barangaroo, NSW 2000Australia
Attention: John Friend
Email: john.friend@kaziatherapeutics.com
13
With a copy (which will not
constitute notice) to:
Lucosky Brookman LLP
Attention: Sebastian Bacon,
Esq.
101 Wood Avenue South, 5th
Floor
Woodbridge, NJ 08830
Email: sbacon@lucbro.com
(i) If to the Holder: To the
address, email address or facsimile number set forth in the Warrant Register, or as otherwise provided by the Holder to the Company in
accordance with this
Section 5(h)
.
(j)
Limitation of Liability
.
No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no
enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of
any ADSs or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
(k)
Remedies
. The Holder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for
specific performance that a remedy at law would be adequate.
(l)
Successors and Assigns
.
Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and
be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder
or holder of Warrant Shares.
(m)
Amendment
. This Warrant
may be modified or amended, or the provisions hereof waived with the written consent of the Company and the Holder.
(n)
Severability
. Wherever
possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
(o)
Headings
. The headings
used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
(p)
Warrant Agent
. The
Company hereby appoints Computershare Australia (the “Warrant Agent”) as the warrant agent for the Pre-Funded Warrants. The
Warrant Agent shall have no duties or obligations under this Warrant other than those set forth herein. The Company may, by written notice
to the Holder, appoint a new warrant agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated,
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding
to the corporate trust or stock transfer business of the Warrant Agent, shall be the successor to the Warrant Agent hereunder without
any further act.
(Signature Page Follows)
14
IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
KAZIA THERAPEUTICS LIMITED
By:
Name:
John Friend
Title:
Chief Executive Officer
NOTICE OF EXERCISE
TO: KAZIA THERAPEUTICS LIMITED
(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2) Payment shall take the
form of (check applicable box):
________
in lawful money of the United States; or
________
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:
__________________________________________________
(4) By its delivery of this
Notice of Exercise, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the
Holder will not beneficially own in excess of the number of ADSs (as determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended) permitted to be owned under Section 2(e) of the Warrant to which this notice relates.
The Warrant Shares shall
be delivered to the following DWAC Account Number:
_______________________________
Name of Investing Entity:____________________________________
Signature of Authorized Signatory of Investing Entity
: ______________________________________________________
Name of Authorized Signatory:________________________________
Title of Authorized Signatory:_________________________________
Date:____________________________________________________
ASSIGNMENT FORM
(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to
Name:
(Please Print)
Address:
Phone Number:
(Please Print)
Email Address:
Dated: _________________
Holder’s Signature:
Holder’s Address:

----- ea030382001ex10-2.htm -----
EX-10.2
5
ea030382001ex10-2.htm
FORM OF SERIES A WARRANT
Exhibit 10.2
FORM OF SERIES A WARRANT
KAZIA THERAPEUTICS LIMITED
SERIES A WARRANT TO PURCHASE ADSs OR PRE-FUNDED
WARRANTS
Warrant Shares: [●]
Issue Date: August 31, 2026
KAZIA THERAPEUTICS LIMITED
ACN 063 259 754, an Australian public company limited by shares (the “
Company
”), hereby certifies that, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [●], or its permitted registered
assigns (the “
Holder
”), is entitled, subject to the terms set forth below, to purchase from the Company up to
a total of [●] ADSs, each representing five hundred (500) fully paid ordinary shares of the Company, no par value per share (the
“
Ordinary Shares
”), of the Company (each such ADS, a “
Warrant Share
” and all such
ADSs, the “
Warrant Shares
”) at an exercise price per ADS equal to $17.825 per ADS (which is equal to 115%
of the initial public offering price per ADS and accompanying ADS Warrants) (as adjusted from time to time as provided in
Section 8
herein, the “
Exercise Price
”), or Pre-Funded Warrants (as defined below) to purchase the same number of Warrant
Shares (as subject to adjustment hereunder), upon surrender of this Warrant to Purchase ADSs or Pre-Funded Warrants (including any Warrants
to Purchase ADSs or Pre-Funded Warrants issued in exchange, transfer or replacement hereof, the “
Warrant
”) at
any time and from time to time on or after the Issue Date and through and including 5:30 P.M., New York City time, on the Expiration Date
(as defined herein), and subject to the following terms and conditions:
Section 1.
Definitions
. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement, dated August 28, 2026, among the Company, Leerink Partners LLC and Guggenheim Securities, LLC, as Representatives of the Underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms (the “Underwriting Agreement”). For purposes of this Warrant, the following terms shall have the following meanings:
(a)
“
Closing Sale Price
” means, for any security as of any date, the last trade price for such security on the Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid and ask prices, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.
(b)
“
Expiration Date
” means the earlier of (i) 30 days after the PFS Milestone Date (as defined below) and (ii) the five (5) year anniversary of the Issue Date. “
PFS Milestone Date
” means the date on which (x) at least twelve (12) patients with advanced, metastatic triple-negative breast cancer enrolled in the Company’s Phase 1b clinical trial of paxalisib (in combination with immunotherapy and chemotherapy) have been followed for a sufficient period to demonstrate a median progression-free survival of at least six (6) months (i.e., their cancer has not progressed for at least six (6) months) and (y) the Company has issued a public announcement of such data.
(c)
“
Issue Date
” means August 31, 2026.
(d)
“
Person
” means an individual, or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.
(e)
“
Pre-Funded Warrant Exercise Price
”
equals $0.0001 per ADS, subject to adjustment for reverse and forward share splits, share dividends, share combinations, ratio changes
and other similar transactions of the ADSs that occur after the Issue Date,
provided,
that in no event shall the Pre-Funded Warrant
Exercise Price be adjusted to an amount below the par value of the Ordinary Shares represented by the ADSs.
(f)
“
Pre-Funded Warrants
” means, the pre-funded
warrants to purchase a number of ADSs equal to the number of Warrant Shares as to which this Warrant is being exercised in the form of
a Pre-Funded Warrant attached as
Exhibit A
hereto.
(g)
“
Registration Statement
” means the
Company’s registration statement on Form F-3 (File No. 333-294392), originally filed with the Securities and Exchange Commission
on March 17, 2026, and declared effective on March 27, 2026.
(h)
“
Trading Day
” means a day on which
the ADSs are traded on Nasdaq or, if not traded on Nasdaq, a day on which the principal Trading Market on which the ADSs are traded is
open for trading.
(i)
“
Trading Market
” means any of the
following markets or exchanges on which the Warrant Shares are listed or quoted for trading on the date in question: the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE American, the OTCQB or the OTCQX
(or any successors to any of the foregoing).
2
Section 2.
Registration of Transfers
. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all applicable transfer taxes (if any) and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities Act of 1933, as amended (the “
Securities Act
”), and all applicable state securities or blue sky laws (other than in connection with any transfer (i) pursuant to an effective registration statement, (ii) to the Company or (iii) pursuant to Rule 144), and (y) delivery by the transferee of a written statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act (other than in connection with any transfer (i) pursuant to an effective registration statement, (ii) to the Company or (iii) pursuant to Rule 144). Upon any such registration or transfer, a new warrant to purchase ADSs or Pre-Funded Warrants in substantially the form of this Warrant (any such new warrant, a “
New Warrant
”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this
Section 2
. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary.
Section 3.
Exercise and Duration of Warrants
.
(a)
This Warrant shall be exercisable by the registered Holder at
any time and from time to time on or after the Issue Date and through and including 5:30 P.M. New York City time, on the Expiration Date.
At 5:30 P.M., New York City time, on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become
void and of no value and this Warrant shall be terminated and no longer outstanding.
(b)
The Holder may exercise this Warrant by delivering to the Company
(i) a Notice of Exercise, in the form attached as
Schedule 1
hereto (the “
Notice of Exercise
”), completed
and duly signed, and (ii) payment of (x) the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised
if this Warrant is being exercised for Warrant Shares, or (y) the aggregate Exercise Price minus the aggregate Pre-Funded Warrant Exercise
Price, if this Warrant is being exercised for Pre-Funded Warrants, and the date on which the last of such items is delivered to the Company
(as determined in accordance with the notice provisions hereof) is an “
Exercise Date
.” The Holder shall not
be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Notice of Exercise
shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the
remaining number of Warrant Shares or Pre-Funded Warrants. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
3
Section 4.
Delivery of Warrant Shares or Pre-Funded Warrants
.
(a)
If this Warrant is being exercised for Warrant Shares, upon
exercise of this Warrant, the Company shall promptly (but in no event later than one Trading Day after the Exercise Date), upon the request
of the Holder, credit such aggregate number of ADSs to which the Holder is entitled pursuant to such exercise to the Holder’s or
its designee’s balance account with The Depository Trust Company (“
DTC
”) through its Deposit Withdrawal
Agent SEC system, provided that the Registration Statement is effective or the Warrant Shares are freely transferable without restriction
under Rule 144, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program or if the certificates
are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified
in the Notice of Exercise, a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of ADSs to which the Holder is entitled pursuant to such exercise. The Holder, or any Person permissibly so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares, as the case may be.
(b)
If this Warrant is being exercised for Pre-Funded Warrants,
the Company shall issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, Pre-Funded Warrants
to purchase a number of ADSs with respect to which this Warrant is being exercised by the date that is the latest of (i) five (5) Trading
Days after the delivery to the Company of the Notice of Exercise, (ii) five (5) Trading Days after delivery of the aggregate Exercise
Price less the aggregate Pre-Funded Warrant Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise. As used herein,
“
Standard Settlement Period
”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s Trading Market with respect to the
ADSs as in effect on the date of delivery of the Notice of Exercise.
(c)
If by the time frames set forth for delivery above, the Company
fails to deliver to the Holder a certificate representing the required number of Warrant Shares in the manner required pursuant to
Section
4(a)
, or fails to credit the Holder’s balance account with DTC for such number of Warrant Shares to which the Holder is entitled,
and if after such time frame set forth for delivery above and prior to the receipt of such Warrant Shares, the Holder purchases (in an
open market transaction or otherwise; provided such purchases shall be made in a commercially reasonable manner at prevailing market
prices) ADSs to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “
Buy-In
”), then the Company shall, within two Trading Days after the Holder’s written request
and in the Holder’s sole discretion, either (1) pay in cash to the Holder an amount equal to the Holder’s total purchase
price (including commercially reasonable brokerage commissions, if any) for the ADSs so purchased, at which point the Company’s
obligation to deliver such certificate (and to issue such Warrant Shares) or to cause the Holder’s DTC account to be credited for
such Warrant Shares shall terminate or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates representing
such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including
commercially reasonable brokerage commissions, if any) for the ADSs so purchased in the Buy-In (assuming such sale was executed on commercially
reasonable terms at prevailing market prices) over the product of (A) the number of ADSs purchased in the Buy-In, times (B) the Closing
Sale Price of an ADS on the Exercise Date.
(d)
To the extent permitted by law and subject to
Section 4(c)
,
the Company’s obligations to issue and deliver Warrant Shares and Pre-Funded Warrants in accordance with and subject to the terms
hereof (including the limitations set forth in
Section 10
below) are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by
the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares and Pre-Funded Warrants. Subject to
Section 4(c)
, nothing herein
shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing ADSs upon exercise of the Warrant as required pursuant to the terms hereof.
Section 5.
Charges, Taxes and Expenses
. Issuance and delivery of certificates for ADSs or Pre-Funded Warrants upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company;
provided, however
, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares, Pre-Funded Warrants or the Warrants in a name other than that of the Holder or an Affiliate (defined below) thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares or Pre-Funded Warrants upon exercise hereof.
4
Section 6.
Replacement of Warrant
. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.
Section 7.
Reservation of Warrant Shares
. The Company covenants that it will at all times while this Warrant is outstanding reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Ordinary Shares, solely for the purpose of enabling it to issue Warrant Shares or Pre-Funded Warrants upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of
Section 8
). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will take all such action as may be reasonably necessary to assure that such ADSs may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the ADSs may be listed.
Section 8.
Certain Adjustments
. The number of Warrant Shares or Pre-Funded Warrants issuable upon exercise of this Warrant is subject to adjustment from time to time as set forth in this
Section 8
.
(a)
Stock Dividends and Splits
. If the Company, at any time
while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on its Ordinary Shares
or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt, shall not include any
Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares into a larger number
of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, or (iv)
issues by reclassification of Ordinary Shares any shares of capital stock of the Company, then in each case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such
event, and the number of ADSs issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this
Section 8(a)
shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.
(b)
Subsequent Rights Offerings
. In addition to any adjustments
pursuant to Section 8(a) above, if at any time the Company grants, issues or sells any rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of Ordinary Shares (the “
Purchase Rights
”), then
the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of ADSs acquirable upon complete exercise of this Warrant (without regard to any
limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which
a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
ADSs as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder
until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
5
(c)
Pro Rata Distributions
. During such time as this Warrant
is outstanding and except as covered by
Section 8(d)
below, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the
Holder would have participated therein if the Holder had held the number of ADSs acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary
Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any ADSs as a result of such
Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such
time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
(d)
Fundamental Transactions
. If, at any time while this
Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation
of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license,
assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in
one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory
share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires securities representing more than 50% of the aggregate
voting power, including the power to vote on the election of directors of the Company, of the issued and outstanding equity securities
of the Company (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “
Fundamental
Transaction
”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Holder (without regard to any limitation in
Section 10
on the exercise of this Warrant), the number of ADSs
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for which
this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in
Section 10
on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “
Successor Entity
”) to assume
in writing all of the obligations of the Company under this Warrant prior to such Fundamental Transaction and shall, at the option of
the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the ADSs acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the ADSs pursuant to such Fundamental Transaction and
the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to,
and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the
Company herein.
(e)
Calculations
. All calculations under this
Section
8
shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For purposes of this
Section 8
,
the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares
(excluding treasury shares, if any) issued and outstanding.
(f)
Notice to Holder
.
(i)
Adjustment to Exercise Price
. Whenever the Exercise Price
is adjusted pursuant to any provision of this
Section 8
, the Company shall promptly deliver to the Holder by facsimile or email
a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting
forth a brief statement of the facts requiring such adjustment.
6
(ii)
Notice to Allow Exercise by Holder
. If (A) the Company
shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special
nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of
the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the
approval of any stockholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation
or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets,
or any compulsory share exchange whereby the Ordinary Shares is converted into other securities, cash or property, or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case,
the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall
appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the SEC pursuant to a Current Report on
Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.
Section 9.
Payment of Exercise Price
. The Holder may exercise this Warrant, in whole or in part, by delivering to the Company a duly executed Notice of Exercise and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price for the Warrant Shares or Pre-Funded Warrants being purchased.
(a)
From and after the Issue Date and through and including 5:30
P.M., New York City time, on the Expiration Date, the Holder may at any time and from time to time exercise this Warrant, in whole or
in part, by delivering to the Company a duly executed Notice of Exercise and a check, wire transfer of same-day funds (to an account
designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price for the Warrant Shares
or Pre-Funded Warrants being purchased.
Section 10.
Limitations on Exercise
.
(a)
Notwithstanding anything to the contrary herein, the Company
shall not effect any exercise of this Warrant (other than for Pre-Funded Warrants), and a Holder shall not have the right to exercise
any portion of this Warrant (other than for Pre-Funded Warrants), pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
affiliates (as such term is defined in Rule 501(b) under the Securities Act, each, an “
Affiliate
”)), and any
other Persons whose beneficial ownership of ADSs would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act (such Persons, together with its Affiliates, its “
Attribution Parties
”)), would beneficially own a number
of ADSs in excess of
[●]
([●]%) of the total number of issued and outstanding ADSs following such exercise (the “
Beneficial
Ownership Limitation
”). For purposes of the foregoing sentence, the number of ADSs beneficially owned by the Holder and
its Attribution Parties shall include the number of ADSs issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of ADSs which would be issuable upon (i) exercise of the remaining, nonexercised portion
of this Warrant beneficially owned by the Holder or any of its Attribution Parties and (ii) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for
purposes of this
Section 10(a)
, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “
Exchange Act
”), and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this
Section 10(a)
applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with its Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with its Attribution Parties) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have
no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this
Section 10(a)
, in determining the number of outstanding ADSs, a Holder may rely on the number of outstanding
ADSs as reflected in (A) the Company’s most recent periodic or annual report filed with the SEC, as the case may be, (B) a more
recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
number of ADSs outstanding. Any portion of an exercise that would result in the issuance of ADSs in excess of the Beneficial Ownership
Limitation shall be treated as null and void ab initio. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or
its Attribution Parties since the date as of which such number of outstanding ADSs was reported. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 10(a)
provided that the Beneficial Ownership
Limitation in no event exceeds 19.99% of the number of ADSs outstanding immediately after giving effect to the issuance of ADSs upon
exercise of this Warrant held by the Holder and the provisions of this
Section 10(a)
shall continue to apply. Any increase in
the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section
10(a)
to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The
limitations contained in this paragraph shall apply to a successor holder of this Warrant.
7
(b)
This
Section 10
shall not restrict the number of ADSs
which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder
may receive in the event of a Fundamental Transaction as contemplated in
Section 8
of this Warrant.
Section 11.
Transfer Restrictions
. Subject to compliance with any applicable securities laws and the conditions set forth herein, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares or Pre-Funded Warrants without having a new Warrant issued.
Section 12.
No Fractional Shares
. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional ADSs that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional shares.
Section 13.
Warrant Agent
. The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.
Section 14.
Miscellaneous
.
(a)
No Rights as a Stockholder
. The Holder, solely in such
Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share
capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give
or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger,
amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.
8
(b)
Authorized Shares
.
(i)
Except and to the extent as waived or consented to by the Holder,
the Company shall not by any action, including, without limitation, amending its certificate or articles of incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of the Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a)
not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.
(ii)
Before taking any action which would result in an adjustment
in the number of Warrant Shares or Pre-Funded Warrants for which this Warrant is exercisable or in the Exercise Price, the Company shall
obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof.
(c)
Successors and Assigns
. Subject to the restrictions on
transfer set forth in this Warrant and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant
may not be assigned by the Company without the written consent of the Holder except to a successor in the event of a Fundamental Transaction.
This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the
Company and the Holder, or their successors and assigns.
9
(d)
Restrictions
. The Holder acknowledges that the Warrant
Shares acquired upon the exercise of this Warrant will contain a legend to the effect that the Warrant Shares are not registered.
(e)
Successors and Assigns
. Subject to applicable securities
laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be
for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
(f)
Amendment
. This Warrant may be modified or amended, or
the provisions hereof waived only with the written consent of the Company and the Holder.
(g)
Acceptance
. Receipt of this Warrant by the Holder shall
constitute acceptance of and agreement to all of the terms and conditions contained herein.
(h)
Notices
. All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by email
or facsimile if sent during normal business hours of the recipient, and if sent at a time other than during normal business hours of
the recipient, then on the next Trading Day (provided, with respect to notices sent by email so long as such sent email is kept on file
by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server
that such email could not be delivered to such recipient), (c) five days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one Trading Day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. The addresses for such communications are:
(i)
If to the Company, to:
Kazia Therapeutics Limited
Three International Towers
Level 24300 Barangaroo Avenue
Barangaroo, NSW 2000Australia
Attention: John Friend
Email: john.friend@kaziatherapeutics.com
With a copy (which will not
constitute notice) to:
Lucosky Brookman LLP
Attention: Sebastian Bacon,
Esq.
101 Wood Avenue South, 5th
Floor
Woodbridge, NJ 08830
Email: sbacon@lucbro.com
(ii)
If to the Holder: To the address, email address or facsimile
number set forth in the Warrant Register, or as otherwise provided by the Holder to the Company in accordance with this
Section 14(h)
.
10
(i)
Jurisdiction
. THIS WARRANT AND ANY CLAIM, CONTROVERSY
OR DISPUTE ARISING UNDER OR RELATED TO THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF
NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
(j)
Severability
. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall
be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
(k)
Pre-Funded Warrants in lieu of ADSs
. Notwithstanding
anything to the contrary in this Warrant, to the extent the limitations set forth in
Section 10
restrict the exercise of this
Warrant into Warrant Shares, the Holder may choose, in lieu of receiving Warrant Shares upon exercise of this Warrant, to receive a Pre-Funded
Warrant in the form attached hereto as
Exhibit A
to purchase an identical number of ADSs it would have received upon the exercise
of this Warrant for ADSs;
provided
,
however
that the Exercise Price shall instead be the Exercise Price less $0.0001 per
ADS, and the resulting issued Pre-Funded Warrant shall have an exercise price of $0.0001 per ADS.
(l)
Headings
. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
11
IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.
KAZIA THERAPEUTICS LIMITED
By:
Name:
John Friend
Title:
Chief Executive Officer
SCHEDULE 1
FORM OF NOTICE OF EXERCISE
[To be executed by the Holder to purchase ADSs
or Pre-Funded Warrants under the Warrant]
To Whom It May Concern:
(1)
The undersigned is the Holder of Warrant No. ___ (the “
Warrant
”) issued by KAZIA THERAPEUTICS LIMITED ACN 063 259 754, an Australian public company limited by shares (the “
Company
”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.
(2)
The undersigned hereby exercises its right to purchase Warrant Shares or Pre-Funded Warrants pursuant to the Warrant.
(3)
The Holder intends that payment of the Exercise Price shall be made:
___________ in cash; or
___________ wire transfer of same-day funds
(4)
The Holder shall pay the sum of $_____ in immediately available funds to the Company in accordance with the terms of the Warrant.
(5)
Except as set forth in paragraph (6), pursuant to this Notice of Exercise, the Company shall deliver Warrant Shares or Pre-Funded Warrants, determined in accordance with the terms of the Warrant, to the Holder. Provided that the Warrant Shares are registered for resale on an effective Registration Statement or the Warrant Shares are eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Warrant Shares shall be delivered to the following DWAC Account Number: _______________________________________
(6)
The Holder hereby elects to receive a Pre-Funded Warrant (in the form attached hereto as
EXHIBIT A
) to purchase an identical number of ADSs that it would receive if it had exercised this Warrant for ADSs, in lieu of receiving the Warrant Shares in accordance with this Warrant.
☐
(7)
By its delivery of this Notice of Exercise, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of ADSs (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under
Section 10(a)
of the Warrant to which this notice relates.
Dated:
Name of Holder:
By:
Name:
Title:
(Signature must conform in all respects to name
of the Holder as specified on the face of the Warrant)
EXHIBIT A
FORM OF PRE-FUNDED WARRANT

----- ea030382001ex10-3.htm -----
EX-10.3
6
ea030382001ex10-3.htm
FORM OF SERIES B WARRANT
Exhibit 10.3
FORM
OF SERIES B WARRANT
KAZIA
THERAPEUTICS LIMITED
SERIES
B WARRANT TO PURCHASE ADSs OR PRE-FUNDED WARRANTS
Warrant
Shares: [●]
Issue
Date: August 31, 2026
KAZIA
THERAPEUTICS LIMITED ACN 063 259 754, an Australian public company limited by shares (the “
Company
”), hereby
certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [●], or its
permitted registered assigns (the “
Holder
”), is entitled, subject to the terms set forth below, to purchase
from the Company up to a total of [●] ADSs, each representing five hundred (500) fully paid ordinary shares of the Company, no
par value per share (the “
Ordinary Shares
”), of the Company (each such ADS, a “
Warrant Share
”
and all such ADSs, the “
Warrant Shares
”) at an exercise price per ADS equal to $19.375 per ADS (which is equal
to 125% of the initial public offering price per ADS and accompanying ADS Warrants) (as adjusted from time to time as provided in
Section
8
herein, the “
Exercise Price
”), or Pre-Funded Warrants (as defined below) to purchase the same number
of Warrant Shares (as subject to adjustment hereunder), upon surrender of this Warrant to Purchase ADSs or Pre-Funded Warrants (including
any Warrants to Purchase ADSs or Pre-Funded Warrants issued in exchange, transfer or replacement hereof, the “
Warrant
”)
at any time and from time to time on or after the Issue Date and through and including 5:30 P.M., New York City time, on the Expiration
Date (as defined herein), and subject to the following terms and conditions:
Section
1.
Definitions
.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement,
dated August 28, 2026, among the Company, Leerink Partners LLC and Guggenheim Securities, LLC, as Representatives of the Underwriters
named therein, as amended, modified or supplemented from time to time in accordance with its terms (the “
Underwriting
Agreement
”). For purposes of this Warrant, the following terms shall have the following meanings:
(a)
“
Closing
Sale Price
” means, for any security as of any date, the last trade price for such security on the Trading Market for
such security, as reported by Bloomberg Financial Markets, or, if such Trading Market begins to operate on an extended hours basis
and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as
reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter
market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price
is reported for such security by Bloomberg Financial Markets, the average of the bid and ask prices, of any market makers for such
security as reported in the “pink sheets” by Pink Sheets LLC. If the Closing Sale Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market
value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.
(c)
“
Expiration
Date
” means the earlier of (i) 30 days after the PFS Milestone Date (as defined below) and (ii) the five (5) year anniversary
of the Issue Date. “
PFS Milestone Date
” means the date on which (x) at least twelve (12) patients with
HR+/HER2- (hormone receptor-positive, human epidermal growth factor receptor 2-negative) breast cancer enrolled in the Company’s
clinical trial of paxalisib have been followed for a sufficient period to demonstrate a median progression-free survival of at least
six (6) months (i.e., their cancer has not progressed for at least six (6) months) and (y) the Company has issued a public announcement
of such data.
(d)
“
Issue
Date
” means August 31, 2026.
(e)
“
Person
”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
(f)
“
Pre-Funded
Warrant Exercise Price
” equals $0.0001 per ADS, subject to adjustment for reverse and forward share splits, share dividends,
share combinations, ratio changes and other similar transactions of the ADSs that occur after the Issue Date;
provided
, that
in no event shall the Pre-Funded Warrant Exercise Price be adjusted to an amount below the par value of the Ordinary Shares represented
by the ADSs.
(g)
“
Pre-Funded
Warrants
” means, the pre-funded warrants to purchase a number of ADSs equal to the number of Warrant Shares as to which
this Warrant is being exercised in the form of a Pre-Funded Warrant attached as
Exhibit A
hereto.
(h)
“
Registration
Statement
” means the Company’s registration statement on Form F-3 (File No. 333-294392), originally filed with
the Securities and Exchange Commission on March 17, 2026, and declared effective on March 27, 2026.
(i)
“
Trading
Day
” means a day on which the ADSs are traded on Nasdaq or, if not traded on Nasdaq, a day on which the principal Trading
Market on which the ADSs are traded is open for trading.
2
(j)
“
Trading
Market
” means any of the following markets or exchanges on which the Warrant Shares are listed or quoted for trading
on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, the NYSE American, the OTCQB or the OTCQX (or any successors to any of the foregoing).
Section
2.
Registration
of Transfers
. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent
to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment
for all applicable transfer taxes (if any) and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory
to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from
the registration requirements of the Securities Act of 1933, as amended (the “
Securities Act
”), and all
applicable state securities or blue sky laws (other than in connection with any transfer (i) pursuant to an effective registration
statement, (ii) to the Company or (iii) pursuant to Rule 144), and (y) delivery by the transferee of a written statement to the Company
certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act (other
than in connection with any transfer (i) pursuant to an effective registration statement, (ii) to the Company or (iii) pursuant to
Rule 144). Upon any such registration or transfer, a new warrant to purchase ADSs or Pre-Funded Warrants in substantially the form
of this Warrant (any such new warrant, a “
New Warrant
”) evidencing the portion of this Warrant so transferred
shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant.
The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant
under this
Section 2
. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof
as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary.
Section
3.
Exercise
and Duration of Warrants
.
(a)
This Warrant
shall be exercisable by the registered Holder at any time and from time to time on or after the Issue Date and through and including
5:30 P.M. New York City time, on the Expiration Date. At 5:30 P.M., New York City time, on the Expiration Date, the portion of this
Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer outstanding.
(b)
The Holder
may exercise this Warrant by delivering to the Company (i) a Notice of Exercise, in the form attached as
Schedule 1
hereto
(the “
Notice of Exercise
”), completed and duly signed, and (ii) payment of (x) the Exercise Price for the
number of Warrant Shares as to which this Warrant is being exercised if this Warrant is being exercised for Warrant Shares, or (y)
the aggregate Exercise Price minus the aggregate Pre-Funded Warrant Exercise Price, if this Warrant is being exercised for Pre-Funded
Warrants, and the date on which the last of such items is delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “
Exercise Date
.” The Holder shall not be required to deliver the original Warrant in order
to effect an exercise hereunder. Execution and delivery of the Notice of Exercise shall have the same effect as cancellation of the
original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares or Pre-Funded
Warrants. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.
3
Section
4.
Delivery
of Warrant Shares or Pre-Funded Warrants
.
(a)
If this
Warrant is being exercised for Warrant Shares, upon exercise of this Warrant, the Company shall promptly (but in no event later than
one Trading Day after the Exercise Date), upon the request of the Holder, credit such aggregate number of ADSs to which the Holder
is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company
(“
DTC
”) through its Deposit Withdrawal Agent SEC system, provided that the Registration Statement is effective
or the Warrant Shares are freely transferable without restriction under Rule 144, or if the Transfer Agent is not participating in
the Fast Automated Securities Transfer Program or if the certificates are required to bear a legend regarding restriction on transferability,
issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of ADSs to which the Holder is entitled pursuant to such
exercise. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become
the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to
the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be.
(b)
If this
Warrant is being exercised for Pre-Funded Warrants, the Company shall issue and dispatch by overnight courier to the address as specified
in the Notice of Exercise, Pre-Funded Warrants to purchase a number of ADSs with respect to which this Warrant is being exercised
by the date that is the latest of (i) five (5) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) five
(5) Trading Days after delivery of the aggregate Exercise Price less the aggregate Pre-Funded Warrant Exercise Price to the Company
and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise. As used herein,
“
Standard Settlement Period
” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s Trading Market with respect to the ADSs as in effect on the date of delivery
of the Notice of Exercise.
(c)
If by
the time frames set forth for delivery above, the Company fails to deliver to the Holder a certificate representing the required
number of Warrant Shares in the manner required pursuant to
Section 4(a)
, or fails to credit the Holder’s balance account
with DTC for such number of Warrant Shares to which the Holder is entitled, and if after such time frame set forth for delivery above
and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise; provided such
purchases shall be made in a commercially reasonable manner at prevailing market prices) ADSs to deliver in satisfaction of a sale
by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “
Buy-In
”),
then the Company shall, within two Trading Days after the Holder’s written request and in the Holder’s sole discretion,
either (1) pay in cash to the Holder an amount equal to the Holder’s total purchase price (including commercially reasonable
brokerage commissions, if any) for the ADSs so purchased, at which point the Company’s obligation to deliver such certificate
(and to issue such Warrant Shares) or to cause the Holder’s DTC account to be credited for such Warrant Shares shall terminate
or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and
pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including commercially reasonable
brokerage commissions, if any) for the ADSs so purchased in the Buy-In (assuming such sale was executed on commercially reasonable
terms at prevailing market prices) over the product of (A) the number of ADSs purchased in the Buy-In, times (B) the Closing Sale
Price of an ADS on the Exercise Date.
4
(d)
To the
extent permitted by law and subject to
Section 4(c)
, the Company’s obligations to issue and deliver Warrant Shares and
Pre-Funded Warrants in accordance with and subject to the terms hereof (including the limitations set forth in
Section 10
below) are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation
to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance
that might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares and Pre-Funded
Warrants. Subject to
Section 4(c)
, nothing herein shall limit the Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to the Company’s failure to timely deliver certificates representing ADSs upon exercise of the Warrant as required
pursuant to the terms hereof.
Section
5.
Charges,
Taxes and Expenses
. Issuance and delivery of certificates for ADSs or Pre-Funded Warrants upon exercise of this Warrant shall
be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding
any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the
Company;
provided, however
, that the Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares, Pre-Funded Warrants or the Warrants in a name other than that
of the Holder or an Affiliate (defined below) thereof. The Holder shall be responsible for all other tax liability that may arise
as a result of holding or transferring this Warrant or receiving Warrant Shares or Pre-Funded Warrants upon exercise hereof.
Section
6.
Replacement
of Warrant
. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a
customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company
may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated
Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.
Section
7.
Reservation
of Warrant Shares
. The Company covenants that it will at all times while this Warrant is outstanding reserve and keep available
out of the aggregate of its authorized but unissued and otherwise unreserved Ordinary Shares, solely for the purpose of enabling
it to issue Warrant Shares or Pre-Funded Warrants upon exercise of this Warrant as herein provided, the number of Warrant Shares
that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent
purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of
Section 8
). The
Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will
take all such action as may be reasonably necessary to assure that such ADSs may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the
ADSs may be listed.
5
Section
8.
Certain
Adjustments
. The number of Warrant Shares or Pre-Funded Warrants issuable upon exercise of this Warrant is subject to adjustment
from time to time as set forth in this
Section 8
.
(a)
Stock
Dividends and Splits
. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on the Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares
(which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii)
subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of the Ordinary Shares any shares of capital
stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares outstanding immediately after such event, and the number of ADSs issuable upon exercise of
this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any
adjustment made pursuant to this
Section 8(a)
shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.
(b)
Subsequent
Rights Offerings
. In addition to any adjustments pursuant to Section 8(a) above, if at any time the Company grants, issues or
sells any rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary
Shares (the “
Purchase Rights
”), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined
for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate
in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be
entitled to participate in such Purchase Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase
Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as
its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
(c)
Pro
Rata Distributions
. During such time as this Warrant is outstanding and except as covered by
Section 8(d)
below, if the
Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary
Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder
shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for
the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any
such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
to participate in such Distribution to such extent (or in the beneficial ownership of any ADSs as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
6
(d)
Fundamental
Transactions
. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary),
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares
is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires securities representing more than 50% of the aggregate voting power, including the power
to vote on the election of directors of the Company, of the issued and outstanding equity securities of the Company (not including
any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “
Fundamental Transaction
”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in
Section 10
on the exercise of this Warrant), the number of ADSs of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation in
Section 10
on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction, and
the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “
Successor Entity
”) to
assume in writing all of the obligations of the Company under this Warrant prior to such Fundamental Transaction and shall, at the
option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares
of capital stock of such Successor Entity (or its parent entity) equivalent to the ADSs acquirable and receivable upon exercise of
this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with
an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to
the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of
the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.
(e)
Calculations
.
All calculations under this
Section 8
shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may
be. For purposes of this
Section 8
, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall
be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.
7
(f)
Notice
to Holder
.
(i)
Adjustment
to Exercise Price
. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 8
, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
(ii)
Notice
to Allow Exercise by Holder
. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C)
the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is
a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which the holders of the Ordinary Shares of record shall
be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery
thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice
provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries,
the Company shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 6-K. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.
Section
9.
Payment
of Exercise Price
. The Holder may exercise this Warrant, in whole or in part, by delivering to the Company a duly executed Notice
of Exercise and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable
to the Company for the aggregate Exercise Price for the Warrant Shares or Pre-Funded Warrants being purchased.
(a)
From and
after the Issue Date and through and including 5:30 P.M., New York City time, on the Expiration Date, the Holder may at any time
and from time to time exercise this Warrant, in whole or in part, by delivering to the Company a duly executed Notice of Exercise
and a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the
Company for the aggregate Exercise Price for the Warrant Shares or Pre-Funded Warrants being purchased.
8
Section
10.
Limitations
on Exercise
.
(a)
Notwithstanding
anything to the contrary herein, the Company shall not effect any exercise of this Warrant (other than for Pre-Funded Warrants),
and a Holder shall not have the right to exercise any portion of this Warrant (other than for Pre-Funded Warrants), pursuant to
Section
2
or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice
of Exercise, the Holder (together with the Holder’s affiliates (as such term is defined in Rule 501(b) under the Securities
Act, each, an “
Affiliate
”)), and any other Persons whose beneficial ownership of ADSs would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act (such Persons, together with its Affiliates, its “
Attribution
Parties
”)), would beneficially own a number of ADSs in excess of
[•]
([•]%) of the total number of
issued and outstanding ADSs following such exercise (the “
Beneficial Ownership Limitation
”). For purposes
of the foregoing sentence, the number of ADSs beneficially owned by the Holder and its Attribution Parties shall include the number
of ADSs issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of ADSs which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the
Holder or any of its Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section
10(a)
, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “
Exchange Act
”), and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange
Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this
Section 10(a)
applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with its Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with its Attribution Parties) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this
Section 10(a)
, in determining the number of outstanding ADSs, a Holder may rely on the number of outstanding
ADSs as reflected in (A) the Company’s most recent periodic or annual report filed with the SEC, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth
the number of ADSs outstanding. Any portion of an exercise that would result in the issuance of ADSs in excess of the Beneficial
Ownership Limitation shall be treated as null and void ab initio. Upon the written or oral request of a Holder, the Company shall
within one Trading Day confirm orally and in writing to the Holder the number of ADSs then outstanding. In any case, the number of
outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding ADSs was reported. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 10(a)
provided that the Beneficial Ownership Limitation in no event exceeds 19.99% of the number of ADSs outstanding immediately after
giving effect to the issuance of ADSs upon exercise of this Warrant held by the Holder and the provisions of this
Section 10(a)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such
notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than
in strict conformity with the terms of this
Section 10(a)
to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of this Warrant.
9
(b)
This
Section
10
shall not restrict the number of ADSs which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in
Section 8
of this Warrant.
Section
11.
Transfer
Restrictions
. Subject to compliance with any applicable securities laws and the conditions set forth herein, this Warrant and
all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer
taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall
not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which
case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers
an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be
exercised by a new holder for the purchase of Warrant Shares or Pre-Funded Warrants without having a new Warrant issued.
Section
12.
No
Fractional Shares
. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any
fractional ADSs that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole
number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional
shares.
Section
13.
Warrant
Agent
. The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder,
the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to
which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall
be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice
of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address
as shown on the Warrant Register.
10
Section
14.
Miscellaneous
.
(a)
No
Rights as a Stockholder
. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares
which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.
(b)
Authorized
Shares
.
(i)
Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of the Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant,
and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.
(ii)
Before
taking any action which would result in an adjustment in the number of Warrant Shares or Pre-Funded Warrants for which this Warrant
is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto,
as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
11
(c)
Successors
and Assigns
. Subject to the restrictions on transfer set forth in this Warrant and compliance with applicable securities laws,
this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder
except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the
Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall
be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action
under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns.
(d)
Restrictions
.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will contain a legend to the effect that
the Warrant Shares are not registered.
(e)
Successors
and Assigns
. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.
(f)
Amendment
.
This Warrant may be modified or amended, or the provisions hereof waived only with the written consent of the Company and the Holder.
(g)
Acceptance
.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.
(h)
Notices
.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by email or facsimile if sent during normal business hours of the recipient, and if sent
at a time other than during normal business hours of the recipient, then on the next Trading Day (provided, with respect to notices
sent by email so long as such sent email is kept on file by the sending party and the sending party does not receive an automatically
generated message from the recipient’s email server that such email could not be delivered to such recipient), (c) five days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one Trading Day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. The addresses
for such communications are:
12
(i)
If to
the Company, to:
Kazia
Therapeutics Limited
Three
International Towers
Level
24300 Barangaroo Avenue
Barangaroo,
NSW 2000Australia
Attention:
John Friend
Email:
john.friend@kaziatherapeutics.com
With
a copy (which will not constitute notice) to:
Lucosky
Brookman LLP
Attention:
Sebastian Bacon, Esq.
101
Wood Avenue South, 5th Floor
Woodbridge,
NJ 08830
Email:
sbacon@lucbro.com
(ii)
If to
the Holder: To the address, email address or facsimile number set forth in the Warrant Register, or as otherwise provided by the
Holder to the Company in accordance with this
Section 14(h)
.
(i)
Jurisdiction
.
THIS WARRANT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS WARRANT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
(j)
Severability
.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.
(k)
Pre-Funded
Warrants in lieu of ADSs
. Notwithstanding anything to the contrary in this Warrant, to the extent the limitations set forth in
Section 10
restrict the exercise of this Warrant into Warrant Shares, the Holder may choose, in lieu of receiving Warrant
Shares upon exercise of this Warrant, to receive a Pre-Funded Warrant in the form attached hereto as
Exhibit A
to purchase
an identical number of ADSs it would have received upon the exercise of this Warrant for ADSs;
provided
,
however
that
the Exercise Price shall instead be the Exercise Price less $0.0001 per ADS, and the resulting issued Pre-Funded Warrant shall have
an exercise price of $0.0001 per ADS.
(l)
Headings
.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
13
IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.
KAZIA
THERAPEUTICS LIMITED
By:
Name:
John Friend
Title:
Chief Executive Officer
SCHEDULE
1
FORM
OF NOTICE OF EXERCISE
[To
be executed by the Holder to purchase ADSs or Pre-Funded Warrants under the Warrant]
To
Whom It May Concern:
(1)
The undersigned is the Holder
of Warrant No. ___ (the “
Warrant
”) issued by KAZIA THERAPEUTICS LIMITED ACN 063 259 754, an Australian public
company limited by shares (the “
Company
”). Capitalized terms used herein and not otherwise defined herein have
the respective meanings set forth in the Warrant.
(2)
The undersigned hereby exercises
its right to purchase Warrant Shares or Pre-Funded Warrants pursuant to the Warrant.
(3)
The
Holder intends that payment of the Exercise Price shall be made:
___________
in cash; or
___________
wire transfer of same-day funds.
(4)
The Holder shall pay the sum
of $_____ in immediately available funds to the Company in accordance with the terms of the Warrant.
(5)
Except as set forth in paragraph
(6), pursuant to this Notice of Exercise, the Company shall deliver Warrant Shares or Pre-Funded Warrants, determined in accordance
with the terms of the Warrant, to the Holder. Provided that the Warrant Shares are registered for resale on an effective Registration
Statement or the Warrant Shares are eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Warrant Shares shall be delivered to the following DWAC Account Number: _______________________________________
(6)
The Holder hereby elects to
receive a Pre-Funded Warrant (in the form attached hereto as
EXHIBIT A
) to purchase an identical number of ADSs that
it would receive if it had exercised this Warrant for ADSs in lieu of receiving the Warrant Shares in accordance with this Warrant.
☐
(7)
By its delivery of this Notice
of Exercise, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder
will not beneficially own in excess of the number of ADSs (as determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended) permitted to be owned under
Section 10(a)
, of the Warrant to which this notice relates.
Dated:
Name of Holder:
By:
Name:
Title:
(Signature
must conform in all respects to name of the Holder as specified on the face of the Warrant)
EXHIBIT
A
FORM
OF PRE-FUNDED WARRANT

----- ea030382001ex5-1.htm -----
EX-5.1
3
ea030382001ex5-1.htm
OPINION OF BAKER MCKENZIE
Exhibit 5.1
Baker & McKenzie
ABN 32 266 778 912
Tower One - International Towers Sydney
Level 46, 100 Barangaroo Avenue
Barangaroo NSW 2000
Australia
P.O. Box R126
Royal Exchange NSW 1225
Australia
29 August 2026
Tel: +61 2 9225 0200
Fax: +61 2 9225 1595
DX: 218 SYDNEY
www.bakermckenzie.com
Asia
Pacific
Bangkok
Beijing
Brisbane
Hanoi
Ho
Chi Minh City
Hong
Kong
Jakarta
Kuala
Lumpur*
Manila*
Melbourne
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Yangon
Europe,
Middle East
& Africa
Abu
Dhabi
Almaty
Amsterdam
Antwerp
Bahrain
Barcelona
Berlin
Brussels
Budapest
Cairo
Casablanca
Doha
Dubai
Dusseldorf
Frankfurt/Main
Geneva
Istanbul
Jeddah*
Johannesburg
Kyiv
London
Luxembourg
Madrid
Milan
Munich
Paris
Prague
Riyadh*
Rome
Stockholm
Vienna
Warsaw
Zurich
The
Americas
Bogota
Brasilia**
Buenos
Aires
Caracas
Chicago
Dallas
Guadalajara
Houston
Juarez
Lima
Los
Angeles
Mexico
City
Miami
Monterrey
New
York
Palo
Alto
Porto
Alegre**
Rio
de Janeiro**
San
Francisco
Santiago
Sao
Paulo**
Tijuana
Toronto
Washington,
DC
*
Associated Firm
**
In cooperation with Trench, Rossi e Watanabe Advogados
The Directors
Kazia Therapeutics Limited
Three International Towers
Level 24, 300 Barangaroo Ave
SYDNEY NSW 2000
Dear Directors
Kazia Therapeutics Limited - Registration Statement on Form F-3
We have acted as Australian legal counsel
to Kazia Therapeutics Limited ACN 063 259 754 (“
Company
”), a public company limited by shares incorporated under
the laws of the Commonwealth of Australia, in connection with its filing with the U.S. Securities and Exchange Commission (“
Commission
”)
of a prospectus supplement (“
Prospectus Supplement
”) relating to the proposed offer, issue and sale by the Company
of 2,580,000 American Depositary Shares (“
ADSs
”) each representing five hundred (500) Ordinary Shares (as defined
below), pre-funded warrants to purchase 303,200 ADSs (the “
Pre-Funded Warrants
”), Series A Warrants to purchase
up to 2,243,478 ADSs (the “Series A Warrants”) and Series B Warrants to purchase up to 2,064,000 ADSs (the “
Series
B Warrants
” and, together with the Pre-Funded Warrants and Series A Warrants, the “
Warrants
”; the ADSs
issuable upon exercise of the Warrants and the Ordinary Shares underlying such ADSs, the “
Warrant Shares
”) filed
or to be filed with the Commission as part of a registration statement on Form F-3 (File No. 333-294392) (including information incorporated
or deemed incorporated by reference therein in accordance with the applicable rules of the Commission) (“
Registration Statement
”)
filed under the U.S. Securities Act of 1933, as amended (“
Securities Act
”), which Registration Statement was declared
effective on 27 March 2026.
In this opinion:
(a) “
Offered
ADSs
” means the ADSs offered pursuant to the Prospectus Supplement;
(b) “
Offered
Warrants
” means the Pre-Funded Warrants, Series A Warrants and Series B Warrants offered pursuant to the Prospectus
Supplement;
(c)
“
Ordinary
Shares
” means fully paid ordinary shares in the capital of the Company;
(d)
“
Securities
”
means each of the following (as applicable):
(i) the Offered ADSs;
(ii) the Offered Warrants;
(iii) the Underlying Shares; and
(iv) the Warrant Shares;
Baker & McKenzie, an Australian Partnership, is a member of Baker
& McKenzie International.
(e)
“
Underlying Shares
” means the Ordinary Shares underlying the Offered ADSs and the Ordinary Shares underlying the
ADSs issuable upon exercise of the Warrants;
(f)
“
Warrant Agents
” means the Company, in its capacity as warrant agent under the Warrant Agreements, or any successor
warrant agent appointed by the Company in accordance with the terms thereof;
(g)
“Warrant Agreements” means the Pre-Funded Warrant Agreements, Series A Warrant Agreement and the Series B Warrant Agreement
in the form set out in Annexure A, each dated 31 August 2026 and each in an identical form as Annexure A, but for the Securities (as applicable),
between the Company and the respective Warrant Agent;
(h)
“
Warrant Shares
” means the ADSs issuable upon exercise of the Warrants and the Ordinary Shares underlying such
ADSs; and
(i)
“
Underwriting Agreement
” means the Underwriting Agreement dated 28 August 2026 among the Company, Leerink Partners
LLC and Guggenheim Securities, LLC, as representatives of the several underwriters named therein.
1.
Documents examined
1.1
For the purposes of this opinion, we have examined and relied on copies of the following documents:
(a)
the Registration Statement;
(b)
the Prospectus Supplement;
(c)
the Underwriting Agreement;
(d)
the Warrant Agreements;
(e)
the Amended and Restated Deposit Agreement dated 13 June 2016 between Novogen Limited (being the former name of the Company), the
Bank of New York Mellon and the various owners and holders of American Depositary Shares under that agreement; and
(f)
the Constitution of the Company dated 16 November 2022 (“
Constitution
”).
1.2
We have also examined and relied upon a certificate, dated 29 August 2026, of Director of the Company, Steven Roy Stent Coffey, certifying,
among other things, the accuracy and completeness of the Constitution and circulating resolutions of the Board of Directors of the Company
dated 15 March 2026 and 27 August 2026.
1.3
We have also examined such other documents and made such enquiries as
to questions of law as we have deemed relevant and necessary in order to render the opinions
set forth below.
2
2.
Searches
2.1
We have relied on the information that is available
to the public in extract form in relation to the Company from the companies register maintained by the Australian Securities and Investments
Commission (“
ASIC
”) on 29 August 2026 at 7:40am (Sydney time).
2.2
We have not made any other searches for the purposes of giving this
opinion.
3.
Assumptions
3.1
For the purpose of the opinions expressed herein, we have assumed:
(a)
the genuineness of all signatures and the authenticity of all
documents, instruments and certificates submitted to us (any such agreement, the “
Reviewed
Agreement
” and together, the “
Reviewed Agreements
”) as originals
and the exact conformity with the authentic originals of all Reviewed Agreements;
(b)
all Reviewed Agreements have not been modified, amended or terminated
by subsequent actions or agreements of which we are not aware;
(c)
that each party to each Reviewed Agreement, (including the Underwriting
Agreement and the Warrant Agreements) has all the requisite power and authority (corporate
and otherwise) to execute and deliver and perform its obligations thereunder (other than
with respect to the Company to the extent expressly set forth in paragraph 5.1(c) below);
(d)
any facts which may give reason to question the validity, continuing
effectiveness or lawfulness of any Reviewed Agreement have been drawn to our attention;
(e)
all matters of internal management required by the constitution
of each of the parties to the relevant documents (other than the Company) have been duly
attended to (including, without limitation, the holding of properly constituted meetings
of the boards of directors of each of those parties and the passing at those meetings of
appropriate resolutions);
(f)
any documents which purport to be governed by the law of any jurisdiction
other than the laws of the Commonwealth of Australia are legal, valid and binding obligations
of all parties to those documents and none of the execution, delivery or performance of any
document by any party to the document violates or contravenes or is rendered invalid, not
binding or unenforceable under any applicable law under any jurisdiction other than the laws
of the Commonwealth of Australia;
3
(g)
the execution and delivery of the Reviewed Agreements and the
performance by the Company of its obligations under the terms and conditions thereunder,
including the:
(i)
issue, sale or resale authorisation; and
(ii)
issuance and sale of the Securities,
do not and will not conflict with and
do not and will not result in a breach of applicable laws;
(h)
the Company has not and will not engage in any bad faith, fraud,
undue influence, coercion, duress, unconscionable, misleading or deceptive conduct (including
by way of omission) or similar conduct in connection with the issuance, sale or resale (as
applicable) of the Securities;
(i)
all information provided to us by or on behalf of officers of
the Company was true, correct and complete when provided and remains so at the date of this
letter, containing all information required, without us making any separate enquiry or investigation
other than viewing and undertaking a search of the companies register maintained by ASIC
as noted in paragraph 2.1, in order for us to provide this opinion;
(j)
the Company is and will be able to pay its debts as and when they
fall due, and is and will be, otherwise solvent as at the time any Securities are issued,
sold or resold (as applicable);
(k)
the details revealed by our search of the companies register maintained
by ASIC are current at the date of that search; and
(l)
there is no order, ruling or decision of any court or regulatory
or administrative body in effect at any relevant time that restricts the issuance of the
Securities.
3.2
We have also assumed that at all material times:
(a)
the Company has the necessary corporate power and capacity to
execute, deliver and perform its obligations under the terms and conditions of any purchase,
underwriting or other agreement, indenture, document or instrument relating to the Company’s
issuance of the Securities to which the Company is party (“
Issue Document
”)
but which Issue Document has not been submitted to us (any such agreement, the “
Agreement
”);
(b)
the
Company has the necessary corporate power and capacity to validly issue the Securities and perform its obligations under the terms and
conditions of the Securities;
(c)
all necessary corporate action has been taken by the Company to
duly authorise the execution and delivery by the Company of any such Agreement and the performance
of its obligations under the terms and conditions thereof;
4
(d)
all
necessary corporate action has been taken by the Company to duly issue the Securities, authorise the terms of the offering of the Securities
and to perform its obligations under the terms and conditions of the Securities, and all of the terms and conditions relevant to the
issuance of the Securities in the applicable Agreement, if any, have been complied with;
(e)
the applicable Agreement, if any, (i) has been duly authorised,
executed and delivered by all parties thereto and such parties have the capacity to do so;
(ii) constitutes a legal, valid and binding obligation of all parties thereto; (iii)
is enforceable in accordance with its terms against all parties thereto; and (iv) complies
with all applicable laws; and
(f)
the execution and delivery of the applicable Agreement, if any,
and the performance by the Company of its obligations under the terms and conditions thereunder,
including the authorisation and issuance of the Securities, do not and will not conflict
with and do not and will not result in a breach of or default under, and do not and will
not create a state of facts which, after notice or lapse of time or both, will conflict with
or result in a breach of or default under any provision of the Constitution of the Company
from time to time, any resolutions of the board of directors or shareholders of the Company,
any agreement or obligation of the Company, or applicable law.
3.3
The fact that the above assumptions have been made does not imply that
we have made any inquiry to verify them. However, nothing has come to our attention in the
course of our involvement in the filing of the Registration Statement which has caused us
to believe, and we do not believe, that any of these assumptions are incorrect.
4.
Qualifications
4.1
Our opinions expressed in this opinion are subject to the following
qualifications:
(a)
we have acted and been involved only in our capacity as Australian
legal counsel to the Company as described in this opinion. We express no opinion as to the
impact or relevance of the laws of any other jurisdiction;
(b)
we express no opinion on the business, operational, commercial,
market-related, financial, accounting, insurance, superannuation or taxation matters referred
to in the Prospectus Supplement or the Registration Statement;
(c)
the Registration Statement, and any amendments thereto (including
all necessary post-effective amendments), becoming effective under the Securities Act and
remaining effective at the time of resale of any Securities;
5
(d)
each of the Registration Statement and the Prospectus Supplement
has been prepared, delivered and timely filed with the Commission in compliance with the
Securities Act and the applicable rules and regulations thereunder;
(e)
the agreed upon consideration being received for the issue of
the Securities;
(f)
the aggregate offering price for all Offered ADSs and Offered
Warrants issued pursuant to the Prospectus Supplement not exceeding US$120,000,000;
(g)
the terms of the issuance and sale of the Securities being in
conformity with any resolutions of the board of directors and shareholders of the Company,
the Constitution and the
Corporations Act 2001
(Cth) (
Corporations Act
), and
in the manner stated in the Registration Statement and the Prospectus Supplement, so as not
to violate any applicable law or result in a default under or breach of any agreement or
instrument binding upon the Company, and so as to comply with any requirement or restriction
imposed by any court or governmental body having jurisdiction over the Company; and
(h)
the statements made and opinions given in this opinion are based
on the knowledge of those partners and solicitors of Baker & McKenzie who have acted
for the Company in connection with the filing of the Registration Statement. We have not
made inquiries of other partners or solicitors of Baker & McKenzie who may have knowledge
acquired in the course of acting on other matters for the Company or for other clients of
the firm.
5.
Opinion
5.1
Subject to the assumptions and qualifications set out in this opinion,
we are of the opinion:
(a)
the Company is duly incorporated and validly existing under the
laws of the Commonwealth of Australia and in “good standing” (as such term is not
defined under the Corporations Act, meaning solely that there are no current orders for the
winding up of, or appointment of a receiver or liquidator for the Company or any notice of
its proposed deregistration);
(b)
the issue of the Securities has been duly authorised by the Company;
(c)
that upon payment for the Offered ADSs, the Underlying Shares
will be validly issued, fully paid and “non-assessable” (for the purposes of this
opinion, the term “non-assessable” when used to describe the liability of a person
as the registered holder of securities is not a concept known under the laws of the Commonwealth
of Australia, so we have assumed those words to mean that holders of such securities, having
fully paid all amounts due on the issue of such securities, are under no personal liability
under the Corporations Act to contribute to the assets and liabilities of the Company on
a winding up of the Company or subject to any call for payment of further capital in their
capacity solely as holders of securities); and
6
(d)
that upon valid exercise of the Warrants and payment of the applicable
exercise price therefor, the Ordinary Shares underlying the Warrant Shares, if issued in
accordance with the Warrant Agreements, will be validly issued, fully paid and “non-assessable”
(as described in paragraph 5.1(c) above).
6.
Applicability
6.1
We consent to the use of this opinion as an exhibit to the Registration
Statement and to the use of our name under the caption “Legal Matters” in the Prospectus
Supplement. In giving this consent, we do not admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission promulgated under that Act.
6.2
This opinion is given in respect of the laws of New South Wales and
the Commonwealth of Australia which are in force at 9:00 am (Sydney time) as at the date
of this opinion. We have not investigated and do not express any view about any law other
than that of Australia.
6.3
This opinion is limited to the matters stated herein, and no opinion
is implied or may be inferred beyond the matters expressly stated.
6.4
This opinion is deemed to be given as of the date of this letter and
will speak as at such date. We do not undertake any obligation to advise you of any changes
(including but not limited to any subsequently enacted, published or reported laws, regulations
or binding authority) that may occur or come to our attention after the date of this letter
which may affect our opinion.
6.5
This opinion is furnished solely for the benefit of the addressee in
connection with the Registration Statement and is not to be transmitted to any other person,
nor is it to be relied upon by any other person or used for any other purpose or referred
to in any public document or filed with any government agency or other person without our
prior express consent.
6.6
This opinion is given only on behalf of Baker & McKenzie, an Australian
partnership, and not on behalf of any other member firm of Baker & McKenzie International.
In this opinion, “Baker & McKenzie”, “we”, “us”, “our”
and like expressions should be construed accordingly.
Yours sincerely
Baker & McKenzie
7
Annexure A – Warrant Agreements
8

----- ea030382001ex99-1.htm -----
EX-99.1
7
ea030382001ex99-1.htm
LAUNCH PRESS RELEASE OF KAZIA THERAPEUTICS LIMITED DATED AUGUST 27, 2026
Exhibit 99.1
Kazia
Therapeutics Limited Announces Proposed Public Offering
SYDNEY,
Australia, August 27, 2026
–
Kazia Therapeutics Limited
(NASDAQ: KZIA) (“Kazia” or the “Company”),
an oncology-focused biotechnology company developing therapies that selectively reprogram cancer biology, restore anti-tumor immunity
and overcome treatment resistance, today announced that it has commenced a tranched registered public offering (the “
Offering
”)
of (i) American Depositary Shares (“ADSs”), each representing five hundred (500) ordinary shares of the Company, no par value
per share, or in lieu of ADSs to certain investors, pre-funded warrants to purchase ADSs, (ii) accompanying Series A Warrants to purchase
ADSs (or pre-funded warrants in lieu thereof), which are exercisable immediately at an exercise price equal to 115% of the initial public
offering price per ADS and accompanying Warrants and expire upon the earlier of 30 days following the Company’s Stage IV triple-negative
breast cancer (TNBC) data readout, expected in the second half of 2027, or the five-year anniversary of issuance, and (iii) accompanying
Series B Warrants to purchase ADSs (or pre-funded warrants in lieu thereof), which are exercisable immediately at an exercise price equal
to 125% of the initial public offering price per ADS and accompanying Warrants and expire upon the earlier of 30 days following the Company’s
HR+/HER2- data readout, expected in the first half of 2028, or the five-year anniversary of issuance. All of the securities in the Offering
are to be sold by Kazia.
Leerink
Partners and Guggenheim Securities are acting as joint bookrunning managers for the proposed Offering. BTIG, Needham & Company and
Laidlaw & Company are acting as co-managers for the proposed Offering. The proposed Offering is subject to market and other conditions,
and there can be no assurance as to whether or when the Offering may be completed or as to the actual size or terms of the Offering.
Kazia
intends to use the net proceeds from the Offering primarily to fund clinical development of paxalisib, including ongoing and planned
studies in triple-negative breast cancer and HR+/HER2- breast cancer and other oncology indications, and for working capital and general
corporate purposes.
The
ADSs and warrants are being offered pursuant to a registration statement on Form F-3 (File No. 333-294392), which was previously filed
with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). The Offering will be made
only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A copy of the preliminary
prospectus supplement relating to and describing the terms of the Offering will be filed with the SEC and will be available for free
on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may also be
obtained, when available, from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109,
or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com, or from Guggenheim Securities, LLC, Attention: Equity
Syndicate Department, 330 Madison Avenue, 8
th
Floor, New York, NY 10017, telephone: (212) 518-9544, email: GSEquityProspectusDelivery@guggenheimsecurities.com.
This
press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the Offering, nor shall there
be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such state or other jurisdiction.
About
Kazia Therapeutics
Kazia
Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused drug development company, based in Sydney, Australia. The Company’s
lead asset, paxalisib, is an investigational brain penetrant inhibitor of the PI3K/Akt/mTOR pathway, which is being developed to treat
multiple forms of cancer. Licensed from Genentech in late 2016, paxalisib is or has been the subject of over 15 clinical trials. A completed
Phase 2/3 study in glioblastoma (GBM AGILE) was reported in 2024, and discussions are ongoing for designing and executing a pivotal registrational
study in pursuit of a standard approval. Other clinical trials involving paxalisib are ongoing in advanced breast cancer, brain metastases,
diffuse midline gliomas, and primary central nervous system lymphoma, with several of these trials having reported encouraging interim
data. Paxalisib was granted Orphan Drug Designation for glioblastoma by the U.S. Food and Drug Administration (FDA) in February 2018,
and Fast Track Designation (FTD) for glioblastoma in August 2020. Paxalisib was also granted FTD in July 2023 for the treatment of solid
tumor brain metastases harboring PI3K pathway mutations in combination with radiation therapy. Additionally, paxalisib was granted Rare
Pediatric Disease Designation and Orphan Drug Designation by the FDA for diffuse intrinsic pontine glioma in August 2020 and for atypical
teratoid / rhabdoid tumors in June 2022 and July 2022, respectively. Kazia is also developing EVT801, a small molecule inhibitor of VEGFR3,
which was licensed from Evotec SE in April 2021. In addition to its clinical-stage programs, Kazia is advancing NDL2, a potentially first-in-class
intracellular PD-L1 protein degrader program targeting a newly identified mechanism of immunotherapy resistance and metastatic progression,
as well as MSETC, a potentially first-in-class SETDB1 inhibitor program intended to restore immune signaling in tumors that have become
resistant to immunotherapy, including checkpoint inhibitors. Both programs are currently in preclinical development.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements
regarding the anticipated Offering and the potential gross proceeds therefrom, including the exercise of the Series A Warrants and Series
B Warrants; the Company’s ability to achieve clinical milestones, including the Stage IV TNBC and HR+/HER2- data readouts that
may trigger warrant exercise periods; the Company’s intended use of proceeds; and the Company’s plans for clinical development
of paxalisib. Forward-looking statements are generally identified by words such as “anticipates,” “believes,”
“expects,” “intends,” “plans,” “may,” “will,” “could,” “should,”
“estimates,” “projects,” “potential,” and similar expressions. These forward-looking statements are
based on management’s current expectations and assumptions as of the date of this press release and are subject to significant
risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks
and uncertainties include, but are not limited to: the Company’s ability to complete the Offering; the Company’s ability
to achieve clinical milestones, including the Stage IV TNBC and HR+/HER2- data readouts that trigger warrant exercise periods; risks
associated with the conduct of clinical trials and regulatory approvals; volatility in the price of the Company’s ADSs and warrants;
general economic and market conditions; and the Company’s ability to maintain compliance with NASDAQ listing requirements.
For
a more complete discussion of risks and uncertainties, please refer to the Company’s filings with the SEC, including the “Risk
Factors” section of the Company’s most recent Annual Report on Form 20-F. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by
law. All forward-looking statements are qualified in their entirety by this cautionary statement.
MEDIA
CONTACT
Michaela
Fawcett / Molly Crawford
KCSA
Strategic Communications
mfawcett@kcsa.com
/ mcrawford@kcsa.com

----- ea030382001ex99-2.htm -----
EX-99.2
8
ea030382001ex99-2.htm
PRICING PRESS RELEASE OF KAZIA THERAPEUTICS LIMITED DATED AUGUST 28, 2026
Exhibit 99.2
Kazia
Therapeutics Limited Announces Pricing of Up to $120 Million Public Offering
SYDNEY,
Australia, August 28, 2026
–
Kazia Therapeutics Limited
(NASDAQ: KZIA) (“Kazia” or the “Company”),
an oncology-focused biotechnology company developing therapies that selectively reprogram cancer biology, restore anti-tumor immunity
and overcome treatment resistance, today announced the pricing of its previously announced tranched registered public offering (the “Offering”)
of (i) 2,580,000 American Depositary Shares (“ADSs”), each representing five hundred (500) ordinary shares of the Company,
no par value per share, or in lieu of ADSs to certain investors, pre-funded warrants to purchase ADSs, (ii) accompanying Series A Warrants
to purchase up to 2,243,478 ADSs (or pre-funded warrants in lieu thereof), which are exercisable immediately at a purchase price of $17.825
per ADS and will expire upon the earlier of 30 days following the Company’s Stage IV triple-negative breast cancer (TNBC) data
readout, expected in the second half of 2027, or the five-year anniversary of issuance, and (iii) accompanying Series B Warrants to purchase
up to 2,064,000 ADSs (or pre-funded warrants in lieu thereof), which are exercisable immediately at a purchase price of $19.375 per ADS
and will expire upon the earlier of 30 days following the Company’s HR+/HER2- data readout, expected in the first half of 2028,
or the five-year anniversary of issuance. All of the securities in the Offering are being sold by Kazia. The combined public offering
price for each ADS and accompanying warrants is $15.50, and the combined public offering price for each pre-funded warrant and accompanying
warrants is $15.4999 (equal to the combined public offering price per ADS and accompanying warrants less $0.0001), for expected gross
proceeds to Kazia of approximately $40 million, before deducting underwriting discounts and commissions and offering expenses. If all
of the Series A Warrants and Series B Warrants are exercised in full, the Company would receive additional gross proceeds of approximately
$80 million, before deducting applicable expenses.
Leerink
Partners and Guggenheim Securities are acting as joint bookrunning managers for the Offering. BTIG and Needham & Company are acting
as lead managers for the Offering. Laidlaw & Company (UK) Ltd. is acting as co-manager for the Offering.
The
Offering is expected to close on or about August 31, 2026, subject to satisfaction of customary closing conditions.
Kazia
intends to use the net proceeds from the Offering primarily to fund clinical development of paxalisib, including ongoing and planned
studies in triple-negative breast cancer and HR+/HER2- breast cancer and other oncology indications, and for working capital and general
corporate purposes.
The
ADSs and warrants are being offered pursuant to a registration statement on Form F-3 (File No. 333-294392), which was previously filed
with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). The Offering is being made
only by means of a prospectus supplement and accompanying prospectus that form a part of the effective registration statement. A final
prospectus supplement and the accompanying base prospectus relating to the Offering will be filed with the SEC and will be available
on the SEC’s website at www.sec.gov. Additionally, electronic copies of the preliminary prospectus supplement and the accompanying
base prospectus may be obtained from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109,
or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com, or from Guggenheim Securities, LLC, Attention: Equity
Syndicate Department, 330 Madison Avenue, 8
th
Floor, New York, NY 10017, telephone: (212) 518-9544, email: GSEquityProspectusDelivery@guggenheimsecurities.com.
This
press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the Offering, nor shall there
be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such state or other jurisdiction.
About
Kazia Therapeutics
Kazia
Therapeutics Limited (NASDAQ: KZIA) is an oncology-focused drug development company, based in Sydney, Australia. The Company’s lead asset,
paxalisib, is an investigational brain penetrant inhibitor of the PI3K/Akt /mTOR pathway, which is being developed to treat multiple
forms of cancer. Licensed from Genentech in late 2016, paxalisib is or has been the subject of over 15 clinical trials. A completed Phase
2/3 study in glioblastoma (GBM AGILE) was reported in 2024, and discussions are ongoing for designing and executing a pivotal registrational
study in pursuit of a standard approval.
Other
clinical trials involving paxalisib are ongoing in advanced breast cancer, brain metastases, diffuse midline gliomas, and primary central
nervous system lymphoma, with several of these trials having reported encouraging interim data. Paxalisib was granted Orphan Drug Designation
for glioblastoma by the U.S. Food and Drug Administration (FDA) in February 2018, and Fast Track Designation (FTD) for glioblastoma in
August 2020. Paxalisib was also granted FTD in July 2023 for the treatment of solid tumor brain metastases harboring PI3K pathway mutations
in combination with radiation therapy.
Additionally,
paxalisib was granted Rare Pediatric Disease Designation and Orphan Drug Designation by the FDA for diffuse intrinsic pontine glioma
in August 2020 and for atypical teratoid / rhabdoid tumors in June 2022 and July 2022, respectively. Kazia is also developing EVT801,
a small molecule inhibitor of VEGFR3, which was licensed from Evotec SE in April 2021. In addition to its clinical-stage programs, Kazia
is advancing NDL2, a potentially first-in-class intracellular PD-L1 protein degrader program targeting a newly identified mechanism of
immunotherapy resistance and metastatic progression, as well as MSETC, a potentially first-in-class SETDB1 inhibitor program intended
to restore immune signaling in tumors that have become resistant to immunotherapy, including checkpoint inhibitors. Both programs are
currently in preclinical development.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements
regarding the Offering and the potential gross proceeds therefrom, including the exercise of the Series A Warrants and Series B Warrants;
the Company’s ability to achieve clinical milestones, including the Stage IV TNBC and HR+/HER2- data readouts that may trigger
warrant exercise periods; the Company’s intended use of proceeds; and the Company’s plans for clinical development of paxalisib.
Forward-looking statements are generally identified by words such as “anticipates,” “believes,” “expects,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “estimates,”
“projects,” “potential,” and similar expressions. These forward-looking statements are based on management’s
current expectations and assumptions as of the date of this press release and are subject to significant risks, uncertainties, and other
factors that could cause actual results to differ materially from those expressed or implied.
Such
risks and uncertainties include, but are not limited to: the Company’s ability to complete the Offering; the Company’s ability
to achieve clinical milestones, including the Stage IV TNBC and HR+/HER2- data readouts that trigger warrant exercise periods; risks
associated with the conduct of clinical trials and regulatory approvals; volatility in the price of the Company’s ADSs and warrants;
general economic and market conditions; and the Company’s ability to maintain compliance with NASDAQ listing requirements.
For
a more complete discussion of risks and uncertainties, please refer to the Company’s filings with the SEC, including the “Risk
Factors” section of the Company’s most recent Annual Report on Form 20-F. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by
law. All forward-looking statements are qualified in their entirety by this cautionary statement.
MEDIA
CONTACT
Michaela
Fawcett / Molly Crawford
KCSA
Strategic Communications
mfawcett@kcsa.com
/ mcrawford@kcsa.com