MDC Annual Finance Report 2025-2026

Medicines Discovery Catapult Limited 2025/26 Annual report and consolidated financial statement

For the year ended 31 March 2026

Contents Section

1

Section

2

Section

3

Section

4

2025/ 26

Chief Executive O�icer’s statement

04

Company information Directors

Strategic report and Directors’ statements Strategic report

07

Governance and management

22

Directors’ report

30

Statement of Directors’ responsibilities

31

Independent auditor’s report

32

R J Brown (Chairman) M E Strange (appointed January 2026) L Robb G J Clarke S J Wallcraft P V E Beastall J Burn M Ferguson C M Longson (resigned, June 2025) A F Markham (resigned, June 2025) C Reilly (resigned, June 2025) A J Macdonald (resigned, September 2025) C R Molloy (resigned, January 2026)

Company secretary R Sherville-Payne

Registered office Block 35G Mereside Alderley Park Alderley Edge Cheshire SK10 4ZF

The nancial statements for the year ended 31 March 2026 Consolidated profit and loss account

37

Consolidated balance sheet

38

Company balance sheet

39

Consolidated statement of changes in equity

40

Barclays Bank Plc Leicester LE87 2BB

Statement of changes in equity

40

Auditors

Consolidated statement of cash flows

41

Notes to the financial statements

42

Menzies LLP Chartered accountants and statutory auditor One Express 1 George Leigh Street Manchester M4 5DL

Annual report and consolidated �nancial statement

Bankers

3

Section

Chief Executive O�icer’s statement Dr Mike Strange Interim Chief Executive Officer Medicines Discovery Catapult

2025/ 26

Annual report and consolidated �nancial statement

Medicines Discovery Catapult’s (MDC) strategic priorities are unwavering: to help the UK cultivate a world-leading drug discovery sector - one that strengthens the nation’s health, drives economic prosperity, and enhances long-term resilience. This is driven by our vision to reshape drug discovery for patient benefit, a commitment that underpins everything we do. This year has once again brought persistent, widespread challenges for the UK life sciences sector, both in the domestic market and on the global stage, with far-reaching consequences that are shaping the industry's landscape. We have worked across the sector - with UK and international companies, academics, industry partners, charities and investors - to help reduce the impact of sector challenges, de-risk programmes, accelerate progress, and improve investment readiness, thereby strengthening the translational pipeline and making companies more investable.

In doing so, MDC has continued to forge a strong, meaningful impact, with and for its sector. Since its inception, companies that have worked with MDC have gone on to raise

£1.9bn

in follow-on private funding and helped innovators secure £134m in

grant income in collaboration with MDC.

Despite an increasingly challenging market environment, MDC continues to adapt, focusing on areas with clear growth and impact potential, such as Radiopharmaceuticals.

MDC remains committed to the excellent work of our national programmes to address global challenges, as exempli�ed by PACE – a collaboration between Innovate UK (IUK), LifeArc and MDC – which announced the latest £6m in funding for antibacterial treatments to �ll critical gaps in the R&D pipeline. Our commitment to connecting patients with promising new therapies continues to grow, strengthened by new partnerships that will reshape the drug discovery landscape. A major project to develop cutting-edge new treatments for cancer, using the radionuclide lead-212 to develop Targeted Alpha Therapies, was launched, led by the United Kingdom National Nuclear Laboratory (UKNNL) and MDC. MDC remains proactive, anticipating what the life sciences community will need next to stay ahead of sector expectations. The government’s Life Sciences Sector Plan has reaf�rmed the direction of our policy and validated our long-term strategy, reinforcing the vital role we play in supporting the community and doing the right thing for patients and partners. MDC is collaborating with Innovate UK (IUK) to deliver its response to the Industrial Strategy. By aligning with national priorities and drawing on our partnership with IUK and available reserves, we are wellpositioned to support high-potential companies, accelerate innovation, and strengthen the UK’s life sciences ecosystem. By building scalable platforms and investing in new technologies, MDC continues to evolve our offer to ensure we remain resilient and aligned with the future of the life sciences landscape.

5

Section

Strategic report and Directors’ statements Strategic report Governance and management Directors’ report Statement of Directors’ responsibilities

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Annual report and consolidated �nancial statement

07 22 30 33

Strategic report for the year ended 31 March 2026

Introduction Medicines Discovery Catapult (MDC) remains committed to its vision, reshaping drug discovery for patient benefit, MDC is a life sciences service dedicated to turning drug discovery into real-world breakthroughs for patients.

We accelerate their ideas and help them achieve commercial success We work with and connect the whole UK Life Sciences sector Together we are creating a healthier society and economy

At the frontier of drug discovery, MDC works with innovators to make every move count. We validate their ideas, de-risk investments, and feed insights back into the sector to drive productivity and impact. High-risk science is hard, which is why our exceptional people, equipped with the best technology, turn drug-discovery visions into commercial breakthroughs. MDC identi�es the fastest, safest route to get technologies to market faster.

SME therapeutic developers

Technology innovators

Academics

Large pharma

Biotech companies

Medical research charities

MDC has established a unique and vital presence within the medicines discovery community, collaborating with the sector, including SME therapeutic developers, technology innovators, large pharma and biotech companies, academics, and charities. Through this unique blend of discovery expertise, technology, insights, and sector-leading partnerships, MDC drives momentum. Where there is an unmet patient need, innovation is stimulated through its national programmes. As an independent, not-for-pro�t, commercially driven organisation, MDC reinvests in the life sciences sector. It is in the third year of its second Grant Funding Agreement with Innovate UK, and its impact is evident. Despite the ongoing challenges in the life sciences sector, MDC’s approach to drug discovery drives breakthroughs that improve patients’ lives.

7

Performance Delivering impact for the UK Life Sciences sector Across its activities in FY2025/26, MDC continued to demonstrate its role as a translational infrastructure organisation supporting the UK life sciences sector. The organisation maintained strong engagement across the ecosystem, with extensive R&D discussions and collaborations with companies and research groups during the year. MDC’s work continues to support the growth of innovative companies and the translation of world-class science into new medicines. Companies supported by MDC have collectively raised signi�cant follow-on investment since its inception, illustrating the value of providing early-stage innovators with access to expertise, technologies and collaborative programmes that reduce scienti�c risk and increase investment readiness.

Impact Despite continued economic pressures across the UK life sciences sector, MDC has continued to deliver a strong, measurable impact for innovators, investors and patients. Through expert collaboration, national programmes and advanced translational capabilities, MDC supports the progression of scientific discoveries into investable companies. Over the past year, MDC has strengthened the UK’s medicines discovery ecosystem by enabling innovators to access the expertise, technologies and data required to de-risk drug discovery. This support has helped companies re�ne their scienti�c hypotheses, build robust evidence packages and reach critical value in ection points more ef�ciently. Since its inception, companies that have worked with MDC have gone on to raise £1.9 billion in follow-on private investment and secured £134 million in collaborative grant funding, demonstrating the organisation’s ability to attract capital and increase investment. MDC continues to play a central role in convening the life sciences ecosystem. Through partnerships with SMEs, academia, industry and the public sector, MDC has supported 397 organisations and delivered 392 partnered R&D projects, strengthening collaboration across the UK’s innovation landscape. This year we have worked with 75 new partners across industry, academia, charities and the NHS, and have initiated 62 new R&D partnered projects. These activities are underpinned by MDC’s national infrastructure and expertise in translational science, enabling innovators to address key barriers in drug discovery such as limited predictability, fragmented ecosystems, restricted access to technologies and insuf�cient industry-grade expertise. By tackling these systemic challenges, MDC accelerates the development of high-potential companies that are fit to fund and fit to grow. Looking ahead, MDC will continue to strengthen its translational platforms, catalyse system-wide collaboration, and support the adoption of emerging technologies, such as AI-enabled drug discovery.

2025/ 26

Annual report and consolidated �nancial statement

The culmination of MDC’s influence since its inception is making a key impact on the sector.

Commercial impact

Social impact

£134.2m

£300m

SME licensing deal enabled with multinational pharma

grant income raised in collaboration with MDC

12

£1.9bn

organisations supported Stimulating innovation through

7

partner products to market

5

public sector funding secured by supported SMEs post-engagement

900 jobs

3

investment funding secured by SMEs post engagement

Largest diagnostics laboratory testing project in UK history, contributing to the creation of

397

assays supporting clinical development and delivery

£82.7m

Knowledge exchange

National R&D Programmes

392

compounds supported into the clinic

partnered R&D projects

20

15

cross-organisation reports

national award wins International collaborations across

15

countries and 4 continents

9

Business review The 2025/26 financial year took place in a challenging global environment for early-stage biotechnology. Venture capital investment remained subdued and increasingly focused on fewer, larger, later-stage opportunities.

Despite these headwinds MDC continued to deliver strong performance and impact across the UK life sciences ecosystem, supporting innovators, strengthening national research infrastructure, and advancing mission-focused programmes aligned to national priorities.

Throughout the year, MDC demonstrated resilience and momentum. The organisation continued to outperform comparable drug discovery and preclinical CRO markets, with increased demand for advanced translational capabilities, particularly imaging and radiopharmaceutical development. Engagement across the sector remained high, with MDC working with a broad network of companies, academics, charities, investors and government stakeholders to accelerate the translation of promising science into investable medicines programmes. The year also saw MDC maintain strong delivery against its key performance indicators. Partnered R&D activity remained robust, with projects spanning commercial collaborations, competitive grants and capability development. Across its national programme portfolio, MDC delivered seven major initiatives addressing areas of signi�cant patient need and technological opportunity, reinforcing its role as a convener and catalyst for collaborative innovation in the UK medicines discovery ecosystem.

2025/ 26

Annual report and consolidated �nancial statement

Strengthening translational discovery capabilities Investment in MDC’s discovery laboratories continued to expand the UK’s capacity to translate early-stage science into real-world impact. During the year, the organisation introduced new enabling technologies and advanced experimental models to improve the predictability of drug discovery and support innovators in generating investment-ready data. Key developments included the deployment of advanced mass spectrometry and spatial biology platforms, the installation of a 3D cell bioprinter to enhance disease modelling, and the development of novel assay technologies for target engagement and biomarker discovery. These capabilities support end-to-end translational work ows spanning cell models, preclinical studies and clinical samples, strengthening MDC’s ability to help partners reduce scienti�c risk and accelerate decision-making.

Demand for MDC’s translational imaging capability continued to grow, particularly in the rapidly expanding �eld of radiopharmaceutical therapies. New in-house capabilities and partnerships enabled the delivery of innovative preclinical imaging studies and biodistribution analyses for industry partners, reinforcing MDC’s position as a leading UK centre for radiopharmaceutical research and development. These investments underpin MDC’s broader strategy to build integrated translational biology platforms that combine advanced technologies with deep scienti�c expertise to address emerging therapeutic modalities and disease challenges.

11

Catalysing collaboration through national programmes MDC’s portfolio of national programmes continued to play a central role in strengthening the UK’s medicines discovery ecosystem. These programmes convene partners from across academia, industry, charities and government to address shared challenges in areas of high unmet medical need. During the year, MDC advanced several major national initiatives.

CF AMR Syndicate The Pathways to Antimicrobial Clinical Efficacy (PACE) programme a £30m initiative driven by MDC, LifeArc and Innovate UK - continued to expand its portfolio of projects supporting the development of new diagnostics and therapeutics to tackle antimicrobial resistance. Strong international engagement was seen in funding calls and sector events, re ecting the global signi�cance of this challenge and the UK’s leadership role in addressing it.

The CF AMR Syndicate – jointly managed by MDC, Cystic Fibrosis Trust and LifeArc - also maintained momentum, advancing discovery-stage therapeutic projects and supporting the development of enabling resources such as biorepositories and phage therapy guidance frameworks. These initiatives help address critical translational barriers in antimicrobial research while strengthening collaboration across the sector.

In neurodegeneration and mental health, MDC continued to shape new translational research opportunities through partnerships with academic institutions, charities and national infrastructure organisations. Strategic engagement in initiatives such as the UK Motor Neuron Disease Research Institute and the Neurodegeneration Initiative – part of the Dame Barbara Windsor Dementia Goals Programme - is helping to align stakeholders and develop new collaborative models to accelerate therapeutic innovation in brain disorders.

The National PET Imaging Platform (NPIP) founded by a partnership of Medical Research Council, MDC and Innovate UK - also expanded its national footprint during the year, supporting collaborative research and advancing plans for a national imaging data infrastructure. This platform provides world-leading capability for total-body PET imaging and is enabling new applications in drug development and disease research.

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Annual report and consolidated �nancial statement

13

Supporting innovators and strengthening the ecosystem Beyond laboratory capabilities and national programmes, MDC continued to support the sector through strategic advisory and R&D consulting services. This capability provides companies and academic innovators with industry-grade expertise to help shape robust R&D strategies, address scientific risk and progress towards investment or clinical development. During the year, the R&D Consulting team expanded its engagement across regional innovation hubs, accelerator programmes and investment communities across the UK and Ireland. Through mentoring, technical due diligence, and strategic roadmap development, MDC helped innovators re�ne development strategies and build credible pathways to funding and partnerships. These activities also strengthened MDC’s role as a connector across the ecosystem, linking innovators with the capabilities, expertise and infrastructure required to advance their programmes.

2025/ 26

Annual report and consolidated �nancial statement

Highlights

UK nuclear revolution powers next–generation precision cancer therapies Led by the UKNNL and MDC, the project uses the radionuclide lead-212 to develop targeted alpha therapy treatments.

Liz Kendall Science and technology secretary

Almost 3.5 million people in the UK are living with cancer – but scientific breakthroughs are giving hope to more of them and their families. It’s incredible to think that we could turn used nuclear fuel into cutting-edge cancer treatments – but that is exactly what British scientific brilliance is making possible. Remarkable work like this, which could give cancer patients more priceless time with their loved ones, shows precisely why this Government is giving record funding to research and development.

15

Powering next-generation human disease modelling The Medical Research Council, Welcome Trust, and Innovate UK announced a £15.9m initiative to enable the development of advanced, speci�c and highly reproducible human-based in vitro models of disease, with the aim of making them widely available to researchers in academia and industry. MDC is collaborating with researchers on four funded projects - from the University of Leicester, Hull York Medical School, the University of Hull, the University of Oxford and the University of Nottingham - to support the development and adoption of these models.

Dr Martin Main Chief Scientific Officer MDC

MDC is proud to partner with pioneering academic collaborators, through this funding initiative, to help redefine the future of drug discovery. Together, we are merging cutting-edge systems with world-class scientific expertise to bridge the gap between early-stage data and clinical impact. By generating more powerful, predictive insights, we will accelerate the path to better treatments – and ultimately, improve patient outcomes.

PACE (a collaboration between IUK, Life Arc and MDC) announces £6m funding for antibacterial treatment innovations to fill critical gap PACE, a £30m initiative driven by MDC, LifeArc and Innovate UK, supports a globally sourced portfolio of SME and academic projects developing tests and treatments for drug-resistant bacteria, providing both funding and advisory support and working with multiple organisations, including UKHSA, VOCAL and a network of 22 delivery partners to enable successful delivery.

Dr Bruno Santos Chief Executive Officer Immunethep

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Annual report and consolidated �nancial statement

With PACE’s support, Immunethep is developing monoclonal antibodies to address antimicrobial resistance. Together, we’re advancing therapies that can reshape infectious disease treatment and inspire bold innovation.

MDC and the Francis Crick Institute partner to support KQ Labs, a leading accelerator for life sciences innovators The KQ Labs programme is an annual launchpad for up to ten start-ups building science-backed, scalable solutions in drug discovery, digital health, precision medicine, and beyond. The partnership helps young companies de-risk their innovation and provide them with expert mentoring and access to high-value industry and investor networks.

Dr Stephen Mayhew Chief Business Officer The Francis Crick Institute

A key strategic objective for the Crick is to support biomedical research endeavours across the UK. KQ Labs is a key part of this mission, and this new partnership with MDC will allow us to scale its impact even further.

17

Financial review Overview Despite strong income growth, the Group reported a deficit of £0.4m (2024/25: deficit £1m), reflecting planned investment in capacity and commercial scale up. This is in line with MDC’s plans to expand our commercial and impact reach across the sector. The Group reported total income from continuing operations of £23.6m in 2025/26, an increase of £2.8m (13.5%) compared with £20.8m in 2024/25. This growth re ects the investment MDC continues to make into our scienti�c innovation to support the sector.

2025/26

2024/25

£000’s

£000’s

%

Core funding

12,849

13,037

-1.4%

Commercial income

5,236

2,850

83.7%

Collaborative R&D

909

1,073

-15.3%

Other grant income

2,839

1,732

63.9%

Other operating income

397

330

20.3%

Interest income

1,332

1,815

-

Total Income

23,563

20,837

13.1%

Net Assets

38,940

39,234

-0.8%

Cash position

33,866

38,999

-13.2%

Key Performance Indicators Continuing Operations

Core funding:

£12,849k

Commercial income:

Income

Collaborative R&D:

£909k

Other grant income: Interest income:

£5,236k

£2,839k

£1,332k

Other operating income

£397k

Total expenditure increased by £1.9m (8.7%) to £23.7m (2024/25: £21.8m), re ecting increased employee costs, investment in the KQ Labs partnership and laboratory consumables associated with growing commercial activity. The Group closed the year with net assets of £38.9m (2024/25: £39.2m) and a cash position of £33.9m (2024/25: £39.0m). The reduction in cash balances re ects ongoing investment in operations and capital activity during the year.

2025/ 26

Annual report and consolidated �nancial statement

Income performance Core funding from Innovate UK totalled £12.8m (2024/25: £13.0m), representing a modest decrease of £0.2m (-1.4%) overall. Revenue grant income from Innovate UK increased during the year following a 5% uplift in the core revenue grant allocation. However, this was offset by lower capital grant funding, as a greater proportion of capital expenditure was funded from MDC reserves. Funding capital expenditure from MDC reserves provides greater exibility to utilise core funding to accelerate scienti�c innovation while also enabling capital equipment to be used more freely across innovation and commercial activities.

Over the year MDC enhanced its services in both Biomarkers and Virtual Research and Development Consultancy to support MDC �nancial resilience into the future. Performance within Cellular Sciences services reduced as activity focused on research and development to strengthen and expand our commercial offering into 2026/27.

As a result of strategic investment over recent years, commercial income increased signi�cantly to £5.2m (2024/25: £2.9m), representing growth of £2.4m (83.7%). This strong performance re ects growing momentum across our sector focused commercial offering.

Competitively awarded grant revenue remained broadly at year on year re ecting MDC’s ongoing commitment to developing innovative technologies and capabilities that support our customers’ drug discovery journey. Other grant income increased signi�cantly from £1.7m to £2.8m (63.9%). The £1m increase from 2024/25 represents money received from IUK to support MDCs investment in two promising UK SMEs.

The most signi�cant growth was achieved within radiopharmaceuticals, driven by increasing market demand and MDC’s position as a leading innovator in this area.

The strong commercial performance demonstrates the value of MDC’s continued investment, supporting progress in diversifying income streams and strengthening MDC’s commercial capabilities.

Interest income decreased to £1.3m (2024/25: £1.8m). This reduction re ects both lower average cash balances held on deposit and a reduction in average market interest rates during the year.

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Expenditure performance

Financial position and liquidity

Total expenditure totalled £23.7m (2024/25: £21.8m), an increase of £1.9m (8.7%). The increase reflects inflationary pressures in the cost base, higher lab consumables costs associated with increased commercial activity and an increase in professional fees.

MDC maintained a strong balance sheet and liquidity position throughout the year, ending 2025/26 with cash balances of £33.9m. While this represents a reduction from the prior year, the Group continues to maintain substantial liquidity to support ongoing operational delivery, planned capital reinvestment, and strategic growth initiatives into the medium to long-term.

Key drivers of the increase were: Laboratory costs increased to

£2.7m (2024/25: £1.8m),

primarily driven by higher levels of commercial activity. As commercial revenues continue to grow, associated laboratory costs are also expected to increase.

Professional fees increased to

£2.2m (2024/25: £1.4m).

This increase is largely due to a £1m investment in the KQ Labs partnership to support a three-year programme. Legal fees reduced compared with previous years following the conclusion of MDC’s participation in the Covid-19 Public Inquiry, no further related costs are expected.

Employee costs increased to

£13.1m (2024/25: £12.3m).

an increase of £0.8m (7%). The increase re ects annual pay awards and increased employer national insurance costs.

Depreciation charges reduced to £1.1m (2024/25: £1.4m), re ecting the full depreciation of core assets and the timing of planned reinvestment activity within the Group’s longerterm capital investment programme. Impairment charges during the current year totalled £0.2m compared with £0.35m in the prior year.

2025/ 26

Annual report and consolidated �nancial statement

Net assets reduced modestly to £38.7m, due to ongoing investment commitment to KQ Labs, together with the impact of asset depreciation and the timing of new capital expenditure during the year. MDC continues to actively manage its cost base, cash resources, and investment plans to support long-term �nancial sustainability while enabling growth in commercial and scienti�c capability. MDC maintains robust budgeting and 5 year �nancial planning processes, including stress and scenario testing, to ensure that it is well positioned to deliver innovation and commercial services to customers and the wider sector.

21

Governance and management Principal risks and uncertainties MDC operates robust risk and control frameworks that seek to mitigate risk to acceptable levels. The broader environment continues to introduce uncertainty around access to funding and cost pressures, along with the risk of failing to achieve appropriate returns. The following major risks are regularly reviewed and monitored by the Board.

Risk

Mitigation

Long-term funding from Innovate UK

• Ongoing monitoring of delivery against Key Performance Indicators (KPIs).

The core grant funding from Innovate UK is a cornerstone of MDCs revenue and innovation strategy.

• Continuing support from central government and recognition of the importance of Catapults as part of the long-term UK innovation ecosystem.

A reduction in government funding or a change in policy remains a risk to MDC. This would significantly impact its ability to sustain innovation in the sector. Failure to deliver against KPIs agreed under the Grant Funding Agreement.

• A reserves strategy which allows maintenance of an appropriate level of cash to provide MDC with a short-term buffer against external changes in funding. • Innovate UK carry out annual financial and governance compliance audit (last successfully completed in November 2024).

Reduction in collaborative R&D grants and commercial income

• Co-operation with key grant bodies to ensure MDC can access a variety of funding sources to progress innovation.

MDC relies on a diversified portfolio of revenue streams to deliver our ambitions. Reductions in accessible, suitably funded research and commercial contracts would impact MDC’s ability to deliver its strategy.

• An attractive commercial proposition which provides access to cutting-edge technology and science with an ethos of collaboration and delivery excellence. • Diversification of income streams with the introduction of new offerings to the market from our innovative lab and consultancy platforms.

MDC’s customer base is heavily reliant on the venture funding market. As the cost of capital is likely to increase, there is potential for further shrinkage in the levels of available funding. This leaves MDC exposed to ongoing commercial revenue volatility.

Inflation and cost growth Inflation has been on an upward trajectory in the past quarter, with the prospect of further inflation into 2026/27. Energy costs, in particular, are expected to increase significantly over the next 12 months.

• Equipment is a significant element of our costs and equipment utlilisation is therefore subject to ongoing review and optimisation. • Business case processes are in place to ensure that any costs are justified and are supported by a commercial opportunity. • MDC continues to implement Green Lab practices aimed at reducing ancillary energy consumption, improving efficiency and minimising waste. • MDC’s cost base is continually reviewed to ensure that it has value for money at the heart of decision-making and a strong business case ethos. • Supplier relationships are reviewed to ensure that MDC derives value from all existing service and product providers.

Investment risk MDC has significant cash reserves as part of its plans to further strengthen the financial sustainability of its business model. Without appropriate planning for investment of reserves, the position may reduce with no clear pathway to returning cash to the reserves position.

• The Investment Committee, an Executive subcommittee, oversees key investments using MDC reserves. • External members of the Investment Committee provide diversification of knowledge and support decision-making. • Adherence to MDC Treasury strategy to support effective investment of reserves to serve the needs of the organisation. • Ongoing engagement of Cazenove to manage MDC’s treasury activities. • Regular monitoring of the investment portfolio.

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Annual report and consolidated �nancial statement

Risk

Mitigation

Geopolitical instability

• Strong relationships with national and sector funding bodies.

The current instability in the national and global economic climate, driven by geopolitics and trade tariffs, may affect national funding, inflation, and broader investment insecurity.

• Clear strategy and communication of skills and capabilities to aid resilience to external change. • Growth of international connections, customers, and profile to reduce national risk. • Greater balance between grant and non-grant income to build stability and resilience. • Routine monitoring of market conditions to enable flexibility of approach.

Cyber

• Regular independent cyber audits to test MDC’s defences against cyber-attacks.

Cybersecurity is critical.

• Implementation of a data management approach that ensures all data is securely backed up and accessible.

It is important that MDC’s customers and partners can be confident that their data is safe and that MDC maintains its service levels.

• A business continuity and disaster recovery policy and plan that ensures MDC tests regularly, so it is as prepared as it can be for incidents if they arise. • Cyber insurance in place, including active incident management support.

People

• Focus on developing and progressing internal talent.

Ability to attract and retain key skills in MDC in a competitive employment market.

• Increase organisational and individual leadership effectiveness.

Skills shortage in specific areas.

• Focus on future sector skills initiatives in scarce skill areas such as AMR and complex medicines.

Lack of high-quality succession for key roles.

• Development of more detailed succession planning.

Principal activities and purpose

Statement of corporate governance

MDC is a not-for-pro�t company limited by guarantee, established in December 2015, with a grant from Innovate UK. Its principal activity is to transform the UK's capability for innovation in drug discovery by supporting the drug discovery community - including large, medium, and small biotech companies - operating in the life sciences sector with their innovative research and development. MDC does this by identifying the barriers facing UK life-science businesses and developing strategic interventions to address these challenges.

MDC's governance structure ensures that it can achieve its strategic ambitions in a transparent, sustainable, and risk-assessed way. The senior governing body for MDC is its Board of Directors, and to aid in the delivery of its duties, the Board has established three core Board sub-committees: the Audit and Risk Management Committee, the Portfolio and Impact Committee and the Remuneration and Nominations Committee. The Board and each of the Board’s sub-committees carry out an effectiveness review of its operations and performance each year, aligned to their respective duties and terms of reference documents.

MDC has two active wholly owned UK subsidiaries: Medicines Discovery Catapult Services Commercial Limited, through which it provides scienti�c services to third parties for commercial revenues, and Medicines Discovery Ventures Limited and it's wholly owned, non-trading, subsidiary, Edge Biotech, through which it invests in third-party entities in the sector, in line with MDC’s goals and purpose.

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Board of Directors Audit and risk management committee

Portfolio and impact committee

Renumeration and nominations committee

Supervises internal and external audit and overseas the risk and governance framework to safeguard MDC’s systems and ensure a robust risk framework is in place.

Provides assurance that the programmes and projects selected by the Executive are aligned to corporate objectives and applicable governance processes.

The sub-committee meets at least four times a year.

The sub-committee meets at least two times a year.

Responsible for setting remuneration policy and remuneration of individual Directors and senior executives. Also regularly reviews the structure, size and composition of the Board (including skills, knowledge, experience and diversity) and recommends changes to the Board. The sub-committee meets at least two times a year.

Executive Develops strategies, plans and budgets for approval by the Board of Directors. Assists the Chief Executive Of�cer in managing MDC to achieve its strategic aims and objectives. The Executive meet monthly.

As of 31 March 2026, the Board of Directors comprised one Executive Director, the independent Non-Executive Chairman and six independent Non-Executive Directors.

The Board of Directors has overall responsibility for ensuring that MDC fulfils its mission and strategy, and complies with its incorporation documentation and all relevant legislation and regulations. It also expressly determines which matters are reserved for direct Board oversight and which are delegated to management, and the level of management at which key decisions can be made.

2025/ 26

Annual report and consolidated �nancial statement

This year, we bid farewell to four Non-Executive Directors: Professor Carole Longson, Professor Sir Alex Markham, and Professor Chris Reilly, who retired after serving their maximum tenure under the Articles of Association, and to Alistair Macdonald, who opted to focus on a full-time opportunity in the sector. In January 2026, MDC announced that Professor Chris Molloy would be stepping down as CEO, a role he had held since MDC was founded in 2016. Professor Molloy also ceased to be a Director at the end of January 2026. Dr Mike Strange was appointed Interim CEO and Executive Director of MDC in January 2026. MDC sincerely thanks Professor Molloy and all exiting Non-Executive Board members for their invaluable contributions, recognising the pivotal role each played in steering the organisation’s strategic vision.

Board members as of 31 March 2026

Dr Robin Brown

Dr Mike Strange

Graham Clarke

Lynne Robb

Appointed: July 2018

Appointed: January 2026

Appointed: April 2020

Appointed: January 2019

Role: Chairman of the Board

Role: Interim Chief Executive Of�cer

Role: Member of Audit and Risk Management Committee and Remuneration and Nominations Committee

Role: Chair of Audit and Risk Management Committee

Subsidiary Board Member: MDCSC & MDV

Subsidiary Board Member: MDCSC & MDV

Subsidiary Board Member: MDCSC & MDV

Subsidiary Board Member: MDCSC

Paul Beastall

Susan Wallcraft

Appointed: November 2022

Appointed: April 2020

Role: Member of Portfolio and Impact Committee, Renumeration and Nominations Committee (and Chair effective June 2025) and Innovate UK Nominated Director

Role: Deputy Chair and member of Audit and Risk Management Committee

Professor Sir Mike Ferguson

Professor Sir John Burn

Appointed: January 2025

Appointed: January 2025

Role: Member of Portfolio and Impact Committee

Role: Member of Portfolio and Impact Committee, Renumeration and Nominations Committee and Audit and Risk Management Committee

Subsidiary Board Member: MDCSC

Executive team The Executive team is responsible for the day-to-day management of MDC, in accordance with the duties delegated by the Board under the MDC Delegations of Authority Policy. It develops the strategy, financial and operational plans for the MDC group, as overseen by the Board. In January 2026, MDC announced that Professor Chris Molloy would step down as CEO after 10 years at the helm. Dr Mike Strange is leading MDC as Interim CEO, assuming the role from his current position as Managing Director.

The Executive team is comprised of the following members: Member

Role

Dr Mike Strange

Interim Chief Executive Officer

Robert Sherville-Payne

General Counsel and Company Secretary

Graham Griffiths

Interim Chief Commercial Officer

Sinéad McCormack

Chief Financial Officer

Clare Atherton

Chief People Officer

Dr Martin Main

Chief Scientific Officer

Dr Nicola Heron

Chief Strategy Officer

25

Employee engagement MDC is committed to building a great place to work where valuing each other and our communities is paramount.

Talent

attracting and retaining top talent and high-performing professionals.

Leadership

MDC’s values – Innovation, Excellence, Community, and Integrity – are embedded throughout everything it delivers. And its success lies in the specialist skills, knowledge and experience our people bring.

leaders who develop their people, their contribution, and develop highperforming teams.

MDC is committed to its continued focus on:

Sector skills

Career development for our people, their development, and future careers.

developing an approach to support future skills in drug discovery.

Environmental, social and governance (ESG) MDC seeks to embed sustainable and ethical practices into everything it does while responsibly delivering on its purpose.

MDC’s vision and purpose Reshaping drug discovery for patient benefit, by transforming great UK Science into better treatments through partnership.

ESG mission

MDC continues to progress a wide range of initiatives supporting its Environmental, Social and Governance commitments, to deliver meaningfully against its goals. The full scope is detailed in its Vision and Commitment to ESG Strategy document.

Build sustainable and ethical practices into everything MDC does, to enhance its reputation, culture and delivery of its purpose, through positive environmental, people and decision-making actions.

ESG strategy To understand and sustainably manage the impact MDC has on the environment, the community and the people who work for and with MDC.

ESG principles 1. Drive sustainability for a better future.

2025/ 26

Annual report and consolidated �nancial statement

2. Be an open, inclusive organisation and a great place to work.

3. Operate responsibly, ethically and with transparency.

The organisation's size remains consistent yearon-year at ~140 employees, with a gender split of 65% female and 35% male.

Across its ESG initiatives, highlights for 2025/26 include: Environmental: Conducting detailed assessments of internal activities and external networks (including supply chain) to produce enhanced data and analysis of MDC’s carbon footprint. This data will inform MDC’s plans to achieve impactful reductions in its carbon footprint, in line with its short- and long-term carbon-reduction plans. Social: MDC launched a volunteering policy for employees to increase positive social impact and enhance personal skills. Around 30% of employees have contributed to a range of causes that matter to them, including employment and skills, health and wellbeing, arts and heritage and the local environment, whilst gaining new skills and collaborating in meaningful ways. Governance: This year, MDC strengthened its governance culture through the integration and launch of a new Learning Management System. By presenting key policies - such as data protection, competition rules, and research ethics - in a clear and engaging way, MDC is supporting colleagues to deepen their understanding and recognise the part each person plays in delivering MDC’s purpose responsibly.

27

Spotlight

Inspiring the next STEM generation As part of MDC’s commitment to inspiring the next generation of scientists, innovators and problem solvers, engagement with the local community has strengthened further. Central to this ambition is increasing access to STEM opportunities and encouraging young people to consider future careers in life sciences, drug discovery and related fields. To support this work, MDC partnered with The King’s Trust, a charity whose mission is to help young people build the con�dence, skills and opportunities needed to thrive in education, employment and enterprise.

The mentors were enthusiastic, had clear expertise, and their ideas for the sessions were great. The trip was a real highlight - one of the best trips we've had at SCA and a day they'll never forget. It was potentiall life-changing for them.

Salford City Academy Teacher

Colleagues have supported 73 young people this year through a range of initiatives including:

A series of structured work-experience opportunities, including a World of Work Day, providing an in-depth introduction to the diverse career pathways within drug discovery.

2025/ 26

Coaching at interactive events designed to increase business skills.

Annual report and consolidated �nancial statement

Participation in an intensive eight-week mosaic mentoring programme to raise aspirations and strengthen core workplace competencies.

Targeted CV development.

29

Directors’ report The directors present their report and the consolidated Group financial statements for the year ending 31 March 2026.

Directors of the company The Directors who held of�ce during the year were as follows: R J Brown (Chairman)

P V E Beastall

C M Longson (resigned, June 2025)

M E Strange (appointed January 2026)

J Burn

A F Markham (resigned, June 2025)

L Robb

M Ferguson

C Reilly (resigned, June 2025)

G J Clarke

Company Secretary R Sherville-Payne

S J Wallcraft

Matters covered in the strategic report The Group's business environment and risks, together with details of monitoring undertaken by the Directors and future developments, are dealt with elsewhere in the Strategic Report.

A J Macdonald (resigned, September 2025) C R Molloy (resigned, January 2026)

Dividends

Going concern

Medicines Discovery Catapult (MDC) is required to reinvest any pro�t within the Company to ensure maximum resources are used to support its purpose. As governed by the Memorandum of Association, no portion of the income of the Company shall be paid or transferred to any Members of the Company except where it is a payment in good faith for remuneration for services rendered or repayment of out-of-pocket expenses to Directors.

The forecasts indicate that the Group will have suf�cient cash reserves for all its future anticipated activities. Based on this information, the Directors consider it appropriate to prepare the �nancial statements on a going concern basis.

Equality, diversity, and inclusion (ED&I) MDC is an inclusive employer that provides a workplace that values and respects its employees' diversity. It is a place where individuals of all backgrounds, abilities, and identities feel welcomed, supported, and included. Everyone has an equal opportunity for growth, development, and success, regardless of their race, gender, age, sexual orientation, disability, and/or other characteristics.

Post balance sheet events There have been no signi�cant events affecting the company since the balance sheet date.

Disclosure of information to the auditor Each Director has taken the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors con�rm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors The auditor, Menzies LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Approved by the Board on

and signed on its behalf by:

R J. Brown, Director

2025/ 26

Annual report and consolidated �nancial statement

Statement of Directors’ responsibilities The Directors are responsible for preparing the Strategic Report, Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare �nancial statements for each �nancial year. Under that law the Directors have elected to prepare the �nancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the �nancial statements unless they are satis�ed that they give a true and fair view of the state of affairs of the group and company and of the surplus or de�cit of the group for that period. In preparing these �nancial statements, the Directors are required to: Select suitable accounting policies and apply them consistently Make judgements and accounting estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained n the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business The Directors are responsible for keeping adequate accounting records that are suf�cient to show and explain the group’s and the company’s transactions and disclose with reasonable accuracy at any time the �nancial position of the group and the company and enable them to ensure that the �nancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

31

Section

2025/ 26

Annual report and consolidated �nancial statement

Independent auditor's report

Opinion We have audited the financial statements of Medicines Discovery Catapult Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2026 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the �nancial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

• Give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 March 2026 and of the group’s loss for the year then ended; • Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; • Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the �nancial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the �nancial statements in the UK, including the FRC’s Ethical Standard, and we have ful�lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suf�cient and appropriate to provide a basis for our opinion.

33

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • The information given in the strategic report and the directors’ report for the �nancial year for which the �nancial statements are prepared is consistent with the �nancial statements; and • The strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identi�ed any material uncertainties relating to events or conditions that, individually or collectively, may cast signi�cant doubt on the group’s or the parent company’s ability to continue as a going concern for a period of at least twelve months from when the �nancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the �nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the �nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the �nancial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

2025/ 26

Annual report and consolidated �nancial statement

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • Adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or • The parent company �nancial statements are not in agreement with the accounting records and returns; or • Certain disclosures of directors’ remuneration speci�ed by law are not made; or • We have not received all the information and explanations we require for our audit.

Responsibilities of Directors As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the �nancial statements, the directors are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

• Agreeing �nancial statement disclosures to underlying supporting documentation;

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of these �nancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: We identi�ed areas of laws and regulations that could reasonably be expected to have a material effect on the �nancial statements based on our understanding of the Company and through discussion with the Directors and other management (as required by auditing standards). To assist with identifying and assessing risks associated with material misstatements, including fraud and non-compliance of laws and regulations, we carried out the following procedures; • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identi�ed the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry and supply sector; • We assessed the extent of compliance with the laws and regulations identi�ed above through making enquiries of management and inspecting legal correspondence; and • Identi�ed laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. • We assessed the susceptibility of the company’s �nancial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Reading the minutes of meetings of those charged with governance; and • Enquiring of management as to actual and potential litigation and claims. There are inherent limitations in the audit procedures described above. We did not identify any such irregularities, however, as with any audit, there remained a higher risk of non-detection of irregularities due to fraud, as these may involve deliberate concealment, collusion, forger, intentional omissions, misrepresentations, or the override of internal controls. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the �nancial statements is located on the Financial Reporting Council’s website at frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

Use of our report This report is made solely to the group’s members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Caroline Monk BA FCA (Senior Statutory Auditor) For and on behalf of Menzies LLP Chartered accountants and statutory auditor One Express 1 George Leigh Street Manchester, M4 5DL

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of fraud through management bias and override of controls, we: • Performed analytical procedures to identify any unusual or unexpected relationships; • Tested journal entries to identify unusual transactions; • Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and • Investigated the rationale behind signi�cant or unusual transactions.

35

Section

The nancial statements for the year ended 31 March 2026

2025/ 26

Annual report and consolidated �nancial statement

Consolidated profit and loss account

37

Consolidated balance sheet

38

Company balance sheet

39

Consolidated statement of changes in equity

40

Statement of changes in equity

40

Consolidated statement of cash flows

41

Notes to the financial statements

42

The nancial statements

for the year ended 31 March 2026

Consolidated profit and loss account Total

Total

2026

2025

Note

£

£

3

21,833,570

18,692,518

Cost of sales

(7,125,123)

(6,173,149)

Gross surplus

14,708,447

12,519,369

Administrative expenses

(16,559,229)

(15,606,615)

Turnover

Other operating income

4

397,213

330,288

Operating (deficit)/surplus

5

(1,453,569)

(2,756,958)

Interest receivable and similar income

6

1,332,187

1,814,503

Interest payable and similar expenses

7

(26,045)

(3,386)

(147,427)

(945,840)

(61,136)

(82,572)

(208,563)

(1,028,412)

(Deficit)/surplus before tax Tax on (deficit)/surplus (Deficit)/surplus for the year

10

All activities of the group are from continuing operations.

37

The nancial statements

for the year ended 31 March 2026

Consolidated balance sheet 2026

2025

Note

£

£

Intangible assets

11

17,233

166,633

Tangible assets

12

2,688,997

1,577,209

Investments

13

249,998

249,998

2,956,228

1,993,840

Fixed assets

Current assets Debtors

14

7,215,643

3,832,157

Cash at bank and in hand

15

33,865,582

38,998,712

41,081,224

42,830,869

(3,722,035)

(4,539,210)

Net current assets

37,359,189

38,291,659

Total assets less current liabilities

40,315,417

40,285,500

Creditors: Amounts falling due within one year

17

Creditors: Amounts falling due after more than one year

17

(290,600)

-

Provisions for liabilities

18

(1,084,716)

(1,051,082)

38,940,101

39,234,418

38,940,101

39,234,418

38,940,101

39,234,418

Net assets Capital and reserves Profit and loss account Total equity

Approved by the Board on

and signed on its behalf by:

R J. Brown, Director

2025/ 26

Annual report and consolidated �nancial statement

20

The nancial statements

for the year ended 31 March 2026

Company balance sheet 2026

2025

Note

£

£

Intangible assets

11

17,233

166,633

Tangible assets

12

2,688,997

1,577,209

Investments

13

3

3

2,706,233

1,743,845

Fixed assets

Current assets Debtors

14

7,366,638

3,887,069

Cash at bank and in hand

15

32,048,813

38,085,454

39,415,451

41,972,523

(3,825,067)

(4,197,675)

Net current assets

35,590,384

37,774,848

Total assets less current liabilities

38,296,617

39,518,693

Creditors: Amounts falling due after more than one year

(290,600)

-

(1,084,716)

(1,051,082)

36,921,301

38,467,611

36,921,301

38,467,611

36,921,301

38,467,611

Creditors: Amounts falling due within one year

Provisions for liabilities

17

18

Net assets Capital and reserves Profit and loss account Total equity

20

The loss for the financial year of the parent company was £1,546,310 (2025: loss £587,498).

Approved by the Board on

and signed on its behalf by:

R J. Brown, Director

39

The nancial statements

for the year ended 31 March 2026

Consolidated statement of changes in equity Profit and Loss Account

Total

£

£

39,234,418

39,234,418

Prior year adjustment

(85,754)

(85,754)

(Deficit) for the year

(208,563)

(208,563)

At 31 March 2026

38,940,101

38,940,101

At 1 April 2024

40,262,829

40,262,829

(Deficit) for the year

(1,028,412)

(1,028,412)

At 31 March 2025

39,234,418

39,234,418

Profit and Loss Account

Total

£

£

At 1 April 2025

38,467,611

38,467,611

(Deficit) for the year

(1,546,310)

(1,546,310)

At 31 March 2026

36,921,301

36,921,301

At 1 April 2024

39,055,109

39,055,109

(Deficit) for the year

(587,498)

(587,498)

At 31 March 2025

38,467,611

38,467,611

At 1 April 2025

Statement of changes in equity

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

Consolidated statement of cash flows 2026

2025

£

£

(208,563)

(1,028,412)

(85,755)

-

(1,332,187)

(1,814,503)

Interest payable (inc non-equity dividends)

26,045

3,386

Tax charge

61,136

82,572

(1,539,324)

(2,756,957)

Note Profit/(Loss) for financial year Prior Year adjustment Interest receivable

6

Operating profit Depreciation and Amortisation

5

1,130,843

1,425,909

Surplus on disposal of fixed assets

5

(53,534)

(1,237)

Impairment of assets

5

136,125

345,542

Impairment of investments

5

49,994

-

(Increase)/decrease in Debtors

(1,736,160)

118,076

Increase/(decrease) in Creditors

(526,576)

74,416

Increase/(decrease) in Provisions

33,634

32,592

Cash generated from operations

(2,504,997)

(761,659)

(61,136)

(82,572)

(2,566,133)

(844,231)

-

(22,000)

Purchase of Fixed Assets

(2,219,185)

(244,436)

Purchase of Investments

(49,994)

(249,998)

Interest received

658,227

1,667,754

(1,000,000)

(300,000)

70,000

3,900

(26,045)

(3,386)

(5,133,130)

7,603

Tax received (paid)

10

Net cash from operating activities Investing activities Purchase of Intangible Fixed Assets

Loan Advances Proceeds on the sale of fixed assets Financing activities Interest paid Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 April

15

38,998,712

38,991,109

Cash and cash equivalents at 31 March

15

33,865,582

38,998,712

41

Notes to the nancial statements

for the year ended 31 March 2026

1. General information The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. The address of its registered office is: Block 35G Mereside Alderley Park Alderley Edge Macclesfield Cheshire SK10 4ZF

2. Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance These financial statements have been prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. Basis of preparation These financial statements have been prepared using the historical cost convention.

Basis of consolidation The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026. No Profit and Loss account is presented for the company as permitted by section 408 of the Companies Act 2006. A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Going concern After reviewing the group’s forecasts and projections, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future with the continued funding from Innovate UK. The group therefore continues to adopt the going concern basis in preparing its financial statements. Critical accounting judgements and key sources of estimation uncertainty

Summary of disclosure exemptions

In the application of the group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Medicines Discovery Catapult Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemption has been taken in relation to the preparation of a statement of cash flows.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements The convertible loan notes have been included in the financial statements as a current financial asset. The asset has been fully provided.

2025/ 26

Annual report and consolidated �nancial statement

Notes to the nancial statements

for the year ended 31 March 2026

Key sources of estimation

Tax

These are disclosed in the various accounting policies below.

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Management recharges Management recharges from the parent company to its commercial subsidiary are based on a staff cost allocation methodology. R&D expenditure credit (RDEC) Current year RDEC income is estimated based on qualifying expenditure. Dilapidations provisions Determining the value of the dilapidation’s provisions included in the balance sheet requires estimation of future costs for restoring the premises to their original condition. These estimates are specific to each facility and based on independent third party advice. Revenue recognition Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, upon completion of a contract and specific criteria have been met for each of the group’s activities. Contract revenue recognised reflects costs incurred to date together with the attributable margin based on the expected profitability of each contract. Management review the estimated total costs and forecast margins of contracts on an ongoing basis and revises estimates where necessary. Government grants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Foreign currency transactions and balances Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Research and development tax credits are recorded gross within operating income with the respective tax charge in the tax account. Where claims have yet to be submitted to HMRC, estimates are used based on a review of project activity in the reporting period. Intangible assets Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follow: External Licenses: 5 years The assets are reviewed for impairment where market conditions indicate that the residual value, useful life or amortisation rate have changed. Tangible assets Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The de-minimis level has been set at £10,000. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

43

The nancial statements

for the year ended 31 March 2026

Depreciation Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows: Asset class

Depreciation method and rate

Short term leasehold improvements

Over the length of the lease 10 years

Furniture, fittings and equipment

1 - 5 years straight line

Investments Investments in equity shares, relating to subsidiaries and third parties, are measured at cost less impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Debtors Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors. Creditors Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Creditors are recognised initially at the transaction price, and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid. Provisions and contingencies Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is

2025/ 26

Annual report and consolidated �nancial statement

probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. Leases Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Defined contribution pension obligation A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Financial assets that are measured at cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Loan notes are held at their original agreement price plus accumulated quarterly interest as at 31 March 2026 and reported within other debtors.

The nancial statements

for the year ended 31 March 2026

3. Revenue 2026

2025

£

£

12,848,993

13,036,812

Rendering of services

5,176,173

2,822,877

Collaborative research and development

909,417

1,073,310

2,839,390

1,732,380

59,597

27,140

21,833,570

18,692,518

Core funding from Innovate UK

Other grant revenue Other commercial

Included in turnover is amounts of £2,715,977 (2025: £262,718) relating to turnover outside of the United Kingdom.

4. Other operating income

Other income

2026

2025

£

£

397,213

330,288

Other operating income primarily relates to gross income received under the research and development expenditure credit scheme (RDEC).

45

The nancial statements

for the year ended 31 March 2026

5. Operating (deficit)/surplus 2026

2025

£

£

1,090,933

1,387,959

39,910

37,950

Impairment of intangible fixed assets

109,490

22,417

Impairment of non-current assets

26,636

323,125

Impairment of investments

49,994

-

Operating lease expense - property

597,191

615,365

Loss/(Profit) on sale of tangible fixed assets

(64,634)

(1,237)

Fees payable for the audit of the financial statements

45,500

39,269

Fees payable to the group's auditor for other audit services

34,620

25,200

Fees payable to the group's auditor for other non-audit services

9,500

8,250

Foreign exchange losses

22,848

5,555

2026

2025

£

£

Bank interest

1,301,558

1,791,049

Other interest

30,629

23,454

1,332,187

1,814,503

2026

2025

£

£

26,045

3,386

26,045

3,386

Arrived at after charging: Depreciation Amortisation of intangible assets

6. Interest receivable and similar income

7. Interest payable and similar expenses

Other interest

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

8. Staff costs Group The aggregate payroll costs (including Directors' remuneration) were as follows: 2026

2025

£

£

Wages and salaries

9,990,026

9,612,439

Social security costs

1,321,737

1,090,208

Pension costs, defined contribution scheme

842,880

803,898

12,154,643

11,506,545

The average number of persons employed by the group (including Directors) during the year, analysed by category was as follows: 2026

2025

No.

No.

Other staff

144

138

Directors

8

11

152

149

47

The nancial statements

for the year ended 31 March 2026

9. Directors remuneration The Directors remuneration for the year was as follows: 2026

2025

£

£

Remuneration

476,934

489,262

Contributions paid to money purchase schemes

26,303

26,092

503,237

515,354

2026

2025

No.

No.

1

1

2026

2025

£

£

300,362

338,316

22,395

26,092

The average number of Directors who were receiving benefits was as follows:

Accruing benefits under money purchase pension scheme

In respect of the highest paid Director

Remuneration Contributions paid to money purchase schemes

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

10. Taxation 2026

2025

£

£

Current tax on profits for the year

78,359

82,572

Adjustments in respect of prior periods

(17,223)

-

Total current tax

61,136

82,572

Arising from origination and reversal of timing differences

-

-

Arising from changes in tax rates and laws

-

-

Deferred tax adjustment to prior periods

-

-

Total deferred tax

-

-

61,136

82,572

Corporation tax

Deferred tax

Taxation on profit on ordinary activities

49

The nancial statements

for the year ended 31 March 2026

Factors affecting tax charge for the year

2026

2025

£

£

(Loss) on ordinary activities before tax

(147,427)

(945,840)

(Loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%

(36,856)

(236,460)

-

-

42,166

278,740

-

-

Adjustment in respect of prior periods - corporation tax

(19,611)

-

Effect of expenses not deductible in determining the taxable profits

26,093

5,663

Remeasurement in the deferred tax change in tax rates

-

-

Losses carried back/forward

-

-

Movement in deferred tax not recognised

69,461

28,990

Tax increase from effect of adjustment in research and development tax credit

94,455

82,572

(100,033)

-

(832)

-

(13,711)

-

Other permanent differences

-

(76,933)

Effects of rounding

2

-

61,136

82,572

Effects of: Fixed asset differences Adjustment in respect of prior periods - deferred tax

Income not deductible for tax purposes Double taxation relief Effect of differing tax rates

Total taxation charge/(credit) for the year

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

11. Intangible assets Group

Company External licenses

Total

External licenses

Total

£

£

£

£

227,000

227,000

Cost At 1 April 2025 Additions At 31 March 2026

Cost 227,000

227,000

-

-

227,000

227,000

Amortisation

At 1 April 2025 Additions At 31 March 2026

227,000

227,000

Amortisation

At 1 April 2025

60,367

60,367

At 1 April 2025

60,367

60,367

Amortisation

39,910

39,910

Amortisation

39,910

39,910

Impairment

109,490

109,490

Impairment

109,490

109,490

At 31 March 2026

209,767

209,767

At 31 March 2026

209,767

209,767

Carrying amount

Carrying amount

At 31 March 2026

17,233

17,233

At 31 March 2026

17,233

17,233

At 31 March 2025

166,633

166,633

At 31 March 2025

166,633

166,633

During the year, cell licenses with a net book value of £109,490 were impaired to a nil value reflecting that the licenses have yet to be used within the Group to secure additional commercial revenues.

51

The nancial statements

for the year ended 31 March 2026

12. Tangible assets Group

Company Short term leasehold improvements

Furniture, fittings and equipment

Total

Short term leasehold improvements

Furniture, fittings and equipment

Total

£

£

£

£

£

£

4,449,005

10,663,474

15,112,479

Cost

Cost

At 1 April 2025

4,449,005

10,663,474

15,112,479

At 1 April 2025

Additions

-

2,219,185

2,219,185

Additions

-

2,219,185

2,219,185

Disposals

-

(1,431,979)

(1,431,979)

Disposals

-

(1,431,979)

(1,431,979)

4,449,005

11,450,680

15,899,685

At 31 March 2026

4,449,005

11,450,680

15,899,685

4,232,450

9,302,820

13,535,270

205,043

885,890

1,090,933

-

(1,415,515)

(1,415,515)

4,437,493

8,773,195

13,210,688

At 31 March 2026 Depreciation

Depreciation

At 1 April 2025 Charge for the year Eliminated on disposal At 31 March 2026

4,232,450

9,302,820

13,535,270

At 1 April 2025

205,043

885,890

1,090,933

Charge for the year

-

(1,415,515)

(1,415,515)

Eliminated on disposal

4,437,493

8,773,195

13,210,688

At 31 March 2026

Carrying amount

Carrying amount

At 31 March 2026

11,512

2,677,485

2,688,997

At 31 March 2026

11,512

2,677,485

2,688,997

At 31 March 2025

216,555

1,360,654

1,577,209

At 31 March 2025

216,555

1,360,654

1,577,209

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

13. Fixed assets investments Group

Company 2026

2025

2026

2025

£

£

£

£

-

-

Investments in subsidiaries

3

3

249,998

249,998

Other investments

-

-

249,998

249,998

3

3

2026

2025

£

£

Cost at 1 April

3

1

Additions

-

2

At 31 March

3

3

Net book value at 31 March

3

3

Investments in subsidiaries

Other investments

13.1 Investments in subsidiaries Company

Cost

53

The nancial statements

for the year ended 31 March 2026

13.1 Investments in subsidiaries (continued) Details of undertakings Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows: Registered office

Undertaking

Nature of business

Holding

Proportion of voting rights and shares held 2026

2025

Subsidiary undertaking

Medicines Discovery Catapult Services Commercial Limited

Medicines Discovery Ventures Limited

Edge Biotech Limited

Block 35G, Mereside, Alderley Park, Macclesfield, Cheshire, SK10 4ZF England and Wales

Research and experimental development

Ordinary

100%

100%

Ordinary

100%

100%

Ordinary

100%

100%

13.2 Other investments Group 2026

2025

£

£

At the year end, the Company held 4.7% of the issued share capital.

Cost

Cost at 1 April

249,998

-

Additions

49,994

249,998

Impairment

(49,994)

-

At 31 March

249,998

249,998

Net book value at 31 March

249,998

249,998

2025/ 26

On 17 February 2025, the Group acquired ordinary shares in Clotprotect Therapeutics Limited for £249,998.

Annual report and consolidated �nancial statement

On 9 May 2025, the Group acquired ordinary shares in Serenatis Bio Limited for £49,994. At the year end, the Company held 1.35% of the issued share capital or 1.25% fully diluted on assignment of options.

The nancial statements

for the year ended 31 March 2026

14. Debtors Group

Company

2026

2025

2026

2025

£

£

£

£

1,386,963

706,580

27,734

94,480

-

-

2,843,647

784,775

Other debtors

1,803,836

276,673

800,000

388,113

Social security and other taxes debtor

687,599

-

615,807

-

Prepayments and accrued income

3,337,244

2,594,056

3,079,449

2,503,171

-

254,848

-

116,529

7,215,643

3,832,157

7,366,638

3,887,069

Trade debtors Amounts owed by group undertakings

Corporation tax asset Total current trade and other debtors

The Group has entered into convertible loan agreements with early-stage life sciences companies in support of its strategic objectives. The loan notes are accounted for as basic financial instruments and are measured at cost less impairment. The loan notes carry interest at commercial rates and contain defined repayment or conversion provisions. Interest rates, maturity dates and other key commercial terms are determined at the time each investment is approved, having regard to market conditions and the risks associated with early-stage investment. The Group undertakes appropriate commercial, financial and technical due diligence before entering each investment. Subsequently management reviews the recoverability of each loan note at the reporting date. Where objective evidence indicates that the carrying amount may not be recoverable and impairment assessment is performed. The carrying value of convertible loan notes at 31 March 2026 was £1,000,000 (2025: £nil). During the year impairment losses of £26,636 were recognised (2025: £323,125).

15. Cash and cash equivalents Group

Cash at bank

Company

2026

2025

2026

2025

£

£

£

£

33,865,582

38,998,712

32,048,813

38,085,454

55

The nancial statements

for the year ended 31 March 2026

16. Analysis of changes in net debt At 1 April 2025

Cash flow

At 31 March 2026

£

£

£

38,998,712

(5,133,130)

33,865,582

Net cash Cash at bank and in hand

17. Creditors less than one year Group

Company

2026

2025

2026

2025

£

£

£

£

585,136

1,009,803

583,008

1,009,803

-

-

411,654

-

280,002

259,598

280,002

259,598

Outstanding defined contribution pension costs

117,664

117,056

117,664

117,056

Other creditors

1,192,101

952,713

1,191,566

820,030

Accrued expenses

1,090,096

889,996

1,035,720

859,685

Deferred income

457,036

1,310,044

205,452

1,131,504

3,722,035

4,539,210

3,825,067

4,197,675

290,600

-

290,600

-

Due within one year Trade creditors Amounts due to group undertakings Social security and other taxes

Due after more than one year Other creditors

18. Provisions Group

Company Other Provisions

Total

Other Provisions

Total

£

£

£

£

1,051,082

1,051,082

At 1 April 2025

1,051,082

1,051,082

Increase in existing provisions

33,634

247,462

Increase in existing provisions

33,634

247,462

At 31 March 2026

1,084,716

1,298,544

At 31 March 2026

1,084,716

1,298,544

At 1 April 2025

Other provisions for both the Group and Company relate to amounts reserved for dilapidation expenditure. This will be reviewed periodically based on a market assessment by independent consultants and adjusted annually for inflation over the term of the lease to March 2028. The provision is considered to be a reasonable estimate based on market valuation as at 31 March 2026.

2025/ 26

Annual report and consolidated �nancial statement

The nancial statements

for the year ended 31 March 2026

19. Pensions and other schemes

22. Capital commitments

Defined contribution pension scheme

At 31 March 2026, the Group and Company had capital commitments of £154,140 (2025: £nil) relating to the acquisition of laboratory equipment. This amount had not been provided for in the financial statements.

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £842,880 (2025 - £803,898).

23. Related party transactions

Contributions totalling £117,664 (2025 - £117,056) were payable to the scheme at the end of the year and are included in creditors.

Group

20. Reserves

During the year, the group had no related party transactions (2025: nil).

Profit and loss account

Company

This reserve records retained earnings and accumulated losses.

21. Obligations under leases and hire purchase contracts Group operating leases The total of future minimum lease payments is as follows: 2026

2025

£

£

Not later than one year

595,745

597,353

Later than one year and not later than five years

595,340

1,190,680

Greater than five years

-

-

1,191,085

1,788,033

Company operating leases The total of future minimum lease payments is as follows: 2026

2025

£

£

Not later than one year

595,745

597,353

Later than one year and not later than five years

595,340

1,190,680

Greater than five years

-

-

1,191,085

1,788,033

In the year, the company charged its subsidiary Medicines Discovery Catapult Services Commercial Ltd £3,372,142 (2025: £2,380,312) for operating expenditure directly incurred on commercial projects. Management charges were also charged apportioned using a headcount methodology. At the year end £837,710 (2025:£487,235) was outstanding and included within debtors. The receivable is unsecured, repayable on demand and is interest free. In the year, the company charged its subsidiary Medicines Discovery Ventures Ltd £18,989 (2025: £297,540) for expenditure incurred. At the year end £411,654 was included within creditors due to an adjustment of spend recharged during the year (2025: £297,540 debtor). The receivable is unsecured, repayable on demand and is interest free. During the year the company loaned its subsidiary Medicines Discovery Ventures Ltd £2,000,000 (2025 £nil). At the year end £2,500,938 (2025: £nil) remained outstanding. The receivable is unsecured, repayable on demand and is subject to interest at 1% above the Bank of England base rate.

24. Company status The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The amount of non-cancellable operating lease payments recognised as an expense during the year in both the Group and Company was £597,191 (2025 - £615,365)

57